HomeMy WebLinkAbout1115 ' Lender's written agreement or applicabk law. Borrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by I.cnder pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Urtleu Borrower and 1-ender agree to other terms of payment, such
amounts shall he payable upon n~~ticc from Lender to Borrower requesting payment thereof, and shall hear interest from the
daft of disbursement at the rate payable from. time to time on outstanding principal under the Note unless payment of
interest at such ate would be contrary to applicable law, in which event such amounts shall hear interact 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.
>L laspectiow. Lender may 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 reasonabk cause therefor related to Lender's
interest in the Properly.
9. Cordemrtstbn. 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 therrnf, 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 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, ttnkss Borrower and Lender
otherwix agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the prooeeds
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.
if 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 damages, &~rrower faih to respond 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
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. litorrower Not RelKased. Extension of the time for payment or modification of amortization of the sums sxured
by this MoAgage 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 Bc•rrower'c successors in interest. Lender shall not be required to commence
proceedings against such successor or refux to extend time for payment or otherwix modify amortization of the sums
secured by this Mortgage by mason of any demand made by the original Borrower and Borrowers successor in interest.
ll. Forbearawce 6r Lender Not a Waiter. 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 taxes or other liens or charges by Lender shall not be a waiver of Lender's
right to accelerate the maturity of the indebtedness xcured by this Mortgage.
12. Rtwredks Cnmulaticre. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or aRorded by law or equity, and may be exercised concurrently, independently or successively.
' 13. Snecessas and Assligws >ewrnd; Joint and Several i.iabrBty; Captions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender std Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be join) and several.
The captions' and headings of the paragraphs of this Mortgage .arc for convenience only and arc not to be toed 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
Borrower p>ovided for in this Mortgage shall be given by mailing such notice by certifkd mail addressed to Borrower at
the Property Address or at such other address as Borrower mav_ designate by notice to i.ender as 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 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.
1S. Uniform MoriRage; Governing Law; Severabitity. This form of mortgage combines uniform covenants for national
rue and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument rnvering
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 claux of this Mortgage c?r the Note conflicts with applicabk law, such conflict shall not affect
other provisions of this Mortgage or the Note 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.
1L. )gorrower's Copy. Borrower shall be furnished a conformed cope of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. ,Trawsfer of the property:,Assumption. Tf all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior writrcn consent. excluding (al the creation of a lien or encumbnnce subordinate to
this Mortgage, tb) the creation of a purchase money security interest 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 three years or less
not rnntaining an option to purchase, Lender may, at Lender i option, declare all the sums secured by this Mortgage to be
~ immediately dtx and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. Lender
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 interest payable on the sums secured 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 hu executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all
obljyttions under this Mortgage and the Note.
if Lender exercises such option to accelerate, Lenckr 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 due. If Borrower fails to pay such sums prior to the expiation of such period,
Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1 A hereof.
NoN-Utvrt:oanr CovetvetvTS. Borrower and Lender further covenant and agree as follows:
111. Acceeeratiow; Rerscdks. )Et:cept as provided is paragraph 17 hereof, npow Sorrower's bread of ay eo•ewawt or
agrecwrewt of Borrower fs trfuc Mortgage, hclndiwg the coreaaMs to py when age wy swwrs setwrd by this Mortgage. Leader
Ifx~ to acceletnNbw shad oaH taotke fo porrowcr as provided in psragrapr 14 hereof specYy~: (1) ere aesch:121 ere setbw
~ rapked to cm trwc6 breach: (3) • date, rat less thaw 30 days troar ere date ere wotlce i. ruadea to Borrower. by wrki snd
bread rust be etwed; snd (4) fret failure to core strcr brtacr ow or before ere date specified h the wotke msy reswN i.
wecderaliow off tie strrrrs secwrtd by iris Mort~e, toreclowrt by jndicW proceediwg gad sale of tse Property. Tire wotiee
stall hrrtier iwfore Ilbrrawer oft tre right to nirrstate after sxcckrs>tiorr and ere right b aarert iw ere foredoswre proeeedrwg 1
w tie now-exWewee of a ddanlt or a>.y otter decease of >sorrower to accelerstiow and forcclowro. N ere breacr is not cared ar
or before ere dsle specified b tie wotke. Lender at Lewder's option twat' dalare aN of tre swrws seemed by trb M
lortpge f~
iwrrwediately doe awl pysMe witiowt fnrtrer demand and may toredose tbfs Mortgage by jndicW procee~wR.
y be etlltkd to collect i• swd procetdiwg ar a:pewees of foreclosnrc. fwclndiag. brd wet lilydtcd to. ceasona6lt sta,rner's fees.
awd costs of docn+ewhry e•idewce. abstract swd tNk report.
19. liorrowa's Ridrt to Reiwstate, NMwithstanding Lenders acceleration of the sums secured by this Mortsage,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mongage discontinued at any time
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