HomeMy WebLinkAbout0819 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to the paragraph 7, with interest thereon, shal(.beccxra •a~iljQgal
indebtedness of Borrower secured by this Mortgage. Unless Borrower and lender agree to other terms of payment, such
amarots shall be payable upon notice from Lender to Borrower requesting payment thereat. and shall bear interest from the
date of disbursement at the rate payabk 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 s!rch 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 hereunder.
fi. laspecdoo. Lender may make or cause to be made rca~onabk entries upon and inspections of the Property, provided
that i.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9. Coatkmoatba. The proceeds of any award or claim for damages, direct or consequential, in connection with any
condemnation or other taking of the Properly, 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 partial taking of the Properly, unless Borrower and Lender
otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds t,'
as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Properly 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 offers to mate
an award or settle a claim for damages, Borrower fails to respond to i.ender within 30 days after the date such notice is
mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, either to ratoration or repair of the
Properly or to the sums secured by this Mortgage.
Unless Letlder 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 of
such installments. -
10. Eorrower Not Released. Extension of the time for payment or mediflcation 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 Borrower s-successors in interest. Lender shall not be required to commence
proceedings against such successor or re~u{e 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 Borrower's successors in interest.
11. Forbearsarce by Lender Not a Wsirer. Any forbearance by Lender in exercising any right or remedy hereunder. 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 or 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 Morlgage.
12. Remedies Cmm~latire. All remedies provided in this Morlgage arc distinct and cumulative to any other right or
. rcmtdy under this Mortgage or afforded by law or equity. and may be exercised concurrently. independently or successively.
]3. Snecessors and Assigns f3otrnd; Joint and Several I.iabiBty; 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 17 hereof. All covenants and agreements of Borrower shall be joint and several.
The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to j
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 notice to Lender as provided herein, and
(b) any notice to Lender shall be given by certified mail. return receipt requested. to lenders address stated herein or to f
such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided fur in this
Mortgage shall be deemed to have been given to Borrower or 1_ender when given in the manner designated herein.
1S. Uniform Mortargle; GorerninR Law; Sererability. 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
~i real property. This Morlgage shall 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 Note conflicts with applicable law, such conflict shall 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 Mortgage and the Note are Declared to be severable.
16. Ilbrrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
~~f ixecl:tier! or after recordatlers herscf.
17. Trader of the Property; Assumption. If all or any pan of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written consent, excluding (al the creation of a lien or encumbrance subordinate to
this Morlgage. (b) the creation of a purchase money security interest for ho!tsehold 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, Lender may, at lender's option, declare all the sums secured by this Morlgage to be
immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender
i and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person
it is satisfactory to Lender and that the interest payable on the sums secured by this lltongage shall be at such rate as Lender
shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
t interest has executed a written assumption agreement accepted in writing by Ixnder, Lender shall release Borrower from all
~ obligations under this Mortgage and the Note.
If Lender exercises such option to accelerate. Lender shall mail $orrower notice of acceleration in accordance 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. If Borrower fails to pay such s!rms prior to the expiration of such period,
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
t Nox-Uxrr=oant Covt:x~trrs. Borrower and Lender further covenant and agree as follows:
~ lfl. Acctlerrrtioo; Remedies. Except :o prorided is paragraph 17 hereof, upon itiorrower's breach of say corenaat or
agretateat of llbrrower io this Mortgage, iadodiag the covenants to py when due any stuns secared by ebb Mortgs~ge, Leader
prior to acceleration sbaU oWl notice to lorrower ss provided is paragraph 14 hereof specifying: (1) flat breach; (2) the oction
regnired to cnre such breach; (3) a date, not less than 30 days from•the date the notice b mdkd to iorrower, by whkb such ,
br+esch must fie cored; s~sd (4) that failure to curt such breach o0 or before the date specified i. the aotke any resole h
accektstioo of the sours secw+ed by this Mortgage, foreclosure by jndkW proceeding sstd sale of the Property. The aotit:e
shall farther iaforw )dormwer of the right to rei~tate after sccekrstba and the right b aoert is the foreclosore'nnceediog =
the oootxisfeoce of a defsnk or any other defense of >dorrower to rtccekrNion nod foreclowre. It the breach b dot cored oe
or before the date specified ie the notice, Lender at Leader's option may declare s~9 of the snsts secured by fhb Mortgage to fie
immediudy doe sod pyabk withont further demand and may forecbst thb Mortgage by judicW proceedieg. Lender shay .
be ewtitled to collect b stre6 proceedirra afi espcssa of foreclosure. inclndirrg, hot ant f3mited to, reasonable attorney's tea,
dad costs of doe.arentary eridtoce, abstracts and title reprts.
19. ifbrrower's Rlg6t to Reb~state. Notwithstanding Lenders acceleration of the sums secured b;~ 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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