HomeMy WebLinkAbout0812 Lender's written agreement or applicabk law. Borrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
AYry amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shalt become additional
indebtedness of Harrower secured by this Mortgage. Unle+s Borrower at•d 1-ender agree to other terms of payment, such
amounts shall he payable report notice from Lender tR Borrower requesting payment therrnF Lie# interest from the
date of disbursement a1 the rate payable from time to time an outstanding principal uMle~oltt Lnkss payment of
interest at such rate would be contrary to applicabk hw, in which event much amounts shall bear interest at the highest net
permiaibk under applicabk law. Nothing contained in this paragraph 7 shall require I:ender to incur any expetne a tske
any action hereunder. ~ -
i. lwspectlow. Lender may make ar cause to be made reasonable entries upon and inspections of the Property. provided
that Lender shall give Borrower ndice prior to any such inspection specifying reasonable cause: therefor related to Larder's
interest in the Property.
9. Cowaewwafbw, The proceeds of any award or claim for damages, direct a consequential. in connection with any
condemnation or other taking of the Property, or part thereof. or for conveyance in lieu of condemnation, are hetxby 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 say, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Deader
otherwise ,agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceed:
as is ual to that. proportion which the amount of the sums secured by this Mortgage immediately prior to the date o[
taking bean fo the•tair 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 ~Bomower that the condemnor ogees to make •
an award or settle a_claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is
mailed. Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair o[ the
Property of tp 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 hensof er change the amount of
such installt~tiepts.
10. eorr~ower Not Releases. Extension of the time for payment or modification of amortization of the sums stxuned
by this Mortgage goofed by Lender to any successor in interest of Borrower shall- not operate to release, in any manner,
the liability of the original Borrower and Harrower
s successors in interest. Lender Mall not be required to commence
proceedings against such suoogsor or tehae to extend lime 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 successors in interest. ,
~ 11. Forbesrswce bIr Lewder Not • Waiter. Any forbearance by Lender in exercising any right or remedy hereunder, or •
otherwise afforded by applicabk law, shall trd be a waiver of or preclude the exercise of any such right or tweedy.
The procurement of insurarrca~r the payment of taxes or other liens or charges by Lender shall not be a waiver o[ Lender's
right to accelerate the maturity of the indebtedness secured 6y this Mortgage.
-1L Rewredies CawwWive. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage- or aRorded by law or equity, and may be exercised concurrently, independently or successively.
' 13. Sweeeasors swa Assigws Dowwd:.~ioiwt awe Several i.iabirly; Cspfiows. The covenants and agreements herein
contained shalt bind, and the rights hereunder shall inure to, the respective successor and assigns of Lender and Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several.
The captions and headings of the paragraphs of this Mortgage arc for convenience only and at+e not to be used to
interpret or define the provisions hereof.
14. Notke. Except for any notice regtrit~ed under applicabk 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 Born+wer at !
the Property Address or at such other address as Borrower may designate by notice to 1_ender as provided herein, and 1
(b) any notice to Lender shall be given by certified mail. retain receipt requested. to I-ender
s address stated herein a 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 Lender when given in the manner designated herein.
lS. Uwi[orm Mortgage; CoveruiwR Law: SevenbBity. This form of mortgage combing uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering ~
real properly. This Mortgage shall h governed by the law of the jurisdiction in which the Property is located. In the
~j event that any provision or clause of this Mortgage or the Note conflicts with applicabk law, such conflict shall not alfed
other provisions of this Mortgage or the Note which can be given eBect without the conflicting provision, and to this
end the provisions of the Mortgage and the Nde arc declared to be severable.
lt. - Iorrower's Co'y. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. Trawster of tie Property: Assstnpliow. If all or any part of the Property or an intergt therein is sold or tnnsterred
by Borrower without Lenders pricer written consent. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (bl the crcatron of a purchase mc?ney security intergt far household appliances, k) 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 shall have waived such option to accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is t•. be ca1J ar transferred reach agreement in writing that. the credit of such person
is satisfactory to Lender and that the inters+t Fayabk on the sums secured by this Mortgage shall be at such rate as Lender
shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in #
intergt has executed a written auumption 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 accordarrc-c with
paragraph I4 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 t,xlared due. If Borrower fails to pay such stems prior to the expiration of such period. {
Lender may, without further notice ar demand on Borrower, invoke any remedig permitted by paragraph l It hereof. ,
i
NoN-UNtFOar?t CoveNerrTS. Borrower and Lender further covenant and agree as follows: -
li. Accderstiow; Rewedks. )E:ceps • poviacd i• pragrapi 17 hereof. Row )jonowtrs Meech d awy eovewsN K
~ sgreewrewt of >sorrower b rile Mortgage. hclsaisg the covewawts to py whew ass swy sswrs secsrta by tMfs Mortgage. Lewder
~ prior to sccderatbw star mail wotke to >dorrower as'rovided Iw prsgrspi 14 iereof specifying: p) the Mtach:121 the setiow
rcgwird fo nn strci Mtaci; /S) s dale, sot less tisw JO days trove the sNe the wofke b wsrea to >torrower. by wises swci
bstaclr wwM be cored: sera (4) thM tsittrre to cwre such Mesxi ow or Mtorc lit daft Recites iw !it wotke way resnN iw
seceierstiow of the savers secsres by tits Mortgage. fereeiossrr sty jirrdielal ~rtetesisg asd sale of the rroperg. Tire wMkt-
€ star fnrtier iwtorw Borrower of the right ro reirtstMe steer aecekratbw eves the right Is sraeet iw the torselostrrt }rotetslttg ~
tit wow-exkttwee of a aetanlt or awy other 4cterre ~ Eorrower to accekrMiow sera toreclowre. It the Mtach k wW crated w
or bttore tie dale Recifics M the wotice. Lcwatr st Lenders optbw wwy acetate V of tie wrws scesres i'!' thls Mortgage M be ~
immediately dire swa pysbk without inrtber demand and way ttirtelose tits Mortgage h' jwaicW potetdiwR. I.ender• shat
be eNitled to corset r swei'r+oectdiag sr expenses of forccloswre. fwchtaing. Mf woe rwild a. rtasowsblt sttnreep's fees.
awe costs of aoewmeMary evidcwcc. abstracts sad tick reports.
1!. •orno.rer's Right to Reiwstste. Notwithstanding tenders acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have any proceedings beym by Lender to enforce rhea Mortgage discontinued ac any time
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