HomeMy WebLinkAbout0157 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 this Mongage. U:Mess Borrower and lender agree to other terms of payment. such
amounts shall be payable ulxin 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 tbe Note unless payrnatt of
interest at such rate would be contranr to applicable law, in which event each 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. iisspectioa. lender may make or muse to be made reasonable entries upon and inspections of the Property. providod
that !-ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Properly.
9. Coodfmnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any
condemnation or other taking of the Properly, or purl thereat, or for conveyance in lieu of condemnation, aro hereby assigned
and shall be paid to Tender.
In the event of a total taking of the Properly, 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 Gender
otherwise agree in writing. there shall be applied to the sums secured by this Mongage such proportion of the proceeds
as is equal to that proportion which the amount of the sums secured by this Mongage 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.
1f the Properly is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor offers to make
an award or settle a claim for damages, Borrower fails to resaond to lender within 30 days after the daft such notice is
mailed, Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration 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 or change the amount of
such installments.
10. borrower Not Released. Extension of the time for payment or modification of amonization of the sums secutd
by this Mortgage granted by Tender to any successor in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Borrower i successors in interest. Lender shall not be required to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums
secured by this Morlgage by reason of any demand made by the original Borrower and Borrower's successors in interest.
l 1. Forbearance 6y 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 exercise of any such right or remedy.
The procttrcment 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 secured by this Mortgage.
1Z. Remedks Cnmulatire. All remedies provided in this Morlgage arc distin:t ar+d cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively.
' l3. Swecesxors gad Assigns bound:.Joint gad Several T.iabilitr; Captbas. 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 joir~ and several.
The captions and headings of the paragraphs of this Morlgage arc for convenience only and arc 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 Mortgage shall be given by mailing such notice by cenifled 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 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 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 Morlgage: Governing Law; Severabilitr. This form of morlgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
real properly. '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 conflicts with applicable law, such conflict shall not affect
other provisions of this Morlgage or the Note which can be given e6ect without the conflicting provision, and to this
end the provisions of the Mortgage and the Note are declared to be severable.
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.
F 17..Trsader of the Property: Assumption. If all or any pan of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written consent: excluding (al the creation of a lien or encumbrance subordinate to
this Morlgage, (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 all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have waived such option to accelerate it, prior to the sale or transfer. Lender
I and the person to whom the Property is to be so1J or transferred reach agreement in writing that the credit of such person
is satisfactory to Ltnder and that the interest payable on the sums secured by this Mongage 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 Torrower from all
~ obligations under this Mortgage and the Note.
( if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance N•ith
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 Sue. I( Borrower fails to pay such sums prior to the expiation of such period,
t Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
Note-Ut+tFOant CoveNaN'rs. Borrower and Lender furlher covenant and agree as follows:
( 18. Aecderatioa; Remedies. E:cept as provided in paragraph 17 bertot. rRoM borrower's breach of awe eorewartt or
agretmtwt of borrower is ebb Mortgage. Iseludiag the covenants to pr when doe soy sems snared br ebb Mortgage. Lewder
prbr to scceicrstbw sbaM mall wotke to borrower as prodded Is paragrapk 11 often[ specltrb,t: (1) tot bttscb: (21 the setbw
rquhtd N core swcb brtacb; (3) s date, wet less than 30 days from the daft the wotice b twa8ed to borrower, b!' wbkb sorb
breach mwst 6e ewred; awd (4) that fsUore to care strcb brtscb a or before the daft speefied h the wotke war result b
accekratbw of the swat secured by this Mortgage. toreebsort br jodicW proceeding swd sale of the pr+opertr. The ootkt
{ shat frtrtber inform borrower of the right to rtlnstste after sceekrstbo sod the right to asrtrt iw the tortciowre procteibtg
~e teow-esbteaee of s detauk or gar other dtfesst of borrower to accelerstion asd toreelowrt. /i tltt breach b wok and a
or before the dam spteiied V the anklet. Ltnder at Lender's option mar decbse ab of the sotsts secured br ebb Mortgage f+o be
bsoxdhtelr doe and prabk without further demand and roar foreclose ebb Mortgage by juikial ptoetsdiag. lender shah
be ewtttltd to cooed b swcb proceeding d espesses of foreclosure. Inchtdiag. bwt wok ffimited to. ressoaablt sdlnreeY'ti fees.
~ atsd casts of docrr!wtrrtarr trldcnct. abstracts gad title repres.
19. borrower's Rfgbt to Reb>itate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mongage discontinued at any time
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.ti •~.,,.U PaGE 156