HomeMy WebLinkAbout1313 Lender's written agn;emcnt or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hercot.
Any amounts dishrirced by Lcn~ler pursuant to this paragraph 7, with interest thereon, shall become additional
indchtedncsc of Borrower secured by this' Mungage. lJnless Borrower at•d 1 rnJcr agree to other terms of payment, such
amounts shall he payable ulx~n noticr from Lender to Borrower regtrestinR payment thcreoL and shall hear interest from the
date of dichursement at the rats payable from time to lime on outstanding principal under the Note unless payment of
interest at such rate would be contrary to applicable law, in which event such amounts shall hear interest at the highest rate
permissible under applicable law. Noshing contained in this paragraph 7 shell require Lender to incur any expense or take
any action hereunder.
s. Iwspectiow. Lender may make or cause to he made reasonable entries upon and inspeNiorts of the Property. provided
that lender shall give &~rrower notice prior to any such inspection specifying reasonable cause therefor related to :.ender's
interest in the Property.
9. Cowdewrwatba. The proceeds iaf any award or claim for damages, direct or consequential. in connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby aisianed
and shall be paid to Lender.
in the event of a total taking of the Property, the proceeds shall be applied to .t~ ss~~ccy by this Mortgage.
with the excess, if any, paid to Borrower. In the event of a partial taking of the PropttuAyssgrower 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 which the amount of the sums secured by this Mortgage immediately prior to the date o[
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 Lender to Borrower that the condemnor oRen to mate
an award or little a claim for damages, Borrower fails to respond Io 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 sum. secured by this Mortgage.
Unless tender 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.
tA. Borrower Not Released. Extension of the time for payment or modification o_f amortization of the, sums sceured
by this Mortgage granted by 1_ender to any successor in interest of Aorrower 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 time for payment or otherwise modify amonizaaon of the sums
secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest.
11. Forbeanwce by Lender Not w R?airer. Any forbearance by Lender in exercising any right or remedy herctrnder, or .
otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance Qr 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 Crmulatire. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mungage or afforded by law or equity. and may be exercised concurrently, independently or successively.
13. Srceessors and AssiRas Bound; Joint awd Several i.iabiNly: Captiows. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender acrd Borrower.
subject to the provisions of paragraph d7 hereof. All covenants and agreements of Borrower shall be join] and several.
The captions and headings of the paragraphs of this Mungage arc for convenience only and arc not to be used to
interpret or define the provisions hereof.
11. Nutlet. Except for any notice 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 certified mail addressed to Borrower at
the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and
it (b) any notice to Lender shall he given by certified mail. return receipt requested. to (.enders 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
Mungage shall be deemed to hasc teen Riven to Borrower or lender when given in the manner designated herein.
1S. Uwitorrrt Mortgage: Gorernina raw: Sererability. This form of mortgage combines uniform covenants for national
~ use and non-uniform covenants with limited 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 ur clause of epic Mungage or the Note conflicts with applicable law, such conflict shall not affect
other provisions of this Mungage or tt~c Neste which can be given effect without the conflicting provision, and to this
end the provisions of the Mortgage and the Note are declared to he severable.
16. Borrowers 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. Transfer of the Property: Assumption. If all or any pan of the Properly or an interest therein is sold or transferred
by Borrower without I~nder's prior wnrrrn ~onsenr. excluding (a1 the creation of a lien or encumbrance subordinate to
this Mungage. (b) the creation o(a purchase money security interest fur household appliances. (e) a transfer by devise,
descent or by operation of law upon tf~ death of a j.•~nt tenant or (tit the grant of any leasehold interest of three years or less
not containing an option to purchase. ender may. at Lender c option, declari: all the sums secured by this Mortgage to be
immediately due and payable. lender shall have w,oved such option to accelerate if, prior to the tale or transfer. Lender
and the person to whom the Property is a• be .oIJ ur transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interr.t payable on the sums secured by this Mortgage shall be at such rate ac Lender
shall request. if Lender has waived the option to acctlerde provided in this paragraph 17, and if Borrowers successor in
interest has executed a written ascumprion agreement accepted in writing by 1_ender, lender shall release Borrower from ali
obligations under this Mungage and tl,e Note.
If Lender exercises such option r~. 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 ~:clared due. It Borrower fails to pay such sums prior to the expiration of such period,
Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph IA hereof.
~ Norv-Urvtt=oR?N Covt:NxNn. Borrower and Lender further covenant and.a~ree as follows:
1>l. Acceleratiow; Remedks. Exeter as provided iw paragraph 17 hereof. trpow Borrowet+s br~eaclt of swy corewarN or
agreemewt of Borrower iw this Mortgage. iwcludirrR Ibe corcwaMs to wr whew die awy arm: txcrrca 6y fhb Mortgage. Lewder
prbr~to accekratbw shall mail nutlet to Borrower as provided Iw paragrapA 14 hereof specNriwg: Il) tbt bieath:121 the aetiow
K9r~ to sire snch brcach;l3) adore. not less than 30 days twm the date the wMkt b trta8ca to Borrower. br whkb srch
btreach mmt be cured; awd (4) 1hN /ailare to era such breach ow or before the date specl8ed iw the wotke Wray resrtlf h
sccekratiow of the arms ttecrred by this Mortgage. foreciosrrr by jrdkial proeeeab6 trier sale of the Property. The wotke
shag frrtber iwform Borrower of ebe right to reirtstMe titer sccelerNbw swa the right Io assert iw the fortelosrre protteilfrtg
the won-esisttwct of a detauk or awy other 8efence of Borrower fo wetelerMiow awd toretlosrtre• fl the breach is woe erred ow
or before the date specified iw the notice. I.lnder at i.ewder's'optbw wur declare aB N the srttwa stterred by this Mortgage to be
imtwedutelr due and parable without fnrthcr demand aitd may foreclose fhb Mortsage br jrdkbij proeeeahrg. 1-ender chap
be entitled to coBeet b torch proceeding aM errpenses of forecloswrr. fwclwditr~. bit nos Wwited to. teisowsbk attorney's fees.
awd costs of docrmewtary eridewce. abstracts and Iitk reports.
19. Borrower's Right to Reinstate. Notwithstanding I ender's acceleration of the sums secured by this Mortgage,
Borrower shall have the right to have any proxeedincs tx f,iin by Lender to enforce this Mortgage discontinued a' any time
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