HomeMy WebLinkAbout1998 Lender's written agreement or applicable law. Borrower shall pay the amount o[ all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any imounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional ~
indebtedness of Borrower :~p ~1lortgage. Unless Borrower and lender agree to other terms of payment. such
amounts shall be payable uF~sif friim Lender to Borrower requestin8 payment thereof, and shall bear interest from the
date of disbursement at the rate payable from time to time on aft:tending principal under the Note tmkss paytaatt of
interat at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate
pennissibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or fate
any action hereunder.
>t~ laspecliow. i.ender may make or cause to be made reasonable entries upon and inspections of the Property. provided
that Lender shall Rive Borrower notice prior to any such inspection specifying reasonable cause therefor related to LatdePs
interest in the Property. }
9. Cowtfemaatba, The proceeds of any award or 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. arc 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 Fender
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 amwtnt of the same 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 offers to make
an award or settle a claim for damages, Borrower fair to respond to Lender within 30 days after the date such notice is
mailed, Lender is authorized to collect and apply the proceeds, at i.ender
s option, either to ratoration 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 shall 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.
10. Sorr+ower 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 not operate to reksse, in any manner,
the liability of the original Borrower and Borrower's successors in interat. Lender shall not be required to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortiution of the sums
secured by this Mortgage by reason of any demand made by the original Borrower and Borrower': successors in interest.
11. lt+oritearawce by Lender Not a Wd•er. Any forbearance by Lender in exercising any right or remedy hereunder, or
otherwise afforded by applicable law, shall not be a waiver of or prcelude the exercise of any such right or remedy.
The procurement of insurance or the payment of taxes or other liens a charges by Lender shall not be a waiver of Lender's
right to accelerate the maturity of the indebtedness secured liy this Mortgage.
12. Remedies Cesoladtre. 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, independently or successively.
13. Soecessors sad AsdRas Found:.]oiat and Several i.iabiBty; Captions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the.rapective successors and assigns of Lender apd Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joanj and several.
The captions' and headings of the paragraphs of this Mortgage arc for convenience only and are not to lk used 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 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. Uaitorm Mortgage; GoveraiaR Law: Se.erabilily. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to cor>:titute 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
! event that any provision or clause of this Mortgage ar the Note conflicts with applicable law, such conflict shall not atfed
other provisions of this Mortgage or the Note which can be given etftct without the conflicting provision, and to this
end tfre provisions of the Mortgage and the Note are declared to be severable.
1~. borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
~ 17..Trawsfer of tie Properly: Assnaptiow. If all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior writrcn consent. excluding (a) 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 devise,
6 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 to be co1J or transferred reach agreement in writing that the credit of each 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, snd if Borrowers successor in
interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all
obljgrttions under this Mortgage and the Note.
Jf Lender exercises such option to accelerate, Lender shall mail Borrower notice of accekntion in accordance with
paragraph 14 hereof. 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. 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 IR hereof.
n •
I NoN-I.INIFOnM CovtawetaTS. Borrower and Lender further covenant and agree of follows:
lfi. Accderatiow; Remedies. Except s provided is parsgrs'it 17 iereot, Rea borrowet'a Mraeh of say cotrewswt ar
sp~amet of berrswer lw d~ Mortgage, laehrdirtg the coewswts to Pal when lac say rwras seeael y efts Matgsge. i.ewder
priotr b a<ceieradow sisD mail wotke /o borrower as pro.iaed iw psragrap6 lI hereof specityia~ (1) tis ireaci:l2) tie setiow
rgttiei b sae swdr hreseh; (3) a dale, sot less dray 3• dsys from tie late the wstlee V ssffiel b bsrtower. ~ whki swei
kteaci mwst k ~ sett t4) fist taiitre b sae sock Itrtaclt ow or before the late specifel is tie wodee rosy rsssN Y
aeeelieradew of dse sttsss secared d!' dtls Mor1=abs. taeclostrre y jrrdkW lrocreiisg sal sit d the fho'erty. Tye ws+tiet
slab ewrtier btorm borrower of dye r1gM to reiwstMe after sccekratbw awl tie rlgit b sst+ert r the toreeNgrt pretee~ag
se wow•etrietewce of a letaalt or awy other detesse of Borrower to sccekratlow sal toreclowre. N dye ireaelt r wet ewrsd ow
ar before tie dale Reelfiel i• tie wotke. Lewder st Leader's opbw may lcchre at of dte stns aecaed ~ Ihlt MerlpRe tr k
~ Immelia/eiy doe awl psysik wiliool father demand and way torrclose tiffs Mottgage b jsikW /roteellwR. Lender tiff
be eMidel to eobttet few swci proceslitg at espeases of foreclosere. iwcidisg. 6wt wst iiraitsd to, reaserartir stbxseYs fees.
awl casts of leer-~ewdry rridewee. aisdscls awl tick repro.
lf. borsowa's R4it b Reiasgte. Notwithstanding Lenders scoekration 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
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