HomeMy WebLinkAbout2302 1 .
Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage iawrance ptetniumt in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by !.ender pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured ey this Mortgage. Unless Borrower and tender agree to other terms of payment. such
amounts shall be payable upon ratite tram I.cnder to Borrower requesting payment thereof, and shall bear interest ft~um the
date of disbursement at the rate payable from time to time on outstanding principal under the Note unless paymart 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 e><pease or trice
any action hereunder.
>s. lwspectiow. lender may make ar cause to he made reasonable entries upon and inspections of the Property. provided
that lender shall give Borrower notice pricer Io any such inspection specifying reasonable cause therefor rchted to Larder's
interest in the Property.
9. Cowdemwatbw. The proceeds of any award or claim for damages, direct or rnnsequential, in eonrtection with any
condemnation or other taking of the Property, or part thereof, ar for conveyance in lieu of condemnation, are hereby assigned
and shall be paid to Lender.
In the event of a total taking of the Property. the proceeds shall he 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 I.ettder
otherwise agree in writing. there shall be applied. to the Gums 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 o[
taking bears to the fair market value of the Property immediately prior to the date of taking, with the balartoe of the proceeds
paid to Borrower.
If the Property is ahandoned by Borrower, or if. after notice by lender to Borrower that the condt:mnor oRers to orate
an.award or settle a claim for damages. Borrower fa~!s to res~and to i-ender within 30 days after the dale such notice is
mailed, Lender is authorized to collect and apply the proceeds, at l.ende~ s option, either to restoration or repair oI 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 oI
such installments.
10. Borrower Not Rekascd. Extension of the time for payment or modificatiar of amortization of the wms secured
b~ this Mortgage granted by Tender to any cuccecsar in interest of Borrower shall not operate to rckate, in any manner,
the liability of the original Borrower and Bc?rrower'c successors in interest. Tender shall not be required to commerree
proceedings against such successor or refute 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 strecessors in interest.
T 1. Forbearance by Lewder Not a R'slver. Any forhearance by I.cnder in exercising any right or remedy hereunder, or -
otherwise afforded by applicable law_ shall rat he 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.
12. Rerncdies Cemnhttitre. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law ar equity, and may be exercised concurrently, independently or successively.
' 13. 3wccesaors awd Assigws Bound; Joint awd Several I.iabillty: Captions.. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender gad Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint( and several.
The captions and headings of the paragraphs of this Mortgage are for convenience only and are cwt to Ile used to
interpret or define the provisions hereof. _
14. Notke. Except for any native required under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Martgaee shall he given by mailing such notice by certifled mail addressed to Borrower at
the Property Address or at such other address as Borrower mav_ designate by notice. to Tinder as provided herein, and
(b) any notice to Lender shall he given by certified mail. return receipt requested. to Tender's address stated herein or to
such other address as Lender may designate by native to Borrower as provided herein. Any notice provided for in this
Mortgage shag be deemed to have been given to Harrower or Lender when given in the manner designated herein.
1S. Uwiform Mortgage: t;overnirr~ Lave: Sevenbility. This form of mortgage combing uniform covenants for national
I 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 drat any provision or clause of this Mortgage ar the Note canflicts with applicable law, such conflict shaft not alfeet
~ other provisions of this Mortgage or the Note which can be given eQect without the conflicting provision, and to this
€ end the provisions of the Mortgage and the Nate are declared to he severable.
~ 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
( of execution or after recordation hereof.
17..Trawsfcr of the PropMy: Assumption. Tf all ar any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's pricer written consent. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creat~an of a purchase money cccurity interest for household appliances, (c) a transfer by devise,
descent or by operation of law upon the death of a faint 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. Leader
and the person to whom the Property is tcv be cold ar transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the intercct payable on the sums secured by this Mortgage shall be at such rate ac Lender
shall request. Tf Lender has waived 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 by Lender, Lender shall release Borrower from all
obligations under this Mortgage and the Note.
If Lender exercises such option to acce{crate. lender shall mail Borrower notice of acceleration in acrnrdanc-c vrith
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 faits to pay such sums prior to the expiration of such pentad,
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragrsph 1R hereof.
~ Non-UNIFtHtM CoveNaHTS. Borrower and Lender further covenant and ague ss fellows:
la. Acceleratiow; Rewtedia. Escept s provided iw pragraph 17 recent. trpw Botrrawet's newer of ay covewawt rK
agrectrsewt of Borrower V this Malgage. iwclndirrL the corcwawts to py wrew iwe awy swrws ttccwred ti Cris Mortgage. Lewder
'r{or to acetieratbw shwtl wail sotke to Borrower ro provided Iw paragrapA 14 rercof sptwylwg: (1) ere newer: It) ere wctbw
regvred to erne net rr+eaer; (3) a date. wet less Craw 3o days from ere date ere wotke it talkd to B.rrewer. by wrier swcr
btreacr mwM re ctrad; tad (4) ChM tailrrre to cwre suer breser ow or before ere dale spelled i• ere wotiee way restrM b
1 tutederatiow of ere sttitas secured by Cris Mortgage. toreciosnre by jedkW N'oeeedGg awl sale of the >rroperiy. '1Ae wetter
snag brtrer iwfonw Borrower of ere right to reirastste attcr acceleratiow swd ere right to asseA h ere torseloawe poeeeittg
ere wow-a:idewet of a deta~rlt or awy otter ddcwse of Borrower to accekrsfiow awd torccloawte. M trt bt~exr fis wet ewrei ow
or bdore the date s*ecfied b ere wotke. Lender at l.cwder's opbw way declare V of tee Awn secsrsd b' Iltis Mertgtige tr be
irwrwediately doe art pyabk witrorrt father demand and may foreclose Chits Mortgage by jwikW /roesadiwR: I.ewtkr ditafl
be ewtltkd to collect d serer proceednwg sN a:poses of forccloswrc, iwehsdiwg. bwt wet ~ifed M. rewsowaMc sttcxwer's fees.
awd costs of doer:7ewtary erWewce. abdrwcts awd tick repro.
l9. Boetowa's Rlgrt to Reiwstate. NatwithctandinR 1.enders acceleration of the sums secured by th~~ Mortgage.
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
s~~x321 P~~E229~