HomeMy WebLinkAbout0543 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unlecc Borrower and Lender agree to other terms of payment, such
amounts shall be payable upon notice from lender to Borrower requesting payment thereof, and xhall hear interest from the
date of disbursement at the rate payable from time to time on outstanding principal under the Nole unless paymdtt of
interest at such rate would he contrary to applicable law, in which event such amounts shall hear 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. laspectioa. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided
that [.ender shall give Borrower notice prior to any such inspection specifvine reasonable cause therefor related to Lender':
interest in the Property.
9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby assigrrod
and shall tx 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 Borrower and Lender
otherwise agree in writing. there shall be applied to the sums sec??rcd by this Mortgage such proportion of the proceeds
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 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. after notice by i_ender to Borrower that the condemnor offers to make
an award or settle a claim for damages, B?~rrower fail. to respond to 1_ender within 30 days after the date such notice is
mailed, Lender is at?thorized to collect and apply the proceeds. at lender i option, either to restoration or repair of the
Property or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend
or postpone 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 cuccecsor in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Bc•rrower's successors in interest- Lender shall not be required to commence
proceedings against such successor or refute 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. Forbearance 6y I.esder Not a Wsiver. Any forbearance by i.ender in exercising any right or remedy hereunder, or
otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
The proct?rement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
l2. Remedies Cowulatie. 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 may be exercised concurrently. independently or successivety.
' 13. Sscceswrs and Assigr?s Bound: Joint sad Se•eral i.iability; Csptbns. The covenants and agrcetmnts herein
contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender at?d Borrower.
.n nrw:cin~c nr n~r~ernnh 17 t.~rMr All owrnwntc aDd avreements of Borrower shall be 10?rll and SeVCral.
The captions' and headings of the paragraphs of this Mortgage are for convenience only and are not to tie used to
interpret or define the provisions hereof.
1/. Notice. 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 be given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such other address as Borrower may designate by notice to Tender as provided herein, .and
(b) any notice to Lender shall he given by certified mail. return receipt requested. to Lender 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
Mortgage shall tx deemed to have been given to Borrower or Lender when given in the manner designated herein.
1S. Uniform Mortgage: Go•erniag Law: SeveraM•lity. This form of mortgage combines uniform covenants for national
~ use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
~ real property. This Mortgage shall tx governed by the law of the jurisdiction in which the Property is located. In the
{ event that any provision or clause of chic Mortgage or the Note conflicts with applicable law, such conflict shall not affect
i other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this
end the provisions of the Mortgage and the Note arc declared to be severable.
16. Borrower's Copy. Borrower shall be furnished a conformed cop}' of the Note and of this Mortgage at the tune
j of execution or after recordation hereof.
17. ,Trsssfer of the Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written consent. excluding (a) the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creat?on of a purchase money security interest for household 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 throe years or less
not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is to be cold or transferred reach agreement in writing that the credit of such perwn
is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rare ac Lender
shall request. Tf Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers 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 Nore.
If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance M•irh
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 expiration of such period,
Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof.
Norr-UtvtFOant COVENANTS. Borrower and Lender further covenant and scree as follows:
18. Accdcratbs; Remedies. Except as provided in paragraph 17 hereof. tspon Borrower's breach of rmy covnant ar
agreesrest of Borrower in fhb Mortgage, Iweladiag the co•esasts to pay when dae say sours ttectsrcd Dy fhb Mortgage. Lewder
prior to accdcrstbe chap wail sauce to Borrower as pro•fded fa paragraph 11 hereof speeFtiyfag: (1) the breach: (2) the actiow
segaired to care trnc6 brash; (3) a date, tact less than 30 days from the date the notice b maBed to Borrower. by whkh ssch
breach want be csred; and (1) That failure to care such breach ow or 6ctoro the date specked b the wotiee may resell b
aceekratbw oft the stsuu acewred by fhb Mortgage. forsclosare by judicial proesedisg sad sale of the Property. The wotke
shay farther iwtotrns Borrower of the right to refastate after txceleratloa and the right b assert h the toredosrsre proeetig
Y tie acs-exbtersce of a defaWt or soy other defense of Eorrower to srccekrrNbw sad forecbwre• It the 6rexh b sot ew~ed orr
or lutore the dste specified is tie s?otice. Lender at I.errd~r's opliow way declare aM of the sows seeirsd by fhb Mortgage fo be
imrwcdiately due and payable witiod fwrtha demand and n?sy foreclose fhb Mortgage by jwdici.l proeeediyt. Lender chap
be eaditied to collect br stocb proceeding V expenses of foreclosure. bKhsdiag, brd sot Wilted to, reasonable stt.xnev's fees.
sed costs of doc~!wewtary e•idesce, abstrseK sad tick reports.
19. Borrowa's Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by th?e Mortgage,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mongage discontinued at any time
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