HomeMy WebLinkAbout0897 Lender's written agreement or applicabb law. Borrower shall pay the amount o[ all mortgage insurance premiums in the
manner provided under paragraph 2 hereof. -
Any amounts disMtrsed by tender .~4nuant _ to ~atagraph 7, with interest thereon, shaft become additional
indebtedness of Borrower secured by'th~! >~lortgag~. ~rrower ar~i Lender agree to other terms of payment. such
amounts shall bt payable upon notice f' 1'~nder 1Q Borrower regttestinR payment thereof, and shall bear interest tnom the `
date of disbursement at the rate payable from tune to time on outstanding principal under the Note unless payment of
interest at such rate would be contrary to applicable law, in which evens such amounts shall bear interesC at the highest rate
permissible under applicable law. Nahing rnntained in this paragraph 7 shall requiro I:ender to incur gay expexese or take
any action hereunder,
i. Iws~tcAow. Lender may make or cause to be made reasonable entries upon and inipeclions of the Ptopetty. ptratrided
that Lender shall give Borrower naK-e prior to any such inspection spexifying reasooabk gttse therefor related to I,atder's ~ i
interest in the Property.
Cam, 'The proceeds of any award a claim for damages, direct or oonsegttrntial, in oorutection with any
condemnation or other taking e>E the Property. a part thereof, a for oonveyaooe in lieu of coodetrigatioa; ate hereby astWgaed
and shad be paid to Fender,
In the event e>< a total taking of the Properly, the proceeds shall be applied to the sums secured by Asa Mortgage,
with the excess, if gay. -paid to Borrower. In the event erf a partial taking of the Progeny. unless Borrower and Linder
otherwise agree in writing. there shall be applied to the sums aexured by this Mortgage such proportan of the proexed:
as a eagwl to that proportion which the amatnt of the ~wms secured by this Mortgage immediately prior to the eb~te of
• taking bears to the fair market value of the Properly immediately prior to the date of taking, with the balance of the prooexds
paid to Borrower. i
if the Progeny is abandoned by Borrower, or it. after n~tiee by fender to Borrower that the oonderanor offers to make
an award or setlk a daim for damages, Bt?rrc~wer fails to respond to Lender within 30 days after the date such notice a
mailed. Lender is authorized to collect and apply the proceeds. at >:ender's option, either to restoration or repair of die
Progeny. or to the sums secured by this Monltage.
Unkas Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shill not ecrtend .
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments. ~
lt. Borrower Net Rekase~. Extrnsion of the time for payment or modifkation of amortization of the sums secured
by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, ~
the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to commence
proceedings against such successor or refuse to extrnd time for payment or otherwise modify amortization of the x+ms
sexutjod by this Mortgage by t+eason of any demand made by the original Borrower and Borrower's wccessors in interest.
11. Forbearawee r7' I.ewier Nd s Waiver. Any fe?rttearance by Lender in exercising any right or remedy hereunder. or
otherwise afforded by applicable last, shall rtes be a waiver of or preclutk the exercise of any such right or remedy.
The procurement of insuranoe~r 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 Mongage.
12. Rauedks Cwrw4li.t. Alt reertedia provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Morlgage or aRorded by bw or equity, and may be exercised concurrently, independently or successively. '
13. 8oeeeassrs awi Assigws Botrad; ,Joint ttwe Sexed I.iabiNy; Ca*tiisws. The covenants and agreements herein
contained shall bind, and the ri~thts herrurtder shall inure to. the respective successors and assigns of Lrnder gad Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreenxnts of Borrower shall be joiry and several.
