HomeMy WebLinkAbout1258 - ; ~ F
Lender's written agreement or applicable law. Borrower shall pay the amount of al! mortgage insuratta premiums in the
manner pravided under paragraph 2 hereof.
Any amounts disbursed by I.entkr pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mongage. Unless Borrower and Lender agree to other terms of payment. such
amounts shall be payable span tansies from Lender to Borrower requesting payment therea`/,><pd d~l~ear interest from the
date of disbursement at the rate payable tram titre to titrte an outstanding principal •onde~ the Note unless payment of -
interest at such rate would be contrary to applicablt law, in which event such amounts shall bear interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall t~t:quite Lender to incur sny expense a fate
any action hcreunrkr.
g, Itsspectiow. (.ender may make ar 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 ttasonabk cause therefor rclatod b Lertdet's
interest in the Property,
9. Coa+dewtaatba, 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 canveyance in lieu of condemnation, are hereby assigned
and shall be paid to (.ender.
In the event of a total taking of the Properly, the proceeds Shall he applied to the sums secsrred by this Mortgage.
with the excess, if any, paid to Borrower. )n 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 I
as is equal to that proportion which the amount of the sums secured by this Mongage immediately prior to flee date of
taking bears to the f:ir market value of the Properly immediately prior to the date of taking, with the balance of the ptviceeds
paid to Borrower.
- if the Property is ahandonecl by Borrower, or if- after notice by Lender to Bormwer that the condemtsor offtts b mate
an award or settle a claim for damages, Borrower fail. to respond to Lender within 30 days after -the date such ttotiat: is
mailed, Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of the
Properly 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 I and 2 hereof or change the amount Of
such installments.
l0. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums st:cttred
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 Borrowers sttccessars in interest. Lender shall not be r+oquircd to commence
proceedings against such successor or rcferse to extend time for payment or otherwise modify amortization of the sums
secured by this Mongage by reason of any demand made by the original Borrower and Borrower's wccessors-in interest.
11. Forbearance iI' Leader Not a Waiver. Any farhearance by Lender in exercising any right or remedy herctmder, or
otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or trmedy.
The procurement of insurance or the payment of fates ar 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. Remedies Comnhlive. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mongage or afforded by law or equity, and may be exercised concurrently, independently or successively.
" 13. Sweceasors and Assigns Found: Joint sad Several Liability; Captions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inert to. the respective successors and assigns of Lender and Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be join( and several.
The captions- and headings of the paragraphs of this Mortgage are for convenience only and are not to tk used to
-interpret or define the provisions hereaf.
14. Notice. Except for any notice required under applicable law to be given in atather manner, (a) any notice to
Borrower provided for in this Mortgage shall be given by mailing such notice by ceniflod mail addressed to Borrower at
the Property Address or at such other address as Borrower may designate by notice to Tender as provided herein, and
(b) any notice to Lender shall he given by certified mail. return receipt requested. to I.endet's address stated herein or to
- such other address as Lender may designate by natice 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.
1S. Uaifortn Mortgage; Governing Law: Sererability. This form of mortgage combing uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to rnrsstitute a uniform security instrument covering
real properly. 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 Mongage or the Note conflicts with applicable law, such conflict shall not affect
other pravisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this
end the provisions of the Mortgage and the Note arc declared to bt 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.. Trmsfer of ere Properly; Asastrttptiow. If all ar any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written consent, excluding fa) the creation of a lien or encumbrance subordinate to
this Mongage, fb) the crcatron of a purchase money security interest for household appliances, (c) a trarufer by devise,
descent or by operation of law upon the death of a joint tenant or fd) the grant of any kssehold interest of three years or less
rat containing an option to purchsst. Lender may. at Lender's option, declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have ss•aived such 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 payable on the sums secured by this Mortgage shall be at such rate ac Lender
shall request. if Lender has waived the ogion to accelerate provided in this paragraph l7, and if Borrowers successor in
interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all
obliptions under this Mortgage and the Note.
If Lender exercises such option to accelerate. Lender shall mail Borrower notice of aecekration in aceordanc~ with
paragraph 14 heroof. Such notice shall provide a period of not less than 30 days from the date the notice K mailed within
which Borrower may pay the sums declared due. If Borrower tails to pay such stems prior to the expiration of such period.
Lender may, without further notice or demand on Borrower, invoke any rcmodies perntitttd by paragraph 18 hereof.
Norv-UntFOttnt CoveN~twrs. Borrower and Lender further covenant and agree ss tdlaws:
It. Act.•etenlio~ Remedies. Esceyt as provided M Mragrapb 17 tiered. tt*ow Botrowes'a Mead d awy eotrewwwf K
agreewtatt of Borrower f• this Mortgage. iwertdiwg tie co~ewawts Io py wren dae awy sttaas steatei i7' ells Mortgage. I.ewdet
prior to aeedet,slba sW wt~ notice to Borrower ss proritkd fro pragraph 11 rereot speeftybg: (1) ere Mttacr: (2) ere sctbw
re~rtsd b etnre seer Meager; (3) • dale, rat lee trot 30 days (rows ere date trc ttotke r ¦t.ied to Borrower. h wrkr sner
Meat:r mtM be eater awl (4) trM t`sdbre a care stet meter ow or retoa ere darte a'eeYed !w ere .oNee ttuy resit r
accektwtlow et site tttta.s aecwred il' err Mortgage. roteciaa.re y ~W ~recaedrt~ grog age d rte lropetty. Tits entice
argil tattier iwtotwt Bortowcr of ere right to ttbtsble steer accekratbw grog ere rlgltt b etagere N ere toretlosate proteedlrtg
fie wow~t:Mewct of w ddawlt or awy otter ddewse ~ Borrower to tacetktMiow artd forrclawre. N dtt M~aci to root etueed ow '
or 6etottr Ire dale s~eeified V ere aolke. I.ettder at Leader's opiow rotary dtxrte aB d ere stows atewtsd fly lit Mortgage lt? k
i..tetli.tely dtte gad pyaMe wilbwt tatlrer dcwtand gad may torcclae err Mot~age y jttdkW ptreeedirgt. (.ender dab
6e ewtlded to collesY i sstci proceedn•g aB a:peases of torecloswre. rxlndiwg. M+t tttN Btwiled Oe. rsaseatik ttlt~xrteYs fees.
attd oohs et iecs:~ewtary e.idcwce. abatracb std Iitk tepees.
19. Borrrowa's Rlgit to Reiwstate. Notwithstanding Lenders accekrstion of the sums secured by stir. Mortgage,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mongage discontinued at any time
f+Knr]n ~ Ares