HomeMy WebLinkAbout1896I.e~Je~'s w•riucn agrecme~t o~ applicable law. Borrowcr shali pay thc amount af :~il mortgage insurancc prcmiums in thc
manner provided unck~ parag~aph 2 hereof.
Any amounts disburscd by I.enJc~ purcuant ~o this parag~aph 7, with interesl thcrco~, shall bccomc additiona)
~n~k:btednrss ~~f Barrawe~ securcd by ~his Morlgagc. llnlew Borruwcr anJ Lc~Jer agrcc ta olher terms of paymcnt, such
amounts shall tx pa~abk u~n nc~~ice from Lcnder ~u Sormwcr rcyuc~ting paymeM thercot. a~d chall bear interest from the
dale af dicbursement at ~he rate ~+ayahle fmm time to lime on oulsta~ding principa! under the Note u~lesc payment of
intercst at such rate would be cantrary lo applicable law, in which event si~ch amounts shal) hear interest at the highest rate
permiuible under applicable law. Nathing conlained in ~hi~ paragtaph 7 shall rcquit~ I.ender to incu~ any expense or take
any action hercunde~.
8. inspeetba. I.e~Jer may make or cause to be made reaconahle entriec u~wn and inspectionc of the Property, provided
that I.ender shall give Borrower nc~tice p~ior ta any uKh inspectian speci[ying rcasonable cause therefor related ta I_ender's
i~terec~ in the Propeny.
9.. Condemoatbn. The pn•ceedc of any award or rlaim for damages, direct o~ comequential, in connection with a~y
condemnation or Mher taking of the Propeny, or part thercof; or for conveyance in lieu af condemnation. are hereby assigned
and ~hall t+e paid to t.ender. .
ln Ihe cvent of a total taking of thc Pro~xrty. thc prc~cecds shall hc applicd to ~he coms securcd by ~his Mortgage.
with the ercecs, if any, paid to Borrower. ln the event of a partial taking ot the Property, unlecc Bormwer and I~nder
otherwise agree in writing. therc shall he applied to Ihe ~ums secureJ by ~hic Mortgage such proportioo af the proceeds
as is equal to that proportion which thc amount of ~hc suma cecured by this Mortgage immediately prio~ to the date of
taking bears to the fair market valuc of the Prapen~• immediatel~ prior ta the date of ~aking. with the balance of the proceeds
paid to Borrower.
If the Pmpe~ty ic abandoned by Borrower. or if. aflcr noticc hy I_cnder to Bormwer that the condemnor ofters to make
an award or settle a claim for damagec. B~rrower fail~ to re~~nd to I.ender within ~0 Jays after the date such notice is
mailed. I.ender is authorized to collect and apply the proceeds, at i.ender'c aption, either to restoration ar repair of the
Propcrly ~r M the sums secured by thic Mortgagc.
Unlesc Lenckr and Borrow•er otherWise agree in u~riting. any such application ot proceeds to principal shall not extend
ur poctpone the due da~e of thc monlhly installmcnts referred to in paragraphc 1 and 2 hereof or change _ thc amaunt of
cuch installments. .
10. Borrower Nof Rekased. Extension oF the time for payment or mc~di}ication of amortizalion of the sumc secured
by Ihis Mortgage granted by I.enJer to any ~uccessor in intere~t of Barrower chall not operate to release, in any manner.
the liability af the original Borrower and Bc-rrower'c succescc~r~ in interest. 1.ender shall not be required to commence
proceedings against such successor or refux to extend time for payment or otherwise modify amortization of the sums
secured by this Martgage hy rea~n of any demand made by the ori¢inal Bormwer and Borrower s st~cces~ors in inter~si.
11. Forbearance by [.ender Not a Walver. An~• fonc~arancc hy I.cnder in cxercising any right or remcdy hereunder, or
otherwise afTorded h}• applicahlc law, shall not t~c a waiver of or preclude the exercise of a~y such right or romedy.
Thc procurement of insurance or the payment ot taxcs or other liens or charges by T.ender ~hall nat be a waiver of Lender's
right to accelerate the maturity of the indebtednecc cec~~rcd hy this Mortgage_
12. Remedies Cumulath~e. All remedies provided in thic Mortgage are distinct and cumulative to any other right or
remeJy under this Mortgage or afforded by lavr or equity. and may he exercised concurrenNy, independendy or successively.
13. Successors a~d AssiRas Bound; ]oint and Se~~eral l.iabiUty; Captbns. "il~e covenants and agreements herein
contained shall hind, and the riRhts hereunder shall inure to, the recpect+ve succescors and assigns of Lender and Borrower.
subject to ~he provisions of paragraph 17 hereof. All covenants a~d agreements of Borrower shall be joint and uveral.
