HomeMy WebLinkAbout0855 Lender's written agrerment or appli~;~hle law~. BorroHCr shall pay the amount o( all mongage inwrance premiun~s in the
manner provid~d under paragraph 2 he~eof. ,
Any amounts dishuned by l.ender pursuant to this p~ragraph 7, with interest thereon, shall beqa~}y~,~dditianal
inJebtedncss of Borrow~er secured by this Mortgage. Unless Borrowe~ anJ [_~nJer agrce to other terms af payment, cuch
amounts shali be pa}~able upan notice fmm Lender to Borr.~wer requesting pa~~ment thereof, and shall hear interest from the
date of disbursement at thc rate payable from time to time on outstanding principal under the Note unless payment of
interest at such rate would be contrary to applirable law, in x~hich event cuch amou~ts shall t~ear interest at the highest rate
permissible unde~ applicable law~. • Nothing contained in this paragraph 7 shall require i.ender to incur any expenu or take
any action heteu~der.
8. It~spectioa, t.ender may makc or cause to be made reasanable entriec upon aod inspections of the Property, provided
that I.ender shal) give Borrower notice prior to any such inspection specifying reasonable cause therefor related ta Lender's
interest in thc Property.
9, CondemaaNon, 'Tl?e proceeds of any aw~ard or claim for damages, direct or consequentiai, in con~ectio~ a•ith any
condemnation or other taking of the ProE.erty, ar part thereof, or for conveyance in lieu of condemnation, are hereby assigned
and shall be paid to Lender.
in the event of a total taking af the Property, 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 tai:ing a( the Property, unless Borma~er and Lertder
othervvise agree in writinR. ther+e shall be applied to the cums secured by thic Mortgage such pmportion af the procetds •
as is equal ta 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 priar to the Jate af taking, with the balance of the proceeds
paid to Borrower.
If the Property is abandoned by Borrow~er, or if. after notice by I_ender to Borrower that the condemnor offen ta make
an award or settle a claim for damages, Borrower fails :o respand to I_ender within z0 da~~s after the date such notice is
mailed. Lender is authorized to collect and apply the proceeds, at I.ender's option, either to restoration or repair of the
Propeny or to the sums secured by tfiis Martgage.
Unless Cender and Borrower otheru•ice agrec in writing. any such application of p~oceeds to principal shall not extend
or postpone the due date of the monthl~• installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments. •
t0. Borrower Not Released, Extensian of the time for payment or modification of amortization of the sums ucured
by this Mortgage granted by 1_ender to any successor in interest of Borrower sfiall not operate to release, in any manner,
the liability of the originai Borcower and Borrower's suc~essors in interest. I.ender shall not be reqoired to commence
praceedings against such successor or refuse ta extend time for payment or othervvise modify amortization of the ~ums
secured by this Mortgage bp reason of ant• demand made h~• the ori.eina! Borrower and Borrower s successors in interest:
1l. Forbesranee by Lender Not a Wai~•er. Any forbearance by I.ender in exercising an}• right or remedy hereunder, or
othenvise efforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
'i~e procurement of insurance or the payment of taxes or other tiens or charges by I_ender shalt not be a«aiver of Lender's
right to accelerate the maturity of the indehtedness secured h~~ thic.Mortgage.
l2. Remedies Cnmulative. All remedies pr~.•ided in this 1?iortgage are distinct and cumulative to any other right or
remedy under this Mortgage or aftorded hy law or equity, and may be exercised concurrently. independentty or successi~ely.
13. Saecessors and Assigies Bound; doint and Se~eral t.iabitity; Captions. The covenants and agreeme~ts herein
contained shall bind, and the riRhts hereunder shal! imire to, the respective successors and assigns of -Lender and Borrower,
subject to the pr~visions of paragraph 17 hereof. All covenants and agreements of Borruwer shall be joint and several.
