HomeMy WebLinkAbout0934 Lender's written agreement ar appGrable I~w. Borrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
• Any amounts disbursed by Lender pursurnt to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by stirs Mortgage Unless Borrower and I emkr agree to other terms of payment, such
amounts shall he payable upon noti~Y• fmm 1 ender to Burn+wer requesting payment thereof, and shall bear interest from the
date of disbursement at the rate payable tram time to time on 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 applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or tape
any action hereunder.
8. laspecfioa. Lender may make or cause to br mad: reasonable entries upon and inspections of the Property, providod
that !.ender shall give &?rrower notice prior to any such inspection specifying reasonable caux therefor related to LardePs
interest in the Property.
9. Condemnation. The prcxecds of any award or claim for damaKes. direct ur consegtxnlial, in connection with any
condemnation or other taking of the Property. or part thereof, or fur conveyance in lieu of condemnation, are hereby assigned
and shall be paid to Lender.
In the event of a total taking of the Properly. the pn?creds shall be applied to the sums secured by This Mortgag~,
with the excess, if any, paid to Borrower. In the .;vent of a partial taking of the Property, unless Borrower and Lender
otherwise agree in writing. them shall he applied to the sums secure) by this Mortgage such proportion of the proceeds
as is equal to that proportion which the amount c?f the sum. secured by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Property immediately prior to the .late of taking, with the balance of the procoedi
paid to Borrower.
if the Property is abandoned h~ Bor:uwer. ur if after nc?tice by 1 ender to Borrower that the condemnor offers to make
an award ar settle a claim far )images. &+rrower fail. to respt,nd to Lender within 30 days after the dale such notice is
mailed. Lender is authorized to collect and apply the praised.. at 1 ender'. option, either to restoration or repair of the
Property or to the sums secured by thn Mortgage
Unless lender and Borrower Mherw•icc agree in writinc. any such application of proceeds to principal shall not extend
or po;tpune 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. li~tcnsian of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by 1 ender to any cuccecu?r m interest of Harrower shall not operate to release, in any manner.
the liability of the original Borrower and Hrrrowcr's scnccsu?rs in interest lender shall not be required to commence
proceedings aRarnst such successor or refuse to extend time far payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of an} demand made by the rri¢inal Horrower and Borrowers successors in interest.
11. Forbearance 6y Lender but a Waiver. Am forbearance by I ender in exercising any right or remedy hereunder, or
otherwise afforded by applicable law. shall n+~t he a waiver of ar preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of tees ar other liens .+r charges by Lender shall not be a waiver of tender's
right to accelerate the maturity of the indebtedness secured by this Monl:age.
12. Remedies Cumulafire. All remedies pnnided in this Mortgage art distinct and cumulative to any otherrright or
remedy under this Mortgage or aflarded M• law ar equity.:~nd may be etercised concurrently, independently or successively.
• 13. Successors and AssiRas Borrnd: Joint and Se~~eral I.iabitityt Captfons. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender acrd Burrower.
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 parser;+phs of this Mortgage are far canvenienco only and arc not to be used to
interpret or define the provisions hereof.
14. Notke. Except for any notice required under applicable law to be given in another manner, (a) any notice to
Borrower provided tar in this 4lartgaee shall he given by mailing such notice by certified mail addressed to Borrower at
the Property Address ar at such .+ther ;?ddress as Horrr?wer mas• designate by notice to Lender as provided herein, and
(b) any notice to Lender shall he grscn by certified mail- return receipt requested. to Lenders address stated herein or to
such other address as Lender may designate h} notice Harrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to have been gis•rn to Harmwer ar Lender when given in the manner designated herein.
IS. Uniform Mortgage: Governing I.an: Se.~erabilitr•. This form of mortgage combines uniform covenants for national
use and non-uniform rnvenants with limited variations h_v juncdictian to constitute a uniform security instrument covering
real property. This Mortgage shall be governed by the law of the jursdiction in which the Property is located. Tn the
event that any provision ~r clause of this Mortgage ar the Note conflicts with applicable law, such conflict shall not affect
! other provisions of this Mortgage or the Note which can he given e[fect without the conflicting provision, and to this
end the provisions of the Mortgage and the tiote are declared to he severable.
16. Borr+ower's Copy. Borrower shall he furnished a confirmed cop} of the Note and of this Mortgage at the tithe
of execution or after retardation hereof.
~ 17. ,Tnnster of the Property: Assumption. If all ar any pan of the Property or an interest therein is sold or transferred
by Borrower without Lender's pear wriurn consent. esciuding (a? the creation of a lien or encumbrance subordinate to
this Mortgage. Ibl the creation of a purcha,e mc~ncy cccun+y interest for houxhold 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 less
t not containing an option to purchase. Lender may, at 1 ender'. option, declare all the sums secured by this Mortgage to bt
immediately due and payable. 1_~nder shall have H;uved such option to accelerate if, prior to the sale or transfer, Lender
and the person to whom the Property is to be :oIJ ar transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the intcn,t payable an 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 release Borrower from all
# obligations under this Mortgage and the Nate.
If Ltnder exorcists such option to accelerate. Lender .hail mail Borrower notice of acceleration in accordance with
( paragraph Id 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 prior to the expiation of such period,
Lender may, without further notice or demand on Borrower. invoke any comedic. permitted by paragraph Ifs hereof.
? NOtr-UNIFORM COVENANTS Borrower and Lender further covenant and agn:e as follows:
N lfl. Accekratfoa; Remcdks. Except as provided is paragraph 17 bertof, wpoa Borrowers breach of a.y covetaaat or
agreement of Borrower is ebb Mortgage. including the covenants to pay whew dot any sarws stcored by tbls Mortgage. Lewtfier
ptrfior M acceleratba shall mail notke to Borrower as provided In parrr8raph 14 hereof trpteNyie<: (1) the brsacb; (2) the sctbw
required to curt arch breach; (3) a date. not less than 30 days from the date the aotke b matted to Borrower, by whkb inch
breach mwat be cwnd; aid (4) that failure to cure smh brescb on or belors the date specified is the wotke may restdt b
acceleration of tbt west. secured by this Mortgage. torecbsurc br judkial proceeding sad sale of the rropsrry. The aotke
~ shaU farther inform Borrower oft the right to reinstate after accekratbn and the right to asrert is the toreclostrre'rocee~
tbt con-a:istence oft a defanN or srry other defense of Borrower to sccekratioa sad toreciowrt. 1t the brexb is wM ewred ow
or before the dste specified loo the notkc, lender at I.cnder's option may decals aq of tbt satyrs secured by ebb Mottttptge b be
fmtaedLtdy dne and paysbk without further demand and may foreclose ebb Mort=ise by jw1kW proeetdiwR. Lender shah
be eatitkd to collect bs arch procetdiu` aq a:pontes of foreclosure, iacludia=. bwt woe IWtd to. rsasoaable stt+xner's Errs.
M aa>d costs of drx~!wtwtary evidence. abstracts and title reports.
19. Iflorrowa's Rfigbt to Reinstate. Notwithstanding Lender's acceleration of the sums secured by thr~ Mortgage,
Borrower shall have the right to have an} proceedmgs begun by Lender to enforce this Mortgage discontinued at any time
`?K 318 NaGE 933