HomeMy WebLinkAbout1031 Lender's written agreement or applicable taw. Borrower shall pay the amount of all mortgage insurance premiums in the
manner pnwided under paragraph 2 hereof.
Any amo?tnts disht?rsed by Lender pursuant to this paragraph 7, with iclttte~t thereon, shat) become additional
indeMedness of Borrower secured by this Mortgage. Unless Borrower and Lender ague to other terms of payment, such
amaunts shall he payable upon natice from Lender to Borrower rcyucsting payment there. and shall hear interest from elk
date of disbursement at the rate payable tram time to time an outstanding principal under the Note unless payment of
interest at such rate waulct be contrary to applicable taw, in which event such amounts shall hear interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder.
8. Irsspectioa. lender may make ar cause to t+e made reasanahle entries upan and inspections of the Property, provided
that fender shall Rive &urawer natice prior to any such inspection specifying reasanable cause therefor related to Lender's
interest in the Property.
9. Condemnation. The proceeds of any award or claim for damages, direct or cansequential, in connection with any
condemnation or other taking of the Praperty, or part thereof, ar far conveyance in lieu of condemnation, are hereby assigned
and shag be paid to Lender.
In the event of a total taking of the Property. the prcxccds shall he applied to the sums secured by this Mortgage,
with the excess, if any, paid to Borrower. In the evert of a partial taking of the Property, unless Borrower and Lender
otherwise agree in writing. there shall be applied to the some secured by this Martgage such proportion of the proceeds
as is equal to that proportion which the amount of the sums cecr?red by this Martgage 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 ahandaned by Bar:ov.•er. ar if. after notice by tender to $orrawer that the condemnor offer to matt
an award ar settle a claim for damages. Borrower fail. to res~nnd to Lender within 30 days after the date such notice is
mailed, Lender is authorized tc: collect and apply the proceeds. at lender t option, either to restoration or repair of flee
Property or to the sums secured by this Martgalte.
Unless Lender and Barrower atherwise agree in writing. any such application of proceeds to principal shat) not extend
or postpone the due date of the manthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Not Released. fixtencian of the time for payment or modificatian of amortization of the sums secured
by this Martgage granted by fender to any ctrccecsar in interest of Barrower shall not operate to release, in any manner,
the liability of the original Borrower and Borrower's s??ccescarc in interest. lender shall not be required to commence
proceedings against such succesoar or reface to extend time for payment or otherwise modify amortizat?on of the sums
secured by this Martgage by reason of any demand made by the arit;ina) Borrower and Barravver's successor in interest.
I1. Forbearance by Lender Not a Waiver. Any farhearance by Lender in exercising any right or remedy hercrrnder, or
atherwix afforded by applicable law, shall rant be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of tares ar other liens or charges by Lender shall not he a waiver of Lender's
right to accelerate the maturity of the indehtedness cec??red by this Mortgage.
12. Remedies Comulatin. All remedies pravidcd in this Martgage arc distinct and cumulative fo any other right or
remedy under this Mortgage or atlarded by law ar equity, ;?nd may be exercised concurrently. independently or successively.
13. Successors and Assigns Bound; Joint and Sereral I.iaM'lity; Captions. The covenants and agrettnents herein
contained shall bind, and the rights hereunder shall in??r~ ta. the respective successors and assigns of Lender acrd Borrower,
subject to the pravisionc of paragraph 17 hereof. All covenants and agrcements of Borrower shall be jolty and several.
Thelcaptions and headings of the paragraphs of this Martgage are for convenience only and ate not to be used to
interpret or define the provisions hereaf.
14. Notice. Except for any natice required under applicable law to be given in another manner, (a) any notice to
Barrower provided for in this Martgaee shall be given by mailing such notice by certified mail addressed to Borrower at
the Property Address ar at such other address as Borrower may designate by notice to T.tnder as provided herein. and
(b) any notice to Lender shall he given by certified mail. return receipt requested. to lender's address stated herein or to
such other address as Lender may designate by natice to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to have been given to Barrower ar Lender when given in the manner designated herein.
15. Uniform Mortgage; Governing ii.aw; Severability. Thin form of mortgage combines uniform covenants for national
use and ran-uniform cavenantc with limited variatians by j??ricdiction to constitute a uniform security instrument covering
real property. This Mortgage shalt be governed by the laa• of the jurisdiction in which the Property is located. in the
event that any provision or clause of this I?lartgage or the Note conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or the Nate which can be given eBect without the conflicting provision, and to this
end the provisions of the Martgage and the 'Nate are declared to be severable.
16. Eormwer's Copy. Borrower shall be f?trnisnec! a canformed cop}• of the Note and of this Mortgage at the time
of execution or afmr recordation hereaf.
17..Transfer of the Property; Assumption. 1f all ar any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's print written cansent. excluding (at the creation of a lien or encumbrance subordinate to
this Mortgage. (h) the creattan of a purchase money security interest far household appliances, (c) a transfer by devise,
descent or by operation of law upon the death of a jrnnt tenant or (d1 the grant of any leasehold interest of three years or less
not containing an option to purchase, Lender may. at t.ender'c option, declare all the sums secured by this Mortgage to tx
immediately due and payable. Lender shall have waived such option to accelerate if, prior to the cak or transfer. Lender
and the person to whom the Property is ro be cald ar transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest payable an the sums secured by this Mortgage shall bt at such rate ac Lender
shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and it Borrower i successor in
interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower fram all
obljgations 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 fails to pay such arms prior to the expiration of such periad,
Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1R hereaf.
Norr-Utvtroant Covtarv~NTS. Borrower and Lender further covenant and agree as follo+vs:
l8. Aeceieratba; Reatedia. E:cept s provWed in pantgrapb 17 hereof, opow •orrowe>+s bt~cacit of troy cove~rtt or
agreeaueot of Borrower !a ebb Mortgage. inclodirg the covenants to pay wbeo doe arty snare secured 67' ebb Mortgage. i,eoder
prbr to aeeekratba sired argil notlce to >sorrow~cr as provided is paragrspb 14 bertot spaftyf~: (1) the btreaeb: (21 the acYba
rtgaired to core web brracb; (3) a date, not kss ttwr 30 days trora the date the ootke b ora8ed to lorrower. by wbkb sorb
bttac6 oral ~ be cored: and. (4) that (afloro to care sticb branch as or before the date spaMed b the wotke racy result is
accderatbo d the was exacted by Ibis Mortgage. forcclosoro by judklal proceeding and trek of the 1Propcrty. The notice
shad tortber htorrw )don~ower of the right to reirrstste deer sccelcratioa gad the right to amen h the foreclowrc poceetiirg
the twa~exWcace of a detaok or goy other dettase of t3orrowcr to sccekratba and torcclogrc. It the breach b tt?ot crrrtd on
or before the date spailied b the wotiee, Lender at Leader's optba racy dahrr V of the srttas sacred by ebb Mortgage to Ix
irowediately dare gad psysbk witboat trrtber demand and may foreclose ebb Mortgage by jodkW procsedirrR. [.ender shad
be eetitkd to collec9 b socb proceeding aN a:penses of foreclosoro, facludiwg. bat cot darted to, rtasonabit sn.,reev's fees,
atd costs of docaxeatary eridcace, abstracb gad tilk reportts.
19. iorrowa's Rfigbt to Rtbutate. Notwithstanding 1_ender s acceleration of the sums secured by th?~ Mortgage,
Borrower shall have fix right to have any proceedings hcgun by Lender to enforce this Mortgage discontinued at any time
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