HomeMy WebLinkAbout1675 t _ . . .
~ •_v
I.ender's writte~ agreement or applicabk law. Borrower shall pay the amount of all mortgage insurana premiums in the
manner provided uader paragraph 2 hereof.
A~y amounts disbutaed by Lender punuant to this paragnph 7. with intet~est thereon. shall become additional
indebted~ess of Borrower secured by this Mongage. Unless Borrower and Lender agrce to othe~ terms of payment. such
amounts shall be payabk upoo notice f~om Lender to Borrowe~ requesting payment thereof, and shall bear ioterest from the
date of disbuneme~t at the rate payable from time to time on outstanding principal u~der the Note u~less payment of
interest at auch rate would be contnry to applicable law, in which event such amounts shall bear interest at the highest nte
permiuibk under applicabk Isw. Nothing contained in this parag~aph 7 shall require Lender to incur any expense or take
any action hereunder.
S. Iaspectbe. Lender may make or cause ta be made reasonable entrias upon a~d inspections of the Property. pm~~ckd
that Lender shall give Borrower notice prior to any such inspection specifying reawnable cause thercfor related to Lender'~
interest i~ the Property.
9. Coademoatba. The proceeds ot any award o~ claim for damaga, dircct or consequential, in connectio~ with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby assig~ed
and shall be paid to Ltnder.
in the event of a total taking of the Propeny, the proceeds shall be applied to th~ sums securcd by this Mortgage.
with the excess. if any, paid to Borrower. in the event of a panial taking of the Property. unless Borrower and Lender
othenvise agroe in writing. therc 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 value of the Property immediately prior to the date of taking, with the batance of the proceeds
{:aid to Borrower. ~
If the Property is abandoned by Bonower, or if, after notice by Lender to Borrower that the condemnor offers to make
an award or settle a claim for damaga, Borrower fails to respond to Lender within 30 days after ihe date such notice is
mailed, Lender is authoriud to collect and apply the proceeds, at Lender's option, either to restontio~ or repair of the
Propeny or to ihe sums securcd by this Mortgage. .
L~'nlas Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
or postpone the due date of tM monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Not Rekased. Extension of the time for payment or modificatioo of amortization of the sums secured
by this Mortgage granted by Lender to any successor in intercst of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Bc~rrower s successors in intercst. Lender shall not be required to commence
proceedings against such successor or refux to extend time for paysnent or otherwise modify amortization of the suma
secured by this Mortgage by rcason of any demand made by tfie ore~inal Borrower and Borrower's succe~sors in interest.
I1. Forbearance br Leader Not a R?airer. Any forbearance by Lender in exercising any right or remedy hereunder, or
otherwise afford~d by applicable law, shall not be a waiver of or preclude the exercise of any such right or remody.
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 accelerate the maturiry of the indebtedness secured hy this Mortgage. •
12. Remcdies Camulathe. All rcmedia provided in this Mortgage are distinct end cumulative to any other right or
remedy under this Mortgage o~ aftorded by law or equity, and may bc exercised concurrcntly, independently or successively.
13. Snccessors and A~sigas Bound; Jolat aad Sereral i.iability; Captbns. The covenants and agreements herein
contained shall bind, and the rights hercunder shall inure to, the respective successors and assig~s of Lender and Borrower,
subject to the provisions of paragraph 17 hereof. All co~enants and agreements of Borrower shall be joint and several.
Tl~e 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 required under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Mongage shall be given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such othtr address as Borrower may designate by notice to i_ender as provided herein, and
; (b) any notice to L~nder shall be given by certi6ed mail, return receipt requested, to I.ender s address stated herein or to
~ such other address as t.ender 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 or I_ender when grven in the manner designated herein.
I 15. Uniform Mortgage; Govemin~ i.aw; 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 lav? of the jurisdiction in which the Property is located. In the
event that any provision or clause of this Mortgage 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 Note are declared to he severable.
~ 16. Bomower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
° of execution or after recordation hereof.
17. Traasfer of the 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 encumbrance subordinate to
this Mortgage. (b) the creation of a purchase money security interest for household appliances, fc) a transfer by devise.
descent or by operatioq of law~ upon the death of a joint tenant or (dl the grant of any leasehold interest of three years or less •
not containing an option to purchase. Cender may, at Lender't aption, declare alt she sums secured by this Mortgage to be
immediately due and payable. l.ender shall have w•aived such optian to accelerate if, ~rior to the sale or transfer, Lender
and the person to whom the Property is to be sold or transferred reach agreement in writing that ~the credit of such person
is satisfactory to I.ender and that the interest payable on Ihe sums secured by this Mortgage shall be at such rate as Lender
shall request. If l.ender has waived the option_to accelerate provided in this paragraph 17, and if Borrower's successor in
~ inlerest hac executed a writlen assumplion agreement accepted in u~riting by I.ender. Lencier shall release Borrower from all
obligations unJer this Mortgage and the Note.
~ If I_e~ider exercises such opti~n to accelerate. I.ender ~hall mail Borrow~er notice of accelera~ion in accordance with
$ paragraph 14 hereof. Such notice shall provide a perioci of not Iess than 30 dapc from the date the notice is mailed within
H~hich Borrower may pay the sums declared due. If Borrov?er fails ro pay such sums prior to ~he expirati~n of such period,
~ Lcnder may, wilh~~ut further notice or demand on Borroveer. invoke an~• remedies permitted by paragraph 18 hereof.
~
~ Notv-UN~FORi?t Covetv~tvTS. Borrowe~ and Lender funher covenant and agree as follows: .
~ l8. Accderation; Remedies. Excepl as provided in paragraph 17 hereof. upon Borrorrer's breac6 of ney covenant or y
~ agrecmeat of Borroner in th~s Mortgabe, including tl~e covenants to pay when due any sums secured by thit Mortga=e, Leader ~
~ prbr to sccderation shdl mail notice to Borrower as pro.ided in paragraph 14 hereof speclfyiog: (1) the breach; (2) tbe sctba
reqnired to cure sucb breach; (3) a date, not less than 30 days from the date the notice b malled to Borrower. by whkb we6
~ breach must ~be cured; and (4) that failurc to cure such breacl~ on or beforc tl~e date speci6ed ia the ootke may raolf ia
~ accekration ot tbe snms securcd by this Mortgage, foreclosure by judicial procecding aad sak of the Prope~. The notice ,
~ shall turiher inform Borrower of the right tu reinstate sfler acceleration and the rigbt to aaert in the tortclosure proceedi~`
~ t6e non-eststence of a detauN or any other defense of Borrower to acceleratioa and toreclosnre. If the bresch it oot cwed o0
~-F or before Ihe d~te specified io the notice. Lender at Leoder's option may declarc all of the snms secnred by thb Mort~age to 6e
~ immediately due and payabk without further demand and may fonclose thts 14iort6aEe by judicial proceediot. Leader sba{I
be entided to colled in wcs proceedl~ sp e:peasa of forecbsure. incladin=. but oot limfted to, reatorwbk attoroey's fea,
and cos4 of docnmentary evidence, abstracts and titk reports.
19. lbrmv?er's Rig6t to Reinstate. Notwithstar.ding Lender s acceleratio~ of the sums securcd by this Mortgage.
Borrower shall have ~he right to have any procecdings begun by I_er.der to enforce this Mortgage discontinued at any time
~ .
r~~R~311 Fa~E1674 ~