HomeMy WebLinkAbout0245 . ..~:s .
Lender's written agreement or applicabk law. Borrower shall pay the amount of all mortgage insurance premiurru to the
manner provided under paragraph 2 heroof.
Any amounts disbursed by (.ender pursuant to this paragraph 7, with interest (hereon, shall become additional
indebtedness of HorriwCr secured by this Mortgage. Unless Harrower and (.ender agree to other tett~ls of payment, such
amcxtnls shall be payable upon notice tram (.ender to Harrower requesting payment thereiL and shall bear inler~est from the
date of disbursement at the rate payable Pram time to time on outstanding principal under the Note unless payment of
interest at such rate wiuld be contrary to applicable law, in which event such amounts shall hear interest at the highest rate
permissible under applicable law. Nithing captained in this paragraph 7 shall require (.ender to incur any expense or take
any action hereunder.
8. laspectioa. (.ender may make or cao~e ti be made reasonable entries upon and inspections of the Property. providod
that I-ender shall give Borrower notice prior to any such inspection specifying reasinable cause therefor related to Lender's
interest in the Property.
9. Coodemnation. The proceeds if any award or claim tar damages, direct or consequential, in connection with any
condemnation or Mher taking of the Property, or part thereof, it for conveyance in lieu of condemnation, are hereby assigned
and shall be paid to Lender.
In the event of a fatal taking of the Property. the prcxeeds shall he applied ti the sums secured by this Mortgage,
with the excess, if any, paid ro Harrower. in the event of a partial taking of the Property, unless Harrower and Lender
otherwise agrce in writing. there shall be applied to the sums secure) h}• this Mortgage such proportion of the proceeds
as is equal to that proportion v?•hich 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, wish the balance of the proceeds
paid to Borrower.
if the Property is abandoned by Hor:ower. it if. after notice by 1_cnder to Harrower that the condemnor offers to make
an award or settle a claim tar damages. Borrower fails to re.~ and to Lender within 30 days after the daft such notice is
mailed, Lender is authorized ti collect and apply the proceeds. at Lender's option, either to restoration or rtpair of the
Property or to the sumti secured by this Martgage.
Unless lender and Harrower itherwice agree in writrnc. any such application of proceeds to principal shall not estend .
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Not Rekzsed. Extension of the time for payment it modification of amortization of the sums secured
by this Mortgage granted by Lender to any cuccessir in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Horrower'c successors in interest. Lender shall not be required to commence
proceedings against such successor it reface to extend time far payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of an}' demand made b~• the original Borrower and Harrowers successors in interest.
11. Forbearance by (.ender Not a Waiver. Any forbearance h}• (.ender in exercising any right or remedy hereunder, or
otherwise afforded by applicable law. shall pat he a waiver of ar preclude the exercise of any such right or remedy.
The procurement of insurance or the payment if tares or other liens or charges by Lender shall not he a waiver of Lender's
right to accelerate the maturity of the indebtedness secured by this Martgage.
12. Remedks Cnmulsti•e. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Martgage or afforded by law ar equity, and may he exercised concurrently, independently or successively.
13. Successors and AssiRas Bound:.(cent sad Sereral l.iab'lity; Captions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender acct Borrower.
subject to the provisions of paragraph 17 hereof- All covenants and agreements of Borrower shall be join] and several.
The captions and headings of the para¢raphc if this Mortgage are far convenience only and -ors not to be used to
interpret or define the provisions herrnf.
14. Notice. Except far any notice required under applicable law to be given in another manner, (a) any notice to
Harrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Horrawer at
I; the Property Address or at such other address as Borrower rosy- designate by notice to Lender as provided herein, acid
(b) any notice to Lender shall be given by certified mail. return receipt requested.. to i.enders address stated herein or to
such other address as Lender ma}• designate by notice to Horrawer as provided herein. Any notice provided for in this
j Mortgage shall he deemed to have been given to Borrower or Lender when given in the manner designated herein.
1S. Uniform Mortgage; Governing Law: Severability. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdictlon to constitute t uniform security- instrument covering ,
f real property. This Mortgage shall be governed h}• the law of the jurisdiction in which the Property is located. In the
• event that any provision or clause of this Martgage or the Note conflicts with applicable law, such conflict shall not affect
E other provisions of this Mortgage or the Nate which can be given etiect without the conflicting provision, and to this
end the provisions of the Mortgage and the Nate are declared ti be severable.
16. Borrower's Copy. Borrower shall be furnished a confirmed cop}- of the Note and of this Mortgage at the tithe
of execution or after recordation hereof.
~ 17. ,Transfer of the Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prier wrintn consent. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (bl the creation of a purchase money securit}• interest for household appliances, (c) a transfer by devise,
• descent or by operation of law upon the death of a jrnnt tenant or (dl the grant of any leasehold interest of three years or less
not containing an option to purchase, 1_ender may, at Lender's option, declare all the sums secured by this Mortgage to be
immediately due and payable. fender shall have waived such option to accelerate if, prior to the tale or transfer. Lender
and the person to whom the Property is to be ci1J it transferred reach agreement in writing that the credit of such pet~on
is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate ac Lender
k shall request. 1f 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 shall release Borrower Pram all
( obligations under this Mortgage and the Note.
if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordant. with
A paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date tFra notice is mailed within
which Borrower may pay the sums declared due- If Borrower fails to pay such sums prior to the expiration of such period.
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph I R hereof.
z Norr-UNIFORM CoveN~NTS. Borrower and Lender further covenant and agree as follows:
18. Accekratbo; Remedies. E:cept as provided in paragraph 19 rereot, opo Borrower's breast of awy co•etuaot or
agrecmeot of Borrower to tbls Mortgage, hxlodiag the co•enaals to pay whco dtre ray soars accord by trio Mortgage. lender .
prior to accekratbo shall mall aotke to Borrower as pro•Idtd la paragraph 14 hereof specNyhrg: (1) the breach; (2) the sctba
trsgobned to etrre soc6 breach; (3) a date, riot ksa than 30 days from fire date the wotke r oraBcd to Borrower. dy wrkr such
bttacr moat be cored: acct (4) drat faUore to core such breach ow a before the date ttpecl8d h the wotkc nay resaN to
accderatbo of ere sotoa aecor+cd by this Mortgage, torecbsore by jodkial proceeding awd sak of the Property. The adke
shall fortlrer ioforor Borrower of ere right !o celrrstate suer accekratbs and the right b asert io the toredosore'roetedrrg
~ ere tsorexiateace of a defsoN or soy other defense of Borrower to scctkratiow and toreclowre. It ere breach b cot curd a
or before ere date specKd b the oMke. Lender at Lender's oPtiow may decbnrt V of ere sums aeeored b7' frls MortgrtRe to be
immediately doe sod payable witlwot trrrthcr demand and may torecloae trls Mortgage by jndkW proetedirrR. i-ender shall
be e.Mifld to collect err acct poceedirrg d e:peaces of toreclosore, hxlodiog, hot cot Ilrrritd to. teaaoaable ata,rner'a fees.
std coats of doc~~eotary e•idence, abstracts acct titk reprts.
19. Borrown'a Rlgrt to ReiestMe. Notwithstanding Lender's accekration 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
~1 x332 PzcE 245
- _ ~.a