HomeMy WebLinkAbout1636 Lender c 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 t.enJer pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower ant Lender agree to other terms of payment, such
amounts shall be payable upon notice from Lender to Barrawer reyucsting payment Ihcrcof. and shall hear 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 hear interest at the highest rate
permissible under applicable law. Nothing contained in thin paragraph 7 shall rcgttirc Lender to incur any expense or take
any action hereunder.
8. Inspection. fender may make or cause to be made reasonable entries upon and inspections of the Property, provided
that lender shall give Borrower notice prior to am• such inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9. Condemnation. The proceeds of any award ar claim for damages, direct or cancequential, in connection with any
condemnation or other taking of the Property, or part thereof, ar 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 cams secured by this Mortgage.
with the excess, if any, paid to Harrower. 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 secure) by this Mortgage such proportion of the proceeds
as is equal to that proportion which the amount of the sums secured b}• this Mortgage immediately prior to the date of
taking hears to the fair market value of the Propcrt}• immediately prior to the Jate of taking, with the balance of the proceeds
paid to Borrower.
If the Property is abandoned h}• Borrower, or if. after notice by (.ender to Borrower that the condemnor offers to make
an award ar settle a claim for damages. Borrower fails to reslx~nd tt. (.ender within 30 days after the date such notice is
mailed. Lender is authorized to collect and apply the proceeds. at Lender's option. either to restoration ar repair of the
Property or to the sums secured by this Mortgage.
Unless lender and Borrower otherv?•ise agree in w•ritine. am• such application of proceeds to principal shall not extend
or pa.,tpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof ar change the amount of
each installments.
10. Borrower Not Released. Extension of the time for payment ar modification of amortization of the sums secured
by this Mortgage granted by Lender to any cuccessur in in{crest of Borrower shall not operate !o release, in any manner,
the liability of the original Bortowet ahd Borrower's successors in interest. lender shall not be required to commence
proceedings against such success(tir or -refuse to extent time for payment or othen+ise modify amortization of the sums
secured M• this Mortgage by reason of any demand made h}• the ari¢inal Borrower and Borrowers successors in interest.
11. Forbearance by Lender Not a Waiver. Am• farhearance h}• i.ender in exercising any right ar remedy hereunder, or
otherwise 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 other liens ar charges by Lender shall not be a waiver of Lender s
right to accelerate the maturity of the indebtedness secured h}• this Mortgage. •
12. Remedies Cumulative. All remedies provided in this 1ortgage arc distinct and cumulative to an}• other right ar
remedy under this Mortgage ar afforded by law ar equity. and may be exercised concurrently. independently or successively.
13. Successors and Assigns Bound; ]oint and Several Liability; Captions. The covenants and agreements herein
contained shall hind, and the rights hereunder shall inure to. the respectivi: successors and assigns of Lender and Borrower.
subject to the pmvisionc of paragraph 17 hereof. .All covenants and agreements of Borrower shall be joint and several.
The captions ant headings of the paragraphs of this Mortgage are for convenience only and are not to be used to
interpret or define the pmvisionc hereof.
14. Notice. Except for any notice required under applicable law to be given in another manner, fa) an}• notice to
Borrower provided for in this Mortgage shall be given h}• mailing such notice by certified mail addressed to Borrower at
the Property Address ar at such other address as Borrower may designate M• notice to Lender as provided herein, and
Ih) an}• notice to Lender shall he given by certified mail. return receipt requested. to Lender c address stated herein ar to
such other address as (.ender may designate by notice to Borrower as provide) herein. Any notice provided for in this
Mortgage shall be deemed to have been given to Borrower ar Lender when given in the manner designated herein.
IS. Uniform Mortgage; Governing i.avr•: Se•~erability. This form of mortgage combines uniform covenants for national
' use and non-uniform covenants with limited variations M• jurisdiction to rnnstitute a uniform security instrument covering
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 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
j end the provisions of the Mortgage ant the Natc arc .lectured to be severable.
16.. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of e:cecution or alter recordation hereof.
17. Transfer of the Property: Assumption. If all i~r am• part of the Property ar an interest therein is sold ar transferred
j by Borrower without Lender's prior written consent. excluding Iat the creation of a lien or encumbrance subordinate to
r this Mortgage. Ib) the creation of a purchace money security interest for household appliances, Ic) a transfer by devise,
§ descent or by operation of law upon the Jeath of a joint tenant ar IJr the grant of am• 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
ant the person to whom the Properly is to be colt or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest payable on the sums secured 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. !_ender shall release Borrower from all }
obligations under this Mortgage and the Note.
If lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Strch notice shall provide a period of not Icss than 30 days from the date the notice is mailed within
which Harrower 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 Harrower, invoke an}• remedies permitted by paragraph 18 hereof.
f
NON-UNIFORM CO~`ENANTS. Harrower and Lender further covenant and agree as follows:
18. Acceleratroa; Remedies. Erccept as provided in paragraph 17 hereof, upon Borrower's breach of nay covenant or I
agreement of Borrower in tbis Mortgage. including the covenants to pay when due any soma secured by this Mortgage, Leader
prior to accekratioa sbaU mail notice to Borrower as provided in paragraph i4 hereof specifying: (1) the breach; (2) the action
reyuircd to can strcb breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by whkh each
breacb must be cared; and (4) that failure to cure such breach on or before the date specified is the notcee may result io
s acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sak of the Property. The notice
shall further inform Borrower of the right to rcir~tate after acceleration and the right to assert in the foreclostrrc proceeding
the non-existence of a default or nay other defense of Borrower to acceleration and foreclosure. If the breach is not eared oa
or before the date specified in the notice. Lender at Ixnder's option may declare all of the sours secured by this Mortgage to be
immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Leader shall
be entitled to collect in such proceednrg all e:perrses of foreclosures, including, but not limited to, reasonable attorney's fees,
l; 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.
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
a
~ I,x
~f:~x 332 pa~f 1634
r_ n,
~x. - T ,
f