HomeMy WebLinkAbout0592 I.emder i written agrecmnmt or applicable law. idorrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 havens.
Any amounts disb~used by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
indtMedness of Borrower sectteed by this Mortgage. Unless Borrower and 1_enJer agree to other terms of payment, such
amounts shall be payable upon notice from l.~~rtder to Borrower reyuestinR payment thereof. and shall bear interest from the
date of disbursernetrt at the rate payable from time to time on attstanding principal under the Note unless payment of
interest at such rate Mro~dd be contrary to applicable law, in which event such amounts shall bear interest at the highest rate
permiss~le under applicable law_ Nothing contained in this paragraph 7 shall require i.ender to incur any expense or take
any action hereunder.
t Flaspecliw,a Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided
that I.emder shag give Borrower ratite prior to any such inspection specifying reasonable cause therefor related to lender
s
interest in the Property.
Cadeti~n. The proceeds of any award or claim for damages, direct or consequential, in connection with any
.~ondernnation 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 talons of the Property. the pra:eeds shall be applied to the sums secured by this Mortgage.
with the attest, if gay, paid to Borrowrcr_ In the evrnt of a partial taking of the Property, unless Borrower and Lender
otherwise agree m writing. there shall be applied to the Sums secured by this Mortgage such proportion of the proceeds
as is equal to that propixtion which the amount of the sums stcured by this Mortgage immediately prior to ehc date of
taking burs to the fair matte! value of the Property immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower_
if the Propertg is abzndoned by Borrower, or if. after notice by Lender to B.irmwer that the condemnor offers to make
an award or settle a claim for damaftes. Borrower faih to respond to Lender within 30 days after the date such notice is
mailed. Lender is authorimed to coffees and apply the proceeds. at i_ender c option. either to restoration cir repair of the
Propem or to the sums secured by this Mortgage_ •
I_'nfess tender and Borrower otherwise agree in writing. am• such application of proceeds to principal shall not extend
or postpone the due date of the ttmnthh instalments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
it. porr~trwer Nmt Refieasti. Ectertsion of the time fx payment or modification of amortization of the sums siecurrd
by this Mortgage granted by 1_ertder to any wccessor in interest of Borrower shalt not operate to release, in any manner.
the liability of the orisirta) Borrower and Borrowers successors in interest_ Lender shall not be required to commence
procrcdings against such suocesoor a refuse to extend time for payment or otherwise modify amortization of the sums
secured by this Mortgage M reason of any demand made b}• the ori¢inal Borrower and Borrowers successors in interest.
I1. Firbrarawce iy FF,eder Est a iYaiver. 4m• forbearance by lender in exercising any right or remedy hereunder, or
otherwise aBordod by applicable laver. stall rat he a waiver of or preclude the exercise of am such right or remedy.
The procunertratt of atwranoe a 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.
12. Beagles Cie. All rerrtc.fies pmsided in this Mortgage are distinct and cumulative to any other right or j
rerrtedy under this Mortgage .x afforded I+y law or equity. and ma}• he ecercised concurrently. independently or successively. !
13:. Swccessars ad Awiges Botal tail ail Sexed LiabrTity: Caplioss. The covenants and agreements herein
contained shall b~rd_ 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 err for convenience only and are not to be used to
interpret or defiine the pro.isions hereof_
14. wtiee. Eccept for any notice required under applicable law to be given in another manner. (a) any notice to
Borrower ptmided for in this ~fortgaxc shall be given by mailing such notice by certified mail addressed to Borrower at
the Pnperty Address or at such other address as Borrower may designate by notice .to tender as provided herein. and
tbl am- notire to Lender shag lie given by certified mait_ return receipt requested. to Lender's address stated herein or to
such ..Sher address as Lender may designate b ranee to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to have been given to Borrower or t_enderwhen given in the manner designated herein. {
15. i.'taTe~a 1Nert~e; CoreraiaR Law: Serera6tTitr. This form of mortgage combines uniform covenants for national
use and non-uniform cmcnants with limited variations by jurisdiction to constitute a uniform security instrument covering
real property_ This Mortgage shall 6e governed hr the law of the jurisdiction in which the Property is located. In the
event that any provision or clause of this 1?fortgage or the Date 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 at ahc Mortgage and the \ote arc declared to he severable.
