HomeMy WebLinkAbout0878 Lender's written agreement ur apphcable law. Borrower shall pad the anwunt of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amounts dishurseJ by I.cnJer pursuant to This paragraph 7, with interest thereon, shall become additional
inJehtednrss of Borrower secured by this Murtgrge. Unltss Borrower and I enter agree to other terms of payment, such
amounts shall be payable ulx~n notice fmm Lender to &xrowcr reytresting payment thereof, and shall bear interest from the
date of disbursement at the rate payable fmm time to lime on outstanding principal under the Note unless pa'ytr~ettt 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 applicant.: law. Nothing cnnlaineJ in this paragraph 7 shall require t.endtr to incur any expense or take
any action hereunder.
g. htrspectioa. Lender may make or cane to be made reasonable emriec upon and inspections of the Property. provided
that lender shall give Borrower notice prir?r to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property. -
9, Coademaation. The proceeds of anv award or claim for damages, direct or consegtxntial, in connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby assigned
and shall be paid to 1.ender. -
ln the event of a tMal taking of the Property. the pn?ceeJs shall be applied to the sums secured by this Mortgage,
with the ceccss, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender
otherwise agree in writing. there shrh he applied to the wms searreJ by this Mortgage such proportion of the proceeds
as is equal to that proportion which the amount of the stems scarred by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Property immediately pnor to the date of taking, with the balance of the proceeds
paid to Borrower.
• if the Property is ahandoned bs Borrower. ~.r if :,feet notice by 1 ender to Borrower that the condemnor offer to make
an award or settle a claim for Damage+. Burrower (:n 1. u? rc.xnd to Lender within 30 days after~ihe date such notice is
- ntailed. I.enJer is authorized to collect and appl}• the proceeds. at Lender's option, either to restoration or repair of the
P,.~perty or to the sums secured by this Mortgage.
Unlesc I-ender and Borrower otherwise agree in writrne. any such application of proceeds to principal shat) not extend
o? ptxtpone the due date of the monthh• installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Not Released. Fxtcnsinn of the time for payment or modification of amortization of the sums secured
by this Mortgage granted b}• I ender to anv cuccessor in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Br~rmwer's iuccess~rs in interest. l.endtr shall not be required to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of any demand made by the orieina) Borrrnxer and Borrowers successors in interest.
11. Forbearance by Lender Nut a Waiver. Any frMarance h} 1 ender in exercising any right or remedy hereunder, ar
otherwise,afforded by applicable law,. shall not lie a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment ~f taxes or other liens .~r charges by lender shall not bt a waiver of Lender's
right to accelerate the maturity of the indehtednea secured by this T?tortgage
12. Remedies Cumulative. 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 ma}• he exercised concurrently, independently or successively.
' 13. Successors and Assigns Bound:.Joint and Several Liability; Captions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure tn_ the respective successors and assigns of Lender and Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and stvtral.
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. Nolke. 13xcept for any nMice rcyrrired under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this MortFaee shall he given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such other address as Borrower mav_ designate by notice to i_ender as provided herein, and
(b) any notice to Lender shall ere given by certrfieJ marl. return receipt requested. to [.ender's address stated herein or to
i such other address as Lender may designate h} n~tire to Borrower as providtd herein: Any notice provided for in this
Mortgage shall be deemed ro have been grs•en to B~rmw•er c.r Lcndcr when given in the manner designated herein.
~ 15. Uniform Mort
Rage; Governing I.aw; Severability. This form of mortgage combines uniform covenants for national
use and non-uniform rnvenants 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 located. In the
( event that any provision or clause of this Mnrtgaee <~r the Note conflicts with applicable law, such rnnflict shall not affect
g .other provisions of this Mortgage or the Niue Khick can be given effect without the conflicting provision, and to this
end the provisions of the Mortgage and the ti~~te arc Declared t.~ rte severable.
~ 16. 1orrower's Copy. Borrower shall be furmsheJ a conformed cop}' of the Note and of this Mortgage at the tune
of execution or after recordation hereof.
17. ,Transfer of the Property,: Assumption. If nit ~r an}• part of the Property or an interest therein is sold or transferred
by Borrower without Lender's pri..r wriucn cansem excluding (a) the creation-of a lien or encumbrance subordinate to
this Mortgage, (b) the creation of a purchase manes securit}• rnterest for household appliances. (c) a transfer by devise,
descent or by operation of law upon the death of a j~~rnt tenant or (d1 the grant of any leasehold interest of three years or less
not containing an option to purchase, Lender may.:,t I ender's option, declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall hose ss.us•ed such option to accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is to tx so1J or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the intcrrst payable on the sums secured by this Mortgage shall be at such rate ac Lender
shall request. If Lender has waived the optir~n 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
obligations under this Mortgage and the Nott.
If Lender exercises such option t~ accelerate. !.ender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period cif not Icss 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,
r nnrttr m_3. `.!~i!tin..t r..rlhir nntir~ nr .i~rts:nrr nn ttnrmurr inyn4_r any ?rmtdiec Krmittrrl by narrlgrtlpl! 1R Itr!mf-
NON-UNtFOaM COVENANTS. Borrower and Ltndtf further covenant and agree as follows:
lg. Accekratba; Remedes. Except as provided is paragraph 17 hereof. upon Borrower's btreadr of arty covettwN or
agreetsteat of Borrower is tbk Mortgage. including the covenants to pay whew due gay soars tKCUreti by this Mortgage. Larder
prior to sccekntloa shall wrail notice to Borrower as provldcd in paragrapA 11 hereof ttpedtybrg: (1) the breach; (2) tie tttctbw
required to curt soci 6reacb; (3) a date. not less than 30 days from the date the aotke i ttstrBed b Iiorrot+tter. by wbki sttxi
breach tuttvt bt nrcd; geed (4) That failure to cure such brcscb w or before the date s'ecitied W the twtke ttnay nrsult fs
accekratba of tie surer secured by this Mortgage, torecbwrt by judklat proeeediag tttt>a stale of the troperty. The ttatice
uhatl further iaforw Borrower of the right to reinstate atfer s+ceekratbn and the right to atrert h the toreclowre procee~rts
tie ttatrJ-exie~tenct o1 a defauN or gay other defense of Borrower to stctkrstbrr snd fortclowrtt. It the brexb 4 tsot etnr~d ou
or before the date speediea V tie trootke, Lender at Lenders ogioa may declare a/ of tie strris ssesrctl by tifs Mort~e b be
iststedistdy due aai pysbk without further demand and may fotrociose this Mortgage ~y judleW potsedfaR. Lende? drop
be eetitkd to collect b !web proctcdiag tdl expenses of foreclosure. facludirrs. but ttwt Waite! lo, rrasortabie tttturnetr's fees.
grad costs of docrwestary evideacq abstracts and title rcparb.
19. eorrowa's Right to Rciastatc. Notwithstanding Lender's acceleration of the sums secured by the Mortgage,
Borrower shall have the right to have any proceedings begun by l_tnder to enforce this Mortgage discontinued at any time
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