HomeMy WebLinkAbout2259 agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premium: in the manner proaided
under paragraph Y hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional in-
debtedneu of Borrower secured by this 5ortgage. Unless Borrower acrd Lender agree to other terms of payment, such
amowus shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall beat interest from
else date of disbursement at the rate pa}•able from time to time oft outstanding prirrcilsal under the Dote 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 this paragraph 7 shall require lender to incur any expense or
take any action hereunder.
8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections o[ the Property, pro-
aided that Lender shall give Borrower notice prior to any such inspection specifying reawrrable cause therefor related to
Lender's interest in the Property.
9. Condemnation. The pratxds 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 cona•e}•ance in lieu of condemnation, are hereby as-
signed and shall be paid to Lender.
In the event of a total taking of the Property, the praeeds shall be applied to the sums secured by this 5ortgage,
with the excess, if any, paid to Borrower. In the eaent o[ a partial taking of the Property, unless Borrower and Lender
otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds
a; is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of
taking bean to the fair market a•alue o[ the Property immediately prior to the date o[ taking, with the balance of the pro•
ceetis paid to Borrower.
If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to
make an award or settle a claim for damages, Borrower tails to respond to Lender within 30 da}•s 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 sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
or postpone the due date of the monthly installments refuted to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Not Released. Extension o[ the time for payment or modification of amortization of the sums secured
b}• this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Borrowers succtisson in interest. Lender shall not he required to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortisation of the sums se-
cured by this `tortgage by reason of any demand made by the original Borrower and Borrowers successors in interest.
11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising an}• right or remedy hereunder,
or otherwise afforded by applicable law, shall not be a waiver c,t or preclude the exercise of any such right or remedy. The
procurement of insurance or the payment of taxes or other liens or charges M• Lender shall not be a waia•er of Lender's
right to accelerate the maturity o[ the indebtedness secured by this \iortgage.
12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to an}• other right or
remedy under this'.1lortgage or afforded by law or equity, and may be exercised concurrently. independently nr successiaely.
13. Successors and Assigns Bound; Joint and Several Liability; Captions. The ma•enants and agreements herein
contained shall bind, and the rights hereunder shall inure to, the respective wccess,rrs and assigns of Lender and Borrower,
subject to the proaisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and seaeral. 1'he
captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or
define the provisions hereof.
l4. Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice to
Borrower provided for in this Mortgage shall be giaen by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such other address as Borrower may designate by notice to Lender as pma•ided herein. and (b)
any notice to Lender shall be gia•en by certified mail, return receipt requested, to Lender's address stated herein or to such
other address as Lender may designate by notice to Borrower as provided herein. An}• notice pmyided for in this ~(ortgage
shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
f 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform cm•eaants for na-
tional use and non-uniform coaenants with limited variations by jurisdiction to constitute a uniform securita• instrument
j covering real property. This Mortgage shall be goaerned by the law of the jurisdiction in which the Propert}• is located.
In the eaent that any proaision or clause o[ this Mortgage or the \ote conflicts arith applicable law, such conflict shall not
affect other provisions o[ this Mortgage or the \ote 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 seaerable.
16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this ~tortRaRe at the time
of execution or alter recordation hereof.
17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or trans-
ferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate
to this Mortgage. (b) the txeation of a purchase money security interest [or household appliances. (c) a transfer by devise,
descent or by operation of law upon the death of a joint tenant or (d) the Brant of any leasehold interest of three wears or
g less not containing an option to purchase. Lender may, ac Lender's option. declare all the sums secured by this Mortgage to
be immediately due and payable. Lendu shall haae waived such option to accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person
~ is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
shall request. It Lender has waiaed the option to accelerate provided in this paragraph 17. and if Borrower's successor in
e interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from
all obligations under this ;?fortgage and the tote.
I[ Lender exercises such option to accelerate, Lendu shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of not less than 30 da}•s from the date the notice is mailed within
_ which Borrower may pay the sums declared due. If Borrower faits 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 18 hereof.
NOic'U\IFOA~t CoVENAATS. 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,
Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof spxcifying: (1) the breach;
(Z) the action required to cure such breach; (3) a date, not k:s than 30 days from the date the notice is mailed to Borrower,
by whit3r such breach must be cured; and (4) that failure to care such breach on or before the date specified in the notice 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 acceleration and the right to assert in the foreclosure
~ praeeding the nonexistence o[ a default or any other defense of Borrower to acceleration and foreclosure. 1[ 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
1lfortgage to be immediately due and payable without further demand and may foreclose this Afottgage by judicial proceed• j
ing. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reason-
, able attorney's tees, and costs o[ documentary evidence, abstracts and title reports.
bUCr 3U6 PACE~57