HomeMy WebLinkAbout0875 Lcnder's writtcn agrcement or applirabie law. Borrower shall pay the amount of all mortgage insurance pnmiurru in the
manntr providai under paragraph 2 hercof.
Any amounts disburud by Leodz~ pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness•of Borrower secuted b~r this Mongage. Unless Borrower and [.enJer agrce to other terms of payment, such
amounts shall be payabte upon notice f~om I.ender to Borrower requesti~g payment thereof, and shall Fxar interest f~om the
date of disbursement st ~he rate payable from time to time on outstanding principal under ihe Note unless paytaent of
interest at such rate would be contrary ~a applicable law, i~ which event such amounts shall bear interest at the highest rate
permissible under applicable law. _iJothing cantained in this paragraph 7 shall requirc I_ender to incur any expenst or take
any action hereuader.
6. Iospectba. ~Lender may make or cause to be made reasonable entries upon and i~spections of the Property, provided
that I.ender shall give Borrower notice prior to aoy such inspection specifying reawnable cause thtrcfor related to Lender's
interest in the Property. ~
9. Condemoatbn. The procoeds of any award or claim for damages, direct or consequential, in connection with sey
condemnation or other taking of the Property. or patt thereof, o~ for conveyance in lieu of condemnation, aro hereby assigoed
and shall be paid to Lender.
In the event of a tatai taking of ~he Property, the proceeds shall be applied to the sums securcd by this Mortgage,
with the e;cess, if any, paid to Borrower. in the event of a partial taking of the Property, unlas Botrower aod Lender
otherwise agrce in writing, iherc shall be applied to the sums secured by this Morigage such proportion of the proceeds
as is equal to that proportion which thc amount of the sums ucured by this Mortgage immcdiately prior to the date of
taking bears to the fair market vafue of the Property immeeliately prior to ihe date of taking, with the balance of the proceeds
paid to Borrower.
If the Property is abandoned by Borrow•cr, or if. after notice by Lender to Bormwcr that th~ condemnor ot~ers to make
an award ~r settle a claim for damages, &~nower fails to respond to Ltnder within 30 days after the date such notice is
mailed, Lender is authoriud to co!lect aad apply the praceeds, at Lender's option, either to ratoration or repair of the
Propeny or to the sums secured by this Mortgage. ~
Unless Lender and Bor~ower othervvise agree in writing, any such application of proceeds to principal shall not extend
• or postpone the due datc ot the monthly instaltments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. ~orrower No! Relessed. Extension of the time for payment or modiflcation of amortization of the sums securcd
by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to r+~leau, in any manner,
the iiabiiicy oi cne originai aorrow-cr a~ci a~~r~:re~'; ;~:~,«;;c a=.-:v~.- v~;..ro,~ ~,y ~~~~M
~a :T i:~a..:C~'.
proceedings against such successor or rcfuse to extend time for payment o~ otherwis~ modify amorti2ation of the sums
secured by this Mortgage by reason of an~ demand made by the oriqinal Borrower and Borrower s successors in interest.
11. Fo~rasct by Lender Not ~ VNairer. Any forbearance by Lender in exercising any right or remedy hercunder, or
otherwise afforded by appiicable law, shall not be a waiver of or preclude the eYercix of any such right or remedy.
The procurement of insurance or the payment of taxes or other liens or charges by Lende~ shall not be a waiver of Lender's
right to accelerate th~ maturity of the indebtedness securrd hy this Mortgage.
12. Remedie~ Cpmulati~e. All remedits provided in-this MortgagG are distinct artd cumulative io any aiher rigkt ar
remedy under this Mortgage or al~orded by ]aw or equity, and may be exercised concurrcndy, independently nr successively.
l3. Socceswn and Aasi~os Bouad; Joiat and Se.•eral i.iabitit}, Captbas The covenants and agreements herein
contained shall bind, and the rights hereunder shalf inure to, the respective successors and assigns of Lender and Borrower, -
subject to the provisions of paragraph 1~ hereof. All covenants and agreements of Borrower shall be joint and several.
The captions and htadings •of the paragraphx of this Mongage arc for convenience only and are not to be used to
interpret or define the provisions hereof.
