HomeMy WebLinkAbout0069 Lender o 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 disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall became additional
indebtedness of Borrower secured by this Mortgage. Unlecc Borrower and Leger agree to other terms of payment, such
amarnts shall be payable upon notice from Lender to Borrower rcyucsting payment thercot. and shall l~car interest from the
dale of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of
interest at such rate would be contrary to applicable law, in which event each amounts shall hear interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder.
8. Inspection. [.ender may make or cause to be made reasonable entries ttlx~n and. inspections of the Property, provided
that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9. Coademnatbn. The proceeds of any award or claim for etamages, direct or consequential, in connection with any -
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned
and shall be paid to i_ender.
In the event M 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 Borrower and I~nder
otherwise agree in writing. there shall be applied to the wms secured by this Mortgage such. proportion of the proceeds 1
as is equal to that proportion which the amount of the sums 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 Borrower.
If the Properly ix abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor ogees to make
an award or settle a claim for damages, Borrower fails to reslxmd to Lender within 10 days after the date such notice is =
mailed, i.ender is authorized to collect and apply the proceeds. at fender'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 applrcation 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
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such installments.
10. Borrower Not Released. Extension of the time far pa}•ment or modification of amortization of the sums secured
by this Mortgage granted by I.endcr to any succesu~r in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Barrow•er'c strccescorc in interest. i.ender shall not be required to commence
proceedings against such successor or reftrsc 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 successors in interest.
11. Forbearance by fender Not a Waiver. Am• forbearance M• [.ender in exercising any right or remedy hereunder, or
otherwise afforded -by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of taxes or other liens or charges by fender shall not be a waiver of Lenders
right to accelerate the maturity of the indebtedness cucured by this Mortgage.
12. Remedks Cumulative. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law ar equity. and may be exercised concurrently, independently or successively.
13. Successors and Assigns Botrnd; Joint and Several Liability; Captions. The covenants and agreements herein
contained shall hind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Bormw•er,
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 Martgage are 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. fa) 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 Lender as provided herein. and
Ih) am• notice to Lender shall he given by certified mail. return receipt requested. tci lender ~ 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 or 1_cnder when given in the manner designated herein.
15. Uniform Mortgage; Governing IaN; Severability. This form of mortgage combines uniform covenants far national
use and nun-uniform covenants with limited variations he jurisdiction to constitute a uniform security instrument rnvering
real property. This Mortgage shall be governed h}• the Irw• of the jurisdiction in which the Property is located. In the
event that any provision or clause of this Martgage or the Note conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this
end the provisions of the Martgage and the Note are declared to he severable.
16. Borrower's Copy. Borrower shall be furnished a cc•nfanned copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. Transfer of the Property: Assumption. if alt or an}• part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written consent. excluding la) the creation of a lien or encumbrance subordinate to
Chic Mortgage, (b) the creation of a purchase money security interest for household appliances. (c) a transfer by devise, _
descent or by operation of law• upon the Jeath of a joint tenant or fd? the grant of any {easehold interest of three years or less
not containing an option to purchase, Lender may, at Lender's option. declare all the sums secured by-this Mortgage to be
immediately due and payable. Lender shall have waived such option 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 satisfactory to Ixnder and that the interest payable on 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 Note.
if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with
paragraph t4 hereof. Such notice shall provide a pericxl of not less than 30 days from the date the notice is mailed within
which Harrower 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 Harrower. invoke any remedies permitted by paragraph IR hereof.
NoN-Utvtcox>tit Coverr~twrs. Borrower and Lender further covenant and agree as follows:
18. Accekratioa; Remedks. E:ceps as provided is paragraph 17 hereof, upon Borrower's breach of any covenant or
agreement of Borrower is this Mortgage. inclndirtg the covenants to pay when due say sums secured by tbLs Mortsage, Lender
prior to sccekratloa sbaB mail ratite to Borrower as provided in psragnph 14 hereof specNyiaa: (1) the btreacb; (2) the action
required to care such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower, by which Bch
breach must be cared; ~ (4) that failuro to cure such breach on or before the date specified is the ootlce rosy resale in
secekration of the soots secured by this Mortgage. foreclowre 6y judicial proctedittg and sale of the Property. The notice
shat[ fudber inform Borrower of the right to reinstate after acceleration sad 1hE right to assert in the foreclosure proceeding
the non-existtace of a defaaM or nay other defense of Borrower to acceleration and foreclosure. If the breach is oot cured oa
or before the date specified in the notice. Lender at Lender's option may declare aq of the sums secured by this Mortgage fo fie
immediately due and payable without further demand and may foreclose this Mortgage by jndicisl proceeding. Leader abut[
be eatitted to collect Ia such proceeding aB expereus of foreclosure. including, bat aM IiatitM to, ressonable sttoraeY's fees,
and costs of documentary evidence, abstracts and title reports.
19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, -
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
8~3U1x(3~1J PaGE 69
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