HomeMy WebLinkAbout0770 Lender's written agreement or applicable law. Borrower shall pay the amount of cep mortgage insurance ppZtniunu in the
.manner provided under paragraph 2 hereof. ~ • ~
Any amounts disMused by Lender pursuant to This paragraph 7, with interest thereon, shall become additional
int~btednas of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment. such -
attrottnts shall be payable upon notice from fender to Borrower requesting payment thereof, and shall bear interest froth the
date of disbursement at the rate payable from time to time on outstanding principal under the Note unless paytrt 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 Lender to incur any exptase or fate
any action hereunder.
>Z. lws~ectlow. lender may make or cause tb be made reasonable entries upon and inspections of the Property. provided
that Lender shall give Borrower notice prior to any such inspection specifying rcazanabk cause therefor related to Larder's
imereu in the_Property.
9. Coaiesara8ow, The proceeds of any award or claim for damages, direct or consequential, in conrroctlon with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. arc hereby assigtrei
and :hall he paid to Lender. '
In the event of a total taking of the Property. 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 to the sums secured by this Mortgage such proportion of the pr+ooeeds
as is equal to that proportion which the amarnt 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 Bar:ower. or if. after notice by Lender to Borrower that the condemnor oRers to make
an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice is
mailed. Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of tie
Property or to the sums secured by this Mortgage.
Unlen Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not Attend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount d
such instaNmems.
it. >sorrewer Not Reksacd. 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 operate to rcksse, in any manner,
the liability of tht original Borrower and Borrowers 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 reason of any demand made by the original Borrower and Borrower's successors in inter~ett.
11. Forbearaece Iry [.ceder Not s waiver. Any farhearance by Lender in exercising any right or rerrrcdy hereunder, or
otherwise afforded by applicable law_ shall nM be a waiver of or preclude the exercise of 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 acceknte the maturity of the indebtedness secured by this Mortgage.
12. Remedies Cawelatlve. 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 succeaively.
' 13. Seecesaors aei Aadgws donad; Joist aed Several TbbiUty; Capdoes. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower.
subjeM to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jetty and several.
The captions' and headings of the paragraphs of this Mortgage are for convenience only and arc not to 13e used to
interpret or define the provisions hereof.
14. Notlee. Except for any notice required under applicable law to be given in another manner, (a) any notice to '
Borrower provided for in this Mortgage shall bt given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such other address as Bormwer may designate by notice to i.ender as provided herein, and
(b) any notice to Lender shall he given by certified mail. return receipt requested. to [.cadet's address stated herein or to _
such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
Mortgage :hall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
fS. Ueitone MorryprRe; Cotrerwieg Lew; Scvcrs6Wty. 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 or clause of this Mortgage or the Note rnnflicis with applicable law, such conflict shall not affect
other provisions of this Mortgage or the NMe which can be given eBect without the conflicting provision. and to this
end the provisions of the Mortgage and the Note arc declared to be severable.
if. sonowers Co*y. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17..Traeater of the )rr+operfy: Aswerptioe. 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 (a) the creation of a lien or encumbrance wbordinate to
~ this Mortgage, (b) 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, Lender may. at Lender's option. declare all the sums serurrd by this Mortgage to be
immediately due and payable. Lender shall have waived arch option to acceknte if, prior to the sale a transfer. Lender
and the person to whom the Property is a~ be cold or transferred reach agreement in writing that the credit of such person
is utisfactory to Lender and that the intcr~~t payable on the sums secured by this Mortgage shall be at such rate as Lender
shall request. Tf Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
interest has executed a written sssumption agreement accepted in writing by Lender. Lender shalt release Borrower from all
oblisations under this Mortgage and the Note. !
if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with
para4graph 14 hereof. Such notice shall provide a period of not 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 expiation of such period,
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph Ig hereof.
NoN-Ut+tFarnt CoveNet~tts. Borrower and Lender further covenant and agree ss follows:
ii. Aeeeleratlow; Reeredta. EsueM ss ptevNtd b paragrspi 17 hexed, tt~ow Ilorrowes'a iseeer d aq eevesrt K i
agrarrreat d lioerower in tr4 Mor~age, Meledirrg the covenants to py when fee airy saga seewei ftiy tW Mortgage. i.ewier 1
prior to acederatlaw ~ wraN wotice to Dorrewer as'roviiei ie Nngragh 14 hereof apeeltyfaB: (1) ere Meecr: f21 dre aKtiee
rMeired b twre serer Mesek (3) a iaAe. riot less tram 3• days trerw ere date tie eotiee Y seaiiei a 1{Krewsr. h' wrkr srsci
raeatr squat k eus~ sari (n trat tailrrre b sere serer rreacr a or ttetore ere dNe specliei i. trt! wotke say result b
eeoelesatiow d ere i~wsa seeeeea r7' trM Mortgage. tosseioaere H ji.itcial Noeeei~ girt stele d ere 1?ro'erty. 71re eetiee ;
sraM talMer idorw )sonttrwer d ere right to rehr:tak after er:eeteratiorr awl the right b rent tw tre toreeioante pseeea~rtg
ere wow~exMtwce d s ietauit or stay otter detcese d iorrower to eceekrdiow ant torcebwre. N.Nre 6reaer Y roof etrrai row
or idoro the sole gacUki b the wotke. Lewder at l.ewiers o'tbw way ieclare aft d are titres scewrad rT Nrla Mortgage b k
feseseiialey due gall MysMe witrowt father demand awd way toetreloae tYa Mor~age r7' juiitW pntseifwR. Lender draM
fie atligei h comet V aver proetsaiai sr expcases of foreclosw~e. Iwclaiit~g. ref root Bedtsi b. reaaowaMt stt.xrrev's Eeas.
awtl coals d ioest.~ewlary sviiewee. abatreeb awl title repro.
if. iostewa'~ 1Rlght to Rd¦atate. Notwithstanding Lenders acceleration of the sums secured by thr: Mortpge.
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
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~t~ox 314 PEE 767 j