HomeMy WebLinkAbout2267Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
manner pr~videJ under paragraph 2 hereof.
Any amounts Disbursed by I.enJer pursuant to this paragraph 7, wish interest thereon, shalt become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such
amounts shall be payable upon notice from Lender as Borrower requesting payment thereof, and shall hear interest fmm the
Date of Disbursement at the rate payable fmm time to time on ot-tstanding principal under the Note unless payment of
interest at such rate wool) be contrary to applicable law, in which event such amounts shall hear interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require i.ender to incur any expense or take
any action hereunder.
8. Inspection. Lender may make or cause to be made reasonable entries upon and incpectionc of the Property, provided
that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9. Condemnatbn. The proceeds of any award or claim for Damages. direct or consequential, in rnnneclion with any
condemnation or other taking of the Property, c+r part thereof, or for conveyance in lieu of condemnation. arc herchy assigned
and shall l+c paid to i.ender.
In the event of a total taking of the Property. the proceeds shall he applied to the toms secured by Chic Mortgage.
wish the ercecs, if any, paid to Bormwcr. In the event of a partial taking of the Property, unless Borrower and Lender
atherwice agree in writing. there shall be applieD to the sums secured h}• 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 hears to the fair market value of the Pmpert~ immediately prior to the Jate of taking, with the balance of the proceeds
paid to Bormwcr.
if the Property is abandoned M• Borrower. or if, after notice M• Under to Borrower that the condemnor offers to make
an award or settle a claim for damages, Bormwcr fails to respond to Lender within 30 Daps after the Date such notice is
mailed, I_cnder is authorized to collect and apply the proceeds, at Lender's option. either to restoration or repair of the
Property or to the sums secure) h}• this Mortgage.
tlnless Lender and Bormwcr otherwise agree in w ritinc. any such application of proceeds to principal shall not extend
or poctpc+ne the Due Jate of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amrnmt of
such installments.
10. Borrower Not Released. Frtencion of the time for payment or modification of amortization of the sums secured
by this Mortgage granted h}• Lender to any cuccessc+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 rcyuireD te+ commence
pnx-ecJings against such successor ar refuse tea extend time for payment or otherwise modify amortization of the sums
secure) by this Mortgage by reason of any demand made h~- the original Borrower anD Borrower's successors in interest.
11. Forbearance by Lender Not a Waiver. Am_- forlxarance ha• 1 ender in exercising any right or remedy hereunder. or
otherwise afTardeJ by applicable law, shall not l+e a waiver c+f or preclude the exercise of am• such right or remedy.
The prc+curement 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 secure) M• thi• Mortgage.
12. Remedies Cumulatire. All remedies proaided in this ?Mortgage arc distinct and cumulative to ant, other right or
remedy under This Mortgage or affordeJ by law ar equity. anJ mas- he exercise) concurrenth•. independenth• or successively.
13. Succecwrs and Assigns Boond; Joint and Several Liabilih•; Captions. The rnvcnants and agreements herein
containeJ shall bind, and the rights he«under shall more to_ the respective successors and assigns of 1_ender and Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and aerecmeMs of Borrower shall he joint and several.
The captions and headings of the paragraphs of this Mortgage arc for com•enience onh• and arc not to he used to
interpret or define the pmvicionc hereof.
14. Notice. Except for any notice reynired under applicable law t.+ be given in another manner. fat arty notice to
Borrower provided for in this MortgaYC shall l+e given he mailing such notice by certifieD mail addresseJ to Borrower at
the Property AJdress or at such other address as Borrower mar_ designate by notice to f .ender as provide) herein. anJ
(hl am• notice to 1_ender shall Ix given by certifieJ mail return «•ceipt requested. to 1 ender'c adJress stated herein or to
such other address as Lender may Designate M• notice to Borrower as praa•ideJ herein. Any notice provide) for in this
Mortgage shall he deemed to have been Qiven to Bormwcr or Lender when given in the manner designateD herein.
15. uniform Mortgage; Governing I,aw: Sea arability. 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
sen-ence shall riot limit the applicability of federal law to this rortgage. In the event that any provision or clause of this Mortgage or the
Note conflicts with applicable law, such conflict shall not affect other proaisions 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 be furnishcJ a conformed copy of the Note and of this 1lfortgage at the time
of execution orrftcr recordation hereof_
17. Transfer of the Property: Assumption. If all or am- p:~rt of the Pn+pern• or an interest therein is sold or transferred
by Borrower without Lender's prior written content. excluding tat the creation of a lien or encumbrance sulxmfinatc to
this Mortgage. Ih) the creation of a purchase mones• security mterect for household appliances. tct a transfer ha• devise.
descent or by operation of law upon the death of :~ joint tenant or Idt the grant of am' leasehold interest of three ycarc or less
not containing an option to purchase. Lender may.:d I ender'. apuon. declare all the sums secured by this Mortgage to be
immediately due and payable. 1 ender shall hate w:riveD such option to accelerate if. prior to the sale or transfer. Lender
anJ the person to whom the Property is to he sold ar trmsfer«J reach agreement in writing that the credit of such person
is saticfactan• to Lender and that the intcrest payable on the sums secureD M' this Mortgage shall t+e at such talc as l.cnder
shall request. If Lender has waive) the option to accelerate provided in this paragraph 17, anD if Borrower's successor in
intcrest has executeD a written assumption agreement accepted in writing M• 1 ender. Lender shall release Borrower from all
obligations under this Mortgage and the Note.
If Lender exercises such option to accelerate. I.enJer shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of oat Tess than ?0 days from the Date the notice is mailed within
which Born+wcr may pay the sums Declared Jut. If Borrower (;tits to pat such sums pricer to the expiration of such period.
Lcndcr may. without further notice or demanD on Born+wer. mvol.c any remedies permitted M• paragraph 1R hereof.
~1ow-LiNIFO1tM CO~'FN.+NTS. Borrower anD lender further rnvenant anD agree as follows:
18. Acceleration; Remedies. Fxcepl as proaided in paragraph 17 hereof. upon Borrower's breach of any covenant or
agreement of Borrower in this':lfortgage. including the covenants to pay when due any sums secured by this tiiortgage. Lender
prior to acceleration shall mail notice to Borrower as 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 dale the notice is mailed to Borrower. by which 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 right to reinstate after acceleration and the right to assert in the foreclosure proceeding
the non-existence of a default or any other defense of Borroaer to acceleration and foreclosure. If the breach is not cured on
or before the date specified in the notice, Lender at Lender c option may declare all of the sums secured by this Mortgage to be
immediately due and payable without further demand and may foreclose this 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 ea•idence. abstroclc and title reports.
19. Borrowers Right to Reinstate. tiotwithstanJing I.cndcr's accelcratwn of the sums secure) by thts Mortgage.
Borrower shall have the right to have am pn.cccdmgs bacon ha Lender to enforce this Mortgage discontinue) atrny time
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