HomeMy WebLinkAbout0909 Lender's ureter agreement or applicable law. Borrower shall pay the amount o ~ortgage insurance premiums in the
manner provided under paragraph 2 hereof. = ~ ~
Any amaunes dichursed by Lender pursuant to this fr f 7, with rest thereon, shall become additional
indebtedness at Barrowcr'sc~urt:d by this Martgagt. Unlctis Harrower and 1-ender agree to other terms of payment, such
amaunts shall he payable upon rratict Pram I.cndtr to Borrower regtrcxtinR payment thcrrnt, and shall bear interest from the:
date of dicbursemtnt at the rate payahk • tnrm time to time an outstanding principal under the Note unless payment o!
interest at such rate would be contrary fa applicable law, in which evens Much amounts shall bear interest at the highest rate
permissible under applicablee iaw» Nothing contained in this paragraph 7 shell require i.cnder to incur any expense or take
any action hereunder. -
Ias'ectksr. lender may make ar cause to ire made rtasonabk entries upon and inspections of the Property. provided
that Lender shall give Borrower native prior to any such inspection specifying reasonable cause therefor related to Lender's
interost in the Property,
9. CotatlerwwMiow, Tire proceeds of any award or claim for damages, direct or consequential, in connection with any
condemnation or other to#irra dit~ ~dperty, ~ part thereof. or for conveyatrtx in lieu of condemtratiorr, are herby attsigtred
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 iortgage.
with the excess, if any. paid to Borrawer. In the event of a partial taking ~t 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 proceeds
as is equal to that proportion which the amatnt of-the sums secured by this Mortgage immediately prior to the date of
taking bean to the fair market value of the Property immediately prior to the date of Inking, with the balance of the proceeds
paid to Horrowrr.
if the Property is abandoned by Barrawer, or if. after notice by lender to Borrawer that the condemnor oRen to matte
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 called and apply the praceeds; at sender's option, either to restoration or repair of the
Property or to the sums secured by this MartRage..
Unless i.ender and Borrower otherwise agree in writinfi, 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 of
such installments.
lA. Borrower Not Rekascd. Extension of the time tar payment or modification of amortization of the sums secured
by this Mortgage granted by i.ender to any successor in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Barrower's successors in interest. tender shall not be required to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sr~ms
secured by this Mortgage by reason of any demand made by the original Borcower and Borrower's successors in interest.
~ - 11. Forbearance by li.ewder Not a N?aiver. Any forbearance by lender in exercising any right or remedy hereunder. or
otherwise afforded by applirabk I~w. shall rat be a waiver of or preclude the exercise of any such right or rsrrxdy.
7Tre procterement of insuranceQr tart payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's
right to accelerate the matunty of the indebtedness secured by this Mortgage.
12. Rewretpes CwrwsWhe. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or affarded by lzw or equity, and may be extrcised concurrently. independently or successively.
' 13. Sweeeasas swd AsaiRws )!<oawd:.7oiwt awn Several i.iabilily; Captforts. The covenants and agreements -herein
contained shall bind, and the rights hercutrder shall inure to, the respective successors and assigns of Lender and Borrower.
subject to the provisions of paragraph 17 hersof. All covenants and agreements of Borrower shall be joiry and several.
The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to
interpret or define the provisions herec?f.
l4. Notice. Except for any native rcgtrired under applirabk law to be given in another manner, (a) any trotiee 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 dhcr address as Borrower may designate by notice to Tender as provided herein, and
(b) any notice to Lender shall ht 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 notice provided for in this
Mortgage shall be deemed to have been given to 8arrower ar Lender when given in the manner designated herein.
1S. Uaitorm Mortgage: Goveraiwe Law: Sevenbility. This form of mortgage combines uniform covenants 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 taw of the jurisdiction in which the Property is located. In the
event that any provision ar clause of Chic Mortgage ar the Note conflicts with applirabk law, such conflict shall not affect
other provisions of this Mortgage or the Note which can be given effect- without the conflicting provision, and- to-this
end the provisions of the Mortgage and the Nate arc declared to be severable.
16. iorrower's Copy. Borrower shall Ire furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. Trawler of the hoperty: Asswarptiow. 1f all or any part of the Property or an interest therein is sold or tnnsferned
by Borrower withaut Lender's prior writrrn consent. excluding fat the creation of a lien of encumbrance subordinate to
this Mortgage, (bl the creatran of a purchase money security interest for household appliances, (c) a transfer by devise.
descent or by aperation of law upon the death of a faint tenant or (d? the grant of any leasehold interest of three years or less
not containing an option to purchase, Lender may, at Lender's option, declare all the 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
znd the person to whom the Properly is t~. be call or transferred reach agreement in writing that the credit of such person _
is satisfactory to Lender and that the intcrect ~a~•able on the sums secured by this Mortgage shall be at 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
obligations under this Mortgage and the Nate.
If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of not less than 30 days lrom the date the notice is mailed within
which Borrower may pay the sums e.xlared due. If Borrower fails to pay such sums prior to the expiration of such periad,
lender may, without further notice ar demand on Borrower. invoke any remedies permitted by paragraph 18 hereaf.
Norr-UNtFO1tM Cova:H,?NTS. Borrower and Lender funkier covenant and agree as follows:
li. Aecelentbn; Rcwxdks, Except st provNed iw pragrs'Ir 17 Ircrcof. Ran fion+awer'a breach of awy eovewawt ar
sgrecrwewt of Eorrower iw this Mortgage. intluditag efts corcwsMs to py whew dse wry sirwrs setsrtd by tbts'MorfRaRe. Lewder '
prior to sccekntbw shall grail rrotke to Borrower as provided iw pra~rapb 11 bereot tPecKyiag: (1) the breacb:l2) tbt sefion
tregwired fo true such breach; f3) a dMe. not lee tbsw 30 days trora the dMe the wotke fs arapcd to lorrower. by which swat
btttacb and be nred: swd (4) that failure to ewe such breach ow or bNorc tfre date spcMed br Ibe wotiee way restit 4
tt+ecelerstioa of the cants secured by tbk Mortgage. /aeeloswre by jwdkW'roceediwg awl sale e< the rr+npcrty. 7Ue wotfiet.
sfrsp briber isform lorrower of the riRM to reiwstMe steer sceelentba awl tbt rfgbl to aaurt fin the toreekawre ~trteeeditt~
fbe wow-txistewce of a dtfawk or awr olArr defense of Borrower to accekntiow swd forteionre. N the breach is woe cured ow
or before the date srecified io tfre notice. Lender at l.ewder's epiow way dtehre ap of the swr¦a tuewrei by tfris MortRaRe b !K
imsrcdiatdy But snd pyabk without twrther demand awl rust foreclose tbtt Mort;age by jwiieW petetdirrR. i.entltr-chap
be estitled to toUect b such p+~oceedinR cif a:ptases of tortcbssre. fuelsdbig. but rut panted ta, reasowablt stt•?rneY's fees.
awl costs of dsctrtweatary evidence. abstracts and title reports.
19. 1f!onower's Rfgbt to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have any proceedinec brain by Lender to enfarce this Martgage discontinued at any time
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