HomeMy WebLinkAbout0657 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurancx premiums in the
manner pn?vidcd under paragraph 2 hereo[.
Any amounts disbursed by Lender pursuant to this paragrapfi 7, with interest thereon, shall become additional
indeMedness of Borrower sccun:d by this Mortgage. Unlns Harrower 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 an outstanding 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 highest rate
permissible under applicabk law. Nothing contained in this paragraph 7 shall require [_ender to incur any experae or take
any action hereunder.
8. luspectbn. lender may make or cause to t?e made reasonable entries upon and inspections of the Property, provided
that !.ender shall give Borrower notice prier to any such inspection specifying reasonable cause therefor related to Larder's
interest in the Property.
9. Condemaatbn, The proceeds of any award or claim for damages. direct or consequential, in connection with any
condemnation or other taking of the Property. or part thereof, or for conveyance in lieu of condemnation, are hereby assigned
and shall be paid to Lender.
In the event of a total takin¢ of the Pmperty. the pnxceds shall he applied to the sums secured by this Mortgage,
with the excess, if any, paid ro Borrower. In the event of a partial taking of the Property, unless Borrower and Lender
otherwise agree in writing. there shall he applied to the come xcurcd by this Mortgage such proportion of the proceeds
as is equal to that proportion which the amount ~f the some sect:red by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Pmpcrty immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
If the Property is abandoned by Bor.owcr. or if after nrnicc by Lender to Borrower that the condemnor oRers to make
an award .~r settle a claim for damaee~. &~rre~wer fail. to resrx~nd tc. Lender within 30 days after the daft such notice is
mailed. Lender is artthoriTed to collect and apply the proceeds. at I trader's option, either to restoration or repair of the
Property or to tFre sum, secured hr this Mortgage.
Uolesc Lender and Bormwer otherswu agree in w•rihne. 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 insta'tlmen[s.
10. Borrower Not Released. Extension :~f the time for payment or modification of amortization of the sums secured
by this Mortgage granted by Lender to anv successor in interest of Borrower shall not operate to rckase, in any .manner,
the liability of the original Borrower and Bi~rrowcr's successors in interest. i_ender shalt not be required to commence
proceedings against such successor or refiice to extend time for payment or otherwix modify amortization of the sums
xcurcd by this Mortgage by reason of any demand made h}' the orieinal Borr~~wer and Borrowers successors in interest.
11. Forbearance by Lender Not a Waiver. Any f~•rhearance by Lender in exercising any right or remedy hereunder, or
otherwise afforded by applicable law. shall nit be a waiver of or preclude the exercise of any such right or remedy.
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 indehtcdness cerured M- this Mortgage.
12. Remedies Cumulathe. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law .,r equity. and may he exercised concurrently, independently or suectssively.
13. Successors and Assigns 13ountl: Joint and Se.eral Liability; Captbns. The covenants and agreements herein
contained shalt bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender apd Borrowrr.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be join] and several.
The captions and headings of the paragraphs ~~f this Mortgage are for convenience only and are not to be 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 Mortgage shall he given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such .~thcr address a. Borrower may designate by notice to Lender as provided herein, and
(h) any' notice to Lender shall he given by certified mail. return receipt requested. to Lender's sddress stated herein or to
such other address as Lender may designate hr n~~tice tc. Bormwer as provided herein. Any notice provided for in this
'I Mortgage shall he deemed to have been given to Bormwer or Lender when given in the manner designated herein.
tS. Uniform Mortgage: Governing [aw: Severability. This form of mortgage combines utiform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument rnvering
i real property. i his Mortgage shaii be governed by nc~ iaw of ihr jurixlictiun in which the Pr:,prriy is lwatrd. In !hr
~ event that any provision or clause of this Mortgage or the ?Vote rnnfticts with applicabk law, such conflict shall not affect
other provisions of this Mortgage or the Note which can l+r given eBect without the conflicting provision, and to this
F end the provisions of the Mortgage and the tiote are declared to he severable.
j 16. I><orrower's Copy. Borrower shall tx furnished a conformed cop}- of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. ,Transfer of the Property: Assumption. If all or anv part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior wnnrn ~onceni. excluding ta) the creation of a lien or encumbrance subordinate to
this Mortgage, lb) the 'creation of a purchase m~~nec securit}~ interest for household appliances, (c) a transfer by devise.
descent ur by operation of iaw upon the Jcaiir .~i a jin~it tenant :x idi :fig gtatrt of any leasehold interest of ihte±~ years ar IrSs
not containing an option to purchase. Lender may. at I trader's option, declare all the sums xcurcd by this Mortgage to be
immediately due and payable. Lender shall have w:nved such option to accelerate if, prior to the.cak or transfer. Lender
and the person to whom the Property is t., he :oIJ or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and than the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
shall request. Tf Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all
obljgations under this Mortgage and the !vote
If Lender exercises such option t.~ accelerate. Lender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of not lest 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 IR hereof.
Non-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
~ 18. Acceierstba; Rcmedia. Except m proridtd in paragraph 17 bercot. upon •orrowds bttacb of a.y coveuawt or
sgreemest of Iorrower fa this Mortta`c. irrclndirr6 the covenants to pay when due soy antes stores by this Mortgage. l.esaer
prbr to sccdendou shall mall aotke to Iorrower ss provided In psra;raph 14 bereot spetltyfog: p) the breach:121 the sefiow
required to cure arch brescb; (3) a date. not less than 30 days from the date the wotke fs traNtd to lorrower. ~ wbkb sseb
btreseb must be screed; and (1) that tsilure to care spch brcscb oa or before the daft specYed ire the wotke may testtN b
ttrccderatbw of the tams secured by this MortpRe. torecbsure by judklal proceedbrg std ark of He Property. The wotkt
shay further inforw Iorrower of the right to refastate after sceiekration and the right b srscrt h the toredewre peoeceabrg
~ the ttwutxisteuce of a defauk or any other defense of 16orrowcr to sccekratbo and toreelowre. N the breach is teat cotta art
~ or heroes the daft spedikd b the aotke, Lender at Lender's optbn msv declare aY of the wttas secsrea by tots Motigttge N ter
immediately due std psyabk without further demand and may forecbse tots Mortjzage by judkW proceednuR. Lender shah
" be eutltled to coYeet iaA arch ptrocecdiag aN a:parses cif forecbsurc. including. but teat Mruitd to. reasonsbk sn.xner's fees.
sad costs cI doc`meatary eridcace. abstrscts sod titk reports.
l9. Bonowet's Right to Reiosiste. Notwithstanding tender's acceleration of the sums secured by thtt Mortgage,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
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