HomeMy WebLinkAbout0281Lenckr'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. Unless Borrower and Lender agree to other terms of payment, such
amounts shall tee payable upon notice from Lender to Harrower requesting payment (hereof, and shall hear interest from the
date of disbursement at the rate payable from lime to time an outstanding principal under the Note unless payment of
interest at such rate would be contrary set 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 (.ender to incur any expense or take
any action hereunder.
8. Irupectba. i.ender may make ar cause to he made reasonable entries upon and inspections of the Properly, 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 pretceedc of an}• aN•ard ar claim for damages, direct ar consequential, in connection with any
condemnation ar other taking of the Property, ar pan thereof, ar for conveyance in lieu of condemnation, arc hereby assigned
and shall he paid to (.ender.
in the event of a total taking of the Property. the proceeds shall he applied tc. the sums secured by Chic Mortgage.
with the eccecs, if any, paid Ice Borrower. In the event of a partial taking of the Property, unless Borrower and i.ender
otherwise agree in writing. there shall be applied to the wens securcJ M• this Mortgage such proportion of the proceeds
as is equal to that pmponion which the amount of the sums secured by this Mongage immediately prior to the date of
taking hears to the fair market value of the Pmperh• immediate)}• pricer to the date of taking. with the balance of the proceeds
paid to Borrower.
If the Properly is abandoned by Borrower, ar if. after notice by Lender to Borrower that the rnndemnar offers to make
an award ar settle a claim for damages. Borrower fails tr. respond to (.ender within i0 days after the date such notice is
mailed. (.ender is authorized to collect and appl}• the proceeds. at Lender's option. either to restoration ar repair of the
Properly ar to the sums secured M• this Mortgage.
Unless lender and Borrower athervr•ice agree in scrilinc. an}• such application of prctreedc to principal shall not extend
ur postpone the due date of the manthh• installments referred to in paragraphs 1 and 2 hereof ar change the amount of
such installments.
10. Borrower Not Released. F.rtencian of the time for pa}•ment ar mctdificatian of amortization of the crrmc secured
by this Mortgage granted by Lender tc• any succesutr in imerest of Borrower shall not operate to release, in any manner.
the liability of the original Borrower :rod Bormwer's succesuuc in interest. lender shall not he required to commence
proceedings against such successor or refine to extend time for payment ar atherw•ise modify amortization of the sums
secured by this Mongage h}• reason of any demand made by the original Borrower and Barrowei s successors in interest.
11. Forbearance by lender Not a Waiver. Am• forttearanre M• (.ender in exercising any right ar remedy hereunder, ar
otherwise afTurded by applicable law. shall not he a waiver of or preclude the ~erercise of am• such right ar remedy.
The procurement of insurance ar the pa}•ment of taxes or other liens or charges by (.ender shall not he a waiver of Lender s
right to accelerate the maturity of the indebtedness secured M• this Mongage.
12. Remedies Cumulative. All remedies pmcided in this Mortgage arc distinct and cumulative to an}• other right ar
remedy, under Chic Mortgage or afforded by law or cyuiry. anJ mac tee exercisrJ concurrently. independenth• ar successivel}•.
13. Successors and Assigns Bound: Joint and Seteral I.iabilih~; Captions. The revenants and agreements herein
contains ~ 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 tee joint and several.
The captions and headings of the paragraphs of Chic Mortgage arc for ronvenirnce only anJ are not to he aced to
interpret ar define the provisions hereof.
14. Notice. Except far any notice required render applicable lass to tee given in another manner. fa) any notice to
Borrower prm•ided for in this Mortgage shall tx given M mailing such notice by certified maii addressed to Borrower at
the Properly Address ar at such other address as Harrower ma}• designate by notice a. Lender as provided herein. and
Ihl any notice to Lender shall he given by certifieJ mail, return receipt requested. to 1 ender c address stated herein ar to
such other address as Lender ma}• designate M~ notice to Borrower as praeideJ herein. Any notice provided far in this
Mortgage shall he deemed to have been given to Barmsver ar Lender when given in the manner designated herein.
1 S. Uniform Morlgage: Governing I_aw; Severability. This form of mortgage combines uniform covenants for national use
and non-tuiform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real properly. The
state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Properly is located. The foregoing
sentence shall riot limit the applicability of federal law to this mortgage. In the event that any provision or clause of this Mortgage or the
Note conflicts with applicable law. such conflict shall not affect other provisions of this Mongage or the Note which can be given effect
without the conflicting provision, and to this end the provisions etf the Mortgage and the Note are declared to be severable.
16. Borrower's Cop}•. Borrower shall hr furnished :r conh~rmcd copy of the Natc and of this Mortgage at the time
of execution ar after recordation hereof.
17. Transfer of the Properly; Assumption. If all or am• part of the Property or an interest therein is cold ar transferred
by Borrower without ~i.ender's pricer written consent. excluding tat the creation of a lien or encumbrance suhor.linate to
this Mortgage. (h) the creation of a purchase money securitc interest far household appliances, (cl a transfer by devise.
descent or by operation of law upon the death of a joint tenant or t.lr the grant of any Ieaschald interest of three years ar less
not containing an option to purchase, lender may. at 1 ender'. ~.~ption. declare all the sums secured h}• this Mongage to be
immediately due and payable. lender shall have warved such option to accelerate if. prior to the sale or transfer. Lender
and the person to wham the Property is to he sold or trans(crred reach agreement in wrung that the credit of wch person
is satisfactar}• to Lender and that the interest pa}•ahle on the sums xcured hr this Mortgage shall Ise 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 Lender. Lender shall release Borrower from all
obligations under this Mortgage and the Nate.
If Lender exercises such option to accelerate. I ender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a pericxl of rat less than :t0 days from the date the notice is mailed within
which Harrower may pay the sums declared dux. If Rorrosser fails to pay such sums prior to the expiration of such period.
Lender mad. without funher notice ar demand on Harrower. invoke an} remedies permitted by paragraph Ili hereof.
NoK-liNIFORM CovFx~~•rs. Borrower and Lender further covenant and agree as follows:
18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon BorrowePs 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 14 hereof specifying: (1) the bcesch; (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 which such
breach must be cured; and (4) that failure to cure such breach on or before the date specified in the no/ice may result in
acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Properly. The notice
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 dtfault or anv other defense of Borrower to acceleration and foreclosure. If the breach is not cured on
or before the dale specified in the notice. (.ender at (.ender s option may, declare all of the sums secured by this Mortgage to fie
immediately, due and payable without funher demand and may, foreclose this ;frlortgage by judicial proceeding. Lender shall
be entitled to collect in such proceeding all expenses of foreclosure, including. but not limited .to. reasonable attorney's fees.
and costs of documentary evidence. abstracts and title reports. r
I9. Borrower's Right to Reinstate. !s3otwithstandinK Lender's acceler:rtron of the sums secured by this Mortgage.
Borrower shall have the right to have an} preceedin~a begun h} I ender to enforce this Mart age discontinued at any, time
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