HomeMy WebLinkAbout0933 t.endrr's written agreement or applicable law. Borrower. shalt 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 ~
atnwrMs shat{ be payable upon notice from i.ender to Borrower requesting payment thereof_ and shall bear interest from the
date of disbursement at the rate payable from time to time on artstanding principal under the Nate 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. Inspection. 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. Condemnation. The proceeds of any award or claim for damages, direct or concequcntial, 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 Lender.
In the event of a total taking of the Property, the proceeds shall he 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. (here 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 vaitre of the Property immediate)}• 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 condemnor offers to make
an award ar Bettie a claim for damages, Borrower fails to respond to i.ender within 30 days after the date such notice is
mailed, Lender is authorized to collect and apply the proceeds, at l.ende~ c option, either to restoration or repair of the
Property or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in w•ritinc. 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 Not Released. Extension of the time for pa}•ment or modification of amortization of the sums secured
by this Mortgage granted by ).ender to any success<x in interest of Borrower shall not operate !o release. in any manner,
the liability of the original Borrower and Borrower's successors in interest. Lender shall not hr: required to commence
proceedings against such successor or refute to extend time for payment or otherwise modif}• 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 i.ender Not a Waiver. Am• farhearance by Lender in exercising any right or remedy hereunder, or
otherwise afforded by applicable law, shall not he a waiver of or preclude the exercise of an}• such right or remedy.
The procurement of insurance or the payment of tares or other liens or charges by Lender shall not he a waiver of 1_ender's
right to accelerate the maturity of the indebtedness secured h}• this Mortgage.
12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remeJ}• under this Mortgage or afforded by law or equit}•, and ma}• he exercised concurrently, independently or succecsivel}•.
13. Successors and Assigns Bound; Joint and Several Liability; Captbns. The covenants and agreements herein
contained shall hind, 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 arc for rnnvcnience 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 I?e given by mailing wch notice by certified mail addressed to Borrower at
the Property Address or at such other address as Borrower mry designate by notice to Lender as provided herein. and
~ (hl any notice to 1_ender shall be given by certified mail. return receipt requested. to 1 ender s address state) herein or to
' such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
Mortgage shall he deemed to have been given to Bormw•er or 1_ender when given in the manner designated herein.
1 S. Uniform Mortgage; Governing Law; Severabilih•. This form of mortgage combenes uniform covenants for national use
and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real rt .The
ProPe Y
state and local Taws applicable to this Mortgage shall be the laws of the urisdiction in which the }
j Property is heated. The foregoing
sentence shall not limit the applicability of federal law to this mortgage. Tn the event that any provision or clause of this Mortgage or the
4 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.
16. Borrower's Copy. Borrower shall be furnished a conformed rnpy c.f the I~c+te and !?f this Mortgage at the time
of execution or after recordation hereof. -
E 17. Transfer of the Property; Assumption. If all ur am• 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 i
this Mortgage. (h1 the creation of a purchase money securin• interest for household appliances, (c) a transfer h}• devise,
descent or by operation of law upon the death of a joint tenant or (dr the grant of any leasehold interest of three years or less ~
l not containing an option to purchase. Lender may. at I.ender'i option, declare all the sums secured by this Mortgage to be
immediately due and payable. 1_ender 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 j
is satisfactory to lender and that the interest payable on the sums secured by this Mortgage shall be at such ra?_e as Lender t
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 1_ender, Lender shall release Borrower from all
obligations under this Mortgage and the Note.
If Lender exercises such opticin 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 3t1 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 Harrower, im•oke am~ remedies permitted by paragraph 18 hereof.
Norv-UNIt=ORM CovFxeNTS. Borrower and !.ender further covenant and agree as follows:
18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof, upon Borrower's breach of aoy covenant or
agreement of Borrower in this Mortgage. includirgl the covenants to pay when due any sums secured by this MortRase, Leader
I prior to acceleration shop mail notke to Borrower as provided in paragraph 14 hereof specifying: (1) the bceacb; (2) the action
j required to cure such breach; (3) a date, not less than 30 days from the dste the notke. b mailed to Borrower, by wbkb such ;
breach must be cared; and (4) That failure to cure such breach on or before the date specified in the aotke may resdt in
E acceleration of the sums secured by this Mortgage, forecbsure by judicial proceeding and sale of the Property. The notice
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 anv other defense of Borrower to acceleration and foreclosure. tf the breach is act cured on
or before the date specified in the notice. !.ender at [-ender's option may declare all of the wms secured by this Mortgage to lie
immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall
be entitled to collect in wch proceeding all expenses of foreclosure. including. but not limited lo, reasonable attorney's fees.
and costs of documentary evidence. abstracts and tick reports.
~ 19. Borrower's Rltlht to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage,
Borrower shall have the right to have any proceedings begun by 1_ender to enforce this Mortgage discontinued at any time
~:?~K342 P~~E 93~