HomeMy WebLinkAbout2938Lender's written agrcement or applicable law. ~onower ahal) pay the amount of all mortgage insurance premiumt'in the
manner p~ovided under paragraph 2 hereot.
Any amaunts disburxd by I_ender pursuant to Ihis parag~sph 7, with interest thereon, shall become additional
indebtedness af Burrawe~ securcd by ~his Mortgage. Unless Borrower and Lender agrce to other tetms of payment, such
amcK~nts shall be payable u{xm notice f~om t.ender to Borrowe~ requesting payment thereof, and shall bear interest trom the
datc uf disbursement at the ntc payable t~om time to ~ime o0 oulsta~ding principal under the Note unless payment of
interest at such rate would be contrary ta applicable law, i~ which event such amou~ts shall bear interest at the hiahest rate
permissible under applicable law. Nothing contained in Ihis paragraph 7 shall rcquire !_ender to incur aoy expense or take
any action hereunder.
8. tnspeetion. I.ende~ may make or cause to be made reaconable entriec upon and inspeetions of the Property, provided
that I.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender'a
interes~ in thc Prope~ty.
9, Condemnation. The proceedc of any aw•ard or claim for ciamaees, direc~ or conuquential, in connection with any
condemnation or other taking of the Property, or pan thereof, ar for conveya~ce in litu of condemoation, a~e hercby assigned
and shall t,e paid to I_ender.
In the eve~t of a total taking uf Ihe Proper~y, the proceeds shall be applied to Ihe sums secured by tBis Mottgage.
with the eticess, if aoy, paid to Borrower. ln Ihe even~ of a pa~tial taking ot the Property, unless BorroMrer and Lender
otherwice agree in wri~ing. there shall be applied to the sums secured by this Mortgagc such proportion of the proceeds
~i i, eyu~i lo that proponian which Ihe amount of the sums secured by Ihis Morigage immediately prior to the date of
taking bears to the fair market value of the Property immediateiy prior to the Jate of taking, wilh the balance of the proceeds
paid t~ Borrower.
1f the Property ic ahandoned hy Borrower, or if. a(ter nolice by 1_ender ta Borrower that the condemnor otfers to make
an aw~ard or setUe a claim for damagec, Borrowe~ fails ~a respond to I_ender within 30 days after the date such notice is
mailed. I_ender ic authorized to collect and apply the proceeds. at l.ende~'s option, either to restoratior~ or repair of the
Propen~~ or to the sumc secured by this Mortgage.
Unlesc I.ender and Borrower othenvi~e ag~ee in w•ri~ing. any such application of proceeds to principal shall oot extend
or poctpone ~he duc date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
cuch inslallments.
10. Borrower Not Relesud. Extensian of the time for payment or modification of amortization of the sums securcd
by this Mortgage granted by I.ender to any successor in interest of Borrower shall not operate to releau, in any maoaer.
~he liabili~y af the original Borrower and Borrower'c successors in interest. l_ende~ shall not he required to commence
pr~~ceeJings against sach successor or refuse to extend time f~r payment or otherwice modify amortization of the sums
scc~~red by thic Mortgage by reason of any demand made by the ori¢inal Borrower and Borrower's successors in interest.
11. Forbearance by I.ender Not a WAi~~er. Any forhearance by I.ender in exercising any right or rcmedy hercunder, or
otherwise afiordeci hy applicable law, shall not be a waiver ot or preclude the exercise of any such right or nmody.
Thr procorement of insuraoce or the payment of tates or other fiens or charges by I_ender shall not be a waiver nf L~n~r's
right t„ accelerate the maturity of the indebtednecs ~ecured h~~ thic Mortgage.
12. Remedies Cumulati~e. All remedies provided in this Mortgage are dislinct and cumulative to any olhtr right or
remeJp under this Martgage or afforded hy law or equity. and may be exercised concurrently, independently er successively_
13. Successors and Assigas Bonnd; Joint and Se.eral I.iabillty; Captions. The covenants and agreements herein
contained shall bind. and the rights hereunder ~hali im~re to. the respective succecsors and assigns of Lender and Borrower,
subject to the provicionc of paragraph 17 hereof_ All covenants and agreemenlc of Borrower~hall be jaint and several.
The captiuns and headings ot the paragraphc of thic Mortgage arc for convenience only and are not to be used to
in~erpret or define the provisions hereof. ~
14. Notice. Except for any notice required under applicable law• ta be given in another man~er, (a) any notice to
Borrow•er provided for in ~hic Martgage shall he given by mailing cuch notice by cerlified mail addressed to Borrower at
the Property Address or at such ~uher addrecs as Barmwer may designale by no~ice to I.ender as provided herein, and
(bl an~• notire to Lender sF:all he gi~~en by certifieJ mail, return receipt requected. to I.ender s address stated herein or to
euch other address as I.ender may designate by notice to Borrower as provided herein. Any notice provided for in this
~tortgage shall he deemed to havc been given to Borrow•er or l.cnder when given in the manner designated herein.
