HomeMy WebLinkAbout1688 i
Lender's written ''r ~ t ~ , + ~ ~ ~t
agreement a applicabb law: borrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amounts dilhttrsad by Lender pursuant to this paragraph 7, with interest thereon. shat) become additional
indebtedneu of Harrower secured by this Mortgage. Unkcs Barroa-cr ar+d !.ender agree to other terms M payment, such
amounts shall be payable upon native tram tender 14 borrower requesting payment thereat. and shall bear interest frotrt the
dale of disbursement at the rate payable from tithe to time on outstanding principal under the Note unless payment of
interest at such rata would be contrary to applicable law, in which event such amounts shall hear interest at the highest rate
lrermiatu'bk uttder applicable law. Nothing cantairted in this paragraph 7 shall riequirc !:ender to incur any experae or take
any action hereutder.
>R Ittr4eetiisw, Lander may make ar cause la be made reasonable entries ttpan and inspections of the Property. provided
that Lender shall give Borrawver novice prier to any such inspection spaifying rca:ottabk cause therefor related to Leader's
interest in the Property:
C~ 'I'tx p~~ ~ any award or claim for damage:, direct or oortsequential. in connection srith any
condemnation or other taking of the Property. or part thereof. a for an?veyattee in lieu of condemnation. are htuebq att:igrted .
and strap be paid to Lettdu.
In the etrptt of a total talon= of the Property, the proceeds shall be applied to ttte sums secrttrd by this Mortpga.
with the excess, if any, paid to Borrower. in .the event of a partial taking of the Property. unless .borrower and Lender
otherwise agroe M writing, there shall be applied to the sums secured by this Mortgage such proportion of the prooeeda
as is equal to that proportiot which the amatnt of the sums secttred by this Mortgage immediately prior to the data 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 Borrower. ar if. after notices by Lender to Borrower that the condemnor offers to makes '
an award or settle a claim for damages, &+rrawer tails to respond to Lender within 30 days after the date such notices is
mailed, Lender is authorized to collect and apply the proceeds, at Tender's option, either to restoration or repair of the
Property or to the sums secured by this Martttatte.
Unless Lander and Borrower otherwise agree in writing, any such applicatian of proceeds to prigcipal shall rtot eztead
or pastpone the due date of the monthly installments referred to in paragraphs 1 and 2 Irer+eof oar Fhanae the tntytount of
such installments. -
i!• Borrowec Not Released. Extension of the time for payment or modification of amortization of the sutgs. secrar~
by this Mortgage granted by Lender to any sttooessor in interest of Borrower shall not operate to release, in any manner.
the liability of the original Borrower and Harrowers successors in interest. ~ Lender shall not be required to commends
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 oriRina) Borrower and Borrower's successors ri interest.
~ 1 t. Rorbearsuee ~ Lewier Not s gYaiverr. Any farlreannce by !.ender in exercising any right or remedy hereunder. of
otherwise afforded by applicable law, shall not be a waiver of or preclutk the exercise of any such right or rartedy.
The procurement of insurartcer~r the payment of taxes or other liens or charges by Lender shall not be a waiver of Leader's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
i2. Rewrediea CwrttrhNve. All remedies provided in this Mortgage are 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 suceessively.
13. Stsetwsors rptd AadRas Sortrta; .>jotw/ aai Stvernl i.irtblrtp; Captiows. The covenants and agreements herein
contained shall bind, and the rights hereunder :hall intrrc to. the res{sective successors and assigns of Lender dad Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several.
The captions and headings of the paragraphs of this Mortgage are far convenience only and arc not to be used to
interpret or define the provisions hereof.
i4. Notice. Except for any native rcgtrittid 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 dher address as Borrower. may designate by naive to Tender as provided -herein. and
(b) any notice to Lender ahap he given by certified mail. return receipt requested. to Lender's address stated herein or to
such other sddress as Leader may designate by rraiee 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. Ut>iforw Mortgage; GoverwittlC Lary; Severability. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations hy.jurisdiction to constitute a uniform aeeurity instrument oovsring
rtes! property. This Mortgage shall ~ governed by the law of the jurisdiction in which the Property is located: to the
event that any provision or clause of this Mortgage ar the Note conflicts with applicable law. such conflict shall not affect
aher provisions of this Mortgage or the Nate which can be given effect without the conflicting provision. and to this
end the provisions of the Mortgage and the Note arc declared to be severable.
li. )sorrrtwer'r: Copt. Borrower she!! be furnished a conformed copy of the Note and of this Mortgage at the -time
of executan or after recordation hereof.
