HomeMy WebLinkAbout0885 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
manner pnividcd under paragraph 2 heroof.
Any amounts disbursed by Lender pursuant Io this paragraph 7, wtth interest thereon, shall become additional
in~khtedness of Borrower secured by this Mortgage. Unless Borrower and L~-nJer agree to other terms of payment, such
amounts shall he payable upon notice from 1 ender 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 pa~rtrrerrt of
interest at such rare would he contrary to applicable law, in which event such amounts shall bear interest at the highest rate
permissible under applicable law. Nothing contained in this paragrapt~ 7 shall require fender to incur any experae or take
any action hereunder.
8. laspectioa. 1_ender may make or cause to he made reasonable entries upon and inspections of the Property. provided
That !.ender shall give Borrower notice prior to any such inspection specifying reasonable caux therefor related to Lender's
interest in the Property.
9. Condemnation. The proceeds of any award ar claim for cfama¢es, 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 taking of the Property, the pnxceds shall be applieJ to the sums senrred by this Mortgage,
with the excess, if any. paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender
otherwise agree in writing. them shall be applied to the sums secured by this Mortgage such proportion of the procack
as is equal to that proportion which the amount of the sums sccrired by this Mortgage immediately prior to the date of
taking bears to the [air market value of the Property immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
if the Property is abandoned by Borrower. or if. aRer notice by Lender to Borrower that the condemnor oRers to make
an award or ceUle a claim for damages. Borrower fail. to resr~ond to Lender within 30 days after the daft such notice is
mailed. Lender is authorized to collect and apply the proceeds. at Lender's option, either to ratoRtion or repair Of tbE
Property or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writrne. any such application of proceeds to principal shall not extend
or p~xtpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by Lender to any ctrccecsor in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and &•rrower's successors in interest. i.ender 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 original Borrower and Borrowers successors in interest.
11. Forbearawce by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or
otherwise afforded by applicable law, shall not Ix a waiver of or preclude the exercise of any such right or remedy.
Th. procurement of insurance or the payment of taxes or other liens or charges by Lender shall not he a waiver of Lender's
right to accelerate the maturity of the indebtedness secured by chic Mortgage.
12. Remedies Camulatlrre. 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 may Fx exercised concurrently, independently or successively.
13. Sriccessors and Assigws Bound; ,Joint dad Several I.iaM7ity; Captbas. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to, 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 several.
The captions and headings of the paragraphs of 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 applicabt law to be given in another manner, (a) any notice to
Borrower provided for in this Mortgaee shall be given by mailing such notice by certified mail addressed to Borrower at
~ the Properly Address or at such other address as Borrower mav_ designate by nonce to Tender as provided herein, and
~ fh) any notice to Lender shall he given by certified mail. return receipt requested. to l.ende~ 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
E Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
1S. iJnitorm Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations h}• jurisdiction to constitute a uniform security instrument covering
E 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 claux of chic Mortgage or the Note conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or the Notc which can be given eBect without the conflicting provision, and to this
~ end the provisions of the Mortgage and the 'Note are declared to he severable.
lb. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. ,Transfer of the ProptMy: Assumption. if all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior wriuen consent. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. Ib) the creation of a purchase money security interest for household appliances, (c) a transfer by devise,
a 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 less
not containing an option to purchase, Lender may, at Lender c option, declare all the sums secured by this Mortgage to be
• immediately due and payable. Lender shall have waved such option to accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is to be colt or transferred reach agreement in writing that the credit of such person
i is satisfactory to Lender and that the interest payable on the sums secured by this 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 agreement accepted in writing by Lender, Lender shall releax Borrower from all
t obligations under this Mortgage and the Note.
If Lender exercises such option to accelerate. Lender shall mail Borower notice of acceleration in accordance with
j 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 fails to pay such sums prior to the expiation of such period,
_ Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof.
Non-UtvtFOtet~e.Covt:rr,?rvTS. Borrower and Lender further covenant and agree ae follows:
~ 18. Accderatioe; Renredia. Except as provlded iw paragraph /7 hereof. npow son+owar's 6rcacr of awe covemrt of
agreement of Borrower Iw trb Mort;age. iwehediwg the covenants fo pay whew doe nay wtwa secwrci b7' Ibis Mortgage. tearder
priior to scceleratlow shall maN ootke to Borrower ac provfdcd iw paragraph 14 hereof specNyiwg: (1) the rreaer; (2) ere sefbw
r+cgaJred fo core web btrcacr; (3) a date, woe less thaw 30 days [rum the date the notke b wiailed M iorrower. by whkr wrr
~ breach errut be need: awd (1) that failwre to core wch breach ow or boors the date apeeiRed iA ere wotke wear trosdf b
accderatbw oft ere wan sewed by ebb Mortgage, faecloaorc by jrrdicW proeeediwg awd axle of the Mperfy. Tee wotiee
shall fartrer idorrw Eorrower of ere right to reinstate after accekntfpn and tee right tq aascrt fa ere torcclowR poeeeJlwg
the rww-a:ktence oft a defaak or awy other defewse of >lorrowcr to accckratbw awn forecbwre. N ere brcacr M wM ewrd aw
or before the date spccitied V tee wotke. Lender at Lender's optbw nuy dccbire sA of ere wwn ateearei by fib MortRwRe fa be
imsrediatdy due awti payable wNboat farther demand and may foreclose fhb Moraage by jadkW ptrorsediwR• Lender shall
be entitled fo collect iw aver proceediws aN a:pewees nt forecbsare. iwchrtdiws. brit woe Ywdfei to. rcarowabk stt~xneY'a fen.
awd cods o[ docrt!rerKary evidesee. abstrwcts swd tick rcporb.
~ 19. aorrown'a Rigrt to Rebdate. Notwithstanding Lenders acceleration of the sums secured by the 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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