HomeMy WebLinkAbout0209 ~ ? a
Lender's written agreement or applicabk law. Borrower shall pay the amount of ali mongage inwran~ premiurru in the -
manngr provided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
indtbtedntss of Borrower secured by this Mortgage. Unless Borrower and l.~t~ >lgrE! ~b Luther terms of payment. such
amounts shall be payahk upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the
date of disbursement at the rate payahk from time to time on aitatanding principal under the Note unless pa'ytrtetrt of
interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate
permissibk under applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur any expctne or take
any action hereunder.
S. Iwspecfiow. Lender may make or cause to be made rcasonabk entries upon and inspections of the Property. provided
that Lender shall give Borrower notice prior to any such inspection specifying rcasonabk cause therefor related to Lender's
interest in the Property. _
9. Cowdemnatbw. The proceeds of any award or claim for damages, direct or consequential, in connection with any
condemnation ar ocher taking of the Property, or part thereof, c+r for conveyance in lieu of condemnation, art hereby assigned
and shall be paid to Lender.
In the event of a total taking of the Property, the pra:eeds shall he 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 amount of the same secured by this Mortgaie immediately prior to the date of
taking tzars 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 ahandoned by Bor:ewer, ar if. after notice by Lender to Borrower that the condemnor oRers to make
an award or settle a claim far damages, Borrower fails to respond to Lender 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 ratoration or repair of tlae
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 1 and 2 hereof or change the amount o[ .
such installments. -
10. Borrower Nof Rekstsed. 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 rcksse, in any manner.
the liability of the original Borrower and Borrower
c successors in interest. Lender shall not be required to Commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortiution of the sums
secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest.
11. Fo'bearawce rl Lender Not a Wdver. Any forbearance by Lender in exercising any right or remedy heretmder, or
otherwise. afforded by applicablt law, shall not be a waiver of or preclude the exercise of any such right or rdnedy.
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 indehtedness secured by this Mortgage.
12. Remedies CsanuWivt. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage ar afforded by law or equity, and may be exercised concurrently, independently or successively.
' 13. Swecessors awd AssiRws bound: Joint gad Several t3st~ty; Captions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender grad Bot•rower,
subject to the provisions of paragraj~lr 17 hereof. Atl covenants and agreements of Borrower shall be jetty and several.
The captions' and headings of the paragraphs of this Mortgage arc for convenience only and arc not to lk used to
interpret or define the provisions hereof,
11. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to
Borrower pt;+ovided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such dher address as Borrower may designate by notice to i.ender as provtded herein, and
(b) any notice to Lender shall Ix given by certified mail. return receipt requested. to Lender's address stated herein or to
such other address as Lender may designate by notice to Borrower as provided herein. Any notict provided for in this
Mortgage shalt be deerned~to have been given to Borrower or Lender when given in the manner designated herein.
lS. Uniform Mortgsge: Governing Law: Se•erability. 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 locaitd. 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 attest without the conflicting provision, and to this
end the provisions of the Mortgage and the Note arc declared to lx severable.
16. borrower's Copy. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the tune
of execution or after recordation hereof.
17..7'ransttr of ere heperty: Assonrplion. if all or any part of the Property or an interest therein a sold or transferred
by Borrower without Lender's prior writrrn consent. excluding (al the creation of a lien or encumbrance wbordinatt 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 (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 accelerate if, prior to the sale or transfer, Lender
and the person to whom the Property is to be cold or transferred teach 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 `s
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 aswmption agreement accepted in writing by Lender. Lender shall release Borrower Pram all a
oblisations under this Mortgage and the Note.
If Lender exercises -such option to accelerate. Lender shall mail Borrower notice of accekntion in accordance with
paragraph 14 hereof. Such notice shall provide a period of not las than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower fails to pay arch u~ms prior to the expiration of such period,
Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof.
Nor+•UwtFOttat Cover,~r,rs. Borrower and Lender further covenant and agree as follows:
lg. Accdtratiow; Rewrediss. Ettre*t w lrovlied i• pragraplr 17 tierrot. t*oa borrewer's Ibreaci d ttwy ceverunt K
agrtawewt of >torrower br tics Mortgage, b~clwdirtg tie torewswts to py witty dire sexy stows stewrsi i!' drts Mortgage. I.esitr
prior b aeeekrwtlots sin/ rwail wotbce to lsorrewer ss rrovfiei iw pra0rapr t1 iertd s*ecY~z (1) ere tlreaci: (21 ere wallow
rtgwirei b ewe strci trreaci; (3) s cute. wet las traw 3o daps trerw ere cafe ere wofkt b twaBai /s Ilenvwer. b wild seer
tMeaelr mwrt be esrsd: sari N) flat taNwre to core strei ttirescr ow ar retore tie date spelOsi L tM wofke Wray res>tlt
wcrekrdiow d ere aw¦rs seew+ei by rib Mortgage. toreeioswre 11y jwdkW preeesdlrtg awi sale d the hoperty. 71re wotica
drat testier idorwt lwrowtr d tie riRM to reinstate attar sccekrMbw and the right b assert iw tie toreclewa psoeeedrrg
tie wow~e:Hawse d a ietawk or awy dAer retewse of Borrower to accekratiow awd toreclowie. K tit t~rraelr b wet estrei ow
or Retort fit isle sptcliti i• the wotke. Lewder at i.twier's optiow ssa3• dtelare ati d tie store strewed I?y rib MatRaRe to be -
iwrweir/ety iwe sett pra6te witiowt trartlser demand and twat' torsclose rib Mortpbt Iq j.iici.l prretedfa8. Leader drag
llwe tttMdei is eerset L swci proeteiiag ski a:pewees of forecloswrt. iwclw~hg. rwf war Bwtiletl M, rsasaraifc sftnrrrev's fees.
asri eas4 d ioea-~ewtarr triiewce. arstrscb aai title rcprb.
1!. •onewa's Rlgit to Reisrtatt. NMwithstanding Lenders sccekration of the sums secured by thr_ Mortgage,
Borrower shall have the right to have any proceedings tregun by Lender to enforce this Mortgage discontinued at any time
BUSK PacE