HomeMy WebLinkAbout1870 M _ . ,
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Lenders written agr~njent or applicat~ taw. Borrower stall pay the amount of 811 mortgage insurance premiums in the
manner provided under paagraph 2 hereon
Any amounts disbursed by Lerxler pursuant to this paragraph 7, with interest thereon. shah become additional -
indebtedrrsss dBorrower secured by Mb Mortgage. Unless Borrower and Lender agree to other terms of payment, each
amounts shall be payable upon notice hem Lenderta Borrower requesting paymentihereol, and shall bear interssttrom the
dateoi dbbureenrsrN N'Iherate ~~aayebl~ teem liras f~p,gt~:41t~A4~pQ Adl~}~!t~r the-t~iote anises paymera of
interost at such rate would be contrary to applicable law, in whkh event such amounts shall bear interest at the highest rate
permissible under applMable law: Nothing contained in fhb paragraph 7 shall require Lender to incur any expense or take
any action hereunder.
fi. trgpe~ipn. Lender may make or cause to be made reasonable entries upon and inspections of the Property,
provides) thatLpftidershall give Bomowernoticepriortoanyauch inspection specifying reasonable causetherefor related to
Larder's interest in the Property.
• f~1: ntltbn. The proceeds of anyawardorclaim fordamages. direct orconsequential. in connection with any
~Mtp~~od,.ioi~~~
~ of the Property, or part thereof, or for conveyance in lieu of condemnation, hereby assigned
in ~ gveri! pt ~l~ Mtat taking of the Property, the proceeds shau be applied to the sums secured plc this Mortgage•
with the•eaosst~, if any paid >o Borrower. In the event of a partial taking of the firoperty.unless Borrower and Lender
Othetwit+e agr~ ip vrrlting, there Shalt be applied to the sums , ~r~ ~ay thte'MoRQage t:urh propor}ipn of the proceeds
as htequal la that proportion whkh the amount of the sumis's~ctkiidby thii~Aort~apb.immediately~prior to the date of
takir~pear's to taiclnetket value of the Property immediatey prior to the date of taking, with the, balance of thepcoc~ds
` is abandoned by Borrower, br if,~t~ler notice by Lender to Borrower that the condemnor offers to make
an award or settle a claim !or damages. Borrower fails to respond to Lender within 30 days after the date such notice is
mailed. Lender ib authorized tb Collect and sooty the proceeds, at~lenders option, either to resto~tjgip or repair of the
Property or to the sums secured by this Mortgage.
. Urttess Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
or postpone the due date t?f the monthly, jnstalknents rofetred to it! paragraphe_1 and 2 hereof or change ttte. amount of
such in8tallments.
1 O. Borrower? Not Reteea»d. 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 o! 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
~.ag ~ t{c ttQ t of modiy amortization of the sums
sec~'~~b~i
this M~~fn~ofnd rfrade~~e at a~8orrowers successors in interest.
11. forbear+anoebt?L+endetrNotaWalwr. AnyforbearaneebyLenderinexercisinganyrightorremedyhereunder,
or otherwise afforded. by.applicabletlawy shal{,r1o1 t~6.a.+iraiver of or preclude the exercise of any such right or remedy.
The procurement oi.insy~ce or ttip payment.of taxes. or outer liens or charges by Lender shall not be a waiver of j' enders
right to accelerate the maturity of the indebtedness secured by this Morigapa t.
1 nMn.dies Cwnulathre. All remedies provided in this Mortgage are distinct and~cUmGtBlive to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently. independentty or successively.
13. Suceeeaore and Assigns Bounel; flo1M and 8wan1 Uabttity; Captions. The covenants and agreements
herein contained shall bind, and fire rights i~fereunder sail--inure ~to; if9e" respectiv8 successors -13n~ essigne o!
Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be
pint and several. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not to be
used to interpret or define the.provisions hereof. _
14. Notke.. Except for any notice required under applicable law to be given in another manner. (af any notice to
Borrower providetl for in this Mortgage shall be given by mailing sulrh notice by certified mail addressed to Borrower at
the Properly Address or at such other address as Borrower ml9fi>>slti9f~ ipy notioel tsf der as provided herein, and
any notice to Lender shalt be gjven,by certified mail, return receipt rectuested, to lertder's address stated herein or to
such other address as Lender may designate by notice to Borrow+eF as provided herein. Arr,-K,: w tc::^ t!:'ss
Mortgage shall be deemed to have been given to Borrower or Leader when given_in the manner dlasignated herein.
