HomeMy WebLinkAbout0939 Lender's writte~ agreement or applicable law. Borrowe~ shall pay the amount of all morigage insurance premiums in the
manner provided unde~ parag~aph 2 heroof.
Any amounts disburxd by I_endcr pursuant to this paragraph 7, with intercst thereon, shall becomc additional
inJebtedness of Borrowe~ securcd by this Mongage. Unless Barrower anJ 1_enJe~ agree to other terms of payment, such
amounts shall be payable upon notice f~om I.ender ta Barrowe~ requesting payment thereof, and shall bear interest from the
datc of disbursement at the rate payablc from time ta time ~n outslanding principal under the Note unless psyment of
intercst at such rate would be contrary to applicable law, in which e~ent soch am~unts shall bear interest at the highest rate ,
permiuible under applicable law. Nothing contained in this paragraph 7 shal) require I.ender to incur any expense or take
any action hereunder. ~ -
8. inspecfbn. I.e~der may make or cause to be made reaconahle entries upon and inspections of the Property, provided
that Lender shall give Borrowe~ notice pri~r to any such inspection specifying rcasonable cause therefar related to Lender's
interest in the Property. .
9. Coodemnatbn. The proceeds of any avvard or claim for damages, direct or consequential, in cannection with any
condemnation or other taking of the Property, or part thereo[, or for canveyance in lieu of condemnation, are hercby assigned
and shall be paid to Lender.
1n the event of a total taking of the Property. the proceeds shall be applied to the sums securcd by this Mortgage.
with the exccss, if any, paid to Borrower. tn the eveot of a partial taking of the Property, unless Borrower and I.ender
otherwise agree in writing. there shall be applied to the sums secured by this Mo~tgage such proportion of the proceeds
as is equal to that proportion which the amount af the sums secured by this Mortgage immediately priar 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 Borrower. or if. after notice by i.ender to Borrower that the condemnor offets to make
an award or settle a claim for damages. Borrower fails to respond to I.ender within 30 days after the date such notice is
mailcd. I.crsdcr is auiharizrd ta ca!lcti ar.d ap~l~ shr pr~°eec3s, st Ltn~er's a~tiQn, ei!her to resto~ation ~r re~+ai~ ~f the
Propeny or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application of praceeds to principal shall not extend •
or postpone ihe due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amaunt of •
such installrr?e~ts.
10. Bor[ower Nof Released. F.xtension of the time for payment or moditication of amortization of the sums secured
by this Mottgage granted by Lender to any successor in interest of Borrower shall not operate to oelease. in any manner,
the liability of the original Borrower and Bc?rrower'c successors in interest. i_ender shall not be reqoired to commence .
proceedings against such successor or refuse to extend time for payment or othenvise modify amortization of the sums
secured by this Mortgage by roason of any demand made by the ori¢inal Bonower and Borrowers successors in interest.
11. Forbearance by [.ender Not n Waiver. Any forhearance by i.cnder in exercising any right or remedy hereunder, or
otherwise af~orded by applicable law, shall nat be 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 Lender shall not be a waiver of Lender's
right to accelerate the matunry of the indebtedness secured hy this Niortgage.
l2. Remedks CumuMH~e. All remedies provided ~n this Mortgage are distinct and cumulative to any other right or
remed~~ under ihis Mortgage or afforded by law or equity, and may be exercised concurrently, independenUy or successively.
l3. Snccessors and Assigos Bound; Joint and Sererd I.iabiltty; Captto~. The covenants and agreements herein
contained shall bind, and the rights hereunder shall i~ure to. the respective successors and assigns of Lender and Borrower. •
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and uveral.
"Ilu captions and headings of the paragraphz of this Mortgage are for convenience only and are not to be used to '
interpret or define the provisions hercof.
