HomeMy WebLinkAbout2995 [.ender': written agreement or applicable law. Borrower steal! pay the amount of al! mortgage insurance premiums in the
manner provided under paragraph 2 het+eof.
Any amounts disbttned by Lender pursuant to thin paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and [.ender agree to other terms of payment, such
amounts shall be payable upon notice from (.ender to Borrower requesting payment (hereof, and shall bear interest from the
date of disbursement at the raft payable from time to time on attstanding principal under the Nate unless pa'yrr~att 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 hcreuttder.
8. Iwspectbw. (.ender may make ar cause to he made reasonable entries upon and inspections of the Property, provided
that lender shall give Borrower notice prior to any such inspection specifying rcasonabk caux therefor related to Lender's
interest in the Properly.
9. Condemnation. The pracecdc of any award or claim for damages, dirtcl or consequential, in rnnnoction with any
condemnation or other taking of the Property, or pan thereof, ar for conveyance in lieu of condemnation, arc hereby assigned
and shall be paid to i_ender.
in the event of a total taking of the Property, the proceeds chail he applied to the stems secured by this Mortgage,
with the excess, if any, paid to Borrower. ]n 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 proceeds
as is equal to that proportion which the amount of the sums cecttred by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Properly immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
if the Property is abandoned by Borrower, ar if. after notice by (.ender to Bormwcr that the condemnor offers to mate
an award ar settle a claim far damages, B~rrawer tail. to respond to (.ender 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 ratoration or repair of the
Properly 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 installments referred to in paragraphs 1 and 2 hereof of change the amount of
such installments.
!0. Borrower Not Released. 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 operate to release, in any manner,
the liability of the original Borrower and Harrower s successors in interest. Lender shall not be roquirtd to commence
proceedings against such successor or refute to tzttnd time for payment or otbetwix modify amortization of the sums
secured by this Mortgage by reason of say demand made by the original Borrower and Harrower': successors in interest.
11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or
otherwise afforded by applicable law, shall not be a waiver of or preclude the exercix 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 Lendec'a
right to accelerate the maturity of the indebtedness secttrrd by this Mortgage.
12. Remedies Cmm~latitrc. 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.
' i3. Swecessors and Assigws Bound; Join) swd Several i.iabr7ify; Capdons. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inttr~ to, the respective successors and assigns of Lender apd Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jolty and xvenl.
The captions and headings of the paragraphs of this Mortgage are for convenience only and are 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 cenifled mail addressed to Borrower at
the Properly 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 Lender'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 Harrower or Lender when given in the manner designated herein.
1S. Uaitorat Mortgage: Gorerwiag Law: Severabilily. 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 Properly is located. in the
event that any provision or clause of this Mortgage ar the Note rnnflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or the Nate which can be given etlect without the conflicting provision, and to this
end the provisions of the Mortgage and the Note arc declared to be xverabte.
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.
ly..Trander of the Property;~Assnmption. if all ar any pan of the Properly or an interest therein is sold or transferred
by Borrower without Lender's prior written conxnt. excluding (a) the creation of a lien or encumbrance subordinate to
this Mortgage, (b) the creation of a purchase money security interest for houxhoid appliances. (c) a tnnsfrr 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 all the sums sceured 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 ie to be cold ar transferred reach agreement in writing that the credit of such 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. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in
interest has executed a written assumption agreement accepted in writing by Lender, Lender shall rekax Borrower from all
obligations under this Mortgage and the Note.
If Lender exercix: 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 sutras dcelared due. if Borrower fails to pay such sums prior to the expiation of such period,
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 1 R hereof.
Norr-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follarrs: '
Is. Accekratbw; Rewtedia. IE:cep[ as provided is paragraph 17 hered, topoa Borrowds 6reacr of awy covesaat or
a8reewreait of Borrower V leis Mortgage. irrcttrditrr ere co~ewawts to pr whs. awe awe sawts secwred by ebia Mortgage. (.ender
prior to wtceitratiow sraU wail tsotlce to Borrower as provWed In paragraph 14 rertof specMyiag: (1) the breach: (2) the setiow
regrrlre+ to twee aver a,raer; (3) a date. wa leas [burr 3o days feowr ere ante ere wake r .raced to Botmawer, by whkr snit .
brteaer wart be cwrnd; awes (4) that failwre to twee such breach ow a be[ore ere date sfcei8ea i. ere wotice aaaf reswlt b
accekratiow of ere wr aecwrea by [hies Mortgage. torcclosrrr b7 jwdiciai proctedirig awes sale of the troperiy. The wake
shay brtitr btforwr Borrowst of !re right to rdwstate after sccekratbw awd ere right to atwert iw tlst toreciowre protee~ag
ere wow-a:itttewce of a ietsrrlt or awe urge d<t~wse of Borrower to aKekratiow awd tore~ioarre. K tee 6reacr 6 oot etuai ow
a bdore the date speefiea ii ere trotice. L,t+adcr at [.cadge': optiow say declare d of ere swtwa stchrrsd r7' tris Mortgage b M
iwrtasediately dire awl pysbk wifbowt further demand sad rnar torgclosa trts Mortpge bq jwikhl proceed. Lender shah
be to eoilket !w steer poeeeaiag v a:pcases of forgcloswee. Mchidirrg. bwt woe IWted te, reaaowabk sttureeYs fees.
awtl costa of doc.-!r.ewtsry evidewce. abstracts and title rcprb.
19. Borrower's Rigrt to Rebtrtate. Notwithstanding Lenders acceleration of the sums secured by this Monaase,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
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