HomeMy WebLinkAbout2555 Lender's written agreement or applicable law. Borrower shalt pay the amount of all mortgage insurance premium: in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by tender pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by This Mortgage. Unletc Borrower and lender agree to other terms of payment, such
amounts shall be payable upon notice from Lender to Borrower requesting payment thera~f, and shell bear interest from the
date of disbursement at the rate payable from time to time ~ on outstanding principal under the Note unless payment of
interest at such rate would he contran? 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 requitt I.endtr to incur any expense or take
any action hereunder.
8. Inspection. lender may make or cause to be made reasonable entries upon and inspections of the Property, provided
that lender shall live Borrower notice prit~r'to any such inspection 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, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned
and stall 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
otherwise agree in writing, there shall he applied to the sums secured by this Mortgage such proportion of the proceeds
as is equal to that proportion which the amount the coma 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 Bor:ower. or if. after notice by Lender to Borrower that the condemnor offers to make
an award or settle a claim for damages, Borrower fail. 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 sum. secured M• this Mortgage.
Unless Lender and Borrower otherwise agree in w•rittne. any such application of proceeds to principal shall not extend
or postpone the due date of the monthh• installments referred to in paragraphs 1 and 2 hereof or change the amount ?of
such installments.
10. Borrower Nof 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 release. in any manrer.
the liability of the original Borrower and Borrower's succecuxc in interest. i.ender shall not he required to commence
proceedings against such successor or reface to extend time for payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of am• demand made by the orieinal Borrower and Borrowers successors in imerect.
11. Forbearance 6y (.ender Not a Waiver. Am forbearance by Lender in eYCrcising any right or remedy hereunder, or
otherwise afforded by applicable law. shall nM be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of tares or other liens or charges by Lender shall not he a waiver of lender's
right to accelerate the maturity of the indebtedness sec?tred by thin Mortgage.
12. Remedies Camulative. All remedies prrn•ided in this >\lrtgage arc distinct and cumulative to any other right or
remedy under this Mortgage or afforded by taw or equity, and may be exercised concurrently. independently or successively.
13. Successors and Assigns Borrnd: Joint and Several i.iability; Captions. The covenants and agreements herein
contained shall hind, 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 jolty and several.
The captions and headings of the paragraphs c+f this Mortgage are for convenience only and are not to be used to
interpret or define the provisions hereof.
14. Notice. Except for any notice rcynircd under applicable law to be given in another manner. fa) any notice to
Borrower provided for in this Morlgaee shall he given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such other addres. ac &~rr„wer mav_ designate by notice to Lender as provided herein. and
(b) any notice to Lender shall be given by certified mail. return receipt requested. ro t.ender s address stated herein or to
r such other address as Lender may designate M• notice to B~rmwer as provided herein. Any notice provided for in this
I Mortgage shall be deemed to have been gn•cn to Borrower or 1_ender when given in the manner designated herein.
15. Uniform Mortgage: Gox•erning I.aw; Severahility, This form of mortgage combines ?tniform covenants for national
~ use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform secunty instrument covering
real property. This Mortgage shall be governed by the IaK Of the jurisdiction in which the Property is located. In the
r event that any provision or clause of this Mortg:,ec or the Note conflicts with applicable law. such conflict shall not affect
j other provisions of this Mortgage or the Note ..hick can be given effect witho?a the conflicting provision, and to this
end the provisions of the Mortgage and the Vote arc declared to be severable.
16. Borrower's Copy. Borrower shall he fttrni.hed a conformed cop: of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. Transfer of the Propert}•: Assumption. if alt or :?m part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written .unseat. excluding la) the creation of a lien or encumbrance subordinate to
this Mortgage. Ih) the creation of a purchase money .ecurit~ interest for household appliances. Ic) a transfer by devise.
descent or by operation of law upon the death of a iu~nt tenant or (d? the grant of any leasehold interest of three years or lees
not containing an option to purchase. Lender may. at Lender's option, declare all the sums secured h}• this Mortgage to be
immediateh• due and payable. Lender shall ha.e w:uvcd such option to accelerate if, prior to the tale or transfer. Lender
and the person to whom the Propern• is to be .ul.l ur transferred reach agreement in writing that the credit of arch person
is satisfactory to Lender and that the irncre.t pa~ahle on the sums secured by this Mortgage shall be at such rate ac Lender
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shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor 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.
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If Lender exercises such option M accelerate. Lender shall mail Borrower notice of acceleration in accordance it
paragraph 14 hereof. Such notice shall provide a period of not lest 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 expiration of such penud.
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Lender may. without further notice or demand on Borrower. invoke any remedies permitted by paragraph IR hereof.
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Noev-UNIFORM CovexxNTS. Borrower and Lender further covenant and agree as follows:
18. Acceleration; Remedies. Except as provided 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 sums secured by this Mortgage, (,ender
prior to accekratioa shall mail notice to Borrower as provided in paragraph 14 hereof specifyiug: (1) the breach: 12? the action
required to cart such breach; (3) a date. not less than 30 days from the date the notice is maned to Borrower. by vrhich such
breach must 6rcured; and (4) that failure to cure such breach on or before the date specified in the notice may result in
sccekration o~ the sutars secured by this Mortgage. foreclosure by judicial proceeding and salt of the Property. The notice
shall further inform Borrower of the right to reinstate after scceleration and the right to assetR in the foreclosure proceeding
the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on
or before the date specified in the notice. Lender at Lender's option may declare all of the sums secured by this Mortgage to bt
immediately dot and payable without further demand and mav foreclose this Mortgage by judicial proceeditrR. i.endrr shall
be entitled to collect in such proceeding all expenses wf foreclosure. including. but not limited lo. reasonable rtt~>rnc:'s fees,
and costs of wrcr.~rreatary evidence. abstracts and title reports.
19. Borrower's Right to Reinstate. Notwithstandintt Lender's acceleration of the sums secured by th~• M.~rtgage.
Borrower shall have the right to have any proceedmgs beEun ~y Lender to enforce this Mortgatte discontinued at any time
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