HomeMy WebLinkAbout1732 l.cndcr's written agreement or applicable taw. Borrower shall pay the amount o[ all mortgage insurance premiums in the
manner provided under paragraph 2 heroof.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and lender agree to other terms of payment. such
amounts shall he payahk upon notice from Lender to Borrower requesting payment thereof. and shall bear interest iroat the
dale of disbursement at the rate payable from time to time on cxitstanding principal under the Note unless pajrmewt of
interest at such rate would be contrary to applicable law, in which event such amounts shall bear interact at the highest rate
permiuibk under applicable law. Nothing contained in this paragraph 7 shall require [.ender to incur any expense a take
any action hereunder.
>L Iwspectiow. lender may make or cause to be made rcuonabk entries upon and inspections of the Property. provided
that lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to I.dtder's
interest in the Property.
9. Cowdewrtatbw. Thc proceeds of any award or claim for damages, direct or rnnsequential, in connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned
and shall be paid to Lender.
1n the event of a total taking of 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 taking of the Property, unless Borrower and Lender
otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds
u is equal to that proportion which the amount of the sums secured by this Mortgalte immediately prior to the date of
taking bears to the fair market value of the Property immediately prior to the dale of taking, with the balance of the proceeds
paid to Borrower.
If the Property is abandoned by Borrower, or if. after notice by l.enckr to Borrower that the condetnttor ogees to make
an award or settle a claim for damages. Borrower fails to respond to lender within 30 days after the date such notice a
mailed, Lender is authorized to collect and apply the proceeds, at i~nder's option, either to restoration or repair d the
Property or to the sums secured by this Mortgage.
Unless lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Eorrower Not Released. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted 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 sttccesson in interest. Gender shall not be required to commence
proceedings against such successor or rcfttsc to extend time for payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest.
11. Forbearawce by Leader Not a Wdver. Any forbearance by bender in exercising any right or remedy hereumder, a
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 taxes or other liens or charges by Lender shall not be a waiver of Lender's E
- right to accelerate the maturity of the indebtedness teetered by this Mortgage.
12.. Remedies Ctrwohttlrc. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively.
13. Swecessors surd Asrigws )sound; Joiwt awd Several iLbiWp; Csptkws. The covenant: and agreements herein
contained shall bind, and ;he rights hereunder shall inttr~ to, the respective successors and assigns of Lender and Borrower.
subject to the provision~of paragraph 17 hereof. All covenants and agreements of Borrower shall be joirtj and several. _
The captions' and headings of the paragraphs of this Mortgage arc for convenience only and are not to Ife used to
interpret or define the provisions hereof.
14. Notke. Except for any notice required under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Mortgaee shall be given by mailing such notice by certitkd mail addressed to Borrower at
the Property Address or at such other address as Bormwer may designate by notice to Tender u provided herein, and
(b) any notice to Lender shall he given by certified mail. return receipt requested. to Lender's address stated herein or to
such other address as Lender may designate by notice to Borrower u provided herein. Any notice provided for in this
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
1S. UrrNorwr Mortgage: Gorerwing Law; Severabiiity. This form of mortgage combing tmiform 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 by the law of the jurisdiction in which the Property is located. in the
event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect
j other provisions of this Mortgage or the Note which can be given eQect without the conflicting provision. and to this
end the provisions of the Mortgage and the Note are declared to be severable.
E lf. •orrowet's Co*y. Borrower shall be furnished a conformed cop}• of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17..Trassfcr of the Property: Assumption. if all or any part of the Property or an interest therein is sold or transferred
I 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 by devise.
I 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
g immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender
r and the person to whom the Property is to be cold or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the intenwt payable on the sums secured by this Mortgage shall be at such rate ac Lender
shall request. if Lender hu waived the option to accelerate provided in this paragraph 17, and if Botmwer's successor in
interest hu exceuted a written assumption agreement accepted in writing by Lender. Lender shall release BorrowYr from all
obljgations 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 less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared duo. If Borrower fails to pay such sums prior to the expiration of such period,
Lender may, without further notice or demand on Borrower, invoke any remedig permitted by paragraph lg hereof.
~ NoN-UrtrFOter~t CoveNarrrs. Borrower and Lender further covenant and agree as follows:
Ig. Aceeleratiow; Rewredies. Except vets provided iw psragrsplt 17 tiered. trpw lorrower's breweb d ry corewwrtt or
agrtewowt d lorrower b this Mortgage, iwclw~rrg tits eoarsrtts to py whew dwe tswy saws several b tlds Mortgage. Lewder
prior b acctlaratlow sbasl wax wotice to siorrower as'rorlded Iw pntgrapb 14 tiered stevityfwg: (1) fire breacb:121 the setbw
regtdrttd to cue web btreweb; (3) a data, wet tors tbww 3A days trove the date tbt wotke is waxed fe >torrower. by wbfivb snob
t breach wwst be cwred; awd N) that taibre to ewes steed breach ow or bNorte the dale speetfied i• fbe wotke way rtwlt d
aeveleratiow d the swws secued by this Mortgage. toreclosrrre by jwdkiai pocetdiwg avert de d the hnperty. ~Tbt: works
~ sltasl b~tber hforwr Borrower d the right to reiwstMe after wecekrMbw awd the rlgbt to asseet M the tereviostrre prtseetig .
the wowtxWewce d • detawlt or twy other detetnse d Qorrower to avicekrMbw awd torselorwre. N the breach i. wvt evened aw
= or before the date spcKed iw the wotice. Lewder at fender's optiow way dtrhrc r d tbt wtws saewred by tW MertpRe to be
vs iwwediahly dwe awd pysble witboN fwrtbn dcrnand and pray torcelose tNs Mortgage by }ikW preeeedbrR. Lender sbW
be asfitkd fo coBeef V sweb'rovttdirtg a/ expetrses of forecloswrt. iwclwdiwg. bwt wet Brwiled M. reasowwble stt•xner'e fees.
awd easls d don.-ssewtary eridewce, abMrwcts awd title repro.
lf. ilornuwa's R~bt to RRiwslate. NotwithstandinE Lenders acceleration of the sums secured by thee Martgage,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
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