HomeMy WebLinkAbout2363 - 3
F
Lender's written agreement or applicable IaW. Borrower shall pay the amount of all mortgage insurance ptemittms is the
manner provided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall becorne additional
indebtedness of Borrowcr secured by this Mortgage- Unless Borrower and I.enJer agree to other terms of payment. such
amounts shall be payable upon notice from tender to Borrowcr 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~?mart 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 Lender to incur any expense or trice
any action hereunder.
8. hsspectioa. Lender may make or 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 reasonable cattle therefor related to Lender"a
interest in the Property.
9. Coademwstbn. The proceeds of any award or claim for damages, direct or consequential, in connection with any
condemnation ar other taking of the Property, or part therrnf, or for conveyance in lieu of condemnation, arc hereby assigned '
and shall be paid to Lender.
In the event of a total taking of the Property. the proceeds shall fie 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, ttnkss Borrower and Lender
otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceed:
as is equal to that proportion which the amount n( the sums secured by this Mortgage immediately prior to the date o[
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 ahandoneJ by Borrower. or if. after notice by Lender to Borrower that the rnndemnor offea to make
an award or settle a claim for damages. Harrower fail. to res~ and to 1_ender within 30 days after the date such notice is
mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair o[ the
Prosteny or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writinc. 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.
18. Borrowcr Not Released. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by I-ender to any successor in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrowcr and Bc?rrowcr's successors in interest. Lender shall not be required to commence
proceedings against such successor or refute to extend time for payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of any demand made by the ari¢inal Borrower and Borrower's successors in intercst.
11. Forbearance by Lender Not a Waiver. Any forbearance by I_cnder 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 tight or remedy. t
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 indebtedness secured by this_Mortgage. i
12. Remedies Cnmulati~e. All remedies provided in this Mortgage are 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.
' 13. Swcetssors and Assigns Bound: .Joint sari Several I.iaM'Nty; Csptbas. The covenants and agreements herein
contained shall bind, and the rights hereunder shall intrr~ to. the respective successors and assigns of Lender at?d Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shat) be joird and several.
The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to tk used to
interpret or define the provisions hermf.
14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to i
Borrower provided for in this Mortga¢e shall be given by mailing such notice by certifiod mail addressed to Borrower at
the Property Address or at such other address as Borrower may designate by notice to i.ender 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 t
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 ar 1_ende: when given in the manner designated herein.
1S. Uniform Mortgage; Governiry; Law: Sevenbility. 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
j 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 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 severable.
16. Eomower'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.
l7..Traader of the Property: Assumption. If all ar any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior writrcn ~unsent. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage, (b) the creation of a purchase manev security interest far household appliances, (c) a transfer by devise.
descent or by operation of law upon the death of a -jrnnt tenant or (dl 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 sale or transfer, Lender F
and the person to whom the Property is to be call or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interrct payable on the sums secured by this Mortgage shall be at such rate ac Lender
_ shall regttat. Tf 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 accordan« with -
_ paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the ratite is mailed within -
which Borrower may pay the sums declared due. If Borrower fails to pay leech 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.
Note-UNIFORM COVENANTS- Borrower and Lender further covenant and agree as fellows:
lg. Accderatbw; Remedies. Except s provided iw paragraph 17 hereof. tsprta Sorr+owes'a 6reacb of say covewnwt K
agreemewt of lorrower iw tbk Mortgage, iwclndiwg the corewawts to py whew dtre awy shuns ttewrsd b7' tW Mortgage. lewder
prior to aceeleratbw shall wail twtke to aorrowcr as provided Iw paragraph 14 Hereof geeltylrtg: (1) tftt brash; (2) the aetiow
trcgtdM 1o care wort breach; (3) w date, woe less thaw 30 days from the date the aotke r waged fa Borrower. by whkh stscb
breach nwt be cwred; awd (4) that fatlnro to cure wcM brash oa or heroic the date geeiied V the wotke nay ratdt i•
F accderatlow of the seals oecwred by this Mortgage. foreciowrr by jndkW pr+oceediag awd stile of the Property. The wstlee
shay farther hform'orrower of the right to rrlastatc after aceeleratioa awd the right b asecrt iw the fortcioasre proeeeirtg
the wow-exirteaee at a defaoft or say other dettwsc of Eorrower to acceleratbw awd forecbwre. 1/ the 6reacb it wof cwr~ei ow
or before the dark geeilied b the wotke. Lewder at Leaders option may declwre a/ of the swrws seewrsd by tW Mortga)pe Is bt
iw.swediately due aai pyaMe witbod tmlher demand and way foreclose this Mortgage by jwdicW proteediag. Lender slraM
W ewtlded to coYeef V web proceeding sr expenses of foreclosure. hxhsdiag. brit wot ¦ariled to. reaeeaabk sttxrtetr't fees.
std tosb of doc`rweatary evidence. abstracts awd title rcporb.
I!. •orrowa's Rlgbt to Reinstate. Notwithstanding lenders acceleration of the sums secured by ibis Mortgage.
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
,tt~Y :~2[1 Ps~E 2359