HomeMy WebLinkAbout1248 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance prcmiuttts in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by [.ender pursuant to this paragraph 7, with interest therecxt, shall becorrto 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 i.ender to Borrower requesting payment thereof, and shall bear interest from the
date of disbursement at the rate payahk from time to tune on outstanding 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
permiasibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder.
fl. Iraspectiotr. i.ender 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 such inspection specifying reasonable cause therefor related to Lrnder's
interest in the Property.
9. Condemnatbn. 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, are hereby assigned
and stall be paid to Lender.
In the event of a total taking of the Pmperty. 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 1n the sums secured by this Mortgage such proportion of the proceeds
as is equal to that proportion which the amattnt 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
an award or settle a claim for damages. Borrower fail. to respond to i_ender within 30 days after the date such novice is
msiled. Lender is authorized to collect and apply the proceeds, at lenders option. either to restoration ar repair of the
Property or to the sums secured by this Mortgage.
Unltsts 1_ender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend
o? postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Eorrower Not 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 epe~ate 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 far payment or otherwise modify amortizahan of the wms
secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers sirccescors in interest.
I1. For6euance by LtnderNot a Waiver. Any farhearancc by i_rrider inrxercising any right or remedy hereunder, or
otherwise afforded by- applicable law. shall not he a waiver of ar preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of taxes or other liens or charges by 1_ender shall not be a waiver of Lender's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. Remedies Camulatire. All remedies provided in this Mortgage arc 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 Assigns Bound;'.)oint and Sereral Liability; Captions. The covenants and agreemen~s 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 Borrower shall be jeiry and several.
The 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.
14.' Notice. Except for any notice rcyttired under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Mortgaee 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
(bl any notice to Lender shall he given by certified mail. return receipt requested. to Lenders address stated herein or to
f 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 ur I_cnder when given in the manner designated herein.
15. Uniform Mortgage: Governing law: Severability. 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 ar clause of this Martg:.ge ar the Nate conflicts with applicable law, such conflict shall not affect
E other previsions of this Mortgage or the Note which can he given effect without the- conflicting provision, and to this
i end the provisions of the Mortgage and the Nate arc declared to be severable.
16. Borrower's Copy. Borrower shall he furnished a conformed caps- of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. Transfer of the Property: Assumption. 1f all ar an}• part of the Property or an interest therein is.sold or transferred E
~ by Borrower without Lenders pricer wrihen consent. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creatton of a purchase moue}~ security interest far household appliances, fcl a transfer by devise.
descent or by operation of law upon the Jeath of a joint tenanrar (d1 the grant of any leasehold interest of three years or less
not containing an option to purchase, Lender may, at tender'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 .ale ar transfer. Tender
and the person to whom the Property is to be call ar transferred reach agreement in writing that the credit of wch person
is satisfactory to Lender and that the imere.t payable an the sums secured by this Mortgage shall be at such rate ac Lender
shall rrquest. if. tender has waived the option to accelerate provided in this paragraph 17, and if Borrowers 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 Nate.
1 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 period of not less than 30 days from the date the notice is mailed within 1
which Borrower may pay the sums declared due. If Borrower tails to pay such sums prior to the expiration of such period,
Lender may, without further notice or demand on Harrower, invoke any remedies permitted l,y paragraph 18 hereof.
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Note-UNIFORM CovEtveNrs. Borrower and Lender further covenant and agree as follows:
18. AecderNion; Remedks. Except as provided in paragraph 17 berteof, upon Eorrower's breach of nay covetrant or
agreement of Borrower in this Mortgage, including the cotenants to pay when dtre any sums secured by this Mortgage. Lender
prior to acceleration shall mail notke to Ilbrrower s provided in paragraph 14 hereof specUyirtg: (1) the bresch: (2) the trction
x required to core stub breach; (3) a date, rat less than 30 days from the date the notke is mailed to Eorrower, by which such
~ brYacb must fie cored; and (4) that failure to cure such breach oa or before the date specified is the notice may result in
nccderatioa of the sums secured by this Mortgage, foreclosure by judicial proceeding aced sale of the Property. The notice
shall fnrtber inform Eorrower of the right to reinstate after acceleration and the right to awert in the foreclosure proceeding
~ the ran-existence of a defauN or ~y other defense of Borrower to acceleration and forecbsure. If the breach is rat cared oa
or before the date specified in the notice. Lender at I_rnder's optan may declare aq of the soots secured by this Mortgtge to be _
imtt+tedately due and paysbk without further demand and may foreclose ibis Mortgage by judkisl proceediu>t. T.endrr shall
be entitled to collect is such proceedirrR aN a:petrses of foreclosure, includin6, but not limited to. reawnabk att~,rnr-r's fees.
snd costs of inucr~entary evidence, abstracts and tick reports.
19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage,
Borrower shall have the right to have any proceedings begun ~y Lender to enforce this Mortgage discontinued at any time
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EGOM 308 Pac~1248 _ •