HomeMy WebLinkAbout1284 Lender s written agreement w applicable ytrv..Bprip shall pay the amount of all mortgage iasuraraoe premiuau is the ~
manner provided under paragraph 2 hereof. ~ • i ii ~ ~
• Any amounts disbursed by Lender pursuant to thit paragraph 7, with interest thereon, shall become sdditional ~
indebtednus of Borrower secured by this Mortgage. Unless Borrower and l_enDer agr+oe to other terns taf payment. such }
amounts shall be payable upon raotice from Lender to Borrower requesting payment thereof. and shall bear interest foam the
date of disbursement at ,the gate pa~ahk from time to time on attstanding principal under the Note unless payment of
interest at such rate would be ctirttrary to applicable law, in which event such amounts shall bear interest at the highest rate
permissible under applicable law. _1Vgthing•contained in this paragraph 7 shall require Lender to incur soy expeoss or take
any action hereuntkr. '
laspcetion, Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided
that Lender shall give 13omoweP notice prior M any such inspection specifying reasonable cause therefor related to Leader's
interest in the Property. '
9. CoaderwwNbw, The proceeds oaf any award or claim for damages. direct or corisequeotial. in oonaeetion with say
condemnation or other taking of the Property, a part thereof. or for conveyance in lieu of condemnation. are hereby sssistied
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. Tn the event of a partial taking of the Property. unless Borrower and Lender
otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the ptoeeeds
as is equal to that proportion which the amaint 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 ahandoneD by Bor:ewer. or if. after notice by lender to Borrower that the condemnor oRers to maloe ~
an award or settle a claim for damages. Borrower fails 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
Properly or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to priricipal shad not e><terid
or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of
such installments. i
10. deroower Not Released, Extension of the time for payment or modifkation of amortization of the suan secured ~
by this Mortgage granted by Lenokr to any successor in interest of BorrowYr shall not operate to reksse, in any manner, i
the liability of the original Borrower and Borrower
s 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 stccessors in interest.
11. Rorbearatace r7' lewder Neat a welter. Any forbearance by Ixnder in exercising any right or remedy hereunder, or
otherwise afforded by applicable law, shall rant be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of taxes 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.
12. Rewiedies C•rsrhtlva, All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or alfordcd by law or equity, and may be exercised concurrently, independently or siietxssivtly.
13. Sacceasors swd AsslRws doted: Joint and Several l.isbitiry; Captiows. The covenanb and agreetMnb herein
contained shall bind, and the rights hereunder shall inuug to. the respcetive successors and sssigra of Lender arid Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jary and several.
The captions' and headings of the paragraphs of this Mortgage arc for convenience only and are not to 13e' 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 3
the Property Address or at such other address as Borrower may designate by notice to T.erider 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 nMice 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.
IS. Uwiforsi Mortgage; Goveraieg Law; SevenbBity. This form of mortgage combines uniform oovenanb 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 '
event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conAiet shall not affect
other provisions of this Mortgage or the Note which can be given eticct without the oonAicting provision. and to this ~
~ end the provisions of the Mortgage and -the Note arc Declared to be severable.
lf. dorrowee'a Copy. Borrower shall be furnished a conformed rnpy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17..Trarfer of ere Property; Aswaiptiow. 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 encumbnnee subordinate to
-this Mortgage, (b) the creatioxi of a purchase money security interest for household appliances, (c) a transfer l+y devise, j
~ descent or by operation of law upon the death of a joint tenant or (dl the grant of any leasehold interest 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
i 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 colD or transferred reach agreement in writing that the credit of such person t
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. Lender shall release Borrower from all
obljjations under this Mortgage and the Note.
If 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 tails to pay such sums prior to the expiation of such period,
Lender may, without further notice or demand on Borrower, invoke any remedies ptrmitted by paragraph lg her+eof.
Nor-Ut+tt*orinr CovtNaxrs. Borrower and Lender further covenant and agree as follows:
li. Acederaffow; Remelts. Etce~t as froviiti i• 17 rereof. ~N derrrwera tosser of awy carewaM tw
agreewatt of derruswer V tlir Malsage. riela~wg ere cw~wairb to My wren tae say iawirs ssewei ti dais Martpge. I.ewier
prior to settii:radsw srad dl wotke to dornwer as'rovflel h Nragra'r 14 terse[ yeelfyl¦a (1) Its rower: (2) ere setrw
re*Irei 1s gate ttrndi Merck (3) • lsh, wM less dw 3• days frrarri !re date ere aodi:e r tstatkl N >tanerer. Ily wrist serer
o rreaer swat re ewre~ stet (n trat tailwre N care strcr rrwcr a er refore ere date apeciBad V ere wotice tray rcattM V
accekratlew of die sssas secwrcl b tits Mortgage. fireciowre b jwNcN1 pruacecirig atstl sale a[ ere Prorerty. 71ia wstiee ?
sritB fwrtrer iriforrt ierrewer d Cite right t. mate after sceekradow awl ere riglM to astcrt its die fareeisstrrc pnceetfitg
i ere sees-a:Mewee r1 a defadt tar aq after detewse of dorrrower to accekratiow ass foneiosare. r the rrraer is Nt etareti w
or ktr+e ale tale speclAel i. ere saoda.lLewler,f t.erilers opiow asy leelsrr .B.r die,tttwrs seewti y err M.stgsge w rk
isfineaislely dire awl ~tgaMe wftrowt fartrer dewaand awl say foreeloae err Mer~sge r7' jalieW /retet~¦R. lrwder art
~ re eaddei N ce~ett V strd'rseesliwg aN arpeases iif foreclosure. ineln/isd. rat ¦N ¦twiMi M? reaseasMe sttoraeYa fee:.
swl es+Ns of iatt.-~ewtary eriiewee, abstrsces awl title retorts.
lf. iarnwa's R4r1 a Reiuslate. Notwithstanding Lenders scoekntion of the awns secured by thn Mortgage,
i Borrower shalt have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
~ BCCK JJ~ PA6E ~1