HomeMy WebLinkAbout0782 Lender's written agreement or applicable law. Borrower shall pay the amount all mortgage insurance premiums in the
manner provided under paragraph 2 heroof.
Any amounts dichtrrstd by Lender pursuant to this paragraph 7, with interest thereon, shall became additional
indtbtedttess °f Borr°wcr secured by this Mortgage. Unlecc Harrower and Lender agree to other terms of payment, such
amounts shall be payable upon notice from Lender to Borrower rcgtrectinR payment thereof, and shall bear interest froth the
date of disbursement at the art payahk from time to time art outstanding principal under the Np a unless payment of
interest at such ate would be contrary t° applicable law, in which event such amounts SGtrll;bw ~t~st at the highest rate
permissr'ble under applicable law. Nothing contained in This paragraph 7 shall rpquirc (:ender to incur any.sxpense or take
any action hereunder,
R las}scfisr, Lender may make or cause to bs made reasonable tntriec upon and inspections of the Property. provided
that [.ender shall give Borrower nWK-e prime to any such inspection specifying reasonable cause therefor retatod to Lender's
interest in the Property,
Conietntntbw, The proceeds of any award a claim for damages, dinner a consequential. in connection vrith any
condemnation or other taking of the Property. a part thereof, a for conveyance in lieu of condemnation. are hereby aasigrted t
and shall be paid to Lender, ~
In the event of a td~l taking of the Properly, the proceeds shall be applied to the sums secured by this Mortgage,
with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and bender
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 wfiich the amaint 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 proceeds
paid to Borrower.
if the Property is abandoned by Borrower, or if. after notice by (.ender to Borrower that the rnndemrwr offers to make
an award or settle a claim for damages, Borrower fails to respond to lender within ;0 days after the date such notice is
mailed, bender is authorized to collect and apply the proceeds. at under
s option, either to restoration or repair of the •
Pr°perly or t° the sums secured by this Mortgage.
Unless [.ender 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 rsferrtd to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. >sorr~ower Not Rekssed, Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage gaoled by Leader to any successor in intercu 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 refuse to extend tirn4 for payment a othenvix modify amortization of the sums
secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest.
~ 11. Forbesrawce i7' Lewder Nat a Wainer: Any fr+rhearance by Lender in exercising any right or remedy hereunder, or
otherwise aBorded by applicable law. shall not be a waiver of or precltttk the exercise of any such right or remedy.
The procttrcrrtent of insurance1x the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's
right to acceknte the maturity o[ the indebtedness stctrrrd by this Mortgage.
l2. Remedies Crrwrbrtlne. 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 extrcised concurrently, independently or successively.
• 13. Srceewors asd AssiRrs Idotrrri; Joiwf awa Several Uabipfy; Csptioas. 'ffte covenants and agreements herein
contained shall bind, and the rights hereunder sh:Il inure to. the respective successor and assigns of Lender gad Borrower.
subject to the provisions of paragraph 17 hereof. All rnvenants and agreements of Borrower shall be joir~ and several.
The captions and headings of the paragraphs of this Morlgage arc for convenience only and are not to be used to
interpret or define the provisions hereof.
_ 14. Ndke. Except for any notice required under applicable law to bt given in another manner, (a) any notice'to
Borrower provided for in this Mortgase shall be given by mailing such notice by tertifted mail addressed to Borrower at
the Property Address or at such ghee address a: Borrower may designate by notice to (.ender as provided herein, and
(b) any notice to Lender shall he given by certified mail, rett:m rsceipt requested. to Lender's address stated herein or to
such other address as Lender may designate by notice t° 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.
1S. UrRonw MorlRage: Covsrwb+g Lave; Seversbility. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limittd variations by jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall h governed by the law of the jurisdiction in which the Property is located. In the
event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or the N~Ce which can be given eBect without the conflicting provision, and to this
end the provisioru of the Mortgage and the Note arc declared to be severable.
16. )sonowsr's Co'y. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation fierce[.
17r. Trsttafer of tie Property; Assrwotiow. If.all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender s prior writrcn consent. excluding tor! the creation of a lien or encumbrance wbordinate 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 (dl the grant of arty leasehold interest of three ytan or less
not containing an option to pucahase, Lender may. at Lender's option. declare all the sums secured by this Mortgage to be s
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 t.. be «~IJ or transferred reach agreement in writing that the credit of each person
is satisfactory to Lender and that the intcr~~t Fayable 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 a successor in
interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower Pram alt
obligations under this Mortgage and the Note.
if taender exercises such option to accelerate, Lender cha!! mail Borrower notice of acceleration in acrnrdanc~ with
paragraph 14 hereof. Such ndice shall provide a period of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums oxlared due. It Borrower fails to pay such stems prior to the expiration of such period.
Lender may, without further ndice or demand on Borrower, invoke any remedies permitted by paragraph IA hereof.
.Norv.IJNIFORM Covt=_NeNTS. Borrower and Lender further covenant and agree ss follows:
1fi. Aceeleratiow; Rewcdia. Farcept as provNed iw pragrapir 17 Itersof. rrpow Borrower's breast of awy conewaN air
a~restrseat of torrower b tits M~~. iaeirdierR tie tonewaMs to py vrbsw die gay sews setrred by~ rib Mortgage. l.errier
prbr to aetelerstba sbap maN rwtid to eonowcr as provided h lgragraph 11 fence[ spccltyiog: (t) the bread: t21 tAe action
rsrrirsd to ears sect breach; (3) • fiats. wet less tiger 30 days horn tie Gate tie works b twsikd M Borrower. by whist strd
bssaci wwt be erred: sat (4) tW rafters to errs sect freest ow or bdorr tie date s'ecNied h tie wotke way tnearlt iiw
aeederNiow of tie sews accrred by tits Mort~e. fareciosrre by jiadkW p~oceedirtg awtl sale o< tie rroperty. The wotics
slap hrtier iwtorw Borrower of tie riRIM b rsirtribfe after seesleratiow gad tie right to agent b+ tie toreelesrre prseteirg
tie non-existence oft a tletark or any other Aetewse o1 Borrower to aecekrMfow awd torsciowre. N tie br~eaci b rot erred ow
or before tie date speeilied b+ tie wotke: Lender at l.trrrdet'it optlow nay declare sp d tie aswa seemed by ebb MortgaRs h be
iwrwediattly dos awi! pyabie witbort trrrtier demand and wray ferrekae rib Mortgage by jirrdieW'rresediwR. Linder-slap
be ttMilkd to copses rw staei p+oetedirtR aN a:pewees rtf torecb+strrr. bchdirg. bet rot Yrwited to, reasowabk tNt.Nnrv't fees.
awa costs dt doerrwewtary s.idewce. abstracts swd title reports.
I!. Borr~swers Ri~it to Rtrb+aate. tNawithstand~ng Lender's accelentron of the sums secured by this Mongage,
Borrower shall have the right to have any, pra:etdrngc IxWin by Lender to enforce this Mortgage discontinued at any time
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