HomeMy WebLinkAbout1306 ~e~der's written agreement or applicable law. Borrower thall pay the amount of ali mortgage insurance prcmium: in the ~
manner provided under paragraph 2 hereof.
Any amounts disbursed by Le~der pursuant to thia paragraph 7, with interest thereon, shall become additional
indebtedneSS of Borrower secured by this Mortgage. Unless Barrower and I.ender agree to other tertns of payment. such
amounts shall be payable upon natice from l.ender to Borrower requesting payment thereof, and shall bear interest from the
date of disburseme~t at the ratc payable from time to time on outstanding principal under the Note unless payraent of
i~tercst at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate
permiuible under applicable law. Nothing containcd.in this paragraph 7 shall require Lender to incur any eapense or take
any action hereunder.
S. IospecNoa. ~ender may make or cause to be made reasonable entries upon and inspections of the Property, pwvidtd
that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause thercfor related to Lender's
interest in the Property. ~
9. Condemnatbn. The prc~ceeds 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 licu of condemnation, are hereby assigned
and shall be paid to Lende~.
In the event of a total taking of the Propeny, the proceeds shall be applied to the sums securcd by this Mortgage,
with the e+ccess, if any, paid to Borrawer. In the event of a partial taking of the Property, unless Bomower and i.ender
otherwise agree in writing. therc shall be applied to the sums secured hy 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 ths 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 far damages, Borrower fails to respond to l.ender within 30 days after the date such notice is
mailed. I.ender is authorized to collect and apply the proceeds, at Lender's option. either to restontion or repair of the
Property or to the sums secured by this Mongage.
Unless Lender and Borrower otherwise agree in writing, 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
~uci~ niSiaii~i~cuii. -
10: Borrower Not Released. Extension of the time for payment or modificatio~ of amortization of the sums secured
by this Mortgage granled b~ Lender to any successor in i~terest of Borcower shall not operate to rclease, in any manntr,
the liability of the original Borrower and Borrower's successors in interest. i_ender shal) 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 Morigagt by reason of any demand made by the origina) Borrower and Borrower s successors in intercst.
11. Forbearance by Lender Not A Waiver. Any forl~earance by i.ender in exercising any right or remedy hereunder, or
othetwise af~orded by applicable law, shall not be a waiver of o~ preclude the exercise oT any such right or remedy.
The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's
right to accelcrate the maturiry of the indebtedness securcd hy this Mortgage.
12. Remedies Comulad~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy ~~nder this Mortgage or afiorded by law or equity, and may be exercised concurrently, independently or successivety.
l3. Succe~ors and Assigas Bound; Joint and Several i.iability; Captbas. The covenants and agreements herein
con~ained shall bind, and the riRhts hereunder shall inure to, the respective successors and auigns of Lender and Borrower,
subject to the provisions of paragraph 17 hereof. A!I covenants and agreements of Borrower shaU be joint and uveral.
The captions and headings of the paragraphs of this Mortgage are for convenience only and aro not to be used to
interpret or define the provisions hereof.
l~i. Notke. Except far any notice required under applicable lavv to be given in anather manner. (a) any notice to
Borrower provided for in this Mortgage 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 T_ender as provided herein, and
i (b) any notice to I_ender shall be given by certified maii, return receipt requested. to [.ender s address stated herein or to
; such other address as Lender may designate by notice to Borrower as provided hercin. Any notice provided for in this .
' Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
~ 1S. UnHorm Morigage; Gorernin~; Law; Severability. This form of mongage combines uniform coveaants for national
~ use and non-uniform covenants with limited variations hy jurisdiction to constitute a uniform security instrument covering
~ real property. "Iliis Mongage shall be governed hy the law of the jurisdiction in which the Property is located. in the
event ~hat any provision or clause of this Mortgage or the Note conflicts with appli:able law, such conflict shall not afiect
~ other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this
~ end Ihe provisions of the Mortgage and the Note are declared to he severable.
~ t6. Bomower's Copy. Borrow~er shall be furnished a conformed copy of ~he Ivote and of this Mortgage at the time
of execution or after recordation hereof.
~ 17. Tnusfer of t6e Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written consent, excluding (al the creation of a lien or encambrance subordinate to
this Mortgage, fbl the creation of a purchase money security interest for household appliances, (c) a transfer by devise,
descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less
not containing an option to purchase. I.ender may, at Lender's option, declare all the sums xcured by this Mortgage to be
immediately due and payable. Lender shall have waived surh option to accelerate if, prior to the saie or transfer. Lender
~ and the person to whom the Propeny is to be sold or transferred reach agreement in wnt~ng that the cre~it of sucn peraon
is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
~ shall request. if I.ender has waived the option to accelerate provided in this paragraph 17, aud if Borrower's successor in
' interest has e~ecuted a writtert assumption agreement accepted in writing by Lender, Lender shall release Borrower from all
~ obligations under this Mortgage and the Note.
~ If I_ender eiercises such option to accelerate, l.ender shall mail Borrow~r notice of acceleration in accordance with
~ paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from th^. date the notice is mailed within
_ which Borrower may pay the sums declared due. If Borrower fails ~o pay such sums prior to the expiration of such period,
~ Lender may, without further notice or dtmand on liorruwer, invoke any remedies permitted by paragraph IR hereof.
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Nox-UN~FORt~t CovENeN'rs. Borrower and Lender further cov~nant and agree as follows:
~ 18. Acceleratbn; Remedks. E:cept as provided in para~rsph 17 hereof, upoo Borrower's breac6 of aay co~eoaat ot
~ sgreement oi Borrower in tbb Mortaage. Encludi~ the coveaaets to pay when due sny snms ~ecured by tbts Mort`a~e, Leader
~ prbr to accekntba sbaU mail ootice to Borrower as provided ia para~rapb 14 heroof specftytn~: (1) tbe breac6; (2) tLe actfon
nqutred to cnre soc6 breach; (3) a date, aot less tban 30 days from the dNe the aotice b mailed to Bon~ower, by wWcb soc6
breach mmR be cnred; aod ;4) that fdlan to core snch bresch on or before the date speci6ed fo t6e notice auy raok in
- sccekratbo of the sne~ secnred 6y tbis Mortgage, forecbwre by judkid proceediu~ aod sak of the Propc~ry. 'ILe nMke ,
g shaU fnrt~er inform Eorroaer of t6e ~bt fo reinsUte dter accekrstbn ~ad tbe ri=bt to as~ert ia tbe toreclowre prnc~
~ tbe non-exlstence of a defauk or any otber defea~e of Bonov~er to accekrstlon and foreclosure. if t6e breac~ i~ aot cored o0
~ or betore t6e date speci8ed ia the notke, Lender at Lende~'s option may decisre sll oE the sems secarcd by tbis Mort~e b be
~ immedVtdy doe and psya6k wit6oot fwther demand aod may foreclose thk Mortga`e by ~adicW ~roceedi~. Lender s~all
~ be eotitled to collect in snch proceedln` a0 espeoses of torecbsuro, includin=. but aot Hmifed to, aa~o~a6k attoree~'s fea,
~ and cods ot documeatary evidence. abstracts asd tlde reporb.
~ 19. Borrower's Rl`ht to ReiaNate. Notwithstanding Lender s acceleration of the sums securcd by this Mortgage.
: Borrower shall have the right to have any Proceedings hegun by Lender to enforce this Mortgage discontinued at any time
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