HomeMy WebLinkAbout2004 ' Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premium: is 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. Unlecc Borrower and Lender agree to other tettns o! payment. such
amounts shall be payable upon nr~tk~c from Lender to Borrower requesting payment thereof, and shall bear interest tram 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 applicabk law. NMhing contained in this paragraph 7 shall require Lender to incur any expense a talcs
any action hereunder.
8. iwspectiow. 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 Lertder^s
interest in the Property.
9. Condemnation. The proceeds of any award or claim for damages, direct or rnnsoquential, 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 1_ender.
In the event of a total taking of the Property, the proceeds shall be applied to the sums senrred 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 wrilinR. 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 prooceeds
paid to Borrower. .
If the Pr~~ri•ty is abandoned by Borrower, or if_ after notice by Lender to Borrower that the cortdamnor offers to make
an award or settle a claim for damages, Borrower tails to respond to Lender 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 or repair of the
Property onto the sums secured by this Mortgage.
Unlesc•Lender and; Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
o~,postponehhE due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the antouat of
~~auch installmeet~.
"1;0. $orrower~Not Released, Extension of the time for payment or modification of amortisation of the sums refused
by this Mgrtaa~e granted by Lender to any cuccecsor in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Borrower
c successors in interest. Lender shall not be r+equir~ed b eomnrenoe
proceedings against such succeuor or reface to extend time for payment or otherwise modify amortisation of the sums
secured by this Mortgage by mason of any demand made by the original Borrower and Borrower's successors in imerect.
ll, Forbearance 6y Lender NM a Waiver. Any forbearance by Lender in exercising any right or remedy lretermder. or
otherwise afforded by applicable law, shall not he a waives of or preclude the exerrise of sny such right or r+enredy.
The procurement of insurance or the payment of taxes or other liens or charges by I.enrkr shall not bt a waiver of Fender's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. Rewredies Comu)ati~e. All remedies provided in this Mortgage are distinct and cumulative b any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or srrotxssively.
l3. Swceessors and AsdRws Botend; Joint and Ses•eral i.isbrltry; CaPliows. The covenants and agr+etatents herein
contained shall bind, and the rights hereunder shall incug to. the.respective successors and assigns of Lender spd Harrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreemrnts of Borrower shall be jdrd and several
The captions' and headings of the paragraphs of this Mortgage arc for convrnience only and are not to be used to
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interpret or define the provisions hereof.
14. Notke. Except for any notice required under applicabk 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 addrewed 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 eotioe provided for in this
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner de:isnated herein.
~ 15. Uwiforw Mort
Rage; GovcrniwR Law: Severability. This form of mortgage combine uniform oonrerrants for mtiond
use and non-uniform covenants with limited variations by jurisdiction to coratitute a uniform secwity instrument covering
real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. Ip the
~ event that any provision or clause of this Mortgage ar the Note conflicts with applipbk law, such conflict shsll not aQect
other provisions of this Mortgage or the Note which can be givrn e6ect without the cottflictirtg prarision, acct to this
~ end the provisions of the Mortgage and the Note are declared to bt seveabk.
16. Sonrswer's Copy. Borrower shall be furnished a conformed copy of the Note and of this llrlortgaRe at the time
of execution or after recordation hereof.
P 17..Trawder of the PropMy; Assnarptiow. 1f all or any part of the Property or an interest therein is sold or transferred
f by Borrower without Lender's prior written consent. excluding (a) the creation of a lien a enurmlxsnoe subordinate to
this Mortgage, (b) the creation of a purchase m~+ney security interest for hoaselrold appliances. (c) a transfer by dtvisG,
descent or by operation of law upon the death of a joint tenant or (d) the grant of say leasehold interest of three years or less
~ not containing an option to purchase. Lender may, at Lender
s option. declare all the tarns sectmd by this Mortgage b be
~ immediately due and payable. Lender shall have waived such option to accelerate if. prior b the sale or transfer, tender
and the persat to whom the Property is to be cold or transferred rack agreement in writing that the credit of such person
is satisfactory to Lender and that the interact payable on the sums secured by the Mortgage shall be >a 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
interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all
oblations under this Mortgage and the Npte.
if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in aecordanc~ M•ith
paragraph 14 herieof. Such notice shall provide a period of not less than 30 days from the date the notice is msikd within
which Borrower may pay the sums declared due. If Borower tails to pay such sums prior to the expiration of wch perKd,
3 Lender may, without further notice or demand on Borrower. invoke any remedies permitted by parsgraptt 18 hereof.
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NotwUtvtFOaut CovENenrTS. Borrower and Lender further covenant and agree as follows:
18. Aeeeleration; itenredks. Erceept as provided in Paragraph 17 hereof. upow liersewe~s ireaei ati awy eoverr~t er
agreearest of Borrower Im this Mortsage, Mekrdiwg the eorenawts to py when dwe say saws setar+eJ i! Ibis Marge. Lewder
prbr to aecelerwtfon shall mail notice to Borrower w provided Ist pragrapi /4 tercet speeKyiwg: (1) tre iseaclu (Zl sic aelbw
! tregwlrea b coee such br+each; (3) a dale, wet less than 30 days [row tre sale the wotiee b oaliei N IMr~w~er. Iq which sre6
f beeaelr wwst ie cored; awd (1) that faflare to cure such 6reaci err K hetare tie date speelaei iA the walle+e wt+y result b
accekratlow at tie saws secured b7' tits Mortgage, foreclosure l jtrdfeial prrteealing awl sale rt tie l4~erg. The wetke
shall brtier ittorm laoror?er of the riRIN to rdwst:te after accekraliow awl Ire rfgN b assert i• Ire f~eclsswe pnoeeedhg
tie wow-exirtewee of w defaok or awy otter dctewse of lsorro••er to wccek*Miow awl fareciosrre. U !re rtrxr is wN tweed ow
or reforc the date speei6ed io tie wotiee. Lender at Lender's optbw rwwy dea•Isse aY at fie wws saew~ l trb MMRat;e b be
iwwtediatdy dire and Payable without brther demand and rosy torrclese tleis Marltagt il' ~dicW prrleetdfwr;. litwder small
6e ewtitied b collect iw web proceediw; aH espenses of foreclosure, iweiwdiwg, rut wet r¦dled a. reMwaile stNxwes's tees.
i awl costs eit iec.. eewtary evideuce, abstrt,els awd title reports.
19. )renown's Rfeit to Reinstate. Notwithstanding Lender's acoekration of the sums secured by thr_ Mortgage,
~ Borrower shall have the right to have any proceedings begun by Lender to enfortt this Mortgage disceont+~ued~ar any nme
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