HomeMy WebLinkAbout0963 Lender'a written agreement or applicablC law. Borrower ahall pay the amount of all mort~a~e insurance prcmiums in the
manner provided unde~ pa~a~raph 2 heroof.
Any amouots disbuned by Lender pursuant to this paragraph 7, with intercst thercon, shall become additional
incieb~edneu of Borrower securcd by thia Mongage. Unless Borrowe~ anJ Lenckr agrce to other ternu ot payment, such
amounts shall be payable upon notice trom I.ender to Borrower requesting payment thcreof, and shall bea~ interest trom the
date ot d'ubursement at tha rate payabk from time to time on out~tandi~g principal under the Note unleu payment of
interest at such rate would be contrary to applicable law, in which eveof such unount~ shall bear i~terest at the highast nte
permis~bk under applicah~ law, Nolhing contained in this psragraph 7 shal! rzquire I.tn~r to incur any expenye or take
a~y action hereund~x.
S. IapeeNoa. Lender may make or cau~ to be made reasooable entries upo~ and inspections of the Properiy, providcd
lhat Lentkr shall give Borrower notice prior to any such inspectio~ specitying reasonable cause therefor rclated to Lender's
interest in the Property.
9. Condemsatbs. The proceeds of any award or claim for damages, diroc~ or consequential, in connection with ar~y
condemnation or other taking of the Property. or part thereof, or tor conveyance in lieu of condemnation, arc hereby assigned
and ahall be paid to Lender.
In the event of a total taking of the Property, the proceeds shall be applied to the sums securcd by this Mortgage,
with the excess, if any, paid to Bo~rower. in the cvent of a partial taking nf the Property. unless Borrower and Lender
otherwise agroe in writing, therc :hall be applied to the sums secured by this Mortgage such proportion of the prooeeds
as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of
taking bears to the ttir market value of thc Property immediately prior to Ihe date of taking, with the balancc of the proceeds
paid to Borrower.
If the Property is abandoned by Borrower, or if, after notice by l~nde~ to Borrower that the condemnor offen to make
an award or settle a claim for damages, Borrower fails to respemd to Le~der within 30 days atter the date such notict is
mailed. I.ender is authoriud to collect and apply the proceeds, at I.ender's option, either to rcstoration or ~pair of the
Propeny or to the sums securcd by this Mort~tage.
Unless Lender and Borrower otherwise agree in writing, any such applicatian of proceeds to principal shall not exteod •
or postpone the due date of the monthly installments referred to in paragraphs I and 2 hercof o~ change the amou~t of
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10. Eorrower Not Reka~ed. Extension of the time for payment or modification of amortization of the sums securcd ~
by this Mortgage ~ranted by Lender to any successor in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Borrower's successors in intercst. Lender, shall not be required to commence
procoedings agAinst such successor or retuse to extend time for payment or olherwise modify amartization of the sums
secured by thi: Mongage by reason of any demand made by the original Borrower and Borrower'a successors in intercst.
l l. Fonearaace by i,~ader Not s R'oiver. Any forbearance by Lender in exercising any right ar remedy heramder, or
otherwise aRarded by applicable law. shall not tx a waiver of or preclude 1he exercise of any such right or nmedy.
The procurement of insurance or the payment of taxes or other liens or charges by I_ender shall not be a waiver of i.ender's
right !o acceleta~t ~he maturity of the indebttdness ~ecured hy this Mortgage. '
l2• Remedks Caa~nhfhe. All remedies pmvided in this Mortgage arc distinct and cumulative to any othtr right or
! remeJy under this Mortgage or afiorded by law or equity, and may be exercised concurrcnUy, independendy or succ~eessivdy_
13. Soccessors and ps~i~as gouad; Joinl aad Severd I.iabilNy; Csptions. 'fhe covenants and agretmeots hercin
contained shall bind, and the rights hercunder shall inure to, the respective successors and assigns of Lender and Bortnwer.
subject to th~ provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and xvenl.
71~e captions and headings of~ the paragraphs of this Mortgage are for convenience only and ane not to bt used to
interpret or define the provisions hereof.
