HomeMy WebLinkAbout0555 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 dichursed by Lender pursuant to this paragraph 7, with interest thereon, chat) become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and t_enckr agree to nthtr terms of paytntnt, such ,
amotmts shall he payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the _
date of disbursement at the rate payable from time to time nn outstanding principal under the Note unless payment of
interest at such rate would t+e 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. lwttpectiow. lender may make or sauce to he made reasonable entries upon and inspections of the Property, provided
that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9. Cowdemnatbn. 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, are hereby assigned
and shall be paid to 1_ender.
In the event of a total takintt of the Property, the proceeds shall be 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
Otb~rwis~ agree in writing. there sha!! tx applied to the sums secured 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 ahandonecl by Borrower, or if. after notice by lender to Borrower that the condemnor offers to mate
an award or settle a claim for damages, Borrower fail. to respond to i.ender within 30 days after the date such notice is
mailed, Lender is authorized to collect and apply the proceeds. at T.ender'c option, either to restoration or repair of the
Property or to the sums secured M this Mortgage.
Unless 1-ender 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 d
such installments.
10. Borrower Not Released. fixtension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by t ender to any successor in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Borrower'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 :rny demand made by the original Borrower and Borrowers successors in interest.
11. Forbearance 6y [.ender Nof a Waiver. Any forhearance by lender in esercicing any right or remedy hercttnder, or
otherwise afforded by applicable law. shall not be a waiver of o- preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of tares 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 this Mortgage.
12. Remedks Comulati~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. Soecessors and Assigws Booed: ,loins and Severd T.iabitity: Captbws. The covenants and agreements herein
contained shall bind, and the rights hereunder shall intrr~ 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 tie ttstd to
interpret or define the provisions hereof.
14. Notre. 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 tx 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 Lender as provided herein, and
(b) any notice to Lender shall he given by certified mail. return receipt requested. to f.endet's address stated herein or to
j such other address as Lender may designate by~notice to Borrower as provided herein. Any notice provided for in this
Mortgage shall t+e deemed to have been given to Borrower or Lender when given in the manner designated herein.
1S. Uniform Mortgage; Governing Law; Severabilily. This form of mortgage combines uniform covenants for national
I use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. ?n the
i event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shag not aRect
other provisions of this Mortgage or the Note which can be given eQect without the conflicting provision. and to this
end the provisions of the Mortgage and the 'Note are declared to be severable.
16. itiorrower's Copy. Borrower shall be furnished a conformed copy- of the Note and of this Mortgage at the tithe
of execution or after recordation hereof.
17. ,Tratasfer 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 (al the creation of a lien or encumbrance subordinate to
this Mortgage, Ib) the creation of a purchase money security interest for household appliances, fc) a transfer by devise,
descent or by operation of law upon the death of a joint tenant or (dl the grant of any leasehold interest of three 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 Na~ved such option to accelerate if, prior to the tale or transfer. Lender
and the person to whom the Property is to be cold or transferred reach agreement in writing that the credit of each pettort
is satisfactory to Lender and that the interrst payable on the sums secured by this Mortgage shall be at such rate ac lender
shall request. If Lender has waivod 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 Note.
If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of not Itsc 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 1R hereof.
Non-IJNIt?ORM CoveNeNTS. Borrower and Lender further covenant and agree as follows:
18. Acedcratbw; Rewedks. E:cep s provided is paragraph 17 hereot..porr Sorrower'a breach of arq coveanrrt er
agrcewewt of Torrower to this Mortgage. irreltrding the cosewaMs to N7 whew dtae awy s.ws oet.rd h fhb Mortgage. Lewder
prbr to accticratiow shall wail wottce to Borrower as provided f. paragraph 14 hereof specKyb+g: (1) the btreseh:/2) the aetbw
required to etue torch btreach; (3) s dale. woe less thaw 30 days trove the dame the wotke b anaUtd to Domower. by whkh srrcir
breach mint be cued; asd (4) that failrre to evert such breach ow or bdors the darts aPtcMed a the twtke sway reads b
wccskrwffow of the tttattaa accrued by fhb Mort;age. /oreclosure by jwdkbi ptroeeediwg arwd sale et the property. Tire wotke
~ ahaY twrther idotrw eorrowcr o[ the right to rdastate after sceeleratiow awd the right to rraaert h the torecloawre proeeedlwg
the wow-exWewee of a detselt or awy other defewse or Borrower to acceknrtbw awd torecbwrt. N the brrxh b woe cwrtd eve
or before the Bogle spccdied i• the taotice. Lewder at Lender's opiow way declare v of the awws aeerred ti' fhb Mortgags is k
immediately dire awd psyabic withowt ttuther demand and way foreclose this Mortgage by jwdkW proceeditrR. i.ender shah
be eaNltled to collect b torch proceediwg v expenses of foreclosure. btchrdiwg. hot was tirrdfed ter. rtaaowsMt sttnrrrev'a fees.
trwd eoa4 of docr'!weNary evidewce. abstracts arrd title repori~s.
I!. Sorrowa'a Rkht to Reb+state. 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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