HomeMy WebLinkAbout0938 1_cnder's written agreement or applirable law. Bo~rawer shall pay the amuunt of all mortgage insurance premiums in thc
manne~ provided unde~ paragraph 2 hereof.
Any amounts disbursed by I.enJe~ pursuant to this paragraph 7, wi~h intecest thereon, shall bccomc additiona)
indebtedness of Borrower secured by this Mortgage. Unless Borrower and l.enJer agne to other terms of payment, such
amounts shall be payable upan naice from l.ender ~a Borrow~er requesting payment thereof, and shal) bcar intcrtst fmm the
Jate of disbursement at thc rate payable trom time ta time on outstanding principal under thc Notc unlesc payment of
intercst at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate
permiuible under applicable law. Nathing contai~ed in this paragraph 7 shall require I.e~der to incur any expense or take
any action hereunder.
8. IaspecHon. [_ender may make or cause to be made reasonable emriec u~n and insp~ctions of the Property, provided
that Lender shall give Borrawer notice prior to any such inspection speciiying rcasonable cause therefor related to I.ender's
interest in the Property. •
9. Coudemnatbn. The proceeds of a~y award or claim for damaees, Jirect or consequential, in cannection with aoy
condemnation or other taking of the Propeny, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned
and shall be paid to Lendcr.
in the event of a total taking of the Pmperty, the proceeds shall he applied ta ~he sums secured by thic Martgage.
with the excess, if any, paid ta Borrower. In ~he event of a partial taking af ~he Property, unle~, Borrower and i.ender
o~herwise agree in writi~g, 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 cecured by this hlortgage 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 halance of the proceeds
paid to Borrower.
tf the Property is abandoned by Borrower, or if, after notice by I.ender ta Borrower that the condemnor ofiers to make
an award or setlle a claim for damages, Borrower fails to res~nd to I.ender within 30 days a(ter the date such notice is
mailed, Lender is authorized to collect and apply the proceeds, at i.ender s op~ion, either to restoration or repair of the
Propeny or to the sums secured by this Mortgage. .
Unless I.ender and Borrower otherwise agree in writing. am• such application of proceeds to principal shall not extend
or postpone the due date of the monthly installmenls referrcd to in paragraphs 1 and 2 hereof or changc the amou~t of
such installments.
10. BorrowsY Not Relessed. Extension of the time for payment or mcxiification of amortization of the sums securcd
by this Me+tigage granted by I_ender to any successor in interest of Borrow~er shall not operate to release, in any manner,
the liability of ihe original Borrower and Borrower's surcesscus in interest. Cender shall not be required to commence
proceedings against such successor or refuse to extend time for payment or otherv?•isc modify amortization of the sums
secured by this Mortgage by mason of any demand made by the ori¢inal Borrower and Borrower s suceessorc in interest.
11. For6earance by Lender Not a Wsiver. An~• farbearance hy l.ender in exercicing any right or remedy hereunder, ar
otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of tares or other liens or charges by i.ender shall not be a w•aiver of Lender s
right to accelerate the maturity of the indebtedness ~curcd hy thic INortgage.
12._ Remedies Comulatire. All remedies prrn~ided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afiorded by lavv or equity. and ma}• he exercised concurrently. independently or successively.
13. Snccessors and Ass~ns Bound; Joint and Se~eral i.iability; Captions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to, the respective succecsors and assigns of Lender and Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several.
The captions and headings of the paragraphs 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 required under applicable law~ to be given in another manner, (a) any notice to
Borrower provided for in this Mortga¢e shali be given by mailing such notice by certified mail addressed to Borrow•er at
the Property Address or at such other address as Borrowcr may designatc by notice to I.ender as provided herein, and
(b) any notice to Lender shall he given hy certified mail, retum receipt requested. to I.ender s address stated herein or to
such other address. as I.ender may designate by notice to Borrow~er as pro~•ided herein. Any notice provided for in this
Mortgage shall be deemed to have been given ta Borrower or Lender w~hen given in the manner designated herein_
15. Uniform Mortgage; Govemin~ Lsw: Se~erability. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to constitate a uniform security instroment covering
j real property. This Mortgage shall be governed b}• the law of the jurisdiction in which the Property is locared. In the
` event that any provision or clause of this Mortgage ar the Nbte conflicts w•ith applicahle law, such conflict shall not affect
~ other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this
end the pravisions of the Mortgage and the Note are declared to be severable.
16. Bomower's Cbpy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
i of execution or after recordation hereof_
' 17. Tnnsfet of t6e Propertv; Assumption. if all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written consent, excluding (al ihe creation of a lien or encumbrance subordinate to •
this Mortgage. (b) lhe creation of a purchase money security interest f~r househoid appliances, fe) a transfer by devise.
descent or by operation of lavv upon the cieath of a joint tenant or (d~ the grant of an}• leasehold interest of three years or less
not containing an option to purchase, Lender ma}•, at Lender's option, declare all the sums secured by this Mortgage to be
immediately due and payable_ Lender shall have w-aived such option to accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is to be so1J 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
chal) request. If Lender has waived the option to accelerate provided in this paragraph i7, and if Borrower's successor in
interest has executed a written assumption agreement accepted in writing by Lender. [_enJer shall release Borrower from all
obligations under this Mortgage and the Note.
If Lender exercises such option to accelerate. I_ender 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 Borrower may pay the sums declared due. If Borrower fails to pay such sum: prior to the expiration of such period,
I.ender may, without further notice or demand on l3orrow•er, invoke am~ remedies permitled by paragraph 1 R hereof.
~ NoN-UtviFORt~t Coverv~xTS. Borrower and Lender further covenant and agree as follows:
~ 18. Acceleratioe; Remedies. Except ae provided in paragraph 17 hereof. upon Borrower's breach of any covenant or
~ agreemeat of Bormwer in this Mortgage, inclnding tlu coverwnts to psy when due any snms secnred by this Mortgage, Lender
prfor to acceleratioo shaU msU noSce to Borrower as provided in paragnp6 14 hereof specNying: (1) t6e breacl~; (2) t6e action
~ reqoirrd to cnre snch brescb; (3) a date, not less than 30 days from tbe da~e the aotice ia mailed to Bormwer, by which soc6
brrach most be cored; and (4) that fallurc to cun such breach on or before the date specified io the notke may resalt ia
" accekration of t6e sums aecured by ihi~ Mo~age, foreclosure by judkial proctediag aad sale of t6e Property. 'Ibe aotlce
s6a11 Port6er inforat Borrower of t6e ri6ht to rciastate dter sccekration and ti~e rig6t to a~ert ia the foreclosure procecdtng
the non-exkteoce of a defauk or nny other defe~se of Borrower to acceleration and foreclosvre. If the brcach is not enred oa
or before tbe date spedfied in t6e ootice, Lender at Leader's option may declue all of tbe suu~s secured by thts Mortgage M be
immedhtely dne aad payable r?it6odt fnrtber demaad and may foreclose this Morigage by judicW procecdL~. Lender shall
be entifkd to colket in soc6 proceedlu~ aD e:peoses of foreclosnre, including. but not limited to, reasonsble attorney's fees,
aod cosb of documeotary erfdence, abstracts and titk reporta.
19. Borrower's Ri66t to Reiost~e. Notwithstanding Lender s acceleration of the sums secured by this Mortgage,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage diuontinued at any time
~'~oK 291 PAI;E 930
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