HomeMy WebLinkAbout0197Lender'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 this paragraph 7, with interest (hereon, shall become additional
indebtedness of Borrower secured by this Mortgage. t!nlesc Borrower and (.ender agree to other terms of payment, such
amounts shall be payable ulx~n noticefrom Lender to Borrower requesting payment thereof, and shall hear interest from the
date of disbursement at the rate payable from time to time nn outstanding principal under the Note unless payment of
interest at such rate would be contrary to applicable I:rw•, in which event such amounts shall hear interest at the highest rate
permissible under applicable law. Nothing contained in Chic paragraph 7 shall require (.ender to incur any expense or take
any action hereunder.
8. Itupectfoa. i.ender 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 cause therefrr related to Lender's
interest in the Property.
9, Condemnatbn. The proceeds of any award or claim for damages, direct or concegtrential, in connection with any
condemnation or other taking of the Property, or pan thereof, or for conveyance in lieu of condemnation, arc hereby assigned
and shall he paid to Lender.
In the event of a total taking of the Pmpert}•. the proceeds shall he 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 i.ender
otherwise agree in writing. there shall he applied to the sums secured by this Mortgage arch proportion of the proceeds
as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of
taking hears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
if the Property is abandoned by Bormw•er, or if. after notice by Lender to Borrower that the condemnor offers to make
an award or settle a claim for damages. Borrower faik to respond to (.ender within 30 days after the date such notice is
mailed. (.ender is authorized to collect and apple the proceeds, at Lender's option,_either to restoration or repair of the
Property or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writinc, 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. Borrower Nof Released. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by lender tc- any cuccesa-r 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 he required to commence
proceedings against such successor or reface to extend time for payment or otherwise modify amortization of the sums
secured h}• this Mortgage by reason of am• demand made bs the original Borrower and Borrowers cucccsa-rs in interest.
11. Forbearance by Lender Not a Waiver. Am_• fort-earance M• I.endcr in exercising am• right or remedy hereunder, or
otherwise afforded by applicable law, shall not he a wais•er of or preclude the exercise of am• such right or remedy.
The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not he a waiver of Lender s
right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. Remedies Cumulative. All remedies provided in this :Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or eyuit}•. and ma}• he exercised concurrently, independently or successively.
13. Successors and Assigns Botrnd; Joint and Several I.iabilih•; Captions. The covenants and agrcementc herein
contained shall hind, and the rights hereunder shall inure to. the respective urccessors and assigns of !.ender and Borrower.
subject to the provisions of paragraph 17 hereo[. All rnvenants and agrcementc of Borrower shall he joint and several.
The captions anJ headings of the paragraphs of this Mortg:+ge arc for convenience only and are not to he aced to
interpret or define the provisions hereof.
14. Notice. Except for any notice required under applicable law to be given in another manner. fat am• notice to
Borrower provided for in this Mortgage shall I-e given hs mailing such notice b}~ certified mail addressed to Borrower at
the Property Address or at such other address as &+rrc-wer mas• designate M• notice to (.ender as provided herein. and
(h) any notice to lender shall he given hc• certified mail. return receipt requested. to Lenders address stated herein or to
such other address as Lender may designate by notice to Borrower as pr.-c•ided herein. Any notice provided for in this
Mortgage shall he deemed to has•c been given to Born-wer or 1 ender when gis•cn in the manner designated herein.
1 S. Uniform Mortgage; Governing Law; Severabilih~. 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. The
state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing
sentence shall not limit the applicability of federal law to this mortgage. 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. Borrower's Copy. Borrower shall t-e furnished :c conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. Transfer of the Propert}; Assumption. If all or an- part of the Prop•~rty or an interest therein is sold or transferred
by Borrower without Lender's prior written consent. excluding tat the creation of a lien or encumbrance subordinate to
this Mortgage. (h) the creation of a purchase money securits interest for household appliances. tcl a transfer by devise.
descent or by operation of law upon the death of a joint tenant or hh the grant of any leasehold interest of three years or less
not containing an option to purchase. Lender ma}•, at Lender's rption. declare all the sums secured h}• this Mortgage to be
immediately due and payable. Lender shall has•e wareed arch option a• accelerate if. prior to the sale or transfer. (.ender
and the person to whom the Property is to i-e sold or transferred reach agreement in writing that the credit of such person
is satisfactory to (.ender and that the interest payable on the sums secured by this Mortgage shall I-e at such rate ac Lender
shall request. If Lender has waived the option to accelerate provided m this paragraph 17, and if Borrower's successor in
interest has executed a written assumption aereement accepted in writing by Lender. Lender shall release Borrower from all
obligations under this Mortgage and the Note.
If fender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of not less than iO da_cs from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower fails to pay such some prior to the expiration of such period.
Lender may, without further notice or demand on Born+wer.:nvoke am' remedies permitted h}• paragraph IA hereof.
Nox-UtvtroR:-t Covt=y~nTS. Borrower and (.ender further rnvenant and agree as follows:
18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or
agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage. Lender
prior to acceleration shall mail notice to Borrower n provided in paragraph 14 hereof specifying: (1) the breach; (2) the action
required to cure such breach; (3) a date. not less than 30 days from the date Iht notice is mailed to Borrower. by whkh such
breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in
acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice
shall further inform Borrower of the rry;ht to reinstate after acceleration and the right to assert in the foreclosure proceeding
the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on
or before the date specified in the notice. (,ender at Ixnder's option may declare all of the sums secured by this Mortgage to be
immediately due and payable v-ilhout further demand and may, foreclose Chic Mortgage by judicial proceeding. Lender shall
be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to. reasonable attorney's fees.
and costs of documentary evidence, abstracts and title reports.
i9. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by thrs Mortgage.
Borrower shall have the right to have am pn-cecdings begun hs Lender to enforce thrs Mortgage discontinue) at any time
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a~x344 PEE 197
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