HomeMy WebLinkAbout0107 •
I tinder's written agrcentent or applicable Iowa. Borrower shall pay the amount of all mortgage inutranre premiums in the
manner pr.~s•rded under paragraph 2 hereo[.
:fin}~ amounts cfi.hurscd ha• Lcnacr puratant to this paragraph with itlttreit thereon. ;h.+li laecotile additional
indehtednes c.f Burrower xcurcd h~• this Alurtgagr. Unless Burrower :uial 1 ender agree to other terms of payment, such
amounts shall he pa~ahle upon notice tram I ender na Burnaaaer reyue.ting payment thereof. and shall hear interest fmm the
date of dichursement at the rate payable frcmt time to time an outstanding principal under the Note unless payment of
interest at such rate would he contrary u. aprli~~t~e~}:rsv: in wh~ w nt such amounts shall hear interest at the highest rate
permissible under applicable lasv. Nothing eciAtit dd in this pa 7 shall require Lender to incur any eacpence or take
any action hereunder.
R. Inspection. Lender ma>• make or cause to he made reaconahle entries upcan and incpectionc of the Property. provided
that Lender shall give Borrower notice prior to any such inspection sprcifying'rcasonable cause therefor related to Lender's
interest in the Property.
9. Condemnation. The proceeds of am• award or claim for damages, direct or comequcntial. in connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby assigned
and shall he paid to Lender.
In the cscnt of a total taking of the Property. the pra:ccds shall he applied to tllr'sttnts Pe~trr~ed M• Chic Mortgage.
with the excca, if any, paid to Borrow•cr. In the event of a partial taking of the Projaerty: t~nlea ~lormwer and i.ender
otherwise agree in writing. them 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 !1ortgage immediately prior to the date of
taking hears to the fair market valor of the Property immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
If the Property is abandoned b~• Borrower. or if. after notice by Lender to Horrowcr that the rnndemnor offers to make
an award or settle a claim fur damages. B~~rmwer fails to uspond to Lender within 30 days after the date such notice is
mailed. Lender is ~authori7ed to collect and apply the pnsceeds. at Lender's option. either to restoration or repair of the
Property or to the st:ms secured M• this Mortgage.
Unhss l:endcr and Borruaaer otherwise agree in writing. am' loch •appfication of proceeds ita :principal shall not extend
or p<xtpone the due Jate of the mcamhly installments refrrud tea p~rggrapM I and 2 hercof;hr~ change the amrntnt of
such installments.
10. Borrgw•er Nol Released. rslension of the time fur payment or m~ficaiicin oF:imortization of the sums secured
by this Mortgage eranted by I ender to ans• surcesuu in interest of Horrowcr shall not operate to release. in any manner,
the liability of the original Borrower and &armwrr's surcrssorc in interest. lender shall not he required to commence
prrceedingi against such successor or refuse to extend time for payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of am• demand made M- the oriein,t) Borrower and Borrowers successors in interest.
11. Forbearance by i.ender Nut a K'airer. Anv forhrarance hs 1 ender in r~ereising ans• right or remedy hcreundcr, or
otherwise afforded by applicahlc law. shall not tx a waiarr of or preclude the exercise of anv such right or remedy.
The prorurcment of insurance or the payment of tar, ur other liem ur charges by Lender shall not he a w giver of I ender t
rieht to accelcratc the maturity of the indehtcdnesc aecurcd h~~ this \lortgagc. !
12. Remedies Camulatire. .All remedies prua•ided in this \lortgagr arc distinct and cumulative to ana• ~athcr right or
remedy under this Mortgage ur afforded hg law or equity.:md mad hr e~crrised con:urtrntly. independenth• or succesivel}•.
13. Successors and lssigns Bound: Joint and Sc.erol t.iabilih•; ('options. -Ihe covenants and aguements herein
c.~ntained shall hind. and the riehtc hereunder shall inure ha. the respectiae succesors and assigns of lender and Borrower.
.object to the prua•isions of paragraph 17 heuof. All covenants and agreements of Borrower shall hr joint and ces•eral.
The caption: and headings of the paragraphs of !his Mortgage arc for convenience only and arc nut to Ix; used to
interfaut or define the proriciuns '>tirrai•.