14. Notke. Except for any notice rcquired under applicable law to be given in another manner, (a) any notice to
! Borrower provided for in this Mongage shall be given by mailiog such notice by certi8ed mail addressed to Borrower at
~ the Property Address or at such other address as Bormwer may designate by no~ice to I.ender as provided herein, and
~ (b) any notice to Lender shall be given by certified mail, return receipt requested. to l.ender s adJress stated hercin or to _
such other addrcss as Ixnder may designate by notice to Borrower as provided herein. Any notice provided for in this
~ Mongage shall be deemed to have been given to Borrower or I.ender when given in the manner designated hercin. '
~ 1S. Uniform Mort~a~e; Governin~ Lw; SeverabHlty. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by juriuliction to constitute a uniform security, instrument covering
~ rcal property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the
F event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict xhall aot affoct ~
~ other provisions of this Mortgage or the Note which can be given efTect without the conflicting provision, and to this
~ end the provisions of the Mongage a~d the Note are declared to be severable.
! 16. Eomnwe~s Copy. Borrower shall be furnished a conformed copy of the Note and of this I?iortgage at the time
~ of execution or after recordation hereof.
~ 1?. Transfer of tre Properly; Assumption. 1f all or any part of the Property or an interest therein is sold or transfernd ~
by Borrower without Lender's prior written consent. excluding (a1 the creation of a lien or encumbrance subordinate to ~
~ this Mortgage, (b) the creation of a purchase money xcurity interest for household appliances, (c) a transfer by devise,
descent or by operation of law upon the death of a joint tenant or (d1 the grant of any leasehold intercat of three yean or kss ~
i not containing an option to purchase, I_ender may, at [.ender's option, declare all the sums securcd by ihis Mortgage to be
! immediately due and payable. Lender shall have waived s~~ch option to accelerate if, prior to the sale or transfer, l.ender ~
{ and the person to whom the Property is to be sold or transferred reach agreement in writing that tt~e credit of such person
E is satisfactory to I.ender and that the interest payable on the sums xcured by this Mortgage shall be at auch rate as L.ender $
M shall roquest. if I_ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in ;
i interest has executed a written assump~ion agreement accepted in writing by IxnJer, Lender shall release Borrower from all ~
` obligations under this Mortgage and the Note. ~
i If Lender exercises such option to accelerate. (_enJer shall mail Borrower notice of acceleration in accordance with
~ paragraph 14 hereof. Such notice shall provide a period of not lus than 30 days from the date the notice is mailed within ~
~ which Borrower may pay the sums declared due. If BorroNCr failc ro pay such sums prior to the expiration of such period.
' Lender may, without further notice or demand on 13orrower, invoke any remedies permitted by paragraph 18 hercof. ~
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Nox-UxiFORt?t CoveNetvTS. Borrower and Lender further covenant and aRrre as follows: ~
I8. Accekratbs; Rea~edks. Fa~cep as provided ia P~rs~npb 17 hereo~~ D~Op HO~ONt~! bfl~tb Of !~y M~'tailll O~ ~
a`reemeat ot Eorrower in t6h Morf~a`e, lncludfna t6e covensMs to pay ~vvhen dne aey se~es secnred by tbk Morl~a~e, L~er ~
prbr to acceleratba s6tl! ma8 nodce to aorror.er as provldcd in pars`rapb 14 hereot apecN~: (1) tbe b~eacl~; (2) tre actjo~ ~
rsquired to core wcb brescb; (3) a dste, not le~s t6an 30 days trom the date the notke i~ mdkd to ~r+owet, ~ wbicr s~ei ~ :
bfe~ch a4aR be cored; sod (4) t6st hilart to cure sach breacb on or before the date specf8cd ~ t6e ootice my r~ ~ i
~~r.~o. oc ~ ..~..e~~a ~ wd Mo~~, ro~~,n ~ j~w ,aa ,ak or ~~ry. ~[t~ .oa~e =
s6~1 furtber inform Eorrower oE tbe ri~~ to rcln~tate dler sccekratloa and tLe rij6t lo a~sert ia tLe [oroclosu+e N+uceedb~ `
' tbe nos-ezielence ot a detaek or ~r otber detense ot Borrower to accekration and foreclowre. If the breseM is oof ctred o~
or belore t6e dste spal8ed ia tbe nMke. Lender d Lendsr's optbn wy declane a8 of the sa~s ~red by tr4 Mort~a~e b be ~
immedhtdy dne aod p~rabie wklaat turt~er demand and may foreclwe d~ Morfia~e bp judkW Proceed~• I.e~er ~YaO
be eatltled to cdket ~ wc6 proce~din~ a0 espe~ea of toreclos0re, includin~. b~t aot Wnited to, rearooabk attor~eYs tees. ~
aed cods ot docao~eatary e~ideece, a6stracb asd Wk reporb. ~
19. dorrower's Ri~6t to Relrtate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage, ~
Borrower shall have the right to have any proceedings txgun by I_ender to enforce this Mortgage discontinued at aay time ~
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