HomeMy WebLinkAbout1285 Lender's written agreement or applicable law. Borrower shat! pay the amount of all mortgsge insurance premittaas is the
manner provided under paragraph 2 hereof. ,
. Any amounts disbursed by Lender purwant to this paragraph 7. with aterest thereon. shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment. stteda
amounts shall be payable upon notice from lender to Borrower requesting payment thereof. and shall bear interest from the '
date of disburatment at the rate payable from time to time on outstanding principal under the Note unless past elf
> interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highpt rage
perrltissibk under a~?plicabk law. Nothing contained in this parsgraph 7 shall require Lender to iatarr say expesase err fate
any action hereunder.
S. iagectiw. i.ender may make or cause to be made reasonable entries upon and inspections of the Property. provided
that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause theretcx related to Leader's
tntercst m the property, _
Coraiearruttbta- The proceeds of any award or claim for damages, direct or consequential. in oonneetion with aa~
condemnation or other taking of thF Property, or part thereof, or for conveyance in lieu of condemnation. arc assigned
and shall be paid to Lender. ;
in the event of a toff! 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 pr+aportion of the prooeedt
as is egwl to that proport::m which the amount of the sums secured by this Mortgage immediately prior to the data elf
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 Borrower. or if. after notice by Lender to Borrower that the condemnor otters to make
an award or settle a claim for damages. 8orrawtr tails to respond to Lender within 30 days after the date such notice b
mailed, Lender is authorized to collect and apply the proceeds, at Lender`s option, either to restoration or repair of the ~
Properly or to the sums secured by this Mortgage. _
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not eittettd t
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of (
such installments. ~
10. Borrower NM Released. Fattension of the time for payment or modification of amortization of the: tanm securod
by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to reksse, in any manner,
the liability of the original Borrower and Bc?rrowcr's successors in interest. Lender shall not be nquircd 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 orixinal Borrower and Borrower's wccessors in imerest.
tl. Forrearaats~e b Lerder Not a Waiver. Any forl+carance by Lender in exercising any right or remedy heratntder, a
otherwise afforded by applicable law. shall not 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 shalt not be a waiver of bender's -
right to accelerate the maturity of the indebtedness secured by this Mortgage.
!2. Reracdies Crwtahfi~e. All rertxdies provided in this Mortgage arc distinct and cumulative to any other right ex
remedy under this Mortgage or aRorded by law or equity, and may be exercised concurrently, independently or sucoessiveiy.
13. Srcceaaors fatal Aat~s >soutad:.lout and Several Giabiiltty; Captioas. The covenand and agreeatertts herein (
contained shall hind. and the rights hereunder shall inurf; to. the.rapective successors and assigns of Lender and Aorrower.
subject to the provisions of paragraph 17 hereof- All covenants and agreements of Borrower :hall be joint and several.
The captions•and headings of the paragraphs of this Mortgage arc for convenience Doty and arse not to. be used to ~
interpret or define the provisions hereof.
11. Nettite. 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 be given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such ahcr address as Borrower may designate by notice to fender as provided herein, and
(b) any notice to Lender shall he given by certitled mail. return reexipt requested. to Lender's. address stated herein or to =
such other address ss Lender may designate by notice to Borrower as provided herein, Any notice provideed for in this
Mortgage shall be dexmed to have been given to Borrower or Lender when given in the manner designated herein.
IS. Uwiforr MotR~t; Govetrriag Law; Sevcra6ility. This form of mortgage combing uniform ornrenana for national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument e:ovtring
real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property u located. In the
event that any provision or clause of this Mortgage or the Note rnnflicts with applicable Taw. such co~.flict shaft not affext
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 arc declared to be severable.
lf+. )sonosea's Cet'y. Borrower shall be furnished a conformed cop)• of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17..Trarafer eft ere Pr+o'erty: Aawtw'tiow. If all or any part of the Property or an inte?est 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 M? de:vise,
descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeah or less
rat 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. Lender shall have waived etch option to aecelerate 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 satisfactory to Lender and that the interact payable on the sums secured by this Mortgage shall be at such rate ac Lender
shall request. If Lender has waived the opion 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
obljgations under this Mortgage and the Nae.
If Lender exercises such option to accelerate. Lender shall mail Borrower notice of accekntion in accordance with
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 Borrower fails to pay such sums prior to the eptpir:tion of such period.
Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1R hereof.
NoN-Urntaoant t'.oveN~t+7's. Borrower and Lender further covenant and agnx as foitows:
li. AaYderaelor. Reradla. >Bxcep r p+ovliisl i• petragrapM 17 Hereof. erpw Dewrewes'a raeeaer elf an ewnraaaf err
apeeiprt elf 1ern+ower eta tris Mortgage, betreWg ere co+ewaMs to M7 when eleae ore#y ttorrra stetarei ti fW MertgaLe. Levier
prisrr N aetderatloo seal rail trotlce to /etrretwer as provMei in pragrapr 11 hereof spCelfyiag: (1) ere rreaek (tl ere ae/ista _
raeAksi M crte wee rreaelq (3) • elafie. rat lee tetra 3• sari treww ere etaeei fee taettiee i. ttWei M >tarrrwer, b wrier seer
tteeaer ttarat re erred aai to 1rt taWte N e:w+t wee fireaclr o0 ter rdt+ce ere elate apeel0ai t• ere tsotiee ray retsrit fw
seederatlaea elf Ire w~a aectareei b7' trb Mortgage. foae~e'loatan r7 }dlcir M'oeeeirtg aaai stele ttf ere >rro*criy. 71ts toatict
star frrlrer lraterr Dortw•ex et ere riRM to reiratstMe toter accelerstbr atii ere rlgM m tattorrl i• ere terteiaere~e proeeteitrg
Ire .u.-azidearee of . aeea.le or ay ettMrr dereme of Rotrr~swer a .aekralf.at ..i rralo..re. B ere trtrsaer r ..t etreed
eK before ere dale geeifie-0i i• fee taodee. t.erder at l.erler's opllow wtsy eleehre r elf ere tartata stetacei b trb Merf;afpe to ree
irrsiialely ire rani ~aMe wllMorf frArer demand stet essay forceioat tW Matgagt r7' jrikW praeeeilrg. Lende? sraN
ie seaWiei N eotlest V tter ~eoeteelitas r eerpsttsa of fereclowre. it+efrli~. rrt tact ri¦ilsi ee. teaaaraYe sttxetrr's fees.
ari eeNs at elae.-~retatary eviietrce, aMeraees art title retires.
1!. Mnetwea's Rat let Rdratate. Ndwithsundinlt Lenders tecekration of the sums secured by the Mortgage, ~
Borrower shag have the right to have any proceedings begun by Lender to enforce this Mongage discontinued at any brae
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G~',~314 Pa~E~.~~'8