HomeMy WebLinkAbout1912 Lender's written agreement a applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
manna provided under paragraph 2 hereof.
Any amounts disbursed by Lender purswnt to 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 }i
imounts shall be payable upon notice from Lender tp.8orrpyrer riquesting payment thereof. and shall bear interest from the
daft of disbursement at the rate payable from tithe to time on outstanding principal under the Note unless payment of
interest at such raft would be contrary to applicable law, in which event such amounts shall bear interest at the hightwt rate
permissible under applicable law. Nothing contained in this paragraph 7 shall rrquire Lender to incur say exptsae a take
any action hereunder. .
!L intpcctisat. lender may make or cause to be made reasonable entries upon and inspections of the Property. proovided
that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Larder's
interest in the Property.
9. Cowdewrwstbw. The proceeds of any award or claim for damages, direct or rnnsequential, in connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. are hereby assigtred
and shall be paid to Lender.
In 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 leader ~
otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of ttre p+ooeeds
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 Property immediately prior to the date of taking, with the balanoeb of the proceeds
paid to Borrower. r
If the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor offt:rs to make
an award or xttk a claim for damages. &?rrower fails to respond to Lender within 30 days after the date such tatioe is
mailed. Ixnder is authorized to collect and apply the proceeds. at tender's option, either to resto[ation or repair of the
Property~or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shag not extend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
lA. Borrower Not Rckased. Extension of the time for payment or modifkation of amortization of the scans ttecut+cd
by this Mortgage granted by Lenckr to any cucceswr in interest of Borrower shall not operate to rckate, jn any manner,
the liability of the original Borrower and Bc?rrower
s successors in interat. Lender shall not be required to corrrmerroe
proceedings against such successor or refuse to extend time for 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 successors in interest.
l 1. Rorbestawee by Lender Not a Wsirer. Any forbearance by Lender in exercising any right or remedy henxtnder, or
otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right or rarredy.
The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Larder's
right to accelerate the maturity of the indebtedness xcurrd by this Mortgage.
12. Rew~edks Ctrrwaharc. 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, indeperrdartly a successively.
l3. Swccessors sod AssiRws )doutrd; .Jotwt sed Sexed I.isbiliq; ~Captiows. The eovenaots and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender sod Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreemrnts of Borrower shall be joird and several.
The captions ~ and headings of the paragraphs of this Mortgage are for convenience only and are not- to Ik used to
interpret or define the provisions hereof.
t4. Notice. Except for any notice required under applicable taw to be given in another manner, (a) any notice to
Borrower p~vided for in this Mortgage shall be given by mailing such noticx by certified mal addressed to Borrower at
the Property Address or at such other address as Borrower may designate by notice to Tender a: provided herein. and 4
(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 notice to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
1S. Uwitorwr MottgaRe; Goremiwg Law; Sererab8ity, This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to constitute s uniform security instrument covering
real property. This Mortgage shall tx governed by the law of the jurisdiction in which the Property is located. In the
event that any provision or claux of this Mortgage ar the Note conflicts with applicable law. such conflict shalt not aRect
other provisions of this Mortgage or the Notc 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.
l~. 1lorrowet'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. a
17..Trawsfer of the Property: Aswarption. if all or any part of the Property or an interest therein is sold or transferred
~ by Borrower without Lender's prior written conxnt. excluding (al the creation of a lien or encumbrance subordinate to
~ this Mortgage. (b) the creation 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 a. be cold or transferred reach agreement in writing that the credit of such person
€ is satisfactory to Lender and that the intcr~~ct payable on the sums stcured 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 shalt release Borrower from all
~ obligstions under this Mortgage and the Note.
if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordanc-c v?•ith
paragraph 14 heroof. 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. it Borrower fails to pay stt~h sums prior to the expiration of wch period, ~
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
• '
Nor+-UNtFOar?r COVENANTS. Borrower and Lender further covenant and agree as follows:
lg. Acederadow; Retwedies. IEracceM a povNed i• parsgraplr 17 hereof. ups ~otttrwds leach o[ any corertswt K
a agreemeat of 1{ott+ewer b tris Modgage, iwelttdisg the cort:tattts to pay wtra dtte scar straws strcwtrd ti Reis MoMgate. tswder
s pion b accderwUow stet wtsfl weave to iottrwer as porNed m 14 hereof tpeelfriags (1) ere ltcaer: (21 the sktisw
~ tgtrhed Is Brae twb Irt+acr; (3) a ate, sot less traw 3t1 days frowt the dale ere oatke it wrared M Ilstnwer. try wrki steer
lsswer rwtrst M eared; swd (4) trst faille fo ewe start rreaer a K betote ~tre dMt spsdtiea V ere wotke roar etxwlt b
set.~eieatiow of ue oar seewsd 6r arts Mott age. rr~eeioare y jrdkisl poeeedMS t[wd ale .f are rrrolerlr. Tre wstitt
slat tattler infortas iorr+dwa of ere tigY to teiWMe after aetekraliow awd are riglM b axed M ere tatsslasaa poeeeitg
~ trt rrosrezistsaee of s ddattk or oar other ddewse o1 Eotrower N aeceletatlow and totrseloswts. N are Dtcaer Is wof etaed est
or refore the dale spciiei i• ere woaee. Lewder st i.ewder's option tway dsehse si of arc star st~atcd ti tltls MettstMpe tale
irwweiia/ety dtte swd pyahk witrowt twdrer dearand awd way totctkse kris Modti~ h' ~W I~~R• Lewder daB
b< adlkd to celled i• steer poecedhg ati e:peoses of foredosrte. 1¦eiwdiaB. rtrt asst rwrNsd M. tewwarle sttwwer's fea.
ssrd e~oNs of don'~eMarr eridewee. abstrscts and tAle teprts.
I!. ltottvwa's Rlgrt tw Reiastats. Ndwithstandin(t Lenders acceleration d the sunrs• secured by thtr Mortgage.
Borrower shall have the right to have any proceedings hegun by Lender to enforce this Mortgage discontinued at any time
cl,~K 330 P~ 1901