HomeMy WebLinkAbout1654 Lender's written aguemenl or app6cahle law. Horrowcr shall pay the amount of all mortgage insururre premiums in the
manner pnwided under paragraph 2 hereof. '
Am• amo;intc disbursed by I.cnJer pursuant to this paragraph 7, with intrust thereon. shall become additional
indebtedness of Born?wrr cccuud M• this ~longage. l'nless Horrowcr and 1 ender agnre to other terms of payment. such
amounh shall he pa}•ahle ulx~n nt?tice from Lender h+ Borrower rcyuesting payment theuof. and shall hear interest from the
~latc of dichurcement at the cats payable from time to time on outct;?nding principal under thc'Not~ tin~ct~ payment of
inteuct at such rate would be contran• to applicable law•. in which event each amounts shall hear interest at the highest rate
permissihlc under applicable laxl•. Nothing contained in Chic paragraph 7 shall require Lender to incur am• expense or take
any action hereunder.
8. Inspection. Lcndcr may make or cause to he made reaconahle entries upon and inspections of the Property. provided
that Lender shall give Burrower notice prior to any such inspection specifying uasonable cause therefor related to Lender's
intercct in the Property.
9. Condemnation. The pr?xeedc of any award or claim for damages, direct or concequcntial. in connection with am•
I condemnation or other taking of the Property, ur part thereof, or for conveyance in lieu of condertrnatiun. are hereby assigned
and shall be paid to l.cnder.
In the event of a total taking of the Property. the proceeds shall he applied to the cumc ~-cured M• Chic MorigaRe.
with the excess. if any, paid to Barrow•er. In the event of a p5rtial taking of the Property. unless Rorm~•er and Lender ~
otherwise agree in writing. them shall he applied to the cams sccurcd by this Mortgage such proportion of the proceeds ~
as is equal to that proportion which the amount of the cumc sccurcd h}• this Moriga~e immediately prior to the date of
taking hears to the fair market value of !hc Property immediately prior to the date of taking, with the balance of the pnxecds
paid ro Borrower.
if the.Prop~ty is abandoned M• 8ormw•er. or if. after notice M• Lender to Borruw•er that the condemnor offers to make
an award or xettle a claim for damage, Borrower fails t?• u;lxmd to I ender within ?(1 Jaye after the date such notice is.
mailed. lender is authorized ro collect and apply the proceeds. at lender ~ option, either to restoration or repair of the
Property or to the sums sccurcd by this Mortgage.
Unless 1_ender and Borrower olherw•ise agree in writinc. •rn}• such application of proceeds to princip:d ihall not extend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Not Released. Extension of the time fur payment or modification of amortization of the cumc sccurcd
by this Mortgage granted by Lender te5 any successor in interest of Borrower ;hall not operate to release. in am manner.
the liahiliq• of the original Borrower and Borrower's succesa~rc in interest. i.ender shall not he rcyuired to ec?mmence
proceedings against such successor or refuse to extend fink for payment ur otherwise modify amortization of the sums ~
secured by this Mortgage by reason of any demand made h~• the orieina) Borrower and Borrowers cuccesa~rc in interest. - l
ll. Forbearance by ixnder \ot a Naiver. Am• fofiearance M• Lender in exercising am• right or remedy hereunder, or j
otherwise afforded by applicable taw, shall nut he 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 Lcndcr shall not he a waiver of Lender s
right to accelerate the maturity of the indebtedness secun~l he this'.liorigage. ~ -
12. Remedies Cumulafiye. All remedies provided in this !lortgage arc distinct :rod cumulative to any other right or
remedy under this Mortgage or afforded by law ar equity. and mac• he exercised cuncurrenth•. independently or wccecsively.
13. Successors and Assigns Bound: loins and Several Liahilih•; Captions. Thc rnvcnants and agreements herein _
contained shall hind, and the riehts hereunder shall inure to. the respective succecwrs and assigns of 1_ender and Burrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall hC joint :end several.
