HomeMy WebLinkAbout0532 I cnder's written agreement or applicable (caw. Borrower shall pay the amount of all mortgage insurance prcmiurru in the
manner provided under paragraph 2 hereof.
Any amounts dishnrsed by Lender pursuant to this paragraph 7, with u,terect thereon, shall become additional
in~kbtednesc of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment. such
amounts shall be payable upon notice from Lender to Borrower rcyuesting pryrnent thereof, and shall bear interest from the
date of disbursement at the rate payable from time to time can outstanding principal under the Note unless pa}?tnetu of
interest at such rate 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 paragraph 7 shall require Lender to incur any expense or take
any action hereunder.
8. iaspectioa. tender may make or sauce to he made reasonable cmriec upon and inspections of the Property. provided
that l ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9. Cowdemrutlion, The proceeds of any award or claim for damages, direct or consequential, in conrrection with any
condemnation or other taking of the Property, car part thereof, or for conveyance in lieu of condemnation. arc hereby assigned
and shall be paid to Lender. ,
In the event of a total taking of the Property. the proceeds shall he applied to the sums secured by this Mortgage,
with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless BotTOwer and Lender
otherwise agree in writing. there shall be applied ti, the toms secr,red by this Mortgage such proportion of the prooteds
as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of
taking bears to the fair market vahx of the Property immediately prior to the Jate of taking, with the balance o[ the proceeds
paid to Borrower.
If the Property is ahandoneJ by Borrower. or if alter notice by Lender to Borrower that the con_ demnor oRers to make
an award or settle a claim for damages. Borrower lath to resix,nd to Lender within 30 days after the date such notice q '
mailed. i_ender is authorized to rnllect and apply the proceeds. at Lender c option, either to ratoration or repair of the
Property or to the sums secured by this 1+,lortgage.
Unless Lender and Borrower othetwis.~ agree in writing. any such application of proceeds to principal shall not extend
or poupone 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 s>ecur~ed
by this Mortgage granted by Lender to am• cucceccor in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Borrower ~ successors in interest. Lender shall not be required to commence
proceedings against such successor or reface t~ emend time for payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of an)• demand made b~~ the ori,inal Borrower and Borrower's successors in interest.
11. Forbearance by Lender Not a Waiver. Any forbearance h~• 1 ender in etercising any right or remedy hereunder, or
otherwise afforded by applicable law. shall ni,t he a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of taxes or other liens car charges by Lender shall not he a waiver of Lender's
right to accelerate the maturity of the indehtednecs secured by this \lortgage.
12. Remedies Cumulatl~e. 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 be exercised concurrently, independently or successively.
13. Swceessors and Asskec Bounrl: Joint 'rut Gv~ral i iahGtitve ('antinnc 'trt?r c~?v~nsnt~ Brut aorKrrvntc herrin
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contained shall bind, and the rights hereunder shall in„r~ to. the respective successors and assigns of Lender gad 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 lie treed 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 for in this Mortgage shall tie given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such other address as Borr.wer mav_ designate by notice to i.ender as provided Fercin, and
' (b) any notice to Lender shall t,e given by certificJ mail. return receipt requested. to Lender's address stated herein or to
such other address as Lender may dreienate by nMire to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to base been g,ven to Borrower or tender when given in the manner designated herein.
~ lS. Unifot•m Mortgage; Governing I.aw; Severability. This form of mortgage combines uniform rnvenants for national
use and non-uniform covenants with limited variations hs• jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall br governed hs• the law• of the jurisdiction in which the Property is located. In the
i event that any provision or clause of this !?lortgage or the Note conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or the Note sshich can be given elect without the conflicting provision, and to this
end the provisions of the Mortgage and the 1c,te arc ?leclared to he severable.
16. Isorrower's Copy. Borrower shall be furnished a unformed cop} of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. ,Transfer of the Property: Assumption. If alt or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior wriucn consent. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a purctiace mimeo cecuriry interest for household appliances, (c) a transfer by devise,
descent or by operation of law upon the death of a jn~nt tenant or (dl-the grant of any leasehold interest of three years or less
not containing an option to purchase, tender may. at Lender c option, declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall base w:caved such option to accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is a. be seed or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate ac Lender
shall requtst. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in
interest has executed a written assumption agreerr-ent accepted in writing by Lender, Lender shall release Borrower from all
obljgations under this Mortgage and the Note.
if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hermf. 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 declare) due. If Borrower fails to pay such wins prior to the expiration of such period,
Lender may, without further notice or demand on Borrower. invoke any remelts permitted by paragraph lfl hereof.
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Note-UtvIFORM CoveNeN7s. Borrower and Lender further covenant and agree as follows:
lg. Accekratiow; Remedies. Except u provided in paragraph 17 hereof, spew •onowes's 6sracb of awy covewtrrt or
i" agreemewt of Eorrower io tbk Montage. facludirtg the covenants to pay wbca dae gay sarws seeorei by ebb Mortgage, Lewder
prbr to accelentbe s6aU null wotlce to Borrower as provided In paragraph U bereot specMyfaB: (1) the btKacb: (2) the setba
~ required to cwrt trwcb btrescb; (3) ¦ date. not less than 30 days from the date the wotke b ataBed to lorrower. by wbkb swcb
btrcacb astsst be cwred; awl (4) that failure to cure strch breach o0 or before Ibc date sipecYed b Ibe wotice guy raswlt b
_ accekrstlow of the s>iwsa secured by tbk Mortgage. toncbsure by judicial proceedins awes sale of the Property. 7Ue wotice
shall fnnber Iaforws Eorrower of the right to rcltalstate after sccekr•ation and the right to asseA iw tbt toreelowrs psoeeeiwg
the won-a:istence off a detauk or any other defense of Borrower to accekratfon and toreclowre. If the 6reacb b wof esrea ow
or before the dste specified b the wotice, Lender at Lender's option may declare all of the sties secwrcti by fhb Mortgage to be
immediately due arsr paysbk wBhoat further demand and mar forecbse this Morttase by jadkW.proceedlwR. Lender shall
be ewdtkd to collect iw strcb procrtedins sN a:penses of foreclosure. tacludiag. bit wet Yelled to, reasowable stturnev's fees,
awl costs of docoaeatary e~idcwce, abstracts and title reports.
19. Donowa's Rlibt to Reinstate. Notwithstanding Lender's acceleration of the sums secured by th,s Mortgage,
Borrower shall have the right to have an}• proceed,ngs heg„n by Lender to enforce this Mortgage discontinued at any tithe
it^r 3i9 PacE 531