HomeMy WebLinkAbout0832 • 1 rndrr's written agreement or apphcable low. &+rrowrr strait pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by I ender pursuant to this paragraph 7. w+th uttcrest thereon, that) become additional
indebtedness of Borntwcr s::c:cn:d by this Mungage. Unless Borrower and I ruder agree to other terms of payment, such
amounts shall he payahle upon notice fn+m Lender a+ Bunuwer requesting payment thereoL and shall bear interest from the
date of disbursement at the rate payahle from time to time un outstanding principal under the Note unless payment of
interest at such rate would be contrary to applicable law, in which event such amounts shall hear interest at the highest rate
permissible under apphcable law. Nothing contained in thi. paragraph 7 shall require 1 ender to incur any expense or tats
any action hereunder.
8. laspectios. 1 ender may make ar cause to t+c made rratonablc cnrrie~ utwn and inspections of the Property, provided
that Lender shall give Borrower nonce prior to any such inspection specifying n_asonable cause therefor related to Lender's
interest in the Property.
9. Condemnation. The pnxecds of any award or claim fur damaKes, direct ar consequential, in connection with any
condemnation or other taking of the Property. or part thereat. or for conveyance in lieu of condemnation, are hereby assigned
and shall be paid to Lender.
In the event of a total taking of the Property. the proceeds .hall tx applied to the sums secured by this Mortgage,
with the excess, if any, paid to Borruwrr. In the event of a partial rrkrng 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 proceeds
as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of
taking bears to the fair market valor of the Property immcd+atcly prior to the Jatc of Taking. with the balance of the proceeds
paid to Borrower.
If the Property it ahandonrJ by Bor.nwcr .+r if .ifter ni~tice by 1 cndrr to Rormwer that the condemtar offtts to make
an award :+r settle a claim for damages. Bc+rruwrr f.ul. to resix+nd to t cider within 30 days after the date such notice is
mailed. I ~niier it authorized to collect and apply the prcx-ceds. at Lender's option, either to restoration or rcpsir of the
Pnperty or to the sums secured b} this Martgage.
Unless l ~ndcr and Born+wer otherwise agree in wrihne. any Such application of proceeds to principal shall not estetnd
or psxtpone the due date of the rnonthly installments referred to in paragraphs I and 2 hereof or change the amount o[
such installments.
10. Borrower Not Released. Extension of the time far payment or modification of amortization of the sums secured
by this Martgage gr~nted by 1 ender n• ans• succesu~r in interest of Barrower shall not operate to release, in any manner,
the liability of the original Borrower and &~rruwcr's succesa~rs in interest- Lender shall not be required to commence
proceedings against such successor c•r refuse to emend time for payment or otherwise modify amortization of the sums
secured by this Martgage by reason of :iny demand made by the original Borrower and Borrowers successors in interest.
I1. Forbearance by Lender Nona Wainer. Am• forbearance by 1 ender in etercising any right or remedy hereunder, or
otherwise afforded by applicable law, shall nM he a waiver of ur preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of tags or other liens .,r charges by lender shall not be a waiver of Lender's
right to accelerate the maturity of the indebtedness secured by thn :Mortgage.
12. Remedies Cumutati•e. All remedies provided in this MunKage are distinct and cumulative to any other right or
remedy under this Martgage or afforded ht' law ur ryuay. and may he eser_•ised concurrently, independently or sucetssively_
' 13. Successors and Assigns Bound:.Joint and Se.eral Liability; ('aptbrrs. -The covenants and agreements herein
contained shall hind, and the rights hereunder shall inure to. the respective successors and assigns of Lander acrd Borrower.
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 of this Mongage are for convenience only and arc not to be used to
interpret or define the provisions hereof.
