HomeMy WebLinkAbout0253Lender's written agtti-ement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amounts dish++rsed by Lender purs+tant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unlcw Borrower and I.endcr agree to other teems of payment, such
amounts shall he payahle upon notice from Lender to Borrower requesting payment thereof, and shall bear interest fmm the
date of disbursement at the rate payahle front 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 ouch 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.
8. Inspection. Tender may make or cause to be made reasonable entries ulx~n 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
intcrest 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 rnnveyance in lieu of condemnation, arc hereby assigned
and .hall be paid to I.cndcr.
In the event of a total taking of tl+e Property, the proceeds shall he applied to the sums secured by this Mortgage.
with the excess, if any, paid M Borrower. in the event of a partial taking of the Property, unless Borrower and Lender
otherwise agree in writing. them shall he applied Io the sums secured by this Mortgage such proportion of the proceeds
as is equal to that prolx+rtion which the amount of the sums secured by this liiorlgagc immediately prior to the date of
taking hears to the fair market value of the Pmperh• 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 offers to make
an award or settle a claim for damages, Borrower fail. to respond to 1_ender within ?0 days after the date such notice is
mailed. Lender is authorized to collect and apply the proceeds. at l.ender'c option, either to restoration or repair of the
Properly or to the sums secured M• this Mortgage.
Unless lender and Borrower otherwise agree in s.•riting. an}• such application of proceeds to principal shall not extend
or postpone the due cl;+tc 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 any successor in intcrest 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 he 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 by reason of any demand made by the original Borrower and Borrowers successors i~ interest.
11. Forbearance by Lender Not a Waiver. Any forbearance by I.cndcr in exercising am• right or remedy hereunder, or
otherwise afforded by applicable law. shall not he ;+ waiver of ar 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 he a waiver of Lender's
right to accelerate the maturity of the indehtednea secured h}• this Mortgage.
12. Remedies Cumulative. 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 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 covenants and agreements of Borrower shall be joint and several.
The captions and headings of the para¢raphc of this Mortgage arc for convenience only and are not to he used to
interpret or define the provisions hereof.
14. Notice. Except for any notice required under applicable law In be given in another manner, (a) any notice to
Borrower provided for in this Mortgage shall tx: given M• mailing wch notice by certified mail addressed to Borrower at
the Property Address or at such other address as Borrower may designate by notice to Tender as provided herein, and
(h) an}• notice to Lender shall he given by certified mail. ret++rn receipt requested. to Lenders address stated herein or to
such other address as Lender may designate h}• notice to Borrower as provided herein. Any notice provided for in this
Mortgage shall he deemed to have been given to Bormvrcr or Lender when given in the manner designated herein.
15. Uniform Mortgage; Governint; Law: Severabilih•. This form of mortgage rnmhines uniform rnvenants for national
use and non-uniform covenants with limited variations M• jurisdiction to rnnstiutte a uniform security instrument rnvering
real property. This Mortgage shall he governed M• the law of the jurisdiction in which the Property is located. In the
event thrt any provision or clause of this 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 arc declared to he severable.
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 I~nder's prior written rnnsent. excluding tat 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 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 mr}•. at I-ender s i.ption, declare all the sums secured by this Mortgage to be
immediately due and payahle. Lender shall have waived such option to accelerate if. prior to the sale or transfer. Lender
and the person to whom the Propert}• is Io be sold or transferred reach agreement in writing that the credit of -such person
is satisfactory to Lender and that the intcrest pa}•able on the sums secured by this Mortgage shall be at such rate as Lender
shall request. If 1_ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
interest hoc executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all
obligations under this Mortgage and the Note.
If Lender exercises such option to accelerate. 1-ender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of not less than ?0 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 nn Borrower, invoke an}• remedies permitted by paragraph 18 hereof.
Note-UtvtFOtet-t Covex~twrs. Borrower and lender further covenant and agree as follows:
18. Acceleration; Remedies. E:cept as 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 Mortgage, Lender
prior to acceleration shall mail notice to Borrower as provided in paragraph l4 hereof specifying: (1) the broach; (2) the action
required to cure such breach; (3) a date. not less than 30 days fmm the date the notice b mailed to Borrower, by wbkh such
breach meat be cared; and (4) that failure to cure such breach on or before the date specified in the ootke may rredt in
acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice
shall further inform Borrower of the right to reiratate after acceleration and the right to assert in the foreclasnre proceeding
the non-a:istence of a defauk or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured oa
or before the date specified in the notke. Lender at Lender's option may declare all of the sours secured by this Mortgage to fie
immediately due and payable without further demand and may foreclose this Mortgage by judkial proceeding. Lender shall
be entitled to rnllect in such proceeding aq expeiaes of foreclosure. including, but rat limited to, reasonable attorney's fees,
and costs of documentary evidence, abstracts and title repotrts.
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 Lender to enforce this Mortgage discontinued at any time
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9noK344 PacE 25`.3
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