HomeMy WebLinkAbout1000 Lender's written agreement or applicable law. Borrower shall pay the amount o[ all mortgages insurance premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7. with interest thereon. shall become addition:l
indebtedness of Bofrpwcr so~u~ed by this Mortgages Unless Borrower and tender agree to other terms of payment. such
amounts shall be payable upon retire from Lender to Borrower requesting payment thereof, and shall bear interest fr~o?r the
date of-disbursement. at the rate payable from time to time on artatanding principal under the Note unless pajrraeett 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 expetae a take
any action hereunder.
fi. Ittgectiott. lender 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 Gauss therefor related to I.ertder's
interest in the Property.
9, Catdeaswatbw. 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. are hereby assigned
and shall be paid to Lender.
In the event of a total taking of the Property. the proceeds shall I+e applied to the sums secured by this Morigagk
with the excess, if arty, paid to Borrower. In the event of a partial taking of the Property, unless Borrower :nd Lender
otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the prooxds
as is equal to that proportion which the amarnt of the sums secured by this Mortgage immediately prior to the dated ,
taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance d the proceeds
paid to Borrower. -
•if the Property is abandoned by Borrower. or if. after notice by lender to Borrower that the condemnor of[ers to matte
an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice is
mailed. Lender is authorized to collect and apply the proceeds, at I~nder's option. either to restoration or repair at t~
Property or to the sums secured by this Mortgaage. -
• Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not exttatd
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount d~
such installments.
10. Eorrower Not Released. Extension of the time for: payment or modifkation of amortization d the wms 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 Borrower's successor in intemt. lender shall not be required to commence
proceedings against such successor or rcluse 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 BorrowePs successors in interest.
11. Forrearnce rI' Leader Not a Waivrr. Any forl+eannce by lender in exercising any right or remedy heretmder, 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 o< the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's
- right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. Reasediea Cwwuha.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 concurrcntiy, independently or sucoessiveTy.
• 13. $acteasors sad AsaiRas Bound:.joist sad Several 1Lbi1Ny; Captions. The covenants and agreements herein -
contained shall bind, and the rights hereunder shall inrrr~ to. the respective successors and assigns of Lender aced Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joirg and several.
'Ilse captions' and headings of the paragraphs of this Mortgage are for convenience only and are not to 1Se 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 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 erotica to Tender as provided herein, and
(b) any notice to Lender shall he given by certified mail. return receipt requested. to Lender'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 be deemed to have been given to Borrower or Lender when given in the manner designated herein.
~ 1S. Uaitorw Mortgage: Goreraiag Law: Severa60ity. This form of mortgage combing uniform covenants for parlors!
~ use and iron-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. Tn the
event that any provision or clause of chic Mortgage or the Note conflicts with applicable law, such conflict shall not aged
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 Mortgage and the Note arc declared to be severable.
~ lf. )torrower'a Co*y. Borrower shall be furnished a conforned copy of the Note and o[ this Mortgage at the time
of execution or attei recordation hereof.
17..Trwaafer of the tro'ertp: Assuarptiow. if all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written consent. excluding (a) the creation of a lien or encumbrance wbordinate to
this 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 death of a joint tenant or (d) the grant of any leasehold interest of three year a 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 arch option to accelerate if..prior to the sale or transfer. Lender
and the person to whom the Property is to be cold 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 this Mortgage shall be at such rate as Leader
shall request. Tf Lender has waived the option to accelerate provided in this paragaph 17, and if Borrowers successor in
interest has executed a written aswmption agreement accepted in writing by Lender. Lender shall release Borrower from all
obljgations under this Mortgage and the Note.
If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance v?•ith
paragraph 14 hereof. Stitch 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. If Borrower fails to pay such sums prior to the expiration of such period,
~ Lender may. without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1 R hereof.
Nort-Ur+tt~orrut Covarterrrs. Borrower and Lender further covenant and agree d fdlaws:
11L AccLatlora Rawedias. 1Brccept r provMca r Mnrgra'? 17 Iterted. w!a Borw+re:'i rreaer d say ceveatrt ar
agreewteaR d >iarsrwer b trY Mat'gage. beladMrg ate co.ewaats to Ny wrn iae sap wars secwei r7' trla MaerlRags. Lewder
~ N aeedestao. arsi atafl .Dace m >torrswer as nodded r p.ragapi 14 tercet gtelrplags (4 Ae rreaer: (2) ere sefiow ~
rpi~ei M care wet rr+eaeiti (3) a dale. wet !less tfssrs 3o days stoat ere Lee ere watiee la maYei N 1Nerwer. h wrier attar }
teaser asaA re eaesd; a¦d (4) tr.l taYare M ears seer rreaer er ex rereee ere date ~tciBed V ere wotke swap nasals b
aeederaaew d Ire wr aecared rp lrie Mortgage. t«eetoatrr< h l~~ !erg •wt1 sale d the h+~erlp. Ire .etiee
deli tarlrer iwtorrw Dossrywer d the right a aster aeederMba aced ere rlgltt b assert iw ere tereeiaaRe proteeiwg
!k wowtsrtewee d a derawlt or awp alter ddeaac d Harrower to aecekraNow awl rrrceie..re. Ir ere rreacr r wet carrDd e«a
or 6eroee ate dale speelBad for ere woace. !.coder at Leader's ortiow swap deelttrc ar d are apes eeewred b stria Moetgsae tore
Iwtatcdi.aip doe etwd pparie .ritrowt rartrer dca+aerd sae .tap rrecio.e ttW Mextgage rp ja/feid rnesedklc. leader deli {
ba ewlNlei tw setae! 1• war prracsediag ar upeases at forecloertrre, iwclailrtg. bwt wN Br¦Ned M. reaeowarle sttwaev's saes.
awl eaels d Lewwwfarp e.iLwes, arehaels awl tick Kerb. ,
lf. lllarrowa'e Rlgrt to Reiaetale. Notwithstanding LendePs acceleration d the sutra secured by thre Mortgage.
t Borrower shall have the right to have any proceedings heEun hY Lender to enforce the Mortgage discontinued at any time
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