HomeMy WebLinkAbout1173 lender i written ~g cetnc;nt a applicable law. Borrower shai+ pay the anruunt of :nortgxge in>uratrce premiurrrs in the
manner provided u^der paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7, with intet~t thereon, shall become addition.:
indebtedness of Borrower secunod by this MortK~ge. Unless Borrower and I-ender agree to other temps .>r payment, such
amounts shall be payable upon notice from Lrnder to Borrower rcyuesting payment (hereof, and shall Le,, interest from the
date of disbursement at the rate payable from titre to time un austanding 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 shad require i.ender to incur any expense or take
any action hereunder.
8. Isspectiow. (.ender may make or cause to be made rcaurnahk entries upon and inspections of the Property, provided
that (.ender shall give Borrower notice prior to any c:~h inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9, Cusdemmtion. The proceeds of any award or claim for damages. direct or consegtxntial, in connation with any
condemnation or other taking of the Property. or part therrnf. or for cons•eyance in lieu of condemnation, are hereby assigned
and s rail he paid to lender.
l.i the event of a total taking of the Pmpertc. the procerds shall he applied to the sums secured by this Mortgage,
wilt the excess, if any. paid to Borrower. In the went of a partial taking of the Property, ttnlesc Borrower and (.ender
otherwise agree in writing: there shall he applied to the .umc Secured by this Mortgage such proportion of the proceeds
as is equal to that proportion which the amou>rt the ,ums sc;,ued by this Mortgage immediately prior to the date of s
taking bean to the fair marktt value of the Propeny immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
if the Property is abandoned he Bor•>>wer. .f :~fnr n<>tice by Lender to Borrower that the condemnor offers to make
an award or settle a claim for dam:+i>es, B;•rr .wcr f.::l. t?> respcrnd to i_ender within 30 days after the date such notice is
mailed. Lender is authorized to coped aed apph• ?h~ proceeds. at Lender's option, either to restoration or repair of the
PmFcrty or to the sum. secured by this ~lorttaLe
Unless Lender and Borrower otherwise agree in ~.ritur~ am su:h application of proceeds to principal shall not extend
or postpone the due date of the monthly installments rrf~rred to in pzraeraphs 1 and 2 hereof or change the amount of
such installments
10. Borrower Not Released. I::!cncion of the time for payment of modification of amortization of the sums secured
by this Mortgage granted t+y I ender t~> any cuceeccor in interest of Borrower shall not operate to release. in any manner.
the liability of the original Borrower and &>rrower'c succcssorc rn interest. l enckr shall not he required to commen.e
proceedings against such successor or reface to extend time for r +unent ur rnheru ise modif~• amortization of thr wins
secured by this Mortgage by reason of :+m• demand made h+ thr •ri~•^,1 Borrowe+ and &,rn,wers succesa,r. in interest.
11. Forbearance by i.ender'.\ot a Waiver. :fns forhrar:~~cr ! -:'er +n e~ercicmg arn• right or remedy hereunder. or
otherwise afforded by applicable law. shall not he a w:+iscr t•! .>r ~rL::u.'.r +he e~ercice of am such right or remedy:
The procurement of insurance or the payment of tas~-c +>r other lie~c or chargrs h~ 1 coder shall not be a waiver of 1_enders
right to accelerate the maturity of the indebtedness secured he this Atortea>;e.
12. Remedies Cumulative. All remedies provided in this ~I,,rtg.,r_• arc >listinct and cumulative to am• other right or
remedy under this Mortgage or afforded by law c,r eyuin•. ad mac he ~srrc~s~d rnncurrently. independently or sue .essiveh•.
13. Strecessors and Assigns Bound: Joint and Se.eral t.iahility-; Captions The covenants and agreemen s herein
contained shall bind, and the rights hereunder sha!! inure to. the ncpective succecu.rs and assigns of Lender and Borrower.
subject to the provisions of paragraph 17 hereof. :111 rnvcnants and .+grermemc of Borrower shall he miry and several.
The captions and headings of the para¢raphs of this !lortgage are for convenience only and are not to he +t~ed to
interpret or define the pros•icionc hereof.
