HomeMy WebLinkAbout1605 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance prcmiunts in the
manner provided under paragraph 2 hereof.
Any amounts disburxd by fender pursuant to the 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 be payable upon notice from I.tnder to Borrower requesting payment thereof, and shall bear interest from the
date of disbursement at the rate payable from time to time on outstanding principal under the Note unless pajrmatt of
interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the higha~t rafts
permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder. -
R. IwaPectiow, lender may make or cause to be made reasonable entries upon and inspections of the Property. provided
that !.ender shall give Borrower notice prior to any such inspection specifying reasonable caux therefor related to Lautder"s
interest in the Property.
9. Cosdeorwatbw. The proceeds of any award 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 Property. the proceeds shall be applied to the sums xcttred by this Mortgage. -
with the excess, it any, paid !o Borrower. in the event of a partial taking of the Property. unless Borrower and Latder
otherwix agree in writing. there shall be applied to the sums xcured by this Mortgage such proportion of the prooeedt
as is egtaal to that proportion which the amatnt of the sums secured by this Mortgage immediately prior to the date o[
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 Borrower that the condemnor oRers to make
an award or settle a claim for damages. Borrower fails to respond to !.ender 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 a>< the
Property or to the sums xcutrd by Ibis Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not e:itend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount o[
such installments.
lA. Borrower 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 rcksse, in any manner, s
the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to commence
proceedings against such successor or refuse to extend time. for payment or otherwise modify arrsortization of the sums
secured by this Mortgage by r+eacon of any demand made by the original Borrower and Borrower's sttecessors in interest.
lI. Fortearawce by Larder Not a Wativer. Any forbearance by Lender in exercising any right or remedy hen.ttnder, or
otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such tight 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
right to accelerate the maturity of the indebtedness secured by this Mortgage.
I2. Rewredirs Ctntashtive. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or aHotded by law or equity, and maybe exercised concurrcntty, independently or successively.
13. Swceeaaors awl AaaiRws Isowtrd:.Toht and Several i.iability; Csptiows. The covenants and agreements herein s
contained shall bind, and the rights hereunder shall inut~ to. the respective wccessors and assigns of Lender seed Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several.
The captions' and headings of the paragraphs of this Mortgage are for rnnvenience only and are: not to lk used to
interpret or define the provisions hereof.
14. Notkt. Except for any notice required under applicable law to 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 Borrower at
the Property Address or at such other address as Borrower may designate by notice to !.ender a: provided herein, and -
(b) any notice to Lender shat) he given by certified mail. return receipt requested. to Lender's sddrets stated herein or to
such other address as Lender may designate by notice to Borrower as 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.
IS. UrrNoras Mort~e: GoverniaR Law: SeverabAity. This form of mortgage combines uniform covenants for national
use and rton•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 chic Mortgage or the Note conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or the Note which can be given e6ect without the conflicting provision, and to this
end the provisions of the Mortgage and the Note arc declared to bee xverabk.
lei. Borrower's Co'y. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17..Trsrrsfer of ere Property: A~swarptiow. If all or any part of the Property or an interest therein is sold or transferred
~ by Borrower without Lenders prior written consent. excluding (a) the creation of a lien or encumbrance wbordinate to
this Mortgage. (b) the creatton of a purchase money security interest for household appliances, (c) a transfer l?y devise,
t 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
s 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 arch option to accelerate if, prior to the sale or transfer. Lender
~ and the person to whom the Property is to be cold or transferred rcuh agreement in writing that the credit of such person
is satisfactory to Lender and that the intent payable on the sums securt:d by this Mortgage shall be at such rate ac 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 rckax Borrower from all
obljgations under this Mortgage and the Note.
If Lender exercises such option to acre{crate. Lender shall mail Borrower notice of acceleration in accordancti with
paragraph 14 hereof.. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
t which Borrower may pay the sums declared due. If Borrower fails to pay such stems prior to the expiration of such period,
Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
Not+-U>rttroant Covt=.werrrs. Borrower and Lender further covenant and agree as follows: _
llt. AcederatioK Reoredia. Fa~ce}t eta p+ovrted iw pwragraplr 17 Iteeeoft, ~o >sornwa's bread of soy eov:rraN ar
- agresmeot of iarrower i• tr4 Mortgage. rrcrriirtg ere toraararnls to paq wrew dwe ttwy roots tteetsrei ry tW Mortgage. Lswier
e Nior N wetlltlwfi0w sir twW wofiee t0 sOfrYwtr ar'rOVliti to pragrapr 11 reratOf gscifyi.[' (1) ere !elate: i2) ere actbw
rte*itd M ease wee !tease; (3) s trine, toot r'sa tester 3i rays trorw Nee late ere wotke is wraBei Is Itorrrwer. if wrkr Boer
i brewer t>iwst be cwre~ efts! (47 teat taibre to ettas sweet treater a or 6etore trc date spccMei i. tee wotiee toay r+esrrlt r
acetkrNiew d flee wars succtrrsi by tWs Mortgage. foKClowre b sera! ale et ere >rro'ea'ry. Tee aretice
adrtr ttrrtrer iJotrwr Ilorrrywer of ere trlRM to reiwstate setter seeekrMios~ erns! Nee rigrt b atttsaM i• Nre'fors~eiastae proeetig ;
ere woo•esistewae aft a tietartrlt or try arNrer ietettare of Borrower to wccekrMioo anti foreclowre. tit Nee breast is cot ertxed a
or before ere late spesiiei i• ere retire. Lewder at I.trwier's opiw M' !estate sr art trt woos seerrsd ty tbls Mortgage w bt
ismeiit~ alne atoi Myanbie witroot ttMrer deat+and seer! west tarscleae dris Moefgage by jrikrl prreeadlrtR. Lender srtaN
~ be soN11er1 N coafett b wai pocee~rtg err e:psnses of foreclowre. Iwclwiiwg. bwt wM tlrwitei tie, reasswable nttureet+'s fee.
etas! aeNs ast aion-~ewt>tr7 t.iiewee, abstrwcts awl title ntprts.
1!. >torrowa'a RisM to Reinstate. NotwithstandinE Lenders acoekration of the sums secured by tht~ Mortgage.
Borrower shall have the right to have any proceedings begun hY Lender to enforce this Mortgage discontinued at any time
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