HomeMy WebLinkAbout0872 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premium: 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 I.cnder agree to other terms at payment. such
amounts shall he payable upon notice from lender tq Borrower rcgtrestinR payment thereof. and she nterest from the
date of disbursement at the rate payable tram time to time an outstanding principal und~'t~?l~~rkss payment of
interest at such rate would be contran? to applicable law, in which evens much amounts shall heir interest at the highest rate
ptrmi:sibk tinder applicable law. Nothing rnntained in this paragraph 7 sh>tll require lender to incur awy expe:tae a take
any sction hereunder. •
i. Iwgrectiow, Tender may make ar cause to be made reasonable entries upon and inspections of the Property. provided
that Lender shall give Borrower ndice pricer to any such inspection specifying reasonable cause thtxefor related to Lender's
interest in the Property.
9. Cewtlewmwliow. The proceeds of any award or claim for damages, direct or eortsequential, in connection wilt any
condemnation or other taking of the Property. or pats thereof. or for canveyanoe in lieu of eoademnstiow. are hereby sai~gned
and shall be paid to Leader.
in the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage.
with the extxsr, if any, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Lt;ader
otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the pr~oeoedt
as is equal to that proportion wfiich the amount of the same secured by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds
paid to Bofr~ower.
jt thaPiAperty is abandoned by Borrower, or if. after notice by lender to Borrower that the condemnor oRen to make
t~n~attratrd or ,a claim for damages. Borrower fails to respond to 1_ender within 30 days alter the date such notice is
tnalltd.•L•ert>~aWhorized to collect and apply the proceeds. at Lender's option. either to restoration or repair o[ the
i~o jieny or e~,~l~' iiOS secured by this Martgalte.
-{)rakes F,~ini1 Borrower otherwise agree in writing, any such application of proceeds to principal shag not extend
~~~}r,pos~gbne the ~ ate of the monthly installmrnts referred to in paragraphs 1 and 2 hereof or change the amount o[
;loch instagniewtl~'S r--
i!. ->Werorl,+~r~i~t Rslessed. Extension of the time far payment or modification of amortization of flee sums stxured
byfiia Moriga~f` ~ fed by Lender to any successor in interest of Borrower shall not operate to rckax: in any manner.
`•,tho .>iabiktr ~OT 1 .,original Borrower and Borrowers successor in interest. Lender :shall not be _ required to commence
proceedir?gs igairdt such successor or refuse to extrnd time for payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of aryr demand made by the ori(tinal Borrower and Borrower's successors in interest.
~ 11. Rorbearawce d!' Lewder Net w Waiver. Any forbearance by Lender in exercising any right or remedy hereunder. or
otherwise aRorded by applicable law, shall fiat be a waiver of or preclutk the exercise of any such right or remedy.
The procurement of insuranee~r the payment of taxes or other liens or charges by Lrnder shag not be a waiver of Latd~r's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. Retwedies CwtwrrLNre. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or aRorded by law or equity, and may bt exercised concurrently, independently or successively.
' 13. 9wceesaors awd AsiRws iowwd: Joiwt awd Several i.bbify; Captisws. The covenants and agreements herein
contained shall bind. and the riRltts hercurrde' shall intrrc 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 joiry and several.
Tire captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to
interpret or define the provisions hereof.
14. Notkt. Except for any ndice required under applicable Isw to be given in another manner, (a) any Holier to
Borrower provided for in this Martga~te shall be given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such dher address as Borrower may designate by notice to fender as provided herein, and
(b) any notice to Lender shag he given by certified mail, return receipt requested. to i.rnder
s 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 ar Lender when given in the manner designated herein.
1S. Uwltorrw Mortgage: Govcrwiwg fi,aw; Severability. This form of mortgage combines 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 located. In the
~ event that any provision or clause of this Mortgage nr the Note conflicts with applicable law. such conflict shag not afket
other provisions of this Mortgage or the Nnte which can be given effect without the conflicting provision, and to this
f end the provisions of the Mortgage and the Nate arc declared to be severable.
if. ljonower'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 the hoperty: Aswwtptiow. If all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lenders pricer writrcn consent. excluding (al the creation of a lien ar encumbrance subordinate to
this Mortgage. tb) the creation of a purchase money security interest far household appliances, (e) a transfer by devise.
descent or by operation of law upon the death of a joint tenant or (dl the grant of any leasehold interest of three yeah or less
not containing an option to purchase. Lender may. at I_endei
c option, declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have waived uich option to accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is to be call or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the intercct Fayabk on the sums secured by this Mortgage shall be at such rate ac Lender
shall request. If Lender has waived the opion to accelerate provided in this paragraph 17, and if Borrowers successor in
interest has executed a written assumption agreement sccepted in writing by Lender, Lender shall release Borrower from all
obligations under this Mortgage and the Nate.
if Lender exercises such option to accelerate, Lender shall mail Borrower notice. of acceleration in accordarec-e with
paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the mice is mailed within
which Borrower may pay the sums t,xlared due. If Borrower (ails to pay such sums prior to the expiration of wch period,
Lender may, without further ndice ar demand on Borrower, invoke any remedies permitted by paragraph 1 R hereof.
NoN-UNIFOaM Covt:N~reTS. Borrower and Lender further covenant and agree as fellows:
li. Aceekratiow; Rewxdies. )Exeep • prwvided iw pagryi 17 iersof. wpow lsonwwse's bread et wwy coewawt .w
agreetwewt of iorrower i• this Mortgage, bcludiwg the covewawts to pwy whew dwe swy swats secwred by fhb Mortgage. Lewder
f prior b aeeelcrwtbw siaN waY wotke M Sorrowtr m'rovfdd fw pangrsph lI Mreof speclfyiwg:ll) the breach: 121 the setiow
f to cws swci bread; t3) a dste. wet less Than 30 days trorw tie date the wetice b walled to Borrower. by whki ewes
bssaci rwuet be need: awe (1) flat tsiltrrs fo eras ewes seeaeh ow or before the date spetiBed iw the wotice way rsswM iw
wcederatbw of the swwts secwred dy fhb Mortgage. Mrseloswrs by jwdkial'roeeedhtg wwi sale at the hoperty. The wetiee
shat fwrthcr ietorwt Borrower of the riRM to rehrsbte after accekrwtiow awd fie riglN to awtsrt M the foeselssrtee ~eetesdiwg 's
tie wow-existcwce of w ddawN or awy other defense of fsorrower b accekratiew swa terecknre. H fbe Meech b wet crrrsd ar
Or before fht Bats gsci6ed bl lie wOtke. Lewder of I.ewder's opiow way deelwrs r et the ws atewf!'d by lib MoARaRt ~ be t
iwewtedately dwe swd pyabk without twrtber demand aced way forschrse Jbb Mortgage by jrrdicw ~rraeeedlwft. fender draft ;
be ewtBled to coYeet w swd'rocecdiwg aq expewses of foreeheKrrrs. hxhrdiwg. beef Mf Wwited ta. rsatowahlt anorneY's fees. '
swd casts of ds+ewweewtary s.idewee. abstracts swd tNk reports.
1!. Borrowers Rlgit to Reiwstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. ,
Borrower shall have the right to have any procecd~nFc txN~n by Lender to enforce this Mortgage discontinued at any time
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