HomeMy WebLinkAbout1086 Lender's written agreement or applicable law. Borrower shall pay tht smount of all titortgage inuurance pttrttittras in the ,
msnner provided under paragraph 2 hereof.
Any amatnts disbiu:ed by i.ender pursuant to thin paragraph 7, with interest thereon, shall becoate additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and 1_ender agree to other ternts of payment. such~
amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from tha
date of disbursement at the titre payable from time to•time on attstanding principal under the Note unless pajrtrtent oa
interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the hightrt rate,
permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any exppae or fate
any action hereunder.
IwrpecHow. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided i
that lender shall give Borrower ndice prior to any such inspection specifying reasonable cause therctor related to Latder'tt
interest in the Property.
4. Coadewtratbw. The proceeds of any award or claim for damages, direct or consequential.,in.connection with.anr ,
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemrtatibn, are hereby atsi~ned
and shat! be paid to Lender.
)n the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortpge,
with the excess, it any, ~ paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Fender.
otherwise agree in writing. there shall be .applied to the same secured by this Mortgage such proportion of the pr~or~eeds
axis equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the datle 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 fender to Borrower that the condemnor oRers to mate
an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such rtotioe is
mailed, Lender is authorized to collect and apply the proceeds, at 1_ender
s option, either to restoration or repair of 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 extern;
or postpone the due dare of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
lA. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums stxut+ed
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 Bc+rrowc~
s successors in interest. Lender shall not be required to commence
proceedings against such successor or reface to extend time for payment or otherwise modify amortization of the sums
secured by this Mortgage by reason ofrny demand made by the original Borrower and Borrower's successors in interest. -
11. Forbearawce by Lewder Not a N?al•er. Any forbearance by Lender in exercising any right or remedy hereunder. or
otherwise afforded by applicable law. shall not be 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~.ender shag not be a waiver of L,gtder':
right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. Retwetlks Cwrattladtre. 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. Srccesaors swd Assigas Bouttd:.loiwt awd Several I.isbNity; Captiows. The covenants and agreeanents herein
contained shall bind, and the rights hereunder shall intrr~ to. the respective successors and assigns of Lender sttd Borrottrer.
subject to the provisions of paragraph 17 hereof. All covenants and a~reemcnts of Borrower shall be jdrtj and several.
The captions' and headings of the paragraphs of this Mortgage are for convenience only and are not to Ile used to
interpret or define the provisions hereof.
14. Notice. Except for any notice required under applicable taw to be given in another manner, (a) any ranee to
Borrower provided for in this Mortgage shall be given by mailing such notice by certifkd mael addressed to Borrower at
tFte Property Address or at such other address as Borrower may designate by notice to Tender as provided herein, and t
(b) any ratite 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 to Borrower as provided herein. Any tatice provided for in this
Mort a shall be deemed to have been iven to Borrower or Lender when given in the manner designated herein- .
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III IS. Uwiforw Mort 'e. G y 8~
Thrs orm of mort combing uniform covenants for n
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use and ran-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
I event that any provision or clause of this Mortgage or the Note conflicts with applicable law. such conflict shall not aged
other provisions of this Mortgage or the-Note which can be given effect without the conflicting provisan. and to this
end the provisions of the Mortgage and the Note arc declared to be severable.
l~. tiorr+ower's Copy. Borrower shall. be furnished a conformed roP)• of the Note and o[ this Mortgage at the time
of execution or after recordation hereof.
17..Trwfer of the Property: Aswwtptiant. if all or any part 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 subordinate to
this Mortgage. (b) the creation of a purchase money security interest for household sppliances, (c) a transfer I+y devise.
descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yean or less
rat containing an option to purchase, Lender may, at Lender
s option, declare all the sums stxured by this Mortgage to be
immediately due and payable. Lender shall fiave waived such option to sxekrate if. prior to the sale or_transfer, Lender
and the person to whom the Property is to be cold or transferred reach agreement in writing that the credit- of -such person
is satisfactory to Lender and that the inter~•ct payable on the sums secured by this Mortgage shall be at such rate ac 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 assumption agreement sccepted in writing by Lender. Lends shall release Borrower front all
obligations under this Mortgage and the Note.
if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordantx with
paragraph 14 hereof. Such notice shalt provide a period of na less than 30 days from the date the notice' is mailed withiq
which Borrower may pay the sums declared due. 1f Borrower fails to pay arch sums prior to the expiration of wch period.
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by parsgraplt 1R hereof.
Nog-Utttt~oaat Covertstwrs. Borrower and Lender further covenant and agree 8 follows:
~ 1fR Aeeelaalfo~ Rawedia. )l~cell as'rovitled L paragnPlt 17 berttot. trpw >tesrowes's btreweh of ary conrrrM er
t agreesert of •errrwer V this Mortgage. irdralwg /he esrettawb /o le7~ wUew ire asgr stems stecrsetl r!' tYt 1Mesigags. t.e~ier
peistr M weeeleradoss dar twat wotke to •orrower as'rovMe> N NragraNt 14 hated spseYyiwgs (1) Ihs keeweh: (21 the welMr ~
~ se~rfaetl b erne arch breach: (3) . lisle, ttwt less thaw 3, asys trorw the dale the ttwtke t. ttssied M rsttewet. by whkh streh
bleach mnet be etts+s~ tttsi p) Neat tartrre w erte web Itrssieh a a< before the tale spacfietl r the trolfee raj ra~srlt r #
at:ceieatlew d the wms ascrs+cd by this Mortgags. tosedowre by ir/kW erg ssttl sole d the )rrspestlr. Tht: wslkt #
drat trtlher trrtotrsr •orrowet d the right M reirtshle ttftet wecdentiow awl the right tb aarert iw the bttteNwtre Meeostitg
Ills ror~e:Mewoe e[ . ieGtsdt or ary other ~eterae d >torrower w areektaffow acrd forecbwre. B Ste btreaeh fs rue/ crtra/ M
or bdere Nee dde spscfrstl b Iht rolke. t.ewkr st t.eniet's opkr tray ieehre r d the wws aserrs~ by Ihls Merlgllpt 1. bt
itusttdia/ely true wrti psywbie srflhotM /rrtha dewtand atsd way feteclat: tYs Metlgage by jr/kW pret:~eeirg. lewder sfar ~ }
be eMMktl a corset V web precss+iwg r espcwses wt toncloarr+e. htelriirg. bit rue/ tMrNed M. ~ewwaMe sttwwe>rs fees.
air eesis d ~ edaeece. abdrweb awd title repAs. - j
lf. lioROwps 1Rlght N Relistste. Notwithstanding Lender's acceleration of the sums securod by thu Mortgage. _
Borrower shat) have the right to have any proceedings begun by Lender to enforce this Mortpge discontinuod at any time ;
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