HomeMy WebLinkAbout2989 Lender's wrrtten agreement or applicable law. Borrower shall pay flee 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
indebttdtxss of Horrowcr xcured by this Mortgage. Unless Borrower and Lender agree to othtr terms of payment. such
amounts shall be payable upon Holier from !.ender to Borrower requesting payment thereof, and shah hear interest from the
date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payrtterrt of
interat at such rate would be contrary to applicable law, in which event such amounts shall hear interest at the hi6hest rate
ptrmissibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder.
s. itaspectitta. I.endtr may make or cause to he made reasonable entries upon and inspections of the Properly, provided
that !.ender shall give Borrower ndice prior to any such inspection specifying reasonable caux therefor related to Lender's
interest in the Property.
9. Condewttation, The proceeds of any award or claim for damages, direct or consequential, in connection with ariy
condemnation or other taking of the Property. or part thereof, or for conveyance in lieu of condemnation, are hereby assigrtod
and shall be paid to t_endtr.
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
otherwix 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 balantx of the ptncteds
paid to Borrower.
if the Property is abandoned by Borrower, or if. after notice by i.ender to Borrower that the condemnor offers to matte
an award or xttle a claim for damages, Borrower fair to respond to [.ender within 30 days after •tht date such notice is
mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, either to ratoration 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 shalt not extend
or postpone the due date of the monthly installments referred to in paragraphs t and 2 hereof or change the amount o[
such installments.
10. Isotmwer Not Rckased. Extension of the time for payment or modification of amortization of the sums secut+ed
by this Mortgage granted by Lender to any successor in interest of Borrower shall not ope*ate to release, in any manner,
the liability of the original Borrower and Bc?rrowtr i successors in interest. Lender steal! not be required to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of tht sums
secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest.
11. Forhearsnce by Lender Not a Waiver. Any forbearance by [.ender 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.
Thr 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 stcttred 6y this Mortgage.
12. Retaedks Cownhtthrt. All remedies provided in this Mortgage art distinct and cumulative to any other right or
rcmtdy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively.
' l3. Soecessors and Assigns Found: Joint and Several i.isbt'lity; Captions. The covenants and agreements
contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and ~ °3
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and vc*
The captions ~ and headings of the paragraphs of this Mortgage arc for convenience only and are not to be ~
interpret or define the provisions hereof.
1~. Notice. Except for any notice required under applicable law to be given in another manner, fa) any notice to
Borrower provided for in this Mortga¢e shall be given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such dher address as Borrower may designate by notice to i.ender as provided herein. and
(b) any notice to Lender shall he given by certified mail. return receipt requested. to i.ender'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
~Viortgage shall be deemed to have been given to Harrower or Lender when given in the manner designated herein.
1S. Unfforw 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 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 aged
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 are declared to be xverabk.
16. llOrrower's Copy. Borrower shall be furnished a conformed cop)• of the Nott and of this Mortgage at the time
of execution or after recordation hereof.
17..Trsoder of the Properly: Assnmptton. if all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior writrcn 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 taw 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 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 tale or transfer. Lender
and the person to whom the Property is a• be colt or transferred reach agreement in writing that the credit c?f each person
is satisfactory to Lender and that the inten-st 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 writttn assumption agreement accepted in writing by Lender, Lender shall release Borrower frorrr all
oblj:ations under this Mortgage and the Note.
if Lender exercixs such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period e,f 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,
NoH-Ut+tcoat?t COVENANTS. Borrower and Lender further covenant and agree a3 follows:
ls. Accekatba; Renttdlas. E:cipt as provided in paragnpr i7 reeler, treat >sorrowa'a Ibrtaelt of wy covetsant or
agreesaent of lorrower b this Mortgage, buftrdiag tee covesrsds to psy when doe any saws secorei r! fhb Mortgage. Lender
prior to atederatbn shall retail wtke to Borrower as provided In paragraph td hereof speeKyiag: (1) the breach; (2) the sctbn
rgnbed fdo core wet breach; (3) a date, trot less thaw 30 days frow the date the notice b tssaNed to iorr+ower. by whkr smelt
breach wttst be cnrta; and (4) that faNttre to core strcb breach oa or before the daft gecllied in the nMke way result b
accekrstiow of ere wsw secured rl' fhb Mortgage. toretlosore by jndkW proetidistg ant sale of the Property. The netict
shall fnrther idorrtt •orrower o[ the riRrt to rtitMatt sfter accekratba awd the right b ancrt h the toreclosnre procteittg
ere awn-esistence d a detank or aoy other defrwse of >3orrawer to acceleration told toreclowrr. H the rrraeh b not clued as
or betort the date speeiied fra ere wotice. Linder st f.rader's option way detbme afli oft the wttss secrtrcd by fhb Mortgage fb be
iwsnediately dire ant prabk wfMtoat tsrrtlter dca~rand Had tnay tottcloae fhb Mortgage b jndkhl prrseeedhg. Lender shay
be taNided to eoYtrt 6r stash proceedigg all a:peases of torrclosare. faclndittg, bd act frtdted to, rtasoaabie sn•,rney's tea.
asi costs of doctc.~etttary evbdewce. abstraces awd tick repro.
19. itonowa's Right to Reirtate. Notwithstanding Lenders acceleration of the sums secured by thrs MortEaae,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
d09R 319 P~GE~76