HomeMy WebLinkAbout1118 Lender'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. Vnless Borrower and lender agree to other terms of payment, such
amounts shall he payable upon notice from Lender to Borrower reyuecting payment thereof, and shall bear interest from the
date of disbursement at the raft 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 bear interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require !.ender to incur any expense or take
any action hereunder.
8. h>_spection. i.ender may make or cause to he made reasonable entries upon and inspections of the Property, provided
that Lender shall give Burrower notice prior to any etch inspection specifying reasonable cause therefor related to Lender's
u,tercct in the Property.
9. Condemnation. The proceeds of any award of claim for damages, d,rect or constquential, in connection with any
condemnation or other taking of the Property, or part thereof, or far conveyance in lieu of rnndemnation, are hereby assigned
and shall l+c paid to Lender.
In the event of a total faking of the Property. the proceeds shall he applied to the cams secured by this Mortgage.
with the c~cccs. if any, paid to Borrower. In the event of ~ partial taking of the Property, unless Borrower and Lender
otherwise agree in writing. there shall he 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 hears to the fair marker value of the Propert} immediately prior to the date of taking, with the balance of the proceeds
paid t+~ Borrower.
If the Property is abandoned h}• Borrower, or if. after notice by I_cnder to Borrower that the condemnor offers to make
. :m award or settle a claim fur damages, Burrower lath to respond to Lender within 30 days after the date such notice is
mailed. f.cnder is authorized to collect and apply the proceeds. at [.ender's option, either to restoration or repair of the
Proprrn• or to the wms secured by this Mortgage.
Unless l-ender and Born?wer otherw•icc agree in writinc. any such application of proceeds to principal shall not extend
or p,xlpone the due date of the momhl}• installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Nol Released. Extension of the time for payment or modification of amortization of the sums secured
h}• this Mortga¢c granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner,
?hc liability of the original Borrower and Borrower i successors in interest. lender shall not he required to commence
proceedings against such successor or refute to extend time for payment or otherw•ice modify amortization of the sums
se: cared by this Mortgage by reason of an}• demand made by the orieina) Borrower and Borrowers sttccesson in interest.
11. Forbearance by lender tiot a Waiver. An}• forbearance by Lender in exercising any right or remedy hereunder, or
+tl,erw•nc 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 tams or other liens or charges by Lender shall not be a waiver of Lender s
right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or
r+.mcd}• under this Mortgage car afforded by law or cyuits•. and may he exercised concurrently. independently or successively.
13. Successors and Assigns Bound: Joint and Several Liability; Captions. 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 rnccnants and agreements of Borrower shall be joint and several.
The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to
interpret or define the pravicionc hereof_
14. lotice. 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 he given M• mailing such notice by certified mail addressed to Borrower at
the Propcrt}• Address or at wch other address as Burrower may designate by notice to Lender as provided herein, and
th) any notice to Lender shall be given by certified mail. return receipt requested. to 1 ender s 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
~turtgagc shall he deemed to have been given to Borrower car Lender when given in the manner designated herein.
15. L;niform Mortgage; Governing Law: Severabilih•. This form of mortgage rnmbines uniform covenants for national
use and non-uniform cos•eriants with limited variations M• jurisdiction to constitute a uniform security instrument covering
real propert}•. This Mortgage shall he governed by the law of the turisdiction in which the Property is located. In the
went that an}• provision or clause of this Mortgage or the Nate conflicts sith applicable law, such conflict shall not affect
other provisions of this Mortgage or the Note which ran he given effect without the conflicting provision. and to this
end the provisions of the Mortgage and the Notc arc declared to he severable.
16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Notc and of this Mortgage at the time
of execution or after recordation hereof.
17. Transfer of the Propert}; Assumption. If all or arts, part t+f the Property or an interest therein is sold or transferred •
h}• Borrower without Lender's prior written consent. esrluding tat the creation of a lien or encumbrance subordinate to
this Mortgage. th1 the creation of a purchase money security interest for household appliances, /c1 a transfer by devise.
dcscenl or by operation of lays upon the death ofr joint tenant or /d? the grant of any leasehold interest of three years or less
nut containing an option to purchase. Lender may. at Lender's option. declare 311 the sums secured by this Mortgage to be
~mmediatel}• due and payable. Lender shall have waived such option tc accelerate if. prior to the sale or transfer. Lender
3rn1 the person to whom the Property is to be sold or transferred reach agreement in writing chat the credit of such person
is satisfacMn• to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
shall request. If !.ender 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 Lender, lender shall release Borrower from all
obligations under this Mortgage and the Nute.
~ If Lender exercises such option ro accelerate. 1-ender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof- Such notice shall provide a period of nut less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower faik to pay such sums prior to the expiration of such period, •
Lender may, without further notice ~r demand on Horrower, invoke any remedies permitted by paragraph 18 hereof.
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NON-IJNIFOR~t CO~'F~tANT~ Borrower and Lender further covenant and agree as follows:
l8. Acceleration; Remedies. Except m provided in paragraph 17 hereof. upon Borrower's breach of any covenant or
agreement of Borrower in this Mortgage. including the covenants to pay when due any sums secured by this Mortgsge, Ltsder
prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action
required to cure such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower, by whkb sucb
~ breach must be cured; and 14) that failure to cure such breach on or before the date specified is the notke may rredt is
acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and stnk of the Property. The notice
shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure ptroceeding
i the non-existence of a default or any other defense of Borrower to acceleration and forecbsure. If the breach is not cored o0
or before the date specified in the notice. Lender at Lender's option may declare all of the sums secured by this Mottgagt to be
immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Leader shag
be entitled to collect in wch proceeding all expenses of foreclosure. including, but not limited to, ressonsbk sttorney's tta,
~ and costs of documentary evidence, abstracts and tick repotrts.
i 19. Borrower's Right to Reinstate. Notwithstanding i_ender s acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
Addeadtr• to Paragraph l5. 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 mcco~~rtgage.
80~K~~J PS~E~11~