HomeMy WebLinkAbout0251 Lender's written agreement or applicabb law. Borrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by !.ender pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and tender agree to other terms of payment. such
amounts shall be payable upon notice from I~nder to Harrower requesting payment thereof, and shall bea_ t iatC~t! flap the:
date of disburstment at the rate payable from time to time on a?tstanding principal under the Note unless pajrnratt of
interest at such rate would be contrary to applicabk law, in which event such amounts shall bear interest at the highest raft:
permissible under applicabk law. Northing contained in this paragraph 7 shall requiro Lender to incur gay experae or fate '
any action hereunder.
s. Iws~ectiow, lender may make ar cause to bt made reasonable entries upon and inspections of the Property, provided
that lender shall give Harrower native prior to any such inspection specifying reasonable cause therefor related to Lprder'a
interest in the Property.
9. CowdemwaKon. '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 ~.~??dtmnation, art hereby rsssigoed
and shall be paid to [.ender.
In the event of a total taking of the Property. the proceeds chat! 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, unkst Borrower and Leetder
otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the pr~oceoda
as is equal to that praportian which the amo??nt of the sums secured by this Mortgage immediately prior to the date of
taking bean to the fair market value of the Property immediately prior Io the date of taking, with the balantx of the pr+ooxds
paid to Borrower.
If the Property is abandoned by Bor:ewer, or if. after native by Lender to Borrower that the rnndemtar oRers to matte
an award ar settle a claim far damages. Borrower talk to respond to tender within 30 days after -the date such notice is
mailed. I_en?kr is authorized to called and apply the proceeds. at Lender's option, either to restoration or repair of tee
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 amount o[
such installments.
10. Eorrower 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 release, in any manner,
the liability of the original Borrower and Harrowers successors in interest. Lender shall not be required to commertoe
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sutra
secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest.
t 1. Forrearwwce by harder Not a R?ssirer. Any farfiearancc by Lender in exercising any right or remedy herearritr, or
otherwise afforded by ap;,iicabk law. shall not . be a waiver of or preclude the exercise of any such right or ternedy.
The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not bt a waiver of lender's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. RewsKdks Caaswhtire. Ail remedies provided in this Mortgage arc distinct and cumulative ~to any other right a
remedy under this Mortgage or a(iorded by law or equity, and may be exercised concurrently, independently or sucoasively.
' 13. Swccesaors swd Assaigws )awawd: Joint awa Seresral I.iwbiWy; Cwptlows. The covenants and agreemxnts herein
contained shall bind, and the rights hereunder shall in??r~ to. the respective successors and assigns of Linder std Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joirrf and several.
'ilae captions and headings of the paragraphs of this Mortgage arc for convenience only and arc not to tk used to
interpret or define the provisions hereof.
i4. Nolke. Except for any notice required under applicabk law to be given in arather manner. (a) any notice to
Borrower pfovided for in this Mortgage shat! be given by mailing such notice by certiftd 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 [.ender's snddrtxs stated herein or to
such other address as Lender may designate by native to Borrower as provided herein. Any noti~pe provided for in this
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated hereua.
IS. Ltwifonw Mortgage; Goraniag Law; Sererwbility. This form of mortgage rnmbina uniform covenants for national
use and non-uniform covenants with limittd variations by jurisdiction to cor?stitute w uniform security imtrument covering
Heal property. This Mortgage shall be goverr?cd by the law of the jurisdiction in which the Property is located. In the
event that any provision or clause of chic Mortgage ar the Note conflicts with applicabk law, such conflict shall rat alkct
other provisions of this Mortgage or the Natt which can be given etfiect without the conflicting provision, and to this
end the provisions of -the Mortgage and the Note art declared to be severable.
lf. )son+nwer's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of executan or after recordation hereof.
17..Trawder of ere Tro'erfy; Asamptioo. If all ar any part of the Property or an interest therein is sold or transferral
by Borrower without Lenders prior writrcn consent. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage, (b) the crcatacxa of a purchase money security interest for haasehold 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 shat! have waived such option to acxelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is to 6c u+ld 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 be at s??ch rate ac Lender
shall request. if Lender has waived the opion 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. Lender shall release Borrower from all
obliyuions under this Mortgage and the Nae.
if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in sccordancc vetch
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 sums prior to the expiration of wch period,
Lender may, without further ratite or demand on Borrower. invoke any remedies permitted by paragraph lg hereof.
Norr-l1NiFOr?M Coverr~rvrs. Borrower and Lender further rnvenant and agree as follo+rs:
li. Aectlerwtlow; Reasedles. ifauepf r rrorNtd iw /uagrapM 17 hereof, tr*ow Rersnawes's Orewetr of trtq eecwwwt K
agreewrewt of >dorr+ower b irk Mortgage, iwciMiwg ere corerurNs to py whew iwc wy swwss settrrea r7 eels MetAgage Lewlet
pricer b wtceleralfow srsi wail wotke to Borrower st'rorfAta Ire pragraN /4 rsesreaf specifffog: (1) ere iecwcr: (2) tie soctMw
b cwre wet rrewelr (3) a dwre, wet r>,. erww 30 dar trorw ere date ere wotke r wnYetl N >tet<rwer. b wrkr stet
rrYwer ,..w 6s ewrcd; awes (4) teat ttsibre to ctws swcr rrescr ow ar retoa ere awtc geeYed r tee wotke way r+awlt Iw
aecekrMbw of trc tswssts satssred by irk Mortgage, torecioswre r7' jrd{cW pocecttiwg stw~ swk at ere Eropcrty. 'Ire wotiee
sent! fwrtrcr iwforwr >dorrower of ere riRM to reirsstwte steer wceeierwtiow sad tie rlglrt b assert <w fee forctlosswe poeeetig
tie wow-existeace of w rctarlt or awy otter aefewse of Donower to wcceleratbw Bard toretlowrc. K ere ireacr its wet cured en
or 6etorc the date srecKctl i• ere wotiee. Lewder at I.auder's opiow way aeclase sr of ere swtws secwrctl r!' irk MoApRe f+s be
Istswaedktely dwe srwsi pyabk witrowt twsAher demand saved way torctiose irk Morfgsgt h Jirrrtiel.i /siseeedlwg. Lender s1aN
be decided to coYtct live swcr p+oeeediwg sr a:peaces wf foredoswre, isdi/iw~, bst ssN ilrwltesi fs, rteasows~ie sttwser's fees,
sswi cods of iocs:!wstwtary eridewce. abstracts awd lick rcprb.
19. 1'ionowa's Rlglrt to Rseiwstwte. Nalwithctanding Lenders acceleration of the sums secured by thsa MaAgage.
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
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