HomeMy WebLinkAbout2470 Lender's written agreement a applicable law. Borrower shall pay the amount of an mortgage iasuraaoe premiums is the
manner provided under paragraph 2 hereof,
Any amounts disbursed by Lender pursuant to this paragraph 7, with interat thereon, Shan becorrre additional
• indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terra of payment, such
amounts shalt be payable upon terries from I.cnder to Borrower requesting payn1ent thereof, wad shall bear interest from the
date of disbursement. at the rate payable from time to time on outstanding pnncipal 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 hislrest tale
permisstbk under applicable I_aw. Nothing contained in this paragraph 7 shall require Lender to incur any experae a ta>os
any action hereunder-
fl. Iaa'ecliew. Lender may make or cause to be made ressonabk entries upon and inspections of the Property. provided
that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related b Larder's
interest in the Property.
9 C~ The proceeds of any award a claim for damages, direct or coraequeatial. in eontrectioa widr auy
condemnation or other taking of the Property, or part thereof. or for conveyance in lieu of condemnation, are hereby assipred
and shall be paid to Lender.
in the event of a total taking of the Property, the proceeds shall be applied to the sums secured by the Mortgage.
with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Larder
otherwise agree in writing, them shall be applied to the sums sectrrrd 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 sire date of
taking bears to the hit 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 b males
an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such aeries b
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.
• Unless Lender and Borrower otherwise agree in writing, any such applittatioa of proceeds to-~ticipal Than not extend
or postpone the due date of the monthly installments referred to in paragraphs' 1 and 2 heteof,gt•chaitge the amount of
such installments. '
10. lflorrewer NW Released. Extension of the time for payment or modification of amortiution of the sums s~earred
by this Mortgage granted by Lender to any successor in interest of Borrower span not operate to release. in any manner.
the liability of the original Borrower and Borrowers successors in interat. Lender shad not be required to comnrerroe
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the arms
secured by this Mortgage by reason of any demand made by the original Bortower and Borrovrer's atrccessors in interest.
11. Forhearawce by llewtkr Not a Waiver. Any farl+earance by Lender in exercising any right or remedy hereunder. or
otherwise afforded by applicable law. shall not be a waiver o[ or preclude the exercise of any such right or remedy.
The procurement of inauranoe or the payment of taxes or other Hera or charges by Lender Shan not be a waiver of iendet's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
l2. Rerweiies Cawrhtlrt. All remedies provided in this Mortgage arc datinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or strooasively.
13. Srceessers awi AslRas Bossd; Joist ant Several I.ia6ilbiry, Captisws. The covenants and agreements herein
contained shall bind. and the rights hereunder shall inurt; to, the.rapective successors and assigns of Lender and Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joirµ and several.
The captions' and headings of the paragraphs of this Mortgage are for convenience only and are riot to be used to
interpret or define the provisiora hermf.
14. Notke. Except for any notice rcgttired under applicable law to be given in another manger, (a) any notice b
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 dhcr address as Borrower may designate by notice to i.ender as provided herein. and
(b) any notice to Lender shah he given by certified mail, rctum receipt requested. to Lender's address stated herein or to
such other address as Lender may designate by notice to Borrower ss provided herein. Any notice provided for in this
i Mortgage shall Ix deemed to have been given to Borrower or Lender when given in the manner designated herein.
13. Udforw Mort~e; t,:overaiog Law: Severa6sify. This form of mortpge combiner uniform covenants for national
II use and non-uniform covenants with limited variations by jurisdiction to coratitute 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 conflicts with applicable law. such conAiCt.~han not af[ect
~ other provisions of this Mortgage or the Note which can be given effect without the carAictirrg provision. and to this
end the provisions of the Mortgage and the Note are declared to be severable.
lf. Borrower's Co'y. Borrower shall be famished a conformed copy of the Note and of this Mortgage at the tithe
of execution or after recordation hereof.
17..Trawster of the PrupMy; Asawptlow. 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 (a) the oration of a lien or encumbrance subordinate to
this Mortgage, (b) the creation of a purehaa money security interat for household applianoa, (c) a transfer by devise.
descent or by operation of law upon the death of a joint tenant or (d) the gent of any leasehold interat of three years or less
rat containing an option to purchase, Lender may, at Lender's option. declare all the sums secured by thk Mortpge to be
immediately due and payable. Lender shall have waived such option to aa:ekrate if. prior to the sale or transfer, Lender
and the person to whom the Property is to be cold or transferred reach agroenrent in writing that the credit of such person
is satisfactory to Lender and that the intenKt payable on the sums scoured by this Mortgage shall be at such rate as Leader
shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in
interat has executed a written assumption agreement scoepted in writing by Lender, Lender shah release Borrower from all
obljptions under this Mortgage and the Note.
if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period ~f not less than 30 days from the date the ratio is mailed within
which Borrower may pay the wins declared due. If Borrower fails to pay such sums prior to the expiation of wch period.
Lender may. without further notice or demand on Borrower, invoke any rcmedia pernnitted by paragraph Ig hereof-
NoN-Ur+rt=ortut Coverrerrrs. Borrower and Lender further covenant and agres ss follo+n:
lfi. AcederaHorq Reareiia. liixee}t sa proviiei M panrgra*h 17 lseseof, aPow Bonewa's rseaeh et arty cevetsart K
agreeset of Harrower i. th4 Maigage. iaelydprg the eevenaals to pay when ire astir shwa seewei b this MergpRe. lfewier
prior N aceekratiew slrai rwaN antics to Bon+ewer as'roviiN M graph /4 hereof 4 (1) tht iseaeh: (>0 the aKMaw
tagrirei is care ateeh Maehi (3) a ile. sot less thaw 3B ergs frow the date fire aafiee r ¦nMd N Mnrwer. r7' whkh arch
kseaeh aaaat fie easel; wart (4) Ihat talirrre N erne sash Mash a err Mtese the date aptelfia/ i• the welice way resril r
ateeieeatlea et the arrow aecrrei e7' this Mortgage, /e+sdowre b lroeaeiMrg aim sale err the h~operty. 7Tre aeries
~ day farther iwtorw Borrower d the riRM M rite after acceleration aai the rtdrt to aaaert iw the ferseMarse prrcee~
sa.oare~testce at a iefarlt or awy Nher ieterae o1 sorrewer to aeeekraNe. a.i toreeloerre. If the ~rteaeh is sat cw+ti..
or iefese the date geeYai r the antics. Lewder at I.eaier's option way ieelare err of the wryer ,tercet fly tfsla Merge la k
iawKiialely ire wart payable wither! frrtha dcarsnd ad way /ercefae this Maefsage b jirildal psrceeiaft. 1Leader dal
M satllfei to eofllect b arch prrreesiiag afll expenses at foreclosure, hrclydirri. firs atati ¦aritsi Ir. reaaeaaYe sttxtrer's tea.
a¦i swats at ieerrwerMaey eviieaee+ abstracts art title report.
1! •ossewa's fR~lrt a Reiasf~e. Notwitfatanding Lender's aotxkration of the suns seared by thy: Mortpje,
Borrower shah have the right to have any proceedings begun by Lender to enterer this Mortpge discontinued at way drays
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315 PACE 2465