HomeMy WebLinkAbout0844 I.rndrr's written agreement or apphrable low. lorrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
' Any amounts di;hursrd by I enter pursuant to thu paragraph 7, wnh interest thereon, shall become additional
indeMednrss of Burrower secured by this Mortgage. lJnlctic Borrower and Lcn.kr ague to other terms of payment, such
amounts shall rte payable ulxsn notice from I coder to Burrower requesting payment thereof, and shall tzar interest from the
date of disbursement at the rate payable from tune to time un outstanding principal under the Nate unless pa'yrtregt of
interest at such rate would 1?e rnntrarv to applicable law, in which event such amounts shall tzar interest at the highest me
permissible under applicable law. Nothing contained in this paragraph 7 shall require lender to incur any expense or take
any action hereunder.
g. laspecfioa. lender may make ur reuse to fx made reawnahle entries uix~n and inspections of the Property, provided
that Lender shall give Burrower Holier prior to any cr!ch impecliun spec!fying reasonable cause therefor related to Larder's
interest in the Property.
9, Condemnation. The pnceedc of any award or claim for damages, direct or consequential, in connection with any
condemnation or other taking of the Property. or part therc~~f, or for conveyance in lieu of condemnation, are hereby assigtred
and sl!all be paid to I.endcr.
In the event of a total taking of the Property. the paxreJc shall be appGeJ to the sums secured by this Mortgage,
with the excess, if any, paid to Borrower. In the Burnt u( a partial tai.ing of the Property, unless Borrower artd Lender
otherwise agree in writing. there shall he applied to the some secured by this Mortgage such proportion of the proceeds
as is equal to that proporiiun which the amount ~~f the sums secured by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Property imrncdiatrly prior to the date of taking, with the balance of the proceeds
paid to Borrower.
If the Property is ahanduncd by Rur.ower. ~.r if afh:r n~ticc by I ender to Borrower that the condemnor offers to make
an award err settle a claim For Damages. B.~rmwrr fait. to rc~p.~nd to Lender within 30 days after tht date strch notice is
mailed, Lender is authorized to collect and apl.ly the proceeds. at Lender's option, either to restoration or ttpair of the
Properly or to the sums secured M• this 11t~rtgage.
Unless Lender and Borrower otherwrse agree in w ritrne. any such application of proceeds to principal shall not extend
ur p~xtpine the due Jate of the monthh• installments referred to in paragraphs 1 and 2 hereof or change the amount o[
such installments.
10. Borrower Not Released. Extension of the time fc?r paymrnt ar modification of amortization of the sums seeurtd
by this Mortgage granted by I.enJer to anv srKCetK~r in interest of Borrower shall not operate to releases in any manner,
the liability of the original Borrower and B.~rrowcr's successors in interest. lender shall not be required to commence
proceedings against such successor or refuse tcs Blend time for payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of an) demand made bs• the original Borrower ant Borrowers successors in interest.
11. Forbearance by Lender Not a Waiver. Any forhearance M• 1 ender in rtercising any right or remedy hereunder, or
^tl:c^'.'rse 3ffor~!ed b~ .°.;.pla.at:le 13... 41:P.tl w ^f Yrn~l:~riw trv eYrrricr of 3nV !R!Ch ngtrt Or rgrlEdY.
The procurement of insurance or theypaymcnt of rates or~other liens or charges by Lender shall not rte a waiver of i.ender's
right to accelerate the maturity of the indehtrdnecs secured by this Mortgage.
12. Remedies Camulatire. All remedies prc~~~ided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or atfordcJ by law- or equity, and may he exercised concurrently, independently or successively.
' 13. Successors and Assigns Botrnd:.loins >arrd Several i.iaMlity; Captbns. 'ilte covenants acrd agreements heroin
contained shall bind, and the rights herrrrnder shall inr!re to, the respective successors and assigns of Lender artd Borrower,
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jolty and several.
The captions and headings of the paragraphs ~f this mortgage arc for convenience only and ar+e not to tie used to
interpret or define the provisions hereof.
