HomeMy WebLinkAbout1291 Lender's written agreement or applicable law. Borrower shall pay the amount o[ all mortgage insurance premiums in the
manner provided under paragraph 2 hhroof. -
• Any amounts disbursed by Lender pursuant to' this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender egret to dher terms of payment. such
amounts shall be payable upon ndice from fender to Borrower requesting payment thereof, and shall bear interest iron the
- date of disbursement at the rate payable from time to time on art:tanding principal under the Note unless payment of
interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the higheat rate
permisst'bk under applicable law. Nothing contained in this paragraph 7 shall require Lenckr to incur any expatse or take
any action hereunder.
s. Iwgeedow. Lender 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 therefor related to I.ender'a
interest in the Property.
9. Cowdewtwatiow, The proceeds of any award or claim for damages. direct or consequential, in connection wilt fury
condemnation or dher taking of the Property, or part thereof, or for conveyance in lieu of condemnation. are hereby a>`sigoed
and shall be paid to Lender.
Tn 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 Larder
dherwise agree in writing. there 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 balance of the proceeds
paid to Borrower.
If the Property is abandoned by Borrower, or if. after notice by Lender to Botrowtr that the catdemnor oHets to make
an award or settle a claim for damages, Borrower .tails 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 o[ the
Properly or to the sums secured by this Mortgage.
Unless Lender and Borrower dherwisc agree in writing, any such applicatiatt of prtl`~ to pri~^?~-! :hall rmt a=tad
or postpone the due date of the monthly installments referred to in paraanphs 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 secut+ed -
by this Mortgage granted by Lender to any cuccecwr in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Borrower
c successors in interest. Lender shall nd be required to commence
proceedings against such successor or refuse to extend time for payment or dherwise modify amortization et the sums
s=cored by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest.
11. Forhearawce I:y Lewder Not s Waiver, Any fott+earance by Lender in exercising any right or remedy hereunder, or
otherwise afforded by applicable law, shall nc?t be a waiver of or preclude the exercise of any such right or rsmedy.
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 maturity of the indebtedness secured by this Mortgage.
lI. Rew~edies Ctarah>lit. All remedies provided in this Mortgage arc distinct and cumulative to any dher right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently. independently or successively. -
13. Sweresaors awe AsdRts Boarrtd: JoMt swd Seed ~ I,b6iW~r; Captions. The covenants and agreetnertts herein
contained shall bind, and the rights hereunder shall incug to. the respective successors and assigns of Lender sod Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several.
'17te captions' and headings of the paragraphs of this Mortgage are for convenience only and are nd to fk used to
interpret or define the provisions hereof.
14. Notice. Except for any ndice required under applicable law to be given in another manner, (a) any notice to
Borrower ptvided for in this Mortgage shall be given by mailing such notice by certifkd mail addressed to Borrower at
the Property Address or at such other addrtsc as Borrower may designate by notice to Tender as provided herein, and
(b) any ndice to Lender shall he given by certified mail. rctum receipt requested. to Lender's address stated herein or to
wch 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. UwUornw Mort~aRe; GoventinR Law; SevlrabiWy. 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 M^:*.gsge shall be governed by the law of the jurisdiMion in which the Property is located. In the
event that any provision or clutse of this Mortgage or the Note rnnflicts with applicable law, such conflict shall not afket
j other provisions of this Mortgage or the Note which can be given eBect without the conflicting provision, and to this
atd the provisions of the Mortgage and the Note arc declared to be severable.
C lf: Dorrowes's Copy. Borrower shall be furnished a conformed cop)• of the Nde and of this Mortgage at the time
of execution or after recordation hereof.
17..Trawster of rte lropetty; Assamptiow. 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 wbordinate to
this Mortgage. (b) the crcatton 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, declsrc-all the sums secured by thh Mortgage to be
immediately due and payable. Lender shall have waived such option to aceekrate if, prior to the wk or transfer, Lender ,
and the person to whom the Property is to be co1J or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the inter~wt payable on the sums secured by this Mortgage shall be at such rate ac Lender ,
shall request. i[ Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in
interest has executed a written auumption agreement accepted in writing by Lender, Lender shall release Borrower from all #
obligations under this Mortgage and the Nde. s
. If Lender exercises such option to acceknte, Lender shall mail Borrower notice of sccekntion 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 wens dxlared due. It Borrower faits to pay such sums prior to the expiration of such period,
Lender may. without further ndice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
NoN-Ut+ttxorttrt CovervaxTS. Borrower and Lender further rnvenant and agroe as follows:
li. Acceksatbw; Rewiedfes. E:cept ai provYe~ k paragraph 17 Itered, trpw lotmower's breaek d awy conwawt er )
a~reettttewt d less+awer r this Morfsage. hrdadiw~ the coreaartls to pay whew dae awy tmrts secwrei by thfa Mortgage. Lewder ~
priory N aecderadow shah twat wodce to iorrower as proided r pragrapM 14 hereof speeltylwg: tl) the Mach; (21 the sa~iMw
ntpsired b etw~e atoch Meech; t3) a date, wet bras thaw 3f1 days trorw the date the wotke fs ttaalikd a ierrower, by which fetch
Mead ttewet M etrtred; awd (q drag falMre to ewe neh Meech ow or before the date speclftiett r the wotke way tesalt V
aoeekatiow d the aware aecwred by this Mortgage. fereelowre y jsaicW /roeeedirtg awti sale d dte rreperty. '11te weUes
shsr fsrlier idorrw loreower d the right t• rehtstate after aeeekratiorr awd the riglrf to avert iw the toreeloaar ptoeesrlltrg
tree wowtufstewce d a ~etatrlt or awy other dderruc d iorrewer M aecekrstiew awd torecioasre. N the M+aeh r wet etrred err r
or Mdore the date specified V the tnotiee. Lewder at I.ewder's optiow rway dethra ant d the atrnrrs seewred by tW MotRpge to he ~
vasedialely dwe awd pyaMe withowt twrther demand awd inay teretlooe tl+is Merizsge by }ikW'eeesedhrR. Lender tlnM
M ewtiAed to collect r awch Neesediwg sw espewses pf foredostrrrt. iwelwdirtg. het fryer flwdfed M. rawwahle sttoraep's fees.
a¦i eeab d ieet.-~rteMary evidewce, abafrwcts swd title reprts..
1!. lMrrrawa'a Rfght b Rei¦atate. Ndwithstanding Lenders aceekration of the sums secured by thrs Mortgage,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
o-~'~~ 3~ 4 P~~E i284