HomeMy WebLinkAbout1435 • ,
Lender's written agreement or applicable law, Borrower shall pay the amount of all mortgage insurance pnmiurru in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7~ with igteTest 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 roquesting 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 pa~?rnatt of
interest at such rate would be contrary to applicable law, in which event such amounts shall be:r interest at the highest rate
permissit!e under applicable law. Nothing contained in this paragraph 7 shall require Lender to ittcw any expense or take
any action hereunder.
ff. Iws~ectiow. Lender 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 arch inspection specifying reasonable cause therefor related to I.ertder's
interest in the Property.
9. Cowdewrrartioa. The proceeds of any award m 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. arc hereby assigned
and shall be paid to Linder.
In the event of a total taking of the Properly. the proceeds shall be applied to the sums secured by this Mortgage.
with tht excess, i f Bray, r:ed to 8orresr•t. 1R the event of a panic! tilting of the Property, unless Bormw+er and Lender
otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proce~ais
u is equal to !hat 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 Bor:ower. or if. after notice by 1_ender to Borrower that the condemnor offers to make
an award or settle a claim for damages. Borrower tails to respond to Lender within 30 days after the date such rtotioe is
mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, either to testontion 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 shag 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.
10. Eorrawer Not Released. Extension of the time for payment or modification of amortization of the sums second
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 &rrrower's successor in interest. Linder shall not be rsquired to commence
proccedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sum
secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest.
Il. Forbearance r7' i.arrder Nof a Waiter. Any fnrhearance by Lender in exercising any right or renKdy hereueder, or
otherwise afforded by applicable law. shall tx~t be a waiver of or preclude the exercise of any such right or remedy.
Theprocurcment of insurance or the payment of vexes or other liens or charges by Lender shalt not be a waiver of Lender's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
- IL lteaaedies Ctnwrslatlte. All remedies provided in this Mortgage arc 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 suceessivety.
13. Swcepsors atsd Asstgws Heaved: Joint awes Several l.rsbitr; Captious. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inttrg to, the respective successors and assigns of Lender aqd Borrower.
subjeM to tlx provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several.
'ilre 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.
I4. Notke. 8xcept for any notice rrgttired 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 Tender as provided herein, and
(b) any notice to Lender shall he given by certified mail, return receipt requested, to [.endetts 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 bt deemed to have been given to Borrower or Lender when given in the manner designated herein.
lS. Utdforw Mortgage; Goverwiwg Law; SeverabNity. 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
veal property. This Martgagr shat! be governed by the law of the jurisdiction in which the Property is located. Tn the
event that any provision or clause of chic 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 effect without the conflicting provision. and to this
end the provisatu of the Mortgage and the Note are declared to be severable.
lsi. ltomuwer's Copt. Borrower shall be furnished a conformed cop}• of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17..Trawster of ire Property; Asaunrptiow. tf all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written consent. excluding (a) the creation of a lien or encumbrance subordinate to
this Mortgage, (b) the crcatton of a purchase money security interat 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 kasehdd interat of three yeah or less
not containing an option to purchase, Lender may, at Lender i option, declare .all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have waived such option to secelerate if. prior to the sale or transfer, Lender
and the person to whom the Property is a~ be cold or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the inter-ct payable on the sums secured by this Mortgage shall be at such rate ac Lender
shall request. If Lender has waived the option to accelerate provided in this paragraph l7, and if Borrower's successor in
interest has executed a written sssumption agreement accepted in writing by Lender. Lender shall release Borrower from all
oblyations under this Mortgage and the Notes
If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shalt provide a period of not less than 30 days from the date the notice is mailed within
which Borrower may pay the wms declared due. if Borrower fails to pay such arms prior to the expiration of such period,
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph lg hereof.
Note-UtvttTottst Govatvewrs. Borrower and Lender further covenant and agree as fdlaMS:
l0. Aecdentlvr. ResedleR Escept u'rarNed to !~!r 17 rtreer. talow sorrswda Meaei a< sq ~orewawt ar
agreew~eat of •errower d tY4 Mertgage, ire corewarMs to ftar view ewe aver awtws stcsrii b tits Morryptge. I.ew~er
F~ b accNetraliow sri avail wotiee 61onw?er u provMed M pragrapU i4 iaeot (1j be M+acr; (21 the wctiors
sstp:irta3 b tttre+t vest Mt>acr: (3) w dwle. wet less tfsart 30 days snow the dale tie wNkt Ice aalki b)Mrtrower. by viler swcr
Mead wtart rte cwnx awl N) that faYart b cue sirtr Mwer a or retore tit date s'eeliea r tit wotlce Tway resatt b
wea~deraliew at tic fast secwrsd b tries MorlgrtRe. ta~tebwre b jwakW pocee~wg awl sale et ire Pr+o'erfr. 'ibe wettee
Brant twttier iwtorw )sonwwer d tie riRY b reirstatt after wtceleeafbi awl tit rtgit b area N tit Mreclowrr Noetsitg
ire wow-r><idewee of w iefawN or aver firer defcwsc of Borrower to accekrsNow swi toreeiowre. N ire breaer Ice ¦ot ew~ei ow
or Ma<err tie dale s'eeffei r tit wolics. Lewder at l.ew/er's o/tiow tar declrt V a[ tit stawi silwtti b fltis 11lortpRe la tx
irweiialely dire awl pwraMe witbwt ttMrer demand awd way iateclote tYa Mer~agt h' jtrtlftitl pncsedla!!. Lender draN
be safidt/ b e~tet fir ewer pnetediwg ant ercpewsa of foreclosure. iwcrMiag. Mtt wit ¦rils! tla, rtraaewaiie sttxttry's ftes.
awl oMlseft ian.-wewhrr sdiewee, ardrsets std title repro.
leerowa's Rfgrt b Rtfadate. Notwithstanding Lender's accekratiort of the sums stcured by this Mortgage,
Borrawer shall have the right to have any proceedings begun by Lender to enforce this Monaage discontinued at any time
xx A f
B(NJK~~,U PaGE~4c~..~