HomeMy WebLinkAbout2539tender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 her:of.
Any amounts dishtrrsed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
indchtednrss of Borrowrr secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such
amount. shall he payable upon notice from Lender to Borrowrr reyrxsting payment thereof, and shall hear interest from the
date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of
interecr at such rate would he 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 tender to incur any expense or take
any action hereunder.
8. Inspection, lender may make or cause to he made reasonable entries upon and inspections of the Property, provided
that I ender shall give Borrower notice prior to any wch inspection specifying reasonable cause therefor related to Lender's
rntrrest in the Property.
9. Condemnation. The proxeeds of any award or claim for damages, direct or consequential. in connection with any
eundemnation or other taking of the Property, or pan thereof, or for conveyance in lieu of condemnation, are hereby assigned
and ,hall Ile poet' M !.ender.
In the event of a total taking of the Property. the proceeds shall he applied to the arms secured by this Mortgage,
with the esccss, if any, paid to Born~wcr In the event of ~ partial taking of the Property, unless Borrower and Lender
otherwise agree in writing. there shall he applied to the some secure) by this Mortgage such proportion of the proceeds
ac i. equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of
taking hears to the fair market value of the Property immediately prior to the Jate of taking. with the balance of the proceeds
paid a) Borrower.
If the Property is abandoned by Borrower. or if. after notice by !.ender to Borrower that the condemnor offers to make
:u) awani or settle a claim for damages. Borrower fair to respond to Lender within 30 days after the date such notice is
m,ulcd. Lender is authorised to collect and apply the proceeds. at Lender's option. either to restoration or repair of the
Pruprns or tc. the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writinc. any such application of proceeds to principal shall not extend
car p+ntpane the due date of the monthh• inst~llmcnts referred to in paragraphs I and 2 hereof or change the amount of
wch rmtallmentc.
10. Borrower Nol Released. Frtencion of the time for payment or modification of amortization of the sums secured
h}• th+s Mortgage granted by Lender to any cucceswr in interest of Borrower shall not operate to release, in any manner,
the hah+lity of the original Burrower and &+rrower's soccesuxc in interest. !.ender shall not he required to commence
pr+.rrc.fings against such successor or reface to extend time for payment or otherwise modify amortization of the sums
set cared he the. Mortgage by reason of any demand made by the orieinai Borrower and Borrowers successors in interest.
I1. Forbearance by f.ender'.~ot a Waiver. .Any forbearance by Lender in etercising any right or remedy hereunder, or
.+therwise aflurded by applicable law. shall not he a waiver of ar preclude the exercise of any such right or remedy.
'Lhe prcxurement of insurance or the payment of tarns or other liens or charges by 1_ender shall not he a waiver of Lenders
right t++ acerlcratc the maturity of the indehicdnrss .reared by this Mortgage.
12. Remedies ('umulative. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
rrmeJc under thn Mortgage ur afforded M• law car eyuin•. and may he esrrcised concurrently. independently t•r successively.
13. Succecsorc and Assigns Bound; Joint and Se,eral Liabilih•; ('options. The covenants and agreements herein
~ontarnra shall hind. and the rights hereunder shall more to. the respective successors and assigns of Lender and Borrower,
subject to the provisions of paragraph 17 hereof :ill covenants and agreements of Borrower shall be joint and several.
Thc caphuns :end headings of the paragraphs of this Mortgage are fur convenience only and are not to he used to
mtrrpret or define the pmcicions hereof.
14. \otice. Etcept for any notice reyrrired under applicable law to be given in another manner. fa) any notice to
&+rrowrr provided fur rn this Mortgage shall hr given by mailing wch notrce by certified mail addresud to Borrower at
the Prupert)• Address car at wch other address ac Burrower may desrgnate by nrnice to 1 ender as provided herein. and
Ihr am noose to 1_ender shall h< given hs• certified mail. return receipt requested. to 1 ender'. address stated herein or to
such other address as !.ender mas designate h} nutter to Borrower as provided herein. Any notice provided for in this
\Iongagr sh:+I! he deemed to hoer been green to Borrower car I.rnder when given in the manner designated herein.
