HomeMy WebLinkAbout1772 Lender's written agreement or applicabk law. Borrower shall pay the amount of all mortgage insurance prcmiurru in the
. manner provide) under paragraph 2 hereof.
Any amounts disbursed • by lender pursuant to tha paragraph 7, with interest .thereon, shill become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment. such
amounts shall bt: payabk upon notice from Lender to Borrower requesting payment thereof, and shall hear interest from the
date of disbursement at the rate payahk from time to time on outstanding principal under the Note unless payment of
interest at such rate would be contrary to applicabk law, in which event such amounts shall hear interest at the highest me
permissibk under applicabk law. NMhing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder.
tR itupectiow. tender may make or cause to be made reasonable entries upon and inspections of the Property, provided •
that [.ender shall give Borrower naive prior to any such inspection specifying reasonabk cause therefor related to Lender's
interest in the Property. -
9. Coademnatioa The praceedc of any award or claim for damages, direct or consequential, in connection with any
condemnation or other taking of the Property, or part tlrereaf, or for conveyance in lieu of condemnation, are hereby assigned
and s:iall be paid to Lender.
In the event of a total taking of the Pmpeny. 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 Property. ttnkss Borrower and Lender
otherwise agree 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 vatttc 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 Barawer. ar if. after notice by Lender to Borrower that the condemnor often to make
an award or settle a claim for dam:r¢es. Burrower fail. to respond to lender within 30 days after the date such notice is
mailed. Lender is authorized to collect and apply the proceeds. at 1_ende~ s option, either to restoration or repair of the
Preperry or to the sums secured by this Mortgage.
Unless t-ender and Borrower otherwise agree in w•rihne. any such application of proceeds to principal shall not extend
ar postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof ar change the amount of
such installments.
10. Borrower Not Released. Extension of the time for payment or modification of amortizatior. of the sums secured
by this Mortgage granted by i.ender to any successor in interest of Borrower shall not ape~ate to release. in any manner.
the liability of the original Borrower and Borrower's 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 rcasorr of any demand made by the orieinal Borrower and Borrowers successors in interest.
I1. Forbearance by Lender Not a Wainer. Any forbearance M- 1 ender in exercising am• right or remedy hereunder. or
otherwise afforded by applicable law. shall not he a waiver of ar preclude the exercise of any such right ar remedy
The procurement of insurance or the payment of tares ar 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.
12. Remedies Csmnlatire. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law ar equity, and may he exercised concurrently. independently or suc•.essively.
13. Successors and Assigns Bound: ,Joint and Several Liability; Captions. The covenants and agreemen~s herein
contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of I"ender and Borrower.
subject to the provisions of paragraph 17 hereof. Alt covenants and agreements of Borrower shall be joirp and several.
The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to he used to
interpret ar define the provisions hereof.
14. Notice. Except for any notice required tinder applicable law to be given in another manner. (a) any notice to
Borrower provided for in this Mortgaee 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 Lender as provided herein, and
(b) any notice to Lender shall t?e given by certified mail. ren:m receipt requested. to lender s address stated herein or to
such other address as Lender mao• 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 I_cnder when given in the manner designated herein.
1S. Uniform Mortgage; Gorernirie i.aw-: Severabilit}•. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations M• jurisdiction to constitute a uniform security instrument covering "
~ real property. This Mortgage shall be governed by tFx law of the jurisdiction in which the Property is located. In the ~
~ event that any provision ar clause of this Mortgaee or the Note conflicts with applicable law, such conflict shall not affect s'
other provisions of this Mortgage or the Note which can be given etTect without the conflicting provision, and to this
end the provisions of the Mortgage and the Note arc ~Icclared 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 or any part of the Property or an interest therein is sold ar transferred
by Borrower without Lender's prior wriurn consent. excluding (a) the creation of a lien or encumbrance subordinate to
this Mortgage. (h) the creation of a purchase mnnes• security interest for household appliances, fcl a transfer by devise. s
descent or by operation of law• upon the death of a joint tenant or (d? the grant of any leasehold interest of three years ar less
not containing an option to purchase. Lender may. at Lender's option, declare all the sums secured by this Mortgage to be
immediately due and payable. 1_ender shall have w:uved such option to accelerate if, prior to the sale ar transfer. Lender '
s and the person to wham the Property is to I?e .old or transferred reach agreement in writing that the credit of wch person i
is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate ac Lender
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 Nate.
If Lender exercises such option to accelerate, Lender shall mail Harrower notice of acceleration in accardancc a irh
paragraph 14 hereof" Such notice shall provide a period of oat 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 on Borrower. invoke any remedies permitted by paragraph 1 R hereof.
_ Note-UNrr=oaM CoveN~rvTS. Borrower and Lender further covenant and agree as follows:
18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's bresch of any corcrnant or
agreement of Borrower is this Mortgage. including the covenants to pay when due any snrns secured by this Mortgage. Lender
prior to accekration shall mail rwtke to Borrower as provided in paragraph 14 hereof specifyi~: (1) the breach: (21 the action
_ required to core snob breach; (3) a date. not kss than 30 days from the date the aMke is maikd to Borrower. by which such
3 bresch rood be cwred; and (4) that failure to core such breach on or before tlrt date specified in the notice may result is
acceleration of the same secured by this Mortgage. foreclosure by jndkial proceeding and stele of the Property. The notice
shall further inform Borrower of the right to reirMate after accekratioa and the right to assert in the foreclosure proceeding
the non-existence of a defaaM or any other defence of Borrower to sccekration and foreclosure. If the breach is not cared on
or before the date specified in the notice. Lender at Lender's option rosy declare aN of the sums secured by this Mortgs/,e to be
immediatdy due and paysbk without further demand and may forecbse this Mortgage by judicial proceediuR. Lender shall
be entitled to collect is sacb proceeding aN expenses of foreclosure. including. hot sot limited to. reasonable ~tt.?rne;'s fees.
and costs of wrcr:.~aestary evidence, abstracts and tick reports.
19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by the Mortgage.
Borrower shall have the right to have any proceedings htcgun ~?v Lender to enforce this Mortgage discontinued :rt any time
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