HomeMy WebLinkAbout0884 Lender's written agreement or applicable low. Borrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by i.emder pursttanl to this paragraph 7, with interest thereon. shall become additional
indebtedness of Borrower secured by this Mortgage. Unlecc Borrower amJ lender ague to other terms of payment. such
amounts shall he payable upon notice from I.cnder to 8orrowcr regtrectinR payment thcroof~wA ~r interest from the
date of disbursement at the rate payable from time to time om outstanding principal uh Note unless payment of
interest at such rate would be contrary to applicable law, in which evens such amounts shall bear interest at the highest rate _
permissible under applicable law. Nothing contained in this paragraph 7 shill rt:quirc Lender to incur any expense or take
any action hereuntkr. ~ ~
i. laspectiow. lender may make or cause to be made reasonable entries upon and inspections of the Property, provided I
that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to LendePs
interest in the Property.
Cotnrietwwatba. 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 ther+eot, or for cortveyartce in lieu of oortdemnatiott. are hetroby 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 any, paid to Borrower. in the event of a partial taking of the Property. unless Bomowu and Lptder
otherwise agree in writing. 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. cx if. after notice by Lender to Borrower that the condemnor oQers to make
an award or settle a claim for damage.. Borrower fair to respond to !.ender within 30 days after the daft such notice is
mailed. Lender is attlhorized to collect and apply the proceeds. at iender's option, either to restoration or repair of the
Properly 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 of
such installments.
10. lorrower Not Released. Extension of the time for payment or modiflcatton of amortization of the sums secured
by this Mortgage granted by i.ender to any successor in interest of Borrower shall not operate to release, in any manner.
the liability of the original Borrower and &+rrowcr
s sukcessors in interest. Lender shall not be required to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums
secured 6y this Mortgage by reason of any demand made by the original Borrower and Borrower's succe:wrs in interest.
11. Forbesnrrce by i.ewder Not a Waiter. Any fr?rhearance by lender in exercising any right or remedy hereunder, or !
otherwise afforded by applicable law. shall nM be a waiver of or. preclude the exercise of any such right or remedy. f
The procurement of insuranceQr the payment of taxes or other liens or charges by Lender shall not be a-waiver of Lender's
right to accelerate the matunty of the indebtedness secured by this Mortgage.
12. Rettne~es CowrobNive. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and may bt exercised concurrently. independently or successively.
' 13. Swceessors swd AsslRws Doaud; John awd Sevcd i.iab~fl, Csptisws. The covenants and agreements herein
contained shall bind, 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 joiry and several.
The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to
interpret or deRne the provisions hereof.
14. Notice. Except for any notice required under applicable law to be given in arather manner, (a) any notice to
Borrower provided for in this Mortgaee shall be given by mailing such notice by certifed mail addressed to Borrower at
the Property Address or at such other address u Borrower may designate by notice to i.ender as provided herein, and
(b) any notice to Lender shall he given by certified mail. rcttrm receipt requested. to i.emder's address stated herein or to
such other address as Lender may designate by nc?tice to Borrower u 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.
IS. UwNorm MoriRage; Goventirgt Law: Serenbility. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by -jurisdiction to constitute a uniform sceurity instrument covering
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real property. This Mortgage shall h governed by the law of the jurisdiction in which the Property, is located. In the
~ event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shag not afhct }
other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this
i end the provisions of the Mortgage and the NMe arc Declared to be severable.
lf. lbtmower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
i of execution or after recordation hereof.
17. Trwwsfer of the Property: Asanmptiow. if all or any part of the Property or an •interest therein is sold or transferred
by Borrower without Lender's prior writrrn consent. excluding (a) the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creatton of a purchase money security interest for household appliances, (c) 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 ycan or lei
not containing an option to purchase, Lender may, at t_ender'c option, declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have w•rived such option to accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is to be solJ or transferred reach agrc~ment in writing that the credit of such person
is satisfactory to Lender and that the intcri.t Fayabk on the sums secured by this Mortgage shall be at such rate ac Lender
shall request. If Lender has waived the option to accNerate 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 tram 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 14 hereof. Such notice shall provide a period of not less than 30 days from the date the ratite is mailed within
which Borrower may pay the sums ~xlared due_ If Borrower tails to pay such stems prior to the expintiom of such period,
Lender may, without further ratite or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof.
{ NON-UNIFORM COVENANTS. BorrOWer amd Lender further COVtnant and agree srt folbws:
li. Aceekrstiow; Rearedirx. Except as Proviicd iw psrrrjjrsph 17 hrreot. opw >sorrower's 6sraeh.ot .wy cevrtwsrtl K
a ajjreeswewt of lorrower iw fhb Mortgage. iwchrdiaR the corewswts to Pwl whew awe a•y swtas secorsd h!' thk~Mortgage. i.ewler ;
prior to sccdcratba shall arsil aotke to llbrrowcr as provided Iw psragratph 11 hercol spe~cNyisjl: (1) tMe hrtrseh; f21 the wcfiow
rgoltrcd to core swch breach; (3) a date. act less thaw 30 days troy the late the wotice b wraNed to lorrower. hf' which such
breach sweat be cored: swd (1) that tailore to coro soeh beach oa or before the date spccMicl M the wolict saay tcstrN iw
j wccekrat)ow of the sarws secured 6y fhb Mortgage. foaelosore Yy jodkial pr'aceslML awl de et the propery. 71e aetiee.
f shah hrthcr iwtorm llsorrower of the riRM to reiratate steer seeekrNbw awl the right b aarert iw the ior~elt>iwe /roeeellwg
the wow-exbtcwce of a detsoN or swr other dcfcrne of )trxrowcr 1s occeler'Miow aal torreloerre. H the breach 4 wet ewe! aw
or 6dore the date specified iw the notice. Leader st iender's optiow way lee4re A st the tttsrw~ stewrel iy tMs Morlgsgt M k .
bnwtedistdy doe sad ps>rsbk without torther demand and rnsy foreclose thir Merlgage hf js~icW pnceediwg. i.ender shah
be ewtitled to collect iA secs procccdiwg aB a:pettses of toreclosore. irtcloliwg. hot wN Barite! tt•. restoasble attarner's fees.
wsd costs of locorweNary evideate. sbstrrsets and title reports. (
1!. lson~ower's Rkltt fo ReiwpMe. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. ~
Borrower shall have the right to have any procecdtnec bryin by Lender to enforce this Mortgage discontinued at any time
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