HomeMy WebLinkAbout1274 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgages insurat?oe pteurtituns is the
manner provrdcd under paragraph 2 hereof. _
t Any amounts disbursed by I~nder pursuant to this paragraph 7. with interest therexxa, shall become additional
rndebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such
amounts shall be payable upon notice from Lender to Borrower requesting IAerebf, tract shall bear interest from the
date of disbursement at the rate payable from rime to time on outstanding
p~ncipal undt:r the Note unless past at
inlcrest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest ra>De
permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur say expeaae er ttalbe ,
any action hereunder.
g. laspectioa. Lender may make or car~sc to be made reasarabk entries upon and inspections e>F the Property. provided
that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause thesrefor related to Lender's
interest in the Property. -
9. Coadewwtiow. The proceeds of any award or claim for damages, direct or consegttesntial, in connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. are hetcby assigned
and shall be paid to Lender.
In the event of a fatal taking of the Property, the proceeds shall be applied to the sums seccresd 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
otherwise 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 test
taking bears to the fair market value of the Propcny immediately prior to the date oftaking, 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 often to mate
an award or settle a claim for damages, Borrower fails to respond-to lender within 30 days abet the date such frolics is
m~afled. Lender is authorized to collect and apply the proceeds. at fender's option, either to restoration or repair of the
Property or to the sums secured by this Mortgage. _ _
Untesc Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend
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 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 ,tq release, in any manner,
-the liability of the original Borrower and Borrower
s successors in interest_ Lender shall not be required to commence
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 Borrowtir and Borrower's successors in interest.
il. Forbearawce by Leader Not a Waiter. Any forbearance by Lender in exercising any right ar remedy hereender, or
otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right or reenedy.
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 secrrrrd by this Mortgage.
12. Rewedies Comuh>firo. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. _
13. Srce:ewears sad Ase~ fsouad: ,Joist said Serersl Liability; Captions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall incu0 to. the .respective successors and assigns of Lender acrd Botrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower sha1T be joir~ and several.
The captions' and headings of the paragraphs of this Mortgage are for convenience only and are not to lie used to
interpret or define the provisions herrnf.
14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notices to
Borrower provided for in this Mortga¢e 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 Tinder as provided herein. and
! (b) any notice to Lender shall he given by certified mail, return receipt re:questexf. to Lender's address stated herein or to
such other address as"Lender may designate by notice to Borrower as provided herein. Any notice provided for in this _
Mortgage shall be de-meted to have been given to Borrower or Lender when given in the manner designaEted herein.
1S. Uaife?no Mortgage: t;orernia>; Law; $ererability. 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 Mortgage shall be governed by the law of the jurisdiction in which the Property is locatesd. In the
event that any provision or clause of this Mortgage or the Note conflicts with applicable law. such conflict shall not affect _
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 are declared to be severable.
16. Ijorrowe:r's Copy. Borrower shall be furnished a conformed cop~• of the~Note and of this Mortgage at the time
of exexution or after recordation herrnf.
117..Trawste7 of fie Property: Assermption. If alt or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior wriucn consent. excluding" (a) the creation of a lien or encumbrance wbordinate to
this Mortgage:, (b) the creation of a purchase- money security interest fir household appliances, (N 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, declare al{ the sums secured by this-Mortgage to be
immediately due acrd payable. Lender shall have ss•aived such option to atxekrate if. prior to the sale or transfer. Lender
and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest payable on the
sums secured by this Mortgage alnll be: at such rate ac Leader
shall rexltaext. Tf~Lendtr has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in
interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all
obligations under this Mortgage and the Note. -
If Lender exercises such option to accelerate: Lender shall mail Borrower noticF of acceleration in accordance with
paragraph 14 heroof. Such notice shall provide a period of raw 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 expiration of such period,
lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph lg hereof. {
NotwUtvtFertetrr Covenerr'rs. Borrower and Lender further covenant and agree as folkrws:
)tfi. AaYdesaao~ Rea~ia. Ifxcept as provided is paragrapf 17 tersest, tow >sorrrwer's iseae:f eat a.y ce?•ewawt ear
agreement eat )sorrower fw tbk Mortgage, 6relueiiag tit e:o.ewsMs to pay wfew e1¦e any stomas sec¦rei fry fW Morlgsge. I.ewier
prior a stedenrtlo¦ sla.le wW .utice: to Iorrower as prorWcd b>t paragrapi 14 fe:rcot apeeityiag: (1) ifs mach: efe seJMw
rgdrei b care asst ieeaew (3) • elate, tat f'ss tlw 30 says tww the dace ate .dice it twalkd li Isearrawer. fj wild stref
6sraeia wrist k eroeek awl (4) flat hilare to cars suet Iareacf ow ear refeare tft date specYee! i• ale wotiee twat reswM iw
aefekraaow eat tfie stn¦a secared by tits Mortgage, fore:clostaro y jaeUcial pnoeeedlrtg sal wk eat tie Troperty. 71ae tactics
ttiraM fattier iwtoctw Iorrower eaE sae aigft to rriastate after secekratba and the right ie taaaert i• tie tereelosttse pseeeteig
tie woes-esisiewee et a ekfaak or awry tuber decease e?f Iorrower to accelerMba sad twettlowars. R tie 6reaei fa weal e:wrei saw f
ear 6ettare tie dde geelietl i• tie wotice. Leader at I.caders optics way dcclwe i eat ate tttu¦s ste¦seel fry arts Mosfgrlpe fr• k
iwweeliotely toe srtel pyaNe witfoN fratirer dea?and sad may foreclose: tlala Merlgags h jrsikW psrrta+atliag. Lender daM "
be eadde~ to t:oYee! V taaei proct~iag aw a:pease of forccloswre, iaelaeliag, brit wet Bwkei M. seroaaMt s~ttwaeYs fete.
awl costs test ioeartwewtary etvNewce. absiracls sari tNk reports.
1!. Itorrawets's Rlgft N Reiwtatle. Notwithstanding Lenders acceleration of the stuns secured by this Mortgage.
Borcower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinrxd at any time
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