HomeMy WebLinkAbout1273 • y.:
Lender's written agreement or applicabb law. Bo~o~ver shall pay the amount of all mortgage insurance ptemiuna in the
maruter provided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interat thereon. shall become additional
indebtodrress of Borrower secured by this Mongage. Unless Borrower and Lender agree to other temps of payment. such
amounts shall be payable upon notice from [.ender to Borrower requesting payment thereof, and shall bear interest tram the
date of disbursement at the talc payable from time to time on artstanding principal under the Note unless payttteot of
interat at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rata
permiuibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or fate
any action hereunder.
lsapectiott. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided
that Lender shall give Borrower ndice prior to any such inspection specifying reasonable cause therefor related to I,etrder"s
interest in the Property.
9. Coudewratiow. The proceeds of any award or claim for damages, direct or consequential. in connection with any
condemnation or other taking of the Property, w part thereof, or for conveyance in lieu of condemnation, are hereby ateigrred
and shall be paid to Lender.
in the event of a total taking of the Property, the proceeds shall be applied to the sums scarred by this Mortgage.
with the excess, if any, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Lemder
otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the pr+ooeed4
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 proceeth
paid to Borrower.
if the Property is abandoned by Bor:over. or if. after notice by Lender to Borrower that the condemnor offers tD tstate
an award or xttk a claim for damages, Borrower fails to respond to Lender within 30 days after the date such ratite is
mailed, Lender is authorized to collect and apply the proceeds, at lender's option, either to restoration or repair o[ the
Property or to the sums secured by this Mortgage.
Unk:.s 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 of
such installments.
lA. Borrower Not Released. 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 rckue, in any manner,
the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to corrrrrrente
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 interest.
11. Forheararsce `7' l.errier Not s Waiver. Any forbearance by Lender in exercising any right or remedy heretmder, or
otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
The proctrrcrrrent 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 maturity of the indehtedness secured by this Mortgage.
it Remedies Ctartolati~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or aRorded by law or equity, and may be exercised concurrcntty. independently or successively.
' 13. 3uceessors arts Aadg~s •ourrd:.ioht awti Several i.ia; Cap/ions. 'ilre covenants and agreements herein
contained shall bind, and the rights hereunder shall inurg to. the respective succeswn and assigns of Lender sod Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joir~ and several.
•Ilte captions' and headings of the paragraphs of this Mortgage are for convenience only and are not to Ik used to
interpret or define the provisions herrnf.
14. Notice. Except for any nMice required under applicable law to be given in another 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 [.ender ss provided herein, and
(b) any notice to Lender shall he given by certified mail. velum receipt requested. to [.ender': address stated herein ar to
such other address as Lender 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 Lender when given in the manner designated herein.
1S. Uwiforrn Mortgage: Goverwi~ law: SeverabNity. This form of mortgage combines uniform covenants for national
use and ran-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument wverirrg
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 rnnAicts with applicable law, such conflict shag not ailed
other provisions of this Mortgage or the Note which can be given effect without the tonAicting provision. and to this
end the provisions of the Mortgage and the Note arc cleclarcd to be severable.
M li. iorr~owers Co'y. Borrower shall be furnished a conformed copy' of the Note and of this Mortgage at the tune
of execution or after recordation hereof.
17..Tratrafer of the )rro'etty: Aastrrrrptiow. if all or any part of the Property or an interat 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 crcatron of a purchase money security interest for household applianoa, (c) a transfer by devae,
descent or by operation of law upon the death of a joint tenant or (d) the grant of any kaxhdd interest of three years or less
trot containing an option to purchase, Lender may. at Lender i option, declare all the sums secured by this Mortgage to be
immedia_ rely due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is to be cold or transferred reach agreement in writing that the credit of such person
is utisfactory to Lender and that the intent payable on the sums secured by this Mortgage shall be at arch rate as Lender
shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
interat has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all
obljgationa under this Mortgage and the Nae.
If Lender exenisa such option to accelerate. Lender shall mail Borrower ratite of acceleration in acrnrdancc v?~ith
paragraph 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 Borower fails to pay such sums prior to the expiration of wch period,
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 1R hereof.
NoN-Uxtpoant Coverrerrrs. Borrower and Lender further covenant and agree as tolbws: _
17 Iresest, rrpoa >Ioerrwa's Meaeh of awl eavetiswt srr
A lft. Acederatio~ Remedies. E:ceps as M'ov~ sw p~ra'Ir
agreeraeat of >Nr»wer b t<ris Mortgage, irrelrrdirr~ dre eortstamis to /al' wires tlae aq wars seed by this Mortgage. I.esier
~ is seeeleeatlos shat tstaN .ouK eo >sosrssner as provl~ I¦ ~.ragr.w 14 trered apatfyf~ f l) ek ts~aclr: (2) etc aetierr
~ to elm welt ~ae~ t3) s dare. sot peas straw 3• dap rro. ate late are nstke r ~raiei a IMrnwer. ti wtriti wch
iseae~ tint trK cr«+e~ si¦i (4) drat fail.rs t• cwre sttclr trrrtaelr a or tefeas rite date ~eeiged b are wotke ~ result v
aeedenao. of the stts~sa seewssd ~ iris Mal~gage, roreaiowre b l~+kw praeeerisg a¦i sttk of tra lrra'erty. '11e w.tk~t
sW twrfrer [slot. >tertower d lire right to teirwAate attar wceeleaauw ire ~ to waK*t r are forecl«wra ~aoeeeatrt
t~.n.-~td.eer~ or. ~fa.it or a.y atir~r ~rerrae or sorro..K a.rnler.tio. a.i rare~..r~r. u zeta rr~ tee..
a< f~elese are a.ea .'«i~+ r are wotiee. Lewder at l.ew/er': aM~ ~ eKisn .a d tt+e ss¦rs aeewss~ ly thls MestgaRs fa. k
i..teifs/ely iwe asi pywMe wiflrowt tsrther dewrand and ~ toreelose tlsls Meslgtrse h ~ rte. Lender drat
be ewtillsi a eoBeet f+e wet pncecii~ s11 e:pcwsa of fercclossre. Iwelsiiwg. fist taN Mitsd M. teasewaMe stt~xrrsr's fed.
asi eeab of ieett~7 tridesee, aistrwcb artd title ttprb.
1!. IMrrawa's Rlgltt a RdaMats• NdwithstandinE Lenders acceleration of the gums secured by thr_ Mortgage,
Borrower shall Gave the right to have any proceedings heEun by Lender to enforce this Mortgage discontinued at any time
a:i~~K314 PaGE1266