HomeMy WebLinkAbout1473 Lender's written agreement a applicable law, Borrower shall pay the amount of all mortgage insurance prtmiums in tht:
manner provided under paragraph 2 hereof.
Any amounts disbursed by Lender pu~atrant 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 rrcuice from Lender to Borrower rrqutstiq Pa t yhe~eof, and shall bear interest from the
date of disbursement 'at the rate payable from time to time on attstart~nciral• under the Note unless paya~att of
inter+at 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 a take
any action hereunder.
>R 1rp*eeMow, Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided
that Lender shall Rive Borrower notice prior to any arch inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9. Cowtkwwatbw. The proceeds of any award or claim for damages, direct a consequential. in oonnsction 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 be applied to the sums secured by this Mortpge.
with the excess, if any, paid to Borrower. in the event of a partial taking of the Property. unless Borrower and Lender c
otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the pt+oceedt ;
a: is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date o[ ~
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. i
If the Property is abandoned by Borrawer, c+r if after notict by Lender to 8otmwer that tht condelnttot offers to a
sake I
an award or settle a claim for damages, &?rrower fails to respond to Lender within 30 days after •the date such notice is
mailed, Lender is atrthorizcd to collect and apply the proceeds. at I.ender'S option, either to r+~storation or repair of the ~
Property or to the sums secured by this Marttra~re.
Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend
~x postpone the due date of the monthly installments referred to in paragraphs t and 2 hereof or change the amount of I
such installments.
li. rotrower Not Releases. Extension of the time for payment or modification of amortization of the sums stxtrted
by this Mortgage granted by 1_ertder to any successor in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Borrowers successors in interest_ Lender shall not be required to canmtnoe
procetdings against such successor or refuse to extend time for payment or otherwise modify anartiaation of the sums '
secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's strcoessors in interest.
11. Forbearawee try Lewder Not a Wainer. Any forbearance by lender in exercising any right or remedy heretmder, or
otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. j
The procurement of insuranoe.or the payment of taxes or other liens or charges by' Lender shag not be a waiver of Lender's
right to acceknte the maturity of the indebtedness secured by this Mortgage.
12. Rew~eis CwtwaWive. 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 concurtentiy, independently or successively.
13. Swceesaors sad Ass<gws Ilorrwd: Joint ssi Several i.Lbrify; Capfiows. The covenants and agreements herein
contained shall bind, and the rights hereunder shall incrg to, the respective suaxsson and assigns of Lender acct 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 arc for convenience only and are not to tk used to i
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 certified mail addressed to Borrower at
the Property Address or at such dhcr address as Borrower may designate by ndioe to i~rrrkr as provided herein, and
(b) any notice to Lender shall Ix given by certified mail. return roeeipt requested. to tender's address statod herein or to
such other address as Lender may designate by notice to Borrower as provided heroin. 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.
1S. Uwitors Mortgage; Govenriag Lan; Seversttility. This form of mortgage combines uniform covenants for national
4 use and non-uniform covenants with limited variations by jurisdiction to constitute • uniform sEcurity instrument coveting
~ real property. 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 Chic Mortgage ar the Note conflicts with applicable law, such conflict shall not aged
other provisions of this Mortgage or the Note which can be given eRect without the oonfiiding provision. and to this
end the provisions of the Mortgage and the Nate arc declared to be severable.
~'s 1ti. •orwwer's Cory. Borrower shall be furnished a conformed of the Note and of this Mortgage at the time
E of execution or after recordation hereof.
# 17..Trswster of ttre lrorerty; Assrrsptiwr. If all or any part of the Property or an interest theroin is sold or tnnsferrcd
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, (c) a transfer l+t? 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
rat containing an option to purchase, Lender may, at Lendei
s option, dedsre all the sums secured by this Mortgsge to be
immediately due and payable. Lender shall have waived such option to accelerate if. prior to the sale or trarr:fer. Lender
and the person to whom the Property is to be cold or tnnsferrod reach agreement in writing that the credit of such person
is satisfactory to Lender and that the inter~Kt payable on the sums secured by this Mortgage shall be at such rate as Lender #
shall request. rf Lender has waived the opion to accelerate provided in this paragraph 17. and if Borrower's successor in i
interest has executed a written assumption agreement accepted in writing by i..ender. Lender shsll release Borrower from all
obuptions under this Mortgage and the Note. `
If Lender exercises such option to accelerate, Lender shall mail Borrower nodes of sccekratan in accordanrc with
paragraph 14 hereof. Such notice shall provide a period of rat less than 30 days from the date the notice is mailed within t
which Borrower may pay the sums dxlared due. if Borrower fails to pay such utrr~ prior to the expiration of such period,
~ Lsnder may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph Ig hereof.
i
NoN•UNrroans Coververrrs. Borrower and Lender further covenant and agree as toUows:
lg. Acceleratlo~ Resat. Except ass rroriied M rsragrarb 17 besesl. strove >jasnwes'• bsnwcll? a/ nth crne¦sN er
i agroeesewt at rosnwer r Mris Mosigage. iwele~irrg the covewNs to rwl' w(tow eves an? awtw asewsetl by this Mortgage. [Lewder
' rsier M acceiesatlow sbar rwaY wollce fo ltosswwer w rrovises M pwragrarlr 11 baeot srselfylaBs (1) Ibe btreseb; (=1 Ibe sctMw
r :pid w ewe trench breaebi (3) s ire, wN lea Aarr 3• ssys trews the ik lbe wstice r ttsaifietl M flssswwer. by wbfeb stseb
btrtweb ~ lee e~ awi (4) that fatirn+c N care web bseaeb a K berme the ire ~raelBss V the wotke twsy seseN r
wctiiatiew et the wtr aeewes by this Mortgage. hsaeloowre b lr+e~ awtl sale at the Psorertr. 11re wotke
tar fesYter lwfssw 1os:rwetr of the riRIM to reirMate after aeeelesdlow awe tbs right is tsteerl Fes tbt tasetiaawt /rocaaitg
€ tie wowtxYlewce at • sdastM ar awl otltier iefewse o/ ¦osnwer to secekratlaw trws fos~seloeese. <r the breach Y wN ewe/ a
or bdese the its speeYatl r the notice. Lewder st l.esier's ortbw way ssefast rr of the wwta saew+es by tW Meslgatps is be
I¦rwseifaly ewe aw/ rwyaYe.ritbowt trutber dewaad ass way fasteeloae 11t1s Massage by jwiieW rsrsaeaatt. Lender stall !
be swtttks N carnet r web rneec~ii•g ar tsresses a< forecloaese, iwclwig. bent wN rtwltsi Mr seasewebk slturrrer's fen. i
W seals of ioescmeatary <rMewee. sbstrweb swi tkle rerorls.
1f. lsetrssrwa's RIgBt tw Rsiwsfre. NohwithstandinE Lender's- aooekrstion d the sums sayrred i»r thr_ Mortgage.
Borrower shall have the right to have sny proceedings begun by Lender to enforce the Mortpge discontinued at any time
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