HomeMy WebLinkAbout1569Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premirrrtu in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest tlter~rt, shall become additional
indebtedness of Borrower secursd by this Mortgagt. Unless Borrower and tender agree to other terms of payment, such
amarnts shall be payabje upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the
date of disbursement at the rate payable from time to time on artstandmg principal under the Note unless paymatl of
interest at sMCh rate would'be'contnry to applicable law, in which event such amounts shall bear interest at the highest rate
permiuibk under applicatt?le law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder.
8. Iaspectfow. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided
that i.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lenders
interest in the Property.
9. Coademtwtbw. 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 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 br 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 be applied to the sums secured by this Mortgage such proportion of the praoeds
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 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 by Borrower. or if. after notice by Lender to Borrower that the condemrar offers to make
an award or settle a claim for damages. Borrower fails to respond to [.ender within 30 days after the date such notice is
mailed. Lender is authorized to collect and apply the proceeds, at Lenders option. either to restoration or repair of the
Property or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principa! shall not extend
or postpone the due date of the monthly 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 amortintion of the wms secured
by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to rekax. in any manner.
the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to cornrrtertce
proceedings against such successor or rcfux to extend time for payment or otherwise modify amortintion of the wms
secured by This Mortgage by reason of any demand made by the original Bornower and Borrowers sttocessors in interest_
U. Forbearance by fender Not a Waiver. Am• frbearance by Ixnder in exercising any right or remedy hcreurtder. or
otherwise afforded by applicable law. shall not be 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 bender shall not be a waiver of Lender's
right to accelerate the maturity of the indebtedness cecrrred by this Mortgage.
12. Remedks Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law• or equity. and may be exercised concurrently. independently or successivdy_
13. Snecessors and Assigns Bouwd; joint and Several Liabiilly; Captbrrs. The covenants and agreemrnts herein
contained shall bind, and the rights hereunder shall inure to. the respective succeswrs and assigns of Lender and Borrower.
subjeM to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several.
The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to
interpret or define the provisions hereof.
14. Notke. Except for any notice required under applicable law• to be given in another manner_ (a) any rwtice to
Borrower provided for in this Mortga¢e shall be given by mailing such notice by certified mat addressed to Borrower at
the Property Address or at such other address as Borrower may designate by notice to lender as provided herein. and
(b) any notice to Lender shall be given by certified mail. return receipt requested. to lenders address stated herein or to
such other address as Lender may designate by notice to Bormw•er as prodded herein. Any notice provided for in this
Mortgage shall be dcemed to have been given to Borrower or Lender when gicrn in the manner designated herein.
15. Uniform Mortgage; Governing Lass: SeverabBity. This form of mortgage combines uniform covenants for national
ux and non-uniform covenants with limite.i variations by jurisdiction to constitute a uniform security instrument covering
real property. 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 this Mortgage or the Note conflicts with applicable law. such conflict shall not affect
other provisions of this Mortgage or the Note which can tie given effect without the conflicting provision. and to this
end the provisions of the Mortgage and the ?dote are declared to be xverable.
16. Borrowers 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 am~ part of the Property or an interest therein is sold or transferred
by Borrower without Lenders prior written consent. excluding (al 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 am 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 to be sold 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 wch rate as Lender
shall request. if Lender has waived the option to accelerate provided in this paragraph 17. and if Borrowers successor in
interest has executed a written assumption agreement accepted in writing by Lender, Lender shall rckax Borrower from all
obligations under this Mortgage and the Note.
If Lender exercixs 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 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower fails to pay such cams prior to the eipiration of such period.
Lender may, without further notice or demand on borrower, invoke any remedies permitted by paragraph IR hereof.
Nox-LTNIEORM CovENANTS. Borrower and Lender further covenant and agree as follows:
18. Acceleratiow; Remedies. Except as provided i. pragrapr 17 hereof, typo Borrowetrs inacr d our cove.awt K
agreemewt of Borrower iw fhb Mortgage, iacludiug the covenants to py when due any stxoc se~r+ci ti trb Matgaee, Lewder
prior to accekntbw shall mail rrotke to Borrower as provided iw pragraplt 14 hereof specifyi^g: (1) fire breach (2) tre sctiert
required to cure rwch bresch; (3) a date. toot less tlran 36 days frow the date the ootitY is saaied to Burrower, b witiici swc~
breach mud be cared; awd (4) that failure M crux such bresch a or refore the date specifies L tie uwtke ~1 tresait i
accderatbn of the stows secured by fhb Mortgage, for+ecloswre b3' jodicial preceding aui sale of the lrepery. 71re notice
shall farther inform Borrower of the right to reiasiste after acceleratiow and tyre right b assort r tfre fireeiasarie psr.eeeiitg
the won-exbtence d a default or any other defense of Borrower to acceleeratiow awi foreeisswte. H the breach is ^ot ewrei w
or before the date specifid iw t6e ttiotice. Lewder a1 lewser's optiow ory declare d of rite sws scc~ei y this Mortstrge >• k
immediately due aed pyabie without further demand and way foreclose this Mortgage h jtrieial pseeeeiisg. Lesser siai
be eatitkd to coUed iw tatclt proceeding aM a:pauses of foreclosure. iuciuding. but rant iirniteJ M. rertettwaYe artorwry"s fors,
sad cods of documewtsry evidence, abstracts rmd title reprls.
19. Borrower's Right to Reinstate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage.
borrower shall have the right to have any proceedings t+egurr tsg i.ender m-enforc•~ this Mortgage discontinued at any time
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