HomeMy WebLinkAbout2666 !.ender i written agreement or applicable law. Borrower shall pay the amount of all mortgage iasurattoe premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by Ixnder pursuant to this paragraph 7, with iqt~ tl~ shall bceome additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and 1_ender a~i+oe~ib other ternts of paymetK. such
amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the
date of disbursement at the me payable from time to time on outstanding principal under the Note unless pa`ytneat of
interest at such rate would be contrary Io 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 expetae or take
any action hereunder.
8. laspectiow. Lender may make or cause to be made reasonable eotriec upon and inspections 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. Cowdewtwatba. The proceeds of any award or claim for damages. direct or consequential, in connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. are hereby assignod
and shall be paid to Lender.
In the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mottgags,
with the excess, if any, paid to Borrower. In 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 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 balance of the proceeds
paid to Borrower.
If the Property is abandoned by Borrower. or if. after notice by l_cnder to Borrower that the condemnor offers to mate
an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice is
mailed. I~nder is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair o[ 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 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. Eorrower Not Released. Extension of the time for payment or modification of amortiution of the sums secttted
by this Mortgage granted by Linder to any successor in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Borrowers 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 Mortgage by mason of any demand made by the original Borrower and Borrower's successors in interest.
l 1. Forbearawre by Letrder Not a R?aiver. Any forbearance by Lender in exercising any right or rerrredy 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 of Lender's
right to accelerate the maturity of the indebtedness secrtrrd by this Mortgage.
12. Retwedks Comnlaf>•e. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, indeptndently or successively.
' 13. Swccessors and AstiRas Found; .Joint sad Seversi i.iabt'lity; Captloas. The covenaats and agreements hert:in
contained shall bind, and the rights. hereunder shall inrrr~ to. the respective successors and assigns of Lender sttd Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borcower shall be joir~ and several.
The captions and headings of the paragraphs of this Mortgage arc for convenience only and ate not to lie 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
j Borrower ptovided for in this Morttea¢e shall be given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such other addres_c as Borrower may designate by notice to 1_ender as provided herein, and
(b) any notice to Lender shall he given by certified mail, return receipt requested. to i.endet's address stated herein or to
I such other address as Lender may designate by rx~tice 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.
1S. Uwiforwt Mortgage; Governing Law; Sevcnbility. This form of mortgage combines uniform covenants for national
~ use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform mxurity instrument covering
` real property. This Mortgage shall be governed by the law of flee jurisdiction in which the Property is located. In the
j event that any provision or clause of this Mortgage or 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 provisioru of the Mortgage and the Note are declared to be severable.
16. )sorrower'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..Trawsfer of the Pro'erty; Assutnptiow. if all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written 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 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 sale or transfer, Lender
and the person to whom the Property is to 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 as Leader
shall rcgttest. 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 release Borrower 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 with
paragraph 14 hereof. Such notirx shall provide a period of not Ices than 30 days from the date the trotice is mailed within
which Borrower may pay the sutra 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 IR hereof.
NoN-UlIIFORM CoveHertTS. Borrower and Lender further covenant and ague as follows:
18. Accekratb¦; Rewtedks. B:cept s provided iw paragrapr 17 hereof, trpota lorrrwes's bn+eaelt of ssry covest>rt ar
the covewants to wrew dtte s• gtws secured by lWt Mortga8s. Leaser
a8resst of Borrower bi trb INoni~e, iwehsdirrg py y
Prior to sreskratba sits taaN aotke to oorrr,wer sa'rovided iw paragraph i4 hereof speelfpiti8s (1) the beach: (2) the actbw
esgairsi to cue ease Mteacr; (3) a date, sot less thaw 30 days trowt the date tltc wotke b anNed to >Mrrowrr. b whkr such
bneac6 mttM be cued; sad (1) that faNsrts to sus such brsaelt oa or before the dais sptel8ad V the ootke wtay rssrtk b
accderatloa of the sttaa sccusd by fhb Mortgage, forecloswts b7' )grdkW ! awl sale of the Twpctfy. The tsetlce
shay lurtrer iwfors lorrower o[ the right to reittstste after aeeekratiow swd the right b sasert M the torstlowre prviceeig
the wow-exbtewee of a default or atq other detewne of Borrower to acceleratiow stsd toreelooare. N the breacr b sot carr<d a
or before the dNe specdied r the aotiet. Lewder at i.ewder's optbw rway declare :i a< ire ssws secued ~ fhb Morigttge Itr be
bswediatsly drte sad pyabk without further dcnrsnd and wtay torecbse fhb Mortgage b' juikW /rxtediwR. Lender shah
be entitled to collect bi suer proceediwg v s:peones Af foreclosars. bseltrdiog. btu sot Iitsited to, reasoaabk sttxwer's fees.
a¦d eostt of docu~eNary evidewee, abstracts sstd tick repro.
1!. eorrowa's Rtglrt to RelwNate. Notwithstanding Lenders accslerstion of the sums secured by thn Mortgage,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time