HomeMy WebLinkAbout1243 Lender's written agreement or applicabk law. Borrower shall pay the amount of all mortgage insursnce premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by Lender purwant to thi 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 payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the
date of disbursement at the rate payat+le from time to time on aitstanding principal qtr the Note tmkss pa~rmatt of
interest at such rate would Ix contrary to applicabk law, in which event such,atriottMs ~1 bear interest at the highest rate
permissible under applicable law. Nothing rnntained in this paragraph 7 shall require [.ender to incur any expetae or take
any action hereunder.
>L Is~spectiou. 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 L.ertder's
interest in the Property.
9. Coudernatbn. The proceeds of any award or claim for damages, direct or consequential, in connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned
and shall be paid to Lender.
In the event of a to1a1 taking of the Properly. the proceeds shall tx 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
otherwise agree in writing, there shall be applied to the sums secured 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 daft of taking, with the balance of the proceeds
paid tQ Borrower.
If the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor offers to snake
an award or settle a claim for damages. Borrower fail. to respond to Lender within 30 days after the date such notice is
mailed. Lender is authorized to collect and apply the proceeds, at Lenders option, eithtr to restoration or repair of the
Properly or to the sums secured by this Mortgalte.
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 I and 2 hereof or change the amount o[
such installments.
10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums seettred
by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in arty manner,
the liability of the original Borrower and Borrower
c s,,cctssors 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 successor in interest.
11. Forbearance iy [.endtr Not a Waiver. Any fortxarance by Lender in exercising any right or remedy hereunder. or
otherwise afforded by applicabk 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.
12. Rernedks Cuernhthe. All 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 tx exercised concurrcntty. independently or successively.
' 13. Successors sad Assigns Bound:.joint sad Seversl i.iabiTity; Captions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender aM1 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 :tie used to
interpret or define the provisions hereof.
14. Notke. Except for any notice required under applicabk law to be given in another manner, (a) any ratite to
i Borrower provided for in this Mortgage shall tx given by mailing such notice by certified mail addressed to Borrower at
'i the Property Address or at such other address as Borrower may designate by notice to finder a: 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 Bormwer 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.
1S. Uniform Mortgage; Goveroiug La~+: SeverabBity. This form of mortgage combines uniform rnvenants 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 clause of this Mortgage or the Note conflicts with applicabk law. such conflict shall not affect
~ other provisions of this Mortgage or the Nntc which can be given effect without the rnnflicting provision, and to this
end the provisions of the Mortgage and the Note arc declared to be severable.-
lf. Borrower'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..Tnader of fie Irroperty: Assumption, Tf alt or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior writrrn consent. excluding (a) the creation of a lien or encumbrance wbordinate to
this Mortgage. (b) the creation of a purchase money security interest for' household appliances, (c) a transfer by devise.
descrnt or by operation of law upon the death of a joint tenant or (dl 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 bt
immediately due and payable. Lender shall have waived Stich option to accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of each person
is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at etch rate ac Lender
shall request. i[ 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 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 such sums prior to the expiration of such period,
Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1R hereof.
NoH-Urttcottnt Covt=_N~rrrs. Borrower and Lender further covenant and agree as follows:
la. Accdesatioa; Remedies. Eucp as provided h rsragrari 17 iertot. seven Bonowe~s bread of oar cot?esiattt or
agreement of Borrower d this Montage. b>e~ag tie coveaawh to py wicrr ace a.y :tans stxartd b tiffs Mortgage. ILeuder
prbr to sccekratbn sii mW notke W Borrower as rrovWed V psntrspi 14 hertot sreeltylug: (1) tie tirsacfr. (2) tie setien
required to Bore steel bract; (3) a date, not less titan 30 days from tie late lie notke b rraBed to Borrower. b wild sues
tktaclt molt be eurtd; attd (4) slat taihre /o trot steel bread ow or before tic date geelied a tie notice ray resale r
saYkratien at the stems seeard tY3r this Morttate. faecbsure iy ~w tM'~a~L and sale d tie thorerty. Tate ranee
siaY ttrrtier btform Borrower d tM ritM to rtirtstate after acceleration awd tie right b ateert b+ the toreeloaat proeeedittg
tie aow~e:idence of s detatrlt or a.y other detcase of Borrower to sceekratbw and tortdowrt. B the Ilirtaeb b not curtd a
or before tie dote srocYed b tie notke. Lender at Lender's ortiort ray deebrt aN et tie sums st!ewsd by tW MoAtaRe t• be
~asediately due and payable witioat fnrlMer demand and ,,nay torttlase rib Ms+r~ate iy }dkW rroetedf.R. Lende? draN
be eatlded to eoYect i• suci proesedist sB expenses of foreclosure. includiat. but nN >l¦tilsd Io. rtasoable stt.,rner's Rtes.
and casts of ioet:~eahry etridenee. abArscb awd title rtprb.
1f. Berrowa's Rltit to Reinstate. NotwithstandinE Lender's acceleration 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
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