HomeMy WebLinkAbout0184 l.cnder's written ag~oemenE or applicabk law. Borrower ihaA pay the amount of all mortgase insurana premiJ~ns in the
manner provided under pa~agnph 2 hereof.
Any amounts disbursed by l.ende~ pursuant to tha parag~aph 7. with iaterest thereon, shall become additional
iodeb~edness of Borrower secu~+ed by this Mohgage. Un1Gss Borrower and LenJe~ agrce to othe~ terms of payment, such
amcwnts shall bo payabk upoo notice f~om i.eode~ to Borrower roqucsting payment thereof, and shall bea~ interest from the
datc of d'ubursement at the rate payabk from time to time on a~t:tanding principal under ihe~Note unless payma~t of
interost at such rute would be corttnry to applicabk law, in which event such amounts shall txar interest at the 6iahest nlte
permiasibk uoder applicabk law. Nothing contaioed i~ this paragraph 7 shall rcquire I.er?de~ to incur any eacpenx or take
any action hereunder. '
a. Irspectio~. i_e~der may make or cause ta be made rcasonabk entries upon and inspections of the Property. providtd .
that l_o~der shall give Borrower notire prior ta any such inspection specifying rcasonabk cause therefor related to Lender's
interest in the Properly. . '
9. Coademoatba The prqoteds of any award or claim for damages, direcl or consequential, in connoctio~ with any
condem~ation or other taking of the Propeny, or pa~t tAereof, ar for conveyance in lieu of condemnation. are her+eby assignod
and shall be paid to Lt~der.
in Ihe event of a total taking of Ihe Property. the proceeds chall be appliecl to the sums securcd by this Mortgage.
with thc exccss, if any, paid to Borrciwer. In thc event of a.panial taking af the Property; unless Bomower and Leader
otherwiu agroe in writing. tF~ere shall be applied to the sums secured by this Mortgage such proportion of the pmceeds
as is equal to that proportia~ v?hich ~he amount of the sumc secu~ed by this Mortgage immediately prior to the date of
taking bears to the fair market valut of the Propeny immedjately priar 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 Bomower that the condemnor oRers to milce
an award or settk a claim for damages. Borrower fails to respond to Lender within 30 days afttr the date such notice is
mailed, Lender is authorized to collect and apply the praceeds, at T~nder's option, either to ratoration or repair of the
Prupeny or to the sums secored by this Mortgage.
- Unlesc l_ender and Borrower othervvise agree in w•ritinR, any such applicatian of praceeds to principal shall not extend
or ~ostpone the due date of the monthly installments referrcd ta in paragraphs 1 and 2 hereof or change the amount of
s~ch installments.
10. Borrower Not Rekased. Extension of the time for payment or modification of amortization of the sums secured
by this MoAgage granted by I.ender to any cuceecsor in interest of Borrower shall nol operate to release, in any manner,
the liability of the original Borrower and Borr~wer's successors in interest. i_ender shall not be required ta commence
proceedings against such successor or refuse to extend time for payment or othenvise modify amortization of thr ~~~ms
secured by this Mortgage by reason of ~ny demand made by the oriQinal Borrower and Borrower s successors in interest.
11. Forbearance by Gender Not a R'airer. Any forhearance by I_eoder in exercising any right or remedy hereunder, or
otherwise af~orded by applicable law. shall not be a waiver of or preclude the exercise of any such right or rtmedy.
The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Le~der's
right to accelerate the maturity of the indebtedness secured h~ this Mprtgage.
l2. Remedks Comulati~e. All remeciies provided in this Mortgage are distinct and cums~lative to any other right or
remed~C under this Mortgage or afforded hy !aw or equity, and may be exercised concurnently, independenUy or successively_
' 13. Saccessors snd A~ns Bound; Jant and Severd i.iabilN~; Captions. The covenants and agreements herein
contained shall bind, and the rights here~nder shail inure to. the respective successors and assigns of I_ender at~d Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joir~{ and several. -
The captions and headings of the paragraphs of this Mongage are for convenience only and are not to be used to
interprct or define tFie provisions hereof.
