HomeMy WebLinkAbout2672 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgages iruttraace premiums is 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 Mortgage. Unless Borrower and lender agree to other terra of payment. 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 oeststanding principal under the Note unless pa~rnfatt 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 expense or take
any action hereunder.
tt. Iwspecfiow. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided
that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to I.atder's
interest in the Property.
9. Cowdemwstiow. The proceeds of any award or claim for damages, direct or consequential, in rnnrtectiort with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby atsigaed
and shall be paid to Lender.
In the event of a total taking of the Properly, the proceeds shall bt •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 Lender
otherwix egret in writing. there shall be applied to the sums secured by this Mortgage such proportion of the ptnoeed:
as is equal to that proportion which the amount of the sums xctsred by this Mortgage immediately prior to the date es'f
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 lender to Borrower that the condemnor oliets to malts
an award or settle a claim for damages, Bormwer fair to respond to lender 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 of 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 eaatttxtd
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount o[
such installments.
11. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured
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 Borrowers successors in interest. Lender shall not be required to commence
proceedings against such successor or refux to extend time for payment or otherwix modify amortization of the sums
xcured by this Mortgage by reason of any demand made by the original Borrower and BorroWer's successors in interest.
11. Forbearawce br Lewder Not a Waiter. 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 of Lender's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
lZ Remedies Csmshttite. 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, independently or successively.
' 13. Swccessors sad Asstgws sound:.Joint sad Setersl i.iabilitr; Captiows. 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 joirt( and several.
The captions ~ and headings of the paragraphs of this Mortgage arc for convenience -only and are not to t)e 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 certified mail addressed to Borrower at
the Property Address or at such other address as Bormwer 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
j Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
j 1S. Uwiform Mortgage: Goterwiag Law: Severability. 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
~ event that any provision or clusx of this Mortgage or the Note conflicts with applicable law, such conflict shall not :Hest
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.
t 16. >sorrower'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.
R 17..Trsssfer of the hoperty: Assnmptiow. 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 (al the creation of a lien or ertcumbtance wbordinate 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 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
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 Lender
shall r+equut. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
interest has exescuted a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all
obligations under this Mortgage and the Note.
Tf Lender exercises 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 sums declared due. If Borrower fails to pay usch sums prior to the expiration of such period,
Lender may,•without further notice or demand on Borrower. invoke any remedie: permitted by paragraph 18 hereof.
NoN•Utvtt=otet?t t?ovt=.rrerrTS. Borrower and lender further~covenant and agree as follows:
lfi. Accekratiow; Remedka. Except as proriicd ~ psrsjraph 17 hereof. ~w /orrowes's breach of asy cotewawt ar
asrecoest of Ifiorrrwer ~ this Mortgage, hxlwdlwg the eorewawts to pay whew dwe rr rsttnws stxwred b this Mortgage. Lewder
prbr b actdcrstlow sW mail woNce to fiorrowcr as proridcd iw paragraph 14 hereof apeclfrlag: (1) the btreseh: (21 the scfiew
~ regwMed b ease trwch ircack (3) s dare, wet leas titan 3A days item the date the wotiex t. wtsiled b Harrower. hr which swch
breach mwM be cwred; awl (4) that faitwre b stets wch breach ow or itetsre flat date specYed M the wotfine mar task b
sccekraHow of the awtwa secwred bl' this Mortgage. forecioawre b jrdkW proesediwg awd sale of the Tr+opertr. Tito wotiee
:ball brther iwtorm Borrower o[ the right b refwstate after secekratiow sod the right b aascA iw the toetitloarot proeeetllttg
tie wow-a:iatewce d a detswk or awr other detewse of Sorrowesr to sccekratbw awd toreelawte. rf the breach fs awl ewrerl a
or before the date specl`cd i• the wotke. Lewder at l.esder's optiow mar dechre r d tht ttttma srewred br This Mortgage b k
bwmedisteir dwe awd prsbk withart trrrther demand and may forrclae this Mortgage br jtdieiai proeeedlwg. Lender shah
be adided b eoilert 1w twteh proeeed8rg all e><pessa rat foreYlossre. htKlwtYsg, brat wet fltwiled ts, rearowaMt snurrrrtra tea.
awd cost est doca•~weMarr eriiewee, abatrsct swtl title report.
lsorrowee's RIgMt N Reiwatate. Notwithstandi:tlt Lenders acakration of the sums secured by this Mortgage,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time