HomeMy WebLinkAbout0597 Lender's written agreeaaeat or :yw~l.~: Borrowet?tiiF pay the amount of au mortgage inauraaoe praaiuaa in the
tnatmer provided under paragraph 2 hereof.
Any amounb disbursed by Leader pursuant to this paragraph 7, with interest iheteon, ahrtri become addiiioaal
indebtedue:s of Borrower secured by this Mortgage. Urtkss Borrower and Lendec ague to other trine of payment; such
amounb :halt be payable upon notice from LendK to. Borrower roquesting payment thereof. sad shall bear interest from the
date of dbburseatdtt at the rate payable from brae to time on oubtandMg principal under the Note unlea payment o!
Intetast at such rate would be contrary to applicable lavr, in which event such attnatab shall bear iater+at at the bigltat rate
permissible under applicable law. Nothing contained in Chia paragraph 7 :hall require lender to incur any expense of take
any action heswtoder.
a. • Fader may make or cause to be made reasonable entries upon and inspections of the Property, provided
that Lender shag give Borrowm notice prior to say auclt irt~ection specifying reasonable cause therefor elated to I.ender'a
interest in the
4. !".aMewt,Nloa,'Tbe proceeds of say award or claim for damages, direct or consequential. in connection with say
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 o[ a total taking of the Property. the proceeds shad be applied to the sums secured by this Mortgage,
with the ezass. if say, paid to mower. In the event of :partial taking of the Property. unless Borrower and Leorkr
otherwise agroe in:~rlit~ihall be applied to the sums aecur+ed by this Mortgage such proportion of the proceeds
as is equal to that ~}ttoo~~o tch the amount of the sums secured by this Mortgage immediately prior to the date of
taldag bears to the fair market vahre of the Property imrrtodiatety prior to the date of taking, whh the balance of the proceeds
paid to Borrower.
If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the oondeanoot offers ro malro
an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is
mailed. Lender h authorized to oollaK and apply the Proceeds, at Lender's option. either to restoration or repair of the
Property w to the sums secured by this Mortpge.
Unless Lender and Borrower otherwise agroe in writing. any wch application of proceeds to principal shall not extend
or postpone the due date of the monthly installments referred to in paragraphs 1 end 2 hereof or change the amount of
such insWlmenb.
10. Borrower Not Rdarel. Extension of the time for payment or modification of annortization of the sums secured
by this Mortgage granted by Lender to any suooasor in interest of Borr+awer shall not operate to ukase. in any manner.
the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to ~natrsaa
Proceedings against such successor or refuse to extend time.- for payment or otherwise modify arrrortiiation of the sans
secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest.
!l. Forieararace b Leader Not a Wadver. 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 rite exercise of any such right or remedy.
The procurement of insurance or the payment of taxes or other bens or charges by Lender shag not be a waiver of Leader's
right to aooekrate the maturity of the indebtedrrer secured by this Mortgage.
12. Reasedies Ca¦srarhtlve. All remedies provided in this Mortgage are ditinct and cumulative tD any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurr+artly, independently or successively.
13. 9aeoeasots arsi Asdpa Bowl; Jobrt aui 3everai i3abi114; Capdoes. The covenants arrd agr~eerreeats betels
contained shalt bind and the b hereunder shad inure to, the rsspective suc~son sad assigns of Lender and Borrower,
subject to the provisions of paragraph 17 hereof. All covenants and agrearieots of Borrower shall be joint wd several.
The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to
interpret or define the provisions hereof.
14. Notict. 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 certitkd mail addressed to Borrower at
tlse Property Address or at such other address as Borrower may designate by notice to Lender as providod herein, and
(b) any notice to Lender shall be given by certified mail. return receipt requested. to Lenders 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.
iS. Uaiforrn Mortgage; Goveswbg Law; 5everat>Wty, This form of mortgage rnmbine: uniform covenants for national
use and ran-uniform covenants with limited variations by jurisdiction to constitute a uniform sxurity 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 applicable law, such conflict shall not affect
other provisions of this Mortgage or the Note which can be given effort without the conflicting provision. and to this
end the provisions of the Mortgage and the Note are declared to be severable.
K. Botreh?srs 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. 'ilraasfer of tie lropetty; Assumption. If all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prat written consent, excluding (a) the cr+estion of a lien or encumbrance subordinate to
this Mortgage, (b) the creation of a purchase money security interat for_ household appliances, (c) s transfer by devise.
descent or by operation of law upon the death of a joint tenant or (d) 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 the Mortgage to be
immediately due and payable. Lender shall have waived such option to aoxterate if, prior to the sale or trans[er. Lender
and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the inter+at payable on the sums secured by this Mortgage shall be at such me as Lender
shall request. If Leader has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
interest has executed a written assumption agreement adapted in writing by Lender. Lender shalt release Borrower fran all
obligations under this Mortgage and the Note.
If Lender exercises such option to acxekrate. Lender shall mail Borrower notice of aceekntion in aoeor+danoe with
paragraph 14 hereof. Such antics 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 18 hereof.
NoK•Urrrt~oar~t trovex~u~rrs. Borrower and Lender further covenant and agree as follows:
ig. Aecdasliow; Retells. t~eept sus provYei ` ~apr 17 tur+eof, e*on 1Krrawee'e tireaels o[ Ml' eoveart K
agneerrseat of tenvwer ~ [hie Mertgngr:, indeii~ dse eoresmMs to tom' wlres titre aws? wr saerrs+ei y iris Mosfpgt, Lswietr
MiK M aecdesalion aiaH trsait Mute Is borrower ar proddel b peeagrapis 14 taaeet apecitl~ (l)ire Neatly ire aelkw
regnirei fs esrre sect Mwely (3) a daiq sot Ives ttian 3t iqs tr+orra tie late hie notice is mdei M Berre?wK, ry wYd wet
bract ant 6e enr+el; ari 11`at tainr+c a csra wet iKeser ow K idore Qre Labe apeeldei L ire t.sfietl :twit
sc~cdatitlew o[ t1e weue ieewnel i7' tits MKtgsgw hredosrrre b }lielal proceelirrg awl sale et the testarty. '!tie Mike
sia~ ttirstiar infKrn Baerriwer of ire risrt Is r~eiaeeaM after aceekrsfiow awl ire right M arrest b tie toneMswrr ps~,asirrg
w0i?lx~lfa!! ~ a ietsnit K aq oiler idenee of Borrower M sttllers~tiew ari foreefoeare. H t1,e tl[ptr ~ Mb ear~si N
K ltefose ire tale speciiei V ire notlee. I.esler at Lenlae's e}tiew ray latlare v of ire woes eecsrsrl r7' ills Mec~age br M
~abeb ire and prrrabie wMiorst Csrrt4r ieaani awl +rdq? tesedese tti Merigs~ 4 ~'r1 pe'a~eea>f¦g. ><wwisr stsait
be awtlAsl bs eoieet r wcr peoeeelt¦g ai e~aass e[ toracloees~e, ir>taitas, rrat Mt tlaaltai be, treaNtiaMs atteaM~a ter,
awl east et leawrserMary eviiewee, afletraebs awl tlMe sgorbr.
i!. Ifeerowa~'s tittgrf h Reiatale. NotwltMtandnrg [.ender': aoakration of the soots scarred by ttris M
Borrower shall have the right to have any proceediap begun by Lender to eaforoe this Mortgage discontinued at anytt'me
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