HomeMy WebLinkAbout2755 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance pnmiurtu in the
manner provided under paragraph 2 hertof.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
jndebtedness of Borrower secured by this Mortgage. Unless Borrower and 1_ender agree to other terms of payment. such
amounts shall be payable upon notice from fender to Borrower requesting payment therrnf, and shall bear interest from the
date of disbursement at the rate payable from time to time an outstanding principal under the Note unless pajrntent 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 [.ender to incur any expense or take
any action hereunder.
>L laspeetioe. [.ender may make or cause to be made reasonable entries upon and inspections of the Property. provided
that i.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
4. Condemnation, The proceeds of any award or claim for damages, direct ar 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 [tender.
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 I.ettder
otherwise agree in writing. there shall be 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 abandoned by Borrower. or if. after notice by lender to Borrower that the condemnor offers to snake
an award or settle a claim for damages. Borrower tails to respond to lender within 30 days after the date such notice is
mailed, Lender is authorized to collect and apply the proceeds, at tender i option, either to t+estoration or repair of the
Property or to the sums secured by this Mo?tgatte.
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 irtstaltments.
10. ttorrewer IVo/ Rtksscd, Extension of the time for payment or modification of amortization of the sums stxut+ed
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 fit t+equired to commertce
proceedings against such successor or refuse 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.
lI. Kotbearawce br Lender Not a Wsiver. Any forlxarance by I~nder 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 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 indehtednecs secured by this Mortgage.
12. Retwedks Cwmnlatlre. 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. Swcctssots sad AssiRws Bound: Joint gad Sereral [.iabaitr; Capttoas. The covenants and agreements herein
contained shall bind, and the rights hereunder shall incuq 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 arc far convenience only and ate not to Ke uied 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 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 Lender as provided herein, and
(b) any notice to Lender shall be 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 nmvided herein. Any notice Drovided for in this
Mortgage shall be deemed to have been given to Harrower or Lender when given in the manner designated herein.
1S. UsKorm Mortgage; Gorerniag Law; Sererability. 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 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 or the Note conflicts with applicable law, such conflict shall not affect
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 Notc are Declared to be severable.
1`. t3orrower'a Copy. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the tithe
of execution or after recordation hereof.
17..Ttaatfer 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 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 interest of three years or less
not containing an option to purchase, Lender may, at Lender i 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 person
is satisfactory to Lender and that the interc~t payable on the sums secured by this Mortgage shall be at such rate 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 tram 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 less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower tails 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 IS hereof.
Nort-UrrtFOSt.r CoveNax7's. Borrower and Lender further covenant and agree as follows:
lg. AecderttUow; Rewedks. E:rcpt as provided iw paragrapi 17 itreot, wpow borrowet'a breach of gay cotewswt ar
agreestKwt of Borrower V fib Mortgage. iaclrtdiag the corewarMs to pay whew tiwe ry swwrt senrtti br tttlr Mortgage. Lewtkr
prbr to acceicrsNow shalt wail wotlce to torrower as prodded !a paragraph 14 iereot apticYrlwg: (1) the breach: t2) tie active
t~gttirsi N etue swc6 6reacb; (3) a date, woe less thaw 30 days trove tie date the taotiee b walled to borrower. try wild steel
breach wwtt bt cored; awn (4) that tsgare to tyre steel breach ow or before the date apetYed b the notice war resale
secekrafbw of tie tatttas scented br this Mortgage. ro.eclosrre br Judicial. pnoeeediag awn sale of the Property. 7Ue wotiee
shay tattier iwforw Eottewer of the right to reiwstste after sccekratbw sag tie right b saacrt b the torecloattre pt+oee~e~ttg
tie wow~ettblerrct of s tkisdt or aver otter defcttst of torrower to sccekratiow awd toreclwtrn. It the bread b woe csteti a
or before the date aptclRd ~ tie wotiee. Lewder at Leader's optiow war deeWe sN of tie swrsa sttettrcd b7' flit Mortgage b fie
hwaredhtelr doe awl prawt witbtd father demand and war rottcbae fib Mortgage h JodkW proaedbR. Lender shah
be ewtitkd to collect d swcb proctediag sli t:peaces of foreclostttt, htcltrdisg, bN woe tutted to. ttaaosabk tNt•,reer's fees.
awtt coeds of docu!tttntarr eridewee, sbatrscts awl silk tepees.
1!. lo~n~owa's Rlgit to Reiwatate. Notwithstanding Lender's acceleration of the sums secured by thts 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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