HomeMy WebLinkAbout0522 Lender's written agreement or applicable law. Borrovvcr shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amounts. disbttrsed by Lender purswnt to this paragraph 7, with interest thereon. shall become additional
indebtedness of Borrower secured by This Mortgage. Unless Borrower and !.ender agree to other terms of payment. such
amounts shall be payable upon notice from tender to Borrower requesting payment t slt~ll bear interest from the
date of disbursement at the raft payable from time to time on attstanding principalfhe Note unless paj?ment 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 expeiisa a take
any action hereunder.
>L Itnpectlow, i.ender may make or cause to be made reasonable entries upon and inspections of the Property.
that Lender shall give Borrower notice prior to any arch inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9. Cowdetrisatbw, The proceeds of any award or claim for damages. direct or consequential, in rnnriection 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 total taking Of the Property, the proceeds shall be applied to the sums aeciircd by this Mortgage.
with the excess, if any, paid to Borrower. in the event of a partial taking of the Property, unless Borrower and Laider
otherwise agree in writing, there shall be applied to the sums secirrrd by this Mortgage such proportion of the prooceeds
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 Bor:ewer. or if. after notice by lender to Borrower that the condemnor offers to mate
an award or settle a claim for damages. Borrower fails to resaond to lender within ;0 days after the date such notice is
mailed. Lender is authorized to collect and apply the proceeds, at Lender's option, tither to restoration or repair o[ the
Property or to t11e sums secured by this Mortgage.
Unless Lender and 1)orMower otherwisb agree ih writing, any such application of proceeds to principal shall not extend
or postpone the due date of th2~rtlmithh?'installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments: -•~••a`~•"`'""`•,•""••.'
10. Borrower Not Released. Extension of the time for payment or moth&ation of amortization of the wms secured
by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to rcksse, in any manner,
the liability of the original Borrower and Borrower
s successors in interest. i_ender shall not be reequircd to commence
proceedings against such successor or rchtse 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 wccessors in interest.
i 1. Forbearawee iy Leader-Mott a Waiver. Any forbearance by lxnder in exercising any right or remedy hercimder, 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 or 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. Resiedia Ctrrritshtisst, 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, independrntly or successively.
' 13. St+ccessors asd AssiRris Doiind; .Joint aisd Several i.isbitity; Captions. The covenants and agreetnrnts herein
contained shall bind, and the rights hereunder shall initr0 to, the respective successors and assigns of Lender sad Borr+ovrer.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joir~ and several.
The captions' and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to
interpret or define the provisions hereof.
14. Notiet. 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 dher address as Borrower may designate by notice to tender as provided herein, and
(b) any notice to Lender shall I+e given by certified mail, return receipt requested. to [.rndet'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
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
iS. Uwitorwi Mortgage; Governing Law: SevcrabilNy. This form of mortgage combines uniform covenants for national
~i use and non-uniform covrnants 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 clause of this Mortgage or the Note conflicts with applicable law, such conflict shah not affect
other provisions of this Mortgage or the Note which can be given eBect without the conflicting provision, and to this
~ end the provisions of the Mortgage and the Note arc declared to be severable.
14. >korrower's Copy. Borrower shall be furnished a conformed cop)• of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17..Trawder of tic hoperty: Assiiniptiow. if all or any part of the Property or an intenat therein is sold or transferred
by Borrower without Lender's prior written consent. excluding fa) the creation of a lien or encumbrance wbordinate to
this Mortgage. (b) the creation of a purchase money security interest for household applisrices, (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 or 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 arch option to accelerate 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 intercct payable on the sums secured by this Mortgage shall be at such rate ac Lenrkr
shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in
interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all
obljguions under this Mortgage and the Note.
if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with
psragraph 14 hereof. Such notice shall provide a period of raw less than 30 days from the date the notice is mailed within
which Borrower may pay the wms declared due. if Borrower tails to pay such sums prior to the expiration of such period,
Lender may, without further ratite or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
~ Norv-Uxttartas Covtrvetwrs. Borrower and Lender further covenant and agra at} iollosrs:
lt. Aceekratio~ Rerwcdiea. Ilscept s'rovNti b 17 hereof. srpon Ilorrrrwes's ftaswch of awy covesdnt er
agreement of ierrower V lib Morlpge. bdw~wg tie corttsarils to Ml win tttie awy snrris t>ecwrti try fib Mortgags. I.esier
rrior b atederatlon siaB ttaafl notice to >torrower r prov[«itd M pragrspi 14 tercet ~7'`Li p) lie tiswci;l2) tie setMn
rgirired b ettre tract tittewelq 131 a dtslt. wet las tiara 3• days traw tie daft tie wNke b waisd N Mrnwer. br wfiki sues
ltetiaci rnM k cwt ant (4) fiat taiare~e b cwrt stet ireaei ow K ietore tie date geelMtl iw tie notkt may rest+lt b
R acceierMiesi o[ tie tttswa aecisrsd Dy fib Mertiatt. toreciowrt by jiiAieW M~ocsedMtg wwi hale of tie horerty. Tit attics
sit frrfier bdosss idrrrlwer of tit riRM b tKhrstah ttfler sccelerMlori iiria tic right b asattt i• rise toret:leawt Noteettitg
tie tuow-a:bterice d a ietiitrlt or py otter icfetttse of ierrower b accYierdion awtl fortelowre. N tic tirtaei is wst ctrrstl a
or before tie dMe spteifie~ i• tie nitiee. Lender N I.swder's optiow spy deebrt iii d die iasua seewred try lib MertgsRe b k
imrisediatety dwe awtt MyaMe wNiotrf tirrtier demand ant spy ferecloat: fib Morlgsge t?y }ttkW proteeiR. Lender diaM
fk tsMded b coBeet b? ipi pneea~ ar tspewses of toreclosnre. Inclidia~. iwt wet ¦nile> b. r~eaasriaMe sttxtier's fees.
a¦i tosh of tisa.'~ewtary evitlewet. aistracb a>w+ title repro.
1!. /ostowa's ~ b Rdttwaft. NotwithstandinE Lender's acceleration of the sums secured by the: Mortgage,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
~ Bf~OKe34O PAGE LIe=~G
i
-