HomeMy WebLinkAbout2974 •
.:K ~ ~
Lenders written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums 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 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 requesting payment thereof, and shall bear interest from the
data of disbursement at the rate payable from limb to lttne.a:Z-Ltutst3(Iding principal under the Note unletES ~lyment of
interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest et the highest ?ate
permissible under applicable law. Nothing conl~ii~ed in this paragraph 7 shall require Lender to incuf any expense or take
any action hereunder. ~ ,
8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property,
provided that Lender shalt give Borrower notice prior to any such inspection specifying reasonable cause t _ br related to
Lenders interest in the Property.
9. Condemnation. The proceeds of any award or claim for damages. direct or consequential, in con lion with any
condemnation or other taking of the Property, or part thereotr or for cottxeyance in lieu of ~ortdemnation, hereby assigned
and shall be paid to Lender. •
In the event of a total taking of the Property, the proc~ils sti~M~b@'appUeq~tdltiA sums secured bythis~Mortgage.
with the excess, ii any paid to Borrower. In the event bf a partial taking of the Property unless Borrower and Lender
otherwise agree in writing, there shall be applied to the sums seCU~ed by this Mortgage,sueh proportion of the proceeds
as is equal to that 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 the Borrower.
~Iktl~'Pfoperty is abandoned by Borrower, or it, i~t'9r notice by Lender to Borrower that the condemns offers to make
an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice is
mailed. Lender is authorized to collect and appy the proceeds, at Lenders option, either to restoraiiogyor 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.
1 O. Borrower Not Released: 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 release, in any manner,
the liability of the original Borrower and Borrowers successors in interest Lender shall not be required to commence
proceedings against-such successor or refuse to extend time for payment or otherwise modify amortization of the sums
sect)rfed 6y?Mb Mtirtg~i't~e{haft Elf ai1~ltl~irfanb madt>kby!thle'ori#rjaj B~r?dviier and Borrower's successors in interest.
11. Forbearance by Bender Nota Waiver. Any forbearance 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 Lenders
right to accelerate the maturity of the indebtedness secured by this Mortgage.
1 Z. Remedies Cumulative. All remedies provided in this Mortgage are distinct and)Lir~nu~at+~e to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively.
13. Successors and Assigns Bound; Joint and Several Llablllty; Captions. The covenants and agreements
herein contained shall bind. and the rights hereunder shat) inure to, the respective successors and assigns of
Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be
joint and several. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not to be
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 Mortgage shall be given by mailing such notice by certified mail addressed b Borrower at
the Property Address or at such other address as Borrower mayj~;rjgpat~ by ggy~to Lender as provided herein, and
(b) any notice to Lender shall be giverE by certified mail, return reCerp request o Lenders address stated herein or to
such other address as Lender may designate by notice to Borrower as proVided~herein.~/tny notice provided for in this
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
15. Uniform Mortgage; Governing Law; Ssverobllity. i;fj'i>; Ib~irlt rtliirtg8$e.'cbrnbines uniform covenants for
national use and non-uniform covenants with limited variations by jurisdiction to constitute a unibrm security instrument
covering reafproperty. The State and local laws applicable to this Mortgage shall be the laws of the'jurisd+ction in which
the~Property +s located. The foregoing sentence shall not limit the applicability of federal law to th+s mortgage. in the event
that any provision or clause of this Mortgage o! 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 conflict+ng prov+sion. and to th+s end the
provisions of the Mortgage and the Note are declared to be severable.
16.Borrowers Copy. Borrower shallpe furnished a conformed copy of the Note and of this Mortgage at-the time
of execution or after recordation hereof.
17. Tansfer of the Property; Assumption. tf alt or any part of the Propertyoran interest therein is sold or transferred
by Borrower-without !,enders prior written consent, excluding the creation of a lien or encumbrance subordinate 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 !aw 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 rAay, 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 acceleratd'K)ifiUrto the~saleortrarrsfer;~tender
and the person to whom the Property is to be sold 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 shalt be at such 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.
It Lender exercises. such option to accelerate, LertKier shat) mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shat) provide a period of not less that 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower tails to pay such sums prior to the expiation of such period,
Lender may, without further notice or demand on Borrower, invoke any remedies pemnitted by paragraph 18 hereof.
NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as bllows:
18. Acceleration; Remedies. Except as provided In psragnph 17 heroof, upon Borrowers breach of any
covenant or agrNment of Borrower in this M Includlrw the covenants to psy when due sny sums secured
by this Mortgage, Lender prior to accsleratton hall mall notice to Borrower as pravlded In paragraph 14 hereof
specHying: (1) the broach; (2) the action requMed to can such breach; (3) s date, not less than 30 dsys from the
date the notice is mailed to Borrower, by which such broach must be cued; and (4j that fatluro to curo such breach
on or before the date specified in the notice may rosuk In accNerstlon of the sums secured by this Mortgsge,
foreclosure byJudtclal procNding and sale of tha Property. The notice shall further Inform 8orrowerof the right to
rolnstate aRer acceleration and the right to assertln the foreclosure procsjedlnp the non-exlsbnce of a default or
.any other d:t:ns: of 8ornower to acceisration end torectasun. if the breach Is not cared on ar before the date
specified in the no'tlcR, Lender at !.enders option may declare ap:otth~ suing securod by this Mortgage to be
Immediately due and payable without further cllema~nd and may, foncloss this Mortgage by judicial proceeding. - -
Lendershall beentitled tocollect Insuch proceeding all expenses of foreclosuro, Including, but not limited to,
roasonable attorney's tees, and costs of documentary evidence, abstracts and tiffs sports.
19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of-the sums secured by this Mortgage.
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discont+nued at any time
L~26 P~~