HomeMy WebLinkAbout0903 :i _
Lender's written agreement or applicable low. Borrower shall pay the am rt all mortgage insurance premium: in the
manner provided under paragraph 2 hereof. t JL!• ~ t
Any amounts dishirrsed by, Len~kr pursuant to this paragraph 7, with interest thereon, shall become additional ~
indebtedness of Horrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such
amcxtnlc shall he payable upon notice from I.cnder to Borrower requesting payment thereof. and shall bear interest from the
date of disbursement at the net payahk from time to time on outstanding principal under the Note unless payment of
interest at such net would be contrary to applicable law, in which even) such amounts shall bear interest at the highest net
permissible under applicable law. Nothing contained in this paragraph 7 shgll require l.tnder to incur any expense or take
any action hereunder.
S. taspectiow. fender may make or cause la be made reasonable entries upon and inspecliorts of the Ptopetty. provided
that lender shall give Borrower rtt,tict prier to any such inspection spxitying rcaronabk cause therefor related to Lender's
interest in the Property,
9, Cowtlewwatiow. The proceeds of any award er claim for damages, direct a cortsequtntial. in connection ttrith any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. are het+eby assigned
sod shall be paid to Lender.
in the event of a total taking of the Properly. the proceeds shall be applied to the sums secured by this Mortgage.
with the excess, if any, paid to Borrpvrer.' fa the.event of a partial taking of the Property. unless 8omower and Leader
otherwise agree in writing, there shall be applr2d th the sums ~.•rtrrrd by this Mortgage such ptportion of the proceed:
as is equal to that proportion which the amount of the sums secured by This Mortgage immediately prior to the dote of i
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.
It the Property is abandoned by Borrower. or if. after notice by tender to Borrower that the condemnor oRtrs to make
an award or settle a claim for damages, Bormwcr fail. to respond to Lender within 30 days after the date such notice is
mailed. Lender is authorized to collect and apply the proceeds, at tinder's option, either to restoration 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 cat
such installments.
1®. aorrower Not Released. Extension of the time for payment or modification of amortization of the sutras stxurcd _
by this Mortgage granted by [.ender to any successor in interest of Borrower shall not operate to reksse, in any manner, '
the liability of the original Borrower and Borrower's successor in interest. Lender shall not be reequircd to commence
proceedings against such successor or rchtse 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 sttecessors in interest.
~ 1t. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or
otherwise afforded by applicable lavK. shall not be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance fsr the payment of taxes or other liens or charges by Lender shall not be a waiver of LendePs ~
right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. Rewe~es CewehHhc, 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, indeptntkntly or successively.
13. Seccessors sad Assigns Idoead; Joiwl awd Several t.isbility; Csptiows. The covenants and agreements herein
contained shall bind, and the rights hereunder. shat! in!trt to. the respective successors and assigns of Lender and Borrower,
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. f
The captions and headings of the ;+aragraphs of this Mortgage arc for convenience only and are not to be used to
interpret or define the provisions hereof.
t4, Netiee. Except for any notice required under applicable law to be given in another manner, (a) any notice b
Borrower provided for in this Mortgage shall be given by mailing such notice by certifkd 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 dtcienate by notice to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to have t,ecn given to Borrower or Lender when given in the manner designated herein.
tS. Uwitorm Mortgage; Governing Law: Seversbitity. This form of mortgage combing uniform covenants for national
use and non-uniform covenants with limited variations hp jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall h governed by the law of the jurisdiction in which the Propo.~y is located. In the I
event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not aReet
ahtr provisions of this Mortgage or the Note which can be given eBect without the conflicting .provision, and to this
end the provisions of the Mortgage and the Note arc declared to be severable
If. don+ower's Copy. Borrower shall be furnished a conformed ropy of the Nott and of this Mortgage at the time
of execution or after recordation hereof.
17. Trawder of the Property; Assumptiow. If all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior wriurn consent. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage, (b) the crcat,on of a purchase money security interest for household appliances, (c) a transfer by devise,
descent or by operation of law upon the Death otr joint tenant or (dl the grant of any leasehold interest of three years or less ti
not containing an option to purchase. Lender may. at [.trader's option. declare all flee 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 te, be solJ or transferred reach agreement in writing that the credit of such person
is satisfactory to i.ender and that the intcrc.t Fayable 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
obligations under this Mortgage and the Note.
If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance v.•ith
paragraph 14 hereof. Such novice shall provide a period of not Icss than 30 days from the date the notics is mailed within
which Borrower may pay the sums ~_clared due. It Borrower /ails 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.
Norr-UNIFORM CovENANTS. Borrower and Lender further covenant and agree as folbws:
Ig. Accdentiow: Remedies. l?scep as prorWtd iw praYrsph t7 hereof. tt*ow >iorrowers rreaclr of awy eovewwwt er
agrectwewt of Iorrower iw this Mortgage. iwclttdiag the corewartts to py whew dee aawy sows secured by tits Mortgage, Lewder
prior to accekrstbw shad wail eotke to Borrower w prorided Ica pragrsph 14 hereon specNyhg: (1) the encase:121 the selbw
rcgeired to sees such breach: (3) a date. woe less traw 30 days frow Ins date the wotke b waled b •orrower. r!' which seer
breach carat be cored: awd (I) thst tailrre to seen twch bresch ow or retort the date specified ra the wotlce wuy rrtselt iw
acctkratiow of ere saws steered by eels Mortgage. torec~osttrt h' ~w proeeeiiwg scat scale d tee rroperiy. '11~e weeks.
shah ferther iwfonw Borrower of the right to rriwstde Neer aceekratbtr awd the right b assert iw Ire torsclesers proceed
the wows:istcwcc of s defaeN or awy otter defense of sorrower to accelerstiow awd tertclosert. H the encash M woe scaled ow
or retort the dale specified b the notice. Lender at Lender's optiow wwy declare ar N the twurts stetmd r'y this MoAgage a k
imwxdiately due awd pysbk without further demand and rosy torecloee this Mortgage r7' jndkW'neeedlwg. I.enderdtap
be entitled to collect b such proeecdiwR all a:peeses of forectoseoe. iwclydiwi. be! woe Ywited lo. reasowsrk att.,rarv's fees. ~
awd costs of docerweNary eridcwce. abstracts aed tick reports.
19. aorrowtr's Rijjrt fo Reiwstate. Notwithstanding lenders acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have any procerd~nes ttt~un by Lender to enforce this Mortgage discontinued at any time
f R ee~~t~~r
bOQK JV 1 PAGE e~