HomeMy WebLinkAbout0540 Lender's written agreement a applicable law. Borrower shall pay the amount of all mortgage iwsurance prtmitura is the
manner provided under paragraph 2 hereof.
Any amarnts disdtrrsed by 1_ender pursuant to 'this paragraph 7, with interest thereon, shall become sdditional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender aaggu~cee ~ piMr.~rnu of payment. such
amarnts shall be payable upon notice from Lender to Borrower requesting payment ttrefbof. and she bear interest ft'ap the
date of disbursement at the rate payable from time to time on attstanding principal under the Note unless pajrrnart of
interest at such rate would be contrary to applicable IaNr, in which event such amounts shall bear infects/ at the highest rat's
permissible under applicable law. Nothing contained in this paragraph 7 shall require lender to incur nay expense or take
any action hereunder.
g, Iwapeefiow. Lender may make or carne to tx made reasonable entries upon and inspections of the Property. provided
that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related b Fender's
interest in the Property.
CowdewrwNbw, The proceeds of any award or claim for damages, direct or rnnsequential, in connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. are hereby sssigaed
and shall be paid to Lender. '
In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgagee.
with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender
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 Borrower that the condemnor oRers to mdse
an award or settle a claim for damages. Borrower fails to resaond to 1_ender within 30 days after •the date such ratite is
mailed. Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair o[ 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.
IA. •orrower Nof Rekascd. Extension of the Time for payment or modification of amortization of the wrns secured
by this Mortgage granted by Lender to any strccecsor 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 rehrse to euend time for payment or aherwise 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. Forbearawce i7' Lewder Not a Waiter, Any forbearance by Lender in exercising any right or rerrtedy hereunder, or
otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or rerrredy. .
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 6y this Mortgage.
12. Reswedks CasoslMive, All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or worded by law ar equity, and may be exercised concurrently, independently or successively.
13. Stsecessors surd AstiRss tlbswd:.iioMt asd Several i.iabiliq; Caprices. The covenants and agreements herein
contained shall bind, and the rights hereunder shall intrr~ to, the respective successors and assigns of Lender apd Borrower.
subject to the provisions of paragraph 17 hereof. All rnvenants and agreements of Borrower shall be joiry and several.
The captions ~ and headings of the paragraphs of this Mortgage arc for convenience only and are not to tie used to
interpret or define the provisions hereof.
11. 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 tx given by mailing such notice by certifkd mail addressed to Borrower at
the Proptrty Address or at such dher address as Borrower may designate by notice to fender as provided herein, and
(b) any notice to Lender shall he given by certified mail. rearm 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
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
lS. UeKoro Mortgage; GoverwiwR Law: Sevcrsblllly. 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 clarne of this Mortgage or the Note conflicts with applicable law, such conflict shall not aQect
other provisions of this Mortgage or the Note which can tx given effect without the oonAicting provision. and to this
end the provisions of the Mortgage and the Note arc Declared to tx severable.
k 16. lorrower's Co'y. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17..Tsawsf`er of tie Proprty: Asswwrptiow. if all or any part of the Property or an interest therein is sold or trans[erred
by Borrower without Lender's prior written 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 (d1 the grant of any leasehold interest of three years or less
not rnntaining an-option to purchase, Lender may, at Lender
s option, declare :11 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 person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the inten.~t payable on the sums secured by this Mortgage shslt be at such rate as Lender
shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Bormrer's successor in
interest has executed a written assumption agreement accepted in writing by Lender, Lender shsll release Borrower from all
obltjations under this Mortgage and the Note.
If Lender exercises such option to accelerate. Lender shall mail Borrower notice o[ accekntion in accordance v?•ith
puagnph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the ratite is mailed within
which Borrower may pay the sums declared due. if 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 parsgraph 18 hereof.
Norr-I.1NI~oat?t COVENANTS. Borrower and Lender further covenant and agree as follows: -
ls. Aeederatloaa Resaesks. If~cept as provided b psstgra'i 17 bereo% ~a iocrroer's ftrach of asq to~ewawt K
aBreeoewt of •orrs?wer b tltfs Mortgage, fiwclsiiwg ere corewads to py s1Aew doe Mr atrsss tec~rsi th tYt Mortgage. i.esder
'riot b aceNtratiow sW ssatl wotke to Ronrwer as'rov[rd b psstgrspi 14 hereof s'eclQyiags (1) tis lireaci; lt) the aKtiew -
seqsrMes bewe wci Mtiaek (3) a rate. wet less tlrars 3! days trorw the date ttsc notice fi wdki N )secrswer. y wfWti ssni
breach .rt fse cored aws (4) that faWsrs a cars tmcb Meacb a ar lvetore cis dale sretifier V fit aotke nay ssssN t•
aeeekratiow of tie wet saatner ti7' wit Mortgage. feceelowre tb j~rNcw proeesdiag aws sale rt tie Tr+operty. Tire wstiee
slat fsstier hsforw •ocro~wer of tie rtRM fo rsbssiatc after acederatios awe the right b aced iw tie forstlosws /roeetirrg
the wow.e:ittewee et a refanit or awy otter refe~sc of lorrower to aceekratlow awe torccloawre. K tie 6rcac~ it wet eoerett M
or before tie dale specifics i• tie wotiee. Lewder r l.ewser's optiow way retlars aB sf tie wsat seersncr fkjr tW MatgaRe N k x
fwrsseriaMy drse a¦d pyaMe wiriest trsdlrer dearand awd sway tastiest Brit Medga~e i!' ~W l~~R• Ltndsr dad
fse ewtltlcd to taatstt V wd praeesriag a/ e:pcwses of forecbwrs. Iwehsdiag. ftnN wet iliwtites M. rswwaMe stt~xaer's fees.
siwd tot4 0[ ree.t.~sewtaq eridsaee. abstraeb awe title rspds. )
1!. Derso+?a's R41N b Rei¦rlate. Notwithstandinit Lenders acoekration of the sums secutsd by thr_ Mortgage,
Borrower shall have the right to have any proceedings begun hY Lender to enforce this Mortgage discontinued at any time
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