HomeMy WebLinkAbout0218 Lender's written agreement or applicable taw. Borrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by I.endtr pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such
amounts shall be payable upon notice from lender to Harrower requesting 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 would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate -
permissible under applicable taw. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder.
8. itupectba. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided
that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9. Coademaatba. The proceeds of any award ar claim for damages. direct or consequential, in connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in {ieu of condemnation, are hereby assigned
and shall be paid to Lender. v
In the event of a fatal 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 Borrower and Lender
otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds
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 Lender to Borrower that the condemnoc oKers to make
an award or settle a claim for damages. Borrower fails to respond to tender within 30 days after the date such notice is
mailed, Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of the
Property or to the sums secured by this Mortgage..
Ltnless Lender and Sarrower 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.
10. Harrower Not Released. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by Lender to any successor in interest of Harrower shall not operate to release, in any manner.
the {it:'~ility of the original Borrower and Harrowers successors in interest. i_ender shall not be required to commence
proceedings 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 Borrowers successors in interest. -
11. Forbearance by Lender Not a Waiver. An}• 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 Lender shall not be a waiver of Lender's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. Remedies Cwaulatire. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded by lasv or equity, and ma}• be exercised concurrently, independently or successively.
13. Snecessors aad Assi6os Bound; Joint aad Se~~era1 Liability: Captions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower,
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several.
The captions and headings of the paragraphs of this Mortgage are far convenience only and are not to be used to
interpret 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 lie given h}• mailing such notice by certified 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 be given by certified mail. return receipt requested, to I.ende~ s address stated herein or to
such other address as Lender may designate b}• notice to Borrower as provided herein. Any notice provided for in this -
Mortgage shall be deemed to have been given to Harrower or 1_ender when given in the manner designated herein.
1S. Uniform Mortgage; GorerairrR Law; Sererability. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations h}• jurisdiction to constitute a uniform security instn~ment covering
real property. This Mortgage shall be governed h}• the law of the jurisdiction in which the Property is located. In the
event that any provision or clause of this Mortgage or the ?'date conflicts Kith applicable law, such conflict shall not affect
other provisions of this Mortgage or the Nate 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.
k 16. Eorrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgag~`s!1~the time
of execution or alter recordation hereof.
17. Transfer of the Property: Assumption. If all or an}• part of the Property or an interest therein is sold or transferr2~
by Borrower without Lender's prior written consent, excluding.(a) the creation of a lien or encumbrance c~ll+c?rdlnate to
4 this ivlortgage, (b> tbt creation of a purchase mone}• security interest far household appliances. (c) a transfer by devise,
f 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
not containing an option to purchase, Lender may. at Lender's option. declare all the sums secured by this Mortgage to be
i immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. Lender
i, and the person to wham the Property is to be soW or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as 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 assumption agreement accepted in writing by i_ender, 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 accordance with
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 declared due. if HorroKer fails to pay such sums prior to the expiration of such period.
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
NoN-1JrtIFORM CovENANTS. Borrower and lender further covenant and agree as fellows:
18. Acceleratbn; Re!media. Except as provided in paragraph 17 hereof, upon Bormwer's bnacb of any corenaot or
agreemtat of Borrower in this Mortgage, including the covenants to pay when due nay sums secured by thus Mortgsge, Lender
prbr to scceleratbn sbat> mail notice to Borrower as provided in paraanph 14 hereof sptcifyirra: (1) the breach; (2) the actlon
required to cure ouch breach; (3) a date, not less than 30 days from the date tbt notice is mailed to Borrower, by wbkh snc6 -
breach mm!t bt cored; noel (4) that failure to curt such breach oa or before the date !rpeci8ed in the nutlet may rode in
accekratbn of the sums secured by Wis Mortgage. torecbsurc by judicial proceediaa and sak of the Property. 71e notice
shall further inform Borrower of the rislit to rtiastatr after acceleration and the right to amen is the foreclowre proceeding
the aoo-exMence of a default or any other defense of Borrower to accekratba and foreclosnrt. If the bresch is not cured oa
or before the date specified is the notice, Lender at Lender's option may declare all of the soars secured by this Mortaa6e M be
immediately due and payable without further demand noel may foreclose this Mort6aje by judicial proceeding. I.eoder shall
6e entitled to collect in such proceeding sq e>zpeasa of foreclosure. includin`. but not limited to, rtasonabk sttonrey'a tea,
and costs of documentary evidence, abstracts and title reports.
19. Borrower's Right to Reimrtate. 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
a~K342 P~~f 2i8 .
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