HomeMy WebLinkAbout1804 j t ,
Lender's written agreement or applicabk law. Borrower shall pay the amount of 3!! mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amounts disburse) by lender pursuant to this pica aph~ 7. Mritr ,interest thereon, shall become additional
indebtedness of Born~wer xcured by this Mortgage. Unless Bot~wer alt~'t_eittler agree to other terms of payment, such
amounts shall be payable upon natice from Lender to Borrower requiting payment thereof, and shall bear interest from the
date of disbursement at the rate payable from time to time an outstanding principal under the Note unless pa}imatt of
interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate
permissible under applicabk law. Nothing contained in this paragraph 7 shall require i.ender to incur any expetne or take
any action hereunder.
8. Isspectiow. 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 such inspection specifying reasonable cause therefor related to I.ettdets
interest in the Property.
9. Condemnation. The proceeds of any award or claim for damages. direct or consequential, in connection with any
condemnation or dher taking of the Property. or part therrnf, ar far conveyance in lieu of condemnation, are hereby assi8med
and shall be paid to Lender.
In the event of a total taking of the Property. the proceeds chill be applied to the sums secured by this Mortga8e.
with the excess, if any. paid to Borrower. In the event of a partial taking of the Property, unless Rerrower and Lender
otherwise agree in writing. (here shall be applied to the sums secured by this Mortgage such proportion of the proceeds
as is equal to that propartion which the amaint of the sums secured by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Property immediately priar to the date of taking, with the balance of the proceeds
paid to Borrower.
If the Praperty is abandoned by Bor:ower. or if. after notice by Lender to Borrower that the condemnor otters to mate
an award or xttle a claim far damages. Borrawer fails 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 restoration 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 shall 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. Eorrowrer Not Released. Extension of the time for payment or modification of amortisation of the sutras sexttted
by this vfortgage 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 &?rrower c successors in interest. Lender shall not be required to commence
proceedings against such successor or refuse to emend 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.
1 i. Forbearance by Lender Not a Waiver. Any farl+earance by lender in exercising any right or remedy hereunder. or
otherwise afforded by applicable law. shall not be a waiter 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. Remedies CwmnhNi~e. All remedies pa~vided 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 concurrrntly. independently or successively.
' 13. Swecessors and Asaigws )sound; .Joist sad Several i.iwbBity; Captions. The covenants and agreements herein
contained shall hind, and the rights hereunder shall inutr~ to. the respective successors and assigns of Lender sled Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several.
The captions and headings of the paragraphs of this Mortgage arc. for convenience only and are not to ik 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 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 notice to Tender as provided herein, and
j (b) any notice to Lender shall ht a _n by certified maiC return receipt requested. to Lender's address statt:d hercir. or to
such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
~ Mortgage shall he deemed to have been given to Borrower or Lender when given in the manner desiErtated heron.
1S. Uniform Mortgage; Goverming Law; Severability. This form of mortgage combines uatiform 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 pravision or clause of this Mortgage or the Note conflicts with applicabk law, such conflict shall not affect
other provisions of this Mortgage or the Nate which can be given effect without the conflicting provision. and to this
end the provisions of the Mortgage and the Nate are Declared to be severable.
16. lsorroaer's Copy. Borrower shall be furnished a conformed cop)' of the Note and of this Mortgage at the time
of exutttion or after recordation hereof.
17: ,Trawsfer of the Property: A~ttmptios. Tf all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written conxnt. excluding (a) the creation of a lien .or encumbrance subordinate to
this Mortgage. (b) the creatian of a purchase money security interest (or 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 apiion to purchase, Lender may. at Lender s option, declare all the sutras secured by this Martgage 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 co1J 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 :arch rate as Lender
shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in
interest has 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
puagraph 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 fails to pay such :arms prior to the expiation of such period,
Lender may, without further notice or demand on Borrower. invoke any remedies permitted by parttaraph IR hereof.
Norr-UNIFOant CovErtertTS. Borrower and Lender further covenant and agree as folk+sn:
18. Accdentbr ^erwedks. Except s provided is pragraph 17 Hereof. t*os )dorrevttls breacY of ttwy eovewwwt K
alretrwewt of Eerrewsr in this Me:t~e. Iwtisdirtg the covenants to !w1 wsitw doe awy strums seewrrtl ~ reds Mortgage' Ltiwtier
prrior to seeeierwttow sisll rwaY wotke to oorrowcr u provideA Is praBrwpH 14 Hereof speeitylwgs (1) tHt brewcH: (Zl the sctisw
regtrlred to cwre strcH Hreacb; (3) w date, woe less straw 3A days trorw the date the notice r wswiietl M ¦errewer. H7' wHkH swclt
6rteaeH newt bt: ettrretl; and (4) tHat twilnre to creme atrcH ttretucH a or ltetore the daft geelfiea V the wotkt erase reset b
wecekrNiow of tHtr sums :steed tq tHis MortgttRe. ferecbwrtr Hy jwdieisl proeeedMS awes awte of eHt Preperty. THe wstke ,
sHaM fwrtHer iwfotnw lsorrewer of the riRHt to reirMste triter acceleratiow awes the right to ttsscrt M the fortxlowrt ptroees~wg
the wow~txWewce at w tiefawM or ssty other tlefttase of Qorrowtr to wccekrwtiow awes fortelowre. H the briarH r tat t•t~ tree
a before tMe sate geeiieti r the wotice. Lewder at f.ewd+er's optiow way tleclse v of the strews seetuer b tW MwtgaRe N k
iwrwedistely dwe awd pyabie witbod twrtHer dernanA and trtay tmtrclost reels Mtrr~age y7' jwtiicW proeee~nR. Lender sH»ti
bs ewddeti to collect d sncH procesdiwg d espetrses of forcclossre. hclwdirtg. there wd t~tkttg tee reaswwwiltr >rtt•NSeYs fees.
erred costs d doct:!wewtary eridcwce, abstracb ttttti title repels.
19. lbrrowa's RIgHt to Reirtate. Natwithstanding Lenders acceleration of the sums secut+ed by this Morigttge,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
alp" 32J ~~18a2