HomeMy WebLinkAbout0584 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 disb:used by 1_ender pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and i_ender agree to other terms of paymertt, such
amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, 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'yrttptt 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.
s. haspettiow. Lender may make or cause to bt 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 Larder's
interest in the Property.
9. Coodemrstbr. The proceeds of any award or claim for damages, direct or consequtential, 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 be paid to Lender.
In the event of a fatal taking of the Property, the proceeds shall be applied to Iltt sums secured by this Mortgage.
with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and I.ettder
otherwise agree 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 o/ 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 of[ta to mate
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
Properly or to tlx sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not et[tatd
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments. t
10. Botrrower Not Released. Extension of the time for payment or modification of amortization of the sums secured t
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 Brrrowcr
c 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 sutra
secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest.
11. Forbearrwce rr Lender Not a R?siver, Any forbearance by [.ender in exercising any right or rcmedy.Ttet+etmder, or
otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right or ranedy.
The procurement of insurance or the payment of taxes or other liens or charges by Lender shag not be a waiver of Lender's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. Rerwedits Crmal~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. Srceessors seed AssiRas >sound; .Joint and Severd i.iabilitr; Captiows. The covenants and agreements herein
contained shall bind, and the rights hereunder shall intrr~ to. the respective successors and assigns of Lender seed Borrower.
subject to fix provisions of paragraph t7 hereof. Atl covenants and agreements of Borrower shall be joint and several.
The captions-and headings of the paragraphs of this Mortgage arc for cooveniettce only and are not to tie used to
interpret or define the provisans hereof.
lI. 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 be given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such other address as Borrower rosy designate by notice to Tinder 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 i
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 w~ert given•in the manner designated herein.
15. Uriform Mortgage; Governing Law; Sever:bility. This forrtk~Y mortgage combines uniform covenants foe national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall bt governed by the taw of the jurisdiction in which the Property is located. In the
event that any provision or clatter of Chic 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 eBect without the oonAicting provision, and to this
end the provisions of the Mortgage and the Note are declared to be severable.
lf. Borrower's Copy. Borrower shall be furnished a conformed cop)• of the Nott and of this Mortgage at the tithe
• of execution or after recordation hereof.
17..Tramder of ere Property; 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 (al the creation of a lien or encumbrance subordinate to
this Mongagt. (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise.
descent or by operation of law upon the death of a joint tenant or (d1 the grant of any leasehold interest of three years or less
not containing an option to purchase, Lender may. at Lender's 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 whom-the Property is to be cotJ or transferred reach agreement in writing that the credit of each person
is satisfactory to Lender and that the interea payable on the sums secured by this Mortgage shall be at arch rate ac 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, Lendtr 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 accordanc-c 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 faits to pay such sums prior to the expiation of such period,
Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof.
NoN-UrttFOtent CovENAN7S. Borrower and Lender further covenant and agree as follows:
1R Acederatiorr Rerredks. E:tept as provWed fa pragrapb 17 irer~eof. upote Borrower's rreatlt of atq co~tttttawt K
agreemest of Borrower b iris Mortgage. inclrafag flee covearstrfs to pr wirer are aq sear secarsd y trls Morglage t.a+,aer
prbr a sccNeratio~ sri aaaY wotlce to lorrower ss provWed fa paragraph 14 hereof specMria~; (1) the rseacr; (tl the acfien
rgrirsa b ettae seer brtrer; (3) s dale, rot less traw 30 days tros the Gate the notke fs ttsafdea b Borrower. ~ wltkr aver
rr+eaelt rant be erred; arts (1). that fsibre to crre trtrcb Mead or or retort ere date specifies !w ere votive way r+txttN r
acceleration of ere stems stcrrtia M iris Mortgage. torteelosrre b jrdicisl proceesM~ and sale d ere Twperty. Tire ttwtks -
sraY brtrer inform Borrower of ere riRbl to troirtatste after aceeieratior era ere rtgMt b avert r the tortelowre proeeetting
ere nor-esWewce et a aefarit or err firer aetetese of ltbrrewer to accelerMiow era toreclosrre. t[ ere brewer fs not crrr<s der
er refore ere ante speefid N ere notice. t.ewder st t.erders optbr ttsar accbtee a/ 01 ere starts aterrsa ti tW MatpRe b be
irnnresiatelr firs ant prank witrorp ttutbtr dearand and rtay torcclae tits Maissge rp jniicW pr+aceedirtt. Lender sltaM
be eatllles b coYect tM aver proeeedirg sB ettpcttises of forecksrre. iwchtdirg. bit that Wdtaa b. rraiwrie snurwev's fee.
std css4 of iocc.~erNary eriaeree. abstracts era tale report.
19. Botnowa's Rigrt to Reinstate. Notwithstanding Lenders acceleration of the sums secured by th~a Mortgage,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
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