HomeMy WebLinkAbout2339 l.~nderi written agreement or applicable law. Burrower shall pay the amount oY all ortgage insuran~Y premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, sh:dl become additional
indcMedncsc of Borrower secured by this !liortlCage. l:nles~ Borrower anJ 1 en+kr agrrt to other terms of payment, such
am~xmtc shall he payable up~+n notice from Lender to &•rrpwer reyt><sting payment thereof, and shall bear interest fmm the
date of disbursement at the rate payable from time to lime un outstanding principal under the Note unless payment of
interest at such rate wottlJ be contrary to applicable law. in which event such amounts shall hear interest at the highest rate
perntissibk under applicable law. Nothing contained in this paragraph 7 shall require i_ender to incur any expense or take
any action hereunder.
S. laspectloa. Lender ms,y make or cause to be made reasonable 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 Lender's
interest in the Property.
9. Coademaatbn. The pnxeedc of 9g intro for damages, direct or consequential, in connection with any
condemnation ar other taking of the Prope~y3~tt4h~eof, 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 toms secured by this Mortgage.
with the excess, if any, paid to Borrower. in tFre event af_a partial taking of the Property. unless Borrower and Lender
otherwise agree in writing. there shall be applied to the sums secured .by Chic Mortgage such proportion of the proceeds
as ii equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of .
taking hears 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. ar if. after notice by 1_ender to Borrower that the condemnor offers to make
an award or settle a claim for damages, Borrower fails to respond to Tender within 30 days after the date such notice is
mailed. Lender is titrthorized to collect and apply the proceeds. at lender i option. either to restoration or~ repair of the
Property or to site' sirrpi,secured by this Mortgage.
Unless Lender aqd Borrower athen+?•ise agree in writinc. any such application of proceeds to principal shall not extend
or postpone the _dUe dltie of the monthly installments referred to in paragraphs 1 and 2 hereof ar change the amount of
such ins~llrt~nts". • - -
1p,::Boirowsr Noj Reksser~. Extension of the time for payment ar modification of amortization of the sums secured
by`this 141ortga~ granted.by 1_ender to any successor in interest of Borrower shat! not operate to release. in any manner.
the IlabTty •af-ihe •otignal Borrower and Borrower's siiccessorc in interest. Lender shall not be teyuired to commence -
prvicecdirig; agoittct•syeTr successor or refuse .to extend time for payment or otherwise modify amortization of the sums
secured hy-thirMpttgage by reason of any demand made by the ari¢inal Borrower and Borrower's succesu+rc in interest.
11. Rotbeyi~raace by Lender Not a R~tiver. Anv forbearance M• 1-coder in exercising an_y right or remedy hereunder, or
otherwise .afforded by applicable law, shall not he~ a waiver of ar preclude the exercise of am• such right ar remedy.
The procurement of insurance or the payment of tares or other liens or charges by i_ender shalt not be a waiver of (.codex's
right to acceler;rtc the maturity of the indchtcdness secured by this 4tartgage.
12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage ar aff:+rded by law or equity. and may he exercised rnncurrently, independenth• or successively.
13. Successors gad Assigns Bound; Joint and Several i.iabiNty; Captions. The covenants and agreements herein
contained shall hind, and the rights hereunder shall .inure to, the mspcctive succeswrs and assigns of Lender and Borrower,
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and ceveraL
The captions and headings of the .paragraphs of this Mortgage are for convenience Doty and arc not to. be used to
interpret or define the provisions hereof.
14. Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice to
Burrower provided for in this Mortgaae shall he given by mailing such notice h}' certified mail addressed to Borrower at
the Property Address ar at such other address as Borrower ma~• designate by notice to Lender as provided herein. and
(h) an!• notice to Lender shall he given by certified mail, return receipt requ~-sted. to Lender a address stated herein or to
such other address as Lender may designate by notice to Borrower as provided herein. Anv notice provided for in this
Mortgage shall he deemed to have been given to Borrower or l.endcr when given in the manner designated herein.
~15. Uniform ltartaaRe; Gavernirtg Law; Severabr'lit}•. This form of mortgage rnmbines uniform covenantsfor national
use and rx+n-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall he governed M• the law of the jurisdiction in which the Property is located. In the
E event that any provision ar clause of this 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 etTect without the .conflicting provision. and to this
end the provisions of the Mortgage and the tiote arc ckclared to he severable.
'r 16. Borrower's Cop~•. Borrower shall he furnished conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. Transfer of the Propertye Assumption. If all or anv part of the Property or an interest therein is sold or transferred
~ by Borrower without Lender's prior written wnsent. rxvluding lal the creation of a lien or encumhran~e subordinate to
E this Mortgage. (h) the creation of a punhase money securit~• interest for househoid appliances, (c) a transfer M• devise,
descent or by operation of law upon the death of a j~~int tenam or /d? the grant of any leasehold interest of three years or less
j 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 such option to accelerate if. prior to the sale or transfer. Lender
and the person to wfiom the Property is to be x+ld or transferred r~cach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest payable an-the sums secured by this Mortgage shall be at such rate as Lender
shall request. If i.ender• 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 I.endcr, Lender-shall release Borrower from all
ob)igations~under this Mortgage and the Nate,
If Tender exercises such option to accelerate, I-coder 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 the date the notice is mailed within
i which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period,
Lender may. without further notice or demand an Bormwet, invoke any remedies permitted M• paragraph 18 hereof.
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~ No*r-1.7NIFORM Covr:rrxrr•rs. Borrower and Lender further covenant and agree as follows:
18. Acceleration; Remedies. Except as provided is paragraph 17 hereof, upon Borrower's breach of any corenast or
- agreement of Borrower is tbLs Mortgage, isclnding the covenants to pay when due any sums secured by thk Mortgaae, Lettider
prbr to acceleration sbsA mail suttee to Borrower as provided in paragraph 14 hereof specifyitaa: (1) the breach; (2) the action
required to core soc6 brash; (3) a date, rat less Iban 30 da~•s from the date the notice is mailed to Borrower, by which strch
breach most be cared; asd 14) that failure to core such breach on or befog the date specified is the notice sray resain in
accelentton of the snass secared by this Mortgage, forecbsure by judicial proceedirra and sale of the Property. The aotke ;
shag further inform Borrower of the right to reinstate after sccekratioa and the right to assert fa the foreclosure proceeding
k the Bros-exbtence of a default or any other defea9e of Borrower to acceleration and toreclosure._ If the breach is smut c>arei oo 't
or before fire date specified is the suttee, Lender at Leader's option rusty dechve all of the sums secured by this Mortgaae to 6e
immediately due gad payable without further demand and may foreclose this Mortgage by ~dkid proceedisa. Leader shall
be estitkd to collect is nosh proeecdirs6 sQ espeaca of foreclosure. inclndina, but sot limited to, reasoaabk attotnrey's fees,
asd costs of documentary evidence, abstracts and tick report.
19. Borrower's Right to Rehssiste. Notwithstanding Lenders acceleration of the sums secured by this Mortgage.
~ Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at nay time
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