HomeMy WebLinkAbout1049 Lender's written agreement or appGcabk low. Borrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amounts .iishtused by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
irtdehtednesc of Borrower secured by this Mortgage. Unless Borrower and lender agree to other tettns of payment, such
amounts shall he payable ulxm Holier from Lender to Borrower requesting payrttent thtrtof, and shall bear interest from the
date of disbursement at the rate payable from time to time on outstanding principal under the Note unless pa`ytrtent of
interest at such rate would he 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 expense or take
any action hereunder.
8. lespection. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided
that Lender shall give Borrower notice prier to any such inspection specifying reasonable cause Therefor related to Lender's
interest in the Property.
9. Condemnation. The proceeds of any award or claim far damages, direct or consequential, in connection with any
condemnation or other taking of the Property, or part therrnf, or for conveyance in lieu of condemnation, arc hereby assigned
and shall be paid to lender.
In the event of a total taking of the Property. the proceeds shall he applied to the sums secured by this Mortgage,
with the excess, if any, pail to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender
otherwise agrte 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 sums secured by this Mortgage immediately prior to the date of
taking hears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
!f the Property is ahandoned by Borrower. or if. after notice by lender to Borrower that the condemnor oBers to make
an award or settle a claim for damages. Borrower fails to respond to lender within 30 days after the date such notice is
mailer, I.enJer is attthori~cd to collect and apply the proceeds. at IRnder's option, either to restoration or repair Ofi the
Property or to the sum. secured M• this Mortgage.
t)nlesc !.ender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not etttend
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 stxured
by this Mortgage granted by Lender t~ any successor in interest of Borrower shall not operate to rcleax, in any manner,
the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence
proceedings against such successor or reface to extend time for payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest.
11. Forbearance by Lender Not a Waiver. Any forhearance by Lender in exercising any right or remedy heretmder, or
otherwise afforded by applicable law, shall not he 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 6y Lender shall not be a waiver of Lender's
right to accelerate the maturity of the indehtedness secured by this Mortgage.
12. Remedies Cumulative. 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. Successors and AssiRss Botrnd; Joint dad Sereral I.iaM'lily; Captior~s. The covenants and agreements herein
contained shat! bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender acrd Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several.
The captions and headings of the paragraphs of this Mortgage are for convenience only and are. not to Ik used to
interpret or define the provisions hereof_
14. Notice. Except for any notice rcyttired 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. addresxd to Borrower at
the Property Address or at such other address as Borrower may designate by notice to Tender as provided herein, and
(b) any notice to Lender shall he given by certified mail, return receipt 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 provided -for in this
Mortgage shall he deemed to have been given to Borrower or Lender when given in the manner designated herein.
15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national
ux and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
real property. This 1?Tortgage shall be governed by the law of the jurisdiction in which the Property is located. In the
E event that any provision or clause -of this Mortgage or the Note rnnflicts 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 'Vote are declared to be severable.
16. Borrower's Copy. Borrower shall be furnished a conformed cope of the Note and of this Mortgage at the time
of execution or after recordation hereof.
~ 17. ,Trawster of the Property: Assumption. Tf all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written consent. excluding (a) the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a r+urchase money securit}• interest for houxhold appliances, (c) a Transfer by devix,
descent or by operation of law upon the death of a joint tenant or (dl the grant of any leaxhold interest of three years or kss
not containing an option to purchax. Lender may. at Lender's option, declare all the sums secured by this Mortgage to be
immediately due and payable. Lender sha!I have waived such option to accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is to be :oIJ or transferred reach agreement in writing that the credit of such person
is satisfactory to (.ender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
shall request. Tf Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's 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.
Tf Lender exercixs 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 sums prior to the expiration of such period,
Lender may, without further notice or demand.on Borrower, invoke any remedies permitted by paragraph 18 hereof.
NoN-I.INIFORM CovENANTS. Borrower and Lender further covenant and agree as follows:
18. Accekrstios; Rcnxdks. fE:ceps as provided is paragrsph I? bereo/. ROe Borrower's btreacb of awy covewawt er
agreerwewt of Borrower iw ebb Mortgage. fatiuditrg the co•cnarrts to pay whew dtse asy mores secrred by this Mortgage. Lswder
prbr to accelcratbw sbaU rrrail eotke to Borrower s provided is paragraph 14 hereof specityfeg: (1) tbt btreacb; tbt sctiow
tregrlred to care secb breach; (3) a date, moot kss than 30 days trorw the date the wotke b tttraNed to Botmower. b7' wbkb stsclt
btxacb rwrst be cared: dad (4) that faprre to cure such breach ow or before the date sped6ed b .the wotiee war rrZSrlt b
sccekratba of the wets sectucd by ebb Mortgage. toredosrre br jrdkial proee~dirtg awd sak of the Property. The tttotke
shag hrtber iwtorm Borrower of the right to reinstate sfter sceekratiow and the right b asseA iw tbt toreck+strre ptoetedlwg
the wow-c:isience of s defseM or awy other detewse of Borrower to accckratbw awd foreclowre. I( tb! bmrxb b wM erred ow
or before the dste specified is the wotke. Lender at I.cnder's optbw moray declare ap of the seers seesred by fhb MotRgaRe to be
imwediately due acct payabk without farther demand and may torecbse tbb Mortgage br jrdkbrl proeeedbtt. [.ender shall
S be estitkd to colkd b sreb proceedir•ig all espewses ref torcclosrre. facttrdiag. bet not Wwftei to, rcasowabk stt.,rner's fees.
awd costs of docr:!reatary crideeee. abritracts acct tick reports.
19. Borrowa's Rfgbt to Rebsttate. Notwithstanding lenders acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have any proceedmgs begun by 1_ender to enforce this Mortgage discontinued at any time
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