HomeMy WebLinkAbout0468 Lender's written agr~oement or applicabb law. Borrower shall pay the smount of all mortgage inwrance premiums in the
manner providexl under paragraph 2 hereof.
Any amounts dislxuse:d by Lender purwant to this paragraph 7, with interest thereon. shall become additional
indebtedness of Borrower secured by this Mortgages. Unless Borrower and lender agres~,N terttM of payment. such
amounts shall be payable upon notice: from Lender to Borrower requesting payment thereof, and shall bear interest from the
date of disbursement at the rate: 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 bear interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require lender to incur say eaperae eu take
any action hereunder.
>Z. laspectiow. Lender may make or cause to be made reasonable entries upon and inspextions of the Property. provided
that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Larders
interest in the Property.
9. Cetadeawatbw. The proceeds of any award or claim for damages, direct or consesquential, in .connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned
and shall be paid to Lender.
In the event of a totals~cing of the Property. the proceeds shall be applied to the sums securesd by this Mortgage,
with the excess, if any, paid to Borrower. in the event of a partial taking of the Property, unless Borrower and Fender
otherwix agree in writing. there shall be applied to the sums sccurrd by this Mortgage such proportion of the proceeds
as is equal to that proportion which the amarnt of the sums secured by this Mortgage immediately prior to the date e><
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 Borsower, or if. after notice by Lender to Borrower that the condemnor oRers to mane
an award or xttle 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 esf
such installments. -
lY. Eorrower Ne?t Reska'ed. Extension of the Time for payment or modification of amortization of the stuns 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. i.ender shall not be requited to commence
- proceedings against such successor or refuse to extend time for payment or otherwix modify amortization of the sums
secured by this Mortgage by reason of •rny demand made by the original Borrower and Borrowers successor in interest.
11. Re?rbesrawee b7' Leader NM a Waiver. Any forbearance by lender in exercising any right or remedy heretmder, or
otherwise afforded by applicable law, shall not be a waiver of or prexlude the exercix of any such right or remedy.
The procurement of insurance: or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lenders
right to accelerate the maturity of the indebtedness xcured by this _Mortgage.
12. Reswesdia Cawretlwtivc. All remedies provided in this Mortgage are distinct and cumulative to any Daher right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively.
13. Saeeessas swd Ase~s doawd:.Joht swd Several ll.iwbiltily; Caprices. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inerr~ 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 joiry and several.
'Tire captions' and headings of the paragraphs of this Mortgage arc for convenience only and are not to Ik used to
interpret or define the provisans hereof.
1/. Notice. 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 ceriitkd mail addressed to Borrower at
the Property Address or at such abet address as Borrower may designate by notice to Lender as provided herein, and
(b) any notice to Lender shall he given by ceriiRed mail. return reseeipt requested. to t.esrders address statesd herein or to
such other address as Lender may designate by notice 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. Uwifetra Mortgage; Go•erwieg Law; Severability. 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 be governed by the law of the jurisdiction in which the Property is located. In the
event that any provision or claux of this Mortgage or the Note conflicts with applicable law, such conflict shall not aRext
other provisions of this Mortgage or the Note which can be given eQext without the conflicting provision, and to this
end the provisions of the Mortgage and the Note arc declared to be xverable.
lf. •orrowe~'s Cop. Borrower shall be furnished a conformed cop)• of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17..Traader of the Property: Aswrwptient. If all or any part of the Property or an interest therein is sold or tnnsferrtd
• by Borrower without Lenders prior writrrn consent. excluding (al 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 (d) the grant of any leasehold interest of three years err less
not containing an option to purchase, 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 acxelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is to be cold or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers succexsor in
interest has executed a written assumption agrexment accepted in writing by Lender, Lender shall release Borrower from all
obljjations under this Mortgage and the Nae:.
if tender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordant.: 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 declared due. If Borrower tails to pay such sums prior to the expiration of such period.
tender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 herrnf.
NoN-Utett=atut Covervarns. Borrower and Lender further covenant and agree ss follows:
li. Accderatio~ Reateelies. Except ws providesd ire pwrwgrwpr 17 hereon. apow 1{orrwsrer's Meech err way ee•eawat err
wgree~aewt e?t iorrerwer V Iris Metrtgage, iwelwairrg ere eo•ensMs to pay wits Le say sans steareel by tris Morlgsge. Letaekr
prior b accckrwtloa slta/ swwq notice to liorrewer as psn•Ned M pragrspr 14 tried speelylw~s (1) Hit brewer: (2) ere setMa
raldrei b cwre sacr breach (3) w date, sat less rrww 30 Lys rarest ere elate ere wotice fs wnYtel fo Mrnawer. b1' wriclr sesei
breast sat M cwrcek sael (n fiat twibre to csrrt stscr brewer ow or before ere date yedfiti r ere aotke sway reswM w
- acteltratloa d ere sts¦ts srerweel by Hris Metrt;age. tortaioswre by jrrAkial praacereiMg sai style d ere Propcriy. Tie wetfee ?
srw¦ bitter Mora lserretwer d ere right to reLstate deer acceleration arts ere rigrl to srcrt h ere toreelaare proeeeerrtg
ere wow•e:idesrree at a ektarM or any otter ekfe~rse of Borrower to sccekrNioa awd torsclosnree. N Hie Mean Y woe e~ ew
err bestore ere Lee sptelieel i• tit ranee. Ltnaer wt l.ettder's optiow nay dee:lwrt ar err tit swnrs setenreti br tits Mortwpe M M
Inrnrediwtelp due ssi pwywMe wilront neatrer dcrnand and ratty fereclat tris Mortpge h' jalkW /seacse~. Lender dtaN
be e~ei let collect r seer pretee;tdirrg w/ a:peasa at fetreelosnrc. IrrerreliwL. bat ast IWteel tlw, ressesrwblt setUxeetr's teses.
aai esosfs eft iocer.~ eviienee, abstrwcts wnel title reprtb.
1!. •eaetwa's Rfgltt N Relnshte. Notwithstanding Lenders acceleration e>< the sums secured by this Mortgage,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
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