HomeMy WebLinkAbout0579Lender's written agreement or applicahle I:iw. Borrower shall pay the amount of all mo-Igage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7. with interest thereon, shall lissome additional
indebtedness of Borrower secured by this Mortgage. unless Borrower and Lender agree to other terms cif payment, such
amounts shall be payahle upon Holier from l.cnder to Borruwrr requesting payment thereof. and shall hear interest from the
date of disbursement at the rate payahle 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 hear interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require i.ender to incur any expense or take
any action hereunder.
8. inspection. Lender 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 rnncequential, in rnnnection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. arc hereby assigned
and shall be paid to Lender.
In the event of a total taking of the Property. the proceeds shall he applied to the sums secured by this Mortgage.
wish the eticecs, 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 this Mortgage such proportion of the proceeds
as is equal to that proportion which the amount of the sums secured M• this Mortgage immediateh• prior to the date of
taking hears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
if the Property is abandoned M• Borrower. or if. after notice M• Lender to Borrower that the condemnor offers to make
an award or settle a claim for damages. Borrower fails to respond tc• Lender within i0 days after the date such notice is
mailed. Lender is authorized to collect and apply the proceeds, at Lender c option. either to restoration or repair of the
Propem• or to the sums secured M• this Mortgage.
tlnless Lender and Borrower otherwise agree in writinc. any such application of proceeds to principal shall not extend
or postpone the due Jate of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
su: h installments.
10. Borrower Not Released. Fstensian of the time for pa}•ment or modification of amortization of the sums secured
by this Mortgage granted by Lender M am• cucceca~r in interest of Borrower shell not operate to release. in any manner,
the Iiahilily of the original Borrower and &~rrowrr's successors in interest. Lender shall not he required to rnmmence
proceedings against such successor or reface to extend time for payment or otherw•ice modih• amortization of the sums
secured by this Mortgage by rracc•n of any demand made by the orieina) Borrower and Borrower's successors in interest.
11. Forbearance by Lender 1\ot a Waiver. Anc fort-carance M• Lender in crerricing any right or remedy hereunder. or
otherwise afforded by applicahle law. shall not hc: a waiver of or preclude the exercise of ans• such right or remedy.
The procorrment of insurance or the payment of tags or ..they liens or charges M• Lender shall not he a waiver of Lender s
right tc• accelerate the maturity of the indebtedness secured M• this Mortgage.
12. Remedies Cumulative. All remedies provided in this Mortgage arc distinct and cumulative to am• other right or
remedy under this Mortgage or afforded M• law or equity. and ma)• hr r~erriced concurrently, independently or succecciveh•.
13. Successors and Assigns Bound; ]oint and Seseral Liahilih•; ('options. The covenants and agreements herein
contained shall hind, and the rights hereunder shall inure to. the respective successors and assigns of 1_ender and Borrower.
subject to the provisions of paragraph 17 hereof. .All cm•enants and aereementc of Borrower shall tx: joint and ces•eral.
The captions and headings of the paragraphs of this Mortgage are tc•r convenience only anJ arc not to he used to
interpret or define the provisions hereof.
14. Notice. Except for any notice required under applicahle lay. t.. be given in am~ther manner, fat am• notice tb
Borrower provided for in this Mortgage shall he given by mailing such notice M' certified mail addressed to Borrower at
the Property Address or at such other address as Borrower n:as• designate by Holier to I.rndrr as provided herein. and
Ihl am• notice to lender shall he given by certified roof!- return receipt requested. te. 1 ender c address stated herein or to
such other address as Lender ma}• designate M' notice to Borrower as pr.wided herein. Any notice provided for in Chic
1~fortgage shall he deemed to has•c been gis•en to Borrower or 1 ender when gis•rn in the manner designated herein.
1 S. Uniform Mortgage; Governing i.aw; Severability. This form of mortgage combines uniform rnvenants for national use
and non-uniform rnvenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. The
state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is kxated. The foregoing
sentence shall not limit the spplicability 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 attest 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 declared to be severable.
16. Borrower's Copy. Borrower shall I+e furm~hrJ a conformed copy of the ?`'ote and of this '`iortgage at the time
of execution or after recordation hereof-
17. Transfer of the Pmpert}; Assumption. If all or am part of the Properts• or an interest therein is sold or transferred
by Borrower without Lender's prior written consent. escluding la1 the creation of a lien or encumbrance subordinate to
thrs Mortgage. (hl the creation of a purchase money cecurits interest for household appliances. (c1 a transfer M• devise.
descent or by operation of law upon the death of a jonu 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 wmc secured by this Mortgage to be
immediately due and payable. Lender shall base wais'ed 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 Ihr credit of such person
is satisfactory to lender and that the interest payahle on the sums ucured by this Mortgage shall l-e at such rate ac 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 Note.
If Lender exercises such option m accelerate. Lender .hall mail Borrower notice of acceleration in acrnrdance with
paragraph ld hereof. Such notice shall provide a period of not less than 10 Jays from the date the notice: is mailed within
which Borrower may pay the sums declared due. If Borrower (ails to pay such sums prior t~. the rrpiration of such period.
Lender may. without further notice or demand an Borrower. msokr am remedies permittett by paragraph 1 R hereof.
Nox-Utvtr=ote+t Covr~~NSS. Borrower and Lender further rnvenant 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'frfortgage. including the cosenants to pay when due any sums secured by this Mortgage, Lender
prior to acceleration shall mail notice to Borrower ac provided in paragraph 14 hereof specifying: (1) the bleach; (2) tbt aNion
required to cure such breach; (3) a date. not less than 30 da}•s from the dale the notice is mailed to Borrower. by which snch
breach must be enred; and (4) that failure to cure such breach on or before the date specified in the notice may result in
acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale of Iht Property. 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 default 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 sums secured by this Mortgsge to be
immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shat!
be entitled to collect in such proceeding all expenses of torecloyire, including, but not limited to. reasonable attorney's fees.
and costs of documentary evidence. abstracts and title reports. `
19. Borrowers Right to Reinstate. Notwithstanding Lenders accclrraUon of the sums secured by this Mortgage.
Bornrwrr shall have the right to have am pn-cecdinYs hc~un hs l.cnder to enforce this Mortgage discontinued at any time
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