HomeMy WebLinkAbout0929 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
' manner provided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thtrcon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and lender agree to other terms of payment, such
amounts shall be payable upon notice from [_ender to Borrower requesting payment thereat and shall bear interest from the
date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of
interest at such rate would be 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. itupectioa. 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's
interest in the Property.
9, Coademnatbn, '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, are hereby assigned
and shall I+e paid to Lender.
In the event of a total taking of the Property, the proceeds shall be 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 agrce 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 Propert}• 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 i.ender to Borrower that the condemnor oRers 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
mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the
Property or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing. an}• such application of proceeds to principal shall not extend
or postpone the due date of the month!}• installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
l0, Borrower Not Released. Extension of the time for pa}•ment or modification of amortization of the sums secured
by this Mortgage granted by !.ender to any succeswr in interest of Borrower shall not operate to release. in any manner.
the liability of the original Borrower and Borrower c successors in interest. Lender shall not be required to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of any demand made hp the original Borrower and Borrowers successors in interest.
11. Forbearance by Lender Not a R'aiver. An}• forbearance h}• lender in etiercising any right or remedy hereunder, or
otherwise afforded by applicable law, shall not he a waiver of or preclude the. exercise of an}• such right or remedy.
The procurement. of insurance or the payment of tares or other liens or charges by Lender shall not he a waiver of Lender s
right to accelerate the maturity of the indebtedness secured by ihit Mortgage.
12. Remedies Cnmulatire. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and may he exercised concurrently, independentl}• or successively.
l3. Successors and Assigns Bound; ./oint and Se~~eral Liability; Captions. The covenants and agreements herein
contained shall hind, and the rights hereunder shall inure to, the respective successors and assigns of ~I_ender and Borrower,
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall 6e joint and several.
The captions and headings of the paragraphs of this Mortgage are for rnnvenience, only and are not to he aed to
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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 he given by mailing wch notice by certified .mail addressed to Borrower at
the Property Address or at such other address as Bormw•er mry designate by notice to Lender as provided herein, and
(hl an}• notice to Lender shall he given by certified mail. return receipt requested. to Lenders address stated herein or to
I' such other address as Lender may designate h}• notice to Borrower as provided herein. Any notice provided for in this •
f Mortgage shall be deemed to have been given to Borrower or lender when given in the manner designated herein.
15. Uniform Mortgage; t;overninR taw; Severability. 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.The
state and local Taws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is heated. The foregoing
sentence shall
not ltrrttt the appbcaMltty of 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 of the Mortgage and the Note are declared to be severable.
16. Borrower's Copy. Borrower shall be furnished a rnnformed copy of the Note and of this Mortgage at the time
~ of execution or after recordation hereof.
17. Transfer of the Property: Assumption. if all or an}• 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 or encumbrance suhonlinate to
this Mortgage. (h) the creation'of a purchase money security interest for household appliances. (cl a transfer by devise,
descent or by operation of law upon the death of a jiiint tenant or (c11 the grant of any leasehold interest of three years or less
not containing an option to purchase, Lender may, at Lender's .iption, 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 the sale or transfer. 1_ender
and the person to whom the Property is to be soW 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 such rate as Lender
shall request. If 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.
if Lender exercises such option to accelerate. I_enJer shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a pericxl of not less than ?(1 da}•s from the date the notice is mailed within
which Borrower may pay the sums declare) 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 b}• paragraph 18 hereof.
Note-UNtt=oRivt COVENANTS. Borrower and Lender further covenant and agree as follows:
~ 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any corerraat or j
~ agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Leader
prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the btesch; (2) the action
required to cure such breach; (3) a date. not less than 30 days from the date'the notice is mailed to Borrower, by whkh such
breach must be cored; and (4) that failure to cure such breach on or before the date specified in the notke may result in
I'I acceleration of the sums secured b this Morf e. foreclosure b 'udicial roceedi and sale of the ;
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sthall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding
the non-existence of a defauk or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on
or before the date specified in the notice. Linder at Lender's option may declare all of the sums secured by Ibis Mortgage to be
immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall
be entitled to collect in such proceedirrR all expenses of foreclosure, including. but not Umited to, reasonable attorney's fees.
i and costs of documentary evidence. abstracts and title reports.
19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage,
Borrower shall have the right to have an}• proceedings begun by I.cnder to enforce this Mortgage discontinued at any time
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