HomeMy WebLinkAbout1975 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amatnts disbursed by lender pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this MortYage. Unless Borrower anJ 1-ender agree to other terms of payment, such
amounts shall be payable upon nMice from Lender to Borrower requesting payment thereof, and shall hear interest from the
date of disbursement at the rate payable from time to time on attstanding principal under the Nate unless payment of
interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder. rovided
>l Ttt~apection. Lender may make or cause to be made reasonable entries upon and inspections of the Property. p
that i.ender shall give Borrower mice prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9. Coademtaatbn. The proceeds of ar?Y a~ward_or claim for damages. direct or consequential, in connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby assigned
and shall be paid to Lender.
in the event of a total taking of the Properly, the proxeeds 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
otherwise agree in writing. 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 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.
it the Property is abandoned by Borrower. or if. after Notice by I-ender to Borrower that the condemnor offers to make
an award or settle a claim for damage. Borrower fails to resaond to Lender within 30 days after the date such notice is
mailed. Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the
Properly 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. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by I-ender to any cttccecsor in interest of Borrower shall not operate to release. in any manner.
the liability of the original Borrower and Borrower c successors in interest. Lender shall not be required to commence
proceedings against such successor. or refuse to extend time for payment or otherwise modify amortization of the .ums
secured by this Mortgage by reason of an}• demand made b}• the original Borrower and Borrowers successors in interest.
ll. Forbearaact by Lender Not s Waiver. Any forbearance by Lender in exercising any- right or remedy hereunder, or
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 ur charges by I-ender shall not be a waiver of Lender s
. right to accelerate the maturity of the indebtedness sccurrd h}• this Mortgage.
12. Remedies Comulathre. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity. and may be exercised rnncurrently, independently or successively.
• 13. Successors and Assigns Borrnd: Joint and Ses'eral i.iability: Capttbns. The covenants and agreements herein
contained shall bind, and the rights hereunder shall im+re to. the respective successors and assigns of Lender and Borrower.
subject to the provisions of paragraph 17 hereof. All rnvenants and agreements of Borrower shall be joint and several.
The captions and headings of the paragraphs of this Mortgage are for rnnvenience only and am not to be used to
interpret or define the provisions hereof.
14. Notice. Except for any notice rcy++ired under applicable law to be given in another manner. (a) any notice to
Borrower provided for in this Mortgage shall be given h}• mailing such notice by certified mail addressed to Borrower at
the Property Address or at such other address as B+•rmwer may designate by notice to Lender as provided herein, and
(b) any notice to Lender shall be given by certified mail. return receipt requested. to Lenders address stated herein or to
such other address as Lender may designate h}• notice t+~ Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to have been gi~•cn to Borrower or lender when given in the manner designated herein.
15. Uniform Mortgage; t;overnirrg lAw'; Severability. This form of mortgage combines uniform covenants for national •
use and non-uniform covenants with limited variations h}• jurisdiction to constitute a uniform security instrument rnvering
real property. This Mortgage shall be governed by the IaN• of the jurisdiction in which the Property is la:ated. in the
event that any provision or clause of this Mortgage +~r the N+~te conflicts wish applicable law. such conflict shall not affect
other provisions of .this Mortgage or the N++te which can be given effect without the conflicting provision. and to this
end the provisions of the Mortgage and the Note arc declared to be severable.
16. Borrower's Copy. Borrower shall be furnished a conformed cop}' of the Note and of this Mortgage at the time
' of execution or after recordation hereof.
17. Transfer of the Property: Assumption. If all ~r an} part of the Property or an interest therein is sold or transferred
E by Borrower without Lender's prior written consent. excluding Sal the creation of a lien or encumbrance subordinate to
" this Mortgage. Ib) the creation of a purchase mane}• securit}• interest for household appliances. (cl a transfer h}• devise.
descent or by operation of law upon-the death of a j+ant tenant or (d? the grant of any leasehold interest of three }.ears ~r less
not containing an option to purchase. Lender may. at Lender's option, declare all the sums secured M' this Mortgage to be
immediately due and pa}'ahle. I-ender shall have w:+ived such option to accelerate if, prior to the sale or transfer. lender
1 and the person to whom the Property is n. be :old or transferred reach agreement in writing that the credit rf wch person
is satisfactory to Lender and that the interest pa}•able on the sums secured by this Mortgage shall be at such rate as Lender
shag request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's wccessor in
interest has executed a written assumption agreement accepted in writing by i.ender, 1_ender 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 accord:+nce ~~ith
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 sums prior to the expiration of such pen~xl.
Lender may. without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1 R hereof.
Non-UNIFORM CoveNeNTS. Borrower and Lender further covenant and agree as follows:
~ 18. Acceleration: Remtdia. Except a6 provided in paragraph 17 hereof. upon Borrower's brrsch of any covenant or
agreement of Borrower in this Mortgage. iacludirrg the covenants to pay when due any sums secured by this Mortgsge. Lender
prior to accelentloo shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the 6reach:l2) the action
required to cure such brescb; a dde, not less than 30 days from the date the notice is mailed to Borrower. by vrhich wch
btswe6 mwt be eared: and (4) that ftrilare to cure such breach on or before the date specified in the notice may result in
aceeieratioa of the sums secured by this Mortgsge. torecbsure by judicial proceeding and sale of the Property. The notice
shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding
` the non-existence of a default or any other defenu of Borrower to acceleration and foreclowrc. if the breach is not cored on
~ or before the date specified is the notice. Lender at l.cnder's option may declare aq of the sums stcnred by this Mortgage to be
~ immediately due and payable without further demand and may foreclose this Mortgage by juudicial proceeding- i.ender shall
be entitled to collect in sorb Proceedrrrg all expenses of foreclosure. including. but not limited to. reasonable ata,rnrv's fees.
and costs of docr:~tseatary evidence. abstracts and tick reports.
19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by th+~ M.~rtgage,
Borrower shall have the right to have any proceedings begun ~y Lender to enforce this Mortgage discontinued at an}~ ttme
~o~K 30~. ~~~E 1970
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