HomeMy WebLinkAbout0985 agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided E
under paragraph 2 hereof. ~
Any amounts disbursed by Ler?eler pursuant to this paragraph 7. with interest thereon. shall become additional in- ~
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debtedness of Borrower secured by this Mortgage. Unless Harrower and Lender agree to other terms of payment, such ~
amounts shall be payable upon notice from Lender to Borrower requesting pa}•ment therm(, and shall bear interest [rom
the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment
of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest
rctc permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or
take arty action hereunder.
8. Inspection. Lender may make or cause to be made reasonable entries upon artd inspections of the Property, pro-
vided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to
Lender's interest in the Property.
9. Condemnation. The praeeds o[ any award or claim for damages. direct or consequential, in connection with any
condemnation or other taking of the Property, or part thereof, or (or conveyance in lieu of cottdemnatien. are hereby as-
signed and shall be paid to Lender.
In the event of a total taking of the Property, the praeeds shall be applied to the sums secured by this ~tortgaee.
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
a; 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 pro-
ceeds paid to Borrower.
If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor otters to
make an award or settle a claim fot damages, Borrower fails 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 i 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 extend
or postpone the due date_ o[ the monthly installments re[erred to in paragraphs 1 attd 2 hereof or change the amount of
such installments.
10. Borrower Not Released. Extension of the time for payment or modification of amortiratiort of the sums secured
by this \fortgage granted by Lender to any successor in interest of Rorrower shall not operate to release, in any manner,
the liability of the original Borrower and Borrower's successor' in interest. lender shall not be required to commence
proceedings against such successor or refuse to extend time for pa}•ment or otherwise modify amortisation of the sums se-
cured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest.
11. Forbearance by 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 eeercise of any such right or remedy. The
procurement of insurance or the payment of taxes or other liens or charges M• lender shall not be a waiter of Lender's
right to accelerate the maturity of the inetebtedness secured bs• this \lortgage. -
12. Remedies Cumulative. :VI remedies pms•ided in this Mortgage arc distinct and cumulative to ane other right or
rcmeYh under this ~fortgagt° or afforded by larv or equity, and may Ix exercised concitrrenth~, independentls• or sttccessiyely.
t3. Successors and Assi¢ns Bound; Joint and Several Liability; (:aptions. he crn-cnants and agreements herein
Contained shall bird, and the rights hereunder shall inure to, the respective sutcc•s errs :urd assigns of Lender and Borrower.
subject to the provisions of paragraph 17 berm(. All cocenants and agreements of Borrower shall be joint and several. "The
captions and headings of the paragraphs of this \lortgage are for cousenience ooh :uul arc not to be used to interpret or
define the provisions hereof.
19. Notices Except for any notice required under applicable law to be given in another manner. (a) :ut~• notice to
isorn,wrr pro.iiicu i.,.:~~ `'~r_,;..,;^ shall tie girP^ by mailing such notice bs• certified mail addressee) to Borrower at
''I the Property :address or at such other address as Borrower mac designate hs• notice to Lender as pmcided herein, and (b)
any notice to lender shall be given b~• certified mail, return receipt requc•stect, to Lender's address stated herein or to such
other address as Lender may designate by notice to Borrower as provided herein. :?ns notice pros•ide•d for in Chic \(ortgage
shall be deemed to have been given to Borrower or Lender ss~heu giscn in the m:uuccr designated herein.
{ 15. Uniform Mortgage; Governing Law; Seserability. ~-hie form of mortgage combines uniform cmcnants for na-
clonal use and non•uni[orm ms•enants with litriitcd rari:iitoiis h~ jurisdictiz:: m cn:atitute a unifnrrn ~rcurits instrument
coseriuq real property. This Mortgage shall be governed b}• the law of the jurisdiction in ss•hich the 1'ropert~ is located.
In the went that any provision or clause of this Mortgage or the \ote conflicts scith applicable less:, such conflict shall not
affect other provisions of this Mortgage or the \ote which can be given effect without the conflicting prus-ision, and to
this end the provisions of the Mortgage and tht• dote arc declared to he severable.
16. Borrower's Copy. Rorrower shall be furnished a conformed copy of the \ote and of this Mortgage at the time
of execution or after recordation hereof.
17., Transfer o[ the Property; Assumption. If all or any part of the Property or an interest therein is sold or trans-
ferred by Rorrower without Lender's prior written consent, excluding (a) the creation of :r lien or encumbrance subordinate
to this Mortgage. (h) the creation o(a purchase money security interest for houuhold appliances. (c i :c transfer be devise.
descent or b}• operation of law upon the death of a joint tena~it or (d) the grant of ans- lcasc•hold in!e•n•st of three years or
less nr?t 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. Ler:der
and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person
is satisfacton• to lender and that the interest payable rnt the sums secured b}• this Mortgage shall be at such rate as Lender
shall request. 1f Lender has waited 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 h}• Lender. Lender shall release Borrower from
all obligations under this Mortgage and the \ote.
If Lender exercises such option to accelerate. Lender shall mail Rorrower notice of acceleration in accordance with
paragraph 19 hereof. Such notice shall provide a period of not less than 30 lass from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such pericxl.
Lender may. without further notice or demand on Borrower.. invoke any remedies permitted by paragraph 18 hereof.
Noy-U~rroest (-.OyE~A\T5. BorrOwCr and Lender further covenant and agree as follows:
18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach n( any covenant or
agreement of Borrower in this lortgage, including the covenants to pay when due am- sums stcurect by this Mortgage,
Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach;
(2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower,
by which such breach must be cured; and (4) that failure to cure such breach on or before the date sl?ecifieet in the notice may
result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The
notice shall further in[orm Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure
proceeding the non-existence of a dehult or any other defense of Borrower to acceleration and foreclosure. If the breach is
not cured on or before the date slrecified in the notice, Lender at Lender's option may declare all of the sums secured by this
Mortgage to be immediately due and payable without further demand and may foreclose this Aortgage by judicial proceed-
ing. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reason-
able attorney's fees, and costs of documentary evidence, abstracts and title reports.
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