HomeMy WebLinkAbout1598 Lender's written agreement or applicable law. Borrower shall pay the arrw?unt of all mortgage insurance premiums in the
manner provide) under paragraph 2 hereof.
/1ny amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall hernme additional
inJchtedncss of Borrower secured by this Mortgage. Unless Borrower anJ LenJer agree to other terms of payment, such
amounts shall he payable upon notice from i:ender u? Born?wrr rcyueaing payment thereof, and shall hear interest from the
date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of
interest at such rate wotAJ be contrary to applicable law, in which event such amounts shall hear interest at the highest rate
permissible under applicable law. Nothing contained in Chic paragraph 7 shall require Lender to incur any expense or take ,
any action hereunder. i
8. Inspection. i.ender may make or cause to he made reasonable entries upon and inspections of the Property, provided
that Lender shall give Borrower notice pric?r to any such inspection specifying reasonable cause therefor related to iender's
intercct in the Property.
9. Condemnation. The proceeds of any award or claim for damages, direct ur rnncequenliah in connection with any
condemnation or other taking of the Property, or pan thereof, or for conveyance in lieu of condemnation. arc hereby assigned
anJ shall he paid to Lender.
In the event of a total taking of the Property. the proceeds shall he applied to the toms secured by this Mortgage.
with the excea, 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 he applied to the sums secure) by this Mortgage such proportion of the proceeds
as is equal to that proportion which the amount of the sums secured by this ;lortgage immediately prior to the date of
taking 1?cars to the fair market value of the Properly immediately prior to the Jate of taking. with the balance of the proceeds
paid to Borrower.
if the Property is abandoned by Borrower. or if. after notice M• Lender to Borrower that the condemnor offers to make
an award or settle a claim for damages. Borrower fails to respond to Lender within i0 days after the date such notice is
mailed. lender is authorized to rnllect and apply the proceeds, at Lender's option. Tither to restoration or repair of tht
Property or to the sums cccurrd M• this Mortgage.
Unless Lender and Borrower otherwise agree in writinc, am• such application of proceeds to principal shall not extend
or p+xtpone the due Jate of the monthh• installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Nof Released. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by LenJer t+? any successor in interest of Borrower shall not operate to release. in any manner,
the liability of the original Borrower and Borrow•cr's successorc in interest. lender shall not he reyuired to commence
pn?ceedings against such successor or refuse to extort) time for payment or otherwise modify amortization of the sums
secured h}• this Mortgage by reaa~n of any demand made M' the original Borrower and &xmwer's u+ccesson in intercct. i
11. Forbearance by Lender !dot a Waiver. Any forlxarance by I.endcr in exercising am• right or remedy hereunder. or
otherwise afTordeJ by applicable law. shall not he a waiver of or preclude the exercise of am• such right or remedy.
The procurement of insurance or the payment of tares or other liens-or charges by Lender shall not he a waiver of Lender's
right to accelerate the maturity of the indehtednccs secured h}• thiti Mortgage.
12. Remedies Cumulative. All remedies provided in this Mortgage arc distinct anJ cumulative to any other right or
remedy under this Mortgage or aRordcJ by law or eyuity, anJ may he exercised concurrently. independently or successively.
13. Successors and Assigns Bound; Joint and Seseral Liabilih•; ('options, The rnvenantc and ag«ementc herein
rnmained shall hind. and the rights hereunder shall im+re to. the respective successors and assigns of 1_ender and Borrower.
subject to the provisions of paragraph 17 hcrcof. All covenants anJ agreements of Borrower shall he joint and several.
The captions anJ headings of the par:+graphs of this Mortgage are for convenience only anJare not to he used to
interpret or define the provisions hereof.
14. \otice. Except for any notice reyuired under applicable law to t?e given in another manner, fat any notice to
Borrower provided for in This Mortgage shall t?e given by mailing such notice hc' certified mail addressed to Borrower at
the Property Address or at such other address as Borrower m:+y design:+Ie by notice to Lender as provided herein. and
Ih1 am• notice to Lender shall he given by certifieJ mail. return receipt requested. to I ender
~ address stated herein or to
such other address as Lender may designate by notice to Borrower as pr,?videJ herein. Any notice provide) for in this y
Mortgage shall he deemed to have been given to Bormw~er or 1 ender when given in the manner designated herein.
IS. Uniform Mortgage; Governing i.aN; Se. erabilih. 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. The
state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing
sentence shall not limit the applicability of federal law to this mortgage. In the event that any provision or clause of this Mortgage or the
Note conflicts with applicable laws such conflict shall not affect 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 be severable.
16. Bomower's Copy. Borrower shall h~ furni,heJ a conformed rnpy of the Note anJ of this Mortgage at the time
of execution or after recordation hcrcof.
17. Transfer of the Property; Assumption. if all or :un p:+rt of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written consent: excluding (a? the creation of a lien or encumbrance arhorJinate to
this Mortgage. Ihl the creation of a purchase money security interest for houscholJ appliances. (cl a transfer M• devise.
descent or by operation of law upon the Jcath of a joint tenant or Id? the grant of am• leauhold interest of three years or Ices
not containing an option to purchase. Lender may,. at Lender's option, declare all the wine secured M this Mortgage to be
+mmediately due and payahk. Lender shall have waived such option to accelerate if. prior to the sale or transfer. LenJer
and the person to whom the Property is to t?e sol.t ar transferred reach agreement in writing that the credit of such person
is satisfactory to lender and that the interest payable on the sums secured M• this ~iorteage shall be at such rate as lender
shall request. If lender has waive) the option to accelerate provide) in this paragraph 17. and if Borrower's successor in
interest has executed a written assumption agreement accepted in writing by Lender. LenJer shall release Borrower from all t
obligations under this Mortgage and the Note.
if 1_ender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a perioJ of not Icss than ?0 Jays from the date the notice is mailed within
which Borrower may pay the sums declared due. If Born,w~r tails to pav such wins prior to the expiration of such period.
LenJer may. without further notice or demand on Borrower, invoke am' remedies permitted by paragraph !R hcrcof.
~xio!Y-UKtFORtt C'ovt=~wTS Borrower and Lender further covenant anJ agree as~follows:
18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or
~ agreement of Borrower in this'~tortRage. including the covenants to pay when due any sums secured by this Mortgage. Lender
~ prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action
required to cure such breach; (3? a date. not less than 30 days from the date the notice fs mailed to Borrower. by which such
breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in
t acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice
shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding
the non-existence of a default or anv other defense of Borrovser to acceleration and foreclosure. if the breach is ttot cured on
or before the date specified in the notice. Lender at Ixnder's option may, declare all of the sums secured by this Mortgage to 6e
immediately, due and payable without further demand and may foreclose this tiiortRage by judicial proceedirrR. Lender shall
be entitled fo collect in such praceedinR all expenses of foreclosure, including. but not limited to. reasonable attorney's fees.
and costs of documentary evidence. abstracts and Lille reports.
19. Borrowers Right to Reinstate. tiotwithstanding LenJer', accelcraUon of the sums secure) by this Mortgage.
~ Borrower shall have the right to have am procceJmgs hciun hs I ender to enforce th+s Mortgage JiccontinucJ at arty time
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