HomeMy WebLinkAbout0259 Lender's written agreement or applicable law•.- Borrower shall pa)• the amount of all mortgage insurance premiums in the
manner pr++vided under paragraph 2 hereof. -
Any amounts disbursed by Lcndcr pursuant to this paragraph 7, with interest thereon. shall Income additional
indehtcdness of Bormw•er secured h)• this Mortgage. l.'nlcss Borrower ;rod 1 ender ague Io other terms of payment, such
amounts .hall t+e pa)•ahlc upon nt?ticc fmm 1-ender to Born.wer rry?tecting payment thereof, and shcdl I+car interest fmm the
date of dichurcemcnt at the cafe payable Pram time t~ time un outstanding principal under the Note unfecc payment of
interest at such rate would he contran• to applicable law. in which went such amounts shall hear interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require lender to incur any expense or take
any action hcrcundcr. _
8. Inspection. Lender may make ar cause to he made reasonable entries upon and inspections of the Property, provided
that Lender shall gisr Borrower nr~lice prior to any such inspection specifying reasonable cause therefor related to lender
s
interest in the Property. - - -
• 9. Condemnstbn. The proceeds of any award ar claim far damages. direct ar consequential, in rnnnection with any
condemnation or other taking of the Property, ur part therrnf, ar far conveyance in lieu of rnndemnatian. arc hereby assigned
and shall be-paid to Lender.
let the event of a fatal taking of the Property, the proceeds shall he applied to the cumc secured by this Mortgage.
with the excess. if any, paid to Borrower. In the event of a partial taking of the Pmperty.~t~gl~s far w•cr ant<1 Lender
otherwise agree in writinit. there shall he applied to the sums secured ley this Mortgage such ~t4+partia~i"n~ the proceeds
as is equal to that proportion which the amau~tl of the sums secured by this Mortgage immediately {+rior to the date of -
taking hears to the fair market value of the Property immediately prior to the drte of taking, with the halrnce of the proceeds
paid to Borrower. -
If the Property is abandoned by Sorrowcr. or-if. after notice hV 1~cndcr to Borrower that the condemnor offers to make
an award or settle a claim far dama~-ti. Harrower faih to r~hpi+nd to Lender v?•ithin z0 does after the date. tiurh notice is
mailed. Lender is authorized to collect and apply the proceeds, at Lender ~ option. either to restoration or repair of the
Pmpeny or to the some secured M• this Mortgage.
Unless Lender and B_ormwer cithenvisc agree in writing, am• suc)t.application of proceeds to principal shall oat extend -
or postpone the due date of the monthly installments referred to-in paragraph. 1 and 2 hereof or change the amount of -
each itutallments. -
10. Borrower 1Vo1 Released. Extension of the time fair payment or modification of amortisation of the some secured
by this Mortgage granted by Lcndcr to any successor in interest of Borrower shall oat operatc~ta release. in any manner,
the liability of the original Borraw•cr and Borrowers succesu?rc in interest. I-ender shall not he required to commence -
pmceedinps against such successor or refuse. to extend time far payment or Mherw•icc modify amortisation of the sums
secured by this Mortgage by reason of-any demand made hr the original Borrdwcr and Borrower's sttcccssarc in interest.
I1. Forbearance by Lender Not a Waiver. Anr forbearance by Lender in exercising any right or remedy hereunder, or
otherwise afforded- by applicable law. shall not he a waiver of or preclude the exercise of am• such right or remed)•.
The procurement of insurance or the payment of tares or other liens ar charges by lender shall oat he a waiver of 1-enders
right to accelerate the maturity of the indeMedttesc securest M• this Mortgage.
12. Remedies Cumulatire. All remedies prm•idcd in this I?iortgage are distinct 5nd cumulative to am• rnher right or
remedy under this Mortgage or afforded by-law s+r equity. and mry he exercised concwrcntly. indcpendcnth• or successivch•.
13. Successors and Assigns Bound; ]oint and Ser,ersl Liability; Captions. The covenants and agreen~;nts herein
contained shall bind. and-the rights hcrcundcr shall inure ta. the respective succesu+r~ and assigns of Lender and Harrower.
subject to the provisions of paragraph 17 hereof. All covenants and agrccmentc of Borrower shall be joint and several. -
The caption, and headings of the paragraphs of this Mortgage arc for rnnvenience only and arc oat to- be used to
interpret or define the pmvicionc hcrrnf. '
14._ Notice. Except for any notice required under applicable law a+ he given in another manner. fa? any notice to
Burn+wer provided for in this Mortgage shall he given M mailing such notice M• certified mail addressed la Borrower at
the Property Address or at such other address -ac Bormw•er myy design:te he notice Io I-ender as provided herein, and
i (h) any n~uice to Lcndcr shall be given by certified mail. return receipt reytnsted. to I .ruder s address stated herein ar to
~ such other address as Lcndcr may designate by notice to Borrower as provided herein. Am notice provided fir in this
Mortgage shall be deemed to have been. given to Borrower ar Lender when given in the manner designated herein.
