HomeMy WebLinkAbout2734 t., tai.
I_endei
s written agreerr~nt or applicable law. Borrower shall pay the amount of all mortgage Insurance premium: in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this par•graph 7. with interest thereon. shall becgmt: additional
indebtedness of Borrower second by this Mortgage. Unless Borrower and lender agree to other terms of payment, such
amounts shall be payable ttlx~n notice from I.cnder to Borrower requesting payment thereof. and shall bear interest from the
date of dicbttrsement at the rate payable from time t ,n outstanding principal under the Note unless payment of
interest at such rate would be contrary to applicable it~~~~ent 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 take
any action hereunder.
& Inspection. i.ender 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 Lender's
interest in the Property.
9. Cotsdemttatbn. The proceeds of any award or -shim for damages, direct or consequential, in rnnnection with any
condemnation or other taking of the Property. or paA 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 Ilse Property. the proceeds shall be applied to the sums second by this Mortgage,
with the excess. if any.-paid to Borrower. in the event of a partial taking of the Property, ttnlecc Borrower and Lender
otherwise agree in writinit, 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 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 date of taking, with 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 condemnor offers to make
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 is authorized to collect and apply the proceeds. at i.ender
s option, either to restoration or repair of the
Properly onto the sutra secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
or postpora the due dale of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Not Rekssed. Extension of the time for payment or modification of amortization of the cams secured
by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, t
the liability of the original Borrower and Borrowers successors in interest. Lender shall not bt: required to rnmmence
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'3 successors in interest.
11. Forbesraace by lender Not a waiver. Any forbearance by I_endcr 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 Lender's
right to accelerate the maturity of the indebtedness secured by chic Mortgage.
l2. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity. and may be exercised concurrently, independently or successively.
13. Successors and Asmara Bound: Jolt and Several i.iabBily; Captions. The covenants and agreements herein j
contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of i_ender 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 arc for convenience only and are not to be used to
interpret or define the provisions hereof.
14. Notice. 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 may designate by notice to fender as provided herein, and
(h) am- notice to Lender shall be given by certified mail. return receipt requested. to Lender c address stated herein or to
such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this +
Mortgage shall be deemed to have been given to Borrower or 1.cnder When given in the manner designated herein.
15. UnNornr Mortgage: Governing i.aw: Sererabifity. 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
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 chic Mortgage or the Note which can be given eSect without the .conflicting provision. and to this
end the provisions of the Mortgage and the Note arc declared to he severable.
16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of chic Mortgage at the time
of execution or after recordation hereof.
~ 17. Transfer of Ilse Property: Assumpt'wn. if all or an}- part of the Property or an interest therein is sold or transferred
by Borrower without Lenders prior written consent. excluding (a) 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 law upon the death of a joint tenant or (df the grant of any leasehold interest of three years or less
not containing an option to purchase. [.ender 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 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 such person
is satisfactory to Lender and that the interest payable on the sums secured by this Mortga a shall be at such rate as Lender
shall request. if Lender has waived the option to accelerate provided in this paragraph 1~, and if Borrower's successor in
interest hoc 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 penal of not Icss 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 1S hereof.
NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
la. Accekntbn; Reeredks. Farcept as prodded is psrrrRrspi 17 icrrof, upw >sorrowa's bract of any covenant or f
agreemeet of Eotrower M this Mortgage. iacledlnR Nte coreeaMs to Wy wbco due soy sass secured by tbb Morlgaee, Larder ;
prbr to acceleration sftall s>sil notice to Borrower as provided is puagrapb 14 tercet specifying: (1) the 6resci; (Z) tie action
required to care secs iresci; (3) a date. out less tban 30 days from the date tie notice b tnsBed to Borrower. by wbki stse6
breach most be cared: ant (4) fiat tailurc to care secs bread on or before tie date speclfed in tie notice rosy r~lt iA
accekratbn of tie stt~et. scented 6y rib Mortgage, torecbsure by judicial proceednnt and sale of tie Property. 'ttbe notice
siafl ruttier ietorm Sorrswa of tie right to reinstate aster aecekrstbw and tie right to assert h fire tortcloaee pnoea:dia;
tie taou-ezbtence of a ietaolt or any aNrer defense of Qorrower to accelerMion sad toreclostma it tie btesei b out erreed oa
or before tie date sPecltied bs the notice, II.eoder s1 I.eoder's option rosy dtcbe~e alt of the sews seettrei i9 tit Merge M be
imnKdhtdy due and Payable wltbut ttntier demand and ntay foreclose Ibis Mortgage il' judicial proceedfisg. lender stall
be aditled to eoNeet is set6 Proceeding all espeasa of toreciosute. itcludirtg, but sot limited to, reaaooable sttornays fees,
sad cosh of documentary evidence, abstracts and title report.
19. Iorrower's Riau to Reieaata Notwithstanding Lenders 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 say time
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