HomeMy WebLinkAbout1903 Lender's written agreement or applicable law. Borrower shall pay the amoutlT~~2KMbrtga~~ce premllr~s in the
manner provided under paragraph 2 hereof.
Any amounts 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 outstanding principal under the Note unless payment of
interest al such rate wouidbe contrary to applicable law, in which event such amounts shall bear interest at the highest rate
permissible urxter applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder,
8. Inspeetlon: Lender may make or cause to be made reasonable entries upon and inspections of the Property,
provided that Lendershall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to
Lender's interest in the Property.
9. Condemnation. 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, hereby assigned
and shalt be paid to Lender.
In the event of a total taking of the Property, the proceeds shall-bA applied to the sums securer) 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 b_ y lhjs,AAortgage such propprtjo~n of the proceeds
as is equal to that proportion which the amount of the sums secured by this Ntiortgage imrt~ediat prior to tha date bt
taking bears to the fair market value of the Property immediatey prior to the date of taking, with the balance of the proceeds
paid to the Borrower.
"+~ititfe'Pt+oherty is abandoned by Borrower, or it, after notice by Lende? to Borrower that the condemnor otters to make
an award or settle a claim for damages. Borrower tails 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, either to restq ti4 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.
1 O. Borrower 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 Borrowers successors in interest. Lender shall not tie required to commence
proceedings against such successor or refuse to extend time for payment or otherwise modity amortization of the sums
secut8d b~tliis 6Aohg9~e btRr~sCtr~Ol afiykibt~lrld made by~t2tkbriginal Borrower and Borrowers successors in interest. -
t 1. Forbearance by lender Not a Waiver. 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 Lenders -
right to accelerat8 the maturity of the indebtedness secured by this Mortgage.
12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and`~u1Mi(atlve to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively.
13. Successor and Assigns Bound; Joint and Several LfabiNty; Captions. The covenants and agreements
" a:^ .'i^y!:!8 Isorn~,~n~inr chaff ir11RP to, the respective successors and assigns of
nere~i~ GUIllitif~G4] ~itgn ?,n~w, a~iv v '
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 this Mortgage are for covariance only and are not to be
used to interpret or define the provisions hereof.
14. Natlp. 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 certified mail addressed to Borrower at
the Property Address or at such other address as Borrower m~~gyj t~. ~(~Qdice to Lender as provided herein, and
(b) any notice to Lender shalt be given by cer(ified mail, return reCeipl`)utted,-'t0 Lenders address stated herein or to
such other ac'ldress as Lender may'designate by notice to Borrolgrerds providgd:herein. ~griy notice provided far in this
Mortgage shall be deemed to have been given to Borrower or Lentlel•~nrh8n given in the manner designated herein.
15. Uniform Mortgage; (ioveming Law; Sevsrabllttyi It~pjmjq)t,~grtgage combines uniform covenants for
national Lae and neirrunjforrr covenants with limited variations by junsdictit~ntbconstitute a'u1i16rir'i 9ecu'Fity instrument
covering read properly. The state and.local laws appticabte to this Mortgage shell be the fi3wsr~ot theyurisdiction in which
the Property is located. The foregoing sentence shall not limit the applicat9ility of federal 4ew to this mortgage. In the event
that any provision or clause of this Mortgage or the Nate conlticis with applicable law. such conflict shag not affect other
provisions 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 are declared to be severable.
16. Borrowers 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. Transfer of the Property; Assumption. It all or any part of the Property or an mteresl therein is sold or transferred
by Borrower without Lenders prior written consent, excluding (2a 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 devise.
descent or by operation of taw upon the death of a joint tenant or(d) the grant of any leasehold interest of three years or less
not containing art option to purchase. Lender may, at Lender's option, declare alt the sums secured by this Mortgage to be
immediately due and payable. Lender shat) have waived such option to accelerate.~fi[ior to the sale-or transfer. Lender
and the person to wtwm the Property is to be sold or transferred reach agreement in writing that the credit of such person
is satisfactory to Lenderand that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
shall request !f Lender has waived the option to accelerate provided in this paragraph 17, and it Borrowers 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 mat! Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of not less that 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 18 hereof.
NON-UNIFORM COVENANTS. Borrower and lender further covenant and agree as follows: -
18. Acceleration; Remedies. Except as provided In paragraph 17 hereof, upon Borrowers breach of any
covenan! oragrsement of 8ot~rawir In this Mortgage, Includlnfa the covenantsto psy when due any sums secured
by this MoRSa>t~. Lender prMr fro accelaratloh shall mall notice to Borrovwr ss provided In paragraph 14 hereof
specifying: (1) the breach; (2) the action required to can such breach; (3) a date, not leas than 30 days from the
date the notice Is mailed to Borrower, by which such breach mus! be cured; and (4) that fallu» to cu» such breach
on or befo» the dste specffled In the notice msy tnssutt In sccele»tlon of the sums secured. by this Mortgage,
foreclosure by judicial proceeding and sai9of the Property: The notice shall further Inform Borrowerof the rlghtto
»Instate of ter acceleration and the right to assert to the tonciosu» proceeding the non-existence of a dehult or
any other defense of Borrower to acceleration and toreClosu». It the beach Is not cured on or beto» the date
specified In the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be
Immediately due and payabN without further demand and may foreclose this Mortgage by Judlctal proceeding.
Lender shall be •Mttled to collect to such proceeding all expenses of fo»closu», Including, but not Itmlted to, '
»asonable attorney's tees, and costs of documentary evidence, abstracts and title reports.
19. Borrowers Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have any proceedings t~egun by Lender to enforce this Mortgage discontinued at any time
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