14. Notice. Except for any nt+tiie required under applicable law to be given in another manner. (a) any notice to
Borrower provided far in this M~rtgaee shall he gis•rn by mailing such notice by certified mail addressed to Borrower al
the Property Address or at such r;hcr addres. as B~~rn~wer may designate by notice to Tender as provided herein, and
(h) any notice to Lender shall t+e given by certified ma+l. return receipt requested. to Lender's address stated herein or to
such other address as Lender mss designate hs n~tiir t~~ B~~rmwer as provided herein. Any notice provided for in this
~ Mortgage shall be deemed to base been g+sen to Born~wer c+r Lender when given in the manner designated herein.
15. Uniform Mortgage: Governing LaN; Se•erabilih. This form of mortgage combines tmiform covenants for national
use and non-uniform covenants with IimiteJ cari~tu.m t,ti junuliction to constitute a uniform security instrument covering
{ real property. This Mortgage shall he goserned by the law of the jurisdiction in which the Property is located. In the
~ event That any provision or clause of this Mortgage .+r the N~+te conflicts with applicable law, such conflict shag not affect
other provisions of this Mortgage ur the T`utr which can be given e[3ect without the conflicting provision, and to this
end the provisions of the Mortgage and the 's:~~tr arc Jcclared to he severable.
16. Borrower's Copy. Borrower shall be furni,heJ c~+nformed cope of the Note and of this Mortgage at the time
of execution or after recordation bergs+f.
17. ,TraaSfer of the Property: Assumption. if all c+r any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's pric+r •s•ntrrn i,~nu:m e.cluding tar the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a purchase m~~nes security interest for household appliances, (c) a transfer by devise,
de°.:.Mnt or by operation of law upon the Jeath of a jumt tenant or fd? the grant of any leasehold interest of three years or less
not containing an option to purchase. Lender mar. at Lender's option, declare all the sums secured by this Mortgage to be
immediately due and payable. (.ender shall base H wised such option to accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is t:~ t+e .oIJ or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the inr,rc.t payable on the sums secured by this Mortgage shall be at such rate as Lender
~ shall request. Tf Lender has waived the option tc. 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 fmm all
obljgations under this Mortgage and the Nr+tr.
If Lender exercises such option to accelerate. Lender shell mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due If Borrower (ails to pay such sums prier to the txpiration of such period,
Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereaf.
NaN-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
lg. Accekratba; Remedks. Except as provided io paraRnph 17 hereof. upon Borrower's btrcacb of oar co•eaaat K
reeantst of Borrower fa this Mort a lacludi the covenants to whey doe an seats sectitrea ebb M t. Leaser
ag t~ n6 Par y b'p ortgsg
prior to nccekratbe shall atdl ratite to Borrower ss provided In paragraph 14 itereot it~pecNrfag: (1) the brtaeb; (2) the setion
repaired to cure ttecb brescb; (3) a date. not less than 30 days from the date the notice b stafkd to Barrower. dy wbkb sash
btreac6 roost be cored; asd (4) that failure to cure such breach on or before the date speclBed ie the tratke our result b
F: accderatioa of the woos sectued by this Mortpige. foreclosure br judkial prroceedins sad sale ~ the Property. The notice
shall further inform Borrower of the right to reinstate after accekntba and the ri=bs to teasers fa the foreclosere proeeeJlitg
the rare-exMence of a default or say other defense of Borrower to accekrstios sad torecbwre. It the breach b oat eaatci oa
or before the date specified i• the notice, l.endcr at Lender's aptioa mar declare atl d the versa steered b'!' fhb Mortgage N be
immediately doe aria parable without further demand and .mar foreclose ebb Morfsatt by jodkbtl procteditig. Lender sbtiB
be eetltkd to college d torch proceeding all expenses of foreclosure. including. bat sot limitd to. rcasortabk sta,rner's fees.
asd costs of doe~!seatttry evidence. abatncts and title reports.
19. ¦orrown's Rlgbt to Reinstate. Notwithstanding I ender's acceleration of the sums secured by this Mortgage,
Borrower shall have the right to have an} proceedings bettors by Lender to enforce this Mortgage discontinued at any time
a~:'~~ 318 rscE 831