HomeMy WebLinkAbout0458 Lender's written agreement or applicable lav+. &xrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereo[.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unlect Borrower and !.ender agree to ether terms of payment, such
amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the
date 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 such amounts shall bear 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 bercunder.
8. Inspection, i_ender may make or cause to be made reasonable entries upon and inspections of the Property, provided
that [.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9. Condemnatbn. The 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, arc hereby assigned
and shall be paid to Lender.
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 parl:al taking of the Property, unless Borrower and Lender
otherwise agree in writing. there shall be applied to the sums secured by this Mortgage each 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 Propert}• 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 Lender to Borrower that the condemnor offers to make
' an award or settle a claim for damages, Borrower fails to respond to Lendci- within 30 days after the date such notice is
mailed, ixnder is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the
Property or to the sums secured by this Mortgage.
Uniesc tender and' Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend _
or postpone the due dale of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
20. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by lender to any successor in interest of Borrower shall not operate to release. in any manner,
the liability of the original Borrower and Bormwer'c successors in interest. i_ender shall not he required to commence
proceedings against such successor or 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 Borrower and Borrowers .successors in interest.
11. Forbearance by i.ender Not a Wai~•er. Any forbearance by Lender in exercising any right or remedy hereunder, or
otherwise afforded by applicable law, shall not he a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of tares or other liens or charges by Lender shall not be a waiver of Lender
s
right to accelerate the maturity of the indebtedness secured h}• this Mortgage.
12. Remedies Cumulative. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or aBordcd by law or equity, and may he exercised rnncurrently, independently or successive)y.
13. Successors and Assigns Bound; ]nine and Se~•eral i.iability; Captions. The covenants and agreements herein
contained shall hind, and the rights hereunder shall inure to. the respective succeccorc and assigns of Lender 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 paragr~phc of this Mortgage 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. (a) any notice to
Borrower provided for in this Mortgage shall he given by mailing wch notice by certified mail addressed to Bormwer at
the Property Address or at such ~~thec address as Bormwer may designate by notice to Lender as provided herein, and
(h) any notice to Lender shall he given by certified mail, return receipt requested, to Lender c address stated herein or to
~I such other address as Lender may designate by notice to Borrower as provided herein. Any rttNice provided for in this
Mortgage shall be deemed to have been given to_ Borrower or Lender when given in the manner designated herein.
i S. Uniform Mortgage: Governing iaw; Severability. This form of mortgage combinesunifotm covenants for national use
andnon-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument rnvering real property. The
state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing
sentence shall not limit the applicability of federal law W this mortgage. In the event that any provision or clause of this Mortgage or the
Note conflicts with applicable law, such conflict shad 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 Mortgags and the Note are declared to be severable.
16. Borrower's Copy. Borrower shall be furnisheJ a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof. - _
17. Transfer of fhe Property: Assumption. if all or an~• part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written content, excluding la1 the creation of a lien or encumbrance subordinate to
this Mortgage. Ib) the creation of a purchase money security interest for household appliances. /c) a transfer by devise,
descent or by operation of law upon the death of a joint tenant or /dt the grant of any leasehold interest of three years or less
not containing an option .to purchase, Lender ma}•. at Lender's option, declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have waived each option to accelerate if, prior to the sale or transfer. 1_ender
and the person to whom the Property it to be sold or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest payable on the sums secured by shit 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 Borrowers 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. fender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of not lest than 30 da}•c from the date the notice is_mailed within
which Bormwer may pay the sums declared due. If Borrower fails to pay such some prior to the expiration of such .period,
Lender may, without further notice or demand on Borrower, invoke an}• remedies permitted h}• paragraph I R hereof.
Nox-UNIFORM CoveNatvrs. Borrower and Lender further cmenant and agree as follows:
is 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon. Borrower's breach of any covenant or
agreement of Borrower in this Mortgage. including the covenants to pay when due any sums secured 6y this Mortgage, Lender
prior to acceleration shop mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) fhe bt~eacb; (2) the action
required to cure snob breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by wbkb such
breach most be cored; and (4) that failure to cure such breach on or before the date specified in the notke may tesdt in
acceleration of the snots secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notke
shall further inform Bormwer of the rq;ht to reinstate after acceleration and the right to assert in the foreclosure proceeding ,
the noe-existence of a defank or any other defense of Borrovrei to acceleration and foreckrsurr. if the breach is not cared on
or before the date specified in the notice. Lender at Lender's option may declare all of the sums secured by this Mortgage to be
immediately due and payable without further demand and may foreclose 1hls Mortgage by judicial proceeding. Lender shall
be entitkd~to coped in such proceeding all expenses of foreclosure. including. but not limited to, reasonable attorney's fees,
and costs of documentary evidence. abstracts and title reports.
19. Borrower's Right to Reinstate. Notwithstanding Lender's 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
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~ BOpK 341 PacE 458