HomeMy WebLinkAbout0610 I_ender's written agrecment or applicable law, Borrow•er shali pay the amount of all mortgage insur~ncc prem~yrts in the
manner provided under paragraph 2 hercof. '
Any amounts disbursed by Lender pursuant to this paragraph with intercst thereon, shall become additional
indebtedness of Borrow•er secured by this Mortgage. Unless Borrower and I.ender agree to other terms af payment, such
amounts shall be payable upo~ no~ice from l.ender to Borrower requesting payment thereof, and shall bear interest from the
date af disbursement at the ratc payabJe from time ta time on outstanding principal under the Note unless payment of
i~terest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate
permiuible u~der applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder.
8. Inspecttoa. i.ender may make or cause to be made reasonable entries upon and inspections of the Properly, provided
that Lender shall give Borrower notice prior to any such i~spection specifying reasonable cause Iherefor related to Lende~'s
interest in the Propeny. ~
9. Condemnatbn. The proceeds of any award or claim for damages, direct or consequential, in connection with any
condemnation ar other taking of the Property, or patt thereoE, or for co~veyance in lieu of condemnatioo, are hereby assigned
and shall be paid to ~Lender.
tn the event of a tota) taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage.
with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender
othen~~ise agree in writing. there shall be applied to the sums secured by tfiis Mortgage such proportion of the proceeds
as is equal to that praportion 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 prior to the date of taking, with the balance of the proceeds
paid to Borrower. ~
If the Property is abandoned by Borrower, or if, after notice by Lender to Barrower that the condemnor offers to make
an award or settle a claim for damages, Borrower fails to respond to I.ender within 30 days after the date such notice is
mailed. Lende~ 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 this Mortgage.
Unless Lender and Borrower otherwise agree in w•riting, any such application of proceeds to principal shall not extend
or postpone the due date of the monthly inetallments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by Lender to ~+ny successor in interest of Borrov?•er shall not operate to release. in any manner,
the liability af the original Borrower and Borrower's successc~rs in interest. Lender shal) not be required to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums
serured by thic Mortgage by reason ot any demand made b~ the original Borrower and Borrowers successors in interest.
ll. Forbearance by Lender Not a R'aiver. Any forhearance by I_rnder in exercising any right or remedy hereunder, or
otherwise afio~ded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy_
The procuremeot of insurance or the payment of taxes or other liens or charges by Lender shall not be a w~aiver of Lender
s
right to accelerate the maturity of the indebtedness secared hy this Mortgage._ -
l2. Remedies CumulaHve. All remedies provided in this I?lortgage are distinct and cumulative to any other right or
remedy under this Mortgage or af~orded by law or equity, and may be exercised concurrently, independentl~ or succeuively.
13. S»ccessors and A~as Bound; 7oint and Se~•eral i.iability; Captions. 'il~e covenants and agreements herein •
contained sha11 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 covena~ts and agreemeots of Borrower shatl be joint and several.
E 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.
P 14. Notice. Except for any notice required onder applicable law• t~ 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 addressed to Borrow~er at
the Property Address or at such other address as Borrower may designate by notice to I_ender as provided herein, and
~ (bl an~• notice to Lender shall be given by certified mail, return receipt requested. to I.ender s address stated herein or to
such other address as Lender may designate b~• notice to Borrower as provided herein. Any natice provided for in this
~ Mongage shall be deemed to have been given to Borrower or [_ender when gi~en in the manner designated herein.
~ l5. Uniform Mortgage; GoverninR LaN; Severability. This form of mongage combines uniform covenants for national
~ use and non-~iniform covenants with limited variations by jurisdiction to constitote a uniform security instrument covering
real property. 1 his Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. 1n the
~ event that any provision or clause of this ~tortgage or the Note conflicts with applicable law, such conflict shall not affect
~ other provisions of this Mortgage or the Note which can be given efiect 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 furnished a conformed cop}~ of the Note and of this 111ortgage at the time
~ of execution or after recordation hereof.
~ 17. Transfer of the Property: Assumption. If all or an~• part of the Property 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
this Mortgage. (b) the creation of a purchase money security interest for household appliances. (c) a transfer b}~ 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 option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be
immediately due and•payable. Lender shall 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 soms secured by this Mortgage shall be at soch 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 written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all
~ obligations under this Mortgage and the iVote.
_ if Lender exercises such option to accelerate, l.ender shall mail Borrower notice of acceleration in accordance with
::a paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
r wh'ich Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period.
;x Lender may, without further notice or demand on Borrow~er, im•oke any remedies permitted by paragraph 18 hereof.
_ NoN-Utv~FOtcHt CovEx~NTS. Borrower and Lender further covenant and agree as follows:
= 18. Aeceleratbn; Remedks. Except a6 provided in paragrap6 17 hereof, npon Borrower's brcac6 of any covenant or
agrcemeot of Borrower in t6Ls Mortgage, including the covenants to pay when dne aay snms secnred by t6k Mortgage, Lender
~ prbr to accekration sball mail notice to Borrower as provided in paragraph l4 hereof specifyeog: (1) the breach; (2) tbe action
rrqaired to cure socb breacb; (3) a date, not fess than 30 days Erom t6e date the notice is mailcd to Bon+uwer, by w6kh snc6
` breach must 6e cured; and (4) that failure to cnre such breach on or before tbe d~e specH'ied io ihe notice msy resWt ju
accekration of the amns secnred by t6fs Morfgage, foreclosurc by jodicial proceedia= and sale of the Property. 'il~e nMlce
s6a11 further inform Borrower of tbe right to niastste after scceleration and the right to assert in the foreclosure proceeding
the non-exfstence of a default or aay other defense of Borrower to accelerstion and foreclosure. If the bresch is not cured on
or 6etore We date specified la tbe aotice, Lender at Leoder's option may declare all of the snros secnred by thL4 Mort=qe b be
immedlatdy due and payabk without furt6er demand and may foreclose this Mortgage by judkial proceediu~. Leader shall
be endtled to coUect M such proceeding all e:peoses of foreclosure, including, bnt not limited to, nawnabk attorner's fas,
and costs of docnmentary evideace, abstracts and titk reports.
=3 19. Borrower'a Rlght to Reinstata Notwithstanding Lender's acceleration of the sums securcd by this Mortgage,
~i Bonower shall. have the right to have hny proceedings begun by Lender to enforce this Mortgage discontinuod at any time
.
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