HomeMy WebLinkAbout2949Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by Lender purs-,ant to this paragraph 7, with interest thereon, shall become additional
indchtednrsc of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such
anuu,nts shall he pa}•ahlc upi~n notice from Lender to Borrossrr reyuecting payment thereof, and shall hear interest from the
date of dich-trsement at the rate payable from time to time on outstanding principal under the Nate unless payment of
interest 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 lender to incur any expense or take
any action hereunder.
8. Inspection, Lender may make or cause to he made rrasonahk entries upon and inspections of the Property, provided
that 1 ender shall give Borrower notice prior to any urch inspection specifying reasonable cause therefor related to I_ende~ s
mterest in the Properly.
9. Condemnatbn, The pn+ceeds of any award or claim for damages. direct or consequentiah in connection with any
:ondemnation ur ether taking of the Property. ur part thereof, or for conveyance in lieu of condemnation. are hereby assigned
and .hall Lc paid to l ender.
In the event of a total taking of the Pmpcrt}•. the pr,keeds shall he applied to the sums secured by this Mortgage.
wish the cscccs, if any. p:,id to Bormwrr In the event of ~ partial taking of the Property, unless Borrower and Lender
utherwi,r agree in writing. there shall he applied to the sums secured by this Mortgage such proportion of the proceeds
ac is rqu;+t to that pnsp..rtion sshich the amount of the sums ucurcd by this Mortgage immediately prior to the date of
taking Fxars to the fair market value of the Propert}• immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
If the Property is abandoned M• Borrower, or if after notice by Lender to Borrower that the condemnor offers to make
:ur awanl or settle a claim for damages. Bi+rruwrr fail, to respi,nd to Lender within l0 days after the date such notice is
mailed. I-ceder is authorind to collect and apply the proceeds. at 1_ender'c option. either to restoration or repair of the
Proprns ur ti. the arms srcurcd by this Mortgage.
l'nlres Lender and Borrower othCrwisr agree in writinc. any such application of proceeds to principal shall not extend
ur Ixstpi+nc the due date of the monthly installmrntc referred to in paragraphs 1 and 2 hereof or change the amount of
wch Installments.
10. Borrower ~Iot Released. Ettencion of the time for pa}•ment or modification of amortization of the sums secured
by this hlortEagc granted by Lender tc. an}• atccessor in interest of Borrower shall not operate to release, in any manner,
the liability a+f the original Borrower and Borrower's succcsu.rc in interest. Lender shall not he required to commence
pr..~redings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums
,«urrd hs this Mortgage by reason of am• demand made h}' the original Borrower and Borrowers successors in interest.
11. Forbearance by Lender !dot a Waiver. :~nc forhearancr by I ender in exercising any right or remedy hereunder, or
++thrrwne atT.+rded by applicable law• shall not he ;, waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the pa}•ment of lases ur other liens or charges by Lender shall not he a waiver of 1_endePs
right to acrelrratc !tic maturity of the indehtrdness ,rtured M• this Mortgage.
12. Remedies ('umulative. All remedies pn.vldrd in this Mortgage are distinct and cumulative to any other right or
remeJ} ender thi, Mortgage or aflordrd M• law or cyuity. and may he eserciced rnncurrenth•, independently or successively.
13. Successors and Assigns Bound: Joint and Several Liabilih~; Captions. "the covenants and agreements herein
rontauted shall hind. and the rights hereunder shall In:rrc to. the respective successors and assigns of !-ender and Borrower,
,object to the pnn•isions of paragraph 17 hereof. All ius•rnants and agreements of Borrower shall he joint and several.
Thc captiurn and hcaihngs of the paragraph, of this ~tortgagr arc for rnnvenience only and are not to-he used to
Interpret or define the prov,siunc hcrcof.
