HomeMy WebLinkAbout2112Lender i 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 thereon, shall become additional
in~kbtedncsc ref Brxmwer secured by this Mortgage. Unless Borrower and Lender agree to r tfrps f~ayment, such
amrurnts shall he payable upon natter frr.m I ender to Borrower reyrrccting payment thereof, a half Gear crest from the
date of tlisburxment at the rate payable 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 such amounts shall hear interest at the highest rate
permissible under applicable law. Nothing a~ntained in this paragraph 7 shall require Lender to incur any exptnse or take
any action hereunder. •
8. Iwspection. 1_ender may make or cause to he made reasonable entries upon and inspections of the Property. provided
that Lender shall give Borrower Holier prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9. Cardemnatiow. The proceeds of any award or claim for damages, direct or rnnsequential, in connection frith any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, art 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 stems secured by this MottBage,
with the excess, if any, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Lewder
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 amount of the sums secured by this Mortgage immediately prior to the date 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 Borrower.
If the Properly is ahandancd b}• Borrower. or if. after notice by Lender to Bormwer that the rnndemtror offers to make
an award or settle a claim for damaees. &•rraw•er fail. to respond to fender within 30 days after the date such notice is
mailed. Lender is authorized to collect and apply the proceeds, at 1_ender i option, either to restoration or repair of the
Property or to the sums secured by this Mortgage.
l-nless lender and Borrower otherwise agree in writrne. any such application of proceeds to principal shall not extend
~r postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
f0. Borrower Not Released. Extension of the lime for payment or modification of amortiution 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 Borrower's successors in interest. i.ender shall not be required to commence
proceedings against xtrch successor or refuse to extend time for payment or otherwix modify amortization of the sums
secured by chic Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest.
11. Forbearance by fender Not a Wsiver. Any forbearance by fender in exercising any right or remedy hereunder. or
otherwix afforded by applicable law, shall na1 be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of taxes ar other liens or charges by Lender shall not be a waiver of Lender's
right to accelerate the maturity of the indebtedness sectrrcd by this Mortgage.
12. Remedies Cumulatite. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently. independently or strecesiively.
13. Swccessors and Assigws Bound:.loint awd Sereral Ibbilky; Captbus. The covenants and agreements herein
contained shall hind, and the rights hereunder shall inrrrc to. the respective successors and assigns of Lender acrd Borrower.
subject to the provisions of paragreph 17 hereof. All covenants and agreements of Borrower shall be jolty and several.
The captions and headings of the paragraphs of this Mortgage arc for convenience only and arc not to be used to
interpret or define the provisions hereof.
14. Notke. Except for any notice required under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Martgaec shall be given by mailing such notice by certified mail addresxd to Borrower at
the Property Address or at such other address as Borrower mav_ designate by notice to i.ender as provided herein, and
(h) any notice to Lender shall he given by certified mail. return receipt requested. to i.ender s address stated herein or to
such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to have been green to Barrnwer ar Lender when given in the manner designated herein.
1S. Uniform Mortgage: Governing Law: Sevcrability. This form of mortgage combines uniform covenants for national
rrx and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument rnvering
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 ar clause of chic Mortgage ar the Note conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or the Nate 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.
l6. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of execution ar after recordation hereof.
17. Trawsfer of the Property: Assumption. If all ar any part 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 Mortgage. /bl the creatran of a purchavr me•nev security interest far household appliances, (c) a transfer by devise,
descent ar by operation of law• upon the death of a jr.int tenant ar (dl 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 Mortgage to be
immediately due and payable. Lender shall have warned such option to accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property i. a. be .aIJ ar transferred reach agreement in writing that the credit of such person
is satisfactory to lender and that the intcre.t pa}•able an the sums xcured by this Mortgage shall bt at such rate as Lender
shall request. If 1_ender has waived the option to accelerate provided in this paragraph 17, acrd if Borrowers successor in
interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower tram all
obligations under this Mortgage and the Nutt.
If Lender 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 30 days from the date the notice is mailed within
which 3orrower may pay the sums declared dire. If Borrower fails to pay such sums prior to the expiration of such period,
Lender may, without further notice ar demand on Borrower. invoke any remedies permitted by paragraph I R hereof.
Norv-lirrtt=oatit COVENANTS- Borrower and Lender further covenant and agree as follows:
18. Accekratiow; Remedks. )E:cept as provided is parasrtt~plt 17 hereof. wpow Borrowers beach d awy cotewntt or
agreemewt of Borrower is thk Mortgage. including the cotenants to pay whew due awy sums secured by ebb Mortgage. Lender
prior to accekntba shall mail notke to Borrower as provided iw para=rsph 14 hereof specffyiwt: (1) the bunch; (21 the sdbw
required to can such breach; (3) a date. woe less thaw 30 days from the date the wotke b mailed to Borrower. by whkh swclr
breach most be cored; and (4) thst failure to cure such breach ow or before the date specified fw the wotke may restdt b-
acceleration of the snms secured 6y this Mortgage. fortelosurt by jwdkiaf proceedirt~ ttntd sale d tbt property. The wotkt
shall further inform Borrower of the right to rtiwstate titer acceleratiow awd the right b assert iw the fortcloswrt proteedirtg
the wow-existence d a dcfauk or any other defense of Borrower to wccekrstbw awd fortcloswre. If the breach is wof cwted ow
or before the date specified is the notice. Lender at Lender's optiow twat' decbtre tell d the swtws setwred h' this Mortgage to be
immediately due and payable without further demand and may forecloife fhb Mortgage by jwdkW Proceedhtg. lender shop
be ewtitkd to collect fw swch proceeding a8 t:penses of fortclosrtrs. inchrdia~. bd trof Ymitd to, rtasotAabk att•,rnrt's fees.
awd costs d documewtary etidence. abstracts and rick reports.
19. Borrower's Ri`bt to Reinstate. Notwithstanding I ender's acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have an} prcxced~nec hr}~in by Lender to enforce Ihrs Mortgage discontinued at any time
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