HomeMy WebLinkAbout1072Lender's written agtx~o:ment or applicahle law•. Bormwer shat{ pay the amount of ail mongagc irourance premiums in the
manner provided under paragraph ~ hereof. '
Any amounts dishurst•ol by Lender pursuant to this paragraph 7, with interest thereon. shall hernme additional
indehtedncsc of Borrower second h}' this Mortgage. Unless B~~rrowcr :uui Lender agrtti; to other terms of payment, such
amounts shall he payahlc upon notice fn~m l.endcr a~ &.rn,wer requesting payment thereof. and shall hear interest from the
date of disbursement at the rate payahlc from time to time on outstanding principal under the Note unless payment of
interest at such rate would he contrary to applicahle law. in which event such amounts shall hear interest at the highest rate
permissible under applicable taw. Noshing contained in this paragraph 7 shall require t.cnder to incur any expense or take
any action hereunder.
8. Inspection. lender may make or c:nisc to he made reasonable entries ulx~n and inspections of the Property, pmvided
ihal lender shall give Borrower notice prior to am• such inspection speoif)•ing rcasonahle cause therefor related to fender s
interest in the Pmpcrty.
9. Condemnation. The proceeds of :u-y award or claim for damages, direct or consequential. in rnnneetion with any
condemnation or other taking of the Property. or part thereof. or fc.r oonveyancc in lieu of condemnation. arc hereby assigned
and shall he paid to t.cnder.
in the event of a total taking of the Property, the pmcccdc shall he applied to the sums scoured by this Mortgage.
with the erects. if any. paid to Borrower. In the event of a partial taking of the Property, unless Borrower and f.endcr
otherwise agree in writing. them shall t+e applied to the sums sccurcd by this Mortgage such proportion of the proceeds
as is equal to that pmix.nion which the amount of the sums sccurcd M• shit :lfortgagc immcdiatch• prior to the date of
taking heart to the fair market value of the Property immcdiatch• prior to the date of taking, with the balance of the proceeds
paid to Borrower.
if the Property it~handoncJ M• Borros+cr. or if. after notice by Lcndcr to Borrower that the rnndemnor offers to make
an award or settle a laim for damages, B~+rrowcr lolls to respond to• Lcndcr within 10 days abet the date such notice is
mailed. Lcndcr is authorized to rnllcot and apph• the proceeds. at Lender's of+tian. either to rcttoration or mpair of the
Property or to the sums scoured by this Mortgage.
L'nicst Fender and Borrower othenvicc agree in writinc. any u-ch application of proceeds to principal shall nM extend
or postpone the due date of the montfih installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Not Released. 1?xtcricion of the time for-payment or modifirpion of amortization of the toms sccurcd
by this Mortgage granted by Lcndcr to any successor in interest of Borrower shall not operate to rclcasc. in any manner.
the liability of the original Borrower and &~rmw•cr's successrrs in interest. Lcndcr shall not he myuired to commence
proceedings against such successor o.r refute to extend time for payment or otherw•ite modify amortization of the sums
secure) M- this Mortgage by rcau•n of any demand made by the orieina) Borrower and Borrower's suooesa.rc in interest.
11. Forbearance by i.ender Not a V1'aiver. Ant forlxaranoe M• Lcndcr in escrciting any right or remedy hereunder. or
otherwise atTordeoi by applicahle law•. shall not he a waiver of or preclude the exercise of any such right or remedy.
The proonrement of insurance ar the payment of taxer or other liens oar charges M• Lcndcr shall not he a w:-ivec of Lenders
right to accekr.-te the maturity of the indeMcdncss seatrctl by this Mortgage.
12. Remedies Cumulative. A11 remedies provided in this !Mortgage arc distinct and cumulative M any other right or
remedy under this Mortgage or afTorded by law• or equity. and mac he exercised concurrently. independenih• or successively.
13. Successors and Assq;ns Bound; .loins and Several Liahilih-; Captions. The covenants and agnemenit herein
contained shall bind. and the rights hereunder shall inure tn. the respective sucressorc anJ assigns of Lcndcr and Borrower.
subject to the provisions of paragraph 17 hereof. All rnvenants and agrecmemc of Borrower shall he joint and several.
