HomeMy WebLinkAbout2273 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums is the
manner provided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to tha paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment. such
amounts shall be payabk upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the
date of disbursement at the rate payabk from time to time on artstanding principal under the Note unless payaatxtt 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 take
any action hereunder. - _
g. Itartefioa. Lender may make or cause to be made reasonable entries upon and inspectionsof the Property. provided
that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Larder's
interest in the Property.
9. Cotsdemaatba. The proceeds of any award or claim for damages, direct or consequential, in contrectiosr with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby ass'rgsred
and shall be paid to Lender.
in the event of a total taking of flee Property. the proceeds shall be applied to the sums secttrcd by this Mortgage.
with the excess, if arty, 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
u is equal to that proportion which the amount of 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 abandoned by Borrower. or if. after notice by Lender to Borrower that the condemtwr oRets to make
an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days aher the date such notice its
mailed. Lender is authorized to collect and apply the proceeds. at Lenders 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. )dorrower 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 Borrower
s successor 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 reason of any demand made by the original Borrower and Borrower's successors in interest.
11. Forrearawce r7' Lender Not a Rhtver. 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 bender's
right to accelerate the maturity of the indebtedness cecurcd by this Mortgage.
12. Rewedks Comnlstive. AlI remedies provided 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 exercised concurrently, independently or successively.
13. Soecesaon and Assigns igonnd; Joint and Srwed I.iabiiitr; Capfioaa. The covenants and agreements herein
contained shall bind, and the rights hereunder shall incug to, the respective successors and assigns of Lender and Bot~ower.
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 tk used to
interpret or deAne the provisions hereof.
14. Notke. 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 certiAod mail addressed to Borrower at
the Property Address or at such aher address as Borrower may designate by notice to Tender 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
such other address as Lender may designate by notice to Borrower a: provided herein. Any notice provided for in this
'i Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
1S. Udtorat Morigagr. GovernieR Lar; Severabitky. This form of mortgage combines uniform covenants for national
j use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
E real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. in the
event that any provi:ion 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 eBect without the conflicting provision. and to this
end the provisions of the Mortgage and the Note arc declared to be severable.
lf. 1on~ower's Cory. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the time
of execution or after recordation hereof.
` 17..Traasfer of rte Property: Aswmptioa. 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 encumbrance subordinate to
this Mortgage. (b) the creatran 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 yeah 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 w•rived etch option to accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is to be cold or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest payabk on the sums secured by this Mortgage shall be at such rate ac Lender
shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Bomoi+er
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 accordatrcc 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 such stems prior to the expiration of such period,
Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph lg hereof.
NoN-UltIFOaM COVENANTS. Borrower and Lender further covenant and agree ss follo+rs:
lg. Accekratloa: Resaedfes. Ettcert m rrovidtd k pragrsrr 17 reseof. ts*oss lotrswers reeasi oji •r caveassM otr
agrteaeat d Tierrower i• tris Mortgage, iaclniiag ere coreaswts torn waves iae awr soma neetrred b tYs Mortgage. I.esier
ruler to sceeierstlo. star swan .once to )>onower s rrovNea hs paragrapr 14 tertat s~recitriag: (1) ere rr:actt (t/ ere se1Mw
~ rgoired 1s eae ttser M+acr; (3) s not ksa traw 30 days from ere dale ere sootke r ¦saaed N istrawer. rr wtii laser
rratr mod be crated; aoi (1) teat failure a care sect trtacr o. a< retore ere date sreelSed V ere wake mar r+esntt iw
aecekralfon d ere soma atcrsrei br tr4 Mortgage. tortAoanre b jnakial.rr~oeeedisg assi sale d ere h~orerty. Tee aetice
utar tortrer hs[orm Sorrowet d fire right to refttstNe after aceekratbw and ere right b avert iw Ire torecloatae rreettig
Ire aow~t:ideate d • iefatsk or awr otter defense d lorrower to aecekratioa aced toreclowre. N ere brtacr r floe cord M
or setore ere isle areciiti V ere ssofkt. Leader at I.esder's onion mar ieeisre sM d Ire tttutss steered ti' tlds Mortgage tore
imtsseiiatelp drat awd prsbk witroat trotter demand and mar tatelote trit Mor~age h jirriield rr~ctedlaR. I.tnder srsll
bs esNitled to eeitet is seer rroeesdiag sr t=passes of toreciosnse, iaersdiag. bet rt ¦stdted a. remewaMe stl~xwetr'a fees.
>rd eeab d ices,-•antarr evideoet. stdtsets ars/ title retorts.
i!. Sorrrawa's Rlgrt to Reiadate. NotwithstandinE Lenders acceleration of the sums secured by thr Mortgage,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
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