HomeMy WebLinkAbout1042 . }t~
• let i tip: '
Lender's •written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
• .Any .amounts disbursed by Lender pursuant lu this paragraph 7, with interest thereon, shalt become additional '
indebtedness of Borrower sccurrd by this Mo;tgagc. Unless Borrower and I.rnJer a net to other terms of ;
R payment, such i
amounts shall he payahle upon notice from lender to 6armwer rcquestinR payment thereof, and shall bear interest from the
date of disbursement at the rate payahle from time to lime ore outstanding principal under tjte, ~iplg unless paymrnt of
intereu at such rate would be contranr to applicable law, in which event such amounts shall•hsar`inttrest at the highest rate
ptrmisst'bk under applicabk law. Nothing contained in this paragraph 7 shall require 1_ender to incur any expense or take
any action hereunder.
>R iwspectioa. lender may make ar cause to he made reasonable entries upon and inspections of the Property, provided
that Lender shalt give Borrower notice prier to any such inspection specifying reasonable catrst therefor related to Lender's
interest in the Property.
9. Cowdewtaatbw. The proceeds of any award or claim for damages, direct or rnrtsequential, in connection with any
condemnation or other taking of the ikoperty, or part thereof, or for conveyance in lieu o[ condemnation. art ht:t+eby assigrttd
and shall bt paid to Lender.
in the event of a total taking of the Property,- the proceeds shall be applied to the sums secured by this Mortgage.
with the excess, if any, paid to Borrower. in the event of a partial taking of the Property. unless 8oi~rower and Larder
otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the pr~oeetd: S {
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 i.ender to Borrower that the condemnor offers to make t
an award ar settle a claim for damages. Bc?rrawer fails to respond to 1_ender within 30 days after the date such notice is
mailed. Lender is authorized to collect and apply the proceeds, at iender's option, either to ratoration or tt:pair of the
Property or to the sums secured by this Mortgage. - f
Unless-Lender and Borrower otherwise agree in writin~e. 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.
10. Borrower Not Released. Extension of the time far payment or modification of amortization of the sums secured ,
by this Mortgage granted by [.ender to any successor in interest of Borrower shall not operate to release. in any manner.
the liability of the original Borrower and Harrowers successors in intemt. lender shall not be regttircd to commence
proceedings against such successor or refuse to emend time for payment or otherwise modify amortization of thr sums
secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest.
~ 11. Rorbearanct by iender Not s Wainer, Any farhearance by lender in exercising any right or remedy hereunder, or
otherwise afforded by applicable law, shall rat be a waiver of or preclude the exercise of any such right or remedy. t
The procurement of insurance pr the payment of taxes or other liens or charges by [.ender shall not be a waiver of l.erukr's ~
right to accelerate the matunty of the indebtedness cectrred by this Mortgage.
12. Remedies Coernlatire. 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. Sweeessors and Assigns Boumt:.ioirtt and Serest ibbitity; Captloas. The .covenants and agreements herein #
contained shat! bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower, t
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jolty and several.
The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to
interpret or define the provisions hcrt:af. _
14. Notice. Except for any notice required under applicable law to bt given in another manner, (a) any notice to
Borrower provided for in this Martgate shall be given by mailing such notice- by certified mail addressed to Borrower at
the Property Address or at such other address as Borrower mav_ designate by notice to Lender as provided herein, and
tb) any notice to Lender shall he given by certified mail. return receipt requested. to I.ende~ 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 Harrower ar Lender when given in the manner designated heron.
1S. Uaiforwt Mortgage: Governing Iars; Sererability. 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 j
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 ar clause of this Mortgage or the Nate conflicts with applicabk taw, 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 Nate are declared to be severable. 3
l6. Borrower's 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. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred ~
by Borrower without Lender's pricer written consent. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creatran of a purchase money security interest far 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 j
rwt containing an option to purchase. Lender may. at l.ender'~ option, declare all the sums secured 6y this Mortgage to be ~
immediately due and payable. Lender shall have wowed sash option to accelerate if, prior to the sale or transfer, Leruier
and the person to whom the Property is t~. be salt or transferred reach agreement in writing that the credit of such ptrsoe
is satisfactory to I_enekr and that the interest Fayable an the sums secured by this Mortgage shall be at such rate ac Leader
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 assumption agreement accepted in writing by Lender. Lender shall release Borrower tram all
obligations under this Mortgage and the Nate. _
If Lender exercises such option to 'accelerate. Lender shall mail Borrower notice of accelerstion in accordance vrith
paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums s,xlared due. If Borrower fails to pay such stems prior to the expiration of such period.
Lender may, without further notice ar demand on Borrower. invoke any remodia permitted by paragraph IR hereof.
Norr-Urtrtoaat COVENANTS. Borrower and Lender further covenant and agree as follows:
ls. AccekrNiou; Rtmedia. Except ac provided is pragrspb t7 bttreoR, apw lorrowet's btrtaclr off say cortwawt stn
a0reesaeat of ilormwer iw this Mortgage, inclndirrg the coreaaMs to py when due any stars secured by thk Mortgage. Lewder
prior to acctkratbw shall mail wotke to Ilotmower as provided Iw paragrsph 14 btreot sptxNyitsg: (1) the brtsch:l2) the sctioa ,
trequirea to cart such brteacb; (3) a date. sot lever than 30 days trotw the date the notice is moires to eorron.er, by wbklt sad
btttach east be cured: and (4) that failart to can sash brtacb ow or before thr state sptclbed iw the wotice may resit fst
accderadow of the swrsn secartd by this Mortgage. tatclosare by juAkial ptaKteaiwg atsi salt a< the Property. The rtotkt
shop farther iaforra lorrower of the right to reiastste otter acceleratiow std the right b artM iw the tortelosart pt+otte~ttg
the wow-existtace of a detauN or say otbtr dettusc of Borrower to acceleration and tortclotwre. N the 6nacb b root catrd oa j
or before the date speeifetd is the notice, Lender at I.endrrs-uptbw any tlselate sM of the tstaas secants by this Mortgage b bt
imaxdiattly doe sad pyabk witbaal farther demand and rosy tortclost this Mortgage by jadicW'rettediag. i.enAtr•shttrl
be ewtitkd to collect M stsdr proctedirrg aft expenses at torecbwr+t. iwchsdiag, bat root Wsittd M, ettsoaabk stt.,rneY's fees,
sad costs of doeatwewtary eridewce, abstracts and title reports. ;
I9. fllorrower's Right to ReMstatt. Notwithstand,ng Lender's acceleration o/ the sums secured by this Mortgage. t
Borrower shall have the right to have any proceedings begin by Lender to enforce this Mortgage discontinued at any time
t
$341 P~~iQ~2 t
-3
sy'
• ~ ~:rsn3
:.iAi