~ 1L f>sertwwe~s t;,eplr. Borrower sttall• be furnished a conformed copy of the Note and of this Mortgage at the time
~ of trceruUort or after recordaboa htKeof_
17_ Traasfer of the >rropertr: AsaAp/ioa. if all or am part of the Property or an interest therein is sold or transferred
M Borrower without Lenders prior written consent. euluding la? the creation of a lien or encumbrance subordinate to
this Mortgage. Ibl the creation of a punhase money security interest for household appliances. Ic) a transfer by devise.
desc~ertt 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 purchasx. 1_ender may. at [_ender
s option. declare all the sums secured by this Mortgage to be
immcdiatehr due and payabic_ Lender shall have waived oath option to accelerate if. prior to the sale or transfer. Lender
and the person to wfiom 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 be at such rate as Lender
shall regnest_ If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
interest bas ezectaed a written assumption agreemrnt accepted in writing by Lender, Lender shat) release Borrower from all
obligations under this Mortpge and tfre Note_
if Lender ecercises such option to accekrate_ Lender shall mail Borrower notice of acceleration yin accordance with
puagnph 1~ hereof_ Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
which Borns+.tr may par the stuns declared dux. If Borrower fails to pay such Sams prior to the expiration of such period.
Lender tnay_ without furtlr~ notice or demand on Harrower. invoke any remedies permitted by paragraph 18 hereof.
`o!v-l:t?tt~rest Cosrex~.~TS_ Borrower and Lender further covenant and agree as follows:
11I. Actielesaitie¦~ Reseires IEuept as pwidei i peregrapi 17 hereof. ttipoa Borrower's bresci of arry coveoaat or
~ agreeaeat of Berr~+rer i Iita llw~agG bciaiag tfic covewaMs to pj whea rat ay sttas secured lyy this Martsage, Lender
prier M aecdesaMa slisp d ¦e1Gte M Iliarrower a proviie4 is peragrspi 14 levant specifying: (1) the bt~eaci; (2) tee action
~ rttreiei rr c>rse stttci isacfi4 ~ a rarti get less 1bs Mt rays frog tfk date lfie notice is saiitd to Borrower. by wikf! sacs
~ fireacfi gat lie ese# aui tq Iiat fasiae N cart stxfr breed a or before tie date specified b the notice racy resit is
accelesatie~ of eke setts scearssl file this Mortg~e. t~desare Fit jttdcial proceeriag sd sale of tie Property. 1be attRke
sFiai farther ifira >fanwrs of Ire right b reinstate after scceleratioa gad the right b assert is lfie foreclosure proeeediaR
ere aeatsisteace 1 s rctaef>< K ay outer iefetwe of Borrower b stcceleratior, awd foreclosure. N the bresci is got cared oa
ar fidare Ire isle special is lfie dice, I.esder at tester's optic ~ declare :r of lie seats secsrer by this Mortgage b be
iaae.iardl< it ad peyafiile wiiie.t fartfter festal gad asst foreclose tics MortBagR 6y jadicis>t proceediaa. Leader slap
fie eatder M c~oicct i s~ pstee:+ieB s• ripeases of fereclos>we. iacla~g. bd cot i'sited to, reasonable rtttorae)r's fees,
ad eaeRs of iects~eetar>< eviriescw aistracls ad title reports.
1!. Borrower's Bight M Rci¦sfate. tiotwithstanding Lenders acceleration of the sums secured by this Mortgage.
Borrows shall have the right to have any proceedings Fxgun by i_ender to enforce this Mortgage discontinued at any time
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