HomeMy WebLinkAbout3004 Lender's written agreement or applicable law. Born?wer shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof. .
Any amounts disbursed by Lender puruiam to this paragraph 7, with interest thereon, shall become additional
indebtedness of Bormwcr secured by this Mortg:+gc. l)nlcss Borrower and Lender agree to other terms of payment, such
- amounts shall he payable upon notice from Lender to Borrower reyurcting payment thereof. and shall hear interest from the
elate of dicbt+rsement at the rate payable from time to time on o+:tstanding principal under the Note unless payment of
interfst at such rate would be contrary to applicable law, in which event each amounts shall hear interest at the highest rate
perm+ssible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take •
any action hereunder.
8. inspection. 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 each inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9. Condemnatbn. The proceeds of any award or claim for damages, direct or consequential, in connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby assigned
ana shall be paid to l.endcr.
Tn the event of a total taking of the Property, the prc+ccedc shall he applied to the sums secured by this Mortgage.
with the excess, if any, paid to Borrower. 1n the event of a partial taking of the Property, unless Borrower and lender _
otherwise agree in writing. them shall he applied to the sums secured by this Mortgage such proportion of the pnk:ceds
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 Jate of taking, with the balance of the proceeds
paid to Bormwcr.
Tf the Property is ahandonecl b}• Borrower. or if. after notice by Lender to Bormw•er that the condemnor offers to make
an award or settle a claim for damages, Bormwcr fails to respond to Lender within 20 da}'s abet the date such notice is
mailed, Lender is authorized to collect and apply the proceeds, at Lender c option, either to restoration or repair of the
Propert}• or to the sums secured h}• this Mortgage.
Unless Lender and Bormwcr otherwise agree in writing, am• such applir.+tion of proceeds to principal shall not extend
or pcxtpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured
h}• this Mortgage granted by Lender to any successcx in interest of Borrower shall not operate to release, in any manner.
the liability of the original Borrower and &~rrower'c succeccorc in interest. i.ender~ shall not be required to commence ,
proceedings against such successor or reface to extent time for payment or othen+•ise modify amortization of the sums
secured by this Mortgage by reason of any demand made by the original Borrower and Bormwcr s successors in interest.
11. Forbearance by Lender Not a Wais•er. Any forbearance by i.cndcr in exercising any right or remedy hereunder, or
otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of am• such right or remedy.
The procurement of insurance or the payment of tarns or other liens or charges b}' Lender shall not be a waiver of Lender s
right to accelerate the maturity of the indebtedness ucured by this Mortgage.
12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded h}• law or equity. and may be exercised concurrently, independently or successively.
13. Successors and Assq;ns Bound: ]oint and Several I_iahility; Captions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respective succesa~rs and assigns of 1_ender and Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several.
The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to
interpret or define the provisions hereof.
14. Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice to
Burrower 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 Borrower mav_ designate by notice to i.ender as provided herein. and
(h) am• notice to 1_ender shall be given by certified mail. return- receipt requested. to Lender's address stated herein or to
such other address as Lender may designate M' 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: Severabilify. This form of mortgage rnmbines uniform rnvenants for national
use and non-uniform covenants with limited variations hv_ jurisdiction to constitute a uniform security instrument rnvering
real property. This Mortgage shall be governed M• the law of the jurisdiction in which the Property is Icx:ated. In the
event. that any provision or clause of this Mortgage or the Note conflicts with applicable law. such conflict shall not affect
6 other provisions of this Mortgage or the Note which can he given effect without the conflicting provision, and to this
end the provisions of the Mortgage and the \ote arc Declared to be severable.
~ 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
s 17. Transfer of the Property; Assumption. If all ar am part of the Property or an interest therein is sold or transferred
by Borrower without Lenders prior written consent. excluding ta? the creation of a lien or encumbrance subordinate to
this Mortgage. (tr) the creation of a purchase money security interest for household appliances. (c) a transfer by devise.
a descent or by operation of law upon the death of a joint tenant or (dt the grant of any leasehold interest of three years or less
not containing an option to purchase. !_ender may. at Lender's option. declare all the sums secured by this Aortgage to be
immediately due and payable. 1_ender 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 soW or transferred reach agreement in writing that the credit of such person
is satisfacton• to Lender and that the interest payable on the sums secured by this Mortcage shall be at such rate as Lender
shall request. If Lender has waived the option to accelerate provided in this paragraph' IT. 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.
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 pericxl 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, im•oke am~ remedies permitted by paragraph I R hereof.
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~ Norr-UNIFORM Covr=ruN-rs. Borrower and 1_ender further covenant and agree as follows:
18. Acceleratbn; Remedies. E:cept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or
agreement of Borrower in this Mortgage. including the covenants to pay when due any sums secured by this Mortgage, Lender
prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; 12) the actbn
required to cure such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower, by which such
3 breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notke may result in
acceleration of the sums secured by thk Mortgage, foreclosure by judicial proceeding and salt of the Property. The notice
shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding -
a the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on
2 or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be
immediately due and payable without further demand and may foreclose this Mortgage by judicial procceding. Lender shall
t be entitled to collect in such proceeding all expenses of foreclosure, including. but cwt limited to, reasonable attorney's fees, .
and costs of documentary evidence, abstracts and title reports.
19. Borrower's Right to Reinstate. Notwithstanding I_ender'ti 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 tjme
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