The captions and headings of the paragraphs of this Mongage are for convenience only and are not to be erstd to
.interpret a define the provisions hereof.
le. Nedce. Except for any notice required under applicable law to be given in another manner, (a) any notice to ;
Borrower prrnrided for in the Monga~te: shall be givrn by mailing such notice by cenifted mail addressed to Borrower at ~
the Property Address or at wch other address as Borrower may designate by naive to tender as provided herein. and
(b) any notice to Lender shall he given by certified mail: return receipt requostod. to l.rnder'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
Mongage shall be domed to have been given to Borrower or Lender when given in the manner designated hexear. t
1S. Urdforra Mortgage; Goverwirrg Gtr: 3everabBity. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to conuitute a uniform sexurity irtstrunteat covering £
real progeny. This Mortgage shall be governed by the law of the jurisdiction in which the Property is. located. in fire -
event that any provision or clause of this Mongage or the Nae conflicts with applicable law, such conflict shag not afhet
other provisions of this Mongage or the Nae which can be given eBext without the: conflicting provisan. and to this
end the provisions of_ the Mortgage and the Note arc declared to be severable.
lf. )1{onewer's Cop. Borrower shall be furnished a conformed copy of the Note and of this Mongage at the time
of exexution or.after recordation hereof.
!7. Trtnwder of ire Property; Aaprtttpiow. If all or any part of the Property or an interest therein is add or transferred
by Borrower without Lenders prior written consent. excluding (al the: creation of a lien or encumbrance subordinate to
this Mongage, (bl the creat+cxt of a purchase money security interest for household appliances. (c) a transfer by devise.
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
rat containing an option to purchase, Lender may. at Lender s option, declare alt the sums secured by this Mongage to be r
immediately due and payable. Lender shall have waived such option to accelerate: it, prior to the sale or transfer. Lender
and the person to whom the Property is to be so1J or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the inter~Yt Fayabk on the sums secured by this Morlgage shall be at such rate as Lender
shall requext. if Lender has waived the opion to accelerate provided in this paragraph 17, and if Borrowers successor in
interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from al!
obligations under this Mongage and the Nae.
If Lender exercises such option to acce{crate. Lender shall mail Borrower notice of acceleration in accordance v?•ith
paragraph 14 hereof. Such naicc shall provide a period of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums e.xlared due. It Borrower fails Io pay arch sums prior to the expiation of such period, #
Lender may, without furlher notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof.
Nor+-UNIFOat?r CoveNxnrs. Borrower and Lender furlher covenant and agree as [dbws: {
li. Acceleratbw; Retrreeiew. Bxcep as'revNce b Mragralh 17 rereof. tt*ow lsornwers breacr et gay covenawt er
agree~t err Borrower iw this MortgaRt. hrlaeiaR ire cotewaats to'ay whew sae awy setsas secured dy thk~MorlRage. Lerweer
prior m accekrstbw slta8 wtail tewtice to Borrower aa'rovided b paragraph t1 rereot specMyiag: (1) the treacle:121 the aRtiow
rgaired b awe seer brttwcr; (3) a date. wet lest traw 30 gays iraw ire elate ire tteNice b waxed to Borrower. by wrkr steicr _
rttewcr vast re ettreet~ awe (4) that felbR b cant strclr breach nw or bdore the date geeiiee V the tootiee way rraefM a ~
secekratiow of the starts aecard h t?b Mortgage, fieclosare by jaeBcial proceednws awtt sale M ire Property. 7Ue wettiet _ ~
sraM fartrer iwforrrt Borrower err ire riRM to rehtstate after aeeetkretiow anti ire right N exert i• ire torteiasarer proc~teeBrtg
ire tt+ow-exWettce of a eefatm or gay other eefewse of Borrower fs seceleratiow sad tarclaatre. N the ireacr b wof acted ai
a before trc dale s*etiftee i ire wotieY. Lewder at Leader's opliow wry ettlare a/dire saws stewred by trb Mortgage to be s'
jrwaAedistely ehre arse pysbie without hrrlher demand and way toredose Alb Moe~age rT jttiieW'rectiereiaR. Lrndtr• sha8
be ewtitled to roBett r srtcr pnoeesdiuR aB es'ewses.?t temelosans. rxlaeiag. 6td wet Wtite<a tea. reasoaabie ad.,rarr's.fees.
artd cats d tlocatweMary eridewee. abstrsces sae silk rePoris.
i!. Bernswer's Rkrt to Rtiwstatt. Nawithstand+ng Lenders acceleration of the sums secured by th+s Morlgage. ~
Borrower shall have the right to have any procetidtnFs bety+n by Lender to enforce this Mortgage discontinued at any time
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~0~337 Pd~E 896
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