HomeMy WebLinkAbout0939 l.ende~'s written agrcement or spplicable law. Borrowe~ ahdl pay ihe amouot of all mortgage insurance premiums in the
:
manne~ provided under pa~ag~aph 2 heceof.
Any amounts disbursed by t_ender pursuant to this paragraph 7, with interest thereon, shall became additional
inJebtedncss of Borrower sccured by this Mongage. Unless Borrower and t_cnJe~ agrec to othcr terms of payment. such
amounts shall be payable upon notice from I.cndc~ to Borrowcr requcsting payment thereof, and shall bear interest from the
date of disbursement at the rate payable from time to timc on out:tandina prineipal under the Note u~less payment of
interest at such rate would be cont~ary to applicable law, in which event such amounts shall bear inte~est at the highest rate
permissibk under applicable law. Nothing contained in this paragraph 7 shall require Lende~ to incur any expense or talce
any action hcrcunder. ;
8. IaspecHoa. Leoder may make ar rausc to be made reasonable enlries u~n and inspections of the Property. provided ;
that I.ender shall give Borrower notice prior to any such inspectian specifying reaumable cause therefo~ related to i.ender'a =
~
intcrest in 1he Propeny.
9. Coademaatbn. The prc~ceeds of any award o~ claim for damages, dircct or conuquential, in connectio~ with any
co~demnation ar other taking of the Property, a~ pan thereof, or for conveyance in lieu of condemnation, are hereby assigned ;
and shall bc paid ta l.cnder. ~ ~
in Ihe event of a total taking of the Propcrty. the prcxecJs chall bc applied to Ihe sums securcd by this Mortgage.
with the crccss, if any, paid to Bor~ower. in thc event of a partial taking af the Praperty, unlecs Borrower and L.ender {
otherwise agree in writing. therc shall be applied to the cums secureJ hy thic Mortgage such proportion of the procceds s
as is equal ta that proportion which the amount of the sumc tiecured hy this Mortgage immediately prior to ihe date of
taking bears to the fair market value of the Property immediately prior ta the Jate of taking, with the balance of the proceeds
paid ta Borrower. ~
if the Property is abandoned by Borrower, or if, after notice by 1.ender to Borrower that the condemnor ofiers to malce ~
an aw•ard or seltle a ctaim for damages, Borrower fails to re~pond to t.ender within 30 days after the date such notice is :
mailed, Lende~ is authorized to collect and apply the procecds. at i_ender s option. either to restoration or repair of the :
Property or ta the sums secured by this Mongage. _ _
Unles~ Lender and Bormwer otherwice agree in H•riting. an}~ such applicatian of proceeds to principal shall not extend i
o~ postpone the due date of the monthly installmcnts rcferred ta in paragraphs 1 and 2 hereof or change ihe amount of
such installments.
10. Borrower Not Rekased. Extcnsion of the time for payment or modification af amortization of the sums secured
by this Martgage granted by Lender to any ~uccessor in interest of Borrower shall nol operate to rclease. in a~y ma~ner,
the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to comnxnce
proceedings against such successor or refuse to extend time for payment or othenvise modify amartization of the sums
secured by this Mortgage by reason of any demand made bp the ori¢inal Borrow~er and Borrower s successors i2interest.
11. For6earaace by Lender Not a Waiver. Any forbearance b~• Lender in exercising any right or remedy hereunder, or ;
otherwise aPiorded hy applicable law, shall not he a waiver o[ or preclude the exercise of any such right or remedy. ;
The procurement of insurance or the payment of ~axes or other liens ar charges by I_ender shall not be a waiver of Lender's '
right to accelerate the maturity of the indehtedness secored hy thic Mortgage.
12. Remedies Cumulati~e. All remedies pro~•ided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afiorded hy law or equity, and ma}~ be exercised concurrently. independently or successively.
13. Saccessors and A~ns Bound: Joint and Se~•eral I.iaM'iify; Captbns. 'T1~e covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower,
subject to the provisions of paragraph 17 hereof. All covenams and agreements of Borrower shall be joint and several.
The captions and headings of the paragraphc of this Mortgage are for convenience only and are not to be used to
interpret or define the provisions hereof.
