HomeMy WebLinkAbout1436 f~+•~) ~ ~
Lender's wntten r
agreement a applicable low. Borrower shall pay flee amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any ama,nti disMused by I.cnder pursuant to this paragraph 7. with interest thereon, shall become additional ~
indebtedness at &xrower secured by this Mortgage. Unless Borrower and lender agree to other terms o/ payment, such
amounts shall he payable upon notice from Lender to Borrower requesting payment thereof. and shall bear iptercst from the
date of disbursement at the rate payable from time to time on attstanding principal under•ths Nofe~ fro payment of
interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate
permisyibk under applicable law. Nothing ccx?tairted in this paragraph 7 shall rtquirc Lender to incur any expense a take
any sctioa hereunder. - .
IR IwryetliM. Lender may make or came to be made reasonable entries upon and inspections of the Property. provided
that I_cnder shall give Borrar?Yr notice prior to any inch inspection specifying reasonable cave therefor related to Lender's
interest in the Property.
Cam, proceeds of any award or claim for damages, direct a cortsequeatial. in connection wrath any
condemnation or other taking of the Property, a part thereof. a for coaveyartoe in lieu of condemnation. are hereby assigned
and shall be paid to Lender.
In the evtat of a total tsking of the Property, the proceeds shall' be applied to the sums secured by this Irlortgagt,
with the. excess, if awy, paid to Borrower. in the event of a partial taking of the Property.. unless Borrower and Leader
otherwise agree in writing, there shall bt applied to the sums secured by this Mortgage such proportion of the gooeeds
as is equal to that proportion which the amarnt of the sums secured by this Mortgage immediately prior to the daft of
taking burs to the fair tnacket value of the Property immediately prior to the date of taking, with the balance of the goceeds
paid to Bcrtvwer.
If the Property is abandoned by Borrower. sx if. after notice by Lender to Borrower that the condemnor oRers to make
an award or settle a claim for damages, I~c?rrower fails to respond to Lender within 30 days after the date such notice is
ntaikd. Lender is atahorizrd to collect and apply the proceeds, at Lender's option, either to rtstontion or repair o[ the
Property or to the wins secured by this Mortgage. - ?
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Unkn Lender and Borrower otherwise agree in writin~e. 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 o[
wch installments.
ltl. Mnower NN Releases. Extension of the time for paymrnt or modilkation of amortization of the sums secured
by this Mortgage granted by Lender to any ctrccessor in interest of Borrower shall not operate to release, in any manner.
the liability of the original Borrower and Borrower's successor in interest. Lender shall not be required to commence
proceedings against such successor a refuse to extend time !or payment or dherwise modify amortization of the sums
xcured by this Mortgage by reason of any demand made by the oritinal Borrower and Borrower's successors in interest.
11. Forrearawee rjr Leaser NM a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or
otherwise afforded by applicable laver. shall not be a waiver of or prociude tht exercise of any such right or remedy.
The procurement of inwranee pr the payment of taxes or other liens or charges by Lender shall rat be a waiver o[ I.atder's
right to accelerate the maturity of the indebtedness secured by This Mortgage.
ti Reweiks Cwwalalive. All rcntedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or aRorded by law or equity. and may be exercised concurrently. independently or sucuisivelY.
1~. Swceesaars aas Assigns Dod:.ltiiwt awtl Several i.iabify; CaplMrrs. The covenants and agreements herein
contained shaft bind, and the rifdtts hereunder shall inttrc to. the respective wocesson and assigns of Lender atd Borrower.
subject to the provisiortc of paragraph 17 hereof All covenants and agreemrnts of Borrower shall be joiry and several.
The options and headings of the paragraphs of this Mortgage arc for convenience only and arc not to be used to " ~
interpret or define the prosirsions hereof. `
t1. Netice, Except for any rxwice required under applicable law to be given in another manner, (a) any notice to
Borrower prm?ided for in this Mortgate shall be given by mailing wch notice by certiAed mail addressed to Borrower at
the Property Address a at such dlte-r address as 8ortr„ver mav_ designate by mice to 1_ender as provided herein. and
(b) any notice to Lender shall be given by certiAed mail. return retxipt requested. to Lender's address stated herein or to
such other address as Lender may designate by ncxice 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.