15. UnMorm Mortgege; C~owming Law; Severabltltr:
~th~s'f ' •oi mbo&~g~lC$mbines uniform cov_
enants for
natiol~l use and~prrunJorm avenants with limited variations,bji jatrtCtion to constittltd8,eJhitOMfS~C~rltsi instrument
covering real properiti The sia~e and h)Cal laws applicable to this Mortgage shall tie the IawS of the jurisdiction in which
the Property is located. The foregoing sentence shall not limit the applicabilityof 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 o! the Mortgage and the Note are declared to be severable.
1d.. 8orroweraCoptr Borrower shall bstumished a contom~ed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. Trartsht•of the PrOPerty; Aseumptlon. It all orany part of the Propertyor an interest therein is sold or transferred
by Borrower,without Lenders prior written consent, excluding (aa the creation of a lien or encumbrance subordinate to
this Mortgage. (q the creation of a purchasq.moneY security interest for household appliances, (ca a transfer by devise,
descent or by opttration of law upon the death of a joint tenant or(d) the grant of any leasehold. interest of three years crises
not containing an option to purchase. tender may, at Lenders option, declare all thq,surjns secured by this Mortgage to be
immediately due and payable. Lender shall have waived such option to accelerate if< 6t t6 the ~ete~bT't~arj§re`r, tender
and the person to whom the Property is to be sold or transferred reach agreement in writing that thecredit of such person
is satisfactory b Lender and that the interest payable on the sumo secured by this Mortgage shad be at such rate as tender
slsall request If Lender t'>~ waived the option tO~acCeletate provided in thfs paragraph 17. and if Borrowers successor in
interest trasa>osouted a tvritlen assumption egreementaCCepted in writing by Lender, Lender shall release Borrowerfnxn all
obligations ur?derthi~ Mortgage and the Note..
' - ti LenderexenCises such option to accelerate, Lander shalt maU Borrower notice of acceleration in accordance with
paragraph 7 4 hereof Such notice shalt provide a period of not less that 30 days from the date the notice is mailed within
which Borrower may pay the soma declared due, tf Borrower laib b pay such sums prior to the expiration of such period,
Lender may. without further notice or•demsnd on Borrower, invoke any remedies permitted by paragraph /8 hereof.
NON-UNIFORM COVENANTS. Borrower and Lender: further covenant end agree as bUows:
1 a. Aex~leratton; fttlmedtea. Except as provided'tn paragraph 1 T h~not, upon Barowers;bnach orany
cownaMarpOrMptf6osrowrrRn.thls faiClWllrr~~f~~~eoo~trenarltst~op~rwhindwarryatrrrwwciund
~ fhb Mortgps,~,lsndet txlor to ao~lahYenhh~insil notiois to Borrower as pr~o~vided In parpraph 14 hereof
(t) ttte brrch; (Ej the action regwtred to can swci~ breach; (3) p,date, not less than 30 days from the
date notice b arailidto f3oROwerf bywhichaach breich niuatbecwrd; artd(4jtlatfailunf~ocunwclt beach
on or.bNoto the data ippciNea M the ntftiq m~yl haunt, Ill apgtaatlon. of t~ syma >tecwyd btr.thls Mortgage;
toreclowti byJludldsl Proc*edtng and tiara d fiN Propett~. Tide notlci shill hlrthetlnform 6otraewr or fit to right tQ
rNnstatt! artarsya~leratlpn and the rfq~t ivo as~rt le the f~SisClosytn prpceiding the oft adehultor
a"
t? . d~erenN of Bovr>rgwe~ to akor~enrlton and roricroaa~il. It the br~ctt b not, wed oe oc,befor~ tint daa
M<xN~ la ttw:notlpa, Grinder at Len~i'i, opllon' na1lr decb!! iN, of the ewes mind bjt thlt N" to 4e
Irnnwdtate~,dui fled payable wilhottt turtlpy:.drna~rrd send ie(si? tb~'scbM t~ Mlpr btt lwi~ prooeedtng.
Lander shalt b..+rlltrd to eoileeed M such t~inoo.aeo au:irpen..a o~i t~b~aciosun, including, fwt r?ot iirnlad b,
rsaaonabte attorrtet/e revs, and cosh of docunrentery evidence, abetraab and figs npoKe.
15. Borrowers Right to Minatab. 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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