HomeMy WebLinkAbout0420 !.codex'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 I_endtr pursuant to this paragraph 7, with interest thereon, shall became additional
indeMednesc of Borrower secured by this Mortgage. llntess Borrower and Lender agree to other terms of payment, Bach
amounts shall be payabk upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the
date of disbursement at the raft payable from time to time nn outstanding principal under the Note unless payment of
interest at such raft would be contrary to applicable law, in which event such amounts shall bear interest at the fiighest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder.
8. IospecHoa. 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. Condemaafbn. The proceeds of any award or claim far damages, direct or conuquential, in connection with any #
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby assigned t
and shall be paid to Lender.
in the event of a total taking of the Pmperty, the proceeds shall be applied to the cams secured by this Mortgage.
with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Bormwer 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 htortgage immediately prior to the date of
taking bears to the fair market value of the Pmpert}• immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
if the Property is abandoned b)• Borrower, er if. after r:otict by I.endcr to Borrower that the condemnor offers to make
an award or settle a claim for damages, Borrower faits to respond to i.ender within i0 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
Properly or to the sums secured by this Mortgage.
Unless lender sod Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend
or postpone the due date of the month)}• installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Noi Released. Extension of the time for payment or modification of amortization of the sums secured
by this 1ltortgage granted by 1_ender to any successor in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Bormwer's successors in interest. Lender shall not be required to commence ;
proceedings against such successor or refuse to extend lime for payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of any demand made by the original Bormwer and Borrowers successors in interest.
11. Forbearance by Lender Nof a Waiver. Any forbearance b}• tender in exercising any right or remedy hereunder, or
otherwise afforded by applicable law. shall not he a waiver of or preclude the exercise of any each right or remedy.
The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not he a waiver of fender's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. Remedies Cnmulati~e. 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 rnncurrently, independently or successively.
13. Successors and Assigns Bound; Joint and Se~•eral i.iability: 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 Bormwer shall be joint and several. ±
The captions and 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. Nofke. 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 he given h}• mailing such notice by certified mail addressed to Borrower a1
the Property Address or at such other address as B~~rrower may designate by notice to Lender as provided herein, and
(b) any notice to Lender shall he given by certified mail, return receipt requested. to lenders address stated herein or to
such other addrest as Lender may designate by nt,tice to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
15. Uniform Mortgage; Governing law; Severabilif y. This form of mortgage combines uniform covenants for national use
~ aadnon-uniform oovenaats with limited variations by
jurisdiction to constitute a uniform security instrument covering real property. The
stau and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing
c sentence shall not Wnit 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 law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect
R without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable.
1S. i'sorrower=s Copy. Borrower shaii t?e furnished a conformed copy of the Note and of this Mortgage. at the time i
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 Lenders prior written consent, excluding (al the creation of• a lien or encumbrance subordinate to t
~ this Mortgage, (h) the creation of a purchase money security interest for household appliances. (c) a transfer b}• devise,
descent or by operation of law upon the death of a joint tenant or (d1 the grant of any leasehold interest of three years or less
not containing an option to purchase, Lender may. at Lender's opt~an. declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have waived such option t~ accelerate if, prior to the tale or transfer. Lender
and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest payable nn 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 Borrower i successor in
interest has executed a written assumption agreement accepted in writing by [.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 pericxl of not less than ~0 days from the date the notice is mailed within
which Bormwer may pay the Sums declared due. If Borrower fails to pay such sums prior to the expiration of such period.
Lender may, without further notice or demand on Bormwer. invoke any remedies permitted by paragraph 18 hereof.
s
Norv-UNIFORM CovExerrTS. Borrower and tender further covenant and agree as follows:
F 18. Acceleratan; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any coveoaat or
agreement of Borrower in this Mortgage, including the covenants to pay when due any snms secured by tbis, Mortgage, Lender
i prior to accekrafan shop map notke to Borrower as provided in paragraph 14 hereof specifying: (1) the bceacb; (2) the ocean
required to core snch breach; (3) a date. not less than 30 days from the dste the notke is mailed to Borrower. by whk6 such
breach must be cared; and (4) that failure to cure such breach on or before the dste specified is the notice may reedt in
i sccekration of the sums secnred by this Mortgage. force{osure by judicial proceeding and sale of the Property. The notke
t shall further inform Borrower of the right to reinstate after acceleration and the right to assert is the toreclosnre proceeding
j the non-existence of a default or any other defense of Borrower to accekrat'an and foreclosure. if the breach is out cured on
or before the date specified in the notke, Lender at Lender's option may declare ap of the snms secured by this Mortgage to be
immediately due and payabk wHhout further demand and may foreclose this Mortgage by judicial proceeding. Leader shop
be entitled to collect in such proceeding ap expenses of foreclosure. including, but not pmited to, reasonable ~toraey's fees,
and costs of documentary evidence. abstracts and title reports.
19. Borrower's Right to Reinstate. Notwithstanding 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 Mortgage discontinued at any time
g~342 P~~~. ~p -
_