HomeMy WebLinkAbout1236 Lender's written agreement or applicable law. Borrower shah pay the amount of all mortgage insunrttx premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this 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 fr+orrt the
date of disbursement at the rate payable from time to time on outstanding principal under the Note unless paymertt 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 of the Property. provided •
that Lender shall give Borrower mice prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9. Coademnsfba. The praceedc of any award or claim for damages, direct or consequential, in rnnnectan with any
condemnation or other taking of th_ a Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby assigned
and stall 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,
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 be applied to the sums secsuwai 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 tht Property is abandoned by Bor:ower, or if. after notice by Lender to Borrower that the condemnor offers to make
an award ar settle a claim for damages, Borrower fair to respond to 1_ender within 30 days after the date such notice is
mailed. Ixnder is authorized to collect and apply the proceeds. at [.ender's option, either to ratontion or repair of the
Properi)• or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writtne. any such application of proceeds to principal shall not extend
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 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. [_ender shall not be regtri?ed to commence
proceedings against such successor or refuse to extend time far payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of :my'demancl made by the original Borrower and Borrowers successors in interest.
11. Forbearance 6y Lender Not a Waiver. Any forbearance h)• Lender in exercising any right or remedy hereunder, or
otherwise afforded by applicable law. shall not be a waiver of ar 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 secured by this Mortgage.
l2. Remedks Comnlati~e. All remedies provided in this Mortgage are distinct and cumulative to any other right ar
remedy under this Mortgage or afforded by law ar equity. and may Ire exercised concurrently, independently or successively.
' 13. Successors and Assigns Borrnd; Joint and Serenl 1.iaM'lity; Captions. The covenants and agreements herein
contained shall bind, 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 Borrov.•er shall be joint) and several.
The captions and headings of the paragraphs of this Mortgage are far convenience only and are not to he used 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 Mortgaee shall be gi~•en 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 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
~I Mortgage shall be deemed to have been given to Borrower ur Lender when given in the manner designated herein.
1S. Uniform Mortgage; Governing Law•: Sererabilit}•. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to rnnstitute a uniform security instrument rnvering
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 ar clause of this Mortg~ee 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 'rote arc declared to he severable.
16. Borrower's Copy. Borrower shall be furnished a conformed cop} of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. Transfer of the Property: Assumption. If all c.r any part of the Property or an interest therein is Bald or transferred
by Borrower without Lender's pricer wrinrn consent. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage, (b) the creation of a purchase moncs• eecurit}• interest far household appliances, (c) a transfer by devise,
descent or by operation of law upon the death of a joint tenant or fd) the grant of any leasehold interest of three years or lees
not containing an option to purchase, lender may. at tender's option. declare all the sums secured by this Mortgage to be
e immediately due and payable. Lender shall have w;uved such option to accelerate if. prior to the tale or transfer. Lender
and the person to whom the Property is to be col.l or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest payable on the sums secu[~d by this Mortgage shall be at such rate ac I_cnder
i shall request. If Lender has waived the option to accelerate providedin this paragraph 17, and if Borrower's successor in
1 interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower iram all
x obligations under this Mortgage and the Nate.
If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance s~ ith
paragraph 14 hereof. Such notice shall provide a pericxl 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 ar demand an Harrower, invoke any remedies permitted by paragraph 1R hereof. .
Norr.Unrroanr CovEtverr•rs. Borrower and tender further covenant and agree as follows:
18. Accekntion; Remedies. Except as provided in paragraph 17 hereof. spar Borrower's breach of say corcaaat or
a6rament of Borrower in this Mortgage. including the covenants to pay when dire any sums secured by this Mortgage. i.ender
Prior to aceekratioa sbaN mail uotke to Borrower as provided in para~gnpb 14 hereof specifying: (1) the breach; (2) the sdron
required to true such breach; (3) a date. not less than 30 days from tbt date the notice b mailed to Harrower. by which such
u breach must be craned; and (4) that failure to cure such breach on or before the date specified is the notice may result in
sccdention of the sums secured by this Mortgage. forecbsurc by judicial proceeding and sale of the Property. The notict
shall further inform Borrower of the right to reinstate after sccekntion and the right to assert is the forecbwrc pr+oceedia6
the non-existence of a default or any other defense of Borrower to accekntbn and forecbwrc. If the breach is not cnrrcd oa
or before the date specified in the notice. Lender at lender's option may declue a8 of the sums secured by this Mortgafs to be
immediately due and payable without further demand and may foreclose this Morgta`e by judicial proceeding. i.ender shall
be entitled to collect is snc6 proceeding all a:penses of foreclosure. iacludirr`. but not fimited to. reasonable attnrnev's fees;
and costs of rwce~ntary evidence. abstracts and Iitk reports.
19. Borrown's Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by the Mortgage.
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
~~Rr 308 oa~E1236
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