HomeMy WebLinkAbout1117 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premituns is the
manner provided under paragraph 2 hereof.
t Any amounts disbursed by Lender pursuant to this paragraph 7, with inlercst thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such
amounts shall be payable upon notice from Lender Io Borrower requesting payment thereof, and shall bear interest from the
• date of disbursement at the rate payahk from time to time on aitstanding principal under the Note unless p'yrrat 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 expt:rae or Mite
any action hereunder.
Iwspectiow. Lender may make or cause to be made rcasonabk entries upon and inspections of the Property, provided
that lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to I.errdera
interest in the Property.
9. Cordearsatioa. The proceeds of any award or claim for damages. direct or consequential, in connection with way
condemnation or other taking of the Property, or pan thereof, or for conveyance in lieu of condemnation. are het+eby sssigue.~
and shall be paid to 1.endcr.
In the event of a total taking of the Properly. the prexecds shall he applied to the sums secured by this Mortgage.
with the excess, if any, paid to Borrower. In the even) of a partial taking of the Property, unless Borrower and I,errdrr
aherwix agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the prooeedt
as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of
taking beats to the fair market value of the Propcr)y 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 rnndetnnor oRers to malts
an award or xtlle a claim for damages, Borrower fail. to re,pond to Lender within 30 days after the date such rrotioe is
mailed. Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair o[ the
Properly 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 I and 2 hereof ~ change the amount of
such installments. '
10. Borrower Not Released. Extension of the time for payment .or modifkation of amortization of the sums 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 Borrower i successors in interest- 1_ender shall not be requirt:d to eant»ertoe
proceedings against such successor or reface to extend time for payment or otherwise modify amortization of the sums
secured by this Mortgage by mason otrny demand made by the ori¢ina) Borrower and Borrower's successor in interest.
11. Forbearance by [.ender NM a Waiver. Any forhearance by !.ender in exercising any right or remedy heretmder, or
otherwise afforded by applicable law. shall not tx 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 indehtednea secured by this 1?iongage.
12. Reasedks Curaulali~e. 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, independently or successively.
' 13. Successors and AssiRws Btwarl; Joint wad Several I.iabiBty; Captiows. The covenants and agroearertts herein
contained shall bind, and the rights hereunder shall intir~ to. the respective successors and assigns of Lender wad BorroMrtr.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joird and several.
The captions and headings of the paragraphs of this Mortgage are far convenience only and are not to Ik used to
interpret or define the provisions hereof.
14. Notice. Except for any notice reyeiired 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 Properly Address or' at such other address as Borrower may designate by notice to Tender as provided herein, and
(bi any notice to Lender shall he given by certified mail, return receipt requested. to Lender's address stated herein or to
such other address as Lender may designate by notice t~ 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. Uniform MorlRage: Goveraiag Law; SeveraM'lify. 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 claiix of Chic Mortgage or the Note conflicts with applicable law, such conAiet shall not affect
j other provisions of this Mortgage or the Note which ran be given eQect without the oonAiding provision, and to this
! end the provisions of the Mortgage and the Note are Declared to be severable.
lf. BorrowePs 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..Ttrawster of the Property: Assnmptioa. If all or any part of the Property or an interest therein is sold or transferred
~Y Borrower without Lender's prior wrincn consent. excluding (al the creation of a lien or enetrmbrrtnee subordinate to
this Mortgage. (b) the creation of a purchase money security interest for household appliances, (e1 a trarisfet li{? devise,
descent or by operation of law upon the ckath of a joint tenant or (d) the grant of any leasehold interest of three yeas 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 such option to accelerate if, prior to the sale or transfer. Lender
and the person to whom the Property is to be so1J or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interext 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 successor in
interest has executed a written auumption agreement accepted in writing by Lender. Lender shall release Borrower tram all
obligations under this Mortgage and the Nae.
if Lender exercises such option to accelerate, lender shall mail Borrower notice of acceleration in accordance: with
paragraph 14 hereof. Such notice shall provide a period of cwt less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower fails to pay uich sums prior to the expiration of such period,
Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1R hereof.
Mort-UrtrFOrtt?t Covt=_tvetvTS. Borrower and Lender further covenant and agree u follows:
1i. Accekratiow; Rearedks. Except as provided iw pragt!yr 17 hexed, trpw lotntwa's rracr of ay e~tewwwt K
agreewrewt of larrower b tbk Mortgage, breladiag ere eo•ewanfs fo py wrew dire ttwy stows stcwrei ~ iris Moetyage. !.order
Nior a aeederatlow scat! oral! weeks to Borrower as provided la pragryr 14 rereoft geclfylwg: (1) ffie rseaer; (21 ere wctbw
trgtslrer b ewre wet 6reacr; (3) • dsee, wet less draw 30 days (roar ere elate dre wotice Is ttuaBetl a Barrewer. try wrkr wei
reeacr rwwat k etsre~ ati (1) that hBare fe cwrt serer brewer ow ar retoa ere date speeYed i¦ ere weeks ray reads iw
wecderwdow a< ere tawrta accarrd by iris Mortgage. to~cctowre h' jiudlcw proeecdiag ttwtt sale of the Pr~erty. Tre wades
sraB tMrer iwforw Borrower of ere right to reinstate after secekratba awd ere right b ttaaert M ere foreeloawne psoeee~sig I
. ere taow•exMewee of a refawN or awy otter aetewse of Borrower to accekrMiow awd toreelowre. N Ire brewer <s wet ewrtd aw
ar retose ere sale apeiied ~ ere wtkke. Lewder at I.cader's optiow wry deehre all d fire weer asewrad ry Iris Mortg~e M k .
Irowsedistely awe awti pyabte w[trowt ttafrer demand and may foreclose trta Matyage iy }t1kW praeeeti~. Lender daB
k etidtls~ to t~oBeef d wet rroeeediag aM a:peaces of foreclowrs. iwcprdiwg, cwt war Bwriied N, reasawarle stfurneYs few,
a¦d assb of ivet.'~wedary eridewce. abatrwcfs turd tick reprts.
1!. Borsowa's Rlgrt to Reiwatatc. Notwithstanding Lenders acceleration of the sums secured by thr_ Mortgage.
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any bare
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