The captions and headings of the paragraphc of this Mongage are for convenience onl~~ and are not to be used to
interpret or define the provisions hereof. ~
14. Notict. Except for any notice required under applicable law to be given in another manner. (a) any notice to
Borrower provided for in this Mortgage shall be given by mailing tuch notice b}~ certified mail addressed to Borrou~er at
~he Property Address or at such other address as Borrower ma}~ designate by notice to t.ender as provided herein, and
(b) any notice ro i_ender shall be given b}• certified mail, retum receipt requested. to I.ende~ s address stated herein or to
such ather address as Lender may designate by~ notice to Borrower as provided herein. Any notice provided for in this
; Mortgage shall be deemed ro have been given to Borrov?•er or Lender v?•hen given in the manner designated herein.
1S. Uniform 11to~tga~e; Go~ernin~ Law; Se.erabilit}•. This form of mortgage combines uniform covenants for national
use and noo-uniform covenants w•ith limited variations b~~ jurisdiction to constilute a uniform security instrument covering
r~ea) property. This Mortgage shall be governed h}• the la~v of the jurisdiction in which the Property is located. In the
event thal any provision or clause of this Mortgage or the NMe conflicts H•ith applicable law, such conflict shall not afTect
other provisions of this Mortgage or the IYote w~hich can be given efTect without the conflicting pmvision, aad to this
end the provisions of the Mortgage and the tiote are declared to be severable.
16. Borrovrer's Copy. Borrow~er shall bc furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
~ 17. Transfer of fbe Propert~; Assumption. if ali or am~ part of the Property or an interest thereirt is sold or trancferred
by BorroKer without Len@er's prior writtei~ consent, exciuding (a1 the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a purchase money securitp~ interest for household appliances. (cl 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 an optian to purchase. Lender may; at Lender's option, declare all the sums secured by this :Nortgage ta be
immediately due and payable. Lender shal! have waived such option to accelerate if. prior to the sale or transfer. Lender
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 Lender and that the interest payable on the sums secured by this Mongage shall be at such rate as Lender
shall request. If Lender has waived the option to accelerate provided in this paragraph 17. and if Borrower's successor in
interest has executed a wtitten assumption agreement accepted in writing by Lender, Lender shall release Borrower from all
obligations under this Mortgage and the Note_
_ • if Lender exercises such option tz~ accelerate. I.ender ~hall mail Borrower notice of acceleration in aceordanee with -
paragraph 14 hereof. Such notice shall provide a period of nat less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. if Borrower fails to pay such sums prior to the expiration of such period,
I.ender may, without further notice or demand on ~3orrower, invoke an~• rcmedies permitted by paragraph lA hereof.
I~Fox-UN~FOxst Covex~tvTS. Borrower and Lender further covenant and agree as follows:
18. Accelerstbn; Remedies. E:cept ais providcd in pa~raph 1~ hereof, upon Borrowe~'s breac6 of aay coveoant or
agreemcnt of Borrower in fhis Mortga~e. inrludir~ t6c covenants to pay vohen due any sums secured by this Mortgage, Lender
prior to accekntion sball mail notice to Borrower as provided in pa~graph 14 hereof spccifyiag: (1) tde bnach; (2) tbe actioa
required to core soch braic6; (3) a date. not les than 30 days fwm the date the notice is maikd to Borrower, by w6ic6 sucb
breach m~d be cnnd; and (4) that failnre to cnre snch breach on or beforc tl~e date speciRed ie t6e notke may rssn)t in
acceleratjon of t6e sums secarrd by W~S Mortgage, foreclosure by judicia! procecdiog aod sak of the Property. T6e natke
s6ap further inform Borrower of the right to rcinstafe dter accelcration aad the rfg6t to ~ssert in t6e foreclosure praceeding
the oon-ez~eace of a de[aolt or ~nny other defe~e of Borrower to accelerntion ~nd foreclosnre. If the bresch is not cnred on
or befon tbe date specified in t6e notke, I.ender at Lende~'s option may daclare aD of the sn~ sec~red by thk Mortga~e to be
immediately due and payabk without further demand and may foreclose tbis Mortgage by jndkW proceediua. Lender shalt
be eotitkd to colkct in snch proceedi~ ail e:peosts of forectosure~ inctuding. but not Hmited to, reasonabk attoroey's fea,
and ca~ts of documentary evidence, abstrscts and titk rcporta. .
l9. Borrower's Wg61 to Reinttate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage,
- Bonower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
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