HomeMy WebLinkAbout0528 t.endtr's written agreement or applicable taw. Borrower shall pay the amouti{,a~ ~~~rrorlglrge ~ttrt~ce premiums in the '
manner provided under paragraph 2 hereof.
Any amounts disbursed by LemDtr pursuant to this paragraph 7, with interest Ihercan, shall become additional
indebtedmss of Harrower secured by this Mortgage. Unless Barrowrr and !.coder agree to other teems of payment, such
amaunts shall he payabk upon r?atice from i.ender to Borrrawrr regtrestinR payment t~ fyf,•epd~s~rar~ bear interest from the
date of disburserrrent' at the me payabk imm time to time on outstanding principa Ader the Tfott unless payment of
interest at such rate would be contran? to applicable law, in which event arch amaunts shall hear interest at the highest rate
permissible under applicable law. Nothing rnntained in this paragraph 7 chdll require [.ender to incur any expetrse or take
any action hereunder.
fl. lws'ecfiow, Lender may make ar cause to bt made rcasanabk entries upon and inspeNioms of the Property. provided
that [.ender shall give Borrawtr notice priar to any such inspection specifying reasonable cause therefor related to Larder's
interest in the Property.
9 Cotatiemwatbw. The praceeds of any award or claim for dsmages, direct or consequential. in connection with any
condemnation or other taking of the Property, a part thereof, or for ca?veyance in lieu of condemnation. are hereby assigtred
and shall be paid to Letrder.
in the evettt of a total taking of the Property. the procceds shall be applied to the sums secured by this MoAgage,
with the excess, if any, paid to Borrawer. In the event of a partial taking of the Property. unless Borrower and Deader s
otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds i
as is equal to that proportion which the amount of the sums secured by this Mortgage immediately priar to the date of
taking bears to the fait market value of the Property immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower. t
If the Properly is abandonM by Harrower. or if. after notice by i.ender to Harrawer that the rnndemnor oRttx to mate
an award ar settle a claim for damages, Harrower fails to respand to Lender within 30 days after the date such notice is
mailed. Lender is authorized to collect and apply the proceeds. a! Lender's aptian, either to restoration or repair of the
Property or to the sums secured by this Martga(te.
Unless lender and Borrower otherwise agree in writing. any such applicatiam of proceeds to principal shall not extend
or postpone the Bete dart of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
lA. Borrower Not Rekwsed. Extension of the firm far payment or modification of amortization of the sums secured
by this Mortgage goofed by [.ender to any successor in interest of Harrower shall oat operate to release, in any manner.
the liability of the original Borrower and Borrowers strccesse~rs in interest. Lender shall not be regrrircd to canmerrce
proceedings against such successor a refuse 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 Borawer and Borrower's successor in interest.
~ I1. Forbearawce br Lewder Nof • Waiver. Any farbeararrce by Lender in exercising any right or remedy hereunder. or
othetwise•afforded by applicable saw. shall rrat be a waiver of or preclude the exercise of any such right or remddy.
The procurement of insurance frr the payment of taxes ar 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.
l2. Rensedies Crrrwah>ti.e, Ail remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy render this Mortgage or aAorded by law or equity. •rnd may be exercised concurrently, independently or successively.
13. Sneeessors awd Assigws Bonad; .Debt srri Seed I.iabilhr; Captbas. 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 t7 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 arc not to be used to
interpret or define the provisions hereaf. _
14. Notke. Except for any notice rcgrrircd under applicable law to be given in another manner. (a) any notice to
Borrower provided for in this MartEage shall be given by mailing such notice by certified mail addressed to Borrawtr at _
the Property Address or at such dher address as Borrawer may designate by novice to Lender as provided herein, and
(b) any notice to Lender shall he given by certified mail. return receipt requested. to I.tnders address stated herein or to
such other address as Lender may designate by rratice to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to have been given to Borrawer or i_ender when given in the manner designated herein.
1S. Uaiforw Mortgage; Go.trwiuR Lars: Sevenbilitr. This form of mortgage combines uniform covenants for nationai _
use and non-uniform covenants with limited variations by jrrriutiction to constitute a uniform security instrument covering
rcai property. This Mortgage steal! h governed by the law of the jurisdiction in which the Property is located. in the _
event that any provision or clause of this Morlgage or the Nate conflicts Kith applicable law, such conflict shall not affect
other provisions of this Morlgage or the Nate which can he given effect without the conflicting provision, and to this
end the provisions of the Mortgage and the Nate arc Declared to be severable.
16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. Trswster of the hoperty; Assaarptiow. If all or any part of the Pnrperly or an interest therein is sold or transferred
by Borrower without Lender's priar writr~n consent. excluding (a) the creation of a lien or tncumbnnce subordinate to
this Mortgage, (b) the crcatran of a purchase money security interest far household appliances, (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, [_ender may. at tender i option. declare all the sums secured by this Mortgage to be
immediately drre and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender
and the person to whom the Property is err be salt ar transferred reach agreement in writing that the credit of such person {
is satisfactory to Lender and that the intcrest Payable on the sums secured by this Mortgage shall be at such rare as Lender
shall request. If Lender has waived the optian to accelerate provided in this paragraph 17, and if Borrower ~ successor in
interest has executed a written assumption agreement accepted in writing by i_emder, Lender shall release Borrower from all
obligations under this Mortgage and the Nat. !
If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in acrnrdancr 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 $orrower may pay the sums o.clared due. If Borower fails to pay such sums prior to the expiration of such periad. j
Lender may, without further notice ar demand on Borrower, invoke any remedies permitted by paragraph 11t hereaf.
Nox-UtvIt=ORM CovENeNTS. Borrower and Lender further covenant and agree as follows:
lA. Accekratiow; Remedies. >gxcept s provided b prapaph 17 bcrtoff, rrpw Borrowers breast of awr co.eassrt or
agrteasewt of Borrower iw fhb Mortgage. iwcludiaR the coreasats to par whew due awr soars secarea br fhb Mrxfgage. Lewder
prbr to accelcntlww shay maN aotke to flsomower as proridrd la paragraph 14 hereof stecHrbg: fl) the brewch: IZ) the adiow e
trcgwind to etrrre swch bctach; (3) a dMe. wet fiesa thaw 30 days from the dNtr the wotie~ fs wailed to Borrowsr. br whkb such
brttaeh wrest be cared: awd (4) that failure to core tstreh breach ow or before the date secified b the aMkt war rewN b ~
acceleratiow off the swws secured by fhb Mortgage. foreelosnre br juekial pocetdiwR awes sale of the hootrtr. The wotke
shafts fwrther iwforar Bomower of the riRM to rrirwiate after atcekratiow swd the right b !!acre h the torecioswre proteedlwg'
tie wow-existewce d a detauN or awr other /efer~e of Borrower to accekratiow swd torecloswre. /t the breach is wof cores ow
or before the dale !specified b the wotice. Leader at Lender's r>lfba war deflate sift of the srrrttts setwred ftry fhb Mortgage fo be ~
iwwedattlr due and payabk without farther demand and twat foredost this Moraage br jrdkbl paceediwR. tender shut
bt ewtith:d to collect a swch'roeecdiaR wf1 espenses of toreclosort. bchdiag. bat wet Yarned to. rcasowable atturnrv's fees.
awd costs of doewtwewtary eaWewce. shstracts and silk reports.
19. Borrowers Rfght to Rtbstste. Notwithstanding I ender'! acceleration of the sums secured by this Mortgage.
Borrower shalt have the right to have any procerdrncc brti~rn by Lender to entarce thrs Martgage discontinued at any time
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