HomeMy WebLinkAbout2415 Lender': written agreetraent or applicable law. Borrower ahsll pay the amount of all mortgage insurance premiums is the
manner provided order puagrapb 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interat 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 roquesting payment thereof. and shall bear interest Evora the
date of disbursement at the rate payable from time to time on odtstanding principal under the Note unless payment of
interest at such rate would be contrary to applicable law, in which event such amounts :hall bear interost at the bightat rate
permissible under applicable law. Nothing contained in this paragraph 7 shall requiro Lender to incur any experae or take
any action hereunder.
8. iss~ccdoa. 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 reawnabk cause therefor related to Lender's
interest in the Property.
9. Coadeawtba.- The proceeds of any award or claim for damages. direct or consequential, in connection with soy
condemnation or other taking of the Property, or part thereof. or for conveyance in lieu of condemnation, are hereby sssigrred
and shall be paid to Lender.
In the event of a total taking of the Property, the proceed: shall be applied to the sums stxur+ed by~this Mortgage.
with the excess. if any. paid to Borrower. In the event of a partitil taking of the Property. unless Borrower and Lender
otherwise agree in writing, there shall be applied to the sums stxured by this Mortgage such proportion of the proceeds
as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Property immediatety 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 offer to make
an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such noticx is
mailed, bender is authorised to collect and apply the proceeds, at Lender's option, either to restoration 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 shall not extend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 her~oof or change the amount of
such installments.
lt. bon+ower Not Released. Extension of the time for payment or moditkation 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 Borrower's successors in interat. Lender shall not be squired to cannten~
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 successor's in interest.
lI. Forbearance by Leader Not a Waiver. Any 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 Lender's
right to accelerate the maturity of the indebtedness secured by this Mortgage. -
l2. Remedies CwaolsHre. 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 suceesaively.
13. Soeeessors sad Asdgas booed; Joint wad Sered i.isbiNfy; Csptloas. 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. All rnvenants and agreements of Borrower shall be joint and several.
The captions and headings of the paragraphs of this Mortgage are for rnnvenience only and are not to be used to
interpret or define the provisions hereof.
14. Notke. 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 may designate by notice to Lender as provided herein, and
(b) any notice to Lender shall be 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
Mortgage shall be deemed to have bcen given to Borrower or Lender when given in the manner designated herein.
1S. Uaifornn Mortgage; Governing 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 or the Note conflicts 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 arc declared to be severable.
1tL. 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.
i 17. Trader of flee Property; Amumptioa. 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 (a) the creation of alien 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 (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
PPk¢ 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 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 by this Mortgage shall bt at such rate as Lender
i shall request.. Tf Lender has waived the option to accelerate provided in this paragraph 17. and if Borrower's strecessor in
interest has executed a written assumption agreement accepted in writing by Lender. Lender 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 accordancx 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 fails to pay such soma prior to the expiration of such period.
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
Nox-Urrtt=cant Covertetwrs. Borrower and Lender further covenant and agree as follows:
Ig. Accderatioa; Remedies. E:cept ar provided in psraanp6 17 hereof, epos Dorrowa's breach of way corewt or
agreement of borrower is this Mortgage, iaclodirrg the covenants to pay when due asy soma st!cercd by this Mortgage, Leaser _
prior to accekratba sbaD mail notice to Borrower as provided in paragrsp6 14 hereof sped: (1) the btresch; fire action
required to care sari breach; (3) a date, not leer than 30 days from the date the notice b msikd to borrower, by whk6 each
brYSCh mmti be cored; sod (4) that faiiarc to core twcb breach oa or before the date sPteMed ~ the antler ttssy rrwlt is
accdcratioa of the serve secured by this Mortgage, forecbsure by jndkW procesdirtg sad oak of the Preptrty. The atrtiee
shall fortber inform borrower of the right to reinstate after accekrstioa sad t>;e right to avert is the toreclowre Neeeeirtg
the ooa-existence of s defsok or way other deferae of borrower to acceleration wad forecloarre. N titre bresclr is not c~ as
~ or before the date speciAed b the aotke, Leader st Leader's optics may dechwe sd of the seas socmd by this Mortpgt b be
immediately doe wad psysbk without further demand wad may foreclose this Mortgage try ji.dicid procsednag. Lttader sha!
be atitkd to eolket d sech proceeding aY e:peasa of foreclosere, iacludisg, bat not Yasited to, reasoas6le attonty's few.
sow cosh of docemeatary erWeace, abstracts and title reports.
19. borrower's Right to Rehtitate. Notwithstanding Lenders actxlention of the sums secured 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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