14. Notiee. Eacept for any notice required under applicable law to be given in another manner, (a) any notice to
8orrower provided for in this Mortga¢e shaq ba given by mailiog such notice by certified mail addressed to Borrower at
the Property Address or at such other address as Borrowe~ may designate by notice to t.ender as provided herein, and
(b) any notice to Lender shall be given by certified mail, return receipt requexted. to l.ender s address stated herein or to
such other address as Lender may designate 6y natice ta Borrower u provided herein. Any notice prc~vided for in this
Mortgage shaN be deem~d to have been given to Borrower or Lender when given in the manner designated herein.
1S. iJnfform Mo~tga6e; Go~ernin~ I.aw; Severability. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall be governed hy the law of tt~e jurisdiction in which the. Property is located. 1n the
event that any provision or clause of this Mortgage or the Note conflictc with applicabk law, such conflict shall not affect
other provisions of this Mortgage or the Note which can be given effect without tht conflicting provision. and to this
end the provisions of th~ Mortgage and the Note arc declared to be severabte_
16. Qomowe~'s Copy. Bornower shall be furnished a conformed copy of !he Note a~d of this Mortgage at the time
of execution or after recordation hereof.
17. Transfer of t6e Property; As~sumption. if all or any pan of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written consent, excluding (ai the creation of a lien or encumbrance subordinate to
this Mortgagt. (b) the crcateon of a purchase money security interat 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 thrce years or.less
not containing an option to purchase, Lender may, at•Lender's option, declare all the sums xeured by this Mortgage to be
immed:ately due and payable. Lender shall have waived such option to avicekrate if, prior to the sak or transfer. Lender
and the person to whom the Property is to bt sold or transferred reach agreemont in writi~g that the credit of such peTSOn
is satisfactory to I.ender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
shall request. If Lender has waivod the option to accelerate provided in this paragrap6 17, and if Bonower's soccessor in
interat haz executed a written auumption agrcement accepted in writing by Lender, Ixnder shall release Borrower from all
obligations under this Mortgage and the Note.
If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of not tess than 30 days from ihe date the natice is mailed within
which Borrower may pay the sums declared due. if Horrow-er fails to pay such sums prior to the expiration of such period.
Cender may. without further notice or detnand on Borrower, invoke any remedia permit~ed by paragraph 18 hereof.
NoN-UtvtpoR~t CoveNexrs. Borrower and Lendtr further covenant and agree as follows:
18. AccNeratioo; Reme~ies. . Escept a~ prorided i~ para6np6 17 bereof, opoa Dorrowe~'s breac6 of a~y coreoaat or
a`reeme.t ot ~orrower i~ ~6is Mo~e, iocludie6 ~be co+coas~s ~o p.y whee a.e any soms sawred by thkk Marti~L~. ~
prior to sccekratbs sbail mail notke to dorrower ss pro~ided in pan~aph 14 6ereof specif~: (1) tbe brescb; (Z) tbe act~on
reqaired to core sec6 6rescr: (3) a dafe, eot ie~s t6se 3A days imm t6e dste t6e notiee is au~ed to Dorrowu. by wLic~ soc~
brrsc6 awt be c~red; aad (4) thst fail~re !o can soca brescM o0 or before the date spedied t~ the votke ~ radt is
sccdeatio~ ot t~e s~nu iecarcd by this Mort~e. foc+ccbsure 6ry judicid procetdfos aod sale, of tbc property. 'I~e notke
shall f~cd~er bfor~ Eorro~er ot tl~e ri~bt to rcinstah aEta accckntbn aad t6e ri~t b arert i~ U~e forectowre p~+uoea~
t~e 4oo-ezWeace oE a defaaM or aay other detea+~e of Eorrower to acceleratlos aad forecbsm+e. N!be 6reacl~ Is sot carea o~
or before tbe dste speci8ed ia t6e aofice, I.eader at Leadcr's optbe may declare all of tbe srms ~red bp this Mortsa6e b 6e
~ imsedi~tdy dae asd p~yabk wkboot fwtber demaad and may foreclwe thM Morifa~e b7 jadicial Praceedioi. I.eeder shaa
be a~Wed to cdlect ia wcb proceediu~ aq espe~a ot toteciosrre, iacl~dius, 6et aot limitcd to, rwo~s6le sftase~'s Eees,
a~d oorb ot doea~calary e.vWeace, s6str~cb a~i title npods.
lg. Dorrower's Ri~t to ReidWe. Notwithstanding I,.ender s acceleration of the swns secured by this Mottgage,
Borrower dull have the rig6t to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
B~'~ ~39 ?:,rE s75
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