HomeMy WebLinkAbout0151 Lender's written agreement or applicable law. Borrower shall pay the 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
indebtedness of Borrower secured by thix Mortgage. Unless Borrower and Lender agree to other terms of payment, such
amounts shall he payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the
date of disbursement at the rate payable from time to Time on outstanding principal under the Note unless pa'ytrsent of
interest at such rate would he contrary to applicable law, in which event stech 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. laspecfion. Lender may make or cause to be made reasonable entries upon and inspeNions of the Property. provided
that lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9. Condemrsation. The proceeds of any award or claim for damages. direct or consegtxntial, in connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in.lieu of condemnation, are hereby assianod
and shall be paid to [_ender.
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 .he Property, unless Borrower and Lender
otherwise agree in writing. there shall be applied to the sumc secured by this Mortgage such proportion of the pt+ooeeds
as is equal to that proportion which the amount of the sumc sec~ired by this Mortgage immediately prior to the date of
taking b.•.ars to the fair market value of the Property immediately prior to the dale of taking, with the balance of the proceeds
paid to Borrower.
if the Property is abandoned by Borrower, or if. after notice by 1 ender to Bormwer that the condemnor oBers to make
an award or settle a claim for damages. Borrower faih to res,ond to Lender within 30 days after the date such notice is
mailed. Lender is authorized to collect and apply the proceeds. at Lender i option, either to restoration or repair of the
Properly or to the sums secured by this Mortgage.
I lnless 1_ender and Borrower otherwise agree in writmF. any such application of proceeds to principal shall not extend
or pc>,tpone the du: date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installmenth.
f0. Boirewer Not Released. Extension of the time for payment or modification of amortization of the sums stxurcd
by this Mortgage granted by Lender to any curccecsor in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Borrower's successors in interest. 1_ender shall not be required to commence
proceedings against such successor or refiuse to extend time for payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of any demand made by the ori¢inal Borrower and Borrowers wccessors in interest.
11. Forbearance by Lender Not a N?aiver. 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 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 o[ Lender's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. Remedks Ctunohti~e. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or a[fordcd by law or equity, and may be exercixd concurrently, independently or surccessively:
• 13. Stsccesson and Assigns Bound:.Joint sad Several i.iaM'Bty; Captions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure 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 xveral.
The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be rued 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 Aorrower at
the Property Address or at such other address as Borrower mav_ designate by notice to Tender as provided herein, and
(b) any notice to Lender shall he given by certified mail. return receipt requested, to Lenders address stated herein or to .
such other address as Lender may designate by notice to Bormwer 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.
IS. Uniform Mortgage; Governirsg Law: Severability. This form of mortgage combines uniform rnveaants for national
j ux and non-uniform covenants with limited variations by jurisdiction to corutitute a uniform security instrument covering
real property. This Mortgage shall be governed by flue law of the jurisdiction in which the Property is located. In tl~
~ event that any provision or clauux of this Mortgage or the Note conflicts with applicable law, such conflict shah not affect
{ 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 xverable.
w 16. Borrower's Copy. Borrower shall be furnished a conformed cope of the Note and of this Mortgage at the time
of execution or after recordation hereof.
~ 17. ,Transfer of the Property; Assomptios. Tf 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 subordinate to
this Mortgage. (b) the creation of a purchase money security interest for houxhold 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 all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have v?•aived such option to accelerate if, prior to the sale or transfer. Lender
s and the person to whom the Property is a. be colt or 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. Tf 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 release Borrower from all
obligations 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 heroof. 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 dux. 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 IR hereof.
~ NorY-UNtrottt?t CovervaNTS. Borrower and Lender further covenant and agree as follows:
18. Aceekrstioe; Rewedies. Except r provided ie pragrsph 17 hereof. tips Botrrowa's broach of say covewartt or
s sgreemxnt of Borrower in this Mortgage. faeludirrg the coveruats to py when der any soma st:cerci b7 this Mortgage. I.estder
prior to axeekratioe shag waN notice to Borrower ss provided is pnsgrspb 14 hereof spcclfrlrtg: (1) the btreach: (2) the sctbrt
rtigaMcd to core tench btreach; (3) a date. not fees than 30 days tram the date the wotke b twsllad to Borrower. try whkh snob
breach wrest be cored; asd (4) that faAare to true such breach ow or before the date speclicd ~ the notice way resale m
aecderatbw of the tttssr sectued by this Mortgage. tonclosere by Judkial proceedMg aed sale of the Property. The wotiee
shall farther infotrre Borrower of the right to reiestate titer aceekratioe and the right to asseA N the torsclossre protea~ttg
else eon-exWence d a default or any other defense of Borrower to sccckratbn sad tomlosore. N the breach is ttwt cored ow
x or beforr the date spcci6cd V tfse wotke, Lender at I.esders optbn way declare sB of dse wttas seeere~ by this Mortgage b be
iwwedietdy tine ant pysbk witbod trrthcr demand and may torccbsc this Mortgage by jedkW proeeedieg. Linder shah
be eetltled to collect d stre6 proceedneg aM expenses of foreclosure. inclndia=. bN sot IWttd to. ressoesbk vft.xaeY's fen.
sod costs of docr-!oeaary erWeeee, s6strscts sad title reports.
19. Borrower's Right to Rei¦stMe. Notwithstanding Lenders acceleration of the sums secured by th~~ Mortgage,
1 Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any tithe
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