HomeMy WebLinkAbout0770 •
l.endei
s written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums' in the
• manner provided under paragraph 2 hereof.
Any amottnls dishttrseif by Lender pursuant to this paragraph, 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unlt:cc Borrower and Lender agree to other terms of payment. such
amounts shall he payable upon notice from Lender to Borrower requesting payment thersc~ji ~es~~lral~~ar interest from the
date of disbursement at the rate payable from tithe to time on outstanding principal dndeF t ~{ote unless payment of
interest at such rate would be contrary to applicable law, in which evens Much amounts shall bear interest at the: highest rate
permissible under applicable law. Nothing rnntained in this paragraph 7 shell require Lender to incur any experae or take
any action hereutrtkr.
R ItstPecliow, Lender may make or cause to be made reasonable entries upon and inipectiorrs of the Property. provided
that Lender shall give Borrower notKC prior la any such inspection specifying reaaonsbk cause therefor related to Lender's
interest in the Property.
9. Cowdetwwstbw, The proceeds of any award or claim for damages, direct or consequentisl. in eonrrection arith any
condemnation or other taking of the Property, or part thereof, or for conveyarroe in liw of condemnation. are hereby assiined
and shall be paid to Lender.
in the: event of a total taking of the Properly. the proceeds shall be applied to the sums stxtrred by this Mortgage.
with the excess. if any. paid to Borrower. in_ the event of a partial taking of the Property. unless Borrower and Larder
otherwise agree in writing, them shall be applied to the sums xcuted by this Mortgage such proportion of the proceeds
as is equal to that proportion which the amarnt of the sums secured by this Mortgage immediately prior to the dale of
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. _
if the Property is abandoned by Borrower. or if. after notice by tender to Borrower that the condemnor opera to make .
an award or xttle a claim for damages. Borrower fail. to respond to Lender within 30 days after the dale such notice is
mailed. Lender is authorized to collect and apply the proceeds, at Lender's option, either to recooation or repair of the
Properly or to the sums secured by this Mortgate.
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
qr postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount Ot
such installments.
10. Eorrower Not Released. Extension of the time for payment or modification of arrrortizttion of the sums strctirttd
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 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 successors in interest.
~ 11. Forbearance bl' Lender Nof a Weever. Any forbearance by Lender in exercising any right or remody hereumder, or
otherarix afforded by applicable law, shall nM be a waiver of or preclude the exercise of any such right or remedy.
The procurement of i~nsurarrce~r the payment of taxes or other liens or charges by Lender shall not be a waiver of Larder's
right to accelerate the matunty of the indebtedness secttrcd by this Mortgage.
12. Remedies CwwrWlve. All remedies provided in this Mortgage arc distinct and cumulative to any other right a
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively.
' 13. Srccesaors awd Asdgws dowrrd: Joint aria Several 1.WriiNy; Capfiens. The covenant: and agreements herein
contained shall bind, and the rights hereunder shad inrrrc to. the respective wocessors and assigns of Lender aced Borrower.
subject to the provisions of paragraph 17 hereof..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 hercc?f.
14. Notice. Except for any mice regtrircd 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 dher 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 t-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
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
13. Uwifam Mortgsge; Govenriag Law: Severabiliry. This form of mortgage combines uniform covenants for national
use and nonuniform covenants with limited variations. by jurisdiction to constitute a uniform security instrument covaiirrg
~I real property. This Mortgage shall h governed by the law of the jurisdiction in which the Property is located. 1n the
~ event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect '
aher provisions of this Mortgage or the Nnte which can be given effect without the conflicting provision. and to this
end the provisions of the Mortg""age and the Note arc Declared to be severable.
lf. Borrower'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. Trawsfcr of tie Property: Assnarptiow. If 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, (b1 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 (dl the grant of any leasehold interest of three yeah or less
not cohtaining an option to purchase, tender may. at Lender's option, declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have w awed such option to accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is a. be co1D or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the intcre.t Fayable on the sums secured by this Mortgage shall be at such rate ac Leader
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 shat! rckax Borrower from all
obligations under this Mortgage and the Nat.
If Lender exercises such option to accelerate, lender shall mail Borrower notice of acceleration in sccordancc with
paragraph 14 hereof. Such notice shall provide a period of na less than 30 days from the date the notice is mailed within
which Borrower may pay the sums oxlared due. If Borrower fails to pay such seems prior to the expiration of such period,
Lender may, without further mice or demand on Borrower. invoke any remedies permitted by paragraph Ift hereof.
NoN-UNIFORM Covt=_rrarns. Borrower and Lender further covenant and agree as follows:
ig. Accekratbw; Rerwedia. B:etpt as proridca h prtrgrt>plr 17 Ircreot. trpo 1orrowers tread of nay covewartl K
a~recwrcwt of isorrowcr iw iris Mortgage. iwcludiwg ere corewaats to pr whew are awe seines secrrca ey tlds Mortgage. Lewder
I 'rbr to sctelerwtlow sbaU argil notice to Borrower m provided iw pragrapr 14 hereof spacltyirg: (1) the recess: I21 the stikw
regtrirca to sire arch rYeaci;l3) a date, woe less traw 30 days tray ere date the retire b wailed b iorrower. ey wiles s~selr
btteacM rlrwt be need: awe (4) trM faUwrc to sire secs rtaer ow or rcta: the date geeMea i. ere wotkc way resafR V.
aeceleratlow of ere swats secwrcd by eels Mortgage. foreclosrre fh? jwdkW pocetdiwg awe sale d ere rroperty. 'ilic ~otics.
shay hrtrer iwtawr Eorrower of the right to reiwstsfe after arcekrMbw awe the right M asoert iw ere ta+ecNwrt pseeealtK
tit wow-a:ktewce of a detark or awy other detewse o1 Borrower to aceekrMlow awd foretlowrt• N ere rreaer M woe cwtd ew
a before the dstc srecifiW L ere wotke. Lender at t.errders o'Ibw rra>r dtelase a! at lie twasta oeewrsa r7' fife Mortgage 1o k
irwwrediatelr dot awe prsbk without trrther demand gad war fineelose this Mortgage by jwaicW pneeedMR• Lender chap
be ewtitled to colitet d std poeccdiag all expenses of foreclosrrr. iwchsaiag. bit woe liwtitca lo. rcasorrarle attnrartr's fees.
wwa tOSfs of datYtwt:wtafr eridewce. abstracts awd title reports.
1!. Sorr+ower's Rigrt to Reiwgate. Nawithstandtng Lenders acceleration of flee sums secured ~y this Mortgage.
Borrower shall have the right to have any proceedtnec txM~n by Lender to enforce this Mortgage discontinued :t any Time
8001( PAGE ~ ~