HomeMy WebLinkAbout0297 Lender's written agreement or applicable law. Born?wcr shall pay the amount of alt mortgage insurance premiums in the
manner pmvidcd 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 ogre[: to other terms of payment, such
amounts shall be payable upon notice fmm Lender a? Born?w•er requesting payment thereof. and shall hear intcrect fmm the
date 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 such amounts shall bear interest at the highest rate
permissible under applicable taw. T~othing rnntained in This paragraph 7 shall require i_ender to incur any expense or take
any action hcrcundcr.
8, inspection. Lender may make or cause to be made rcaconahle 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, Condemnation. The pn?ceedc of any award or claim for damages, direct or consequential, in rnnnection with any
condemnation or other taking of the Property, or part thereof. or for conveyance in lieu of condemnation. arc hereby assigned
and shall be paid M [.ender.
In the event of a total taking of the Property. the pn?ceeds shall be applied to the sums secured by .this Mortgage.
with the e+ccess, if any, paid to $ormwcr. 1n the event of a partial taking of the Property, unless Borrower and Lender
otherwise agree in writing. there shall he applied to the sums secured by this Mortgage s++ch proportion M 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 Proper[}• immcdiatcl}• prior to the date of taking, with the balance of the proceeds
paid to Borrower.
If the Property is abandoned by Borrower, ar if. after notice by lender to Borrower That the condemnor offers to make
an award or settle a claim for damages, Borrower faik to respond to Lender- within 30 days after the date such notice is
mailed. Lender is authorized to collect and apply the proceeds. at I.ender'c option, either to restoration or repair of the
Property ar to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writinc, an}• such application of proceeds to principal shall not catered
or postpone the due date of tbe monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
l0. Borrower Not Released. Extension of the Time for payment or modification of amortization of the sums secured
by this Mortgage granted by Lender to am• ct><cecsor in interest of Borrower shall not operate to release. in any manner.
the liability of the original Borrower and Borrower's succcssorc in interest. lender shall eat he required to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of t(~e sums
secured by this Mortgage by rcaa?n of any demand made by the original Borrower and Borrowers successors in interest.
11, Forbearance by Lender Not a Waiver. Am• forbearance h}• Lender in exercising am• right or remedy hereunder, or
otherwise afforded by applicable law. ch:+ll not be a waiver of or preclude the exercise of anp such right or remedy.
The procurement of insurance or the payment of taxes or other liens or charges by lender shall not t?e a waiver of Lender's
right to accelerate the maturity of the indehtednesc secured by this Mortgage.
l2. Remedies Cumulative. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
rernedy under this Mortgage or afforded by law or equity. and may, be exercised concurrently, indepeodentl}• or successively.
13. Successors and Assigns Bound; Joint and Several i.iability; ('options. The covenants and agreements herein
rnntained shall hind,~and the rights hereunder shall ini+re to. the respective suceeaorc and assigns of Lender and Borrower.
subject to the provisions of paragraph !7 hereof. All covenantsrnd agreements of Borrower shall be joint and several.
The captions and headings of the paragraphs of this Mortgage arc for rnnvenicncc 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. fa) any notice to
Burrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such other address as Borrower may designate by notice to Lender as pmvidcd herein. and
(h) any notice to Lender shall be given by certified mail. return receipt requested. to Lender's address stated herein or. to
such other address as [.ender may designate by notice to Borrower as provided hercirT. Any notice provided far in this
Mortgage shall he deemed to have been given !o Borrower or Lender svhcn given in the manner designated herein.
15. Uniform Mortgage; Governing i.aw; Ses•erability. This form of mortgage rnmbines uniform covenants for national
use and vton-uniform covenants with limited variations hs• jurisdiction to constitute a uniform security instrument rnvering
real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is kx-ated. In the
event that any provision ar clause of this Mortgage or the Note rnnflicts with applicable law. such conflict shall not affect
other provisions of this Mortgage or the Note which can tx: given effect withot+t the conflicting provision, and to this
end the provisions of the Mortgage and the Note arc declared to be severable.
16. Borrower's Copy. Borrower shall be furnished a conformed copy, of the Note and of this Mortgagr at the time
of execution or after recordation hereof.
17. Transfer of the Property: Assumption. If alt or anp part of the Property or an interest, therein is sold or transferred
by Borrower without Lenders prior v?'ritten consent, excluding ta? the creation of a lien or encumbrance subordinate to
this Mortgage, (bl the creation 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 joint tenant or (d? the grant of am• leasehold interest of three years or less
not containing an option to purchase. Lender may, at Lender's option, declare all the sums secured-hy this Mortgage to be
immediately due and payable. i.ender shall have waived such option to accelerate if. prior to the sale or transfer. Leader
and the person to wham the Property is to be sold or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and shat the interest payable an the sums secured by this Mortgage shall be at such rate as Lender
shall request_ If 1_ender 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
obligations under this Mortgage and the Nate. '
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 pericxi of eat less than 3Q da}'s from the date the notice is mailed within
which Borrower may pay the sums declared due. tf Borrower fair Io pay such sums prior to the expiration of such period.
Lender may, without further notice or demand on Harrower, invoke any- remedies permitted by paragraph 1 R hereof.
Mont-Ur+tFOaM CgVENANTS. Borrower and Lender further covenant and agree as follows:
18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or
agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Lender
prior to acceleration shag mat! notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action
required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such
breach must be cored; and (4) that failure to cure such breach on or before fhe date specified in~ the notice may resat[ in
acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice
shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding
the non-existence of a defauk or any other defense of Borrower to acceleration and foreclosure. if the breach is not enred on
or before the date specified in the notice. Lender at Ixnder's option may dtclarc all of the sums secured by this Mortgage to be
immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall
be entitled to colkct in such proceeding a!1 expenses of foreclosure, including. but not limited to, reasonable attorney's fees.
and costs of documentary evidence, abstracts and titk reports.
19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
~