HomeMy WebLinkAbout2300 l.rnder's written ag«emcnt or apphcable law. Harrower shall pay the amount of all mortgage insurance prtmiurru in flee
manner provided under paragraph 2 hereof.
Any amounts disbursed by 1 ender pwuiant to this paragraph 7, with intense thereon, shall become additional
indebtedness of Borrower secured by chic Mortgage lJnless Born?wcr and 1 ender agree to other terms of payment. such
amounts shall he payable upon notice fn+m Lender p+ Borrower requesting payment thereof. and shalt bear interat from the
date of disbursement at the rate payable from time to time on outstanding principal under the Note unless pa~rttratt of
interest at such rate would be contrary to applicable law, in which event such ame.unts shall hear interest at the highest rate
permissible under applicahle law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or tape
any action hcreundcr.
8. Iwspecfian. lender may make or : ausc to he made rraconaMc entries upon and inspections of the Property. provided
that l ender shat{ give Borrower notice prior to any aich mcpectiun specifying « asonable caux therefor related to Larder's
interest in the Property.
9. Condemnation. The pnxerdc of any award or claim for damages• direct or consequential, in conncetion with any
condemnation or other taking of the Pn>'perty. ur pars tAerrc~f. ar for conveyance in lieu of condemnation, are hereby assignted
and shall bt paid to i.ender.
In the event of a total taking of the Property. the pnxredc sfiall hr applied to the sums secured by this Mortgage.
with the etcess, if any. paid to Borrower. In the event of a partial taking of the Property, unless Borrower attd Lender
otherwise agree in writing. there shall he applied to the sums secured by this Mortgage such proportion of the prorxeds
as is squat to that proportion which the amount of the sums scriired by this Mortgage immediattly prior to the date of
taking bears to the fair market value of the Property imn.c.ti~tely poor to the date of taking. with the balance of the proceeds
paid to Borrower.
if the Property is abandoned hs• Bur:ow•cr or if. after notice by I ender to Burrower that the condemnor offers to t»alte
an award or sortie a claim for dama~rs. Hnrrowrr liars to n•si~+nd to Lender within 30 days after the daft such notice i3
mated. i.enJer is authorr~rd to collect and appls• the proceeds. at Lender's option, either to restoration or repair of tlrC
Property or to the sums secured M• this I?1o+tFage
Unless !.ender and Borrower otherwise a _rec .r, w riftn~, _ny c„~"A ~ i- ••.•:ten :+f rr-reds tz rind a! shall not txt~:+d
g p P p
or pi+stporrc the due Batt of the monthls installments rcirrrcd to in naraoranhc 1 and 7 hen.,L.f n. c1:3::6 !f~ ~^.t.~srt! ~
such installments.
10. Eorrower Nof Released. 1=.stension of the Time for payment or modification of amortisation of the sums stxurrd
by this Mortgage granted by 1 ender to am• succecc++r in interest of Borrower shall not ope?ate to release. in any manner,
the liability of the original Borrower and Harrower'. siiccrssors in interest Lender shall not be required to commenet
proceedings against such successor or reface to rstrnJ time for payment ar otherw-ise modify amortization of the sums
secured by this Mortgage by reau~n at an) demand made by the original Borrower and Borrowers successors in interest.
11. Forbearance by lender Nof a Waiver. :1 m• fortxxaranre by 1 ender in exercising any right or remedy hereunder, or
otherwise afforded by applicahle law. shall not he a waiver of or preclude the exorcist of any such right or rcmody
The procurement of insurance or the payment of rases or other liens or charges by fender shalt not be a waiver of L.ender's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. Remedks Cumulative. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity. and m.:) be exercised concurrently. indeptndenlly or strecessively.
' 13. Stscetssors and Assigns Bound; ,Joint and Several t.iability: ('aptbns. The covenants and agreements herein
contained shall bind, and the rights hrrrunder shall inure to. the respective successors and assigns of Lender attd Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower sfiall be joiry and xveral.
