HomeMy WebLinkAbout1784 . ~ ~
Lender's written agreement or applicabk law, Borrower shall pay the amount of all mortgage insurance pttmiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7, with ,ipteSest thereon, shall become sdditional
indebtedness of Borrower xcured by this Mortgage. Unkss Borrower~and~'l.e(idarsagree to other ternns of payment. such
amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest fs+orn the
date of disbursement at the rate payahk from time to time on agstanding principal under the Note unkss pa`ytttent of
interest at such rate would be contrary to applicable law, in which event such arnotrnts shall bear interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall esquire Lender to incur any expetae or take
any action hereunder. •
S. Iwspectiow, i_ender may make or cause to be made reasonable ensiles upon and inspections of the Property. provided
that fender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Larder's
inttresl in the Property.
9. Conderrnatbn. The proceeds of any award or 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 Lender.
In the event of s told taking of the Property. tht prescerds chau 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
otherwix agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proeeetb
as is equal to that proportion which the amount of the sums xcttred by this Mortgate immediately prior to the date of
taking briars 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 matte
an award or settle a elairn for darrt~ges. Borrower talk to respond to 1_ender within 30 days after the date such nonce is
marled. Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of the
. Property or m 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 :he due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount o[
such installments.
10. iorrower Not Released. Extension of the time for payment or modiflcation of amortization of the sums secured
by this Mortgage granted by Lender to any successor in interest of Bormwtr shall not operate to release. in any manner.
the liability of the original Borrower and Btrrower s successors in interest- Lender shall not be required to commence
proceedings against such successor or refuse to extend time for payment or otherwix modify amortization of the sums
secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in intereu.
11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy htretmder, 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 payt;,..nt 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. Rewredks Corataftre. All remedies provided in this Mortgage are distinct and cumulative to any other right or
rcmsdy under this Mortgage or afforded by law or equity, and may be exercixd concurrently, independently or successively.
' 13. Ssecessoss aced Assigrs Bound; .Joint and Several i.iabAily; Captions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender attd 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 tfte paragraphs of this Mortgage arc for convenience only and art not to be used to
interpret or define the provisions herrnf.
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 lender 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 yr Lender when given in the manner designated heron.
IS. Uniform Mortgage; Govcrnitsg Lave; SeverabBity. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security irutrument 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 clattx of this Mortgage or the Note conflicts with applicable law. such conflict shag not affect
other provisions of this Mortgage or the Nnte which can be given effect without the conflicting provision, and to this
end the provisions of the Mortgage and the Note are declared to be severable.
16. 13orrowrr's Copy. Borrower shall be furnished a conformed cop}• of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17..Tranasfer of ere Property: Assamptiow. 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 (al the oration of a lien or encumbrance subordinate to
this Mortgage. (b) the crcaUon of a purchase money security interest for houxhold 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, Ler?der 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 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 Mortgage shall be at such rate ac Lender
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 assumption agreement accepted in writing by Lender, Lender shag release Borrower from all
oblijations 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 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 tails to pay such stems prior to the expiration of such period.
Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1R hereof.
Mort-Unrtostt?t Covt=_rtertTS. Borrower and Lender further covenant and agree as follows:
li. Acceler~ Rem. E:ceps as provWed i• pragrapr 17 ras~o% epee Ifiorrowa's teasel of any coveaawt ar
agreer~t of I:orr+ower 1rs trh Man=age, inefrdiag ere coeraras to py whet dre sac stews scerrsi y tit Mortgage. i.asitr
prbr b aerekrMior seal wW aotke to )3orrower as provided i• pr;raplt 14 fKreot speeKykg: (1) fire ftreacr; (>0 the ~etiars
respired b ern a.er irsacb; (3) • doh, not less than 36 days crow ere daft ere notke r rayed b >Nrr~awes. by wrier suet
rreaer wet re erred; a.d (4) teat hBrrn fo care .rrer breacr o. sr retore trc date geciied V ere aakc way resets r
aeeelerafiesr at ere snap secured by trk Moripge. foreciosrrc b jtbicW proesediag awd sale of ere Property. 'IUe wotke
scar trrfrer iwforr Borrower et ere rylrt b reisrstate after accsleratior swi tee right b avert ita ere tonecfewre prooeedltrg
ere aoMCxWesce of • iefsrk of any otter defcrose of Borrower to accekratbw and forrcloasrre. N the trreaer b cwt erred ors
or 6efere ere dark speeiBad it ere notice. Leader at Lender's opiort stay declare d d ere trrass seerrsd r!' this Mort;ttge b be
twrrdiacely doe and pysrk witrotrt tartrer den+and and ntay forcclae sets Mortgage b jrdkW proceedirR. Lender daM
be afitled to collect i. s»cr proceeding V expeasa of toreclosrte~ inclr8fag. ref ref fWtad b, rr!rorslis sttxnrr's fees.
atad eoa4 d ioe.~tsesrtary evideree, afbatract awd tkk report.
1!. >/o~nowa's Rijn to Reistate. Notwithstanding Lenders st:cekration of the sums secured by thi• Mortgags.
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage dixontinued at any time
a~K~~s P~E~~sz