14. Notice. Except for any notice reyliired under applicable law to be given in another manner, (a) any notice to
Bonower provided for in this Mortga¢e shall be given hy mailing such notice by certified mail addressed to Borr~wer at
the Property Address or at such other addrecc as Borrower mav designate by notice to T_ender as provided herein, and
(h) any nolice to Lender shall be gi~~en hy cer~ified mail, return receipt requested. to I_enders address stated herein or to
such olher address as Lender may desi¢nate by notice to Borrower as provided herein. Any notice pmvided for in this
! Mortgage shall be deemed to have been given to Bc~rrower ar Lender when given in the manne~ designated herein_
IS. Uniform Mort~a~e; Governin~ Law; Severability. 'i7us form of mortgage combines uniform covenants for national
I use and non-uniform covenants with limited variation"s by jurisdictiori to constitute a uniform security instrument covering
E 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 clauce of thic Martgage or the Note conflicts with applicable law, soch conflict shall not aflect
~ other provisions of this Mortgage or the Note which can be given efiect without the conflicting pravision, and ta this
€ end the provisions of the Mortgage and the Note arc declared to be severable.
; 16. Borrower's Copy. Borrower shall be furni~hed a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
~ 17. Traasfer of the Propertv: Assumption. if all or any pan of the Property or an interest therein ix sold o~ transferred
a by Borrower without Lender's prior writtcn ronsent. excluding (a) the creation of a lien or encumbrance subordinate to
; this Mortgage. (b) the creahon of a purchace m~•ne~~ tecurity interest for household appliances, (c) a transfer hy devise.
: descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intcrest of threc ycars or less
not containing an option to purchase. Lender may. at I.ender's option, declare all the sums secured by this Mortgage to be
~ immediately due and~payable. Cender shall have uaived such option to accelerate if, prior to the ~ale or iransfer. I.ender
x and the person to whom the Property ic to be :oIJ or transferrcd reach agreement in writing that the credit ~f such perzon
~ is satisfactory to I_ender and that the interr.t pa~~able on the sums secured by this Mortgage shall be at such rate ac I.ender
~ shall request_ If Lender has waived Ihe option to accelerate provided in this paragraph 17, and if Borrower's successor in
~ interest has extcuted a written assumption agreement accepted in writing by I_ender, Lender shall release Borrower from all
~ obligations under this Mortgage and the Note. '
If Lender exercises such option to accelerale. [_ender shall mail Borrower notice of acceleration in accordancr ith
~ paragraph 14 hereof. Such notice shall provide a pericxl of not less than 30 days (rom 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 ~uch period.
~ Lender may, without further aotice or dcmand on Borrower, invoke any remedies permitted by paragraph IR hercof.
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- NoN-UN~FORM CoveN~NTS. Bnrcower and Lender further covenant and agree as follows:
18. Acceleratioa; Remedia. E:cept as provided ia pa~np~ 17 hereof, npon dorrower's breac6 of any covenant or
a~reemcnt of Borrower in t6ts Mortga~t~ includi~ t6e co~enanfs to pay whcn due any sams second by thk Mortgage. i.ender
prior to accekntbo shall majl notice to Sorrower as provWed in para~rsph 14 htreof specifyiuS: (1) fhe br+each; (21 the adion
r required to cun soch bnach; (3) a date, not less than 30 daps from the dde tbe notke b msiled to Borrower. by which such
: breach most 6e .cored; aod (4) that failure to cure such bresch on o~ before the date specificd in the notice may result in
accekrstion of the soa~t secnred by this MortLs~e. forecbsure by judicial proceedins aad sale of tbe Property. 77~e notice
shaU further inform Borrower of the right to reinst~te after sccekration and the right fo asse~t in the foreclosure pr+nceedin~
tbe non-e:istence of a defanN o~ aay other defense of Bonowes tq~ccekrstion and forecbsure. lf the breacb is not cnred oa
' or before the date specified in tbe notice. Lender at Lender's option msy declare a8 of the wnas secured by this Mort~a~e to be
- immedisttly dne snd payabk withont [uriher demand and msy forecbse t6b Mort~a~e by jndicial proceedinR. I.ender chall
g be eotitled to collect in wcb proceedin~ all e:penses of foreclosurc, iacludi~. but aot 1lmited to, rtawnabk att~xney's ftes,
y and costs of docnoKOtary evideoce, abstracls and /itk nports.
; 19. Eorrower's RI6bt to Reinstate. NotwithstandinR ~ender s acceleration of the sums securcd by th~s Mortgage,
s Borrower shall have the right to have any proceedings hegun hy t_e~der to enforce this Martgage discontinued at any time
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3 ~oor 308 PAC~ 184
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