HomeMy WebLinkAbout0008 l.cndcr's written agreement or ,applicable law. Borrower shall. pay tjx amount o[ all mortgage insurarn-e premiums in the
manner pn?vidcd under paragraph-2 hereof. _ ,
Any amounts disMtrsed by I.ensfer pursuant to this paragraph 7. with interest thereon. shall become additional
indchtiedn~~sc of Borrower secured by Chic Mortgage. Unless Borrower and Lender ague to Mher terms of payment, such
amsurntc shall he payable upon nt?tice from Lender to Borrower rcquccting payment thereof. and t~wM~-itit~r2st from the
date of dishttrsement at the rate payable from time to time on outstanding principal under the ore unless payment of
interest at such rate NouW be rnMrary to applicable law. in which ovent each amounts shall hear interest at the highest rate •
permissible under ap{disable laVv. Nothing contained in this paragraph 7 shall require i.eridcr to incur any expense or take
any action hereunder. •
- 8. lwspectiow. Lender may make or cause to be made reasonable entriec~ upon and inspections of the Property, provided
that ll.ender shall give Borrower nMice prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Properly.
9. Condemewtbn. The prs~ceedc of any award or claim for damages. ~dircct or consequential. in rnnnection with any _
condemnation or other taking of the Property, or part thereof, or far conveyance in litu of-ct?ndcmnatiati. are,hercby assigned I
and shall be paid to Lender. -
In the event of a total taking of the Property, the proceeds shall he applied to the cams secured by Chic Mortgage. •
with the excess, if any. paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Lender -
otherwvise agree in writing. there shall be applied to the sums securest by thi4 -Mortgage such proportion of the proceeds ,
as is equal to that-proportion which- rho amount of the sums secured by .this Mortgage immediatel~• prior to the date of _
taking bears to the f{eir market value of the Propctly immediately prior to the date of taking. with the balance of the proceeds
paid to Borrower. - -
-If the Property is abandoned by Borrower. or if. after notice by i.ender to Borrower that the condemnor offers to make -
an award or settle a claim for damages. Bi~iPsiwer fails~to,r~'spond to Lender within i~ da~•s afterthe date such notice is
mailed.. Lender is authorized to rnllect artd 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 writinc4 am• inch application of proceeds to principal shall not extend
or pastporx: the due date of the monthly. installments referr~-d to in paragraphs 1 and 2 hereof or change the amount of
such installments. -
10. 1lbtrrower Wot Rekased. Extension of the time for payment or modification of amortization of the come secured
by th?c Mortgage granted by lender to any successor in interest of Borrower shall not operate to release. in any manner.,
the liability of the origit)at Borrower and Borrower
c strccescorc in interest. Lender shall not. he regtrircd to commence
prsx-eedings against such sttes:essor or refuse to extend time for payment or Mherw•isc modify amortization of the sums-
secured by this Mortgage by reason -of any demand made by the original Bormw•er and Borrower's successors in interest.
11: Forbearance ll.esder Not a Wsirer. Am forheararice by Lender in exercising any right or remedy hereunder. or
otherwise afforded by applicable faw, 3ha11 not t+e a waiver of or preclude the exercise of am• such right or remedy.
Thc procurement of insurance or the payment of laces or other liens or charges by i.ender shall not be a waiver of Lender
s
right to accelerate the maturity of the indebtcdttecs secured by this Mortgage.
12. Reeeedies CoteulaHre. All remedies provided in this Mortgage arc distinct and cumulative to an}• other right or
remedy under this Mortgage or afforded by law or equity. and mry he exercised concurrently. independently or cuccecsiveh•.
13. Successors anal Assigws Boned; ]Dial sad Sereeal i.iability; Csptioas. The covenants and agr~timentc herein
contained shall hind, and the rights hereunder shal_I inure to, the respective successors and assigns of Lenderrnd Borrower.
