HomeMy WebLinkAbout0100Lender's written agreement ur applicable law. Bo~rower shall pay the amount of all mongage insurance premiums in the
manner provided under paragraph 2 hereof.
~Any amounts disbursed by ~eoder pursuant to this paragraph 7, with interest thereon, shall become additional
inJebtedness of Borrowe~ securcd by this Mongage. Unless Borrowu and Lender agrce to othe~ ternns of payment, such
amounts shall be payabk upon notice f~om I.e~der to Borrowe~ rcquesting payment thereoL and shall bear interest from the
date of disbursement at the rate payable from time to time on outstanding principal under the Note u~ltu payment of
intercst at such rate would be contrary to appl~cable law, in which event such amaunts shall bear interest at the highest rate
permiuible under applicable law. Nothing contained i~ this pa~agraph 7 shall rcquire Lender to incur any expense or take
any action hereunder.
8. Inspecfioa. I_ender may make or cause to be made reasonable entries upoo and inspections of the Propeny, provided
that I.ender shall give Borrowcr notice prior to a~y such inspection specifying rcasonable cause therefor related to Lender's
interest in the Property.
9. Coademnatbn. "Il~e p~oceeds of any award or claim for damaga, direct or consequtntial, in conoection with any
condemnation or other taking of the Property, or pan thereof, or for conveyance in lieu of condemnatio~, are hereby assigned
and shall be paid to Lender.
1n ~he event of a total taking of ~he Property, ~he proceeds shall Ix applied to the sums secured by this Mertgage.
with the excess, if any, paid to Borro~er. ln the event af a partial taking of the Property, unlcss Borrower and I.ender
atherwice agree in writing. therc shall be applied to ~he sums xcurcd by this Mortgage such proportion at Ihe proceeds
as is equal to that proportion ~vhich the amount of the sums ucured by this Martgage immediately prior to the date of
taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower. '
If the Property is abandoned by B~rrower, or if, after notice by I.ender to Borrowtr that the condemnor oBers to make
an award or settle a claim for damages, Borrower fails to respand to I_ender within 30 days after the date such notice is
mailed, Lende~ is authorized to collect aad apply the prnceeds, at 1_ender i option, either ta restoration or repair of the
Property or to the sums secured by this Mortgage.
Unless [.end~r and Borrower otherwise agree in w•riting. any such application of prceteds to principal shall not extend
or 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. Extension of the time for payment or moditication of amortization of ihe sums securcd
by- this Mortgage granted by I.ender to any successor in interest of Borrower shall not operate to rclease, in any manoer,
the liability of the original Borrower and Borrower's succestors in interest. I_ender shall not be required to commence
prc~ceeding~ agaimt such successor or refuu to extend time for payment or othervvise madify amortization of the sums
ucured by this Mongage by reason of any demand made by the oriqinal Sorrower and Borrower s successors in interest.
11. Forbearance by Lender Nof a Waiver. Any forbearance by l.ender in exercising any right or rcmedy hercunder, or
othenvise afTurded by ~pplicable law, shall not t~e a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of taxes or other liens or charges by [.ender shall not be a waiver of Lender s
right to accelerate the maturity of the indebtedness cecured hy tfiic Mortgage.
12. Remedies Cumulati~e. All rcmedies provided in this Mortgage are distinct and cumulative to any other right or
~emeJy under this Mortgage or afforded hy law or equi~y, and may be exercised concurrently, independenlly or successively.
13. Successors and Assigas Bound; Joint a~d Se.•eral i.iability; faptbns. The covenants and agreements hercin
contained shall bind, and the riRhts hereunder shall inure to. the respective successars and assigns of Lender and Borrower,
subject to the provisions of paragraph 17 hereof. All co~enanls and agreements of Borrower shall be joint and uveral.
The captions and headings of the paragraphc of this Mortgage are for convenience only and are not to be used to
interpret or define the provisions hereof.
14. Notice. Except for any notice required under applicab!e law~ to be given in another manner, fa) any notice to
Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such other add~ess as Borrower may designate by notice to i_ender as provided herein, and
(b) any notice to Lender shall be given by cerlified mail. return rcceipt requested. to t.ender s address stated herein or to
such other addresc as I_ender may designate by notice to Borrov-•er as provided herein. Any notice provided for in ihis
:~lortgage shall be deemed to have been given to Rorrower ar l.ender when given in the manner designated herein.
