HomeMy WebLinkAbout1292 . f
Lender's written agreement or applicable law, Borrower shall pay the arrtaurt of all rnortgsge insurance prt:m_ iwns it the
manner provided under paragraph 2 hereof. -
Any amounts disbursed by Lender pursuant to this paragrap~~.7, witK interest thereon. shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrowe and Lender agree to other terms of payment, such
amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the
date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payaitatt of
interest at such rate would be contrary to applicable taw, in which event such amounts shall bear interest at the hitlrat rate
permissible under applicable law. Nothing contained in this paragraph 7 shall roquire Lender to incur any expeaere or take
any action hereunder.
s. 1as~eetiost. 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 Lender's
interest in the Property.
9. Cowaersrdrtioa. The proceeds of any award or claim for damages, direct or consequential. in connection with any
cpndemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby assigned '
and shall be paid to Lender.
- in the event of a tots{ taking of the Property. the proceeds shall be applied to the sums secured by this MoAgage,
with the excess, ii 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 proportion of the ptoo0eds
as is equal to that proportion which the amatnt of the sums secured by this Mortgage immediately prior to-the data of
taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the prooeedt
paid to Borrower. -
if the Proptrty is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor oRers to nuke
an award or settle a claim for damages. Borrower fair to respond to Lender within 30 days after the date such rtotioe is
mailed, Lender is authorittd to collect and apply the proceeds. at Lender's option, either to restoration or repair of the
Property 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 extend
or postpone the due dale of the monthly installments referred t_o in paragraphs 1 and 2 hereof or change the antauM of
such installments. -
10. Borrower Not Released. Extension of the time for payment or modification of amortization of the autos secured
by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner.
the •liability of the original Borrower and -Borrowers successors in interat. 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 Borrower and Borrower's successors in interest.
11. Forhearawee try Lander Not a R?aiver. Any forbearance by Lender in exercising any right or rerrredy,hercurtder. or
otherwise aRorded by applicable law. shall not be a waiver of or preclude the exercise of anP such right or remedy.
'1?rc procurement of insurance or ilre 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.
l2. Rewr_edies Carulalitre: All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this irtortgage or afforded by law or equity, and may be exercised concurrently. independently or sttootwsivdy.
13. Swceaaors and AssiRss Scied: Joist and Several i.iabitiq, Ca'fiowa. The eo_
versants and agreeexnts herein
contained shall bind. and the rights hereunder shall intrr~ to. the respective successors and assigns of Lender and Borrower.
subjed to the provisions of paragraph 17 hereof. All-covenants and agreemrnts of Borrower shall be join( 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 hereof.
14. Notice. Except for any notice required under applicable law to be given in another manner. (a) any notice to -
Borrower provided for in this Mortga¢e shall be given by mailing such notice by certifled mail addressed to Borrower at
the Property Address or at such other address as Borrower may designate by notice to Tender as provided herein, and
(b) any notice to Lender shall he given by certified mail, return receipt requested. 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 deemed to have been given to Borrower or Lender when given in the manner designrtted herein.
1S. Usifrorro Mo :Gov Law: SevcrabB .This form of mortgage combines uniform covenants for national
~ItalLe eAlet: ifY ,
use and non-uniform covenants with limited variations by jurisdicCron to constitute a untfotm security instrument ooverirtg
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 contiict shall not aRect
other provisions of this Mortgage or the Note which can be given effect without the carAiding provision. and to this
end the provisions of the Mortgage and the Note are declared to be severable.
1~. lorrower's Copy. Borrower shall be furnished a conformed of the Note and of this Mortgage at the time
of execution or after recordation h=roof.
17..Trswsfer of the Pro*erfy: Assss+ptios. If all or any part of the Property or an interest therein is add or transferred
by Borrower without Lender's prior written consent. excluding (a) the creation of a lice or encumbrance subordinate to
this Mortgage. (b) the creation of a purchase money security interest for household appliances, (c) a transfer- by wise.
desoart 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 all the sums secured by this Mortgage to be
immediately due arrd payable. Lender shall have waived such option to accelerate 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 intend payable on the sums secured by this Mortgage shall be at sttdr rate ac Lender
shall request. if Lender-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 notice of accekntion in aceordartcc with d
paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the rtotitx 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 renxdies permitted by paragraph lg hereof. }
Notr•UNtFOttsr Covetrexrs. Borrower and Lender further covenant acrd agree as follows:
lfl. AcceleraNos; Rewsesia. EueM as providrd 4r pntgraph 17 bereo% w!a Dorrswa's Meaer d ay eoesaN K ~
agreseeaR off Nrrawer f• th4 Mortgage, iwdaalsg the corewartts to py whew a.e ast)r swwra seewei b thi MorlgagC. i.ewaer t
prior a acederatlow shat srdt wMke to >sorrower as provfad M praBraplt 14 hereo[ rpeelfyiwg: (1) the Ilrtaeh: t2) tie setkw
rgsir+ei b ewre sxi hresek (3) a dale, wet lea tltars 3• days ftrorw the date the watke M ttasflN M •orrawer, b whki ssreh i
flreaelr meat lee ewre~ awtl (4) that failsre b estre strati breach ow or he[ore the date yerYea liw the wotiee easy rssttfit i•
aeceiaaliow oft the awwts secwred ti!' this Mortgage. firscbwre h }aieW !L awe ale wf tht Pro'et1y. 71re watiet
shad [wittier iwfonw lonowa of the riRM to reiwshte after aeeeleratiow sad tie right b arert N the forecMswre preeettitg
de wow.e:irttsrce of a aetaalt or awy other aefiwse oft >lorr~srer to accekratlorr awe torsdawee. r the Meaeh Is wet ewrad .w
err iyefore the sate srecliea f: the wotke. Lewder st I.ewaer's oNiow twat' atxVr+r r of ehe awra seewnri b tits Msrtastpe M )re
VwcdWeiy awe wwi pyaMe witlrowt farther demand awe Wray foreclose llde Morf~e ty jwikir MstaeisR. Lender dui
frc ewlfiUea to eolteet r stseh proceeding v esflawses of foreclosure, l¦eM+rfirtg. hwt wst /wiilei M. reaawaMe sfturaetrs fee.
efts eosM of ise.-:wewtary evideaee. abstracts awe title roprta
1!. Dorro+ra's RIgM a Retwstate. Notwithstanding Lenders aceekration of the sums secured by thr: Mortgage.
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
~
f k ~ PdCE ~~,e7ll
80JK•