HomeMy WebLinkAbout2828Lender's written agreement or apphcahle law. lorrower shall pay the amount of all mortgage insurance premiums in th•:
manner provided under paragraph ~ hereof.
Any amounts disbursed b}• 1 cnJcr pursuant to this paragraph 7. whh irttcred thereon, shall become additional
indchtedness of Borrower secured by this Mortgage l.'nless Borrower and Lcn.kr agree to other terms of payment, such
amounts shall he pa}•ahk ulx~n notice fmm Lender w l;<•rrowcr requesting payment thereat. and shat! hear intered fmm the
date of dichursement at the rate payable from time t~• time on outstanding principal under the Note unless payment of
interest at such rate would be contrary torpplicable law. in which event such amounts shall hear interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall regttirc Lender to incur any expense or take
any action hereunder.
8. Inspection. Lender may make or iause to he made reasonable entries ulx~n and incpectionc of the Property, provided
that Lender shall give Borrower notice prior to am• such impcctiun specih•ing reasonable cause therefor related to Lendei s
interest in the Property.
9. Condemnation. The proceeds of am• award ar claim for damages. direct or consequential, in connection with any
condemnation or other taking of the Property. or part thereof. or for comc~•ancc in lieu of rnndemnation, arc hereby assigned
:rod shall he paid to Lender.
In the event of a total taking of the Property. the pnkecdc shall he applied to the coma secured by this Mortgage.
with the excess. if am•. paid to Borrower. In the event of a partial sating of the Property. unlace Borrower and Lender
otherwise agree in writing. there shall he applied to the sums secunYl 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 vahte of the Pnpcrt~ immediateh• prior to the Jate of taking. with the balance of the proceeds
paid to Borrower.
If the Property is abandoned h~• Borrower. or if. after notice by I ender to Borrcwcr that the condemnor offers to make
an award or settle a claim for damages. &~rrower fails to respond tr i ender within i0 da}•s after the date such notice is
mailed. 1.cnder is authority-d to rnllect and apph• the proceeds. at lender's option. either to restoration or repair of the
Propcrq• or to the sums secured M this ~fortgagc.
Unless !.ender and Borrower otherwise agree in writing, am• such application of proceeds to principal shall not extend
or p~Ktpone the due date of the monthh installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Not Released. Fstencion of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by Lender t(- anv cuccei~~~ ih~ ~nterest of Borrower shall not operate to release. in any manner.
the liability of the original Borrower and BorroseCi'~s hlc~csu-rs in interest. Lender shall not he required to commence
proceedings against such successor or re#tisc~ter extei~J lime for payment or othensise modih• amortization of the sums
secured M• this Mortgage M• reason of am• demand made M the original Borrower and &-rrower s successors in interest.
I1. Forbearance by Lender \ot a N'aicer. :env fonc~arancc h~• I ruder in exercising am• right or remed}• hereunder. or
otherwise afforded by applicable law. shall not he a waiver N or preclude the exercise of any wch right or remedy.
Thc procurement of insurance or the payment of saves or other liens or charges M• Lender shall not he a waiver of Lender s
right to accelerate the maturity of the indehtcdncsc se~urcd M• this Mortgage.
12. Remedies Cnmulatise. All remedies pmsidcd in this !1ortgage arc distinct and cumulative to am other right or
rcmeJy under this Mortgage or afforded h}• law or eyuin•. and may he cverciud rnncurrcntly. independently or successively.
13. Saccessors and Assigns Bound; ]oint and Seseral I.iaMlih: Captions. The covenants and agreements herein
contained shall hind. and the ri¢hts hereunder shall inure to. the respective successors agd•ascigns of Lender -and Borrower.
subject to the provisions of paragraph 17 hereof. All rnvcnants and agreements of Borrower shall be joint and several.
The captions and headings of the paragraphs of this Mortgage arc for rnnvenience only and are not to he used to
interpret or define the provisions hereof.