The captions and headings of the paragraphs of this Mortgage are for convenience onh• and arc not t:• he aced to
interpret or define the provscionc hereol. - ~ •
14.- lotice. Except far any notice required under applicable law• to he given in another manner. /al any notice to
Horrowcr provided fur in this Mortgage shall he given M• mailing wch notice be certified mail addusud to Borrower at
the Propem• Address or at such other address as Borrower ma~• designate M• notice to Lcndcr as provided herein. grid
Ih) am• notice to Lcndcr shall he given by certified mail. return receipt requested. to I ender c address stated herein or to
wch other address as Lcndcr may designate M• notice t+. Borrower as provided herein. cloy notice provide) fog in this
Mortgage shall he deemed to have 1>.-en given to Borrow•cr or Lcndcr when given in the manner designated herein. '
15. uniform Mortgage; Governing law; Severabilil}•. This form of mortgage combines uniform covenants for nations!
ace and non-uniform covenants with limited variations hx• jurisdiction to constiu+tc a uniform security instrument covering
real property. This Mortgage chill be governed by the law of the jurisdiction in which the Property is located. In the
event that any provision or clause of this Mortgage or the ?date contljcts with applicable law•. such conflict shall not affect
other provisions of this 11tort¢age ur the Note which can he cix•en effect without the conflicting pmx•icion. and to this
end the mvis'o '
+ ns of the Aiort a e an th - \o •
P g g d ~ t~ are declared to Ix: scvcrahlc.
16. Borrower's Copy. Borrower ;hall be furnished conformed cop}• of the Nutt and of this Mortgage at the time 33
of ezecntion or after rccurdation hereof. i
17. Transfer of the Property; Assumption. If all ar any part of the Property or an interest therein is sold or transferred
by Horrowcr without Lender's prior written amcent_ excluding sal the creation of a lien or encumbrance subordinate to
this ;Mortgage. Ih) the creation of a purchase money security interest for household appliances, (cl a transfer by devise.
descent or by operation of law upon the death of a joint tenant or (d? the grant of am• leasehold interest of three years or Tess
not containing an option to purchase. Lender map. at Lender's option. declare all the sums secured by this 1liorigage to be
immediately due and payable. 1-ender shall hays waived such option to acccleratc if. prior to the tale or transfer. Lender
and the person to whom the Property is to be solJ or transferred mach agrcemcnt in writing that the cn;dit of such person _
is satisfacton• to Lcndcr and that the interest payable on the sums kcured by this I?iortgage shall be at such rate as Lender
shall request. If Lender has waive) 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 Lcndcr. Lender shall release Borrower from all -
obligations under this Mortgage and the Note.
If Lender exercises catch option to acccleratc. Lender .hall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of riot Tess than 3Q days from the date the notice is mailed within
which Burrower may pay dhe sums declare) due. If Borrower toile to pa}• such toms prior to the expiration of such period, •
lender may, without further notice or demand on Horrowcr. invoke any remedies permitted by paragraph 18 hereof.
Noty-Utvtt=oru?t CovesAk7s- Borrower and Lender further covenant and agree as follows:
I8. Accelerations Remedies. Except as provided in paragraph 17 hereof, upon BorroKer's breach of any rnvenant or
• agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secnred by thus Mortgage, Leader
prior to acceleration shs6 mail notice to Borrower as provided in paragraph 14 hereof specity;fag: (1) the brtscb; (2) the action
required to cure such breach; (3) a date. not less than 30 days from the date the notke is mailed to Borrower, by wbkb inch
breach must be cored; sad (4) that failure fo cure such breach on or before the date speei6ed in the twtke may resdt in
acceleration of the stints ttecnred by this 3ortgage, foreclosure by judicial proceeding and sale of the Property. The notke
shall further inform Borrower of the right to reinstate after acceleration and the right fo assert in the foreclosure proceeding
the non-existence of s defauk or say other defense of Borrower to acceleration and forecMsurc. If the btrcach is oot cnttd oa -
or before the date specified in the notke. Lender at Leader's option may declare all of the sums secnred by this Mortgage b be
immediately due and payable witbont further demand and rosy forecbse this Mortgage by jndkial proceeding. Lender shop
be eotitkd to collect ire sne6 proceeding a8 expenses of foreclosure, ineludiag. but not limited to, reasonable attortxy's fees,
and costs of documentary evidence, abstracts sad 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 1_ender to enforce this' Mortgage discontinued at any time ~
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