HomeMy WebLinkAbout1684 v
Lender's written :+grcement or applicable law. Borrower shall pay the amount of all mortgage insurance premitmsf in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by Leader pursuant to this paragraph 7, with interest thereon, shall become additionyl
indebtedness of Borrower secured by this Mortgage. Unless Borrower and lender agree to other terms of payment. such
amounts shall be payable upon notK~e from fender to Borrower requesting payment therrnf, and shall hear interest from the
date of disbursement at the rate payable from tithe to time on attstanding 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 i.ender to incur any expense or take
any action hereunder.
8. laspectiow. Lender may make or cause to he 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 Lender's
interest in the Property.
9. Cotademaatlon. 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 therrnf, or for conveyance in lieu of condemnation, are hereby assigned
and stall be paid to Lender.
h~ the event of a total taking of the Properly. the proceeds shall he 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 Properly, unless Borrower and Lender
othetwise agrece in writing, there shall be applied to the come sec+trrcl by stile 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 immediate!}• 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 dama~-ti. B++rr<.wer fail. to restxtnd to 1_ender within 30 days afar the date such notice is
mailed. Lender is authorized to collect artd apply the proceeds. at Lender's option, either to restoration or repair of the
ProFe-ty or ti+ the sum. secured by this Mortgage.
Unless Lender and Borrower otherwise ague in writing. any such application of proceeds to principal shall not extend
or pcxtpone 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 Rdtased. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by !.ender t+• any successor in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and &~rrowc~ c successors in interest. Lender shall not he required to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the s,~ms
secured by this Mortgage by reason of :+m demand made b~• the orieinal Borrower and Borrowers successors in interest.
11. Forbearance 6y Lender Not a Wai~•er. :\n}• forbearance by !.ender in crercising any right or remedy here+tnder, or
otherwise afforded by applicable law. shall not he a waiver of or preclude the exercise of an}• such right or remedy.
The procurement of insurance or the payment of tares or other liens or charges b}• fender shall not he a waiver of 1_enders
right to accelerate the maturity of the indebtedness secured h}• this Mortgage.
12. Remtdits Cnmulatire. All remedies provided in this Mortgage are distinct and cumulative to an}• other right or
remedy under this Mortgage or afforded by law or eyuity.:md may he exercised concurrently. independently or suc•_essively.
' 13. Snccessors and Assigns Bound; .Joint and Seslral I.iabilify; Captions. The covenants and agrcemen~c herein
contained shall hind, and the rights herLUnder shall inure to. the respective successors and assigns of Lender and Borrower.
subject to the provisi~,-„ :?f paragraph 17 hereof. All covenants and agrcementc of Borrower shall he join) and several.
The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to he need to
interpret ur define the provisions hereof.
14. Notice. Except for any notice rcy+tired under applicable law to be given in another manner, (a) an}• notice to
Borrower provided for in this Mortgaee shall he given h}• mailing such notice by certified mail addressed to Borrower at
the Property Address or at such other address as Bormwer mav- designate by notice to tender as provided herein, and
(h) am• notice to Lender shall he given by certified mail. return receipt requested. to lenders address stated herein or to
such other address as Lender ma}• designate b~• nMice to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to have been green to Borrower or !.ender when given in the manner designated herein.
15. Uniform Morteage: Gorernin~ law; Ses•erabitit}•. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations h}• jurisdiction to rnnstitute a uniform security instrument covering
real property- This Mortgage shall be governed hs• the law of the jurisdiction in which the Property is located. In the
event that any provision or clause of this Mortgaee or the Nute 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 site Mortgage and the Votc arc Jcclarcd to he severable.
16. Borrower's Copy. Borrower shall t+e furnished a rnnformed cop; of the Notr and of this Mortgage at the time
of execution or after recordation hereof.
17. Transfer of the Property; Accumption. If all or am' part of the Property or an interest therein is sold or transferred
by Borrower without Lenders prior wrincn consent. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (h) the creation of a purchase m~•nev securit}~ interest for household appliances. (cl a transfer by devise.
descent or by operation of law upon the death of a iuint tenant or (d~ the grant of any leasehold interest of three years or less
~ not containing an option to purchase. Lender may. at I ender's option, declare all the sums secured by this Mortgage to he
immediately due and payable. Lender shall have waived such option to accelerate if. prior to the tale or transfer, fender
and the person to whom the Property is to be :ol.l or transferred reach agreement in writing that the credit of wch person
is satisfactory to Lender and that the interest payable on the sums secured by this 1liortgage shall be at snch rate as !.ender
shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower 5 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 tr+ 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 ~0 days from the date the notice is mailed within
which Borrower may pay the sums declared doe. if Borrower fails to pay such sums prior to the expiration of such pen+xl.
Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1R herrof_
Note-Utvtrottiat Covt=_ys[vTS. Borrower and (.ender further covenant and agree as follows:
18. Accekrstan; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any cotenant or
agreement of Borrower is this Mortgage, including the covenants to pay when dtre any sores secured by this Morlgsge. Lender
prior to accekratbn shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the bresch; (21 the action
required to enre slosh breach; (3) a date, not lei than 30 days from the date the ratke is maBed to Borrower. by which such
breach nrnsd be cured; and (4) fhat failure to curt such breach on or before the dste specified in the notice mav result in
sccderatioa of the sums secured by this Mortgsge, foreclosure by judicial proceeding and sak of the Property. The notice
shall further inform Borrower of the right to reinstate after accckratan and the right to aswert in the foreclosure proctedias
the rant:istence of a defauN or any other defence of Borrower to acceleration and foreclosure. If the breach le not cared on
or before the date specified is the notice. Lender at Lender's optan may declare a8 of the sheens secured by this Mortga4e to be
immediately due and payable without further demand and may forecbse this Mortgage by judicial proceedin><. I.endrr shall
bt entitled to coUtet in such proceeding all expenses +rf foreclosure, iacludin=, brat not limited to. reasonable ata,rnc.'s fees,
and costs of wrc~rneatary eridenct, abstracts and title reports.
19. Borrower's Ri66t to Reinstate. Notwithstanding Lender's acceleration of the sums secured by stir Mortgage.
Borrower shall have the right to have any proceedings begun ~y Lender to enforce this Mortgage discontinued ~t any time
B^•GK
309 paGE1fi81
_
- E_