15. Uniform MorlRa~e; Governin~ Law; Sererabilify. Thit f.~rm of mortgage combines uniform covenants for national
use and n~~n-uniform covenant~ with limited variation~ h~• jurisd~ction to constitute a uniform security instrument covering
real property_ 'il~ic Mortgage shall be governed h}• the law• of the juritdiction in which the Property is located. In the
event ~hat any provision or clau~e of thic Mortgage .-r the 1`ote conflicts K•ith applicable law, such conflict shal) not aftect
other provisions of thic Mortgage or the Note vrhich can be given efTect without the confliding provision, and to this
end the provisions of the Mortgagc and ~he ?~otc are declarcd to he se~erable.
16. Borrower's Copy. Borrower shall be fornished a conformed copy of the No1e and of this Mortgage at the time
of execotion or after recardation hereof.
17. Tra~fer of the Pmperty; Assumption. If alt or anp part of the Property or an interest therein is sold or transferred
by Borrow•er without Lender's prior writtrn consen~, e~cluding (~1 ~he creation of a lien or encumbrance subordinate to
thi~ Mortgage. (b) the creation of a purchase money cecurity i~terest for household appliances. (cl a transfer by devise,
deccent or by operation of law upon the Jeath of a jaint tenant or (d1 the grant of any leasehold interest oE ~hree years or less
not containing an option to purchase, I_ender may, at [.ender'c option, declare all Ihe sums secured by this Mortgage to be
immediately due and payable. I_ender shall have waived such option to accelerate if, prior to the sale or transfer. Lender
anJ the person to whom the Propert~ is to be sold or transferred reach agreement in writing that the credit of such rson
Sc satisfactory ;f 1_ender ha~s w~~~~ h~~~~~~~ el~~~~~~~~in~~~~~~~N~~~~~~~~~~~~der
~11/~jEf~yfr/~ pt p paragraph 17, and if Borrower's successor in
interest hac executed a written assumption agreement accepted in wri~ing by I_ender, Lender shall release Borrower from all
obligations under this Mortgage and the Note.
If I.ender exereises si~ch option to accelerate. I.ender ~hall mail Borrow•er notice of acceleration in accordance with
paragraph 14 hereof_ Such notice shall provide a period o( not less than 30 days from the date the notice is mailed within
w~hich Borrower may pay the sums declared due. If Borrower fadc to pay such sums prior to the expiration of such period.
Lender may, without further notice or demand on Horrower, invoke an~ remedies permitted by paragraph 18 hereof.
Notv-UNIFORM COVEN~NTS. Borrower and l_ender further covenant and agree as follows:
18. Accelerat'an; Remedks. E:cept s~ prorided ia par~~aph 17 hereof. upon Borrawe~'s bresch of asy co~easet or
ag~eement of Borrorrer in t6is Mortgage. includirq~ the covenants to Psy when due aay snms secnred by tbis Mort=a~e, Leuder
prar to accekration shall mail notice to Borrower as pro~•ided in para~nph 14 hereof specifyia=: (1) tbe bnscb; (2) tbe scfbn
rcquired to cure such breach; (3) a date. not kss than 30 days from the date tbe notice is mdkd to domower, by w6k6 sac6
breach must be cured; aod (4) that failurt to cure such bresch on or betorr Ihe date speci6ed is tbe notke nsy radt ia
acceleration of tl~e sums secured by this Morlgaae, forecbsure by judkial proceedin` aad sak of tbe Propertr. 'Ibe aotkt
shall further inform Borrower of the right to reinstate after sccekration and the ria6t fo aeert fa tbe foreclosore pnrceedin~
the non-existcnce of a defauk o~ any other defense of Borrower to accekration and foreclowre. lf N~e brescb is not e~ed un
or before the date specified ia the notice. Lender at Lender's option may declart sll of the wms secured by tbb Mort~a~e b be
immediately due and payabk witbout further demand and msy foreclose thls Mort`s~e br jndkid proceedin`• I.ender s6aq
be eatitled to coUect in soch proccedln~ aq espeasa of foreclosurc. includfu=, bat aof limitcd ~o, reawaable aaor.eys fea,
and costs ot docnmentary erideoce, abstracts aad titk reports.
19. Borrowe~'s Ri~ht to Reinstste. Notwithstanding Lenders acceleration of the sums xcurcd by this Mortgage,
Borrower shall have the right to have any procadings Ixgun by Lender to enforce this Mortgage discontinued at any time
Addeoda~ to Para=rapr 15. The state and local laws applicable to this mortgage shall be the laws of the jurisdiction in
which the property is located. The toregoing sentence shall not limit the applicability o( federal law lo Ihis mortgage.
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