HomeMy WebLinkAbout2537 a.
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 to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender ague to other terms of payment, such
amounts shall be payable upon notice from i_ender to Borrower requesting payment thereof, and shall bear interest from 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 law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder.
8. Inspection. Linder may make or 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 reasonable cause therefor related to Lender's
interest in the Property. .r ~
9. Coademwtbn. The proceeds of any award ar claim for damages. direct or consequential, in connection with any
condemnation or other taking of the Property, or part thereof, or for 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 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 proceeds
as is equal to that proportion which the amount of the sumc secured by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Property immediatcl)• prior to the date of taking, with the balance of the proceeds
paid to Borrower.
if the Property is abandoned b}• Borrower, or if. after notice by Lender to Borrower that the condemnor offers to make
an award ar settle a claim for damages. Borrower fails to respond to lender within 30 days after the date such notice is
mailed, Lender is authorized to collect and apply the proceeds, at fender's option, either to restoration or repair of the
Property ar to the sums secured b}• this Mortgage. ~
Unless Lender and Borrower othenwise agree in writing. any such application of proceeds to principal shall not. extend ,
or postpone the due date of the month!)' installments referred to in paragraphs I 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 Mortgage granted by Lender fa any successar in interest of Borrower shall not operate to release. in any manner,
the liability of the original Borrower and Borrower's sttccessars in interest. lender shall not be required to commence
praceedings against such successor ar refuse to extend time far payment or otherwise modify amortization of the sums
secured by this Mortgage by reasan of any demand made by the anginal Borrower and Barrawer s sttccessars in interest.
11. Forbearance by Lender Not a Waiver. An}• forbearance b}• tender in exercising any right or remedy hereunder. or
atherwise afforded by applicable law, shall oat he 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 Lender s
right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. Remedies Comulative. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage ar afforded by law or equity. and may he exercised cancurrently, independen(t)' or successively.
13. Successors and Assigns Bound; Joint and Several i.iability; Captions. The covenants and agreements herein
contained shall hind. and the rights hereunder shall imtre to. the respective sttccessars and assigns of Lender and Borrower.
subject to the previsions of paragraph 17 hereof. All covenants and .agreements of Borrower shall be faint and several.
The captions and headings of the paragraphs of this Mortgage are far canvenience anly and are net to he used to `
interpret or define the provisians hereof.
' 14. Notice. Except for any notice required under applicable law to be given in anather manner. (a) any notice to
Borrower provided for in this Mortgage shall be given by mailing such natice by certified mail addressed to Borrower at
the Property Address ,or at such other address as Borrower may designate by notice to Tender as provided herein. and
(h) any notice to Lender shall be given by certified mail. return receipt requested. to Lenders address stated herein or to
such ether address as Lender ma}• designate h)• natice to Barrawer as pr ivided herein. Any notice provided far in this
Mortgage shall he deemed to have been given to Borrower or Lender when given in the manner designated herein.
15. Uniform Mortgage; Governing Law: Severabilit)•. 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 Property is located. The foregoing
sentence shall not limit the applicability of federal law to this mortgage. In the event that any provision or clause of this Mortgage or 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 Note are declared to be severable.
16. Borrower's Copy. Borrower shall be furnished a canformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
~ 17. Transfer of the Property: Assumption. if all or an}• part of the Property ar an interest therein is Bald ar transferred
by Borrower without Lender's prier written consent. excluding (a? the creation of a lien ar encumbrance subordinate to
! this Mortgage. Ib) the creation of a purchase maney security interest far hausehald appliances, (c) a transfer by devise,
descent or by operation of law upon the death of a joint tenant ar (dl the grant of any leasehald interest of three years or less j
~ not containing an option to purchase. 1_ender ma}•. at Lender's option, declare all the sums secured h}• 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 wham the Property is to he Bald or transferred reach agreement in writing that the credit of such person
~ is satisfactory to Lender and that the interest payable an the sums secured by Chic Mortgage shall be at such rate as Lender
shall request. If lender has waived the aption to accelerate provided in this paragraph 17, and if Borrower's successar 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.
3 if Lender exercises such aptian Ice accelerate. Lender shall mail Borrower notice of acceleration in accordance with
~ paragraph 14 hereof. Such natice shall provide a peeled of net less than i0 da}•s tram the date the notice is mailed within
which Harrower may pay the sums declared due. If Harrower fails to pay such sums pricer to the expiration of such peeled.
Lender may. without further natice ar demand on Barmwer. invake any remedies permitted by paragraph IR hereof.
Nox-UNIFORM CovENAN7s. Borrower and (.ender further cavenant and agree as follows:
I8. Acceleration; Remedks. Fxcept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or
agreement of Borrower in ibis Mortgage. including the covenants to pay when due any sums secured by this Mortgage, Lender ~
prior to acceleration shall mail notice to Borrower as pro~•ided in paragraph 14 hereof specifyi~: (1) the beach; (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 whkh snch ,
breach must be cured; and (4) that failure to cure such breach on or before the date specified in the aotke may resWt 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 proceedirgl
the non-existence of a defauN or any other defense of Borrower to acceleration and foreclosure. if the breach is not cored on
or before the date specified in the notice. Lender at Lender's option ma}• declare all of the sums secured by Ibis Mortgage to 6e
immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall
f be entitled to collect in such proceeding all expenses of foreclosure. including, but not limited to, reasonable attorney's fees,
i and costs of documentary evidence, abstracts and title reports.
19. Borrower's Right to Reinstate. Notwithstanding Lender'. acceleraton of the sums secured by this Mortgage, i
Borrower shall have the right to have am proceedingti begun by !.ender to enforce this Mortgage discontinued at any time
60',K PdCE 2526 i