HomeMy WebLinkAbout1155 Lender's written •b ~cmcnt or applicable law. Borrower shai+ pay the amount of ail mortgage imurance premiums in the
manner provided u::der paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additions!
indebtedness of Borrower secured by this Mortgage. Unlecc Borrower and l.erickr ague to other terms cat payment, such
amounts shall be payable upon notice from Lender to Bormwer rey+testing payment thereof: and shall he..r interest from the
date of disbursement a! the talc payable from time to time on outstanding principal under the Note ++nlesc 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 take
any action hereunder.
8. Inspection. lender may make or rinse to t+e made reaconahle en/riec upon and inspections of the Property, provided
that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to I~nder's
interest in the Property.
9, Cuademnatbn. The proceeds of anv award or claim for damages, direct or consequential, in connection with any
condemnation or other taking of the Property, cx part thereof, or for conveyance in lieu of condemnation, are hereby assigned
ands +all be paid to I.cnder.
I•i the event of a total taking of tltc Property. the proceeds shall be 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 applieet to the come secured by this Mortgage such proportion of the proceeds
as is equal to that proportion which thr amount of thr sums secured by chic Mortgage immediately prior to the date of `
taking bears to the fair market value of the Pruperq• immediately prior ro~the date of taking, with the balance of the proceeds
paid to Borrower.
•if the Properly is abandoned by Bor.owcr. or rf. after noticr by Lender to Borrower that the condemnor offers to make
an award or cettle a claim for damazcs. B~•rrrwcr fads to re.x•nd to Lender within 30 days after the date such notice is
mailed. Lender is authorized to collect and aptly th. proceeds. at Lender's option, either to restoration or repair of the
Property or to the sums secured he chi. Mongace.
Unless Lender and Borrower otherwise agree in wrihnc. anv such application of proceeds to principal shall not extend
or postpone the due date of the momhly installments rrferred to in paragraphs 1 and 2 hereof or change the amount of
such installments. '
10. Borrower Not Released. I:~tcncion of the time for payment of modification of amortization of the sums secured
by this Mortgage granted by Lender to anv_ c+trcecsor in interest of Borrower shall not ope~atc to release. in any manner.
the liability of the original Borrower :+nd Borrower's successors in interest. Lender shall not he required to commence a
proceedings against such successor or refuse to extend time for pat•ment or otherw•ice modify amortizatrort of thr sums
secured by this Mortgage by reason of anv demand made hs the ~•rieinal Bormwer and Bormwer s successors in interest.
11. Forbearance by Lender Not a Waiver. Am~ fonc~aranrr h. 1 rndcr in crcrcising am• right or remedy hereunder, or
otherwise afforded by applicable law. shall not he a waiver cal or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of lases or other liens ar charges by Lender shall not he a waiver of Lenders ,
right to accelerate the maturity of the indebtedness secured M• this Mortgage.
12. Remedies Comulative. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity. and may he eserciced concurrently, independently or sue .essively.
' 13. Stucessors and Assigns Bound:.Joint and Several i.iahility; Captions. The covenants and agreemen s 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 he jolty and ceveral_
The captions and headings of the paragraphs of this Mortgage are for rnnvenience only and are not to he aced to
interpret or define the provisions hereof.
14. Notice. Except for any notice rryuired under applicable law to be given in another manner. fat any notice to
Borrower provided for in this Mortga~:e chill he given h}' mailing such notice by certified mail addressed to Bormwer at
the Property Address or at such other addrrcc ac B~amwer rnav_ designate by notice to fender as provided herein. and
(h) any notice to Lender shall he given by certified mail. return receipt requested. to lenders address stated herein or to
such other address as Lender rosy decienatc by nMice to Bormwer as provided herein. Any noticc provided for in this
Mortgage shall he deemed to have been grvcn to Borrower or Lender when given in the manner designated herein.
IS. Uniform Mortgage: Governing I.aw: Severability, This form of mortgage combines uniform covenants for national
use and non-uniform rnsenants with limited variations by jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall he governed M• tl+r law of the jurisdiction in which the Property is located. In the
event that any provision or clause of chi. Mong;,LC ~~r the Note conflicts with applicable law. such conflict shall not affect
other provisions of this Mortgage or the Note which ran be given effect ~withoat the conflicting provision, and to this
end the provisions of the Mortgage and the ~ic~te :+rc Jcrlarcd to he severable.
16. Borrower's Copy. Borrower shall tk furnished a rnnformed cop} of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. Transfer of the Propert~•: Accumption. II aC ~~r am part of the Property or an interest therein is sold or transferred
s by Borrower without Lender's prior writr~n cumcnt. r~rluding lal the creation of a lien or encumbrance subordinate to
' this Mortgage. (h) the creatron of purch:nr m+•nrv .ccurity interest for household appliances, (cl a transfer M• devise.
descent or by operation of law upon the death of :r i~•~nt tenant or (dr the grant of any leasehold interest of three years or less
not containing an option m purchase, fender may. at Lender's option. declare all the sums secured hy.this 1?iortgage to be
immediately due and payable. Lender shall have w:uv~d such option to accelerate if. prior to the wle or transfer. i.ender
I and the person to whom the Property i, tx. hr .ol.l +~r transferred reach agreement in writing that the credit of such person
a is satisfactory to Lender and that the interr.t payable on the sums secured by this Mortgage shall be at such rate ac Lender
1
shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's s+rccessor in
interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all
obligations under this Mortgage and the Note.
if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in acrnrdancr 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 Bormwer 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 on Borrower. invoke any, remedies permitted by paragraph 14 hereof.
k
Note-UNIFORM COVENANTS. Borrower and lender further covenant and agree as follows:
18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Eorrower's breach of any covenant or
agreement of Borrower in thg Mortgage. includirtR the covenants to pay when dne any sours secured by this Mortgage, i.ender
prior to accekratioo shall mail notice to Borrower as provided in paragraph 14 hereof specityirtg: (1) the breach: t21 the action
required to cure stub breach; (3) a date. not less than 30 days from the date the notke 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 nolict may result in
acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice
shall further inform Borrower of the right to reinstate after sccekration and the right to assert in the foreclosure proctedieg
the non-existence of a defauN or any other defense of Borrower to accekntion and forecbsurc. If the breach is not cured on
s or before the date specified io the notice. Lender at Lender's option may declare s0 of the sums scented by this MortRrq,e to be
s immediately due and payable without further de+r:,na and may forcckst this Mortgage by judicial proceeding. I.end:r shall
~ be eatitkd to collect in wch proceeding all expenses of foreclosure. including. bttt nOt limited to. reasonable attnrn+•;'s fees.
and costs of .iuc~~tentary evidence, abstracts and tick reports.
19. Borrower's Right to Reiostste. Notwithstanding Lender's acceleration of the sums secured by thr• M.~rtgage.
t Borrower shall have the right to have any procec:drngs begun by 1_ender to enforce this Mortgage discontinued jt any time
s
~ak~ ~U5 ?•acf ~~~3