14. lotice. Except for any notice required under applicable law to be given in another manner. fa) am• notice to
&~rrower provided for in this Mortgaee shat! be given h}• mailing w~h notice M• certified mail addressed to Borrower at
the Property Address or at such other address as &~rrowcr mav_ designate by notice to Lender as provided herein. and
(hl any notice to Lender shall he given by ce~tificti mail. return receipt requested. to l ender c address stated h*rein or to
atch other address as Lender may designate by notice to Borrower as pmvideJ herein. Am• notice provided for in this
Mortgage shall he deemed to have been given to Borrower ar Lender when given in the manner designated herein.
15. Uniform 11lortgage: Governing law: Severabr'lih. This form of mortgage rnmbines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to rnnstiuite a uniform security instrument rnvering
real propert}•. This Mortgage shall he governed M the law of the jurisdiction in which the Property is located. in the
event that an}• provision or clause of this Mortgaee or the \ote conflicts with appticable law•. such rnnflict shall nM aBect
other provisions of Ihic Mortgage or the Note which can he given effect wi!hoi:! the conflicting provision, and to this
end the pmviciom of the Mortgage and t:x \ote arc ~kclarcd U• he severable.
16. Borrower's Copy. Borrower shall be furnisheJ :, conformed cop}' of the Note and of this Mortgage at the time
of e~-ecution or alter recordation hereof.
17. Transfer of the Property: Assumption. If all or anv part of the Property or an interest therein is sold or transferred
h}• Borrower without Lender's prior written consent. evrlixling tat the creation of a lien or encumbrance subordinate to
this Mortgage. /hl the creation of a purchase mone~• security interest for houcehoW appliances. /cl 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 ma}•, at Lender's opu.•n. declare ail the sums secured by this Mortgage to be
immediately due and payable. Lender shall has•e waived such option t.• 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 satisfacton• to Lender and that the interest pa}able on the sums secured by this Mortgage shall be at such rate ac 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 h}• Lender. Lender shall release Borrower from all
obligations under this Mortgage and the Note.
If 1-ender exercises such option to accelerate. 1_ender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a peri~Kl of not less than ~() days from the date the notice is mailed within
vrhich Borrower may pay the wms declared due. If Borrower fails to pay such sums prior to the expiration of such period.
Lender may. without further notice ar demand on liormwer. invo{~e am remedies permitted by paragraph 18 hereof.
NON-UNIFORM COYEVA!VTS. Borrower and Lender further covenant and agree as follows:
I8. Acceleration; Remedies. E:cep! >s pro.ided in paragraph 17 hereof. rrpw Borrower's breach of any coyeaast or
agreement of Borrower in this Mortgage, inclsdiag the rnseoaets to pay when doe any saws secsred by this Mortgage. Lender
prior to accekratan shag mad notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the setioa
reequircd to care sash breach; (3) a lade, not less than 30 da}s from the date the notice Is maned to Borrower. by which wch
breach must be cared: and (4) that faulure to cure sash breach oa or before the date specified is the notice may restrN in
acceleration of the saws secured by this Mortgage. foreclosure by judicial proceeding sod sale of the Property. The ratite
shall further inform Borrower of the right to reinstate after sccekrstaa sad the right b assert iw the foreclowre proeeediag
the non-a:isience of a defank or anv other defense of Borrower to acceleration sod foreclosure. if the breach is rat cared on
or before the date specified in the notice. Leader at Leader's option may declare aY of the wms secured by this Mortgage to be
immcdtately doe and payable withoot further demand aad may foreclose this Mortgage by judicial proceeding. Lender shsB
be estitkd to collect in sash proceeding aB e><pesses of foreclosure, including. but not limited to. reasonable attorney's fees.
and costs of docotnentary e.-ideace. 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 am proceedings begun M~ 1_ender to enforce this Mortgage discontinued at any time
an~~4 eu~2,'$2~