HomeMy WebLinkAbout2967 Lenders written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such
amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the
date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of
interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder.
8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property,
provided that lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to
Lenders interest in the Property.
9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, hereby assigned
and shall be paid to Lender.
In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage.
with the excess, it any paid to Borrower. In the event of a partial taking of the Property unless 8orower and Lender
otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds
as is squat to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds
paid to the Borrower.
If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make
an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice is
mailed, Lender is authorized to collect and apply the proceeds, at lenders option, either to restoration or repair of the
Property or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
1 O. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums
securedby this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest.
11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder,
or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lenders
right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other.right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively.
13. Successor and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements
herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of
Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be
joint and several. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not to tie
used to interpret or define the provisions hereof.
14. Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice to
Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and
j (b) any notice to Lender shall be given by certified mail, return 'receipt requested, to Lenders address stated herein or to
such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
15. Uniform Mortgage; Governing Law; Severoblllty. This form of mortgage combines uniform covenants for
national use and nonuniform covenants with limited variations by jurisdiction to constitute a uniform security instrument
covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. I n the
event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect
~ other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this
end the provisions of the Mortgage and the Note are declared to be severable.
F 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. Transhr of the Property; Assumption. It all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lenders prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to
this Mortgage, (b) the creation of a purchase money security interest for household appliances. (c) a transfer by devise.
descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less
not containing an option to purchase. Lender may, at Lenders option, declare all the sums secured by this Mortgage to be
~mmediatery due and payable. Lender shall have waived such option to accelerate if prior to the sale or transfer, Lender
and the person to whom the Property is to lie sold or transferred reach agreement in writing that the credit of such person
~s satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
shall request. li Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in
interest has executed a written assumption agreement accepted in writing by Lender, Lender shalt release Borrowerirom all
obligations under this Mortgage and the Note.
If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of not less that 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period.
- Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
18. Accelerotlon; Remedies. Except as provided In paragraph 17 hereof, upon Borrowwrs broach of any
covenant or agreement of Borrawer In this Mortgage, Including the covenants to pay when due any sums secured
by this Mortgage, Lender prior to acceleration shall mall notice to Borrowwr as provided In paragraph 14 hsroof
specirying: (1) the breach; (2) the salon requlrod to curo such breach; (3) a date, not less than 30 days from the
date the notice Is mailed to Borrovwr, bywhlch such breach must be cured; and (4) thatfalluro to curo such breach
on or beforo the date speclfled in the notice may result In acceleration of the sums secured by this Mortgage,
foroclosuro by Judlclal proceeding and sale of the Property. The nottcs shall further Inform Borrower of the right to
roinstate after acceleration and the right to assert in the foroclosuro proceeding the non-existence of a default or
any other defense of Borrower to acceleration and foroclosuro. If the beach Is not cured on or beforo the date
speclfled In the notice, Lender at Lender's option may declaro all of the sums securod by this Mortgage to be
immediately due and payable without further demand and may foreclose this Mortgage by judlclal procesding.
Lender shall be entKled to collect In such proceeding all expenses of foreclosuro, Including, but not Ilmfted to,
roasonable attorney's fees, and costs of documentary evidence, abstrscts and title roports.
19. Borrowers Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
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