HomeMy WebLinkAbout0860 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the i
manner pnwided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Burn~wct secured by this Mortgage. Unless Borrower and Lender -agree to other terms of payment. such
amcxrnts shall he payable upon notice from Lender to Borrower (cgtrectinR payment thereott~pr~~lh11~5~interest from the
date of dicburxmt:nt at the rate payable from time to time on outstanding principal under a unless payment of
interest at such rate would be cantranr to applicable law, in which evens such amounts shall bear interest at the highest rata
permissible under applicable law. Nothing contained in this paragraph 7 shell require Lender to incur any experae or take
any action hereunder.
>l. Iwspectiow. Lender may make or cause to be made reasonable entries upon and inspections of the: Property. provided
that i.etrder shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9. Cottdewwatiow. The proceeds of any award or claim for damages, direct or consequential. in connection with any
condemnation or other taking of the Property, or part thereof, a for convayartoe in lieu of condemnation. are helablr assigned
and shall be paid to [.ender.
in the event of a totil taking of the Property. 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 Loader
otherwise agree in writing. then; shall be applied to the sums secured by this Mortgage such proportion of the proceeds
as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the data 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.
it the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor 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
Property 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 postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments. i
10. Borrower Not Released. Extension of the time for payment or modifkation 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 a 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 bar Lewder Not a Waiver. Any forbearance by under in exercising any right or remedy hereunder, or
otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or rwrtedy.
The procurement of insuranceQr the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's
right to accelerate the matunty of the igdeMedrtess secured by this Mortgage. _
12. Rewtedies Cnwulsthre. 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 successively.
' 13. Swcctssors sod Assigws Eonwd; John awd Several I.isbiNlr; Csptiows. The covenants and agreements herein
contained shall bind, and the rights hereunder shall intrrc to. the respective successors and assigns of Lender acrd Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be join] and several.
The captions and headings of the paragraphs of this Mortgage arc -tor convenience only and are not to be used to
interpret or define the provisions hereof.
11. Notice. Except for any notice rcgrrired 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 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 Lender'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 y
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated ht:reut.
1S. Uwitorwr Mortgage; Governing i.aK: Scverability. This form of mortgage combines uniform covenants for national
ux and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering #
real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In~ the ?
event that any provision or chose of chic Mortgage or the Note conflicts with applicable law, such conflict shag 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.
16. Eorrower's Copy. Borrower shall be furnished a conformed copy of the Note and o[ this Mortgage at the time
of execution or after recordatio~r hereof.
1T. Treader of the Troperty: Assumptiow. It all or any part of the Property or an interest therein is sold or transtenYd
by Borrower without [tender s prior writrrn consent. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage, (b) the creation of a purchase money security interest for houxhold appliances. (N a transfer by devise.
descent or by operation of law upon the death of a joint tenant or (dl the grant of any leaxhold interest of three years or less
not containing an option to purchax. 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 sale or transfer. Lender
and the persar to whom the Property is a. be soW or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the intcrr.t Fa}•able 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's successor in t
interest has executed a written assumpnon 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 accordance with
paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums c,:clared due. If Borrower fails to pay such sums prior to rho expiration of such period,
Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof.
e NoN-UNIFORM COVENANTS. Borrower and Lender further covptant and agree as [olbws:
la. Accelustioa; Reatedks. Excep as provided is pragrapr 17 `creel. trpw lornwers brewer of awr covenwt otr i
a agreewrewt d Isorrawer iw tris MortgaXeLiwclndinR else covcwswts to pr whew due wwr snrrts secwred br this Mortltsge. Lewder
prior to wcctlcntioa shall mail notke to dorrowcr as provided iw pngraplt 11 tiered s*eeNfiwg: (1) the brexh: /211Ae sdiow
trcgnirtd to core swcr btxscb; (3) a date. woe less thaw 30 days crow the Gate ere aotkt b waged b iorrowet. elf' oiler saver ~
~ bsescr wwst be cored; awd (4) fist failure b core swcr bteser oa a bdoa ere date spcilkd sa ere wolke wsar rtstrM M
accekrstiow d ere sows secwrcd by this MorigaRe. toaecloswre ~ jwdicW pocetdiwg swi sale d tit rro'ertr. 71re works ~
sraN fort`e` iwforwt Borrower d tAe right to reiwsfMt after wecekrwtlow awd ere right b assert i• ere tortcloswt proett~wg
tie wow•e:istewee d a dctanM or ear other decease of Bottower b weceierstiow awd torecloswrt. N ere brewer is wof etrttd aw
or before the date spcci6ed b tre.notice. Lender at I.ewder's optiow wrwr declare ap d ere afros ssttued b7'trls Mortgage b be
iwwiedistdr doe sod prabk without tnrther demand and war foreclose tris MotAgwge h jwiicW'roctediwR. I.t'ndtr shop
. be ewtided to collect iw srtclt'roceedirrg all a:penses of forecbswrr. rxhsdiwg. bwt awe Yrwifed to. rtwsowslrle stturneY's.fees. #
awd costs d dacwwewtary eridewte. abstracts and title reports. _ ~ ;
19. Sonowers RIBrt to Rtiastste. Notwithstanding I enders acceleration.of t'he sums secured by the Mortgage.
~ Borrower shall have the right to have any procc~dingc he~~n by Lender to enforce This Mortgage discontinued at any time
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