HomeMy WebLinkAbout2949 Lender i written agreement a applicable kw. 8ormwer shall pay the amount of all mortgage insurance prdniums 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 api•I.Eri~~roe 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 on outstanding principal under the Note unless pa}~mertt of
interest at such rate would be contrary to applicable law, in which event such amounts shall bear interat at the highest rate
permissible under applicibk law. Nothing contained in this paragraph 7 shall requite Lender to incur any experae or take
any action hereunder.
g. IwspeeNow. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided
that Lender shall give Borrower mice prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9. Cowdenratiow. The proceeds of any award or claim for damages, direct or rnnsequential, in connection avith 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 Leader
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 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 balance of the proceeds
paid to Borrower.
if the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor oRers to make
an award or settle a claim for damages. Borrower fails to resaond to Lender within 30 days after 'the date such ratios is
mailed, Lender is authorized to collect and apply the proceeds. at under
s option, either to restoration ar repair of ffie
Property or to the sums secured by Ibis Mortgage.
U~tless Lender 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. psrrower 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 reef operate to release, in any manner,
the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to commence
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.
11. Forbearawce r7' Lender Not a R?aiver. Any forbearance by Lender in exercising any right or remedy hereumder, or
otherwise afforded by applicable law, shall not be a waiver of or preclude flee exercise of any such right or remedy.
The procurement of insurance or the payment of fazes or other 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.
It Rewxdks Ctswrtslative. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or af[orded by law or equity, and may be exercised concurrently, indeper?dently or successively.
' I3. Swccessors awd Asdgws )sound; .Joist and Several i.iability; Captiows. The covenants and agreements herein
contained shall bind, and the rights hereunder shall incug to, tbe.respective successor and assigns of Lender wad Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joir~ and several.
The captions' and headings of the paragraphs of this Mortgage arc for convenience only and are not to lk uxd to
interpret or define the provisions hereof.
14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to
Borrower 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 Tender as provided herein, and
(b) 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 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. Uwiforn ModRage; Goverwiag Law; 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. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the
i event that any provision or clause of Chic 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 ef3ect without the conflicting provision, and to this
' end the provisions of the Mortgage and the Note are declared to be severable.
1f. Domower's Copy. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the tune
of excculion or after recordation~hertof.
17..Traosicr of ere Property: Assumption. 1f all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a purct:a:e money security interest for household appliances, (c) a transfer by devise,
~ descent or by operation of law upon the death of a joint tenant or (dl the grant of any leasehold interc:< of three yeah 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
I and the person to whom the Property is to be cold or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and tbat the interrct payable on the sums secured by this Mortgage shall be at such rate ac Lender
shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
t interat has executed a written auumption agreement accepted in writing by Lender. Lender shall release Borrower frorrl all
obligations under this Mortgage and the Note.
If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance ~•ith
~ paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
l which Borrower may pay the sums declared due. if Borrower fails to pay such sums prior to the expiation of such period,
Lender may, without further notice or demand on Borrower, invoke any rcrrredies permitted by paragraph 1 R hereof. -
Now-Uwrt~rtr.r CoveNarrrs. Borrower and Lender further covenant and agree as follotrs:
lg. Accdendow; Remedies. )Except as provided iw pragra'r 17 besot, trpw Sors+awers brewer of any covesnwt ar
agrecnewt efi /s+rrower b tris Modga`e. 6rclo~wg ere corewawts to pf wrew dire atq snrrra seewrei by tli ModRage. Lewder
prior seceksratlow srai waN weeks to fiton~ower aa'rovided iw pragsapb 14 rereot spceltyl~: tl) the bseacr: (2) the setisw '
rgoirs> b sees ncr brrewer; (3) a dale, wet less dram 36 days trove the date ere wot'ke is nailed N >tarrower. ~ wrkr swcr r
brewer ntM be ewred; awed (4) fret faiitrre to ern ewer brewer a ,or before ere date geclied r Ire weeks way result r
aecekratiow of tits tttswss atoned by trfs MoregaRe. taecloawre by jwdkW proetsdM[ asrd sttik et ere lroperty. Tire watiee
srap twdrer morn •orrowet of ere right to relwstNe fter acceieratbw awd ere right b eased b ere taseioasnt psoese~sR
ere won-esMewee et a detatrN or aq other defewse of potrrower to accelerMbw awd forsclwwre. fiI Ire brrxr fs not cwrrzd a
or 6etere ere dale specified i• tie weeks. Lewder at l.ewder's opiow nay declare a• a< era atsrws aeewrsr b7' tW Mort~e Ia be
inwsediately dre ward ~wyaMe witrowl ttrdrer detnanA and way tor:cloae tNa Mo~age by jwdieW Nweeediwlt. Lender dap
be edflled to tolket i• saver prpee~rtg ap a:pcwses of torccloswrc. rsd.dirrg. brat a»t pnited M. reaaowwMe stt.xaer's fees.
awl coals of doec~wewlary tvidewee, abstrscb awd title reprls.
111, lionowa's Rlgrt to ReiwNate. NotwithstandinE lender's acceleration of the sums secured by this Mortgage, _
Borrower shall have the right to have any proceedings begun by Lender to en[orce this Mortgage discontinued a any time
~rWV i
6QDK ~ ?1{~