HomeMy WebLinkAbout1043 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums m the
manner provided under paragraph 2 hereof.
Any amounts tlisb„rsed by Lender pursuant to this paragraph 7, with y,t~rcst thereon, shall become additional
indeMedness of Borrower securt:d by this Mortgage. Unless Borrower and i.ender agree to other terms of payment, such
amounts shall be payable uixm entice from (.ender to Borrower requesting payment thereof, and shall bear interest from the
daft of disbursement at the rate payable from time to time: on outstanding principal under the Note unless payment of
interest at such rate would be contrary to applicable law, in which event sr,ch amounts chat) 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. laspectioa. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided
that Lender shat! give Borrower notice prier to any s,ech inspection specifying reasonable cause therefor related to Lender's
interest in the Progeny.
9. Condemnatbn. The proceeds of any award or claim for damages, direct or consequential, in connection with any
condemnation or other taking of the Property. or pare thercoL or fur conveyance in lieu of condemnation, are hereby assigned
and shall be paid to Lender.
in the event of a total taking of the Property. the proxeeds shall 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, trnlesc Borrower and Lender
otherwise agree in writing. there shall be applied to the sums secured 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 Propcny immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower,
if the Property is abandoned by Bor:over. or if. after notice by !.ender to Borrower that the condemnor offer to make
an award or setHe a claim for Damages. Borrower fails to resr~ond to lender within 30 days after the date such notice is
mailed. Lender is authorized to collect and apply the proceeds, at Lender i option, either to restoration or repair of the
Property or to the sums secured by this Mortgage.
Unfesc Lender and Borrower otherv.•ice agree in ~ritinc. any such appl+cation of prneceds to principal shall not extend
or postpone the due date of the momhly installments referred to in paragraphs.! and 2 hereof or change the amount of
such installments.
10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by i.ender to ans• successor in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Borrower's successors in interest. lender shall not be required to commence
proceedings against each successor or refute to extend time for payment or otherwise modify amortization of the sums
secured by this Mongage by reason of any demand made by the ori¢inai Borrower and Borrowers successors in interest.
11. Forbearance by Lender Not a 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 and such right or remedy.
The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not he a waiver of Lender's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. Remedies Comulati>re. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or strccessivdy.
13. Successors and Assigns Bound:.Joint and Several i.iaM'lity; Captions The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender nerd Borrower.
subject to the provisions of paragraph l7 hereof. All covenants and agreements of Borrower shalt be join+ and several- _
The captions and headings of the paragraphs of this Mortgage arc for convenience only and art 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 anothtr 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 Progeny Address or at such other address as Borrower mav_ designate by notice to Tender as provided herein, and
(b) any notice to Lender shall he given ~by certified mail. return receipt requested. to tender's address stated herein or to
such other address as i.ender may designate by notice to Borrower as provided herein. Any notice provided for in this
Mortgage steal! be deemei to have been gw•en to Borrower or Lender when given in the manner designated herein.
15. Uniform Mongage; Governing law; Severability. This form. of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrvmrnt covering
real property. This Mortgage shall be governed by the law of the jurisdiction in which the Properly is located. In the
event that any provision or clause of this Mortgage or the Note conflicts with applicabk law, such conflict shall not afled
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. are declared to be severable.
16. f3omower'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...Trawsfer of the Property: Assumption. If all or any pan of the Properly or an interest therein is sold or transferred
by Borrower without Ixnder i prior written consent. excluding (a1 the creation of a lien or encumbrance subordinate to
this Mortgage. (h) the creation of a purchesc money security interest for household appliances, (c) a transfer by devise,
descent or by operation of law upon the death of a joint tenant or (d1 the grant of any leasehold interest of three years or less
not containing an option to purchase. i_ender may. at Lender's option, declare all the sums secured by this Mongage to be
immediately due and payable. Lender shall have a:,~ved such option to accelerate if, prior to the sale or transfer, Lender
and the person to whom the Property is to be :o1J 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 Mongage shall be at such rate ac Lender
shall request. Tf 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 tlease 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 rf 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 sums prior to the expiration of such period.
Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph IR hereof.
NoN-UNtt=ogee Coverr~rvts. Borrower and Lender further covenant and agree as follows
IS. Accdenrtbs; Rearedks. E:ceps as provided ire paragraph l7 hereof, upa iorrower's bread of any coveawN or
agreeaxat of Iliorrower fa ebb Motrtgage, iwchtdirtg the covenants to pay whew due any stems secured by tbls Mortgage, Leader
prbr to ttcceleratbw sbaM foal! ttotlce to 1dotTOwer as pro•lded la paragraph 1< hereof spstKyiq: (1) Net breach: (2l the sctbw
trequired to cure such breach; (3) a date, woe kss than 30 days frotw the date the aotlce >e araikd to Iorrower, by wbkh srtc>t
breach mwst be cured; gad that fafltrre to cure svch breach ow or before the date specfaed b the ttotke twat resatt iw
accderatiow of the wt~ snored by ebb Mortgage. foreciosnrtr by jodklal proceeding gad sale of the Property. The ttotfee
sbaU further iwforta fltorrvwer of the right to refastate titer sccckratbw gad tie rtsbt to assert fn the foreclosart pr+eeeedhtt
flee won-a:iedewce d w defawk or awy Wber defense of Borrower to actekrtaiow swd /orerbsrtre. It the breach b woe area ow
or before the date specfied V the sotke. lender at Lender's optfat racy declare aN of the oars seewred by this Mortgage to be
i~erediatdy tine gad psysbk wftbout fnrtber demand and may foreclose ebb Mortgrt~e by judkW M+oresdfag. Lender shall
be ewNNed to coUed b stsch proceeding all a:pettses of foreclosure. iacludieg. bwt aot Ifiatfttd to. reasonable stt.,rnev's ft:s,
gad casts of dvct:~seatary evidence, abstracts nad tick report.
19. •orr+pwd's Rfsbt to Refauiate. NMwithRtanding Lender's acceleration of the sums secured by th,~ Mongage.
Borrower shall have the right to have any proceedings begun ?,y Lender to enforce this Mortgage discontinued at any time
P11~K 327 ~~~f 1U42
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