HomeMy WebLinkAbout1388 . ~ 1 _
Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
manner provided undo paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to shit paragraph 7, with interest thereon;. tyfq+ll become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and tender 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 rate payable from time to lime on artstanding principal under the Note unless pa~renart of
interest at such me would be contrary to applicable law, in which event such amounts shall bear interest at the highest me
permissible under applicable law. Nothing contained in this paragraph 7 shall require tender to incur any experae or take
any action hereunder.
11. Iwspectiow. Lender may make ar 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 rcasanabk cause therefor related to Leader's
interest in the Property.
9. Cowdewrwatbw. The proceeds of any award or claim for damages, direct or consequential, in connection with any
condemnation or other taking of the Property, or part thereof, ar far conveyance in lieu of condemnation, arc hereby assigned
and shall be paid to lender.
1n 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 be applied to the sums secured by this Mortgage such proportion of the proatds
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 Properly immediately pricer to the date of taking, with the balance of the proceeds
paid to Borrower.
if the Property is abandoned by Bar:ower, or if. after notice by lender to Borrower that the condemnor offers to make
an award ar settle a claim far damages. Barmwer fair to respond to Lender within 30 days after the date such notice is
mailed. Lender is authorized to collect and apply the proceeds. at Lender's option, either to rcstontion or repair o[ the
Property or to the sums secured by this Mortgage.
Unless !.ender 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 o[
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 Lender to any 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 such successor or refute to extend time far 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. Forbearance by Lewder Not s Wsivcr. Any fartxarance by Lender in exercising any right or remedy herctmder, or
otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or ntmedy.
The procurement of insurance or site 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 6y this Mortgage.
l2. Reraedks Cmwulative. 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 concurrently, independently or successively.
13. Ssecessors and Assigws Bound; .Joint and Several i.iab7ity; Captions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure 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 fairy and sesYnl.
'tire captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to
interpret or define the provisans hereof.
ld. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Martgatte shall be given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such other address as Harrower may designate by notice to Tender as provided herein, and
(b) any notice to Lender shall he given by certified mail. rest+rn receipt requested. to Lenders 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 bcen given to Borrower or Lender when given in the manner designated herein.
1S. Uniform Morlgagr: Governing Law; Seversbility. 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 properly. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the
event that any provision or clause of this Mortgage ar 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. conflicting provision, and to this
end the provisions of the Mortgage and the Nate are declared to be severable.
16. borrower's Co'y. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the time _
of execution or after recordation hereof.
$ 17. ,Transfer of the Troperty; Amrrmptiow. if all ar any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior wriucn consent. excluding (al the creation of a lien or tncumbnnce subordinate to
this Mortgage. (b) the creatran of a purchase money security interest for household appliances, (c) a transfer by devae,
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 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 accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is to be so1J ar transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest pyyable on the sums secured by this Mortgage shall be at such rate as Lender
~ shall request. If 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 all
obljsations under this Mortgage and the Note.
If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with
parasnph 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 paragraph I R hereof.
Nor!-UtvrFOtrnt COVENANTS. Borrower and lender further covenant and egret u fdlo+rs:
1(i, Acsdeatlos; Remedies. Bscept m grovided iw praRrspb 17 bereol. !Mow boer+awtrs's btaaeb of wwy covewawt K
agreerwest of betrower b tots Mortgage. breiwdiwg the covewawb to py wbtw awe wwy trwwrs seewrd ~ tiro Mortgage. Lesser
prior b atcekratbs sirar wraN wotlce to borrower as provided i• pragnrplr td btxtot speclfylsg: (1) foe btnescb: (2) the setiow
regwlred to care swcb breach; (3) s a.le, wet less thaw 30 days trowr the late the wotke i. twatiea to borrower, by wttieh sweb
~ irrescM wsM bs etarsl; awl N) that faitrrnt to care tttrcb breach ow or before the date spccYel V the sauce may r+esrat b
acs~ekrNiow al the car accwrel by this Mortgalte. faecioswre by judicial pocseaisg awes scale of the Mperry. The wotiet:
trbar isrtlrer istorw borrower of the riRIN to reiwstate after aeeekrMiow awl the right >A asmrt i• the toreelowte rroeeeabrg
t!e wow-r=Wewce of s aeladt ar scar other lefewse of borrower to wccekratbw awl (oretloswre. H the brcxb V scat carat ow
or 6eforc the axle geefi0el d the wolice. Lewrkr at [.ewder's opiow carry dech>re a1 of the swtwa aeesrea by this Mortgage b ice
iwrsaeaiately dwe awl pyabk witbowt twrtba demand and Wray foreclose tGit Mortgage bl' jwalcl.i poeseaiwtt• Lender shay
be estitlel to eobeet d snob p+octsdiwg sb a:pewees of forcclosrrre. hclsdiwg. bwt net Ywdlea M. ressowwe stt.,rweYs fees.
awd casts of aoc.t+estarr evidewce, abstraces awd title repro.
1!. bonowa's Right b Reiwrtate. NMwithstanding Lenders acceleration of the sums secured by Ihie Mortgage,
F Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
b~~ 32? P~~E 1387