HomeMy WebLinkAbout2078 Lender's written agreement or applicable law. Borrower shall pay the amount• of all mortgage insurance p[errtituns in the
manner provided under paragraph 2 hereof.
• Any amounts disbursed by [.ender pursuant to tha paragraph 7. with interest t.i ~aN become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree ~o other terms of paymer[t. s[[cl[
amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the
date of disbursement at the me payable from time to time on outstanding principal under the Note ttnkss pajrment 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 expts[ae or take
any action hereunder.
lwspection. i_ender may make or cause to be made reasonable entries upon and inspections of the Property, provided
that Lender shall Rive Borrower notice prior to any such inspection specifying rcasanabk cause therefor related to I.ertder's
interest in the Property.
9. Condewrwatbw. 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. are hereby assigned
and shall be paid to Lender.
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 the Property. unless Borrower and Fender
otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the prooads
as is equal to that proportion vehich the amamt of the sums secured by this Mortgage immediately prior to the dste 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 ahandoned by Borrower, or if. after notice by lender to Borrower that the condemnor offers to matte
an award or settle a claim for damages. Bc?rmwer 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 restoratigt or repair of the `
. • Property or to the sums secured by this Mortgage. `
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shag not extend j
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®. Borrower I~ot 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 chat) not operate to release, in :<[y manner,
the liability of the original Borrower and Borrower
s successors in interest. Lender shall not be [equired to commence
proceedings against such successor or ref~~ce 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 rl' Lewder Not a Wdver. Any forbearance by Lender in exercising any right or remedy he[etmder, 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 Lender's
right to accelerate the maturity of the indebtedness starred by this Mortgage.
12. Rew[edks Crnwulattie. 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. Swccessors awd AsaiRws Found:.]oiwf awd Serresal iLbBitr; Captlows. The covenants and agreetnertts herein
contained shall bind, and the rights hereunder shall in[rr~ to. the respective successors and assigns of Lender sod 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 arc for convenience only and. are not to Ile uxd 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 p~+ovided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such dhcr address as Borrower may designate by notice to [.ender 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
such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
II Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
1S. Uwi[orw[ Mortgage: Goterwiag Law: SitverabBily. 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 u located. in the
event that any provision or clause of this Mortgage or the Note conflicts with applicable law. such conflict shall not afftd
other provisions of this Mortgage or the Note which can be given effect without the conflicting provision. and to this
~ rnd the provisions of the Mortgage and the Note are Declared to be severable.
lg. sormwer's Copy. Borrower shall be furnished a conformed rnpy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17..Trawder of ere >roperty: Assuw[ptiow. Tf 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 cecuri[y interest for household 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 secured by this Mortgage to be
immediately due and payable. Lender shall have waived such option to aceelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is to be co1D or transferred reach agreement in writing that the credit of such person 3
is satisfactory to Lender and that the inter~•ct payable on the sums secured by this Mortgage shall be at s[rch rate ac Lender
shall reque3~t. 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 asreement accepted in writing by Lender. Lender shall release Borrower from all
obljjations under this Mortgage and the Note.
if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordatrcc 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. 1f Borrower fails to pay arch sums prior to the expiration of such period.
Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1R hereof.
~ NoN-UNIfoaM CoveNarrTS. Borrower and Lender further covenant and agree ai follows:
lifw Aeeekratio~ Reaedies. Except is rroviaed le pwragrw'b 17 rer~t, trp. >torrewa's brewer at awr covetasN K
t a oft lorrowetr b this Mortgage, iwebdiws ere eovewaMs to rwr wrew dwe awr saws reed b tW A'/oriRage. Lewder
t• altellerw110w ~>i OwY wOllee 10 SOr!'Owtr as'ro•lded b[ Parasra~r 14 blrtOff alteHyl~r (1) ~t br:wtr: (2) ere settow
~ rpid b e>.rt wer rreaer; (3) a dale. wet less draw 30 days trorw ere date ere wotke Y aaifkd to >•wrrower. br wrfKl[ srrcb
brewer sit be e~tei; ani (4) trM failwre b core wet breast a er cetera ere date ~
~ of ere Tr~crq. wotiee
wecekrstion wt ere ttawa aecwred br tlds Mortgage. forsdostsrte br ~W
srai itwstrer iwfora iorrower of ere right to treiwstale after wccekrMbn swd the rlgbt b saaert fiw ere fasterlastrr'e pr~oese~irg
flee wontxMewt:e d a ddawftl or any other ddetsse of lflorrower to acceleralisw awd toreeloarrre. Here breaer Y aK eaed a
or before ere dale s~eeiiie/ b tie wotice. Lewder at I.ewders oPliow war dteflare r of ers ew[aa seeard b7'tl[is MorlgaKe Is be
dwe s[ni pgsble witbwt twrtrer derwand and war foreclae tris Merlgage rr ~W'rwcesdiaR. Lender daM
bt ewWleti to coilatt fiw swci'rocee~wg V espcwses of foreclosrre. incltrdia~g. bwt wrt irwilsr flr, reaaowabit ataxwer's fees.
~ awd oohs d doet:.~~ewtarr evidewee, abatracb awd title rsprb. -
~ lf. lMrrowa'o RfgM to Retwrlate. No[withstandinit Lenders acceleration of the sums secured by thr Mortgage.
Borrowu shall have the right to have any proceedings begun by Lender to enforce this Mortpge discontinued a[ any time
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