HomeMy WebLinkAbout0453 Lender's written agreement or applicable law. Borrower shall pay the amount o[ all mortgage insurance premiums in the l
manner provided under paragraph 2 hereof.
/1ny amounts disbursed by lender pursuant to this paragraph 7, with interest thereon, shall became additional
indehtednesc of Borrower secured by this Mortgage. tlnlecc Rtumwer and I.en~kr agree to Mher terms of payment, such
amounts shall be payable upon notice from Lender u~ Borrower requesting payment thereof, and shall bear interest from the
date of disbursement at the me 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 law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder.
8. imspeetioa. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided
that (.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9. Coademnatan. The proceeds of any award or claim far damages,.direct c.r consequential, in connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby assigned
and shall be paid to Lender.
In the event of a total taking of the Property. the procYeds 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 tx 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 tzars to the fair market value of the Propert}• immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
If the Property is abandoned M• Borrower, or if, after notice by i ender to Borrower that the condemnor offers to make
an award or settle a claim for damages, Borrower fails to respond to i.ender within 10 days after the date such notice is
mailed. Lender is authorized to coped and apply the proceeds, at lender i option, either to restoration or repair of the
Property or to the sums secured by this Mortgage.
tlnlc•ss lender and 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 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 manner.
the liabilit}• of the original Borrower and Borrowers successors in interest. i_ender shall not t+e required to commence
pnxeedings against such stecressor or refuse to extend time for payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of ~n}• demand made b}• the original Borrower and Borrowers successors in interest.
11. Forbearance by Lendir 1\0! a Waiver. Am• fonc~aranrc by Lcndtr in exercising am right or remedy hereunder, or
otherwise afforded by applicable law, shall not he 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 i.ender shall not be a waiver of 1_ender s
right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. Remedies Cumulative. 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 ma}• be exercised concurrently, independently or successively.
13. Successors and Assigns Bound; Joint and Se.eral f.iability; Captions. The covenants and agreements herein
contained shall hind, and the rights hereunder shall inure to. the respective successors and assigns of 1_ender and Borrower,
subject to the provisions of paragraph 17 hereof. All covenants and agreememc •of Borrower shall be joint and several.
The captions and headings of -the paragraphs of this Mortgage are for convenience only and are not Io be used to
interpret or define the provisions hereof.
14. Notkt. Except for any notice required under applicable law to be given in another manner. fa) any notice to
Borrower provided for in this Mortgage shall t+e given b}• mailing such notice by certified mail addressed to Borrower at
the Property Address or at such other address as Burrower 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 Lender c address stated herein or to
such other address as Lender may designate by notice to Borrower as pr ivided herein. Any notice provided for in this
Mortgage shall lie deemed to have been given to Borrower or Lender when given in the manner designated herein.
1 S. Uniform Mortgage; Governing law; Severabilitr. This form of mortgage combines uniform covenants for national use
andnon-uniform covenants with limited variations 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 which 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 law, 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 declared to be severable.
1S. ~rrrower's Cupr. Sorruwer shah i+e furnished a conformed ropy of the i.iote and of this fiiortgage at the time
of execution or after recordation hereof.
17. Transfer of the Property; Aaumption. if all or an.• part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written consent. excluding tat the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a purchase money security interest for household appli;,nces, (c) a transfer by devise,
descent or by operation of law upon the death of a joint tenant or ids the grant of any leasehold interest of three years or less
not containing an option to purchase, Lender ma}•, at Lender's option, declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale 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 interese 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 c successor in
interest has executed a written assumption agreement accepted in writing by Lender. [.ender 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 f•+ereof. Such notice shall provide a period of not less than 30 day. from the date the notice is mailed within
j which torrower may pay the sums declared due_ if Borrower tali: to pay such sums prior to the expiration .•f such period.
1_ender may, without further notice or demand on Borrower, invoke an}' remedies permitteef h}• paragraph 1R hergof.
Non-UNIFORM CovExeNTS. Borrower and !.ender further covenant and agree as~ollows:
18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrowers breach of amy corenautt or
agreement of Borrower in tbis Mortgage. including the covenants to pay when dnt any sums secured by this Mottga~t, Lender
F pray to acceleration shall mail notke to Borrower as provided in paragraph 14 hereof specitriug: (1) the bcesch; (2) Ibe notion
~ required to cure sorb breach; (3) s date. not less than 30 days from the date the notice is mailed to Borrower. by whkh such
° breach must 6e cured; amd (4) that failure to cure such breach on or before the date specified iti the twtke may resdt in
° accekntan of the sums secured b This Mort
y gags. foreclosure by judicial proceeding amd sale of the Property. The notke
shall further inform Borrower of the right to reinstate after acctleratan and the right to assert in the foreclosurt proceedim~ )
the ran-existinct of a defauk or any other defense of Borrower to acctliratan and forecbsure. 1(f the breach is act cored on ~
or before the date specified in the notice. Lender at Lender's optan mar decbre aq of the sums secured by this Mortgage to bt ;
immediately due and payable without further demand and may foreclose this Mortgage br judkW proceeding. Lender sball ~
be entitled to cogect in such proceeding all expenses of foreclosure. including. but not Umited to. retisona6k sttottiter's fees.
and costs of documentary evidence. abstracts-and title reports. t
19. Borrower's Right to Reinstate. Notwithstanding 1_ender s acceleration of the sums secured by this Mortgage. 4
Borrower shall have the right to have an}~ proceedings begun by Lender to enforce this Mortgage discontinued at any time f
six 342 pa~E 453
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