HomeMy WebLinkAbout1039 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 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 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 at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take I
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 therefor related to
Lenders interest in the Property.
9. Condemnation. The proceeds of anyawardor 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 14e.paid to Lender.
In the,syerrlt. of ~~tbtal taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage.
with the exoess,• if any paid to Borrower. •In.the event of a partial taking of the Property unless Borrower and lender
otberWise~agr in writ~pg,~there shall be applied to the suraRsgeGu(ed by thi~•(Nortgag@SnsrR prpRortio)rtof the proceeds
as is.e~}l~l'tb that~ro~ortion which the amount of the sums secured by this tortgage immediately prior to the date of
takingbe'ars to the Lair market value of the Property immediately prior to the date of taking, with the balance of the proceeds !
pard~~~ihe BOrrOW@r. r~
e:Prqpe,~y.J~abartidoned by Borrower, or if, a~t~r notice by Lender to Borrower that the condemnor offers to make I
an a~waid br'~settle a dlaim for damages. Borrower tails to respond to Lender within 30 days after the date such notice is
mailed.'Lehder is~auttiorjzed to collect and appty the proceeds, at lenders option, either to restoraliQit'or repair of the
Property a to the sums secured by this Mortgage.
Unless~Lender and Borrower othenroise 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 secu?ed
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
pros~ipc~~,ag~inst.s~C~,Suc psi pLr (per ; Q~e rye-fol. cr~ent Qr ott~w~~e mQdityaryygfti~atign,~f the sums
secured b~7 thislNortga~e by re~soi~~far~tlem~b ~a~~y the i~irfal Borrow~t`anti Bo~Fowet'~ 511cdessdrs m interest.
11. Forbearance by Lender 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 shalt not be a waiver of Lenders ~
right to accelerate the maturity of the indebtedness secured by this Mortgage. ~
12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumu'jative to 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 Ltablltty; 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. All covenants and agreements of Borrower shall be
joint and several. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not to be
used to interpret or define the provisions hereof.
14. Notice. 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 mall mete tly n~4 to Lender as provided herein, and
jb).'~ty r?ptice to Lender shall qe giyea by.certified mail, return receipt requested, to Lenders 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 been given to Borrower or frgac~er~ r~f}eqq given.i . _t~e manner designated herein.
~'15. Uniform Mortgage; Govsmtng Law; Severabflity. This forltr of~morlg~ge cdmbine'; uniform covenants for
I~' national use and nonuniform covenants with limited variations by jurisdiction to constitute a uniforrq security instrument
~ covering real property. The state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which
~ the Property,s located. The foregoing sentence shall not limit the appjicabilityof federal law to this mortgage. In the event ~
~ that any prov~s~on 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 gwen effect without the contl~cbng provision. and to this end the
prov~s~ons of the Mortgage and the Note are declared to be severable.
'I 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. Transfer oohs Propirtlr Assumption. tf all orany part of the Propertyoraninterest therein is sold ortransferred
by Borrower without Lenders prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to
} this Mortgage. Ib? the creation of a purchase money security interest for household appliances. (c) a transfer by devise. v
Ili 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 a
not containing an option to purchase. Lender may, at Lenders option, declare all the ~ur~s secured by this Mortgage to be 4
irmediately due and payable. Lender shall have waived such option to accelerate if1prior to the sate or transfer. Lender °
and the person to whom the Property is to tie sold or transferred reach agreement in writing that'ttie credit of such person
° is satisfactory to Lerxler and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
shall request. tf Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in
interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrowe?from all
~ obligations under this Mortgage and 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 that 30 days from the date the notice is mailed within
a which Borrower may pay the sums declared due. It Borrower fails to pay such sums prior to the expiration of such period,
Lerxier 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 In psrogrsph 17 hereof, upon Borrowers breach of any
covenant or agreement Qt Borrow~Jnthi} Mortgs~e, I~ludingthe covenantsto pay when due any sums secured 3
by this Mortgage, Lender prior fo sccilsratlon shall mall notice to Borrower as provided In paragraph 14 heroof
apsctfying: ~1) the broach; (2j the action roquired to can such breach; (3) a date, not less than 30 days from the '
date the notice is mailid to Borrower, by whlph such breach must be cued; and (4) that falluro to curs such breach
on or baforo the date apecffted in the notice may»sult In scceleratlon of the sums aecurod by this Mortgage,
foroclosuro by)udiclal proceedingand sale of the Property. The notlce shall furtherlnform 8orrowerotthe rlghtto -
j reinstate after acciliratlon and the right to asaertln tIN forecloaun proceeding the non•existsnca of a dstault or
any other defense of Borrower to acceleratlonand foreclosyro. It,the breach !a not Gyred on or betoro the date
specified in the notice, Lender at Cinders option. may diclaro all of the awns aecur~d by this Mortgage to be
immediately due and payable without furtfr»r demand snd may foreclose this Mortgage by judtclal proceeding.
Lender shall be entRlsd to collect In such proceeding all expenses of foroclosure. including, but not limited to,
roasonable attorney's tees, and costs of documentary evidence, abstracts and title roports.
I 19. Borrowers Rlghtto Reinstate. Notwithstanding lenders acceleration or the sums secured by this Mortgage.
Borrower shall have the right to have any proceedings begun by Lender to enforcu this Mortgage discontinued at any time
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