HomeMy WebLinkAbout2615 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. a ~ _ s
Any amounts disbursed by Lender pursuant to this paragrap~r 7. with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Harrower and Lender agree to other terms of payment, such
amounts shall be payable upon notice from Lender to Borrower roquesting payment thereof, and shall bear interest from the '
date of drsburstmcnt at the rate payable from time to time on outstanding principal under the Note unless pa~?rrrent 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 exptnae or tape
any action hereunder.
A lagr~ction. fender 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 rclatod to Lender's '
interest in the Property.
9. Condemgtba. 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, are hereby assigned
and shall be paid to Lender.
1n the event of a total taking, of the Property, the proceeds shall be applied to the sums secured by this Mortgage,
with the excess, if any, paid to Borrower. In rho event of a partial taking of the Property, unless Borrower and Lender
otherwise agree in writing. there shall bt applied to the sums stcurrd by this Mortgage such proportion of the proceeds
as is equal 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 Borrower. -
If the Property is abandoned by Borrower. or if. after notice by Lendetto Borrower that the con_ demnor oRets to matte
an award or settle a claim for damages, Borrtwer fails to respond to Lender within 30 days after the date such ration is
mailed. Lender is authoriztd to collect and apply the proceeds, at Lender's option, either to restoration or repair of the t
Property or [o the sums secured by this Mortgage.
Ltnless Lender and Borrower otherwise agree in writin~e. any.such application of proceeds to principal shag 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.
10. rorrower Nof Rekssed. Extension of the rims for payment or modification of amortization of the sums secut+ed
by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to rckast, in any manner,
the liability of the original Borrower and Borrower
c 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
secured by this Mortgage by reason ofrny demand made by the original Borrower and Borrower's successors in interest.
11. Forbearance i?' header Not a Waiter. 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 [emedy.
The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of bender's
right to accelerate the maturity of the indebtedness secrrrrd by this Mortgage.
12. Remedies Camatrdve. All remedies provided in this Mortgage arc 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 suocasivtly.
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.3 Q-------- ttt......r. ~..t.r ...d ceterd i.iabiilih: Crrp!loas. The covenanb :nd agreements herein
contained shall bind, and the rights hereunder shall inrrr~ to. the respective successors and assigns of Lender acrd Borrower.
subject to the provisions of paragraph 17 hereof. All covenants .and agreements of Borrower shalt be joiry and several
The captions ~ and headings of the paragraphs of this Mortgage arc for convenience only and are not to lie 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 p~vided for in this Mortgate shall be given by mailing such notitt by crrtifled mail addressed to Borrower at
the Property Address or at such otlrc~r address as Bormwer may designate by notice to fender as provided herein, and
(b) any notice to Lender shall he given try certified mail. retarn rettipt requested. to Lender's address stated herein or to
such other address as Lender may designate by notice to Borrower as provided herein. Any notice providod for in this
Mortgage shall be deemed to have ban given to Harrower or Lender when given in the manner designated herein.
1S. Uaitorw MotiRage; Gorerniag Law; Sevenbility. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform sxurity instrument covering
real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the
event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not aRect
other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this
end the provisioru of the Mortgage and the NMe arc declared to be severable.
lf. iorrowtMr's Cody. Borrower shall be furnished a conformed roP)• of the Nott and of this Mortgage at the time
of execution or after recordation hereof.
17..Trwfer of tie Property; Assoraptiow. if aft or any part of the Property or an interest therein is sold or transferred
by Borrower without Lenders prior writrrn 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 kasehofd interest of three yeah of less
not containing an option to purchase. Lender may. at Lender
s option, declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall hive waived such option to accelerate if, prior to the sale or transfer, Lender
and the person to whom the Property is t.. be colt or transferred reach agreement in writing that the credit of each person
is satisfactory to Lender and that the interact payable on the sums secured by this Mortgage shall be at such rate ac Lender
:hail request. If 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 shall release Borrower from all
oblijations under this Mortgage and the Note.
If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance w•irh -
paragraph 14 hereof. Such notice shall provide a period ~f not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower tails to pay such sums prior to the expiration of such period,
Lender may, without further notice or demand on Borrower. invoke any remcdia permitted by paragraph t8 hereof.
Nosy-UNIFOtgN CovEruNrs. Borrower and Lender further covenant and agree as tdloars:
lf. Aecslesstlor0 Remctiks. E:cwt as rrovWed is paragrapD 17 hes+eot. boa >sotrrawes's t~eaei at nay cates~t ar
agroemestt of >lerrrywer r tits Mortgage, Inela~ag Ire coteaartls to par when tae rotas accord y tYs Mortgage. Maier `
prior b acctiieradoa scar nsaN notice to rorrower as'rotide4 iw paragrapr 14 iers~of gerltrlrrgz (1) lit irwci; t2) tie sctl«4n
regairei b elm wet Meact~ (3) • gals!. not ins Tian 30 days from tie Gate sire nofke V mated M >herswer. ~ wild saci
ineaci saM k ~ aai (1) star taitrts to care strut tMeatr a or ietore tie date speeYed b tie notke mar resnM V
aca~ekrallea eff tie wtr scetrrei br tW Mortsage. to.eeiowre r!' jadfclat proeeeiirrg ant ale of tie tr~orcrty. Tire ndke
star tattier trtorm tiorr+ower of !fire rfigM to teias/ate after aectiieratiow acrd tie right b accts i• tie torscloare preeae~ ,
tie aoa~s:Meace d a detarrit or gar Bier defense of Eorrower to accekratkrr awi toteelowre. B tie Msaci V not erred art
or ietors tie Gale spseifiei r tit: oatice. Leader at [.ender': opiort wry declare ar at tie !taws seearsi ~ IYs Mertggpt N k
imweila/elr dae aai NrsMe witiotN trotter dcarand and msy toreclost flits Merlgage i7' ~rrditW~prrteetdiag. Lender dart
be eafifisi N eoreet V :stet prrtctediag ar expcrasa of torscbsrrre, incia/isg. tsar gat rwtd reasonable stt.xrrer's fen.
gad etrslw< of iac.•7eatarr etiieaetr, abstracts aa/ title repro.
1!. liarrvwa's Rlgit to Rdastate. NMwithstandintt Lenders acceleration of the sums secured by this Mortgase,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
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