15. Uniform Mortgage; Governing i.avv; Severabilit)•. This form of mortgage combines uniform covenants for national
use and non-uniform rnvenants with limile.l variations by jurisdiction to constitute a uniform ce:uriry instrument covering
seat properq•.-This Mortgage shall lx: governed M the law of the j:trialicti.•n in which the Property is located. 1n the
1 event that an)• provision or clause of this Mortgage or the 1~ute conflicts with applicable law. such conflict shell nM affect _
other provisiam of this Mortgage or the Note which can I+e given elTcct without the conflicting provision, and to this
T end the provisions of the Alortgagc •rnd the tiotc arc declared to t+c severable. -
16. 8otro~ser's Cop}•. Borrower shalt t?e furnished conformed copy of the Note and of this Mortgage at .the time
of execution or after n^cordation herrnf.
1 i7. Transfer of.the Properi~•; Assumption. If all ar any part of-the Property sir an-interest therein is wild ar transferred _
E by Barmw•er withouk Lender's prior wriurn runsent, c~rluding lal the creation of a lien or encumbrance subordinate to
thi. Mortgage. Ih) the creation of a porchaK money security- interest for hrnisehold appliances. (c) a transfer by devise,
d~~cent-ar by operation of law upon the death of a joint tenant or (dt the grant of :rot leasehold interest of three years or less
oat rnntaining an option to purchase. I-ender map. at Lcndcr', option, declare all the sump secured by this Mortgage to he
~ immediately due and payable. l.end.r shall have waived such option to accelerate if. prior to the sale or transfer. Lender
and the person to whom the Pmperti• is to I?c u~ld or transferred reach agreement-in writing that the credit of such person
is satisfactory to Lcndcr :rod that the inters pa)•ahle on the sums secured by this Mortgage shall be at such rate as Lender -
:hall request. If 1-ender has waived -the option to accelerate provided in this paragraph 17, and"if Borrowers suceessor in
interest has executed a written assumptionrgrecment accepted in writing by Len.kr. Lender shall release Harrower from all
obligations un~kr this Mortgage and the. Note.
If Lender exetcises such option to accelerate. Lcndcr sh:dl mai~.Borrower notice of acceleration in accordance with
i paragraph 14 hereof. Such notice shall provide a periixl of not less than 30 da)•s tram the date the notice is mailed within
which Borrower may pay the sums declared due- If $ormwer talk to pay such sums prior to the expiration of such period,
f Lcndcr may, without further notice or Demand on IMrrower. invoke any remedies permitted by paragraph 18 hereof.
L Note-IJNIFOP.M CovetveNTS. Borrower and Lender further covenant and agree as follows: -
~ 18. Acceknttbo; Remedies. E:cep as provided M paragraph 17 hereof, upon Borrower's breach of say corensat or
j agreedieat of Borrower is tbb Mortgage, including the covenants to pay when dne any sums secured 6y thb Mortgsge, Leader
prior to accekrstba shs8 mail aotke to Borrower ss provided in paragraph 14 hereof specifying: p) the 6resch; (T) the sctioa
required to core sash breach; (3) s date. not less than 30 days from the date the notke b mailed to Borrower, by wbkb sash _
breach moat be cared; sad (4) that fsllnre fo rnre-such breach on or before the dste specified is the notice may result is -
accderstba of the stews secured by ebb Mortgage. torecbwre by jndicisl proceeding sad sak of the Property. 71te aotke -
'f sbaU further btform Borrower of the right to rtinstste after accekntbn sad-the right to asioert is the toredowrs proeeedieg
~ the goo-esbteace of s defsuk or say other defense of Borrower to accekratba and forerlasnre. If the breach b not cared oa
or before the date specified Iw the aa~ke, Leader st Leader's opfbn may declare aq of the same secured by this Mortgage b fie
imsxdhtely doe and paysbk without further demoted and may torecbse ebb Mortgage by j) ndkid proceeding. Leader s6a11 -
~ be entitled to collect in sorb proceedhng sll ettpeases of farerbsore. including. Ent sot Nmitd to, reawasMe attorney's tea,
sad costs of docismcMsry etridesee, s6stracb sad title treporb. - - - -
~i9. Borrower's Right to Rebtstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
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