HomeMy WebLinkAbout1326 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amounts dishurs~~) by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrawcr srcurcd by this Mortgage. Unless Borrower and I ender agree t~~ ttrjW payment, such
amounts shall he payable ufx?n notice from I.cnder to Borrower requesting payment thcrcof. a~nA 3b~H best intereu from the
date of disbursement at the rate payable from time to time on outstanding principal under the Nott unless payment of
interest at such rate would be contrary to applicable law, in which event ~crrch amounts shall bear interest a1 the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require I:ender to incur any expense or take
any action hereunder.
8. Isspectioa. Lender may make or cause to be made reaconabk entries upon and inspections of the Property. provided 1
that Lender shall give Borrower notice prior to any such inspection specifying rcasonabk cause therefor related to Lender's ~
interest in the Property.
9, Cotttdemaatbs. The proceeds of any award or claim for damages, direct or consequential. in eonrtoction with any
condemnation or other taking of the Property, or part thcrcof, or for conveyance in lieu of condemnation. are hereby ast~igned
and shall be paid to Lender,
In the event of a total taking of the Property. the proceeds shall be applied to the sums sectrrod by this Mortgage.
with the excess, if any, paid to Borrower. In the event of a partial taking of the Property. stokes Borrower and Lender
aherwise agree in writing. there shall 1?e 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 sectrrcd 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 Borrower.
Tf the Property is abandoned by Borrower. or if. after notice by Lender to Bormwer that the condtmnor oRen to make
an award or settle a claim for damaKcs, B•?rrt•wer tails to respond to lender within 30 days after the date such notice is
mailed. I~nder is authorized to collect and apply the proceeds. at I.ende~
s option, either to cestontion or repair of the '
Property or to the sums secured by this Mortgage.
Unless !.ender and Borrower otherwise agree in writing. any each application of proceeds to principal shall not extend
or postpone the dot -date of the monthly installments referred to in paragraphs-1 and 2 hereof or change the amount of
such installments_
10. Eorrower Nol Reks<sed. Extension of the Time for payment or modification of amortization of the sums stxurcd
by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to rckase, in any manner,
the liability of the original Borrower and Borrower's successors in interest. !.ender shall not be rrgttircd to commence
proceedings against such successor or rcftrse 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 Borrowers urccessors in interest.
? 11. Rorbesraace by tender Not s Wdrer. Any forbearance by lender in etercising any right or remedy hereunder, or
otherwise afforded by applicable law, shall nM bt a waiver of or preclude the exercise of any such right or rcmody.
The procurement of insurance pr the payment of taxes or other liens or charges by Tender shall not be a waiver of Lender's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. Remedies Cnmulatire. All remedies provided in this Mortgage arc distinct and cumulative to any other right or _ t
rcmed under this Mort a e or afforded h law or uit and ma he exercised concurrently. inde ndently or successive z
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' 13. Snecessors and AssiRws Bound; .Jobtt dad Several Liability; Captbas. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender acrd Borrower.
subjtct to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joird and several.
The captions and headings of the paragraphs of this Mortgage are for convenience only and arc not to be used to
interpret or define the provisions hereof.
14. Notke. Except for any notice required under 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 other address as Borrower may designate by notice to i.ender as provided herein, and
(b) any notice to Lender shall he given by certified mail return receipt requested. to Lenders address staled herein or to
such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
II Mortgage shall be deemed to have been gwcn to Borrower or !.ender when given in the manner designated herein.
15. Uniform Mortgage: Governing Iav: Sererability, This form of mortgage combines uniform cotenants for national
use and rton-uniform rnvenantc with limited variations by jurisdiction. to constitute a uniform security instrument covering
~ real property. This Mortgage shall ~ governed by the law of the jurisdiction in which the Property is located. 1n the
event that any provision or clause of chic Mortgage or the Note conflicts with applicabk law, such conflict shall not affect
other provisions of this Mortgage or the Notc which can be given effect without the conflicting provision, and to this
end the provisions of the Mortgage and the Note arc declared to be severable.
16. 1orrowers Copy. Borrower shall be furnichtd a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof-
17. Trsrrster of the Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred+
by Borrower without Lender's prior wriurn consent. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a pun~hase mnner security interest for household appliances, (c) a transfer by devise,
descent or by operation of law upon the death oft joim tenant or (d? the grant of any leasehold interest of three years or less
not containing an option to purchase, [.ender may. at Lender's option. dtcl~re all tht sums secured by this Mortgage to be
immediately due and payable. tender shall have w,~rved such option to accelerate if, prior to the tale or transfer. Lender
and the person to whom the Property is to be .o1J or transferred •reach agrcrment in writing that the credit of each person
is satisfactory to 1_ender and that the intcrv.t Payable on the sums secured by this Mortgage shall be at such rate ac Lender
shall request. If Lender has waived the option to accelerate 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 from all
obligations under this Mortgage and the Nott.
If Lender exercises such option to accelerate. Lender shall mail Borrower notice of accekration in accordance ~+•ith
paragraph 14 hereo[. Such notice shall provide a period of not less than 3Q days from the date the notice is mailed within
which Borrower may pay the sums ~:clared 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 herrnt.
! Norr-Ut+tFOrurt Covt=_NxNTS. Borrower and Lender further covenant and agree as follows:
~ I8. AcceleMioa; Remedies. Btccept a provided ia'paragrapb 17 bereot.'trpw Borrower's bresclr of any coresawt er ~
! agreement of Borrower is this Mortgage. including the cotreaaats to pay when doe any snots secrrrtd by ebb Mortgage. teadtr r
't prior to accekratbs shag mail notke to Eorrower as provided Ia paragraph 14 bereo[ specifying: (1) tbt brracb:121 the adba
regnired to ern snob breach; (31 a date. not kss than 30 days from the date the notke b trtsHed to Borrower. by wbkb snob
bneacb rams be cored: sad (q that tailnrc to core torch breach os or before the date speeiRed iw the gotiee dray taestrlt M'
i aecekratioa of the sofas secured by fhb MortgsRe. toredosure by jndkial proctedbR sad sale o/ tbt Property. 71re wotiet
sbatii fnrtber inform Qorrower of the right to reinstate steer accekratbs awd the right to attsert iw the foreciosnre poetedbr~
the aoa-esisteace of s dctauN or any other defense of Borrower to accekrstioa awd toreclostrre• It the brracb b not card on
or bdore the date specified is the notice. !.ender at [.enders optfow msr dccbtre aM of the t~rrru scented by ebb MortRaRt b be
immediately due sod payable without further demand and may toreclose'tbb Mortgage by jndkW proeredbg. tender shaft
be eatitkd to copeet is snob proceedirtR sN a:peones of foreclosnrr. including. but not limitd to. rttasowabk rgtt•?rarr's fees.
dad costs o1 doetrsreatary erideace. abstrscts and (irk reports.
19. ll<orrower's Right to Reiastste. Notwithstanding 1 ender's acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have any procerdinec t?e fun by Lender to enforce thn Mortgage discontinued ar any time
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