HomeMy WebLinkAbout2742 Lender's written agreement or allplicabk law. Borrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 herto[.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment. such
amounts shs!! be payable trpan notice Pram Lender to Borrower requesting payment thereof, and shall bear intertst from the
date of disbursement at the rate payable from timre to time on outstanding principal under the Note unkn pa'ytuart of
interest at such rate would be 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. iwspectios. i.ender may make or 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 Larder's
interest in the Property.
9. Cosdemtation. 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 heetby assigned
and shall be paid to Lender.
in the 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. 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 secured by this Mortgage such proportion of the prooeeds
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 lender to Borrower that the condemnor offers to mate
an award or settle a claim for damages, Borrower fails to respond to 1_ender within 30 days after 'the date such notice is
mailed. Lender is authorized to collect and apply the proceeds. at lender's option, either to restoration or repair of the
Property or to the sums ucurcd by this Mortgagt.
Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend
t:r postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount Of
stub 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 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 ttquired to comrrrenoe
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 by Lender Not a R?aiver. Any fortxarance by lender in exercising any right or remedy herctmder, or
otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of fates 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 Comalalfsc. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law ar equity, and may be exercised concurrently, independently or successively.
' 13. Seceessors awd Assigns Found; Joint and Severd i.iabr'lify; Captbes. The covenants and agreements herein
contained shall bind, and the rights hereunder shall intrr~ to. the respective successors and assigns of Lender acrd 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 arc for convenience only and art not to tie used to
interpret or define the provisions hereof.
l4. 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 tender'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 be deemed to have been given to Borrower or Lender when given in the manner designated herein.
1S. Uniform Mortgage; Governing Law: Severability. 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 covenng
j real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. in the
i event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not alfoct
other provisions of this Mortgage or the Note which can be given effect without the rnnflicting provision, and to this
end the provisions of the Mortgage and the Note are declared to tx severable.
~ 16. borrower's Copy. Borrower shall be furnished a conformed cop)• of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17..Trasdcr of the Property; Assnmptiorr. If all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lenders prior written consent. excluding (a) the creation of a lien or encumbrance subordinate 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 interest of three years or less
not containing an option to purchase. Lender may, at Lender's option, declare a{I 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 co1J or transferred reach agreement in writing that the credit of each 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 request: Tf 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 tram all
oblidations under this Mortgage surd 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 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 arch sums prior to the expiration of such period,
Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph lA hereof.
NoH-UNIFOaM COVENANTS. Borrower and Lender further covenant and agree as follows:
18. Accekratbn; Remedies. Except as provided iw pragrsplr 17 fyeROt, qon borrower's 6reacA of any coveoaN o<
~ agreement of borrower V tr4 Mortgage. fnehtding the eo.enawts to py when dire any sems stesRi 67 this Mortgage. Lander
~ prior b acedtratbs shall mail sottce to borrower m provided Iw paragraph 14 berto[ spectfyisrg: (1) ttk bssaclr:l2) the sefbs
rgsired to cane try bresclr (3) a date, sot less thaw 30 days trutw the date the notice fs ttttrNed to borrower. by wbkb sselr
6reaclt mesf- ~ cercd; sad (4) that faileR to ceR strclt bRecb ow or ItetoR tic date speeiied b the sotice nay resek b
seeekrMfon of t\e suss s+ecerrd Iby ebb Mortgage. fweeloseR ry jadkial proeesdhrg atsd sale of the Property. Tire wotiee
swat fetAier iwforrn bon+ower of the right to reiwsbte after secekratbw asd the right to atrert b the fOrlelalirR proceedtrtg
ere n011-tiWlntt Of a dtfwwk Or any dt~cr dtflw3c Of ~OriOwtr t0 a[Cllera~IOw Yd fOrttlOfiwR. N the breach M not esrd on
or befog the date sperfied ~ the notice. Lender at Lender's optbw Tway deela+e ati of tie stns seesred by tbfs Mortgage to )tom
itentedhtely date awd pyabie wkbe! terther demand asd way foreclose this Mortgage h' jiwdicl.l proceeding. Lender slab
be entitled to collect iw srtcb proceeding s0 espeases t,f foreclosnR. isrcledin;. bet tset Yttdttd to. reasowabk strainer's fees.
tied cash of ioc.-!~estttry e~idcase, abstracts sed Iitk Rprts.
19. bon+owa's Rl~ltt to Reirtate. Notwithstanding Lenders acceleration of the sums secured by Shia 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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