HomeMy WebLinkAbout1319 Lender's written agreement or applicable law. Borrower shall pay the amount of all mor4$a~~it4urance'~~rirtfu
~s in the
manner provide! under paragraph 2 hereof.
Ahy amounts dichnrs~-tl ~y Lender purvuant to this paragraph 7, with interest thereon, shall become additional
indehtedncsc of B~trmwcr ucurcd by this Mortgage. l)nless Born~wrr and LrnJer agree to other tem?c of payment, such
amouttls shall he payable up~m notice from Lender to Borrower requesting payment thereof, and shall bear interest treat the
date of disbursement at the rate payable from time to time oft outstanding principal under the Note unless paymrnt of
interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder.
S. Inspectiow. Lender may make or cause to he made reaconabk entries upon and inspections of the Property. pteyided
that Lender shall give Borrower notice prior to any such inspection sptxifying reasottabk cause therefor tYlated to Lender's
interest in the Property.
9. Cowdewrwatbw. The procrcdc of any award or claim for damages, direct or consequential. in conttectiow with ~~trry
condemnation or other taking of the Property. or part thereof, or for conveyance in lieu of condemnation, are het+t:by assigned
and shall be paid to bender.
In the event of a total taking of the Property. the proceeds shall be applied to the stems 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 Lowder
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 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 Lender to Bermwer that the condemnor offea to make
an award or settle a claim for damages. B<.rrower fails to respond to 1_ender within 30 days after the date such. notioq if'
mailed. Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration oc repair of 'tM •
Property or to the sums scoured by Ibis Mortga(tc.
Unless !.ender and Borrower otherwise agree in v?•riting, any such application of proceeds to principal shill not extend'
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or chance the amount of
such installments. -
10. Borrower Not Released. lixtension of the time for payment or modifkation of amortization of the sums secured
by this Mortgage granted by lender to any ctrccessor in interest of Borrower shall not" operate to rekue: in any manner.
the liability of the original Borrower and &?rrowrr c 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 uints_
secured by this Mortgage by reason of aryr demand made by the original Borrower and Borrowers successors in interest.
~ 11. Forbearance by Lender Not a Wairer. Any forl,earance by i.ender 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 remedy.
The procurement of insurance Qr the payment of taxes or other liens or charges by Lender shall not be a waiver of LendePs
right to accelerate the maturity of the indebtedness secured by this Mortgage.
l2. Rewtedies Camalstire. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or aBordcd by law or equity, and may be exercised concurrently, independently or sttcctssively.
' 13. Swccessors and Assiges Eouwd:.7oiwt awd Several i.iabiBly; Captiows. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and 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 arc not to be used to
interpret or define the provisions hereof.
11. Notke. 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 mav_ designate by notice to i.ender as provided herein, and
(b) any notice to Lender shall he given by certified mail. return receipt .requested, to Lenders address stated herein or to
such other address as Lender may designate by nt•tice 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.
1S. Uwifornr Mortgage; Governing Law; Sererability. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by Ittrisdicticxt 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 clause of this Mortgage or the Note conflicts with applicable law, such conflict sha8 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 are declared to be severable.
lf. ll<orrower's Copy. Borrower shall be~fttrnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof- • -
17. Trawsfer of the Property: Asaumption. if all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior wriucn consent. excluding (al the oration of a lien or encumbrance subordinate to
this Mortgage. (bl the creatic?n of a purchacc m~~ney security interest for household appliances, (N a transfer by devise.
descent or by operation of law upon the death of a j.unt tenant or /dt the grant of any leasehold interest of three years 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 hrve waived such option to accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is to be :old or transferred reach agreement in writing that the credit of such person ~
is satisfactory to Lender and that the intcrc.t Payable on the sums secured by this Mortgage shall tit 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 shall release Borrower from all
obligations under this Mortgage and the Note.
If Lender exercises such option t~. accelerate. lender shall mail Borrower notice of aceekration 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 ~_rlared due. If Borrower fails to pay such stems prior to the expiration of such period,
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 herec?f. f
NON-UNIFORM COVENANTS Borrower and Lender further covenant and agree as [ollows:
lg. Accekratiow; Rewtedks. Except as provided is paragraph 17 hereof. tprow iorrowtr's breach of swy corewtrwt or
agreettsewt of Eorrower iw this Mortgage. iwcladiwg the rorewaMs to pr whew dtre awy swwrs secared by this Mortgage. Ltewder
prior to sxcekratiow shall tear! notke to Qorrower ss proridcd iw pragrsph 14 hereof sptcltyiwg: (1) the breach;121 the wctbw
regwired to core swcb breach; (3j a daft. woe less thaw 30 days trowr the dMe the wMke b sa8ed to Borrower. by whkh such
~ bttewch atnst be cwrcd; swd (1) that failure to cwre such breach ow a before the date sptN:fAed M the wotke sway rewlt iw
ttKCCkrstiow of the swats stcwred 6y this Mortgage. forec{oswrr b jtsdkW pracesdlwg wwtt sale of the Property. 71rc wotkt
shaq farther iwtorwr Qorrower of the right to reitssiate after accelcratiow wwd the right b assert iw the toreeloswrt pnoceetllwg
the wow-existewce of w detauk or awy other defense of Borrower to accekrstiow awd forteloswre. N the brewch is wW cwtre~ o~
or before the date speci5ed iw the notke. lender at Lender's nptbw way tlcehre aM et the wtrre secwred by fhb MoAgttRe M be .
imwxdiately dae and payable without farther demand and sway torcclose fhbt Mortgage by jwdkW proeeediwg. i.ender shah
be estdfkd to collect br swch proceeding sR a:penses of torrclosare. iwclwdiag. bN woe Ywtitd a. rewsowsbk stt•?rner's fees.
awd costs of ds+carwewtary evidence. abstracts and title reports.
19. ll4orrower's R~ht to Reiwstate. Notwithstanding I ender s acceleration of the sums secured by that Mortgage.
Borrower shall have the right to have and prcxecd~nc~ hrtun by Lender to enforce this Mortgage discontinued any time
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