HomeMy WebLinkAbout0393 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 to this paragraph 7,'with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and tender agree to other terms of payment, such
amounts shaft be payable upon notice from Lender to Borrower 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 hear interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall rcquiro i.ender to incur any expense or take
any action hereunder.
8. lnspectioa. 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. Coademnatbn, The proceeds of any award or claim for damages, direct or corra:quential, in connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned
and shall be paid to i.ender.
in the event of a total taking of the Property, the proceeds shall be applied to the arms secured by Chic Mortgage.
with the excess, if any. paid to &~rrower. in the event of a partial taking of the Property, rrnlccs Borrower and Lender ~
otherwise agree in writing. there shall be applied to the sums secured by this Mortgage each proportion of the proceeds
as is equal to that proportion which the amount of the sums ccctrred by this Mortgage immediately prior to the date of
taking hears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds
paid to $orrower.
If the Property i~ abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor offers to make
an award or settle a claim for damages, Borrower fails to respond to Lender within all 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.
Unless Lender and Borrower atherw•ise 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. Borrower 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 Borrower shall not operate to release, in any manrnr,
the liability of the original Borrower and Borrower's successors in interest. Tender shall not he required to commence
proceedings against such successor or reface to extent 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 Riot a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder. or
otherwise afforded by applicable law. shall not her 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 he a K•aiver of Lender's
right to accelerate the maturity of the indebtedness secured by thii Mortgage.
12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remeJy under this Mortgage or aBorded by law or equity. and may F?e exercised concurrently. independently or successively.
13. Successors and Assigns Bound: ]oinl and Several i.iability; Captions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of i_ender and Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several.
The captions ant headings of the paragraphs of this Mortgage are for convenience only and are not to he used to
interpret or define the provisions hereof.
14. Notice. Except for any notice required under applicable law to be given in another manner. (al any notice to
Borrower provided for in this Mortgage shall l?e given by mailing such notice by certified mail addressed .to. Borrower at
the Property Addressor at such other address as Burrower may designate by notice to Lender as provided herein. and
(hl any- notice to Lender shall he given by certified mail, return receipt requested. to Lenders address stated herein or to
4 such other address as Lender may designate by notice tc. Borrower as provided herein. Any notice provided -for in this
Mortgage shall t?e deemed to hale been given to Borrower or Lender when given in the manner designated herein.
1 S. Uniform Mortgage; Governing Iaw•: Severability. This form of mortgage combines uniform covetrartts for national use
and non-uniform covenants with limited var+.ations 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 wfiich 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 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 Note are des{aced to be severable.
16. Borrower's Copp. BOfMwPr shall hs fecrri5l?etl 3 e^Rfi`rr!rCd copy of tlrC N:,tC aad .=f t::r: ~tLrtgagi at ti irr<'K
of execution or after recordation hereof.
17. Transfer of the Property: Assumption. If all ur an•• part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written content, excluding lal the creation of a lien or encumbrance subordinate to
this Mortgage. (hl the creation of a purchase money security interest for household appliances, lc) a transfer by devise,
! descent or by operation of law upon the death of a joint tenant or Idt 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
immediately due and payable. Lender shall has•e waived each option te• accelerate if. prior to the sate or transfer. I.endtr
and the person to whom the Property is to I?e cold 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 ac Lender
shall request. If tender has waived the option to accelerate provided in tfiis paragraph 17, and if Borrower's successor in
interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from aN
obligations under this Mortgage and the Note.
if i_ender 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 Tess than i0 days from the date the notice is mailed within
which Borrower may pay the sums declared due. !f Barrouer fails to pay such sums prior to the expiration of such period.
Lender may. without further notice or demand .~n Borrower, invoke any remedies permitted by paragraph 1 R hereof.
E NoN-UKrt=oRM Covc:v~r?•rs. Borrower and Lender further covenant and agree afs follows:
18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon BorrowePs bnach of any covcttaat or
agreememt of Borrower in this Mortgage, including the covenants to pay when due amy sums secured by this Mortgage, Lender
prior to acceleration sba{l mail notice to Borrower as provided in paragraph 14 hereof specNyirrg: (t) the breach; (2) the action ;
' required to cure snob breach; (3) a date. not less than 30 da~•s from the date the notice is msikd to Borrower, by which such
breach must be cnnd: and (4) that failure to cure such breach on or before the date specked in the notke may result in
accderation of the sums second by this Mortgage. fonclowre by judicial proceeding and sale of the Property. The notice
i~ shall further inform Borrower of the right to reinstate after scceleration and the right to assert in the foncbsun pr+uceeding
the non-existence of a defauk or any other defense of Borrower to acceleration and forecbsnn. If the breach is not cured on F
or before the date specified in the notice. Lender at Lender's option may declare all of tht sums secured by this Mort><sge to 6e ~
¢ immediately due and payable without further demand and pray foreclose this Mortgage by judicial proceeding. Leader shall
be entitled to collect in such proceeding ail expenses of foreclosan. including. but not limited to, nasonabk sttorney's fees. •
and costs of documentary evidence, abstracts and title reports.
19. Borrower's Right to Reinstate. Nutwithcranding lender's acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have an}' proceedings begun by Lender to enforce this 1lfortgage discontinued at any time
eof'K ~
oK 342 P4GE 393 _