HomeMy WebLinkAbout2971 Lender's written agreement or applicable law. Borrower shall pay the amount of al! mortgage insurance premiums to the
manner provided under paragraph 2 her+oof,
Any amounts disbursed by Lender pursuant to this paragrc~M T; 'vrith bteicst thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment. such
amounts shat! be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the
date of disbursemeni• at the rate payable from time to time on outstanding principal under the Note unless pa`ymettt of
interest at such rate would be contrary to applicable law, in which event such amounts shall hear interest at the highest rate
permissible under applicable taw. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder.
>z, Irspectior. 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 Lender's
interest in the Property.
9. Cordemratbs. The proceeds of any award or claim for damages, direct or consequential, in connoction 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.
In the event of a total taking of the Property, the proceeds chair 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 be applied to the sums secured by this Mortgage such proportion of the proceeds
as is equal to that proportion which the amount of the sumo 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 Boytower, 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 afar the dale such notice is
mailed, Lender is authorized to collect and apply the proceeds, at Lender's 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 o[
such installments.
10, 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 cuccecsor in interest of Borrower shall not operate to rekasa in any manner,
the liability of the original Borrower and Borrower i successors in interest. Lender shall not be required to commence
proceedings against such successor or refute to extend time for payment or otherwise modify amortiution of the sums
secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest.
11, Rorbearaace by Leader Not a R'siver. Any forbearance by i_ender 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 rt:medy.
The procttrcment of insurance or the payment of taxes or other liens or charges by Lenckr shall not be a waiver of Lender's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
l2. Remedies CrmuhW~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remtdy under this Mortgage or afforded by taw or equity, and may be exercised concurrently, independently or successively.
13. Srccesrors sad Assigns bound: Joist and Several i.iabilkr; Capioas. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender acrd Borrower.
subject to the provisionx of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several.
71te captions ~ and headings of the paragraphs of this Mortgage arc for convenience only and are not to Ik used to
interpret or define the provisions hereof.
14, Notice. Except for any nMice 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 certi(kd mail addressed to Borrower at
the Property Address or at such other addreac as Borrower may designate by notice to i.ender u provided herein, and
(b) any notice to Lender shall he 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.
1S. Uniform Mortgage: Goveraiug Law: Sevcrability. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument rnvering
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 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 bt severable.
16, borrowers Copy. Borrower shall be furnished a conformed cop}• of the Note and of this Mortgagt at the time
of execution or after recordation hereof.
17..Trsssfer of tie Property: Assumption. if all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance wbordinate 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 Lender s option, declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shalt have v?~aived such option to accelerate if, prior to the oak or transfer, Lender
and the person to whom the Property is to be cold or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interr.t payable on the sums secured by this Mortgage shall be at such rate ac Lender
shall roquest. 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. I.cnder shall release Borrower from all
obligations under this Mortgage and the Noce.
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 than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower fails to pay such stems prior to the expiration of Such period.
Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1R hereof.
Note-l7NIFOIIM COVENAxTS. Borrower and Lender further covenant and agree as fellows:
1(i. Aceekratioa; Recredies. B:cep w provNcd is pragraplt 17 rereaf. ttpoa sorrowers beeaer d a¦r covenat K
aKres~eot of ben+ower b iris Mort~e. bxitrdittg the eovewsrNs to par wbea doe ~r wrrs senrcd by trfs Mortgage. Lender
prior b aceekratlor afraM asafl aotlce to borrower sa proYtded is pragrapM 14 rereo[ speclfyisg: tt) ere rreaer:l2) ere setlor
rgtrlned Io etrre wcr rreacr; (3) s date, not ias traw 30 days trove ere date ere rotke r Walled to borrower. r7' wrkr stet
rrcaer satR be etwcd; art! (4) flat faYrre Io crre strcr rreacM a or refore ere date speeYed b the rotix+c tray resctk d
aceekratbr d ere wets seemed br trls MorlsaRe. forcciowre h' ~w pnoeee+ifrq attd sale d tree hopertr. 'lUe wetiee
stall brtrer iafonr borrower d ere rfRrt to rclrestate after sccekratbr and ere ri~rt b alert h ere foreclowre poeesdlr~
ere ws-a:iterce d a detark or aer otter ddesse of >sorrower to scceleratbr sri toreciowre. Here treaty is rot creed eve
or before ere date speefid la ere wotiee. Lender at l.ercder's opior trtsr declare ail d ere wars secure! r7' trir MortgaRs Io be
frecoediatelr dye and prabk wifbout farlrer dcm~nd asd Wray foreclose frls Mortsa~e rr jrditW /rocecdinR. Lender shall
be aatNled to eo8at b stet proescdisg V axpesses of foreclosrre. hrchrdiag. bit rot Bcrdted le. rewowaWe stturser's fees.
and ea4 d ioc.-7ewtary eHderee, a6straels and title r:prb.
14. borrower's Rlgrt to Reinstate. Notwithstanding Lender's acceleration of the sums secured by thta Mortgage.
Borrower shall have the right to have any proceedings begun by Lender to en[orce this Mongage discontinued at any time
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