HomeMy WebLinkAbout0528 Lender's written rtierAerrt or a
erg pplicabb law. BorroMer shall pay the amount of all mortgage insurance prttniuaa in the
manner provided under paragraph 2 Irercof.
Any amounts disbursed by Lender pursuant to the 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 ft+ora the
date of disbursement at the rate payable from time to time on outstanding principal under the Note unless pa~msat of
interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest. at the highest tale
perrnissibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to inew say expemp a take
any action hereunder.
>L Iarpra~iow. .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 Larder's
interest in the Property.
9. Cowiewwatbw. The proceeds of any award or claim for damages, direct or rnnsequential, in connection with any
condemnation or other taking of the Property, or part thereof, a for conveyance in lieu of condemnation. art; h~p~c wigrred
and shall be paid to Lender. , , .
In the event of a total taking of the Property, the proca~ds 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 the Property. unless Borrower and Leader
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 amarnt of 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 prot~eeds
paid to Borrower.
If the Property is abandoned by Bor:ewer, or if. after notice by Lender to Borrower that the condemnor oQers to make
an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice b
mailed, Lender is authorized to. collect and apply the proceeds. at Lender's option, either to restoration or t+epair o[ Cite
Property or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
a postpone (he due 'date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
-such installments.
11. •orrewer 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 rcksse, in tray manner,
the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to commt:noe
proceedings against such successor or refuse to extend time for payment or otherwise modify amortir~tion of the sums
secured by this Mortgage by mason of any demand made by the original Borrower and Borrower's successors in interest.
ll. Forrearawee b Leader Not a Waiver. Any fofiearance by Lender in exercising any right or remedy hereunder. or
otherwise afforded by applicable law, shall net 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 Larder's
right to accelerate the maturity of the indebtedness secut+ed by this Mortgage.
` 12. Rewsdia Cwwahfive. All remedies provided in this Mortgage arc distinct and cumulative to any. other right or
remedy under this Mortgage or aRorded by law or equity, and may be exercised concurrently, indepetrdently or :ucoasively.
~ ' 13. Sweeeasoes awd AssiRws liowwd:.iolwt awe Several T.iabily; Captiows: The covenants acrd agreemxnts herein
contained shall bind, and the rights hereunder shall inure to. the respective wocessors and assigns of Lender and Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be join] and several.
The captions' and headings of the paragraphs of this Mortgage arc for convenience only and arc not to Ile used to
interpret or define the provisions hereof.
11. Notke. Except for any notice required under applicable law to be given in another manner, (a) any notice to
Borrower pt+ovidcd for in :his Mortga¢e shall be given by mailing such notice by certified 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 Lenders address stated herein or to
such other address as Lender may designate by notice to Borrower ss 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. Uaitorw Mortgage; fiavcrwiwg Law: Severability. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to corr:titute a uniform security instrument covering
real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. Tn the
event that any provision or clause of Chic Mortgage err the Note rnnflicts 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.
lf. )sorrower's Cepy. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17..Trawrfer of tie Property; Assr+mptlow. 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 Irotuehold appliances, (c) a transfer by devise,
descent or by operation of law 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 socur+ed by this Mortgage to be
immediately due and payable. Lender shall have waived Stich option to accelerate if, prior to the sale or transfer, Lender
and the person to whom the Property is to be co1D or tnnsfErred reach agreement in writing that the credit of such person
is satafactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate ac Lender
shah 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. Larder shall rckas~e Borrower from all
obliptions under this Mortgage snd the Note.
If 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 than 30 days from the date the notice is mailed within
which Borrower may pay the wtns dxlared due. Tf Borrower fails to pay Stich sums prior to tht: expiration of such period.
Lender may. without further notice or demand on Borrower. invoke soy remedies permitted by paragraph 18 hereof.
NoN-UNt~orrr?t Covtwarrrs. Borrower and Lender further covenant and aQee as foilo~ws:
lft. Aeederatk~ Reswedla. )Except as M'ov~ i• pragnpi 17 serest. stew )serrewes's ireaei wt atq a~wt w
agreewseat oft •errewer iw lift Mortgage. iwciadhg the eo.tasab to fM~' whew else awe saws ssetirei r7' tiYs Merlgage, [wwder
prior M aceeieratiow stet mail wotke to lierror?er as pro.Ncd f• Mrapa/h i4 tercet apeeityiwgs (1) Are lreacr: (2) tie setMw
rptriei Is care wet iracMi (3) a itMe, srst las tiaw 3t days trove tie isle tf+re tsetiee r waist fro •orrewer. b wfski swei
breach wwR re c~ awd (n fiat fagwre to cwre such rrescr a K retort tie date apeeifkd V tie wotiee way Twit r ~
seedera8aw of tie stress seewrei b fits Mortgage. hreeiowr+e b lwdicf.l ~reesediag awl sale at tie >rte'erty. '11re wetlte
i sralii twitter hterti •orrewer d tie right to reiw~te after aeeekratlsw awd tie rigiN to asscA iw fire toreelsatsee ~racesittg
tie wets-exiotewce et . detanlt or aver after ddeare o1 Borrower to acederatbw awd torseiosore. g tie rreaer it trN cwred M
or reter+e tic dale,peYed V tie wotke. Lewder at l.e*der's sptMw wry declare err at tie ssrras secwred ry tilt M«tgage f~ re
irtweiiakly iwe awl pyark.ritrowt tatter demand aver way tereelose tits M«fRsBs b lw++eirl wweesitg• Lewae..iali
re ewtllled w eoieet iw wet preceeiiwg ant uptwsa At fortcloswse, Iwciwdiag. rsR vest ftwilsd tra, reasonarlc stturrrey's fees.
awl easlr of ioet.+wewhry e.ideaee, a8etrarb awd title repro.
l!. iorrewa's RkM q Refawiate. Notwithstanding Lenders aooekration of the sums secured by thr_ 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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