HomeMy WebLinkAbout1406 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
manner providcd under paragraph 2 hereof.
Any amounts dicburxd by LcnJer pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and !.ender agree to other terms of payment, such
amounts shall ¢e payable upon notice from (.ender to Borrower requesting payment (hereof, and shall bear interest iron the
date of disbursement at the rate payable from time to time on aitstanding principal oddef~tlie~i~a~ 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 rr:quirc (.ender to incur any expense or take
any action hercutrder.
fl. Iwspectiow. (.ender may make or cause to he mask reasonable entries upon and inspection of the Property. provided
that i.ender shall give Borrower mice prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
Cowdewwtbw. The proceeds of any award or claim for damages, direct or consequential. in oonnectioa with any
condemnation or other taking of the Property, or part thereof, a for conveyance in lieu of corrdetnaatioa. are hereby attsigtred
and shall be paid to Lender.
In the event of a total taking of the Property. the proceed: 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 Property. unless Borrower and Leader
otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds
as is equal to that proportion which the amatnt of the sums secured by this Mortgage immediately prior to the data of
taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds
paid to Harrower. .
if the Property is abandoned by Borrower. or if. after notice by (.ender to Borrower that the condemnor ogee to malts '
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 Lender's option, either to restoration or repair of the
.Properly or to the sums scoured by this Mc+ngage.
Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shag not extend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof nr change the amount of
,such installments.
[A. Berrower Not Released. Extension of the time for payment or modilkation of amortization of the sums secured
by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to rckax, in any manner,
the liability of the original Borrower and Harrower c successor in interest. [.ender shall not be required to commrnce
proceedings againu such successor or refuse to extend time for payment or otherwix modify arnortiution of the sums
secured by this Mortgage_ by reason of any demand made by the original Borrower and Borrower's srrccesson in interest.
11. Forbearawee by Ltrrder Not a Waive` Any forbearance by lender in exercising any right or remody hereunder, a
otherwise afforded by applicable lase. shall Trot be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insuranceQr the payment of taxes or other liens or charges by (.entice shall not be a waiver of iender't
right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. Rewxdks Crrmrrlative. All remedies provided in this Mortgage are distinct and cumulative to any dher right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively.
13. Sweeaaors sad Ate 1<orrrtd; Joiwt awe Several i.ia6iflfy: Cspdows. The covenants and agreements herein
contained shall bind, and the rifthts hereunder shall inrrrc to. the respective successors :nd assigns of Lender strd Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and >lgreements of Borrower shall be joirg and several.
The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to
interpret or deAne 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 certifkd mail addresxd 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 he given by certified mail. return receipt requested. to I.ende~s address stated herein or to
such other address as Lender may designate by notice to Borrower as provided herein. Any notice providcd for in this .
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
1S. Uwitorm Mortgage: CoverniaR Law: SeverabAity. 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
real property. This Mortgage shall bt governed by the law of the jurisdiction in which tht Property is located. In the
event that any provision or clatrx of this Mortgage or the Note conflicts with applicable law, such conflict shag not affect
other provisions of this Mortgage or the Nnte which can be given effect without the conflicting provision. and to this
end ihr provisions of the Mortgage and the Note err drelarrd to be severable.
14. 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. Trawsfer of the 1f
ro'erty: Aswmptaw. If all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lenders prior wrinrn consent. ezchrding (al the creation o[ a lien or encumbrance wbordinate to
this Mortgage, (b) the creation of a purchase money security interest for houxhold appiiances, (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 yeah or 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 uich option to accelerate if, prior to the oak or transfer. Lender
and the person to whom the Property is t.. be colt or transferred reach agreement in writing that the credit of each person
is satisfactory to Lender and that the interact payable on the sums scoured by this 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 Borrower's wceessor in
interest has executed a written assumption agreement accepted in writing by Lender, Lender shall rekax Borrower from all
obligations under this Mortgage and the Nae.
If Lender exercixs such option to accelerate. Lenckr shall mail Borrower notice o[ acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of na 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 arch seems prior to the expiration of such period. _
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph lg hereof.
' NoN-UNIFOaM Cove~arrTS. Borrower and Lender further covenant and agree as follows:
1!<. ActekrNiow; Remcdfes. Bttegt s provided i• pt~rapb 17 hereof. wpw Rorrm+es's breach of awy covewad K
agrteanwt of sonrawer iw this Mortgage. iwelrrdirrg the eoeewswts to py whew den awy swmt toecwred b!' this Mortgage. I.ewaer
prior to rxcdcrstbw shah mail wotice to Borrower as'rovlded b pragrapb 14 hereof specK>r~g: (q the bcescb; (21 the setbw
rcgwired to cwre torah brescb; (3) a rlde. woe less draw 30 days (raw the dale the wotke V wrailed M Borrower. by wbkb !arch
bteacb mwl be cwred; awe (4) tbM taNrrrc M erne trreb breach ow or befae the dale gteYsd M the wMkt rosy resort Itr
rtKCekrNbw of the sums secwted by tbk Mortgage. toreclotwrt by j~ir /roceedlwg rtrid sale et the Tropery. The Welke
sbaN hrtber iwtorwr eonower of the right to reiwsbte titer aeceierNiow awd the rtglH h street M ibt tertciewre ~rotetdlrrg
the roow-exktcwce of w de[arrM or awy other defewse of Borrower fps aceekrMiow awl taeclawe. H the breach b woe etn~t/ ew
or 6dore the dNe specified iw the wofke. LeaAer wt I.ewdet's o~tkw mwy declare aN the wwr ttrtettred by tint Mortgage to bs
imwrediNdy den awd pyable wittiowt trrthtr demand and wtsy tert!tlat Melt M~age by jwditW praeeedlnR. (.ender stiwN
be ewihkd to eolfieel iw rweb p~ocesdiag aN expenses of foreclosrre. Mclwdiwg. frtrt ref ItiiwNed /a. rratowable stt•.riiep's fees.
awl a~ot4 of deerwsarNary evidcwce. rrbstrscts aaA tick reports.
I!. Horr+ower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. i
Borrower shall have the right to have any proce~d~nFc be~rn by Lender to enforce this Mortgage discontinued at any time j
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