HomeMy WebLinkAbout2929 -l t.1 ~ .~a 1~ i1
Lender's' written agreement or applicable law. Borrower shall pay the amount of all mortgsge it?surauos premiums in the
manner provided under paragraph 2 hereof.
• Any amounts disbursed by !.ender pursuant to the paragraph 7. with interest thereon. shall become additional
indebtedness of Borrower secured by this Mortgage. Unkss.Borrower and Lender agree to other terms of payment. such
amounts shall be payable upon notice from I~nokr to Borrower requesting payment thereof, and shall bear interest from the
date of iltsbursetnent at the rate payable from time to time on oxttstanding 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 at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any exptnae or take ~
any action hereunder.
>l. lwspcc8on, Lender may make or cattx to be made reasonable entries upon and inspections o>f the Property, provided • N
that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to I.atder's
interest in the Property. i
9. Conderatratbn. The proceeds of any award or claim for damages, direct ox consequential, in connection writh 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 Leader
otherwix 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 amatnt of the sums xcttred by this Mortgalte 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 proceeds
paid to Borrower.
If the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor oRers to make j
an award or xttle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is ~
mailed. Lender n authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of tits ~ i
• 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 hereof or change the ae»ount of
such installments.
10. Borrower Not Released. Extension of the time for payment or modification of amortization of the wms secured
by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to rclesse, in any manner,
rho liability of the original Borrower and Borrowci
s sttcceswrs in interest. Lender shall not be required to commence
proceedings against such successor or rcfux to extend time for payment or otherwix modify amortization of the :curt:
secured by this Mortgage by reason ofrny demand made by the original Borrower and Borrower's wccessors in interest.
11. Rorbearaoce by Leader Not a Waiter, Any forbearance by Ixnder in exercising any right or remedy hereunder. or
otherwise afforded by applicable law, shall not be a waiver of or preclude the exercix of any such right or retrtedy.
The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of l:.ender's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
1Z ReeetKdks Cttasolsti~e. 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. j
' 13. Snceessors aced Assigns Ilband; Joint atd Berard f.isbiliry; Captions. The covenants and agroenrertts herein
contained shall bind, and the rights hereunder shall inttr~ to. the respective successors and assigns of Lender aced Borrover.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jo>ir~ and several.
The captions-and headings of the paragraphs of this Mortgage arc for convenience only and are rat to Ik used to
interpret or define the provisions hereof.
lt. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Mortgate 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 1_enokr 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 ratio provided for in this
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
1S. Uniform MoriRaRe: Governing I,aw; Severability. This form of mortgage combines uniform covenants for national
i use and non-uniform covenants with limited variations by jurisdiction to corestitute a uniform security instrument covering
rut 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 clatex of this Mortgage or the Note rnnflicts with applicable law, such conflict shalt not affect {
! otlxr 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.
16. iorrower's Copy. Borrower shall be furnished a conformed cope of the Note and of this Mortgage at the lima 5
of execution or after recordation hereof.
17..Trawder of the Property; Asnmrtios. 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 Mortgagt. (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 (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 ~ocured by this Mortgage to be
9 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 co1J or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the intcrrct payable on the sums secured by this Mortgage shall be at such rate as Lender
i :lull request. Tf Lender Ira: waived the option to accelerate provided in this paragraph 1'I, and if Borrowers successor in
interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower frown all
obl}jatioxts under this Mortgage and the Note.
if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with
1 paragraph 14 htr+eof. 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 dtx. If Borrower fails to pay such sums prior to the expiration of such period,
Lender may, without further reo>fice or demand on Borrower. invoke any remedies permitted by paragraph 1R hereof.
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Noty-Ur+tr~oatrt Covtarretrrs. Borrower and Lender further covenant and agree as fellows: t
li. Accderadow; Reneedia. Ettcept as provided i• garb I7 leered, ~n Iltosrrawds brcaele d nay eoveMd or
agreetnxrtt d Borrower h kiln Moelgage,lnebedittg the coresawts to ray whew dire atsy sans seennei by !Iris MotrlRate, Lacier ~
rtriotr b aceeleraHoa sbaM ttasil wotlce to eorr~s..er as rrorided h pragnrb It betted gcelfyiwg: (1) Are Drench; the teetMrt
rgtetred b east srcb brarcb; (3) n dtnlq oot less Harr 30 days trout the Gate Ate wotice r mated /e llarrawer. cry wbki snob
(lreaeb toast k eta awd (4) that tailftere fo ctne tttrcle Drescb ow otr before the date gtclid V the ranee rnsy toasrrlt r
seeekcatien d the sacs sccttsd bl' this Motrlsage. toreAowre h jadlcW rroeeedirtg awl ssk d the Properly. The ndice
i trbsr ttrrtber heforrn Ibrrswer d the riRbt M reinslMe after seeekrstiow awd the eight b attscrt i• the forrzclosttrc rroeeeig
the wow-esisteaice d a dctswit or awy other deterae d Iorrower to accekrMiow awd tondowrs. N the btreacb is wet cwred ww
or before the late geciied i the woAce. liereder ar I.ewder's oertion rway det:hre si d Ate swrws sserred t1y flats MorlgttRe >r k
l..ediaaly dne ttwd rsysbk witbont trertber deseanA acrd rosy teredose tNs Motigage y jtraieid rrrteeedlaft. !.ender dea8
k entlAed to eoYect V nab rrocsedireg aq espeases pf (oreclonre. Iwcbeding, tst wst ~ ts, rteasswaDie sttwwev's Ekes.
( ttwd eosls d ioct:!wntary evNcooe, sDstrscfs ttrtti title toroth. '
lf. lKrown's Rlgitt t• Reinstate. Notwithstandinlt Lenders acceleration o>T the sums secursd by the Mortgage,
Borrower :lull have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
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