HomeMy WebLinkAbout1889 Lenders 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 thereon, shall become additional
indebtedness of Borrower secured bythis 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 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 al the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense of 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 such inspection specifying reasonable cause theretorretated to
lenders interest in the Property.
9. Condemnation. 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, hereby assigned
and shall be paid to Lender.
In the event of a total taking of 1he~Property, the proceeds shall be applied to the sums secure:l by this Mortgage.
with the excess, it any paid to Borrower. In the event of a partial taking of the Property unless borrower and Lender
otherwise agree in writing, there shall be applied to fife sums secured bythis Mortgage such proportion of the proceeds
as is equal to that proportion which the amount of the sums secured by this Mortgage immediateiy 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 the Borrower.
If the Property is abandoned by Borrower, or if, after notice by lender to Borrower that the condemnor offers to make
an award or settle a claim for damages. Borrower tails to respond to lender within 30 days after the date such notice i5
mailed, Lender is authorized to collect and apply the proceeds, at Lenders option, either to restoration or repair of the
Property or to the sums secured by this Mortgage. J
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not 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.
1 O. Borrower Not Released. 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 release, in any manner,
the liability of the original Borrower and Borrowers 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 bythis Mortgage bfjj#eaSOn of arty demarld'madeby the or9gina(Botrowet and Borrowers successors in interest.
1 t. Forbearance by Lender Not a Waiver. A_ ny forbearance by Lender 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 shall not be a waiver of Lenders
right to accelerate the maturityy~~o~f~~the indebtedness secured by this Mortgage.
12. Remedies Cumulatl~ri..fAU~~rfiadies provided iathls:lAb(D~age are distinct and Gurhii4'1fi11~.10 any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively.
13. Successors and Assigns Bound; Joint and Several Llablllty; Captions. The covenants and agreements
herein contained shall bind, and the rights hereunder shall inure • to, the respective successors and assigns of
Lender and Borrower, subject to the provisions of paragraph 17 hereof. Atl Covenants and agreements of Borrower shall be
joint and several. The captions and headings of the paragraphs of this Mortgage afe for covenience only and are not to be
used to interpret or define the provisions hereof.
14. Notice. Except for any noticd'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 certitited mail addres3ed to Borrower at
the Propef{Y1Eyddfes~-gt est~~~Epther address as Borrower may ~gsignate; byt-potice t~ ~,e~d~r:as provided herein, and
j (b) any notice to [[ender shall be given by certified mail, return. receiptTequest~d, to~enderS.atltlress stated herein or to
such other address as-Lender may designate by notice to Borrower as provided herein. Any ridtice provided foF in this
Mortga~ hall ~ d~~eem~d to have been given to Borrower or Lender when given in the rhanner designated herein.
15.~ffonn M g'+e}~; >b'ovsrning Law; Severabllity. This foim of mortgage coriabirles uniform covenants for -
nat~orial use and non-uniform covenants vwlh limited vanahons by jurisdiction to constitute a uniform security instrument
covering real property. The state and local laws appl~eabie to this Mortgage Shall be the laws of the jur~sd~ction ~n which
the Property.s located. The foregoing sentence shall not limit the applicability of federal law to this mortgage. In the event
that any provision or clause of this Mortgage or the Note cenfl~cts with applicable law. such conflict shall not affect other
provisions of this Mortgage or the Note which can be given effect without the confl~ctmg prows~on. 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 conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. Transferof the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lenders 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 devise.
descent or by operation of taw upon the death of a joint tenant or (d) 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 bythis Mortgage to be
immediately due and payable. Lender shall have waived such option to accelerate if•prior to the sate or transfer, lender
and the person to whom the Property is to lie sold 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 bythis Mortgage shalt be at such rate as Lender
shall request. N Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in
interest has executed a written assumption agreementaccepted in writing by Lender, Lender shall release Borrowerfrom all
obligations under this Mortgage and the Note.
It Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of not less that 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. It Borrower tails to pay such sums prior to the expiration of such period,
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
18. Acceleration; Remedies. Except as provided fn paragraph 17 heroof, upon Borrowers breech of any
covenant or agreement of Borrower in this Mortgage, Including the covenants to_pay when due any sums secured
bythis Mortgage, Lender prior to scceleratlon shall mall notlcs to Borrower as provldsd In paragraph 14 hereof
specifying: (1) the breach; (2) the action required to curs such breach; (3) a date, not lesi~than 30 days from the
date the notlcs is mailed to Borrower; bywhich such broach must bs cured; and (4) that failureto curs such breach
on or beforo the date specified In the notlcs may result in accslsratlon of the sums secured bythis Mortgage,
foroclosurs by Judlclal procssding and sale of the Property.. The notice shall furthsrlnform Borrowsrof the right to
rolnstate after acceleration and the right to assert In the foroclosuro proceeding the non-existence of a default or
any other defense of Borrower to acceleration and foroclosur~. If the breach Is not curod on or bsforo the date
specified In the notice, Lender at Lenders option may dsclaro all of the sums secured by this-Mortgage to be
tmmedistety due and payable without further demand and may foreclose this Mortgage by Judlcfal proceeding.
Lender shall bs entitled to collect in such proceeding ell expenses of foreclosure, Including, but not Ilmlted to,
reasonable attorney's fees, and costs of documsntary_evldsnce, abstracts and title reports.
19. Borrowers Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured bythis Mortgage.
Borrower shat; have the right to have any proceedings begun by Lender to enforce this M~~ort~~g(Qa]ge discontinued at any time
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