HomeMy WebLinkAbout0981 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage iasurantx ptemitrmt to the
manner provided under paragraph 2 heroof.
Any amounts disbursed by Lender pursuant to this paragraph 7. with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and [.ender agree to other terms of payment. such
amntrnts shall he payable upon notice from Lender to Borrower requwing payment thereof. and shall bear interest frtrtrr the
date of disbursement at the rate payable from time to time on attstanding principal under the Note unless payment of
interest at such rate would be contrary to applicable law, in whrh event such amounts shall bear interest at the highest rate
permissible under applicable taw. Nothing contained in this paragraph 7 shall require Lender to incur any txpente or fate
any action hereunder.
R I~sptdion. 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'a
interest in the Property.
9. Condetwrutlon. 'fTte proceeds of any award or claim for damages. direct or consequential, in eonrrection 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 shall be applil~d to the sums secttrcd by this Mortgsge,
with the excess, if any, paid to Borrower. in the event of a paitisi tai:ittg of the Properly, unless Basrowor sttd Lla41t!
otherwix agree in writing. /here 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 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 Lender to Borrower that the condemnor oRen to mate
an award or settle a claim for damages. Borrower fails to resaond to tender within 30 days after the date such notice is
mailed. Lender is authorized to collect and apply the proceeds. at lender's option, either to restoration or npait 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 amortiution of the sums stxtrr+ed
by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Borrower i successors in interest. Lender shat! not be r+equirttil to comrrrerrce
procctdings against such successor or rcfttx to extend time for payment or otherwise modify atnortitttion of the sums -
secured by this Mortgage by reason of any demand made by the original Borrower and Bcurower's successors in interest.
I1. forbearance br Lender Nof a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or
otherwise aRorded by applicable law, shall not be a waiver of or preclude the exercise of any stub right or rt:medy.
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 indeMcdness secured by this Mortgage.
12. Rewredks Cuartrh~e. 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 successively.
13. 3oceetsors sad Asttlgas bound: ,Joint and Several i.ia6iBlr; Captions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall incug to, the respective successor and assigns of Lender strd Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joir~ and several.
The captions -and headings of the paragraphs of this Mortgage are for convenience only and are not to lie used to
interpret or define the provisions Ixreof.
14, Notice. Except for any notice rcgtiired under applicable law to be given in another manner, (a) any ratite to
Borrower provided for in this Mortga¢e shall be given by mailing such notice by ccrtifkd mail addressed to Borrower at
the Property Address or at such other address as Borrower may designate by notice to i~nder at provided herein, and
(b) any notice to Lender shall he given by certified mail. return receipt requested. to i.ender's addrps 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.
IS. UaBorat Mortgage; Cot<eraiag Law; SeverabAity. 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 this 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 eBect without the conflicting provision, and to this
end the provisions of the Mortgage and the Note are declared to be severable.
1L. borrowers CaPy. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the tithe
of execution or after recordation hereof.
17..7'raaster of ere Property: Assontption. if all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender s prior written consent..excltrding (al the creation of a lien or encumbrance subordinate to
this Mortgage, lb) the creation of a purchase money security interest for household appliances, (c) a transfer by devise.
descent or by operation of taw upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeah or less
not containing an option to purchase, Lender may, at Lender's option, declare all the sums tKCUred by .this Mortgage to be
immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale 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 interest payable on the sums secured by this Mortgage shall be at stub rate as Lender
shall request. iE 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
obligations under this Mortgage and the Note.
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.
Linder may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
Not~r•UntFatut Covetv~N•rs. Borrower and Lender further covenant and ap+ee as foliaas:
lfi. Acedesatioo; Reasedia. E:cep sK provltled L par+sgrapi 17 retcd. tspo bossrwera teener et tt¦r eot?enttstt ar
agreeorttat atT >tomswer b fir Mortgage. ineirdirrg ere coreaaats to par wren toe am starts teeoscl b tYs Morgpge. [.ewher
priotr is ace~sierNlon siail rnaY ttwtice to borrower sts provided M MuguM 14 ?ereot s'ecltriag: (1) ere itteaei:l2) ere sxtiow
regttiea to ease sttci betueb; (3) a ante, not less trap 30 days trou the lute ere ttetke r orailel to )Iasrrawer. br wriei strci
6reaci ttutrt be cores; aol (4) fiat taitrre b crate sacr Mean a ar refoee tie date speeiiei in ere notke •ar s+esrrlt
sec~elertMfao of tie twos sectrrca br lids Mortgage. forsclosasc rr jtrakial poesettrtg ui tale of tie h~crry. '11re wallet
drag forlier iwforrw besrs?wer d tie riRM to reiwsiate after trccekratlow ua tie rlgit to assert i• tic toreciotore Nocee~ttg
tie none:Werxe eft a letup or am otter letense of borrower to accelerstiorr arri toatioatrre. it ere itexi is feet ett~ «r
or bdote ere watt geeifiel V tie wotlee. Leader at i.ewler's oplorr near acetate r et tic soars steorsl br fir MortztrRe b be
i..rtaiatey ace tsar'araMe wNio.l iwrerer demand sad roar lorcclae fir Mortgage h jalicri rheselirtg. Lende? xlraN
6e ewtlfler a collect V swd peeceaLtg ab expellees rat forecloswre. rtcltsliag. brat oat btnNel te. reasowaNe stturaer's ices.
anti tests off ioe•'~wewtarr svidewee, alsirflcts awl tick repro.
1f. borrawa's Rfgit to Reirtate. NotwithstandinE Lenders acceleration of tl+(e sums sectuted by this Martgsge,
Borcower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
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