HomeMy WebLinkAbout0854 Lender'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 amounts dishursed by Lender pursuant to -this paragraph 7, with interest thereon, shall become additional
indebtedness ~~f Borruwcr secured by this Mortgage.Unless Borrower and tender agree to other terms of payment, such
amounts shall he payable upon notice from Lender tc? Borrower regtrestinR payment there f,ypar interest from the
date of disbursement at>the rate payahk from time to time on outstanding principal ttPjt~~~otlrunkss payment of
interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate
permiuibk under applicable law. Nothing contained in this paragraph 7 shall rt:quirc Lender to incur any expetae or take
any action hereunder.
>R ltsstectlow. I.endcr may make or cause to be made reasonable entries upon and inspection of the Property. provided
that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property,
9. Cotuderwwwtbw. The proceeds of any award or claim for damages, direct or oonsequeatial. in eoarteCtion with any
condemnation or other taking of the Property, or par: thereof. or for conveyance in lieu of eottderttnation, are hereby assisned
and shall be paid to Lender.
In the event of a total taking of the Property. the proceed: shall be applied to the sums sectrrod by this Mottssge.
with the excess, if any, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Leader
otherwise sgree in writing. iherc shall be applied to the sums secured by this Mortgage such proportion of the proceeds
as is equal to that proportion wfiich Ilte engine of the sums secured by this Mortgage immediately prior to the date of
taking burs to the fair markN value of the Property immediately prior to the dale 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 olfets to tnalte
an award or settle a claim for damages, Borrower fails to respond to Tender within 30 days after the date such notice is
merited. Lender is atrthorited to collect and apply the proceeds. at Lender's option, either to restoration or repair ofi the
Property or to the sums secured hy~this Mortgage.
13hkss Lender and Borrower otherwise agree in writing, any such application of proceeds t6 principal shall not extend
or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of
such installments.
10. lorrower Nof Released. Extension of the time for payment or modification of amortization of the sums secured
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 successor in interest.
~ 11. Forbearance by Lewder Nof w R?siver. Any forbearance by [_cnder in exercising any right or remedy heretmder, or
otherwise afforded by applicable law. shall not be a waiver of ar preclude the exercise of any such right or remedy.
The procurement of insurance Pr the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. Remedies Cwmwb>tive. 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 exercised concurrently. independently or srrccessively.
' 13. Swecessors and Assigws Ibwwa: Joiwt swd Strcd 1.iab~ty; Ca*dows. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respective successor and assigns of Lender and Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joirtj and several.
The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to bt used to
interpret or define the provisions hereof.
14. Notke. Except for any rt~tice required 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 certifkd mail addressed to Borrower at
the Properly Address or at such other address as Borrower may designate by notice to Tender as provided herein, and
(b) any notice to Lender shall he given by certified mail. return. receipt requested. to T.ende~
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
~I Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
1S. Uwitorwr MortgsRe: Cotrenriwg Law: Serersbilit}•. This form of mortgage combines uniform covenants fer national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall !~e governed hy~ 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 rnnflicts with applicable law, such conflict shall not aQect
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 are declared to be severable.
lei. Ibrrower'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.
i 17. Trswdcr of the hoperty: Aswmptiow. Tf all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lenders prior writrrn consent. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a purchase mc•ney security interest for household appliances. (c) a transfer t+y devise,
descent or by operation of law upon the death of a joint tenant or (dl the grant of any leasehold interest of three year or
less _
not containing an option to purchase, Lender may. at I.ender'c 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
and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest Fayabk on the sums secured by this Mortgage shall be at arch rate as Lender
shall request. Tf Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
interest has executed a written assumprion 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. Lender shall mail Borrower notice of acceleration in accordanc-c v?•ith
paragraph t4 hereof. Such notice shall provide a period of rwt less than 30 days from the date the notice is mailed within
which Borrower may pay the sums oxlared Bus. If Borrower fails to pay such arms prior to the expiration of such period,
Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1R hereof.
I Non-UNIFORM CovEnenTS. Borrower and Lender further covenant and agree as follows:
1i. Accelcratiow; Rewxdies. Except as proriaed iw pragra'Ir l7 hereof. Row Itonr.+res's breach of eery covewwN K
agreewttewt of Borrower iw this Mortgage. iwcludiwR the corctsaMs to py whew dwe wwr swans scored by fhb Mortgage. Lewder
prbr to wccekrstbw shall mail wotke to lorrower as provided iw praBrRh 14 hereof s'ccltybrg: (1) the brewch:121 the setbw
regwirea to ewre swc6 breach: (3) a date. root less thaw 30 days trowr the gate the wotke b ttsaNed fs >sorrower. by whkh swch
bseach mwt 6e eared: swd (1) tbaf hilwre b cwre swch breach ow or before the Gate s'eciisd iw the wotiee Wray result M
wccelerwfiow of the swwu seewred by fhb MortRaRe. torecloswre bf jwAfcial proceeaiwg awd sale of the hoperty. The watke.
shah frrtber iwform Borrower of the right to reitabte titer wccekrNbw grog the right Is aratA h the taecMswre ptocte~
the wow-a:ktewct of a detwwk or awy other actewxe of Eorrower fo scceleration wwd fortclowra. N the brewch b roof tweed ow
or before the date specified iw the tsWke. Lewder wt [.ewder's oplou wry aeelare >r of the swt¦s secwred h7' fhb MortpRe N bt
imrwcdiwtdy dwe swi pyabk without twrthcr demand and may foreclose fhb Mortsa~e ~ N' Lender shah
be estlded to collect a swch'roceediwg wA expenses of foreclowrr: Iwchr~. bwt root Yrwitd t.. reasowaNe annraetr's fees.
awd casts of docwrwedary eriAewce. sbstraets awd lick reports. •
19. lliorr+uwer's Rkht to Reiwstate. Notwithstanding tenders acceleration of the sums secured by this Mortgage.
~ Borrower shall have the right to have any proctcdmcc (x~m by Lender to enforce this Mortgage discontinued +r any time
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