HomeMy WebLinkAbout1150 . ~ ~
•
Lender's written agreement or applicable law_. Borrower shall pay the amount of all mortgsge insurance ptemitum 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 scented 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 dabursement at the rate payable from time to time on attatanding principal under the Note unless pa~rmatt of
interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rats
permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expwae or tats
any aMion hereunder. .
a. iwt~rectiow. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided
that Lender shall give Borrower naive pri.?r to any such inspection specifying reasonable cause therefor related to Leader's
interest in the Property.
9. Cowieaawatbw. The proceeds of any award or claim for damages, direct or consequential, in connection with any
condemnation or fiber taking of the Property, or part thereof, or for conveyance in lieu of cortdbmnation, are hereby assigned
and shall be paid to Lender.
In the evtrtt of s total taking of the t'raperty. the proceeds shall sx appticd to the s?:ms 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 egwl to that proportion which the amarnt of the sums secured by this Mortgage immediately prior to the date of `
taking burs 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 ProQerty is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor oRers to males
an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice b
mailed, Lender n authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the
,Property or t.~ the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extatd
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or changt the amount of
such installments.
lf). Isszr+ower Not Released. Extension of the time for paXment 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 Borrower's successors in interat. Lender shall not be required to commence
proceedings againrt such successor or refuse to extend time for payment or otherwise modify amortiution of the sums
secured by this Mortgage by reason of •rny demand made by the original Borrower and Borrower's successors in interest.
ll. Forbearance nr Leader Not a Waiver. Any fort+earance 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 Lender's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. Ressedies CruneTNbe. 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 corrcurrentty; independently or successively.
13. Swceeseoes awd AssfRas lioaad: Joint awl Several i.ia6r'Ulr; Caprices. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respective successors arrd sssigrrs of Lender and Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joir~ and several.
The captions' and headings of the paragraphs of this Mortgage art for convrnience only and are not to Ile used to
interpret or define the provisions hereof.
14. Notlee. Except for any notice required under applicable law to be given in another manner, (a) any notice to
Borrower ptoovided for in this Mortga¢e 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 naive to Tender a: provided herein, and
(b) any notice to Lender shall be 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 notice provided for in this
Mortgage shall be deemed to have been given to Borrower or Lender when givrn in the manner designated herein.
IS. Uwifsnw Mortgage: Goverwiwg Law: Sevcrat>ility. This form of mortgage combines uniform cvvenants for national
~ use and iron-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. Tn the
evrnt that any provision or clause of this Mortgage or the Note rnnflicts with applicable law. such conflict shalt not affect
other provisions of this Mortgage or the Note which can be given eBect witlwut the conflicting provision. and to this
end the provisions of the Mortgage and the Nae arc declared to be sevenbk.
l lf. •orrowec's Cory. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17..Trawsfer of tre Prorertr: Aswnrption. if all or any part of the Property or an interat therein is sold or transferred
by Borrower without Lender's prior written consent. excluding (a) the creation of a lien or encumbrance wbordinate to , _
this Mortgage. (b) the creation of a purchase money Security interest for hotnehold 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 interat of three years or less
rat 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 w••rived such option to accelerate if. prior to the sale a transfer. Lender
and the person to whom the Property is to be cold or transferred reach agreemrnt in writing that the crsdit of such person
is satisfactory to Lender and that the intcrc~ct payable on the sums secured by this Mortgage shall be at such rate ac Lender
shall rsgttat. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in
interat has executed a writecn assumption agreement accepted in writing by Lender. Lender shall release Borrower from all
obljgations under this Mortgage and the Nae.
Tf Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in :ccordancr with
paragraph 14 hereof. Such naive shall provide a period of not less than 30 days from the date the notice is mailed within
which Borrower may pay the came declared due. if Borrower fails to pay such cams prior to the expiration of Such period,
;t Lender may, without further notice or demand on Borrower. invoice any remedies permitted by paragraph 18 hereof.
K NoN-UNIFORM COVExANTS. Borrower and Lender further covenant and agree as follows:
lei. Atcekratlotx Reereifa. ILxeert • rroviied ` Ma[mrr 17 recent, throw loesrwes's ieeaer at say covenant K
agrsesaetit of lloerowetr b tits Moetgage. Ineraiiag ere covewaNs to tar when dire star tw»as sseseei b brie Malgagtr. Ferrier
r.ior b seeeksatlo. sit.ll.ail .otke to brrower a rro.iiei in pragearr 14 reeeot.retltrttag: (1) Ire newer: ere taetbw
~ epiei b ttte+s ewer reeae~ (3) • i1e. wet lac tram 30 Gays trorw ere isle fire Berke r teaiei N >teerwwer. IIr wrki ststi a
rtreaer worst k eersi; awl N) tltst fs>ihre b cwre ewer rreser a or retotrc ere late sreeiiei rr ere sorke war reswlt f•
stxdesRtlow o[ Ire Betas seeweei r7' Iris Moelgttge. tosectosare y r asi sale of ere th~orertr. 7Ue skillet
slat twelrer ietot~ >fortowet• of ire right b eeiasWt after acceleratiow awl ere right b atrtest i. ere toeetleasnt rroeeairtg
ere sow~e:ieleete at a tktawit or scar firer ttet~wse o1 lorrower b aeeeleratiee awl foerielocttet. N Ire 6teaelt is tat ewtei M ,
ar rdest ere iMe rrtclfiei t• ere sodee. Lesier at I.ewiers opiow war ieehre tart et Irk at~a ssetarei b Iris Meetga)pe b k
isasaeiia/ely ttwe awl raraMe s.itro.l ttarrher dewrand sad war fereeleee tYs Meet~aBe y jraieW rtweseirtR. leader dell
k etttNisi b coisd r Bed rnecediaB ta/ espcwses of forecloswte, iwetwirtg. net cast itwifei br teasowaYc sttorRev's fee.
atai eaNs a[ ioettweetarr et+iietaet, arsrrwtls awl tBk rtrorts.
lP. Ilees+awa's Rlght b Reiestatt. Notwithstanding Lenders acceleration of the scans secured by thts Mortgage,
Borrawer shall bave the right to have any proceedings begun by Lender to enforce this Mortpge discontinued at any time
s~ ~ 3~'fi pa~E X148