HomeMy WebLinkAbout1454 Lender's written agreement or applicabb 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 thin 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 rtolicc from Lender to Borrower requesting payment thereof, and shall beat interest from the
dale of disbursement at the rate payable fran time to time on attstanding principal un~ ll~ Mote tptless pa~rtwertt of
interest at such rate would be contrary to applicable law, in which event such amount: shall bear interest at the highest rate
permiuibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expose or fate
any action hereunder,
a. iwyecHow. 1_ender may make or cause to be made rcssonabk 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 Lprder'a
interest in the Property.
9. Coarewaatbw. The proceeds of any award or claim for damages, direct or consequential, in conrreetioer 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.
1n the event of a total taking of the Property, the proceeds 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 be applied to the sums stxttred by this Mortgage such proportion of the proceesb
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 value of the Property immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
if the Property is ah~ndonesi by Bor.-ewer, or if. after notice by i.ender.to Borrower that tht wnd~rar pliers to mats
an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after •ihe date such rtotioe is
mailed. Linder is authorized to collect -and apply the proceeds. at Lender's option, either to restoration or repair o[ the
Property or to the sums secured by this Mortgages {
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend t
~r 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 Rekasd. Extension of the time for payment or modifkation of amortization of the sums secured
by this Mortgage granted by Lender to any successor in interest of Borrower shaft not operate to release, in any manner,
the liability of the original Borrower and Borrowers successor in interest. Lender shall not be required to commence
proceedings aaairrst such successor or reface to extend time for payment a otherwise modify amortization et the sums
secured by tha Mortgage by reason of any demand made by the original Borrower and Borrower's sarceessors in interest.
11. Forbearawce d!' iewier Not s waiver. Any forl+earance by Lender in exercising any right or remedy hereunder, or
otherwise afforded by applicable laver. shall not be a waiver of or preclude the exercise of any such right or nrnedy.
The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be_ a waiver of Lender's
right to accelerate the maturity of the indebtedness secured 6y this Mortgage.
12. RewKlka Ctsnwhd~. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or aRorded by law or equity, and may be exercised concurrently, independently or successively.
• 13. Saeeessors awes Asigws i:oawl: Joiwt aver Sevens i.bbNfy; Captiews. The covenants and agreements herein
contained shall bind, and the rights hereunder shall incrg to. the.respective strocesson and assigns of Lender sod Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several.
The captions • and headings of the paragraphs of this Mortgage are for convenience only and an not to lie used to 1
interpret or define the provisions hereof.
14. Notice. 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 be given by mailing such notice by certifed mail addreswed to Borrower at
the Property Address or at such other address as Borrower may designate by notice to Tender ss provided herein. and
(b) any notice to Lender shall he given by certified mail. rctum receipt requested. to i.enders address stated herein or to
such other address as Lender may designate by notice to Borrower as provided herein. Any ratite provided for in this 3
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
IS. Urdtonw Mortgage; GovcrwiwR Lsw: SeverabWty. This form of mortgage rnmbines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
real properly. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. in the
event that any provision or clause of this Mortgage or the Note rnnflicis with applicable I.aw, such conflict shag not affect
other provisions of this MortgagE or the Note which can be given eBect without the conflicting provision. and to this
end the provisions of the Mortgage and the Note arc declared to be severable. ~
14. lfonower's Copy. Borrower shall be furnished a conformed coP1• of the Note and of this Mortgage at the time
o[ execution or after rccordatan hereof.
17..Tsaader ot_tre h~opertys Aswrwsptiow. Tf all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior writrcn consent. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a purchase money security interest for household appliances, (e) a transfer by devise.
descent or by operation of law upon the death of a joint tenant or (d) the gent of any leasehold interest of three years or less
rat 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 have waived such option to socekrate if. prior to the sale or transfer. Lerrdsr
and the person to whom the Property is to be colt or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the iMer~~ct payable on the sums secured by this• Mortgage shalt bt at such rate ac Lender
shall request. 1f Lender has waived the option to accelerate provided in this paragraph 1?. and if Borrowers succeswr in
interest has executed a written ssstnnption ajreement sccepted in writing by Lender. Lender shall release Borrower tram all
a
oblilgations under this Mortgage and the Note.
j If Lender exercises such option to accelerate. Lender shall mail Borrower notice of accekntion in accordance with
~ paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. 1f Borrower fails to pay such sums prior to the expiation of wch period.
mender may, withotrt further notice or demand on Borrower. invoke any remedies permitted by paragraph lg hereof. i
NavUt+ttroatrs Covt!rrew'rs. Borrower and Lender further covenant and agree m [lbws:
ifli. Aerdesatiowi Re~ella. f8tteep m pro•Med b pwngrwN 17 rereer. mow losswwers MaeU er aq corewwwt K
rte of •ers~owssr r trls MKlgage. Iwelaiag Ire eerewswb to day whew lac aq stwws saewsei b iris Mwrlgaga. twwrer l
~ ~ M wceekratlN shat ¦raq aotlce ro fiorrrwer as provMe4 r ~ra/U 14 rsefeer spselryis~ (1) 9be rseKln (=1 ire aetierr
re*ir~ai w etrse steer trnaefti tp) s dw1e, west less thaw 30 days trerw ire late ire wstkc r rwaitad w BKrwwer. iy wrkr swell
rseaer ever re ewnl: oar N) trstt taYase N care strcr rawer eve K rdese ire ~ apeelisi r dre wotiee way sesrrN is `
aeedesatlaw et ire sorer seewsel b Iris IMoelgaRe, tesriclsswre b f w~elr lneaeiMrg awd wk at ere h~operty. '11re wotlca
sfW rwslrer iwtart• •errewer er ire riRrt w sriirrtale srter ateeknflow awl Ire rlglrt b avert M trs testrlaease psoeses~
f Ire a0~•txYlewce efr a lerawM K aq elver sierttrtae d •orroner M accelentlsw awl reseele.wrtr. ~ ire isseaer is set ewrs~ M
K reretR vale s~seiisr V lrs sreliee. Lewrer at 1.ewrer'f O/tIN ~ slaeisre ar er Ire sates sttetrsei rr lrY Merlggpe ~ re
faeiiwkly lwe a.d ~aMe ..prowl tastier rcw?and aver wsay rKeel..e Hrla M«~age ~ iw+kY pe~ateeiR. Lender craN
M s.tiMsi a s~eMet Iw s¦er pnessliag ar exposes at tortcbssre. Iwtlwlia~. rwt nett rwrlNi Mr rearaaaYe stturaeYs fees.
awl essls er ieerrtweahry erliaes, aMfrrtels awl Ntlc aprls. -
i!. ilwrnwes's R~rt a Rsdastatt. Notwithstanding Ltnder's acoekntion of the sums secrired by thn Mortgage,
Borrows shall have the right to have any proceedings begun hY Lender to enforce this Mortgage discontinued at any time
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