HomeMy WebLinkAbout1129 tender's written agreetnenl or applicable law. Borrower shalt pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any atnottnts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender ~gpeel lo.ollr~r germs of payment. such
amounts shall be payable upon notice from Lender to Borrower regtrestinR payment theriM/, and shall bear interest from the
date of disbursement at the rite payable from time to time on artstanding 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
taermit~sibk under applicable law. Nothing contained in this paragraph 7 shill require Lender to incur any experae a take
any action hereunder.
fR Iws~tctiow. Lender may make or cause to be made reasonable entries upon and inspodiorts of the Property. provided
that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Larder's
interest in the Property.
9 CotsAewwaflow. The proceeds of any award or claim for damages, direct or s~ortsegtterrtial. in corurectioa with any
condemnation or other taking of the Property. or part thereof. or for conveyance in lieu of condemnataw. are htn~by awed
and shall be paid to Lender.
in the: event of a total taking of the Property, the proceeds shall 6e applied to rho sums secured by Ma MoAgage.
with the excess, if wy, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Larder
otherwise trgree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the prooeetb
as is equal to that proportion which the amatnt of the sums secured by this Mortgage immediately prior to the date o[
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 conrkmnor ogees to mate
an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice is
mailed, Lender K 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.
it. Borrower Not Released. Extension of the time for payment or modifkation of amortization of the wms secured
by this Mortgage granted by i_ender to any successor in interest of Borrower shall not operate to release, in any manner.
the liabi)ity of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence
procredmgs against such successor or refuse 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 succeswrs in interest.
~ 11. Rorhearaace tsyr LewAcr Not a Waiver. Any forbearance by I~nder in exercising any right or remedy hereunder, or
otherwise aRorded by applicable law, shall not bt a waiver of or procludt the exercise of any such right or retrredy.
The procurement of insurancepr the payment of taxes or dher 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. Rewredks Crwrh>fHe. All remedies provided in this Mortgage are 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. Sretessors awd Assigws )baud: Join sad Several i.ia6iBty; CapMons. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Bormw~er,
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jard and several.
The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to
interprtt or define the provisions hereof.
14. 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 certifkd mail addressed to Borrower at
the Property Address or at such other address as Borrower may 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 i.ender
s address stated herein or to
such other address as Lender may designate by rwntice 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. Uwitorw Mortgage; CoveraiaR Law: SeversbiGty. This form of mortgage combines uniform covenants for national
use and ran-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall k governed by the law of the jurisdiction in which the Property is located. 1n the
event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shag not aged
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 bt severable.
1i. /onower's Copy. Borrower sha!! be furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. Transfer of the Troperty; Aswwrptioa. It all or any pan of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior writrrn consent. excluding (a) the creation of a lien or encumbrance wboMinate 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 or less
rat containing an option to purchase. Lender may. at Lender's option, declare al! the sums secured by this Mortgage to be
immediately due and payable. Lender shall have w•:ervrd such option to accelerate it, prior to the sale or transfer, Lender
and the person to whom the Properly is a. be cold or transferred reach agreement in writing that the credit of such person
is satisfactory to lender and that the intcrc.t Fayabk on the sums secured by this Mortgage shall be at such rare ac Lender
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 assumprion agreement accepted in writing by Lender, Lender shall release Borrower from all
obligations under this Mortgage and the Note.
if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordartc•~ -with
paragraph 14 hereof. Such notice shalt provide a period of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums oxlarcd due. If Borrower fails to pay such sums prior to the expiration of such period.
Lender may, without further raise or demand on Borrower, invoke any remedies permitted by paragraph IR hereof.
Norr-UNIFORM COYfMAN7S. Borrower and Lender further covenant and agree as follows:
la. Accekratbw; Rcasedles. 1Bxcept as pro•idtd is pragra'h 17 hersof. Ra >sorrewet's breach a< awy corcwawt K
agreeereat of torrower it this Mortgage. iwcluAiaR the corewaMs to py when Are aaty strwrs seerrreA tty title Morgpigt. LewAer
prbr to aKCtkratba shah nail rotke to Borrower as prortded lr pnrgraph 14 hereof specYybg: (1) the 6rtach: (2f tAe aKttow
rtgrired to deed srch Ittrach; (3) a daft. awe less thaw 3® days from the Raft the notice b waileA M iotrswer. S7' whkh sreh
brreach wag he erred; sad (4) teat faUure to sere srch breach or or hdore the dolt specMieA M the wotice way rwrM iw
wccekratiow of the sews secrrtA by thk Mortgage. /orrclosrre hr jrAicial pr~ucetdMtg sad sale rf the ha~ery. 71re aieflce
shalt father iaforw lbrrower of tAe riRM to reiartafe after acceleratiow sstA the right to artM i, the toretlesrrt /rreteAitt~
the woo-a:isteace got a defaaM or awy other defense of tbrrower fo aeceleratMw art tortelonrc. N the MesA is rot cweA oa
or before the date steciRcd iw the wotice. Leader st Lenders opiow way decisrt aii et the ttwww seewreA y this MortRtrRe N bt
iwwediattly due aatA pyabk witlart trrther demand and way fortcbae this Mortgage h' prattedlutg. I.ender•shaN
be twtitled to tolled iw srch piocecdiag sR t:peaces of foreclosrn. Mctrdia;. feel wol YrwifeA tr. rtasoaabk sst.xseY': fees.
owA toots of AoerweMary eviAeaKe, abstrscts and tick reports.
1!. itorruwer's Right to Reinstate. Notwithstanding I ender s acceleration of the sums secured by this Mnngage,
Borrower shall have the right to have any procecdinec tx~m by Lender to enforce this Mortgage discontinued ar any time
$IIOX3~0 FacE1'!29
~