HomeMy WebLinkAbout0922 [.ender'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 Lender agree to other terms of payment, such
amounts shall be payable upon notice from tender to Borrower reyuestiog paymrnl thereof, and shall hear inlrrest from the j
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 require lender to incur any expense or take
any action hereunder. ,
8. Itttzpecfba. 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, Condemaatbn, The proceeds of any award or claim far damages, direct or 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,•ihe proceeds shall he applied to the aims 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 he applied to the wms secure) by this Mortgage such proportion of the proceeds
as is equal to that proportion which the amount of the sums secured by this Mortgage i ~mediately prior to the date of
taking hears to the fair market value of the Propert}• immediately prior to the date of taking. wtth the balance of the proceeds
paid to Borrower.
if the Property is abandoned b}• Borrower, or if. after notice by i_ender to Borrower that the condemnor offers to make
an sward t?r stttt- a claim for dama6.s, Borr..wcr fails ;:z res~.:~r~d io (.ender svithiit 30 da}s after ih~ date such notice is
mailed, Lender i~ authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of the
Propcny or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writinc. an}• 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 Nof Released. Extension of the time for payment or modification of amortization of the aims secured
by this Mortgage granted h}• Lender to any succesa~r in interest of Borrower shall not operate to release. in any manner,
the liability of the original Borrower and Borrower i successors in interest. lender shall not he required to commence
proceedings against such successor or reface to extend time for payment or otherwise modify amortization of the sums
secured h}• this Mortgage by reason of an}• demand made by the original Borrower and Borrowers successors in interest.
11. Forbearance by Lender Nof a Waiver. Any forbearance M• lender in etercising any right or remedy hercander, 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 tares or other liens or charges by (.ender shall not be a waiver of Lender s
right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. Remedks Cumulative. All remedies provided in this Mortgage are distinct and cismiilative to any other right or
remedy under this Mortgage or afforded by law ar equity. and may he c~ercised concurrently. independently or successively.
13. Successors and Assigns Bound: ]oint and Sesenl i.iability; Captions. lac covenants and agreements herein
rnntained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of I_cnderrnd Borrower.
subject to the provisions of paragraph ! 7 hereof. All covenants and agreements of Borrower shall he 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. Notke. Except for any notice reyicircd :inder applicable law to be given in another manner. (a) any notice to
Borrower provided for in this Mortgage shall he given by mailing such notice h}• certified mail addressed to Borrower at
the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein. and
(b) any notice to Lender shall he given by certified mail. retiim receipt requested. to 1 ender's address stated herein or to
sash other address as Lender may designate by notice to Borrc.w~er as provided herein. Any notice provided for in this
Mortgage shall he deemed t~ have been given to Borrower or Lender when given in the manner designated herein~
15. Uniform Mortgage; Governing iaw~; Ses•erability. This form ofmortgage combines uniform covenants for national use
and non-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
f without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable.
16. Borrower's Copy. Borrower ,hall be furnisheJ a conformed copy of the Notc and of this 1ortgage at the time
of execution or after recordation hereof.
17. Tnrtsfer of the Propert}•; Assumption. If all or am• part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written consent. excluding t~l the creation of a lien or encumbrance subordinate to j
this Mortgage, (h) the creation of a purchase money security interest for household appliances. (c) a transfer by devise. _
descent or by operation of law upon the death of a joint tenant or (di 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. [-ender shall has•e waived scich option to accelerate if. prior to the sale or transfer. Lender
and the person to whom the Property is to be solJ or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest payable n the sums secured by this Mortgage shall be at such rate as Lender
shall request. If lender has waived the option to aces crate provided in this paragraph 17, and if Borrower's successpr in
interest has executed a written assumption agreement ac tcd in writing by Lender, t.cnder shall release Borrower from all
obligations under this Mortgage and the Note.
If Lender exercises such option to accelerate. 1_ender shell mail Borrower notice of acceleration in accordance with
paragraph. l4 hereof. Such notice shall provide a nericxl of not Tess Than i0 days from the date the notice is mailed within
which Borrower 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 Borrower, invoke any remedies permitted by paragraph 1R hereof.
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NoN-Urvtt=oRt?t COVENANTS. Borrower and Lender further rnvenant and agree as~oliows:
~ 18. Accelentioa; Remedies. Exceq as provided in paragraph 17 hereof. upon Borrower's breach of any corenaot or
agreement of Borrower in this Mortgage. including the covenants to pay whoa doe any sums secured by this Mortgage, Leader '
prior to acceleration shag mail notke to Borrower as provided in paragraph 10 hereof specifying: (1) the btesch; (2) the action
j required to core such breach; (3) a date. not less Than 30 da}x from the dale the notice is mailed to Borrower. br whkb such 3
breach must be cored; and (4) that failure to cure such breach on or before the date specified is the ootke mar resdt in +
j acceleration of 16e wms secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The nutlet y
~ shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding
the non-existence of a defauN or am other defense of Borrower to acceleration and foreclosure. if the breach is act cured oa
a or before the date specified is the ttotke. Lender at Lender's option may declare all of the sums secured by this Mortgage to be
immediately due and payable without further demand and may foreclose thtc Mortgage by judkial proceeding. Lender shall
be entitled to collect in wch proceeding alt expenses of foreclosure. including. but not limited to. reasonable stloraer's fees.
and costs of documentary evidence. abstracts and title reports. f
t 19. Borrower's Right fo Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage.
Borrower shall have the right to havern} proceedings begun by Lender to enforce this Mortgage discontinued at any time
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