HomeMy WebLinkAbout0842 lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage iawranoe ptturtitrats is 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 paymett<. such 3
amounts shall be payable upon rrolice from Lender to Borrower requesting psymenl thereof tlt~~btar interest from the ~
date of dabursement at the me payable from time to time on artstanding principal un~ the Note unless pa}roettt of
interest at such rate would be contrsiry to applicable law, in which event such amounts shall bear interest at the hiShesR rats
permissr'bk under applicable law. Nothing contained in this paragrsph 7 shall require Lender to iactu any expense or take 1
sny sMion hereunder.
i>. Itr.~eeiio.. lender rosy make or cause to be made reasonable entries upon and inspections of the Property provided
that Lender shall give Borrower awtice prior to any such inspection specifying reasonable cause therefor related to I.atdgr'a
intereu in the Property.
9. Cowicwrratioru The proceeds of any award or claim for damages, direct of consequential. in conrteclioa with and
condemnation or other taking of the Property, a part thereof, or for conveyance in lieu of oorrderetaatian. 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 MoAgsge.
with the excess, if any, paid to Borrower. In the event of~ a partial taking of the Property. unless Borrower and I.eoder }
wherwise agree in writinTt. there shall be applied to the-sums secured by this Mortgage such Proportion of the proceeds
as is equal to that proportion which the amount 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 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 i_ender to Borrower that the condemnor offers to make ;
an awarder settle a claim for damages. Borrower fails to respond .to Lender within 30 days aher'the date such notice is
mailed. Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the
Property or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal slip not extend
or postpone the due date of the monthly installments rcfern:d to in paragraphs 1 and 2 hereof or change the amount o[
such installments.
it. iorrower NM Releaacd. Extension of the tune for payment or modifkation of amortization of the sums secured
by this Mortgage granted by Lender to any sin~cessor 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 cornmenoe
proceedings against such successor or refuse to extend time 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 weoesson in interest.
11. Forrearawee r! i.erratr Not a Wsivts: Any forbearance by Lender in exercising any right or remedy heretnder, or '
otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or itimedy. #
The procurement of insurance or the payment of taxes or other liens or charges by Lender shalt not be a waiver of Lender's
right to acceknte the maturity of the indeMedness secured by this Mortgage.
12. Rewedies Cwolali~e. All remedies provided in this Mortgage are 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. _
13. Snecesaws surd Asdgns •onwa; ,Jokt sxaa Sereral I.iiabiBty; Captioas. The oowenants and agreements herein
contained shall bind. and the rights hereunder shall inurf: to. the respective siioctsson and assigns of Lender and Borrower. !
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be join] and several. j
The captions' and headings of the paragraphs of this Mortgage arc for convenience only and are not to Ile used to
interpret or define the provisions hereof. _
14. Natke. T?xcept for any notice required unckr 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 aher address as Borrower may designate by refine to Lender ss provisiod herein, and
(b) any riotiee to Lender shaft he given by certified mail. return receipt requested. to Lender's sddresa stated herein a to
such other address as Lender may designate by notice to Borrower- ss provided herein. Any notice provided for in this
Mortgage shall be deemed to have been given to Borrower or tender when given in the manner desipiated herein.
1S. Urdforn MortgsBe; Goverais~ Law; Se.ersbilBy. 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 property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is locatsd. Tn the j
event that any provision or clause of this Mortgage or the Nde rnnfiicts with applicable law, such conflict shall not afFact t
other provisions of this Mortgage or the Note which can be given effect without the oonAicting provision. and to this _ ~
end the provisions of the Mortgage and the Note arc declared to be severable. - ;
1f. Borrowers Corya-Borrower shall be furnished a confomied cop)• of the Note and of this Mortgage at the time
of execution or after recordation hereof. i
17..Traasler of Ire >lroperty: Assrrrrr~tiow. if all or any part of the Property or an interest therein is sdd or transferred
by Borrower without Lender's prior written consent. excluding fa) the creation of a lien or encumbrance subordinate to
this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a tnrisfer by devise,
descent or by operation of law upon the death of a joint tenant or (d) the gent of any leasehold interest of three year a less
not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgsge to be '
immediately due and payable. Lender shall have waived such option to accelerate if. prior to the sale or trsuisfer. Lender
and the person to whom the Property is to be cold or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interact payable on the sums secured by this Mortgage shall be at such rate as Lender
shall request. Tf Lender has yvaivsd the option to accelerate provided in this paragraph 17. and if Borrowers successor in -
interest has executed a written assumption agreement sr:cepted in writing by Lender. Lender shall release Borrower from all
obligations under this Mortgage and the Nae.
if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in sccordanc-c v?•ith
paragraph 14 hereof. Such notice shall provide a period of red 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 such period,
Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph IR hereof.
NoN•Unrpoant t:'.ovEr+snm. Bormsver and Lender further covenant and agree as follows:
li. Aecelaatiosq Restscdia. Except as'rovMei i• paragraph 17 Irersoi. tsra >>esrswere tMeaeM a! al' coveaN K
E agree~at o! >teenwer V Ir4 Mestgate. i•ela/irtg tllte eoreawts to !mil' wrn re swy eras seet~ y tins llflosfg~e. iawler
t prior m aecelerMiaa siai/ raY siofkY m lliorrewer as provMe4 b pnt:apli 14 rsreot s~oelfyiegs (i) flit rssaer: (2? tre sciMw
rgiei N etrre Wert rreaer; (3) a rte, scot less flaw 3• rys lrortt tre date tfre sietiee is s>rYe4 N >tesrrver. r!' wtski such ~
rs~eacr east lee etrr~ aoi (A 11rat ftsiltssre N etrse stter rreaer aw or retore tic rte s~eelioi r the wstice ~ nsttlt i•
see+elesatle. d tic w.s aeetrsei b trb • ~s.scloeenr h ~ !fit aril sale e! ere Property. lie rteliee ;
sraii tidrer iatortn lierrewer d tre ryrM N reisWaft after acatiientioti sYa+ tie rIgIN 1s aaaert tw Irs terraelatw~s pnseee~
• tre aow•rxYtewee et a r!a¦It or al' err defeme dt >torrowetr m xeekraMM swi taretloause. N Ire rreaer is oat etssti N
err betere 11ie rte speelfiei t• Ire alive. I.ewier.st [.eider's option ray relart all oft Ire stssa~a asettsed ~ fills MartB,agie irk
Imaseiialely dire ssti Nyar4 wifiotrl lsirltsa derliand and sriq letecMae Niir Mer~sRe r!' jaiieial psaeeeiR• [.ender tlraM
k eaefflcd t• eeiael r seer !~L err espeases of forecloswr. faelorls>s. rrf nest ~iNi flex r+tasariaMe altwaet?'s fees.
W tads M ieer-teeetarp a'Menee. arstracls asd tNle teMrb.
i!. >sersewss'e ~ fie RdstM>wt. Notwithstandinjt Ltnder's acceleration of the awns sectircd by this Mortgage, ~
Borrows shall Gave the right to have sny proceedings begun by Lender to enforce this Mortgage discoritinw~d at any time
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