14. ?notice. Except f~~r am• notice reyaired under applicable law to he given in another manner. /al am• notice to
Burrower prua•ided fur it this Alort_aze shall he given by mailing such notice by certified mail addressed to Horrowcr at
the Properly Address or at such other address a: Burrower ntaa• de.r~_n:+te hs• notice to I.rnder ac provided herein. and
(hl am' notice to 1 ender shall hr ¢iven h~• certified mail, return receipt reuoe.ted. to I enders ad.lresc stated herein or to
s?:ch other adeius, as Lender mas designate h~ notice to Burruaaer as pnaaided herein. Any notice provided fur in this
~lortgagr shall lac deemed to haa•c been enen to Borrower ur 1 ender w-hen given in the manner designated herein.
15. I'niform Mr?rteakc: Cos~enrinf! Law: Scs-crability. •1 i:ice harm of mortga_e combines uniform covenants for national
use and nun-uniform ruaenants acith limited rariation. hs• jurisdr. ion to runstinnr a unifornt security instrument rnvering
~ real pruperts. This tilortgage sh.,li he governed hs the law of Ihr jurixlictiort in which the Property is icxated- In the
event that any provision or clause of this ~lortgas:c or the \.,te rnnflirts with applicable law. such conflict .hall not affect
other pruaisiuns of this ~torteage gar the ?`ute which ran tae ciaen sliest without the conflicting prrn•icion. and to this
end the pnnisions of the ~lortsaee and the \ute .rrc drel:reed to he sea•erahle.
16. Borrower's ('opy. Horrowcr .hall he furni.hed a r.~nfrrmed cups• of Ihr \ote and of this '?fortgage at the time
~ ~~f execution or after ucordation hereof.
17. Transfer of the Property: Assumption. If :dt gar :uaa part of the Prupertc or an interest therein is sold or transferred
by Borrower without Lender's prior written consent. each+ding I:rt the creation of a lien or encumbrance subordinate to
this Mortgage. Ih) the creation of a purchase ?nnnea .rcurin intrust fur household appliances. (ci a transfer hr devise.
descent ur by operation of law upon the death .af iurnt tenant ur td+ the grant of ant leasehold interest of thue scare or less
not containing an caption to purchase. Linder m;+~_ . at Lender'. i•ptiun. derlari all the sums secured M• this Mortgage to be
immediatel}• due and payable- Lender shall haae waived such caption tr accelerate if. prior to the talc or transfer. Lender
and the person to whom the Pnaperty i. to he sold or rramferud reach agreement in writing that the credit of such person
is satisfactun• to Lender and that the intrust pa}:rhle on the sums secured by this 'Mortgage shall he at such rate as lender
shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower ~ successor in
interest has executed a written assumption agucmcnt accepted in writing h}• Lcndcr. 1-ender shall release Borrower from all
obligations under this :f,fortgage and the Notr.
If Lender exercises such option to arrekrate. 1 ender .h;rll mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of nut less than 3t) das•s fmm the date the notice is mailed within
which Borrower may pay the sums declared due. If Burrower faits :o pas such sums prior to the expiration of such period.
I-ender may, without further notice or demand on Borrower, ina•oke am remedies permitted hs' paragraph 1R hereof.
NON-Li*tIFORM COVFx+tiTS. BOrmwer and 1_cnder further Covenant and agree as follows:
IR. Acceleration; Remedies. F.xcepl as provided in paragraph 17 hereof, upon Borrower's breach of any co~eatutt or
agreement of Horrowcr in this Zlortgage. including the covenants to pay when due any sums secured by this Mortgage, Lender
prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action
required to cure such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower, 6y which such
breach must be cured: and (4) that failure to cure such breach on or before the date specified in the notice may result in
acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale of fbe Property. The notice
shall further inform Borsovrer of the right to reinstate after acceleration and the right fo assert in the foreclosure proceeding
the non-existence of a default or any other defense of Borrower fo acceleration and foreclosure. If the breach is not cured on
or before the date specified in the notice, Lender at Lender's option may declare all of the snras secured by this Mortgage to be
immediately due and payable without further demand and may foreclose this btortgage by judicial proceeding. Lender shall
be entitled to collect in such proceeding all expenses of foreclosure, including. but not limited to, retusonabk attorney's fees,
and costs of documentary evidence. abstracts and title reports.
19. Borrower's Right to Reinstate. Notwithstanding I-enders acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
i
ao~x.3~5 107 -