HomeMy WebLinkAbout1853 I.cnder i written agreement or applicable law. Borrower shall pay the amount o[ all mortgage insurancis premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbur:ed by lender pursuant to thin paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such
amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the
date of disbursement at the rate payable from time to time on oubtanding 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 this paragraph 7 shall require [.ender to incur any expanse or take ;
any action hereunder. y
8. Isnpectba. Lender may make or cause to be made.,rgsoptible entries upon and inspections of the Property, provided
that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9. Coed:maafba. 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, arc hereby assigned
and shall be paid to Lender.
In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage,
e exec , •f any, paid to Borrower. In the event of a partial taking of tha Property, unless Borrower and Lender
otherwise agree t writing. there shall be applied to tbe sums secured by this Mortgage such proportion of the proceeds
as is equal to tha proportion which the amount of the sums 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 Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make 3
an award or settle a claim for damages, Borrower fails to respond to 1_ender within 30 days after the date such notice is t
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. i
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend f
or postpone the due date of the monthly installments 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 or modification of amortization of the sums secured 4
by 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 Borrower's successors in interest. fender shall not be required to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums }
secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. !
11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or 1
otherwise afforded by applicable law, shall not be 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 or charges by Lender shall not be a waiver of Lender's ~
right to accelerate the maturity of the indebtedness secured by this Mortgage.
l2. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. (
13. Successors-and Ast:~os Bound: Joint and Sereral i.iabNify; Csptbns. The covenants and agreements herein
contained shall bind, and the rights hereunder shalt 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 joint and several. •
The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to '
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interpret or define the provisions hereof. i
14. 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 he given 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 provided herein, and
(b) any notice to Lender shall be given by certified mail. return receipt requested. to I ender s address stated herein or to i
such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to have been given to Borrower or lender when given in the manner designated herein.
1S. Uniform Mortgage; Governing Lar.: Severabpity. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. in the -
event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or the Note 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 severable.
16. Borrower'a Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. Transfer of the Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written consent, excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise,
descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less
not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be '
immediately due and payable. Lender shall have 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. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's 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.
if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of not less 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 period,
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
Noty-Utvtt=otetar Coverv~rwrs. Borrower and Lender further covenant and agree as follows: j
18. Accekratba; Remedies. Eucep as provided is paragraph 17 hetreaf, upon Borrowers breach of any covenant or
a~reemeat of Borrower in this Mortgage, including the covenants to pay when due any turns secured br tbb Mortgage, Leader
prbr to accekratba shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the brash; (2) the action
required to cnre soc6 breach; (3) a date, not less than 30 days from the date the notke b muffled to Borrower, by whkb snob
breach moat be cared; and (4) that fs8ortr to cnre sock bresch on or before the date spaf8ed is the aotke tmay rttsak Ia
accekratbn of the some iecnred by fhb Mortgsse, forccbsore by judkial proceediu= and sale of the Property. The notke
shall further inform Borrower of the right to reinstate after accekratioa and the right to avert is the forrrclosnre procecdi>og
the aoo-exbteace of a detanlt or oar other defense of Borrower to accekrstbn and torecbsnre. it the breach b ~t cared os
or before the date specNied fa the aotke, Lender at Leader's optbn mar declare aq of the rams secured by this Mortsa=e to be
bamedhtdy due and payable without further demand and may forccbse tbb Mort=a=e by judicid proceedis~. Leader shay
be entitled to eo0eet is each proceedin< ap etrpeesea of torecbsnre, iaclndia=, bat not limited to, reasoaabie attorney's tees,
sad ends of docntaeatarr eNdeace, abstract and title reports.
19. Borrower's Rl~bt to Reiadate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
Sox 307 DACE 18~