HomeMy WebLinkAbout1512 Lender's 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. t'nless BOfrON'Cr and Lender agree to other terms of payment, such
amounts shall be payable upon notice from Lender to &un?w'er reyuecting pa}•ment thereof, and shall t?car interest from the
date of disbursement at the rate payable from time to time on outstanding principal under the Note unless ?ayment 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, Tender may make or cause to be made reasonable entries upon and inspections of the Property, provided
that lender shall give Borrower notice prior to an)• s(rch inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9, Condemnatbn. 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 therco7: or for conveyance in lieu of condemnation, arc hereby assigned
and shall be paid to Lender.
In the event of a total taking of the Property. the proceeds shall he applied to the sums secured by this Mortgage.
with the excess, if any, paid to Borrower. In the event of a partial Taking of the Property, unless Borrower and Lender
otherwise agree in writing. there shall he applied to the some secured M• this Mortgage such pmportivn of the proceeds
as is equal to that prop(?rtion which the amount of the sums secured M• this Mortgage immediateh• prior to the date of
taking hears to the fair market value of the Property immediately prior to the Jatc of taking, with the balance of the pr(x:eeds
paid to Borrower.
Tf the Property is ahandoned M• Borrower. or if. after notice by Lender to Borrower that the condemnor offers to make
an av?•ard or setiie a claim for damages, Borrower i:?ii. Io resp(a?d io I.cuder within tt2 da)'c after the date n+ch stt?!icc is
mailed. I.er:der is authorized to collect and appl)• the proceeds, at Lender's option. either to restoration or repair of the
Property or to the sums secured by this Mortgage.
Unless Lenderrnd Borrower otherwise agree in writinc. am• such application (?f proceeds to principal shall not extend
or postpone the due date of the monthly installments referred to in paragraphs 1 and ? hereof or change the amount of
s+rch installments.
10. Borrower Not Released. 1?xtencion of the time for payment or modification of amortization of the acme secured
by this Mortga¢e granted h.• Lender to any successor in interest of Borrower shall not operate to release, in any manner.
the liahility of the original Borrower and Borrower's succesu?rs in interest. i.ender shall not he required t(• commence
proceedings against such successor or refuse t(. exten.l time for payment or otherwise modify amortization of the sums
secured by this Mortgage h1• reason of any demand made b~ the orieinal Borrower and Borrowers cuccessorc in interest.
11. Forbearance by i.ender Not a Waiver. :~m~ forl?carance M• Lender in exercising am• right or remedy hereunder, (?r
otherwise afforded by applicable law, shall not tx; a waiver of or preclude the exercise of any each right or remedy.
The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not he a waiver of Lender's
right t(• accelerate the maturity of the indebtedness secured M• this Mortgage.
12. Remedies Cumulative. All remedies pmsided in this Mortgage are distinct and cumulative to any other right (?r
remedy under this Mortgage or aBorded by law or cyuily. and ma)• F?e exerciud roncurrenth•. independently or succecsivels'.
13. Successors and Assigns Bound: Joint and Several f.iabilih•; Captions. Thc rns•enants 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 pnwisions of paragraph 17 hereof. All covenants and agreements of Borrower shall he joint and several.
The captions and headings of the paragraphs of this Mortgage are for convenience Dote, and arc not to he aced to
interpret or define the provisions hereof.
14. !\otice. Except for any notice required under applirrhle law to I?e given in another manner. (a) any notice to
Borrower provided for in this Mortgage shall tx given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such other address ac Burrower mav_ designate by notice to i coder as provided herein. and
(hl am notice to Lender shall Ix given by certified mail. return receipt requested. h? 1 ender's address stated herein or to
such other address as Lender mrv designate by notirc to Borrower as pr.?vided herein. Am• notirc provided1 for in this
Mortgage shall F?e deemed to have been given to Bormw'cr or Lender when given in the manner designated herein.
I5. L niform A'iortgage; Governing f,aw; Severabilih•. This form of mortgage combines uniform covenants for national use
I and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. The
I; state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing
{ sentence shall not limit the applicability of federal law•to this mortgage. In 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.
16. Borrower's Copy. Borrower shall he furm.hed conformed rnpy of the Note and of this A4ortgagc at the time
of execution or after recordation hereof.
~ 17. Transfer of the Properl}.: Assumption. If all or any part of the Property or an interest therein is sold or transferred
h}• Borrower without Lender's poor written consent. excluding lal the creation of a lien or enrumhranre suF?onlinate to
this Mortgage. Ib) the creation of a purchase money cecunty interest for househrld appliances, fc1 a transfer by devise.
descent or by operation of I:os upon the death of a joint tenant or Idt the grant of any leasehold interest of three years or Ica
not rnntaining an option to purchase, lender mav. at Lender's opuun. declare all the sums secured h)• this Mortgage to be
immediately due and pa)•ahle. Lender shall have waived such option to accelerate if, prior to the sale or transfer. fender
and the person to whom the Property is to be sold or trrnsferrcd reach agreement rn wntrng that the credit of wch person
is saticfactor~• to Lender and that the interest payable on the sums secured M• this Mortgage shall be at such rate as lender
shall request. If lender has waived the option to accelerate provided in this pa~aeraph 17. and if Borrower's successor in
interest has executed a written assumption agreement accepted in writing M• Lender. Lender shall release Borrower from all
1 obligations under this Mortgage and the Note.
If Lender exercises such optron to accelerate. Lender shall mail Borrower notice of acceleration in acrnrdanre with
paragraph 14 hereof. Such notice shall provide a peri+:d of not Icss than ?n 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.
~ 1_ender may, without further notice (•r demand (?n Borrower. invoke am remedies permitte:l h)• paragraph 1 R hereof.
NoN-UNIFORM COVENANTS. BOrrow'Cr and I.endei filrlher MVenant and agree as follows:
18. Acceleration; Remedies. Fxcept as provided in paragraph 17 hereof. upon Borrower's breach of any, covenant or
agreement of Borrower in this Mortgage. including the covenants to pay when due any sums secured by this Mortgage. i.ender
prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the bteach; 12) the action
~ required to cure such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower. by which such
breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in
acceleration of the sums secured by this Mortgage, foreclosure b}• judicial proceeding and sale of the Property. The notice
j shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding
the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on
or before the date specified in the notice, lender at lender c option ma} declare all of the sums secured by this Mortgage to be
immediately due and payable without further demand and ma}• foreclose this lfortgage b}• judicial proceeding. Lender shall
be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to. reasonable attorney's fees,
~ and costs of documentary exidence, abslracrc and title reports.
19. Borrowers Right to Reinstate. `otwithstanding Lender. acceleration of the sums secured b)' thrs Mortgage.
Horrow•er shall have the right to have am pr(?ceedmes hegun hs i ender to enforce this Mortgage Discontinued at any time
E~~c~K 32 P~ ~I.~K 323 PaGE 711
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