HomeMy WebLinkAbout0516 l_endcr's written YgrcemerW6r applicabb law. 8orrovrer tlrall pay tht: amount of all mortgage insuraa~~ts prpniwns in the
manner provided under paragraph 2 hereof. /
Any amarnts disbursed by lender pursuant to tha paragraph 7. with interest thereon, shall becorna additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and lender ~'0C ~o,~at r, terms of payment. such
amounts shall be payable upon notice from Lender to Borrower requesting payment thEtebf.~anii shall bear interest from the
date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payrtteat of
interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate
permissible under applicable law. N~>thing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder.
1L Iwspection. Lender may make or cause to be made reasonable entries upon 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. Cowdewrwatbw, lire proceeds of any award or claim for damages, 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~nder.
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 Borrower and Fender
otherwise agree in writing. them shall be applied to the sums secured by this Mortgage such proportion of the pt~oceeds
as is equal to that proportion which the amount of the sums secured by this Mortga~te 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, or if. after notice by i.ender to Borrower that the condemnor oRers to make
an award or settle a claim far damages, Borrower fail. to respond to !.ender within 30 days after the date such rrotioe a
' mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair o[ the
Property 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 o[
such installments.
lfl. lorrower Not Released. Extension of the time for payment or mod'rfkation of amortization of the sums secut+ed
by this Mortgage granted by Lender to any successor in interest of Borrower shall not ope?ate to rekase,_in any manner,
the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to commerrpe
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums
secured by this Mortgage by mason of any demand made by the original Borrower and Borrower's successors in interest.
11. Itrorbearawce 6y Lewder Not a Waiver. Any forbearance by i.ender in exercising any right or remedy hereumder, or
otherwise afforded by applicable law. shall not bt 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 Lender shag not be a waiver of Lander':
right to accelerate the maturity of the indebtedness secured by this Mortgage.
iZ. Rewedies Cwwrwhtl~e. 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 be exercised concurrently, independently or successively.
' 13. Swceessors awd AsdRws douwd:.Johrt awd Sereral i.iabiliry; Captiows. The covenants and agreements herein
contained shall bind, and the rights hereunder shall incug 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.
lire 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. NMiee. Ezcept for any notice icgrrired under applicable law to be given in atwther 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 dher 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 tender's sddress 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 Lender when given in the manner designated herein.
lS. Uwitonw Mortgage: Coverwiag Law: SeversbBity. 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
{ rta) 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 Chic Mortgage or the Note conflicts with applicable law, such conAiet shall not affect
other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to thg
end the provisions of the Mortgage and the Note arc Declared to be severable.
1L. •orwwers Cory. Borrower shall be furnished a conformed cop) of the Note and of this Mortgage at the tune
of execution or after recordation hereof.
17..Trawder of the hoperty: Assrrdrptiiow. if all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lenders prior written consent. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a purchase money security interest for household sppliances, (c) a transfer by devise.
descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less
not containing an option to purchase, Lender may, at Lender c option. declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have waived sttch option to accelerate if. prior to the sale or transfer. Lender
and the person to whom the Property is to be colt or transferred reach agreement in writing that the credit of each person
is satisfactory to Lender and that the inten~ct 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 Borrowers successor in
interest has executed a written auumption agreement accepted in writing by Lender. Lender shall release Borrower from all
oblijations under this Mortgage and the Note:
if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordarr~w with
paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. /f Borrower fails to pay such sums prior to the expiation of such period,
Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph tg hereof.
j
Note-UH1t~RM COVaNat~rrs. Borrower and Lender further covenant and agree ss fellows:
li. Aceelieration; Rewredia. Euept as rrovMed i• pwragrarlr 17 Irereo/. crow iorrowers Hewett of Mr cee.al sr
agreet~nt of Borrwwetr in this Mortgage. bdwdbtg tre,corewawts to car whew dwe awf strrws seewrsd y tlsls Morgl.ge. i.ender ;
rrbr a weeekratlow ttYi maN wotke to Borrower s r?o•laed b rarnp~rlr 14 treecol sreeYytrrgs p) t1e tieesclr: (2) the aetiorr
rrgrrlred b erne cacti ftaeaclq (3) • talc. not figs straw 30 days fr~onr the dale the wotke fs nrs~sd a ierrewer. b wlriclr swclr
hretlefs siM lee enr~ ri (4) lbws failwre to erne web Meach ow or frefoa ttre dale sreeltkd fsi the wetkc roar reswN b
nceekrstisn et lie stunts secwrsd 4!' Hris Mortsage: toeecloswre far jstdleW rroeeedia~ ant bale of tAt >Trerertr. Tire castles i
slraM twrlier btorm Isorrowsr of the rIRIM to ntfrrshte after acceleratiow and tMt right b aeeert M the toreelsaae rroeeeig
the now-rxMewce at a defateM or am other iefenee o< Borrower to acceleration swd tateclowre. fS the Meactr Is not ewr~td a
or before lire date srseiied i• the nstke. Lewder at I.ewier's ortiow ttuar dtxlare r of the scar scewesd y? Atfs Mottgagt 1e De
isseedWelr dw ant raraMe wftbotrt.ttrAlrer dtwand awd ttAar toreelat tlds Marttage br jr+kW rraceedbtR• Lender slraM s
be entlgsd N eoiset V cad rrrtestdiag aw e:pewses of Iorecloswe. lwclsdiag. bit cast fihwilsd Is. reasernMg stt•,rwer's fsss.
s,¦i cosh of doc•'metatar7 eridenee, a6strwNs ant tick reprls.
1!. •oROwa's Rrgbt h Reinstate. NotwithstandinE Lender's stcekration of the scans secured by th~~ Mortgage,
Borraaler shall have the right to have any proceedings heEun by Lender to enforce this Mortgage discontinued at any time
g~340 P~F 516
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