HomeMy WebLinkAbout2735 Lender's written agreement or appticabk taw, Borrower shill pay the amount of sit mortgage insurance premiums in the
manner provided under paragraph 2 heroof.
Any amounts disbursed by I.cnder pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrawcr secured by this Mortgage. Unless Borrower and 1-ender agree to other terms of payment. such
amounts shall be payable upon notice from Lender to Borrower requesting payment thereat, and shall hear interest ft~om the
daft of disbursement at the rate payable from time to time on arlstanding principal under the Note unless pa'ytnatt of
interest at such rate would be contrary to applicable taw, in which event ;~~:h ;u~~Uri; alt Z`,car inttreJt st the highest rate
permissible under applicable law. -Nothing contained in this paragraph 7 shall require i_ender to incur any expense a take
any action hereunder.
fl. las}ediow. Lender may make ar cause to be made reasonable entries upon and inspections of the Property. provided
that lender shall give Borrower notice pricer to any such inspection specifying reasonable cause therefor related to Lender's
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, art hereby assigned
and shall be paid to lender.
in Iht event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage,
with the excess, if any, paid to Borrower. Tn the event of a partial taking of the Property, unless Borrower and Lender
otherwise agree in writing. there shall be applied to the rums 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 pricer to the date of taking, with the balance of the proceeds
paid to Borrower.
if the Property is abandoned by Borsower, or if- after notice by lender to Borrower that the condemnor offers to make
an award or settle a claim tar damages. &?rrawer fair to respond to Lender within 30 days after -the date such notice is
mailed, Lender is authorized to called and apply the proceeds. at Lender's option, either to restoration or repair of the
PropMy 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 instaiiments referees to in pa~ag~atii~i i aiicl ~ ~.Gvf ~1:.'.e tai'.-}_' ~*!?^'t'!~ et~
such installments.
10. >sorrower Not Released. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by i-ender to any successor in interest of Borrower shall not operate to release, in any manner,
the liability of eke original Borrower and Borrower's successors in interat. Lender shall not be required to eomrnerroe
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums
secured by this Mortgage by reason ofrny demand made by the original Borrower and Borrower's successors in interest.
11. Forbeararree by itader Not a Waiver. Any forbearance by lender in exercising any right or remedy heretmder, or
otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right or r'~Y.
The procurement 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.
12. Remedies Comwlattit. 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 successively.
13. Successors awd Assigns 13ourrd; Joint sad Sereral i.iaM7ily; Captbas. 'tire rnvenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender seed Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joirlf and several.
The captions- and headings of the paragraphs of this Mortgage arc for convenience only and arc not to be used to
interpret or define the provisions hereof. -
14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Martga¢e shall be given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such other address as Harrower 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 nc~tict to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemtd to have been given to Borrower or Lender when given in the manner designated herein.
1S. Uwiform Mortgage: Goreraieg Law; Sererabitity. This form of mortgage rnmbines 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 be governed by the law of the jurisdiction in which the Property is located. In the
event that any provision or clause of this Mortgage ar the Note conflicts with applicable taw, such conflict shag not affect
other provisions of .this Mortgage or the Natc which can be given e0ect without the conflicting provision, :nd to this
end the provisions of the Mortgage and the Note are declared to be severable.
lei. lbaower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17..Tramder of the lh~optrty; 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 (a1 the creation of a lien or encumbrance wbordinate to
this Mortgage. (b) the creation 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 interat 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 waived such option to accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is to be ca1J ar transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the inter«t payable on the sums secured by this Mortgage shall be at such rats 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 Note.
if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with
puagraph 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 expiation of such peeled,
(..ender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1R hereof.
NON-UNlt=cant COVENANTS. lrOROw~f Arid Lci~d2f fu:tltei covtna:tt a!:d ngrrY :a follows:
lf. Accekratba; Rewedks. Bzcept as prodded io paragraph 17 rat~f. apw iorrower's breser of wwy eoretrarre v
agreettr+eot of Borrower 4 eels Mortgage. K the corewtiaNs to py when doe ay was secared b7' eels Mortgage. (.ender
'ricer to wctderwtbw spate wrail wotice to Borrower as rrorlded iw pragraph 14 rereo[ speeKyfag: (/)ere brteaer: (2) the aetiow
rr~red to eve sacr breach; (3) s dttk, woe lea straw 30 days trmw the dale Ire wotkt r wtrrUei to lliorrowa. by wlrkr Baer
breaer toast be cwred; sad (4) trot fa8trre to eve sacr M~eacr ow v before ere date gecilied b ere wotict sway etsalt h
aceekrwfioat oft Ire ttrr~s trecared bl' this Mort=aRe. forcclosar: by pottediag ad sale of trt fhopcrty. '1Ue notice
srsB fartrer iwtortw Iorrower of !rt riRrt to reirsstste after sceeleratiow sad ere right b assert b the [oreelosart peeeedlrr~
Ile aww-e:Istewce d a detaak or awy okra deftwse of liiorrower to atcekratba wad foreclaare. Here brcacr b woe cared aw
or before ere date getifitd f• ere wotke, Lewder at l.ewder's optiow wuy declare si of tee aws seeared by Irls Mort~e M bt
ira.ediatslp doe awd pyaMe witroal tarts demand sad rtsay foreclose eels Mo+r~age by jwdkW proettedfs*. Lender srW
6e ewtltled to collect i• sash Proccediw~ aB t:perascs of foreclosure, fwciadias. bat wet Brdted M. reaaowwbit stlureer's fees.
a¦i cods of iocr:.7estary erideace. wbstracb wad tick rtprts.
19. 18orrowa's R41N tf/ Reiadde. Notwithstanding Lender's acakration of the sums secured by the Mortgate,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
d1?K 319 P~~E 2722