14. Notice. Except for any notice reyuired unckr applicable ~lave to be given in another manner, (a) any notice to
Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addrested to Borrower at
the Properiy Address or at such other add~ess as Borrower may designate by notice ta i.ender as provided herein, and
(b) any notice to Lender shall be given by certified mail, rcturn receipt requested, to I.ender s adJress stated herein or to
such other address as Lender may designate by notice to Bormwer as provided herein. Any notice provided for in this ~
' Mortgage shall be dcemed to have been given to Borrower or Lender when giveo in ihe manner designated herein. e
~ l5. Uaifo~ Mort~s~e: Governiu~ Iaw; Severabilit.v. This form of mortgage combines uniform covenants for national ?
{ use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrume~t covering
~ real property. This Mortgage shall tse governed hy the law of the jurisciiction in which the Property is located. In the
event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affoct
other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this
end thc provisions of the Mortgage :.nd the Note arc Jeclared to he severable. -
` 16. Borrowe~'s Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. Transfer of t~e Property; Assumption. If alf or any part of the Pmperty 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
thic Mortgage, (b) the creation of a purchase money security~ interest for household appliances. (c) a transfer by devise,
descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less
not containing a~ option to purchase. Lender may, at Lender s option, dea:lare a!I the sums secured by this Mortgage to be
immediately due and•payable~" Lender shall have waived u~ch option to accelerate if, prior to the sale or transfer. I.ender
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 I.ender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
ch:sll request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
:nterest has executed a written aasumption agreement accepted in writing by [xnder, Lender shal! release Borrower from all
• ti!igations under this Mortgage ae~d the Note. ~
If Lender exercises such option to accelerare. Lender shall mail Borrower notice of acceleration in accordance with
aragraph 14 hereof. Sueh notice shall provide a period of not less ihan 30 days from the date the notice is mailed within _
tii -h Bormwer may pay the sums declared due. if Borrower fails to pay such sums prior to the expiration of such period.
~ ~~J~r may, without further notice or demand on 13orrower, invoke any remedies permitted by paragraph 18 hereof. ; ~
_
Notv-UxtfoRt~t CovErt~rrrs. Borrower and Lender further coveoant and agree as follows: .
~ 18. Accekiatio~: Remedies. E:cept as pmvided In p~raRrapb 17 bereot, epon Borruwe~'s breac6 of soy co~eaaat or :
~ agreement of Eorrower ie tl~ Mai~a~e, inclodia~ tbe coveaa~s to pay wbeo doe any sa~ secored bp t6is Mort6aLe+ Leoder :
~ Prior to accekrstbe s6aH mail ootice to Sorrower u pmvWcd in ~rap6 14 bercot specif~: (1) tbe bescb: (2) t6e setion
~ rcquired b c~u+e soc~ breac6; (3) a date, not less t6an 30 daps fmm tbe date t6e ootice k ma~ed to Eorrower. by wtiicM s~
~ breach mast be core~ aad (4) t6at fdlure to cure snch breach oa or befors tbe date specii~d b tbe ootice ms~ raott in
~ accekratioe ot tre soms aecored by tbb Mortaa6e, foreclowre by j~dkial proceedia~ aad de of t6e Properly. 'Itie ootke .
shnU fnrtber iaEora~ Dorrower of tbe ri~W to rein~tste dter accekratioe a~d t6e ri66t to a~sert i~ t6e forecloc~re pneeed~[
tbe nos-existcoce d a defadt or my other deftose of Borrower to sccelsratioa s~d foreclowre. If tbe bresc6 b eof cmd oa
_ or bd'ore tLe da~e speciie~ i~ tbe ootlce. Leeder at I.eodc~s optioo m~ dechte aY ot the sems sec~rcd by tl~b Mwt6a~e b be
irornedistdy dc: asi p~yabie wit~oot fart6er demsnd aod may forcclose tbb Mort~e by jndicW Procec~• u°~ ~
be eotitled to coDeet i~ we6 troceediu6 all ezpeosa ot Eorcclosnro, i~clodia~, b~t ~ot ifeitd to, r+ea~ooabk attor~e~'s ias,
aod coWs ot doc~reotary e~idcwce, sbdracb sad titie reporb.
19. dormwer's Ri~t to Rde~tate. Notwithstanding Lender's accekration of the swas secured by this Mortgsge.
Borrower shall 6ave the rig6t to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
BOUK ~VS PAGE 9~