HomeMy WebLinkAbout0764 Lender's written agreement or applicable law. Borrower shall pay tliasurt'~nt of all A1~ifg~ge insurance premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgages Unless Borrower at•D I rnJer agree to other Ietms of payment, such
amounts shall be payable upon notice tram Lender to Borrower requesting payment thereof. ane!{~r~~ rrlterest from-the
date of-disbursement at the me payable from titre to time on outstanding principal under 'the- Note uinkis payment of
interest at such rate would be contrary to applicable law, in which evens-such amounts shall bear interest at the highest rate
permissible under applicable Iaw..Nothing contained in this paragraph 7 shall require lender to incur any expense or take
any sction hereunder.
>R Iw4ectiow, Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided
that [.ender shall give Borrower ratite prior to any such inspection specifying reasonable pose therefor related to Latder'a
interest in the Property.
Cewiewtr~sliow. The proceeds of any award or claim for damages, direct or eortsequential, in connection with any
condemnation or other taking of the Property, a part thereof. or for conveyance in lieu of corrdemaation. an hereby migned
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 b)? this Mortgage.
with the excess, if at?y, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender
otherwise sgr+ee in writinE. there shall be applied to the sums secured by this Mortgage- such proportion of the peooeeds
as is equal to that proportion which the amarnt of the sums secured by this Mortgage immediately prior to the date of
.taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the gooeeds
paid to Borrower.
if the Property is abandoned by Borrower. ar if. after notice by Lender to Borrower that the eoodemnor oRers to make
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 collect and apply the proceeds, at Lender's option, either to restoration or repair of the
Pfoptrty 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 post~rte the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
suf ~ installments.
10. Iorrower Not Released. Extension of the time for payment or modification of amortization of the sums stxurcd
by this Mortgage granted by Lender to any strcctssor in interest of Borrower shall not operate to release, in any manner.
the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence
proceedings against such successor or referee 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 Borrowers successors in interest.
~ l 1. Forbearawee by 1[.ewder Not w Wsiier. Any forf+earance by [.ender in exercising any right or remedy Iteretmder, or
otherwise aBorded by applicable last, shall not be a waiver of or_ preclutk the exercise of any such right or remedy-
The procurement of iruurartceQr the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's
right to acccknte the matunty of the indebtedness secured ey this Mortgage.
12. Rewxdks Cwwrrlative. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy irnde~ this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively.
' 13.. Sweeessors sets Asttigrrs )toaaie .setae awl Several i.isbiMfy; Capiorrs. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and BonoMrer.
subjec! to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall lx joiry and several.
The captions and headings of the paragnphc of this Mortgage arc for convenience only and arc not to be used to
interpret or define the provisions hereof. -
14. Notke. Except for any notice rcgtrit+ed 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 dlrcr address n Borrower may designate by notice to lender as provided herein, and -
(b) any notice to Lender shall I+e given by certified mail. return receipt requested. to [.ender
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
II' Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
1S. Uwitorw Mortgage; Goverwiag Lass: Severability. This form of mortgage combines uniform covenants for national
~'i use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform sxutity instrument covering
real property. This Mortgage shall h (toverned by the law of the jurisdiction in which the Property is located. in the
event that any provision or clause of chic Mortgage or the Note conflicts with applicable 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 Note arc Declared to be severable.
1f. •orrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. Tnwder of fire >Poperty: AswwPtiow. Tf all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation 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 (dt the grant of any leasehold interest of three years or less
rat 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 ale or transfer. Lender
and the person to whom the Property is to be colt or tnnsferrcd reach agreement in writing that the credit of such person
is satisfactory to Lender and that the inter~~t Fayabk on the sums secured by this Mortgage shall be at such rate as Lender
shall request. I[ Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
interest has executed a written aswmpion 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, Lenrkr shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is quikd within
which Borrower may pay the sums oxlared due. if Borrower fails to pay such sums prior to the expiration of such period.
f Lender may, without further notice or demand on Borrower. invoke any remedie: permitted by paragraph 18 hereof.
Now-UNIFOawr Covt:nar~s. Borrower and Lender further covenant and agree ss follows:
1~ AccelerMiow; Rewxdles. lE:cep as'rnvNer i• Mrag~ 17 hoed. 4a >soreewetts breach d ssty covewawt or
sgreewxwt d Borrower Ht tMs Mortgage. hrelediuR ere eovewaMs to py wrew ace awy swws secrrrr<i fly this)?'tortgaRe• Lewder
prior fe acceleratbw shah mail rootlet to DorrowN sr; provided lw pragrapr 14 hexed s'ecKyfag: (t) tit Ilreacr: (21 the sxtlow
B r'Md~ to care saver brtscr: (3) • date. root less craw 30 days crow the Gate the wotke M wtaNed b /orrewer. fry wrkr strclt
ftaeach wwst be cwrcd; ssrd 14) that faibre to ewe ewer breach ow or before tl~e dste specified M the wotke way r~esttk iw
wcceteratiow d ere swws secwrd rl' tMs Mortgage. /ereetosrrre b jrdkiai'roceediag awd sale d the lroprty. 'ilre wetfee.
star hcther iwtorw Borrower d the riRM to aiwstatt deer aceeleratiow awA ere trigrt to assert iw ere forgelesdee /roceedittg
ere won-existewce at a aefank or awy otter defer~e d Borrower to accekrMiew awd forseloarre. N the rrewcr is root ewred ow
r or before the rite s'eeified iw ere wotice. Lewder at I.errder's aptkw way declare aft d ere tttrrtts secured r7' this Mortgage N be
iwwediatdy dire awl pyark. witroel fwlher demand and way foreclose tris Mort~e h' jrikW ~reeseAlwR. Lender sraM
Ire ewtidd to eoMeel fro serer pr~oeecdirrR sR a:pewses of lorecloserc. iwelw~. IatM root Yrwits, te. reasowalle sttarrreY's fees.
awd casts d roerrtwewtary tviAcwce. abstracts awd tick rtrports.
1!. Rorrower's Rkrt to RehMate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage.
f Borrower shall have the right to have any proceed~ncs hrMm by Lender to enforce this Mortgage discontinued at any time ~
l
BOOK PIGS