subject to the proctisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several:
The captions 'and headings of the_ paragraphs of this Mortgage arc far convenience only and are not to he used to
interprct-ordefincthc provisions hers:of. - _ - - -
- 14. Notice. Tsxcept for any -notice required under applicable law• to be given in another manner. (a) am notice to
&~rmwer 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 other address as &~rmw•er mav_ designate M• notice to Lender as provided herein. and
(hl any notice to Lender shall he given by certifies! mail. r-ettrrn receipt requested. a~ 1 ender
c address stated herein or to
such other address as Lender .may designate by notice to Borrower ai pro~•idesi herein. Any notice provided for in this _ _
Ms~rtgage shall he deemed to have been given to Borrower or Lcndcr when given in the manner sfecignated herein. -
1S. Uniform Mortxa>;e; Grererttieeg Lary; Sererabilih. This form of mortgage combines uniform rnvenants-for national
use and non-uniform covenants with limited variatiom by jurisdiction to constitute a uniform security inslnrment covering
real property. This Mortgage shall he governed by flee law• of the jurisdiction in which.thc Propcm is Isx:atcd., in the _
event that any provision or clause of this Mortgaee s.r the Nrte conflict. with applicable law•. such conflict shall not .affect
ether pn?s•isipm of.thic Mortgage or the Notc which can t+e given clTect without the conflicting provision, and to this_
end the provisions of flee Mortgage and the ~Tbtc arc skclared h. he ccvcrahlc.
16. Eorrower's Cop~•. Bormw•er shall be furnished s rnnf~~rmed rnpy of the Note and of Chic Mortgage at the time
of exsxution or after recordation herrnf.- -
17. Transfer of the Propetir; Assumption. If all or am• part of the Property or an interest therein is sold or transferred
by Borrower without Under
s prior wriu~n content. c~cluding (at the creation of a lien or encumbrance sulwrdinate to
this Mortgage. Ih) the creation of a purchase mono- tccurity interest for household applians'ec, (cl a transfer by devise.
descent or by operation of law upon the skath of a joint tenant or (tit the grant of anv leasehold interest of three years or less
not containing an option to purchase, Lender may. ar Lender c option. declare all the sums secured by this Mortgage to be
_ immediately due and payable. Lender shall have wai~cd such option ts. accelerate if. prior to the wle or transfer, Lender
and the person to whom the Property is ts~ be solJ or transferred reach agreement in writing that the credit. of such person
it satisfactory- to Lender and that the infect-st payable on the sums secured by this Mortgage shalt 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 hoc executed a written assumption agreement accepted in writing by I-ender. Lender shall release Borrower from all
~ obligations unskr this Mortgage and the Note.
i If [-ender exercises such option to accelerate. Lender shall mail Borrower ns><ice'of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of not Icss than 30 days from the date the notice is mailed within -
which Borrower may pay the sums declare) due. If Borrower !silt to pay such sums prior to the expiration of such period,
Lender may, without further notice or demand nn llormwcr. invoke am: remedies permitted by paragraph Ift hereof.
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Norr-UNIFORM Cov`erv~twrs. Borrower and Lender further covenant and agree as follows: ~
! 18. Accekratiow; Ree+edia. Except as provided in paragraph 17 hereof. tapow Borrower's btrcacb of say corewaat or
agreemewt of Borrower in this Mortgage. iucludieg the covenants to pay wbeee doe aw sums secured b!' tbb Mafgsge, Lewder
~ prior to accekrstioa sbaA mil notice to llbtrrower ss ptvided in 14
paragraph sper~fyieg: (1) the it[eaeb; (T) the actbw •
required to ctee sweb breseb; (3) a dste. wot less than 30 days frorw the title the wetice is rotted to Borrower, by wbki soeb _
breach meet be eurtd; awd (4) that failure to- cure sock breach on sag before the date specified ie the notice my rewult is
sr:cderatioa o[ the stern seceed by thLs Mortgage. fotoedosnre by jedicial proceeding aed ask of the Property. The notke
E shad further iwtorm >son+ower of flee right to reinsbte titer accelersttoa and Ibe right to assert iw the foreclosure -
_ P
` the.arow~esWeace of a defsvk or awy other defense of 1!<orrower to sccekra~ioa avert foreclosure. if t>;ee breach 6 sot creed oa
or before the dste specified Iw the aotice. Leader at I.ewder's optiow my dtclare sit of the suers stcui+ed by fhb-Malgage b be -
iweweedWely due swd pysbk witboeet futrtber deaeawd anti my foreclose tt>is Mort~ge by judicial pr+oeeedag. I.eaier shad -
be ewtitled to codcet tw stseb proceeding aN a:pews of foreclosure. iacleding. but not dwdted to, ressoosble sttoraey's fees,
swd eosfs of docwtseafacy erideace, a6strscts sad tick treposts. i -
f 19. iltorsowes's Right to Reittwtste. Notwithstanding Lenders acceilia)ion of the sums secured bjr this. Mortgage, -
! Borrower shall have the right to have any proceedings begun by [.ender to enforce this Mortgage discontinued at any time -
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