HomeMy WebLinkAbout0566 tender's written agreement or applicable law. Burrower shall pay the amount of all mi~rtgage 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 I ender agree to other terms of payment, such
amounts shall be payable upon notice from 1_ender to Borrower reyucs:ing payment thereof. and Shall hear interest fmm the
date of disbursement at the rate payable fmm 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 taw. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder.
8. Inspection. i.ender 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 consequential, 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 pnxeeds Shall be applied to the sums secured by this Mortgage.
with the excess, if any. paid to Borrower. In the event of a partial t:+king of the Property, unless Borrower and Lender
otherwise agree in writing. there shall be applied to the wms 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 value of the Property in-+mediately prior to the date of taking. with the balance of the proceeds
paid to Borrower.
if the Property is abandoned b}• Borrower. or if. after notice by Lender to Borrower that the condemnor offers to make
an award or settle a claim for damages, Borrower faih to respond to Lender within 30 days after the date such notice is
mailed. Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the
Property or to the sums secured by this Mortgage.
Unless lender and Borrower otherwise agree in writing. an}• such application of proceeds to principal shall riot extend
or postpone the due date of the monthl}• 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 am• successor in interest of Borrower Shall not operate to release, in any manner,
the liability of the original Borrower and Borrower's successors in interest. 1_ender shall not be required to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums
secured h}• this Mortgage b}• reason of an}• demand made b}• the original Borrower and Borrowers successors in interest.
11. Forbearance by Lender Not a Waiver. Am• forbearance M• 1_ender in exercising any right or remedy hereunder, or
otherwise afforded by applicable law, shall not be 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 Lender shall not be a waiver of Lender
s
right to accelerate the maturity of the indebtedness seacrcd h}• 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 may be exercised concurrently. independently or successively.
13. Successors and Assigns Bound; ]oint and Several Liability; Captions. The covenants and agreements- herein
contained shall bind, and the rights hereunder shall inure to. the respective ucccessors 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 thii Mortgage arc for convenience only and are not to be used to
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 Properly Address or at such other address as Burrower may designate by notice to Lender as provided herein, and
(h) aa}• notice to Lender shall be given by certified mail. return receipt requested. to Lenders address stated 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 be deemed to have been given to Borrower or I.cnder when given in the manner designated herein.
1S. Uniform Mortgage; Governing Law; Seserebilih. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument rnvering
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 this Mortgage or the tiote conflicts with applicable law, such conflict Shall rot affect
other provisions of this Mortgage or the Note which can F+c given effect without the conflicting provision. and to this
end the provisions of the Mortgage and the ~iotc arc declared to he Severable.
d 16. Borrower's Copy. Borrower Shall be furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. Transfer of the Property: Assumption. if all or any part of the Property or an interest therein is sold or Transferred
by Borrower without Lenders prior written consent. excluding (a? the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a purchase mone}• Security interest for household appliances, (c) a transfer h}• devise,
descent er by operation of law upon the death of a joint tenant or (dc the grant of an}• 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. 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 satisfacton• to Lender and that the interest pa}•abie 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's successor in
interest has executed a written assumption agreement accepted in writing by fender, [-ender Shall release Borrower from all
obligations under this Mortgage and the Note.
1f Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a periixl of not less than 30 days from the date the notice is mailed within
which Borrower may pa}• 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. im•oke an}- remedies permitted h}• paragraph 1 R hereof.
No!v-UrctFORM Covrx~:v7s. Borrower and Lender further covenant and agree as follows-
18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or
agreement of Borrower in this Mortgage, including the covenants td pay when due any sums secured by this Mortgage, Lsader
ffi prior to acceleration shall maU notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action
required to care cosh breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by whkh cosh
breach must be cured; and (4) that failure to cure such breach on or before the date specified is the notice may result in
ji acceleration of the sums secured by this Mortgage, foreclosure by judicial proceediys and sale of the Property. The notke
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 defauM or any other defense of Borrower to acceleration and forecbsure. if the breach is not cured on
or before the date specified in the notice, Lender at Lender's option may declare all of the snms secured by this Morigsge to fie
immediately due and payable withont further demand and may foreclose this Mortgage by judicial proceeding. Lender shall
be entitled to collect in such proceeding all expenses of foreclosure, including. but not limited to, reasonable attorneys fees.
and costs of documentary evidence. abstracts and title reports.
19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have an}• proceedings begun by fender to enforce this Mortgage discontinued at any time
a~~~~ X43 P~cE 565
as