14. lotice. E~rept for anY notice rry„ired under applicable law to he given in another manner. la) any notice to
Burn+wrr pnwlded fur In this ~lortga~e :hall he gls•rn hs mailing ,uch nuticr by certified mail addressed to Borrower at
the Property Addres or at wch other addre„ as B++r rower may devgnatr h}• notice to Lender as provided herein. and
Ihr am Holier to !-ender shall Fx glsen he ccrtifird mail. rrnlrn receipt requested. to 1 ender's address stated herein or to
,uch other address a, I.rndrr rods designate he notice to Borrower as pms•ided herein. Any notice provided for in this
~lortgagc shall he deemed to base hrrn gisrn to Borrower or 1 ender'when given in the manner designated herein_
15. ['niform ~tort~aRe: Governing Law: Severabilih. "fhi, form of mortgage rnmhines uniform covenants for national
use and n.+n uniform ~~+crnanh ~sith !imitr.f satiation, hc_ tunsdlctiun to constitute a uniform security instrument cos•ering
real property This Mortgage sh.,ll Ix -~usrnud M the law of the iurisJiction in w•ntch the Property is located. In the
event that ans• pruvis+on or rlau,e of thi, Mortgage or the tiotr conflicts with applicable law, uich conflict shall not affect
+~ther pr++:lsions of thi, Mortg:+ge ur the tote which ~:u, hr glsen effect scithout the conflicting provision. and to this
end the pn+si,ions of the Mortgage and the \++tr ate ~iec!arcd to he severable.
16. Borrower's Cope. Born+wrr shall hr furm,hrd :, cunt,+rmed copy of the Note and of this Mortgage at the time
.•f execution or after recordation hcrcof.
17. Transfer of the Propert}: lssumption. If aN or arts part of the Property or an Interest therein is sold or transferred
h}• $orrower without Lender's prior written cor,,rnt. encluding car the creation of a lien ur encumbrance subordinate to
Ihls Mortgage. 1ht the create+n of :, purcha,r moor} ,rcurit} Interest for household appliances. Icl a transfer by devise.
descent ur by opera-ion of las upon the death of a joint tenant or (d- the grant of am• leasehold interest of three years or less
not containing an option t+~ purchase. I ender ma}. et 1 ender', opt:un. declare all the wms secured by this Mortgage to be
Inunrdiatcly due and payable. Linder shall base ssarscd wch option tc accelerate if. prior to the wle or transfer. Lender
,,ncl the person to whr+m the Pmperh i, to he soW ur transferred reach agreement in w•nUng that the credit of such person
!\ Satl4falll+f~ to LenJcr and that the intcre,t payable tin the wms secured by this Mortgage shall bC at such rate as Lender
,halt request. If 1 enter has waived the option to accelerate pros•idcd in this paragraph 17, and if Borrower's successor in
Interest has rrecuted a written assumption agreement accepted in writing by Lender Lender shall release Borrower from all
++hligahuns under this Alortgagc and the Note.
If Lender crercisrs such option ti+ a~cclcrate. I ender shall mail Borrower notice of acceleration in accordance with
paragraph 1~3 hereof. Such notice shat! provide a pcnod of nut less than 2(1 days from the date-the notice is mailed within
•ahlch Burrower rods pa} the sum, declared due. I( Borrower falls to pa} such sums prior to the expiration of such period.
Linder ma}'. ssith~~e;t further n~+n,e ~•: demand on Itormwrr. Invoke an} remedies permitted h}' paragraph 1R hereof.
Nom-t~'~IF(+N1i ~~.+\ i "`1s Br+rr.~wer and 1 ender further rnvenant and agree as follows:
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18. Acceleration: Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or
agreement of Borrower in this 11ortKaKe, including the covenants to pay when due any sums secured by this Mortgage. Lender
prior to acceleration shall mail n..tii ~• ti, Borrower as provided in paragraph 14 hereof specifying: I1) the breach; (2) the action
required to cure such breach; (3t a ,i::tc. nor ;ess Than 30 da}s 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 b} this ~tortRage. foreclosure by judicial proceeding and sak of the Property. The notice
shall further inform Borrower i,f tl,e right to reinstate after acceleration and the right to assert in the foreclosure proceedlrrg
the non-existence of a default or an. other defense of Borrower to acceleration and foreclosure. If the bretuh is not cured on
or before the date specified in the notice, Lender at tender'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 Mortgage by judicial proceeding. Lender shall
be entitled to collect in such proceeding all expenses of foreclosure. including. but not limited to. reasonabk attorney's fees.
and costs of documentary evidence. abstracts and titk reports. t
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 begun by Lender to enforce this Mortgage discontinued at any time
Addendra• to Paragraph 15. The state and local laws applicable to this mortgage shaft hJ1i VZ~ o(~~~~fiion in
which the property is located. The foregoing sentence shall not limit the apDlicahility of feder~• is t~~j •()~
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