The captions and headings of the paracraphs of this Mortgage are for convenience only and art not to be tistd to
interpret or define the provisions hereof
14. Notice. Except for any noble «y~iired under applicahle law• to be given in another manner, (a) any notice to
Borrower provided !or in this Mortgaee shalt he given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such other adders. as H,+rrower may designate by notice to !.ender as provided herein, and
fh) any notice to Lender shall he giccn by certified mail. ret+irn receipt requested. to Lender's address stated herein or to
,f such other address as lender may designate h~ notice to Hnrmwer as provided herein. Any notice provided for in this
Mortgage shall be deemed to base horn g+vcn to Borrower rr Lender whin given in the manner designated herein.
i 15. Uniform Mortgage: Govcrninf• I.aw; Se.erability. This form of mortgage combines tmifoctn covenants for national
I use and non-uniform covenants with limited variations hs jrtrisdicti^n to rnnstitute a uniform security instrument covering
~ real property. 'ibis Mortgage shall be governed hs• the law of the jurisdiction in which the Property is located. In the
6 event that any provision or clause of chi. Mortgage or the Note conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage ur the No;e which can Ex given effect Without the conflicting provision, and to this
end the provisions of the Mortgage and the 'vote arc declared to he severable.
16. Eorrower'a Copy. Borrower .hail l+e furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17..Trawsfer of the Properly: Ascumptian. If all or am' part of the Property or an interest therein is sold or transferred
$ by Borrower without Lender's prior wntt.•n consent. esctuding cal the creation of a lien or encumbrance subordinate to
~ this Mortgage. fbi the creation of a pur.h,isr ,rn~nra ucurity interest for household appliances, fc) a transfer by devise,
j descent or by operation of law upon the death of s joint tenant or (dt the grant of any leasehold interest of three years or kss
not containing an option to purchase. !.ender may. at t_rnder's option. declare all the sums secured by this Mortgage to be
immediately due and payable. I ender shalt base waived uich option to accelerate if. prior to the sale or transfer. Lender
j and the person to whom the Property is to t.c .ot.i or transferred reach agreement in writing that the credit of such person
j is satisfactory to Lender and That the interest payable on the sums secured by this Mortgage shall be at arch 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 fearer all
x obligations under this Mortgage and the Note.
if Ltndcr 2zEtCi3i5 stkh uNtivu u~ acceicratr, i rn+ier snail mail Borrower notice of acceleration in accordance wnh
paragraph. 14 hereof. Such notice shall provide a period of not less than ~0 days from the date the notice is mailed within
" which Borrower may pay the sums deaared due. If Borrower faits to pay u:ch sums prior to the expiration of such period,
Lender may, without further notice or demand c+n Harrower. +nvoke any remediu permitted by paragraph ifs hereof.
NON-UNIFORM COVENANTS Borrower and Lender further covenant and agree u follows:
18. Accekrwtbn; Remedies. E:ceps w provided in paragraph 17 hereof. wpow >dorrower's breach of ay covewt or
agreetmeot of Eorrower iw this Mortgage. including rite covenants to pay whew due aoY sotws secwred by this MorlBsRe. iesder
s prbr to accekwtioo shall mall notke to Borrower ss provided In parsgrapb 14 hereof specNy~: (1) the 6rewch; (2) the scllow
tregtrired ro care such breach;/3) a date. not less tbsn 30 days from tiro date the inotke is araBed to torrower. by whkh sect.
ttrewch retest bt cured; awd (4) Ibst failure /o cure .tech breach oa or before the date specifited V the works pray resoN iw
wccderstiow o[ the ssms secured by thk Mortgage. forecbsure by JudlcltJ proceedhq rued serve of the troperty. The works
shall frrrt!6er fofotne )gorrower of the right to reiwstale serer atcekatbn and the right to assert iw the forsclosrrre p~octtdlrt~
the rsortrexfslerrce of a defauN or aay other defense of Borrower to accekration acrd forteelonre. If the breach b tsar owed ow
w before the dale specified i• the ratite, lender at Lender's optbn rosy declare aN of the artsrs ttecrrred by tNs MotrtRaRe b be
isrorerliatdy due ant payable witlaul further demand and may foreclose this Mortgage by judkW proeesdiwR- I-ender shalt
f be eotltied to calker br such proceednwg all a:parses of toreclosere, lacludins. hot oM liwdted to. rcasoaabit s/torntYs fees.
and ensts d docr'!eerrtary e~ideoce. abstrtcis and tick reports.
E 19. Borrown's Right to Rtlastate. Notwithstanding Lender's acceleration of the sums secured by this MoRga`t,
Borrower shall have the right to have an) prcxtrdings hereon t+)• !.ender to enforce This Mortgage discontinued at any time
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