HomeMy WebLinkAbout1034 Lendei s written agreement or applicabk law. Borrower shall pay the amount of all mortgage insurance premiums in the
manner provide) under paragraph 2 fteroof.
Any amounts disbursed by !.ender pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and !.ender agree to other terms 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 rate payable from time to time: on attstanding principal under the Note unless pa~rntertt of
interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rste
permissibk under applicabk law. Nothing contained in this paragraph 7 shall require lender to incur any expettse tN fate
any action hereunder.
s. Iwspectiow. Tender may make nr cause to he made rcasonabk entries !!port a~tdinspections of the Property. provided
that lender shall give Borrower notice prior to any such inspection specifying rcasonabk cause therefor related to Ltatder's
interest in the Property.
9. Ce?wdewmtbn. The proceeds of any award or claim for damages. direct or consequential, in eonneretion with any ,
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigrterd
and shall be paid to Lender. -
in the event of a total taking of the Property. the proceeds shall tx applied to the sums seet!re:d by this Mortgage.
with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Londe.
otherwix agree in writing. there shall Ile applied to the sums serct!rcd by this Mortgage such proportion of the proceeds
as is equal to that proportion which the amount of the same 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 Lender to Borrower that the condemnor otters to mate
an award or xttle a claim for damages, Borrower fail. to respond to i.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 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 exttatd
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. llbrrower Not Rerkased. 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 rckase, in any manner.. .
the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to comrnerntx
proceedings against such successor or reface to extend time for payment or otherwix modify amortization of the sums
secured by this Mortgage by reason of .,ny demand made by the original Borrower and Borrower's wccessors in interest.
11. Forbearawce bl' Lender Not a Waiver. Any forbearance by tender in exercising any right or rcme:dy herehnokr, 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 chargers by Lender shall not be a waiver of Lender's
right to accelerate the maturity of the indehtedttess sercurord by this Mortgagor. -
12. Rewedies Cwwulative. All remedies providerd in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercixd concurrently, independently or successively.
13. Swceewors awd Assigws Found: Joint awd Seved I.iabiBty; Captbws. The covenants and agreements herein
contained shall bind, and the rights hereunder shall int!r~ to. the respt~tive successors and assigns of Lender acrd Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several.
The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to fie used to
interpret or define the provisions hereof.
14. Nettice. Except for any notice required under applicable law to be given in another manner, (a) any notice to
'Borrower p~oviderd 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 Borrower may designate by notice to i.ender as provided herein, and
(b) any notice to Lender shall he given by certified mail, return receipt requested. to i.ende>'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.
lS. Uwifonw Mortgage: Governiwg Law; Severability. This form of mortgage combines uniform covenants for national
use: and non-uniform cove^anss wish !im:teD var!a!!^!+.s by ~~~r~~~ctii+n to constitute a uniform security instrument covering
j real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. in the
I event that any provision or clause of Chic Mortgage or the Note conflicts with applicabk law, such. conflict shall not afferet
other provisions of this Mortgage or the Note which can be given eBect without !her conflicting provision, and to this
end the provisions of the Mortgage and the Note are Declared to be xverable.
lf. Borrower's Copy. Borrower shall be furnished a conformerd copy of the Note and of this Mortgage at the time
' of execution or after recordation hereof.
t 17..Trawsfer of the Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lenders prior written conxnt. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creat!on of a purchase money security interest for houxhold 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 kss
not containing an option to purchase, Lender may, at Lender's option, dexlare all the sums secun:d by this Mortgage to f?e
immediately due and payable. Lender shall have waived such option to accelerate if, prior to the tale or transfer. Lender
and the person to whom the Property is a~ be solJ or transferred reach agrerement in writing that the credit of each person
is satisfactory to Lender and that the interest payable on the sums sercured by this Mortgage shall be at such rate ac Lender
shall request. if Lender has waived the option to accelerate providerd in this paragraph 17, and if Borrower's successor in
interest has esecuted a written assumption agreement acceptord in writing by Lender, Lender shsll 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
s 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 such sums prior to the expiration of such period,
lender may, without further notice or demand on Borrower, invoke any remerdia permitted by paragraph 18 hereof.
NoH-UNIFORM CovetvaNrs. Borrower and Lender further covenant and agree as follows:
1i. Aeeeieratiow; Retwedies. Lzcept s provided iw MrnL~ 17 boron!, epee Borrrwer's breach of awy co•ewawt or
agreeweN of Borrower iw fhb Mortgage, iwciwdiug the co•eaawts to pt' wbcw dwe wwy sews stctrrea by thls Mortgage. Lewder
pier b accderwtbw sbaB !gait wotlce to Ilbrrower ss prodded iw pragrapb 14 hereof specUyiwg: (1) the bresctt: (2) the wetiow
rgtdred b ewe tech tireacit;l3) a daEe, wet kss !thaw 30 days treat the rite the wotke Ice wuika to Bocrowerr. by which afro!!
btsach efts! be ewred; awa (4) that fwifwre to sere !tech breach otr or before the date specked b the tuotlee way restrN h ~
weceleratiow o[ the seers ttectrred fly this Mortgage. torecfoswre by jtrdkW p+oesedMg awa swk of the Property. Tik'wettiee
shah fwrtber iJors Borrer?er of the right to reiaatste after sccelerMiow sea the right b assert h the toretlowre proeeeeirg-
the wow•exbtewce eft w detatrk or wwy other detewse of Borrower to accelerMiow awa toreelawre. N the breach b wet csrsa !w
or before the Gale speeifkd i. the wotke. Lender at I.ewder's optiow twat' dechre sw of the sews soured by fhb Mortgage to be
iwweaiwtely dwe awa pyabk withod twrther demand and way torecbse fhb Moriga~e by jwakW proeeediwR. Lender ~haq
be ewtltlea Io co8ect b swch proeeediwL ar expctrses e?f foreclowrt, iwchraiwg. bet wol IIurdltd tee, rtrasowsblt stu,rner's ices.
awa cods of doee:.~ewtary eviaewce, abstrwcts wwa tick rsporls.
19. Borreswa's Rlghl to Reiwdste. Notwithctandinlt Lender's scceleration of the sums secured by th!~ M~rtgaje,
Borrower shall have the right to have any proceedings he(tun by Lender to enforce this Mortgage discontinued at any time
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