HomeMy WebLinkAbout0550 Lender's written agreement or applicable law, BotTOwcr shall pay the amount of all mortgage insurancx premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by bender pursuant to this paragraph 7, wit ins rest tht;~eon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and Le~til~r~r+fs ~o other terms of payment. such
amounts shall be payable upon notice from lender to Borrower requesting payment thereof, and shall bear interest ft+art the
dale of disbttrsetnent at the rate payable from time to time on outstanding principal under the Note unless payment of
interest at such rate wopld be contrary to applicable law, in which event such amounts shall hear interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any exptrae or-take
any action hereunder.
a. inspectiow, lender may make ar cause to be made reasonable entries upon and inspections of the Property. provided
that t-ender shall give Borrower notice prior to any s[Mh inspection specifying reasanabk caux therefor related to Lender's
interest in the Property. .
9. Condemnation, The proceeds of any award ar claim for damages, direct or consequential, in connection with any
condemnation or other taking of the Property, or pan thereof, or for conveyance in lieu of condemnation, are hereby assigned
and shall be paid to Lender.
1n the escrtt of a iota! taking of she Prapcrsy, else p:acrds :6a!! ~ aYplir~! !a else r;: :x sx::.red by this Mortgage,
with the excess, if any, paid to Borrower. )n 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 some secured by this Mortgage immediately prior to the date of
taking bears to the fgir market valor of rtes Property immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
If the Property is ahandoned by Borrower. ar if, after notice by Lender to Borrower that the condemnor offers to make
an award ar xute a claim far damages. Bormwer fail. to respond to 1-ender within 30 days after ~t)te daft such notice is
mailed, Lender. is authorized to called and apply the proceeds. at Lender's aption, either to restoration or repair of the
Property or to the sums secured by this Mortgage.
Unless [.ender and Borrower otherwise agree in w•ritinc. any such applicatian of proceeds to principal shat! not extend
or postpone the due date of the monthly installments referred to in paragraphs I and 2 herrnf or change the amount of
such installments.
10. Borrower Not Reltaxd. Extension of the time far payment or modification of amortization of the sums secured
by this Mortgage granted by 1_ender to any successor in interest of Borrower shall nat operate to release, in any manner,
the liability of the original Borrower and Borrower's successors in interest. Lender shall not bt required to commence
proceedings against such successor or refuse to extend time for payment or otherwix modify amortization of the s~~ms
secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest.
11. Forbearance 6y Lender Not a Waiver. Any frbearance by 1_ender in exercising any right or remedy herettndtr, or
otherwise afforded by applicable law. shall nat be a waiver of or preclude the exercix 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 Lender's
right to accelerate the maturity of the indebtedness secz~rcd by this Mortgage.
lZ. ReatKditx C~uhtive. All remedies provided in this Mortgage are distinct and cumutxtive to eny other right ar
remedy under this Mortgage or afforded by law or equity, and may bt exercixd concurrently, independently or successively.
' 13. Swccessors gad Asaigan Bound:.Joint and Sever'd I.iab7ity; 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 shat) be joiry and several.
Tht captions-and headings of the paragraphs of this Mortgage arc for convenien.~ only and are not to tk ttsM to
interpret or define the provisions hereaf.
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 Barr~wer mav_ designate by notice to Tender as provided herein, and
(b) any notice to Lender shall he given by certified mail, return receipt requested, to [-ender's address stated herein or to
such other address as Lender may designate by notice to Bormwer as provided herein. Any notice provided for in this
Mortgage steal! be deemed to have been given to Harrower ar Lender when given in the manner designated herein.
1S. Uniform Mortgage; Governing Law; Severabilily. 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 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 Chic Mortgage or the Note conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or the Nnte which can be given efTect without the conflicting provision, and to this
end the provisions of the Mortgage and the Nate are declared to be severable.
16. Borrower's Copy. Borrower shall be furnished a conformed cop}- of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17..Trstnsfer of the Property: Assumption. )f all ar any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written consent. excluding tat the creation of a lien ar encumbrance subordinate to
this Mortgage. (b) the crcatian of a purchase money security interest far 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 leaxhold interest of three years or less
not containing an option to purchase, Lender may, at Lender c option, declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have waived such option to accelerate if, prior to thecak or transfer, Lender
and the person to whom the Property is to be cald or transferred reach agreement in writing that the credit of such petwn
is satisfactory to Lender and that the interest payablt on the sums secured by this Mortgage shall be at such rate ac Lender
shat! request. Tf Lender has waived the option to accelerate provided in this paragraph 17, and if l3otrawer
s successor in
interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all
obligittions under this Mortgage and the Note.
If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance s.•ith
paragraph 14 heroof. Such notice shall provide a period c?f not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due- )f 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 permiucd by paragraph IR t?ereof.
NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as foUovs:
li. Accekratios; RewKdfa. Except as prortded is pragraph 17 hereof, ~w litorrowes's 6trss><b of irwr eovesttwt or
agreertsewt of aorrower ~ this Morttgage. irrcludiirg the eovcaants. to pr whew the asy tttturts secrrd br rota Mortgage. Lowder
ptrior b aeetierwtiorr stub wY tnotlce to >dorrower ss provided fa prsRrapb 14 berto[ spcclfyfng: (1) the btrweb; (2) the actiow
rgtrired to geese tracts breach; (3) a date, act less thaw 30 days trowr the date the wotke Y waNcd to tiertower. 6y wbkb saxi
breach mtMt b< ctrsd; ttrni (4) that taBirre to ern such brttracli ow or ieforre the date specMed b the isotke itasr resell b
wccderaliow of the stoats accrued br this Mortgage. forecloarin br fndkial'rocscdbrg awl Stale of the ho'erty. The notice
slrtrY frrrtbtr iwforrw Borrower of the right to rNastNe after scceierNbrr gad the right to assert iw the toreeloarre protet~
tit! tww-a=fatewee of a detarrlt or awr other defense of )Borrower to acceleratiow awe! torecloaire. N the brexb it woe csrsi ew
or before the aNe geeNied iw the wotice. Lender at f.eader's optiow wrar declare aN o/ the srrwrs ssenei by 1W Merlgage M be
itwrediateir dire asset prailde wkbod lratlte? demand rand ttnsr tor+ccloae tbir Mortgage ~ jirdkW ptroteedfng. Lender .bap
be ewtltid to collect d atrcb ~roeeediwg ati expenses of ioreclostrre. iwcir+diag. brt slot tiwdted te. reaaoanblt trttxnev's fees.
hard costs of doa~.~wewtttry eridewce. abstracts twrtl Silk repro.
111. •onowa'a Rlglit to Rebntate. Nalwithctanding Lenders acceleration of the sums securM Dy tAi~ Mortgage,
Borrower shat! have the right to have any proceedings hegun by Lender to enforce this Mortgage discontinutd at any time
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