HomeMy WebLinkAbout2769 Lender's written agteegser~or }pphca~,• ~otmwer shall pay the amount of all mortgage uuurattoe praniutns in the
manner. provided undeE par~riph 2 S J ~
Any amounts disbursed by Lender purswnt to this paragraph 7. with interest thereon, 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 Lender to Borrower requesting payment thereof, and shall bear interest fear the
date of disbursement at the rate payable from time to time ar artstanding principal under the Note unh~s payrneat of #
interest at such rate would be contrary to applicabk law, in which event such amounts shag bear interest at the highest rsde !
permissible under applicabk law. Nothing contained in this paragraph 7 shall require Lender to irteur say ezptsraa or tnlte
any action hereunder.
li. Ittspeelioa. Lender may make or cause to be made reasonable entries upon and inspections of the Property. ptravided
that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property. . , , . '
9, Cooletrttatbtt. The proceeds of any award or claim for damages, direct or corrsequeetial, M a~onnection with sury ~
condemnation or aher taking of the Property, or part thereof, or for conveyance in lieu of condemnation. are hereby assigned
and shall be paid to [.ender.
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. In the event of a partial taking of flee Property. unless Borrower and Leader
otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the pr~ooeedt
as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the daft of
taking bea?s to the fair market value of the Froperty 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 offers to tnalce
an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days aher the date such notice b
mailed, Lender is authoriztd to collect and apply the proceeds. ai Len~#.-r's option, either to r+~torat~ ar repair o[ tba
Property or to the sums secured by this Mortgage.
Unltss Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall trot coffered
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount o[
such installments. "
1®. Borrower Not Releasel. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to ukase. in any mantrer,
the liability of the origins! Borrower and Borrower's successors in interest. Lender shall not be required to comrtrerroe
proceedings against such successor or refuse to extend time for payment or dherwise modify amortization et the sums
secured by this Mortgage by reason ofrny demand made by the original Borrower and Borrower's successors in inter+at.
11. Forbearance 6y Lender Not a Waiter. Any forbearance by Lender in exercising any right or remedy hereunder, or
otherwise afforded by applicabk law, shall not be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of taxes or other liens or charges by Lender shall nd be a waiver of I.enda't
right to accelerate the maturity of the indebtedness secured by this Mortgage.
l2. Retaedies Co~aoWire. Alt remedies provided in this Mortgage arc distinct and cumulative to any aher right or
remedy under this Mortgage or aBordcd by law or equity, and may be exercised concunentty, independently or successively. - - _
13. Srsccerts awd AssiRas )iouttd:.ioiat sari 'Seretal i,iability; Captions. The covenants and agreemetrts herein
contained shall bind, and the rights hereunder shall inuri to, the.respective successors and assigns of Lender stall Hornuwer.
subject to the provisions of paragraph 17 hereof. All covenants :nd agroemenis of Borrower shall be joir~ and several.
The captions' and headings of the paragraphs of this Mortgage are for convenitrrce only and are rat to Ile used to
interpret or define the provisans hereof.
14. Notice. Except for any raise required under applicabk taw to be given in another manner. (a) any notice to
Borrower pt+ovided for in this Martga¢e shall be given by mailing such notice by certitkd ma'1 addressed to Borrower at
' the Property Address or at such aher address as Borrower may designate by raise to 1-ender as provided herein, and
(b) any raise to Lender shall he given by certified mail,'rcturn 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 be deemed to have been given to Borrower or Lender when given in the manner designated herein.
lS. Unlfortn Mortgage; Gorcrniag Law; Severnbilify. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction io 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 applicabk law. such conflict shall not aRect
other provisons 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 Nde arc declared to be severable.
lf. lortewet's Cody. Borrower shall be furnished a conformed copy of the Nde and of this Mortgage at the time
of execution or after recordation hereof_
17..Transfcr of the Properly: Assumption. if 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 purchase money security interest for household appliances, (c) a transfer by devist,
descent or by operation of law upon the death of a joint tenant or (d) the grant of any kasehdd 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 the sale or transfer. Lender
and the person to wham 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 inten~ct payable on the sums secured by this Mortgage shall be at such rate as Lender
shall rognest. 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:red the Nde.
if Lender exercises such option to secekrate. Lender shall mat! Borrower ndioe of acceleration in accordance vrirh
paragraph 14 hereof. Such raise shall provide s 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 expinCron of such period.
[.ender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph tft hereof.
s
Not+-Ut+tFOant COVHNANTS. Borrower and Lender further covenant and agree as folkrMS:
li. Aeeekratlon; Remedies. Buert • p~uriacd iw g+aegn*h 17 hereo/, stpon >larrowers hsgeh et any covert K
agreesart of lionewer i• Kris Morf;sge. IncltMhtg the corenartts to g+ay robes tae ay sortts stettrei by fhb Mortgage, iewler
gulor Is sceelerstlon sift trail notice to Borrower as prorlaed la rarsKn*It 14 Hereof spedty~z (1) tht hseaeh: (t1 the artier
ss~rtirea b csrt arch breach (3) s dale, trot less than 30 days rrow the date the nelkc b tttaied M tl~errwer. h7' whirl sod t
hreaelr mrtot he enre~ oral (4) that taBttrc to core such breach a or before the late arselBel V the wotice wry tesait its
seeeieratien of the ors srrarsl by this Mortgage, toreclosnre b ~rdieW N~oeoeiMrg anti ssik et the Property. Tate tretiee
droll ttrrther iatorw lserrower of the tight a rdtatate otter accelkeation scat tint: riglN b steer i. the torsehtswe *sooesitg
are non~rsMeace at a lettwlt or any other letertae of Sorro~rer to accekrMiott scat tonelowt7e. 11 the brad V trot e~M oft
or httase fire late s*eciiai i. art notice. Letder at I.ealer's og+tiaw ry dtxiwe sr o[ the cane a:ewei by fhb MastpRe t• k
tosreibtety,re oral ~ahk wilhoot trtrther dca+and oral tray taseleat: fhb Mortgage b jalieW g+nese~ttR. Lender shall
he etWei to collect b taxi Qrecesli.g ant esgewses et toreciosrttt, Melniiog. heft rant r¦rilul Mti reaw.onilr sttvrrrey's fees.
ant coa4 of ioe`toentary erllesce, abstracts stet title rcMrb.
lf. •onowa's Right to Reinstate. Notwithstanding Lenders accekrstion of the scans seeur+ed by thn Mortgage,
Borrows shall have the right to have any proceedings begun by Lender to enforce this Mortpge discontinued at any time
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