HomeMy WebLinkAbout2852 Lender's written agreement or applicable law. Borrower shall pay the amount of all ttwrtgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by i.ender pursuant to this paragraph 7, with iaterat thereon. shag become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lendkr agree to other ternu of payment. such
amounts shall be payable upon notice from Lender to Borrower requesting payment thereoL and shall bear interest from the
date of disbursement at the rate payable from tithe to time on attstanding principal under the Note unless payment o[
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 fate
any action hereunder.
8. Itt>spectioi. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided
that Lender shall give Borrower notice prior to any sttch inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9. Coaidemaatbs. The proceeds of any award or claim for damages, direct or consequential, in rnnnection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned
and shall be paid to Lender.
In the event of a total taking of the Froperty, the proceeds shall be applied to the sums secured by this Mortgage,
with the excess, if any, paid to Borrowe?. in the event of a partial faking of the Property. unless Borrower and Lender
otherwise agroe in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds
as is equal to that 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 i_ender to Borrower that the condemnor offers to make
an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is
mailed, Lender is authorized to collect and apply the proceeds, at [_ender
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
cr 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 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 manner.
the liability of the original Borrower and Borrowers successors in interest. Lender 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 Borrowers successors in interest.
11. Forbearance by. Lender Not a R'aiver. Any forbearance by Lend~f• in exercising any right or remedy hereunder, or
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.
12. Remedies Cnmulati~e. 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 Asaiga~s Bound; .Joint gad Several Liability; Captions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender attd Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joirlf and several.
The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be aced to
interpret or define the provisions hereof.
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 Mortga¢e shall be 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 Tender as provided herein. and
(b) any notice to Lender shall be given by certified mail. rearm receipt requested. to Lenders address stated herein or to
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.
IS. Uniform Mortgage: Governing law: Sererability. 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 thu
end the provisions of the Mortgage and the Note are declared to be.severable.
16. Borrower's 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. 1f all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior writtrn consent. excluding (a) 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 hg 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
a immediately due and payable. Lender shall have w:?ived such option to accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is to be ;oIJ 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 i_ender
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 acrnrdancr s+ith
j 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 lA hereof.
Nort-UNIFORM Covt=_NeN7s. Borrower and Lender further covenant and agree as follows:
3
18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, npoe BorrowePs breach of any covensnt or
agreement of Borrower ie this Mortgs6e, including the covenants to pay when dtre any sours secured by this Mortgsge. I.endcr
~riior to sccekration shag mail notice to Borrower as provided is paragraph 14 hereof specifying: (1) the breach; l2) the action
' iegnired to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower. by whkh such
breach mast be cared; stud (4) that failure to cure such breach on or before the date specified is the notice may reads in
accderstion of the same secured by this Mortgsge, foreclosure by judicial proceeding and sale of the Property. The notice
shat! further inform Borrower of the right to reinstate sfter sccckration and the right to assert in the foreclosure proceedieg
Ibe aontxistence of a defank or any other defense of Borrower to accekration and foreclosure. If the breach is rat cnrrd on
or before the date specified io t6e notice, Lender at Lender's option may declare s8 of the snrtets secured by this Mortgage to be
immediately dne and payable without further demand and may foreclose thLs Mortgage by judicial proceediuR. i.ender shall
be entitled to collect in such proceeding sH expenses of foreclosure. iaclndio`, but not limited to, reasoaable ata,rnrY's fees.
:z sod costs of docotnestsry evidence, sbstracts and title reports.
19. Borrower's Right to Reisstste. Notwithstanding Lender's acceleration of the sums secured by this Mortgage,
Borrower shall have the right to have any proceedings begun ',y tender to enforce this Mortgage discontinued at any time
8
°~Cx c)tJ7 ~AGf~~~
_ _ _
Y
.y~- _
_ .t