HomeMy WebLinkAbout2451Lender's written agreement or applicable lave. Horrower shall pay the amount of all mortgage insurance premiums in the
manner provide) under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
inJehtedness of Harrower secured by this Mortgage. lJnless Horruwer anD Lender agree to other terms of payment, such
amounts shall he payable upon notice from Lender to Horn-wer rcyuesting payment lhereaL anJ Shall bear interest from the
Date of Disbursement at the rate payahk from time to time on outstanding principal under the NoM unless payment of
interest at such rate wool) be contrar}• 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 Lender to incur any expense or take
any action hereunder.
8. Inspection. lender may make or cause to t+e 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, Condemnatbn. The proceeds of any award or claim for damages. Direct or consequential, in connection with any
condemnation or other takrng of the Property, or part thereof. or for conveyance in lieu of condemnation. arc hereby assigned
and shall l+e paid to Lender.
Tn the event of a total taking of the Property. the pmcecDs shall he applied to the sums secured by this Mortgage.
with the exceu, if any, paid Io Borrower. In the event of a partial taking of the Property, unless Borrower and tender
otherwise agree in writing. there shall he applieJ 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 immediately prior to the date of
taking hears to the fair market value of the Property immediatel}• prior to the Jate of taking, with the balance of the proceeds
paid to Borrower.
if the Property is ahandoneD by Borrower, or if. ogee notice by Lender to Borrower that the rnndemnor offers to make
an award or settle a claim for Damages, Borrower fair tr. respond to Lender within i0 Jays after the date such notice is
mailed. lender is authorized to collect and apply the proceeds, at Lender i option, either to restoration or repair of the
Property onto the sums secured by this Mortgage.
Unless lender and Borrower otherw•iee agree in writinc. an}• such application of proceeds to principal shall not extend
ar 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. 1=.xtencion of the time for payment or modification of amortization of the sums secured
by this Mortgage granted M• Lender tc• any successor in interest of Borrower shall not operate to release, in any manner.
the liability of the original Borrower and Barrow•er's succcsa+rs in imerect. Lender shall not he rcyuired to rnmmencc
pnviceedingc against such successor or reface tcv extent time for payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of am• demand made M' the original Borrower and Borrower's arccessors in interest.
11. Forbearance by Lender Not a Waiver. Am• farhearancc by l ender in c+cercising any right or remedy hereunder, or
otherwise affordeD by applicable law_ shall not he a waiver c+f or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of tares ar other liens sir charges by Lender shall not he a waiver of Lender's
right tr. accelerate the maturity of the indebtedness secure) by thi. Mortgage.
12. Remedies Cumulatire. All remeDies provided in this Mortgage arc Distinct anD cumulative to any other right ar
remedy under this Mortgage or affordeD by law, .+r equity. ant may he evercised concurrently. independenlh• or successiveh.
13. Successors and Assigns Bound; Joint and Several I.iabilih•: ('options. The covenants and agreements herein
containeJ 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 Barrow•cr shall he joint and several.
The captions ant headings of the paragraphs of this Mortgage am for convenience only ant arc ncH to hC used to
interpret or define the provisions hereof.
14. Notice. Except for any notice reyrrired under :rpplicahle law to I+e given in another manner, fa) any notice to
Borrower provide) for in this Mortgree shall he given M• mailing such notice by certified mail addressed to Borrower at
the Property ADdress or at such other address ac Burrower mav_ Designate M• notice tc. Lender as provide) herein, anD
(hl any notice to Lender shell be given M• certifieD mail. return receipt requesteD. to 1 ender s address strted herein or to
such other address as Lender ma} Designate by notice to Borrower as pr,wideJ herein. Any notice provide) for in this
Mortgage shall F-e deemed to have born given to Borrower or Lender when given in the manner DecignateD herein.
1 S. Uniform Mortgage; GorerninR I.aw: Severabilil}•. This form of mortgage combines uniform covenants for national use
and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. The
state and local Taws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing
sentence shall not 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 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 F+et furmsheJ a conformed cop}• of the Nute anD of this Aortgage at the time
of execution or after recordation hereof.
17. Transfer of the Properly; Assumption. If all ~+r am part of the Pmperh• or an interest therein is sold or transferred
by Borrower without Lender's prior written consent. cscluding tat the creation of a lien or encumbrance subordinate to
this Mortgage. (h) the creation of a purchase mono}• security interest f++r househalJ appliances. (cl a transfer by devise.
Descent or by operation of law upon the Death of a joint tenant or (.fr the grant of an}' leasehold interest of three },care or Iecs
not rnntaining an option to purchase. I ender may. at Lender's optvm. Declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have waived wch option ra accelerate if, prior to the sale or transfer. l.enJer
ant the person to whom the Property is to be sold or transferreD reach agreement m writing that the credit of such person
is satisfacton• to I.enJer and that the interest pa}•aMe an the sums ucured by this Mortgage shall be at such rate as lender
shall request. If Lender has waive) the option to accelerate provided in this paragraph 17, anD if Borrower's wccescor in
imerest hoc executed a written assumption agreement accepted in writing by Lender. Lender shall relcau Borrower from all
obligations under this Mortgage and the Note.
If Lender exercises such option tc. acceler;ue. Lender sh:dl mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of not less than 30 Jays from the date the notice is mailed within
which Borrower may pay the sums Declared Due. If Borrower tails ro pay such sums prior to the expiration of such period.
Lender may, without further notice or Demand on Harrower. rnvol,e am remedies permitted by paragraph 1 q hereof.
Nox-UNIF'ORN CovFtvxtwrs. Harrower and Lender further covenant 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 !Mortgage, including the covenants to pa} when due an}• sums secured by this Mortgage. Lender
prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the beach: (2) the action
required to cure such breach; (3) a date, not less than 30 does from the date the notice is mailed to Borrower, by which such
breach must be cured: and (4) That failure to cure such breach nn or before the dale specified in the notice rosy result in
accekration of the sums secured by this 11ortRage, foreclosure by judicial procetdirtg and sale of the 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 anv 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 Mortgage to be
immediately due and payable without further demand and may foreclose this ~tortRaRe by judicial proceeding. Lender shall
be entitled to collect in such proceeding all expenses of foreclosure, including, but slot limited to. reasonable attorney's fees,
and costs of documentary evidence. abstracts and titk reports.
19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleratam of the some secure) h}• this Mortgage.
Borrow•cr shall have the right to have am prcxecDrngs txgun by Lender to enforce this bortgage discondnueD at any time
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