15. ('niform 3fortRage; Governing Law: Se.erabilih•. This form of mortgage combines uniform rnvenants for national
use and non-uniform cm•cr+ant• with limited vanauons hs ~unsdretion h• constitute a uniform security instrument covering
real propens This !~torigage shall hr governed he the law of the lurisdiction in which the Property is located. In the
event that am• provision car clause of this Mortgage car the Nute conflicts with applicable law, such conflict shall not affect
++thrr prusrsiuns of this !liurtgage car the tiote whrch i.+n hr green effect without the conflicting provision, and to this
end the pn)sisiuns of the !Mortgage and the \utc are declared to hr severable.
16. Borrower's Cope. Borrower shall t)c furnished a conformed copy of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17. Transfer of the Propene::~xsumption. If all or am pert of the Property or an interest therein is sold or transferred
h}• Borrowrr without I.rnder's prior wrinrn consent. rxcl„ding tar the creation of a lien or encumbrance subordinate to
rhrs Mortgage. 1h! the creation of a purchase money secunt~ interest for household appliances. (cl a transfer by devise.
descent car by operation of law upon the Jcath of a jurnt tenant or (dr the. grant of am• leasehold interest of three years or less
not containing an option t+. purchase. 1 ender max, at Lender's upirun. declare all the sums secured by this Mortgage to be
~rnmrdi:+tclc due and pa}•ahlr Lender shall base waned wch option tc accelerate if. prior to the sale or transfer. Lender
and the person m wh+~m the Propcrt}• i, to he so1J car transferred reach agreement in waling that the credit of such person
rs ;atisfactun to I.endrr and that the interest pa~~ahle on the sums secured by this Mortgage shall be at such rate as Lender
shall reyurst. If Lender has waived the optwn to accelerate provided in this paragraph 17. and if Borrower's successor in
interest has executed a wnuen assumption agreement accepted in writing by Lender, Lender shall release Borrower from all
ohligatrom under this Mortgage and the Note.
If 1 ender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with
paragraph 14 he.euf. Such notrce shall provide a period of not less than i0 days from the date the notice is mailed within
•Ahrch Borrower ma}' p.,s the sums declared due. If Borrowrr farts to pay such sums prior to the expiration of such period.
Lender may, wuhout further notrce car demand can B+)rruwer. rncol,e an}' remedies permrUed by paragraph 18 hereof.
tiov-I;nitFOkst (~+riFV,xTS Borrower and Lender further covenant and agree as follows: ~
18. Accelerate+,n; Remedies. Fxcept as provided in paragraph 17 hereof. upon Borrower's bresch of any covenant or
agreement of Borrower in this ~iongage, 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 breach; (2) the action
required to cure such breach; 131 a date, not less Than 30 days from /he date the notice is mailed to Borrower. by which such
breach must be cured; and 141 that failure to cure such breach on or before the dste specified in the notke may ranlt in
~ acceleration of the sums secured by the, Mortgage, foreclosure by judicial proceeding and ssie of the Property. The notke
shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeditt6
the non-existence of a default or an~~ other defense of Borrower to acceleration and foreclosure. If the bresch is not cored on
or before the date specified in the notice. [.ender at Lender's option may declare all of the sums scented by this Mort~aae to be
immediately due and payable without further demand and rosy foreclose this Mortgage by judicial proceediu`. Lender shall
be entitled to collect in such proceeding all expenses of foreclosure, inrludin`, but not limited to, reasonable attorney's tea.
and costs of documentary evidence, abstracts and title reports.
19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage,
Borrower shall have the right to have an} proceedings begun by Lender to enforce this Mortgage discontinued at any time
Addstsdrs~ to P~rasraptt IS. The state and local laws applcbable to this mortgage shall be the laws of the jurisdiction in
whkh the property is located. The foregoing sentence shall not limit the applkability of federal law to this mortgage.
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