15. Uniform MorlRage; Govemin~; Law; Severability. Thi~ farm of mortgage combines uniform covenants for national
use and non-uniform covenantc with limited variations hp jaritdiction to constitute a uniform security instrument covering
real property. This Mor~gage shall be governed hy the law• of the juricdic~ion in which the Property is located. in the
event ~hat any provision or clauce of thic Mortgage or the Note conflicts w•i~h applicable law, such conflict shall not aHtet
other pro~~sions of this Mortgage or the Note which can be g~ven efiect without the conflicting provision, and to this
end the provisions of ~he Mortgage and the Note are declared ta he severahle.
16. Borrower's Copy. Borrower shall be furnished a conformed copy ot the Note and of this Mongage at the time
of execution or after recordation hereof.
17, Transter of the Property: Assumption. If all or an~~ part of the Properry or an interest therein is sold or trancferred
by Borrow•er without Lender's prior wri~ten consent. excluding (a1 the crration of a lien or encumbrance subordinate to
thic Mortgage. (b) the creation af a purchase money cecurit~~ interest for houuhold appliances. (c) a transfer by deviu,
deuent ur by operation of law• upon the death of a joim tenant or (d- the grant of any leasehold interest of three years or less
no~ containing an option to purchase. Lender may, at l.ender'~ option. declare all the sums secured by this Mortgage to be
~mmediately due and payable. Lender shall have Kai~•ed such option to accelerate if, prior to the ~ale or transfer. Ltnder
and the person to whom the Proper~y is to be sold or trancferred reach agreement in writing that the credit of such person
i~ satisfactorp to Lender and that ~he iMerest pa~•able on the sumt secured by thi~ Mortgage Sha~l be at soch rate as Lender
shall rcquest. If Lender has waived the option to accelerate pmvided in this p:~ragraph 17, and if Borrower's successor in
~merest hac executed a written assumption agreement accepted in w~riting by LenJer. 1_ender thall releace Borrower from all
obligations unJer this Mortgage and the Note.
if I_e~ide~ exercises such option tc• accelerate. I.en.ier tihall maii Borrow•er notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall pr~vide a period of rn~t Iesc thar i0 day~ from the date the notice is mailed within
which Borrow~er may pay the sums declareJ due. If Borrmaer f:~ilt to pay cuch ~ums prior t~ the eapiration of such period,
I.ender may, with~ut further notice or dcmand on Bormw~er. ~moke an} remcdies perm~tted hy paragraph 1R hereof.
Nox-UtviFORM Cove~rervTS. Borrower and I.ender further covenant and agree as follows:
18. Acctlentioa; Remedks. F:cept as provWed in paragroph 17 hereof, upon Borrower's bnacb of any covenant or
agreemeat of Borrower in this :Nortga„e. including tht covenants to pay when due any sums secnred by this Mortga=e, Ltnder
prior to accelentioa sdaU mail notfce to Borrower as pro~•ided in par~raph 14 hereof speci[yin=: (1) fl~e brruh; (2) tbe action
requind fo cure suci~ breach; (3) a date. not less Ihan 30 days f~om the date the notice Ls mailed to Bormwer, tiy whkb sucb
breach must be cured: and (4) that faflure to cure such breach on or befon the date specified in the aotke may resdt ia
sccekration ot t6e su~ns secured by th~s Mortgage. forcclosure by judicial proceeding aad sale of t6e Property. 'Ibe notice
shaU further inform Borrovrer of the riqht to reinstate after scceleration and the right to assert in the [oreclosure proceedia~
the non-existence of a detauk or any other defense of Borrower to accelenHon and forecbsur+e. If the brtach is nM cttred on
or before the date speciRcd in the notice. [,ender a1 Lender's oplion may declare all of tht anms secared by this Mortts~e to be
immediately due and paysbk without further demand and may fonclose this l4iortga`e by judicial procetdiat. Leader shal!
be eotitled to collect in wc6 proceedinq ap e:penses of foreclosure. iacludin~. bul not limited fo, reasonable attoreey's fees,
and costs ot documentary evidence, sbstrac~c and titk reports.
19. Aorrowe~'s Ri`ht to Reinstate. Notwithstanding Lender's acceleration of the sums xcuced by this Mortgage,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinuod at an~- time
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