HomeMy WebLinkAbout1143 Lender's written agreement or applicable law. Borrower shall pay the amount of 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 t_rnder agree to other terms of payment, such
amounts shall be payable ulk~n ni~ticc from Lender to Borrower requccting payment thereof, and shall hear interest from the
date of disbursement at the rate payable from time to time an outstanding principal under the Note unless payment of
interest at such rate would be contrary to applicable law, in which event such amounts shall hear interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or fate
any action hereunder.
ti. Itatpection. 1_ender may make or cause to he 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 Properly.
9. Coodemnation, The proceeds of any award or claim for damages. direct or consequential, in connection with any
condemnation or other taking of the Properly, or part thereof, or for conveyance in lieu of condemnation, are 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, unless Borrower and Lender
otherwix agree in writing. there shall be applied to the sums secured by this Mortgage such proporlion of the prooeods
as is equal to that proportion which the amount of the sums secured by this Mongage 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 Lender to Borrower that the condemnor otters to make
an award or stele a claim for damages, Borrower fails~to respond to L.endcr within 30 days after the date such notice u
mailed, Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of the
Properly ar to the sums secured by this Mortgage.
Unless lender and Borrower othervvice 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. torrower 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 rcleax, in any manner,
the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence
proceedings against such successor or reface to extend time for payment or otherwise modify amortization of the sums
secured by this Morlgage by reason of any demand made by the ori¢inal Borrower and Borrowers successors in interctt.
11. Rorbeanace 6y Lender NM a Waiver. Any forbearance by lender in exercising any right or remedy herctrnder, or
otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
The proctrrcmtnt 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 scarred by this Mortgage.
12. Rewedies Camulati~e. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mongage or afforded by law or equity, and may be exercised concurrently, independently or successively.
' 13. Successors and Assiigrrs >dorrnd:.Joiot and Screral i.iabiHry; Captions. The covenants and agreemrnts herein
contained shall bind, and the rights hereunder shall inure to, the .respective successors and assigns of Lender and Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be join? and xvenl.
The captions' and headings of the paragraphs of this Mongage arc for convenience only and ant not to tie used to
interpret or define the provisions hereof.
11. Notice. Except for any notice required under applicable law to be given in another manner, fal any notice to
Borrower provided for in this Mortgage shall be given by mailing such. notice by certified mail addresxd to Borrower at
the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and
(b) any notice to Lender shall he given by certified mail. return receipt requested. to L.ender'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
Morlgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
1S. Uaifonu Mortgage; Governing Law: Sererability. This form of mortgage combines uniform 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 bt governed by the law of the jurisdiction in which the Properly is located. In the
event that any provision or clans of this Mongage or the Note conflicts with applicable 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 are declared to be severable.
16. t3orrower's Copy. Borrower shall be furnished a conformed copy- of the Note and of this Mongage at the time
of execution or after recordation hereof.
l7. ,Trseder 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 conxnt. excluding fa) the creation of a lien or encumbrance sutwrdinate to
this Mortgage. (b) the creation of a purchase money security intemt for household appliances, (c) a transfer by devise,
i descent or by operation of law upon the death of a joint tenant or (dl the grant of any kaxhold 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 Mongage to be
immediately due and payable. Lender shall have waived such option to accelerate if, prior to the tale 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
a is satisfactory to Lender and that the interest payable on the sums secured by this Mongage shall bt at such rate ac Lender
shall request. Lf Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in
s interest has executed a written assumption agreement accepted in writing by Lender, Lender shall releax Borrower from all
obligations under this Mongage and the Note.
If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in acootdanc-c N~irh
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 s?rch sums prior to the expiration of such period,
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph lg hereof.
Mort-UtvtFOant CovErret~s. Borrower and Lender further covenant and agree as fdbws:
ifs. Accekratbu; Rewtdks. Except r provWtd is patgrapb 19 hereof, upon borrower's bract of any to•euant or
agreemett of borrower M this Mortgage, irtcluditq ere roreusats to pay when doe any sews securd by this Mortgage. Lager
prior b acederatbu sisaN wail sotlce to >sorrower as provided la psra~rapr 14 hereof speel[yiug: f l) ere breach:121 the setbw
rquired b cure suer btracr; (3) a date, tsot less tltssr 30 days frow the date ere uotke is waged to tionower. by wbkr such
6sacr west fie tared; sad (1) that faNtue to cure strcb breach ou or before the date specified b ere notice way resell h
aeederadon of ere ststs>s secured by this MortgsKe. foreclosure by judkW proesedfa fi sstd sale of ere Pwpcrry. The notke
sraY furtrer is~tonu ttwrrower of tee riRM to rNudNe after accekrstioa and tee right to aatKrt in ere foreclosure proeetdltt~ .
ere ttwu-exidetste of a defssrlt or any otter defestse of 1orrower to accekratiow and foreclosure. K the breacr fs mot cured ou
or before ere dark specified is ere notice. Lender at I.eudet's option way declare aR of ere wtsts secured 6y trb Mortgage 1o be
iwwediatelp due sni payable without turirer demand and may foreclose this Mort=aft by jndktal pr+oetediug• Lender dtall
be added to coilett d suer proceednsi aN expenses of forecbsuro, Mctadis;. but not Ifrnitsd to. reasonable stturneY's fees.
? and costs of doc.!uentary eridewte. abstract and tick report.
19. tiorrowa's Refire to ReiaNate. Notwithstanding Lenders acceleration of the sums secured by thr_ Mortgage,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mongage discontinued at any time
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