14. Notice. Except for am• notice rcynired under applicable law t.• be given in another manner. (al any notice to
Borrower provided for in this Mortgage shall he given by mailinx such notice M' certified mail zdd:essed to Borrower a1
the Property Address or at such othc: address ac B~>rr>>wer may designate by notice to Lender as provided herein, and
(bl any notice to Lender shall he given by certified mail. return receipt requested. ro Lender s address stated herein or to
such other address as Lender may decienate by notice a• Borrower as provided herein. Any noti_. provided for in this
Mortgage shall be deemed to have l+een grvcn to Born,wcr .?r Lender when given in the manner designated herein.
1S. Uniform Mortgage; Governing Law: Se.erat„lity. This form of mortgage combines uniform covenants for national
~ use and non-uniform cm•enantc with limited variations by junsdiction tc> constitute a uniform security instrument coveting
real property. This Mortgage shall he governed he tlx law of the jurisdiction in which the Property is Ideated- Jn the.
event that any provision or clause of this Mortg:.ec +,r the Note conflicts with applicable law. such conflict shall not affect
I other provisions of this Mortgage or the Nate which can be given effect without the conflicting provision, and to this
end the provisions of the Mortgage and the Vote arc >teclared to he severable.
~ 16. Borrower's Copy. Borrower shall be f+rrneshed a conformed cop} of the Note and of this Mortgage at the time
of execution or after recordation hereof. .
{I 17. Traatfer of the Properir; Accumption. It aC or am pan of the Property or an interest therein is sold or transferred
i by Borrower without Ixnders prior wrincn consent. eych+ding tat the creation of a lien or encumbrance subordinate to
this Mortgage. (h) the creation of a pur.h.+se mrney security interest for household appliances. (cl a transfer by devise.
descent or by operation of law upon the death of a i.>~nr tenant or (d? the grant of any leasehold interest of three years or less
not containing an option to purchase. Lender ma)•. at Lender's option, declare all the sums secured by this Mortgage to he
? immediately due and payable- Lender shall hays w:uycd such option to accelerate if. prior to the sale or transfer. I-ender
and the person to whom the Property is to t?e .oIJ or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the intere.t payable on the toms secured by this Mortgage shalt be at such rate ac lender
~ shall request. If lender has waived the option m accelerate provided in this paragraph 17, and if Borrower ~ successor in
i interest has executed a written assumption agreement accepted in writing by lender. (.ender 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 acrnrdancc ith
paragraph 14 hereof. Such notice shall provide a period of not lest than 30 days from the date the notice is mailed within
s which Borrower may pay the sums declared due. If Borrower fails to pay such cams prior to the expiration of such pericxl,
_ Lender may. without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof.
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_ Note-Uxtroart Cove~erv7s. Borrower and Lender further covenant and agree as follows:
~s 18. Acceeeratios; Reredies. Eaccp as provided is paragraph 17 hereof. upon Borrowe~a brescb of arty corenawt or
agreement of Borrower in this Mortgage. including !be corewarets to pay wbes doe a.y sours secsred by this Mortgage. Lender
f prior to accekntios shall mail notice to Borrower as provided iw paragraph 14 bertof sptcByisg: (1) the breach; (21 the action
required to cure such brescb; (3) a date. not less than 30 days from the date the notice is waned to Borrower. by which snob
breach intent be eared; and (4) that failsre to curt such bresch oe or before the date specified is the notice may receeN in
scceleration of the s>ao<s secerred by ibis Mortgsge. foreclosure by judicial proceedirr= sod sale of the Property. The notice
shall fnrtber inform Borrower of the right to reieutate after acceleration swd the right fo assert is ttee foreclosnrt ptocetdisg
the crop-a:istence of a defanN or any other dettnce of Borrower to acceleration and foreclosure. if the brtacb is oof cored oa
or before the dste specified in the notice, lender at Lender's option may declare ar of the straw secured by this Mortgage to be
;j? immediatdy due aced payable without farther dem:,ne and may foreclose this Mortgage by judicial proceeding. I.enrlrr shall
4 be entitled to collect in such proceeding a8 expenses of foreclosure. isclndisg. bit sot limited to. reasonsbk art?,rnr:'s fees,
sod costs of >wc..~seatary eridetece. abstracts and title reports.
19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by th+• M.rrtgage.
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
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