17. Ttrawsfer of tre h~ertp; Assrttttptiow. If all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written consent. excluding (a) the creation of a lien or encumbrances subordinate to
this Mortgage, (b) the creatran of a l+urchace mc?ney security interest for household appliances. (c)
a transfer by devise.
desamt or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years a less
not containing an option to purchase, Lender may, at Lender's option, declare alt the sums secured by this Mortgage to be
immediately due and payable. Lender shall have a•rived 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
is utisfactory to Lender and that the interest Fayable on the sums secured by this Mortgage shall be at such rate ac Lender
shall request. If Leader has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in
interest has executed a written assumption agreement adapted in writing by Lender. Lender shall release Borrower from ap
obligations under this Mortgage sod the Nae.
Tf Lender exercises such option to accelerate. Lander shall mail Borrower ratite of acceleration in acrnrdartt.•c w irh
paragraph 14 heroof. Such notice shalt provide a period of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums uxlared due. If Borrower fails to pay srtch sums prior to the expiration of such period,
Lender may, without further notice ar demsnd on Borrower. invoke any remedies permitted by paragraph Iii hereof.
NoH-UKtt=oreat CovtaNRrvts. 8orfower arrd Lender further covenant and agree as folbws:
i!. Acctlentio~ Rewte~es. Except as frorliti m pragraph 17 Itereot. trpw iliorrowa's tttreaclt at awp corewawl K
agrecoeot oft lsearower lee tfis Mortgage. htcl~ittR Nte coretsstMS to pp wlttw drre ttwp sows aetttrea by Nt[s Morgage. Lttwtlef •
prior.a accdcraNow slur wtail ratke m lion~ower as pro•Nd iw pragraplt 11 hereof s'ecflpisg: (1) the tt+reaeb:/21 tAe setlow
fo care over Itrraeir (3) a dste, rat less Barr 30 days trove tMe date the wetice tt: ttsaaileea m >sertrwer. by wflklt welt
Irtteactt what Ire ettue~ awl (4) put faittitr+e to ettre soclt rrrtaclt ow or ttetore fire date s'ecMed iw the notice way result r
accderatiow of ttre sets secwed by tAia Maetgrtge. f~r~ccloastrt by j.~efal peeseiirtg aver sale off Nte rr~ertp. Tate wetiee.
dray trrrilter atforw I:orr~uwer of the right to eeittNNe after aeeekrMiow awd fire tight b. ~aaed r Nte toaselawrte Neteeitrg
tie ttww-exWeace at a detattit err arty otltcr de/erasa of lsoerewer to secelastiew a~td tereelorwte. N the ilreaeh b vest etwed eve
or beten Nte date spteitier t• Nte wotke. Lewtter~at [.ets~et'a optiew wrap tkelare ttr et Nte saws secrtssJ by tYa Mo~gptRt M k
iwwedirttelp doe ttwi ppaMc without twttscr demand and wisp foreclose Nth Mortgage ip ~rtikfat praceeNrtR. I.rnder- cAar
be ewtitficd to eoreet iw sttclt proeetaiag V expesses of foreclosure. iwchtliwg. but wrest Ywthel to. reaaowahie stturwev's.fees.
aw/ tatrts of iewwewtary eNdewtp abstracts dui title ntprts.
l!. lortrowera Rtpht to Retwatate. Nawithstanding I:ender s acceleration -of the sums secured by this Mortgage.
Borrower shall have the right to have any proceedings been by Lender to enfarce this Mortgage discontinued at an); time
s~335 ~~1681 ~ i