HomeMy WebLinkAbout0286 lender i written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums rn the
manner provided under paragraph 2 hereof. , t
Any amounts disbursed by I.cnJer pursuant to this paragraph 7, with interest thereon, shall become additional
in~kbtedncss of Borrower secured by this Mortgage. Unless Borrower and 1_cnder 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 disbursement at the etc payable from time to time on artatanding principal under the Note unless pa}rrrterrt of
interest at such rate would be contrary to applicable law, in which R:veM suet) amounts shall bear interest at the highest me
pertnissibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder.
g. Taspectioa. 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 Lender's
interest in the Property.
9. Cowdewwatbn. The proceeds of any award or claim for damages, dircet or consequential, in rnnnoction with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned
and shall be paid to I~nder.
In the event of a total taking of the Property. the proceeds shall be 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
otherwise agree in writing. there shall Ix applied to the sums secrrrr:d by this Mortgage such 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 Progeny 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 offer to make
an award or settle a claim for damages, Borrower fails to respond to 1_ender within 30 days otter the date such trotirx is
mailed, Lender is authorized to collect and apply the proceeds, at i.ender i option, either to restoration or repair of the
Properly 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.
lA. lilorrower Not Released. Extension of the time for payment or modification of amortiution of the sutra sound
by this Mortgage gnntery by 1_ender to any successor in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Be?rrower'c successors in interest. Lender shall not be required to commence
proceedi~lgs against such successor or refuse to extend Time for payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's wccesson in interest.
11. Forbearawce by Lender Not a Waiver. Any forbearance by 1_ender 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 bender's
right to accelerate the maturity of the indebtedness secrrrcd by this Mortgage.
12. Resredks Cruuuhrtlee. 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 concurnntty, independently or successively.
' 13. Ssccessors gad Assigns Bound:.7oint gad Several T.iabiHty; Captions. ~ The covenants and agreements herein
contained shall bind, and the rights hereunder shalt inrrr~ to. the respective successors and assigns of Lender acrd Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jour( and several.
The captions ~ and headings of the paragraphs of this Mortgage arc for convenience only and are not to tie used to
interpret or define the provisions hereof.
11. Notice. Except for any notice rcyuired 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 certifkd 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 be given by certified mail. return receipt requested. to l.ende~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 given in the manner designated herein.
IS. Uniforw Mortgage; Covcrning Law; Sevenbpity. 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
real property. This Mortgage shall be governed by the law of the junsdiction in which the Property is located. In the
event that any provision or clause of Chic Mortgage or the Note conflicts with applicable law, such :onflict 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 provisions of the Mortgage and the Note arc declared to be severable.
~ 16. 11{orrower'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. ,Tender of the Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior writrrn consent. excluding (al the creation of a lien or ericumbnnce wbordinate to
this Mortgage, (b) the creation of a purchase money security interest for household applisrrces, (c) a transfer by devise,
descent or by operation of law upon the death of a joint ttnant or (d) the grant of any leasehold interest of three years or less
not 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 waived such option to arxelente if, prior to the sale or transfer, Lender
and the person to whom the Property is to be colt 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 regtrest_ 1f 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 shall release Borrower from alt
obljgations under this Mortgage and the Note.
if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with
puagnph 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 faits to pay arch sums prior to the expiation of such period,
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph lg hereof.
t Noty-Urvrt=oat?t CoverrxrrTS. Borrower and Lender further covenant and agree as follows:
Ig. Acceleration; Rewedks. E:ctpt r provided in pragraplt 17 bere+of. Ra •orrswera breach of any coves.wt ar
agreewtertt oft Borrower b tiit Mortgage, iaciading tie eavtsartts to py wbes dot gay taws serned ti tiit Mortgage, Lesser
~ prbr to wcceieratiow ss>+r waN wotke to Borrower s proviacd b paragraph 14 iereof yeeMyta~ (1) the breast: tie aKtiew
rgdred b care tact breaclq (3) a date, wot less thaw 30 days tr+ow tie date tie notice is twttiled b ltarrswer. b cables srtcb
breach ssstR be ewred; ass (1) that (ailsre to care sttci breach o• or before the date gettAed b the wotkt way rssurlt d
aeeekratio. of tie r>•nrs secat+ed by tiit Mortgage. torecloasre by hrdicial proesediag ant gale of tic Property. Tire wetke
atoll strutter itfotrw Rorrawer of tie right to rrettastate after seceierirtiow and tie right b awed iw tie foreelestrt ptrocteddg
tie srott~esittesee d a detaslt or any other defense of Borrower to accckrMiow awn toreclotsr+e. Ti tie breach is not sated a
or bdore tie dste spotted is tie wotiee. Lewder at I.ewdtr's optiow way declare aq of tie wwe creates by tbi Mortgage to be
iwnredistely doe asd pyabk witiorrt twrtber demand gad gray forecbee lift Mortgage by jsakhl prsceedlttl~. Leader sfra6
be to eoliect iw sacs proceeding afl espcnsls of forecbsnre. Ischrdiag. bN sN Bwdted fw, reasonable sttorrrrYs fen,
gad cos4 of doet:.~sestary etWenee. abstracts awd tick reprls.
1~. 1<onowa'a Rlgtrt to Reisttate. Notwithstanding Lenders scceleration of the scans secured by thre Mortgage,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any tune
~0'~32`7 Pa~E 285