The captions and headingc of the paragraphc of this Mortgage are for convenience only and are not to be used to
interpret or define the provisionx hereof.
14. Notke. Except for aoy notice rcquired under applicable law to be given in another manner, (a) any notice to
Borrawer provided for in this Mortgage ahall be given h} mailing such notice by certified mail addressed to Borrower at
Ihe Propeny Address or at such other asidre~s as Borrower may designate by notice to T.ender as proyided hercin. and
(b) any notice to Lender shall be given by certified mail. return receipt requested. to l.ender s adJress stated herein or to
tuch o~her address as Lender may designate b~~ notice to Bormwer as provided herein. Any notice pmvided for in this
Mortgage shall he deemed to have been given to BorroN~er or I.ender whcn given in the manner cksignated herein.
15. Uniform Mortgs~e; GoverninR Iaw: Severabilify. This form of mortgage combines uniform covenants for national
use and non-uniform covenan~s with limited varialions h~• juriuliction to constitute a uniform security instrument covering
real property_ This Mortgage shall l~e governed h~~ the lavv of the juricJic~ion in which the Property ic located. In the
event that any provision or clause of this Mortgage or the Note conflicts with applicahle law, such conflict shall not affect
o~her provisions of this Morig~ge or the Note which can I~e given effect without the conflicling pmvision. and to this
end the provisions of Ihc Mortgage and thc Notc are decl•rred to hc severable.
16. Bormwer's Copy. Borrower shall be furnished a conformed copy of the Note and of thic Mortgage at the time
of execution or after recordation hereof.
17. Tran+fer of the Propertv: Assumption. if all or an~• part of the Property or an interest therein is sold pr transferred
by Borrower without Lcnder's prior wriuen consent. excluding lal the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a purchase monty security interest for household appliances, (c) a transfer by devise,
descent or by operation of law upon the death of a joint tenant ar ldi the grant of any leasehold interest of three ycars or less
not containing an option to purchase, t.ender may, at I.ender's option, declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have waived such op~ion to accelerate if. prior to the sale or transfer. Lender
and the person to whom the Property is to be sold or trans(erred reach agreement in writing that the credit of such person
is satisfactory to [xnckr and thal Ihe interesl payable on the sums secured by this Mortgage thall be at such rate as.Lender
shall request. lf I.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
interest has executed a written auumption agreement aceepted in writing by Lenckr, Lender shall release Borrower from all
obligations under this Mortgage and the Note_
If I_ender exercises such option ta accelerate. I.endtr shall mail Borrower notiee of acceleration in accordance with
paragraph 14 hereof. Sueh notice shall provide a periocl of not Iess than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. If Rorrower fails to pay such sums prior to the expiration of such period.
[_ender may. without further notice or demand on Horrower, invoke any remedies permittecl by paragraph 18 hereof.
Nox-Utv~FORnt CovFN~NTS. Borrower and 1_ender funher covenant and agree as follows:
18. Accelerdion; Remcdics. Except as provided in para~nph 17 hereof, upon Borrower's breach of ,ay cooeasot or
agreemeat of Borrower in this Mortga~e, inllndin~ the covenants to pay wheo dne sny sams secnred by this Morfaa~e, Leader
prbr lo sccekration s6an nail oot~ce to Borrower as provided in para~raph 14 hereof specifyiaa: (1) tbe breach; (2) tbe actioa
required to cure socb brcach; (3) s date. not less than 30 days from the d~e t6e ootice 4 maikd to ~orrower, by whkb anc6
breach must be cnred; and (4) thst failnre to cure sach breach oa or before t6e dste speci6ed in the ootke msy radt ia
accekratbn of tbe snms stcured by th~s Mortgage. forrclosure by judicisl pmceediog and sak of tbe Property. 7Le ootice
shall furt6er inform Eorror-er of tbe ri~ht to reinstate afler accekration and t6e riC6t to a~ert in tbe foreclowre pt+uceedfn`
tbe noa-e:[steoce of a detault or aay otber detense of Borrovrer to accekntbn and foreclosure. if t6e brescb is not cored on
or befon tbe date specified la the aotice. Lender at Leade~'s option may declue all of the sonas secnred by this Mo~a~e to 6e
immedlately dae and payabk vrithout fnrt6er demand and may forecbse this Mortgage by judkW proeeed~. Lender shall
be entitled to collect in sncb proceedl~ aN espeoses of forecbwrr. iacludfn~. but oot limited to, nssonabk Mtorney's fea,
and cosls of documentary evideace, s6stracta snd 1i1k rsporls.
19. Borruwe~s Ri~ht fo Rciostate. Notwithstanding 1_ender s acceleration of the sums securcd by this Mortgage.
Borrower shall have the right to have any proceedin~.s hegun by Lender to enforce this Martgage discontinued at any time
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