HomeMy WebLinkAbout1744 I.endcr's written agreement or applicable law. tkxrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by !.ender pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. l'nless Borrower and Lender agree to other terms of payment, such
amounts shall he payable upon notice from Lender to Borrower reyrresting payment thereof, and shall bear interest from the
date of disbursement at the rate payable from time to time an outstanding principal under the Note unless payment of `
interest at such rate would l+e contrary to applicable law, in which event such amounts shall bear interest at 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.
g. laspection. fender may make or cause to be made reasonable entries upon and inspections of ttre Property, provided
that lender shall give Borrower notice pricir to any srrch inspection specifying reasonable cause therefor related to Lender's j
interest in the Property.
9. Condemnation. The prcx:eedc of an}• award or claim for damages, direct or consequential, in connection with any
condemnation ar other taking of the Property, ar part thereof, er for conveyance in lieu of condemnation, arc hereby assigned
and shall be paid to I.cndcr.
in the event of a total taking of the Property, the proceeds shall he applied to the sums secwed by this Mortgage, ;
with the excess, if any, paid to Borrower. in the event of a partial taking of the Property, :mlecs Borrower and Lender
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 hears 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 Berrew•cr: or if. after notice by Tender to Borrower that the condemnor offers to make
an award or settle a claim for damages, Borrower fail. 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 t option, either to restoration or repair of the
Propert}~ or to the sums secured by this Mortgage.
Unless [.ender and Borrower otherwise agree in writing. an}• 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. Borrower Not Released. Extension of the time for payment or modiRcation of amortization of the sums secured
by this Mortgage granted by I_cnder to any successor in interest of Borrower shall not operate to release, in any manner,
the liahility of the original Borrower and Borrowers successors in interest. Lender shall not ere required to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums
secured h}• this Mortgage by reason of-arry demand made b}• the original Borrower and Borrowers successors in interest.
11. Forbearance by [.ender Not a Waiver. Any farhearance b}• i.ender in exercising any right or remedy hereunder, or
otherwise afforded h}• applicahle law, shall reef he a waiver of ar preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of taxes er other liens or charges by Lender shall not ere a waiver of Lender
s
right to accelerate the maturity of the indebtedness cecrrred h}• this Mortgage.
12. Remedies Camulati~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law ar equity, and may he exercised concurrently. independently or successively.
13. Successors and Assigns Bound; Joint and Se~~eral i.iability; Captions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of i_ender and Borrower,
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint 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 define the provisions hereof.
14. Notice. 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 he given by mailing such .notice by certified mail addressed to Borrower at
the Property Address er at such other address as Borrower may designate by notice to Tender as provided herein, and
(b) any notice to Le_ nder shall he given by certified mail, return receipt requested. to i.ender 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 he deemed to have been given to Borrower or 1_cnder when given in the manner designated herein. -
15. Uniform Mortgage; Governing li.av?: Seserability. This form of mortgage combines uniform covenants for national,
~ use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instalment covering
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real property. This Mortgage shall be governed by the law ef~ the jurisdiction in which the Property is located. In the
event that any provision er clause of this Mortgage or the Nate conflicts with applicable law, such conflict shall not affect
ether previsions of this Mortgage or the Nate which can he given effect without the conflicting provision, and to this
end the provisions of the Mortgage and the \ate are declared to he severable.
16. Borrowers Copy. Borrower shall be furnished a cenfarmed copy of the Nate and of this Mortgage at the time
of execution or after recordation hereof.
17. Transfer of the I'ropert~•; Assumption. if all or any part of the Property or an interest therein is Bald or transferred -
by Borrower without I~nder's prior written consent. excluding (al the creation of a lien ar encumbrance subordinate to
this Mortgage. (b) the creation of a purchase mane}• security interest far hoasehald appliances. (c? a transfer by devise,
descent or by operation of law upon the death of a joint tenant ar (d? the grant of any leasehold interest of three years or less
not containing an option to purchase. 1_ender may, at 1_ender', option. declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have waived such aptic•n to accelerate if. prior to the sale or transfer. Lender
and the person to wham the Property is to be sold or transferred reach agreement in writing that the credit of such person
is satisfactor}• to [xnder and that the interest payable an 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 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 Nate.
if lender exercises such option to accelerate. Lender ,hall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of not Icss than ~0 da}•s from the date the notice is mailed within
which Borrower may pay the sums declared due. [f Borrower talk to pay such sums pricer to the expiration of such period.
Lender may, without further notice or demand on Borrower, imeke any remedies permitted by paragraph 18 hereof.
Note-Utvtt=oxt~t Covt:~tent•rs_ Borrower and Lender further covenant and agree as follows:
18. Acceleration; Remedies. Except as prodded in paragraph 17 hereof, npon Borrower's breach of any covenant or
agreement of Borrower in this Mortgage, including the covenants to pay when due soy snms secured by this Mortgage, Lender
prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breacb; (2) the action
required to cure such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower, by wbkh such
breacb mast be cared; and (4) that failure to cure such breach on or before the date specified in the notice may result in
acceleration of the sums secured by this Mortgage, foreclowre by judkial proceeding and sak of the t~'roperfy. The notke
shall further inform Borrower of the rigbt to reinstate after acceleration and the right to assert in the foreclosure proctedirtg -
tbe non-existence of a defank or any other defense of Borrower to acceleration and forecbsnre. if the breach is not cured on
or before the date specified in the nolke, Lender at Leader's option may declare aN of the sums secured by this Mortgage to be
immediately drre and payable witboot further demand and rosy foreclose this Mort~e by jndkial proceedioa. Lender s6aB
be estitkd to collect is sac6 proceedirr6 sq a:per><ses of forecbsure, includins. but not Umited to, re~onabk sttorney's fees,
and coats of dcenmentary evidence, abstracts aad tick reports.
19. Borrower's Ri;bt to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage,
Borrower shall have the right to have any proceedings begun by 1_ender to enforce this Mortgage discontinued at any time
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