The captions and headings of the paragraphs of this Mongagc arc for convenience only and arc not to be used to
inlcrpret or define the provisions hcrcof.
14. Notice. Except for any notice required under applicable law to be given in another manner. fa) any notice to
Borrower provided for in this \lortgage shall be given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such other address at Borrower mav_ designate by notice to Lender as provided herein. and
ihl any notice to Lcndcr shall he given M• certified mail. return receipt requested. to i cnder't address stated herein or to
such other address as Lender mry designate by notice to Borrower as pravidcd herein_ Any notice provided for in this
Mortgage shall he deemed to have tx:cn given to Borrower or Lcndcr when given in the manner designated herein.
15. Uniform :1orgage; Governing Law; Se+~erabilih~. This form of mortgage combines uniform rnvcnants for national
use and non-uniform cm•enants with limited variations M~ jnrisdictian to constihrte a uniform security insin-ment rnvering
real property. This 1ltortgagc shall be governed by the law of the junatirtian in which the Property is bleated. Tn the
event that any provision or clause of this Mortgage ar the '.\ote conilicts with applicahle law. such rnnllict sfiaU nM affect
other provisions of this Atorteage or the Notc which can Ile: givon elTect without the contlirting provision, and to this
end the pros~isiont of the Mongagc and the mate arc dccL~red to he sceerahle.
16. Borrower's Copy. Borrower shall he furnished a conformed copy of the Notc and o•f 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 ar an intcrctt therein is sold or transferred
by Borrower without Lender's prior writinn cameos. excluding tat the crratian of a lien ar encumhrrnce subordinate to
this Mortgage. Ih) the creation of a purchase mune+ scouritc iMcrest ter household appliances. Io) a transfer ht• devise.
descent oar by operation of law upon !hc .leash of a j~~int tenant or (d- the grant of any leasehold interest of three years or less
not containing an option to purchase. Lcndcr may. at I.~nder's rptian. declare all the sums sccurcd by this Mongagc to he
immediateh• due and payahlc. Lcndcr shall have wailed such option a• accclcrate if. prior to the sale or transfer. Lender
and the person to whom the Property is to he sol.l ur transferred Hach agreement in writing that the credit of such person
is satisfaoton• to Lender and that the interest payahlc rn the sum. secured by this Mortgage shall he at such rate as Lender
shall reyt:est. 1f Lcndcr has waive) the option to accelerate pravidcd in this paragraph 17. and if Borrower's successor in
interest hoc executed a written aswmption agreement accepted in writing M• Lender. lender shall rclcasc Borrower from all
obligations under this 111ongage and the Note.
if Lender exercises such option to accelcratc. Lcndcr shall mail Borrower notice of acceleration in accordance with
paragraph 14 hcrcof. Such notice shall provide a ixrir•d of real less than 10 days from the date the notice is mailed within
which Borrower may pay the sums decl:ued due. if Borrower fails to pay utrh sums prior to the expiration of such period.
Lcndcr may. without further notice ar demand on Karn~wer. invoke any remedies pcrmittcd by paragraph IR hcrcof.
Now-UxtFOttst Covt ~:swTS. Borrower and t ender further covenant and agree as follows:
18. Acceleration: Remedies. Except ac 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 ac 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 which such
breach must be cured: 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 1ortgage. foreclosure by judicial proceeding and sale of the Property. The notice
shat) 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 foreclosure. if the breach is not cured on
or before the date specified in the notice. Lender at Lender's option may declare all flf the sums secured by this Mortgage to be
immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall
be entit{ed to collect in such proceeding all etcperrses of foreclosure, including. but not limited to. reasonable attorney's fees.
and costs of doEumentary evidence. abstracts and title reports.
19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mongagc.
Borrower shall have the right to have am• proceedings begun by 1_ender to enforce this Mortgage discontinued at any time
X344 p~Ei~72
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