HomeMy WebLinkAbout1670 . +i~tt .
~I
Lender's written agn:cment or applicable law. Borrower shall the amount of all mart a insure
P=Y nee remiums in the
B >K , P
manner provided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
in~khtedness of Borrower secured by this Mortgage. Unless Borrower and I.cndcr ague to other terms of payment, such
amounts shall he payahk ulHm niNice from Lender to &~rrower requesting payment therrnf, and shall hear interest from the
date of dichursement at the rate payahk from time to time on outstanding principal under the Note unless payment of
interest at such rate would he contrary to applicable law, in which event such amounts shall hear 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.
g. Inspection. lender may make c?r cause to he made reasonable enlriec upon and inspections of the Property, provided
that L,,nder shall give &irrower notice pri.~r to any such inspection specifying reasonable cause therefor related to Lender's
` interest in the Properly.
9. Condemnation. The pnxceds of any award or claim for damages, direct or consequential, in connection with any
condemnation ar other taking of the Property, ur part tAereof, or for ronvevance in lieu of condemnation, are hereby assigned
and shall be paid to Lender.
In the event of a total taking of the Property. the pnxecds 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. there shall he applied to the sums secured by chic Mortgage such proportion of the prooteds
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 valix of the Property immediately 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 often to mate
an award ar settle a claim for damages. Borrower fail. to resix?nd to Lender within 30 days afar the date such notice is
mailed. Lender is atithori~ed to collect and apply the proceeds. at Lender's option, tither to restoration or repair of the •
Property or to the sums cccurcd by this Mortgage.
Unless Lender and Borrower Mherwisc agree in writing. any such application of proceeds to principal shat) not extend
or postpone the due date of the monthly installments referred to in paragraphs t and 2 hereof or change the amount of
such installments.
10. Borrower Not Rekssed. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by Lender to any 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. lender shall not be required to rnmmence
proceedings against such successor or refute to extend time for payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successor in interest.
11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in eiercising any right or remedy hereunder, or
otherwise 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 tares or other liens or charges by [.ender shall not he a waiver of Len~Ps
right to accelerate the maturity of the indehtedntcs seciircd by chic Mortgage.
/2. Remedies Crmulathe. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law ar equity, and may be exercised concurrently. independently or successively.
' 13. Srecessors and Assigns sound: Jaat gad Sereral I.iaMlity; Captlorts. The covenants and agrtetnents herein
contained shall bind, and the rights hereunder shall iniir~ to. the respective successors and assigns of Lender apd Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiriJ and several.
The captions and headings of the paragraphs of chic Mortgage are for convenience only and arc not to be used to
interpret or define the provisions hereof.
14. Notice. Except for any notice rcyiiired under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Mortga¢e shall he given by mailing such notice by certified mail addressed to Borrower at
the Properly Address or at such other address as Borrower may designate by notice to Lender as provided herein, and
(b) any notice to Lender shall he given by certified mail. return receipt requested. to !.ender s address stated herein or to
such other address as i.ender may designate by notice to Borrower as provided herein. Any notice provided for in this
Mortgage shall he deemed to have been given to Borrower ar Lender when given in the manner designated herein.
1S. Uniform Mortgage: Gorernirrq Law; Sevcrability. 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 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 Chic Mortgage or the 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 ~kclared to he severable.
16. Borrower's Copy. Borrower shall be furnished a conformed cop} of the Note and of this Mortgage at cite time
of execution or after recordation hereof.
17. ,Trsaster of the Property; Assumption. if all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior writrrn consent. e~ecluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a purchase money security interest for household appliances, fc) a transfer by devise.
descent or by operation of law upon the death of a joint tenant or (d) the grant of any 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 a. be colt or Transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest payable on the sums secured by This Mortgage shall be at such rate ac Lender
shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower i successor in
interest hAS executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower tram all
obligations under this Mortgage and the Nae.
if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance With
puagraph 14 hereof. Such notice shall provide a period of not lest than 30 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 Borrower. invoke any remedies permitted by paragraph IR hereof.
Note-UNtFaat4 CoveNaNTS. Borrower and Lender further covenant and agree as fellows:
1=. Accekratbn; Remedks. L:ceps as provWed in pragrapb 17 hereof. iRoa Iorrower's breach of gay covewwt or
airetreat of Eorrower b this Mortgage. bieludiag the corenaMs to pay whet, Ore gay sans stetaed by ebb Mortgage. Lender ~
prfor to accdcratbr shall mail wotlce to Borrower s provided la psragrapb 14 hereof speeNybigs p) the breach;121 the sctiow
re~rMea M etre ttrcb bttacb; (3) a date. rot less char 30 days from the dale the notke b twaile~ to Borrower. by wbkb srcb
beach >lsrt be circa; and (4) that tailra to tree srcb breach on or beton the date sptcMed f. the notke may r+esrN b
aecderMbn of the sans aectrrsa by ebb Mortgage. toredosrre by jrdkbit procsediag ststt sale of the h~operry. The wotke
:Ball briber htorm il<orrower of the right to refrtstste after acceleration awd the right b ssser! h the toreeiosrre protetalag
the non-esbterce d a aefark or any other aetcase of >sorrower to sccekrNiow gad torecbwre. N the breach b rot ctrr+ci a
or before the date speeiied ~ the notke. Lender at I.erders optiow may declare sN of the wtsts seemed ti' ebb Mortgage to be
immediately die swi pyabk witbort trrttter demand and may torcclmk ebb Mortgage by jrdicbl pr~eesedhR. Linder shall
be endtkd to collect V srcb p+aceedirg aY a:peases of toreclosrre. Ir<clydiag. bit not Wilted M. r+tasonabk sfturaer's fees.
std costs of doccmentary eridewee, abstracts and tick «prb.
19. 1<orrowa's Rkbt to Rehstate. Notwithstanding lenders acceleration of the sums secured by thro Mortgage,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
~ox343 j•sGEl~