IS. Uwit~ Merigage; Go~erwiaR Law: Seversbiity. 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 eoverirtg
real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the
event that any provision or clause of Chic Mortgage or the Note conflicts with applicable law, such conflict shag not aRect
aher provision of this Mortgage or the Note which can be given eBect without the ~nAicting provision, and to this
` end the provisions of the Mortgage and the Note arc Declared to be severable.
~ li~. >orrower"s Cob. Borrower shall be furn~clted a conformed copy of the Note and of this Mortgage at the time
of execution o• after recordation hereof.
1T. Tra¦der of trc Property; Asstrtwpiow. 1f all or any part of the Property or an interest therein is sold or transferred #
by Borrower without Lenders prior written consent. excluding (al the creation of, a lien or enetmnbrartce subordinate to i
this Mortgage, ibl the crcatron of a purchase money security interest for household appliances, (c) a transfer 1>? devise.
¢ descent or by operation of law upon the death of a joint tenant or id? the grant of any leasehold interest of three year or less I
f not containing an option to purchase. Lender may, at Lender's option, decl.re all the wins secured by this Mortgage to be
immediately due and payable- Lender shall have waved such option to accelerate if, prig to the cork or transfer. Lender
and the person to whom the Property is to be solD or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the inten-sr payable on the sums secured by this Mortgage-shall be at such rate ac Lender
shall request. tf Lender has waived the opion to accelerate provided in this paragraph 17, artd if Borrower's successor in
interest has executed a written aswmption agreement accepted in writing by Lender, Lrnder shall release Borrower from all
obligations under this Mortgage and the Mae.
If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with
paragraph I< hereof. Such notice shall prorrde a period of not less than 30 days from the date the notice is mailed within
~ which Borrower may pay the wins declared due. If Borrower fails to pay such sums prior to the expiration of such period,
i Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1R hereof.
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Non-Utvrcoaw Covt:Narns. Borrower and Lender further covenant and agree as follows:
~ lg. Aeederatioa; Reweiks. IExcWt u provire~i its /tiragra*h 1T Meaoi. tt~a lMrrawe~s Mead of awy covtzwawl ar
~ agreement of >Mrrrvwer b tlris Mwrtgsge. iwelwiiag ere torewttwts N M7' area sac nay sows tutares r7' tYs MorigaRe. Lewder
w pfor N acceleraBow stet wail wotke a iorrower as'rorNcs iw Mratra/fi 11 hereof s*ettfyitrg: tl) ere breach: 121 the aetbw
ralwised N e.re steer Maack t3) a ilc. wet less thaw ye says trorw ere date the wNke r ttsaRcs io Mtrawer. b ..rkr sad
Mttaclt watR k cases: awl (n brat taiisse a awe strclt M~eaer w K betwe trc date yeclRtts M the wotke way resist i• :
accelnaei.. et the severs sec.res y irk Mortgage. Nreclsswrr b }dkhl !r'xetdinL aas sale et ere PrsFery. Tilt wNkt f
sgui framer i.ferw R.rre..er a< err ~ N t+eirtsta~le after aeeelerattia. atss ere right is atwert i• ere taecisittre pr.tee+htg
t>re.o.~existe.ce s>r. sefwi «a¦y.trer sefews+e e< sorrs~.arr N sKelerMN. awtl freelaswe. Mere Meaclt b .at corers..
ar refers Arc sate yeiiieta i the wolice. Leaser st /.ertser's Mfiaw way declare aw of ere stews stettras ti tYs Mortgage to k
iwwesiMely sat awl MyaYe sritrowt tatter setwand aw/ way fereciae eels MerlgsRe iy }ikW pswtetNwR. I.rnder craM ;
re eatl/ri N correct iA s+ttdr pseceedirtR aA expewses of fortclosaee. iwtla/iwg. rat wort fiwBed tor. rear.rrarle stt.xwev's fees,
art/ casts of ssewtnewhry etisewcr. aMlraets aver tale reprts. .
1!. rsnwwes's Rlgrt a Rtiastate. Notwithstanding 1 ender
s sccekration of the sums secured by this Mortgage.
~ Borrower shall have the tight to have any procecd~nec bgy~n by Lender to enforce this Mortgage discont~nutd at any time
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