HomeMy WebLinkAbout2831 • ' ~ ` t t
, ~ ?
. .
Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurarae premiums rn the
manner provided under paragraph 2 hereof. ~ • .
Any amarnts disbursed by Lender pursuant to this 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 payable from time to time on a~tatanding principal under the Note unless pa'ymetrt 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 fate
any action hereunder.
fi. Iaspectiow. Lender may make or caux to be made reasonable entries upon and inspections of the Property, provided
that l.endtr shall give Borrower notice prior Io any such inspection specifying reasonable caux therefor related to Lender's
interest in the Property.
9. Coedewwatba. The proceeds of any award or claim for damages, direct or consequential, in rnnnection 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 total taking of the Property, the proceeds shall be 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 amarnt of the sums 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 to Borrower.
If the Property is abandoned by B~?r:ewer. or if. after notice by Lender to Borrower that the condemnor oRers to make
an award ar xttle a claim for damages. Borrower fails to respond to 1_ender within 30 days after the daft 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 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. _ ~
19. ~orrower Not Released. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by Lender to any cuccecsor 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 otherwix 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.
ll. Rorbearawce by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or
otherwix afforded by applicable law. shall not be a waiver of or preclude the exercix 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 sectrrtd by this Mortgage.
12. Reratdks.Comalsthre. 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 be exercixd concurrently, independently or successively.
' 13. Soccessors sad AsalRes llbuad: Joint sad Several f3abHlty; Captloas. The covenants and agreements her+rin
contained shall bind, and the rights hereunder shall inure 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 joint{ and several.
The captions' and headings of the paragraphs of chic Mortgage arc for convenience only and art not to be used to
interpret or define 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 certifkd 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
tb) any notice to Lender shalt be given by certified mail. return receipt requested. to [.enders address stated herein or to
such other address as Lender may designate by notice to Borrower as provided herein. Any ratite provided for in this
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
1S. Usiforw Mortgage; Gorentiag Law; Sererability. This form of mortgage combines uniform covenants for national
` use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
f 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 claux of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this
s end the provisions of the Mortgage and the Note are declared to be xverable.
16. Ilbrrowers Cory. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of executan or after recordation hereof.
17..Trsssfer of the Property; Assumption. Tf 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 creation of a purchase money security interest for household appliances, (c) a transfer by device,
( 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 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 aceelerate if, prior to the wk 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 as Lender
shall request. if 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 ratite is mailed within
a which Borrower may pay the sums declared due. If Borrower faits 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 parsgraph 18 hermf.
Nox-Unrtoasr CoveHarrTS. Borrower and Lender further covenant and agnx as follow+~
IIR Acederatlo~ Rewedks. E:ceps ss provided is paragraph 17 Hereof. urea isoerowec's Mead of a•y coveaartt of
sgreewart or eenower M tits Mort age. Mcladia~ the covenuats to ray when sae a¦y saws sseared b7' tW Mortgage. I.eeder
rrbr b accekrat3oa srsM wsaN aotke to 1orrower as rrorlded b parsgrspb f1 Hereof sreclfylag: (1) ere Meaer; (2) ere aetba
rgair+ed b ewe seer M+eacr; (3) a da/e.~ ttwt less thaw 30 days trove ere date the aotke r wal3ei b Borrower. ~ wrkr seer
Meaer vast be cerrtd; sad (4) that hilere to care sash brreacw oe or before ere date sreeYed b the aotke way resarb b
seee4ratiee of the sews severed by efts MortsaRe. roreciosare br jadicW rrotteihrg sad sale of the Propcrtr. 'Itre wetice ,
stall tartrer iaforw •ortower of ere riRM to reiastate s/ter aecekratloa sad twe rlglrt b assert iw the rorteiosere psoetedbr~
ere sow-a:Hesse of a detaak or awy otter dercwse or >6orrower to acceferrfow swd roreelooare. it ere ireaer is sot caned oa
~ or odors ere date sreellied b ere aotke. Lewder at I.ewder's ortiow way declare si o[ ewe saws steered by tMs Morlg~e b be
iwartdiatety dee aed payable wNroef (artier demand and way torsclae this Mortgage y jaakW rrocsedia(t. Lender shap .
be eafWed to collect V seew rr+oetsdiag v espemes of foreclosure. iwcladiag. bat wet ~ b. rsaserraiie stt.xeet+'s fees.
sad costs of ioe`.wewtary eridceee, sbstracb awl tick repro.
I~. 1lorrowa's Ri~rt to Reinstate. NotwithstandinE Lenders acceleration of the scans secured by this M~rtsaje,
Borrower shall have the right to have any- proceedings begun t,y Lender to enforce this Mortgage discontinued at any time
j Pt:i'u~r ~1/ ~D~r1