HomeMy WebLinkAbout1284 Lender i written agreement or applicable law. Borrower shall pay the amount o[ sll mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by lender pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and [.ender agree to other terms of payment, such
amounts shall be payable upon n~~tice tram I.cnder to Borrower requesting payment thereof, and shall bear interest from the
date of disbursement at the rate payable from time to time on austanding principal under the Note unless pa}rtrrerrt of
. ,interest at such rate would be contrary to applicable law, in which event such amounts shall bear interat at the highest me
permissible under applicable law. Northing contained in this paragraph 7 shall require Lender to incur any expetae or take
any action hereunder.
ft. lwspectiow. [.ender may make ar cause to be made reasonable entries upon and inspeNion• of the Property. provided
that Lender shall give Borrower notice pricer to any such inspection specifying reasonable cause therefor related to Larder's
interest in the Property.
9. Cotrdemwatiow. The proceeds of any award or claim for damages, direct or rnrrsequential, in connection with sny
condemnation or other taking of the Property. or part thereof, or for conveyance in lieu of condemnation, are hereby assignod
and shall be paid to Lender. t
Tn the event of a Total taking of the Property. the proceeds shall be applied. to tha sums secured by this Mortgage.
with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, un{ess Borrower and Lender
otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the prooeeds
as is equal to that proportion which the amaint of the sums secured, by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Property immediately pricer 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 rnndemnor offers to make
an award or settle a claim for damages, Barrawer fails la resaond to lender within 30 days after tht date such notice is
mailed. Lender is authorized to collect and apply the proceeds, at Lender's option, either to ratoration or repair of the
Properly or to the sums secured by this Mortgage.
Unless 1_ender and Borrower otherwise agree in writing. any such application of proceeds to principal shaTf trot extend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. '>dorrower Not Relessed. Extension of the time for payment or modification of amortization of the sums stxur+ed
by this Mortgage granted by Tender to any successor in interest of Borrower shall not operate -to release, in any manner.
the liability of the original Borrower and Harrowers successors in interest. Lender shall not be tYquired to cotnmenoe
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 by the original Borrower and Borrower's successors in interest.
11. Forbearance by Lender Not a Waiver. Any farhearance by Ixnder in exercising any right or remedy hereunder, or
otherwise afforded by applicable 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 shalt not be a waiver of •Lender's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
1L Rewtedies Crmuhttitr. 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 be exercised concurrently, independently or sucoasively.
' 13. Srccessors and AssiRws Bound: Joint aad Several i.iabilify; Capflous. 'Ilse covenants and agreements herein
contained shall bind, and the rights hereunder shall intrr~ to. the respective successors and assigns of Lender apd Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joir~ and several.
The captions-and headings of the paragraphs of this Mortgage are for convenience only and are not . to be used to -
interprct or define the provisions hereof.
14. Notice. Except for any notice required under applicable law to be given in anothsr manner, (a) any notice to
Borrower provided for in this Mortgage shall be given by mailing such notice by certifkd mail addressed 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
~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 when given in the manner designated herein.
1S. Uwitortrt MortRa~e: Coverniwg Law: 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. 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 ar the Note conflicts with applicable law, such conflict shaTf not affect
other provisions of this Mortgage or the Nate which can be given eBect without the conflicting provision, and to this
end the provisions of the Mortgage and the Note arc declared to be severable.
16. Dorrnwer's Copy. Borrower shall be furnished a conformed cope of the Note and of this Mortgage at the tune
of execution or after recordation hereof.
17. ,Trswder of the 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 Mortgage, (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 (dl the grant of any leasehold interest of three years or less
not containing an option to purchase, Lender may, at Lender'x 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 sak or transfer. Lender
and the person to whom the Property is to be call ar transferred reach agreement in writing that the credit of each 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 rrquat. 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
obliyuions under this Mortgage and the Note.
If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with
paragnph 14 hereof. Such notax 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 wch period,
Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1R hereof.
Na+-UntFOtenr CovaNertTS. Borrower and Lender further covenant and agree as follows:
fs. Accdaatiow; Rewedia. 1Parce}t sr provhled iw pragraPh 17 hereof, Raw llornwa's irrraeh of awy cot?epwt K
agreewr~ewt of •orrower b this Mortgage. iwehtaitt~ the covewMs to py wht¦ arse awy atraas aeeartl y ebb Morglagr. I~sder
prior to wccdcratiow shaft maM wotlcr to iorrower a rrovWt4 iw pragrry6 14 taro[ specifying: (1) the fYreacM: (2) the seliew
regnirei b car wch Urewch; (3) a ia,1e. trot less thaw 30 days irotw the date the notice r twaYed fe >sarrowrr. b which sweh
hrac>t wraR he c¦red; a¦i (1) that failwrr Io erect torch brash ow or hetore the Gate greiBea V the woticr any rrstAt a
aereierstiow of the star award by this Mortgage, foreebaarr y jndiclal process rwri sale of the Property. The watfett
tthaB briber iwtora llorrawer of the right to reiwstate after accekrstiow awi titre right/ to aatKrt h the toreeloawre proesetit~
the non-a:Wewce of a detstrk or a•y other aetewse of Eorrower to acceleratbw arrtl torsciostrre. H the breach is not cacti aw
or betorc the dMe spciiea i• sire wotlce. I.swder at i.ewder's optiow oay declarr an at tlrt saws txeared !y This MoARaRe b he
fanrediatrly awe swi pysMe withoN ttMher dern~nd and essay rorreloae this Morega~e jntlieW proeseafag. Lender .ban
ik attltlrtl to abllect b twteh N+aeecdiwL an expewra of foreclosnrt. IwetwdiaB. hnt nest Brwif~ M+ reasaraitle stt•xeev's tea.
a¦tf etttt~ of iocr.''wewtaq' eridewce, abatrads awtf silk rrprb.
19. >sorrowa's Right to Relrtate. Notwithstanding Lenders acceleration of the stuns securtad by this 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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