HomeMy WebLinkAbout1545 , }
Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant t~ this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender 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 time an outstanding principal under the Note unless payment of
interest at such rate would be contrary to applicable law, in which event such amounts shall liar interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require Tender to incur any expense or take
any action hereunder. "
8. inspection, Tender may make or cause to l+e made reaconabie entries upon and inspections of the Proptrty, provided
that Tender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9, Cortdemnatbn. The proceeds of any award or claim for damages, direct ar consequential, in connection with any _
condemnation or other taking of the Property, or pan thereat, ar for conveyance in lieu of rnndemnation, are hereby assigned
and shall be paid to Lender. -
In the event of a total taking of the Properly. the proceeds shall be applied to the sums secured by this Maygage.
with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrawer and Lender
otherwise agree in writing. there shall be applied to the sums secured by this Martgage such proportion of the proceeds
as is equal to that praportian which the amount of the sums secured by this Mortgage immediately, prior to the date of
taking hears to the fair market value of the Property immediately pricer tb the date of taking, with the balance of the proceeds
paid to Borrower.
If the Property is abandoned b}• Borrawer, ar if, after notice by Tender to Borrawer that the condemner offers to make
an award ar settle a claim far damages, Borrawer fails to respond to Lender within 30 days after the date such natice is '
mailed. Lender is authorized to collect and appl}• the proceeds. at Lender's option, either to restoration or repair of the
Property or to the sums secured b}• this Martgage.
Unless Lender and Borrower otherwise agree in ss•ritine. any such application of proceeds to principal shall not extend
or postpone the due date of the monthl}• installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Not Released, Extension of the time far payment or modification of amortization of the sums secured
by this Martgage granted by Lender to any successor in interest of Harrower shall not operate to release, in any manner.
the liability of the original Borrawer and Harrower c successors in interest" Lender shall not he required to commence
proceedings against such successor or refuse to extend time far payment or otherwise modify amortization of the sums
secured by this Mortgage M reason of any demand made by the oritinal Borrawer and Barrawer s successors in interest"
11. Forbearance by Lender Not a Waiver. An}• fanc~arance b}• Lender in exercising arty, right or remedy hereunder. or -
atherwise afforded by applicable law, shall not be a waiver of ar preclude the exercise of any such right or remedy. -
The procurement of insurance or the payment of taxes ar ether liens or charges by Lender shall not be a waiver of Lenders
right to accelerate the maturity of the indebtedness secured h}• this Mortgage. 3
12. Remedies Cumulative. All remedies provided in this Martgage arc distinct and cumulative to any ether right or
remedy under this Mortgage ar afforded by lau• or equity, and rosy, be exercised concurrently. independently ar successively.
13. Successors and Assigns Bound; Ioint and Several Liability; Captions. The covenants and agreements herein
contained shall hind, and the rights hereunder shall inure ta. the respective successors and assigns of I"ender and Barrawer, s
subject to the provisions of paragraph 17 hereaf. Atl covenants and agreements of Barrawer shall lye joint and several.
The captions and headings of the para¢raphc of this Mortgage are far canvenienct only and are net to he used to
i
interpret or define the provisions hereaf. -
14. Notice. Except far any notice reyuired under applicable law to be given in another manner, fat any notice to
Borrower provided for in this Martgage shat) he given h}• mailing such notice b}• certified mail addressed to Borrower at ~
the Property Address or at such other address as Harrower may designate by notice to Lender as provided herein, and ~
(b) arty, natice to Lender shall be given by certified mail. return receipt requested. to Lenders address stated herein ar to
such ether address as Lender may designate b}• natice to Harrower as pr,n•ided herein. Any natice provided far in this e
Mortgage shall be deemed to have been given to Barmw•cr ar Lender when given in the manner designated herein. ~ -
15. Uniform Mortgage; Governing T.aw; 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 instrument covering real property. The
state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the PropeRy is located. The foregoing
sentence shall not limit the applicability of federal iaw to this mortgage. In the event that any provision or clause of this Mortgage or the
Note conflicts with 8pplicabk law, such conflict shall not afTect 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. Borrower's Copy. Borrower shall be furnished a canfarmed copy of the Note and of this Mortgage at the time
of execution or after recordation hereaf.
17. Transfer of the Property; Assumption. if all ar am• part of the Prapert}• ar an interest therein is Bald or tranderred
by Borrower without Lender's pricer written consent. excluding sal the creation of a lien ar encumbrance subordinate to
this Mortgage. fh} the creation of a purchase money securit}••.interest far hausehald appliances. (cl a transfer by devise,
descent ar by operation of law upon the death of a joint tenant ar felt the grant of any Ieasehald interest of three years or less
not containing art option to purchase, Lender may. at Lender's aptian. declare all the sums secured by this Mortgage to be
immediately due and payable" I"ender shall have waived such aptian t~• accelerate if, prior to the sale ar transfer. Lender
and the person to wham the Property is to t?e saW or transferred reach agreement in writing that the credit of such person -
is satisfactory to Lender and that the interest pa}•able an the sums secured by this Martgage shat! be at such rate as Tender
shall request. If 1"ender has waived the aptian 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. 1"ender shall release Borrower from all
abligatians under this Mortgage and the Nate.
If Tender exercises such aptian to accelerate. tender shall mail Barrawer notice of acceleration in accordance with "
paragraph 14 hereof" Ste~h notice shall provide a pericxl of net less than 30 da}•s Pram the date the noticz is mailed within
which Bornw•er may pay the sums declared due. If Harrower fails to pa}• such sums pricer to the expiration of such period,
Lender may. without further natice ar demand an Harrower. im•ake am• remedies permitted by paragraph IR hereof.
No:v-UNIFORM CovEN~N7s. Harrower and 1"ender further covenant and agree as follows:
I8. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breath of any corertant or
agreement of Borrower in this Mortgage. including the covenants to pay when due any sums secured by this Mortgage, Lender
prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the bleach; (2) the action
required to curt such breach; (3) a date. not Itss than 30 days from the date the notice is mailed to Borrower, by which such
breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result 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 fortclosure proceeding
the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on
or before the date specified in the notice. Lender at Lender s option may declare 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 t
be entitled to collect in such proceeding all expenses of foreclosure. including. but not limited to, reasonable attorney's fees.
and costs of documentary evidence, abstracts and title reports.
19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage.
Borrawer shall have the right to have am' •proceeding~ begun by 1_ender to enforce this Martgage discontinued at any time
G~o~3~ PaGE~~4~