14. Notice. Except for any notice rcyriirrd under applicable taw to be given in another manner, (a) any notice to
Borrower provided for in This Mortgage shall he given by mailing wch ni~tice by certified mail addressed to Borrower at
the Property Address or at such other address as 13~~rmwer 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 address stated herein or to
such other address as Lender ma> designate M rtoti.c to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to hasc been g!sen to Born•~•er or t-ender when given in the manner designated herein.
15. Uniform Mortgage, Governing l.aw: Severnbilit~. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variati.~ns he 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 located. [n the
event that any provision or clause of this Mortgage ,.r the Note conflicts with applicabk law, such conflict shall not aBe~et
other provisions of this Mortgage ur the Nutt wh~~h can he g~s•rn elect without the conflicting provision, and to this
! end the provisions of the Mortgage and the ti~,te ace declared to he severable.
! 16. Borrower's Copy. Borrower shall he furni~hrd conformed copy of the Nott and of this Mortgage at the time
of execution or after recordation hereof
17. ,Tra~ter of the Property: AssumNtioo. 1f all or am part of the Property or. an interest therein is sold or transferred
by Borrower without Lender's prior wrinen iunceni. rscluding test the creation of a lien or encumbrance subordinate to
~ this Mortgage. (h) the creation of a pun-hacr money security ,merest for household appliances, (c) 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 loss
not containing an option to purchase. 1 ender may. at Lender's option, declare all the sums secured by this Mortgage to tit
immediately due and payable. Lender shall hale w a~~ed such option to accelerate if, prior to the sak or transfer, Lender
and the persuri to whu~~~ the Property is b..old <w tr.tnsferred reach agreement !rt writ!tto that the credit of such person
is satisfactory to Lender and that the intcrest pay able on the sums secured by !his Mortgage shall be at such rate ac Lender
shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
interest has executed a written assumption afircement 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. l enter shall mail Borrower notice of accekration in accordance with
paragraph 14 hereof. Such notice shall provide a period of nut less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower tails !o pay such sums prior to the expiration of such period,
Lender may, without further notice ur demand nn 13orruwer. invoke any remediu permitted by paragraph 1R hereof.
NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
lg. Accekratba; Remedies. E:ceps a provided is paragraph 17 hereof, opoa botrrower's breach of tray cotreruast or
agreemnst of borrower in this Mortgage. iscludirrg the covenants to pay s?hes due any soma seeorei by Ibis Mortgage. I.esder
prior to accekratdos shall mail rwtke to Iorrower as provided in paragraph 14 hereof speclfyhrg: (1) titre btrtscr; (21 ere sxlbw
w required to core socr breacb;l3) a date. rwt kss than 30 days from the date the notice k tsrailed to borrower. by wrkr rarer
' btntacr met be cared; asd (4) that faiirrre to ctrrrc such breach oa or heroes the daft specNd d the wotitt gray rtesWt b
accdentlos of ere war secured by this MortSsRe. forccbsure by judkial proceeding tsad sak of the Property. The notice '
shall ttrrtber inform borrower of ere right to relostate after accekratbn and the right to assert V ere foreciowre proeteditrg
- ere son-a:istence of a defaok or any other defense of Borrower to acrtkrafbn and foreclossre. N the brtacr M noel etared ar
or before the daft specified i• the notice, Lender at I.endtr's option may declare all of ere stems senrsd by Thfs MortR,aRe tan tit
isnrediately due asd payable without turiher demand and may foreclose thfs Mortgage by ~sdkW proctedhrR. Lender shah
tit atlded to collect b socr proceedioa all a:penses of torccMsure, iacludio=. hot aotl Iidtd to, rtasosabk stturner's fees.
read costs of doc~~ewtary eridesce, abstracts end tick rrpotrb.
19. Borrower's Rl~rt to Reietste. Notwithstanding I.ende~ s acceleraticn of the sums securt:d by th!~ Mongage,
borrower shall have the tight to have any proceedengs hereon by Lender to enforce this Mortgage discontinued at any tithe
F~cl; Rd