HomeMy WebLinkAbout1149 Lender's written •d :cmc:ttt or applicable law. Borrower shalt pay the an+uunt of mungage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amatnts disbursed by !.ender pursuant to this paragraph 7, with interest thereon, shall become addition.:
indebtedness of Borrower secured by .this Montiage. llnlecc Burrower and Lender agree to Mher !ernes w payment, such
amounts shall he payable upon notice from Lender to Borrower rey++esling payment thereof, and ch;+ll hc..: interest from the
date of disbursement at the talc payahlc from time to t+me c+n outstanding principal under the Note 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 (h+s paragraph 7 shall require Lender to incur any expense or take
any action hereunder.
8. Inspection. Lender may make or cause to !+e made reasonable entries upon and inspections of the Property, provided
that lender shall give Borrower notice prior to,any such insp~-ction specifying reasonable cause therefor related to Lender's
interest in the Property.
9. Condemnation, The proceeds of any award or claim for damages, direct or consequential, in connection with any
condemnation or other taking of the Property. ur part thereof, or for conveyance in lieu of condemnation, are hereby assigned
ands +all be paid to !.ender.
1n the event of a totrl 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
otherwise agree in writing. there shall he applied t~ the cumc secured h}• Chic Mortgage such proportion of +he proceeds
as is equal to that proportion which the amount a( the wms scented by this Mortgage immediately prior to the date of
taking bean tb the fair market value of the Property in+mediatcl}• prior to the date of taking. with the balance of the procceds
paid to Borrower.
if the Property is ahandoned M• Bor•c~wer. or ~f. after notice by i.ender to Borrower that the condemnor offers to make
an award or settle a claim for dama~,es. B~•rr~~wer Luls n. respond to Lender within 30 days after the date such notice is
mailed. lender is authorind to collect acrd apply th. proceeds, at Lender's option, either to restoration or repair of the
Property or tc. the sums secured by this Mortgace. -
Unless Lender and Borrower otherwise agree in writ+nc am• such application of proceeds to principal shall not extend
or postpone ehe due date of the monthly installmcntc 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 of modification of amortization of the cumc secured
by this Mortgage granted by i ender t~~ arty cuccecsar in inters of Borrower shall nit operate to release. in any manner.
the liability of the original Borrower and B~•rrow•er', succescorc in interest. Lender shall not be required to commence
proceedings against such successor or refine to extend time for payment or othens•ise modify amortization of the sums
secured by this Mortgage by reason of am• demand made hs the ~•rieinal Borrower and Borrowers successors in imerect.
11. Forbearance by Lender ?dot a Waiver. :gym forlxaranre hr 1 ~•~der in exercising any right or remedy hereunder, or
otherwise afforded by applicable law, shall not he 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 ur charges by I .coder shall not be a waiver of Lender s
right to accelerate the maturity of the indehtcdnecs secured by this Mortgage.
12: Remedies Cumulative, All remedies provided in this Mc.rtg.+ge arc distinct and cumulative to am• other right or
remedy under this Mortgage or afforded by law or equity. and may he exercised concurrently. independently or sue .essively.
' 13. Successors and Assigns Bound:.Joint and Se.eral Liability; Captions. The covenants and agreemen c herein
contained shall hind, and the rights hereunder shall inure to. the respective successors and assigns of Lender at+d Borrower.
subject to the provisions of paragraph 17 hereof. All rnvenants and agreements of Borrower shall be join) and several.
The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to he used to
interpret or define the provisions hereof.
14. Notice. Except for any noti.•c required under applicable law to be given in another manner. fa) any notice to
Borrower provided for in this Mortgage shall he given by mailing such notice by certified mail addressed to Borrower at
the Property Addressor at such other address ac Borrower mav_ designate by notice to Lender as provided herein. :+nd
j (b) any notice to Lender shall he given by rcrtificd mail. return receipt requested. to Lenders address stated herein or to
such other address as Lender may designate by notice to Borrower as provided herein. Any noti_e provided for in this
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
I5. Uniform Mortgage: Governing law: Se.erabilih•. This form of mungage rnmbines uniform rnvenantc for national
~ use and non-uniform covenants with IimiteJ variations by jurisdiction to constitute a uniform security instrument rnvering
I real property. 'R+is Mortgage shall he governed M• the law of the jurisdiction in which the Property is located. In the
i event that any provision or clause of this hlc.ngage ~~r the '.Vote rnnfiictc with applicable law. such conflict shall not affect
other provisions of this Mortgage or the N~~te sshirh ran hr given effect without the conflicting provision, and to this
end the provisions of the I?tortgagc and the tiote art declared to he ceverahle.
16. Borrower's Cop}. Borrower shall he 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. It aC or am part of the Property or an interest therein is sold or transferred
i by Borrower without Lender's prior wrinrn .~~mem. excluding lal the creation of a lien or encumbrance subordinate to
this Mortgage. fb) the creation of a purrh.ne m~•nev seruritc interest for household appliances, tc) a transfer by devise.
descent or by operation of law upon the death c~(a i~•m! tenant or (Jt the grant of am leasehold interest of three years or lees
not containing an option to purchase. I ender may.:+t I ender'. option, declare all the Burns secured by this Mortgage to he
I immediate)}• due and payable. Lender shall have moaned Bosh option to accelerate if. prior to the sale or transfer. lender
f and the person to wfiom the Properly is to he .ol.l or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest payable on the sums ucured b}• this Mortgage shall be at such rate ac lender
shalt request. If lender has waived the c.pti~•n to accelerate provided in this paragraph 17, and if Borrower's successor in
interest has executed a written Asumpuon agreement accepted in writing h}• i.ender; Lender shall release Borrower from all
obligations under this Mortgage and the Note.
t If Lender exercises such option to accelerate. I .ender shall mail Borrower notice of acceleration in acrnrdancr s~ ith
paragraph 14 hereof. Such notice sh:dl provide a period of not Iesc than i0 days from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower fails ro pay such sums prior to the expiration of Both pencal.
Lender may. without further notice or demand on Borrower. invoke any remedies permitted by paragraph IR hereof.
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Now-Utvtt=otc!?t Cove~~tvTS. Borrower and lender further covenant and agree as follows:
~ 18. Acceleration; Remedies. E:cep! as prmidcd in paragraph 17 hereof, upon Borrower's breach of any covenant or
agreement of Borrower in this Mortgage, including the covenants to pay when due any some secured by the Mortgage, Lender
prior to acceleratbn shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; 121 the ad'an
I !required to cnrr snob breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower. by which such
breach must be cored; and (4) that failure to cure such breach on or before the date specified in the notice may result in
acceleration of the Burns secured by this Mortgage. foreclosure by judicial proceeding and Bak of the Property. The notice
shall further inform Borrower of the right to reinstafe after acceleration and the right to assert in the foreclosnre proceeding
the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. if the breach is trot cured on
or before the date specified in the notice, Lender at Lender's option may declare all of the Burns secured by this Mortgage to bt
immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. I.endrr shall
be entitled to collect in such proceeding all ezpenus of foreclosure. including. but ttwt limited to. reasonable :•tt~?rne•:'s fees,
and costs of .;uc~~rtentary evidence. abstracts and title reports.
19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by the M,+rtgage.
( Borrower shall have the right to have an}' proceedings hegun %.y Lender to enforce this Mortgage discontinued ~t any time
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