14. Notke. Except for any notice required under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at •
the PropeAy Address or at such other address as Borrower ma~• designate by notice to T.ender as provided herein, and
~ (b) any notice to Lender shall be given by certified mail, return receipt requested. to I.ender s address stated herein or to
such other address as Lende~ may designate by notice t~ Bormwer as provided herein. Any notice provided for in this
~ Mortgage shall be deemed to have been given to Borrower or I.ender when given in the manner designated herein.
; lS. Uniiorm Mortqage; Governin~ Iaw: Se~•erabilify. This form of morigage combines uniform covenants for national :
~ use and non-uniform covenants with limited variations by jurisdic~ion to constitute a uniform security instrument covering
I real propeny_ This Mortgage shall be governed hy the law• of the juritdiction in which the Property is located. In the
l event that any provision or claose of this Mortgage or the Note conflicts w~ith applicable law, such conflict shatl not afiect
~ other provisions of this Mortgage or the Note w•hich can be given effect without the conflic~ing provision, and to this -
~ end the provisions of the Mortgage and the Note are declared to be severable.
16. Eorrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
~ of execution or after recordation hereof.
17. Transfer of t6e Properfy: Assumption. If all or an~~ pan of the Property or an interest therein is sold or transferred
~ by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance subordinate to
~ this Mortgage. (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise,
~ descent or by operation of !aw upon the death of a joint tenant or ld? the grant of any leasehold interest of three years or less ~
~ not containing an option to purchase, Lender may, at I.ender'a option, declare all the sums secured by this Mortgage to be ~
~ immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or tranafer. [_ender • ~
and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person ~
is satisfactor}~ Ler.~3er and iha! the :Rtgrzsyt ~~~.~~~P r~P st~ms secured by thi~ Martgage chall be at such rate as Lender
~ shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Bonower's successor in
~ interest has executed a written assumption agreement accepted in writing by I_ender, Lenckr shall release Borrower from all
~ obligations under this Mortgage and the Note. ~
1 If Lender exercises such option to accelerate. 1_enJer ~hall mail Borrow-er notice of acceleration in accordance with . ~
~ paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
t which Borrower may pay the sums deelared due. If Borrower fails to pay such sums prior to the expiration of such period.
~ Lender may, without further notice or demand on Borrower, invoke any remedies permittecl by paragraph 18 hereof. £
~ Nox-UNiFORnt Covetv~twrs. Borrower and Lender further covenant and agree as follows: 3
;
~ I8. Accelentbo; Remedks. £scept as pmvided in paragrapb 17 hereof, upoo Borrowe~s breach of any covenaat or `
j agreement of Borrower in thLs Mortg~e, inclading tbe coveaants to pay when due sny sams secored by thk Mortgaae, Leoder
~ prior to accekratioa s6all mail aotke to Borrower aR pro~ided in paragraph 14 hcreof specNyio~: (1) t6e breacb; (2) tbe action
i reqnired to cure soc6 breacb; (3) ~ date, not less t6an 30 dsys fmm the date the notice is mailed to Borrower, by w6k6 soc6
bresch mwt be cored; sod (4) ffiat failnre to cure such breach on or before tbe date spec~ed i t6e aotke may resdt in
accekr~tlon of tbe sutn~ secured by this Mortgage, foreclowre by judicial proceedfu~ and sak ot tbe Property. 7Ue notke
shall fuirtder i~forn~ Sorrower of tbe right to rei~tate after accekrsNon and the right to assert ie the forec{oare proceediu~
~ the uon-esisteace pf a defauk or aey other defense of Borro~?er to accekration and foreclo~ure. If tbe bresc6 is not cared o0
~ or before the date specified in the notice, [.ender a~ Lender's optlon may declare a0 of the so~ secnred by this Mortaa~e to be
immediately dne sad qya6k wit6ont furiher demaad and may foreclose thts Mort~nge by judkW proceedioa. Leoder sha11
be eatltkd to collect in socb proceedia~ s8 e:peoses of forcclosuro. includfna, but uot Bmited to, reasooable attoroe7's fees,
~ and casts of docnmentuy evldence. a6strscts and titk reports.
19.. Borrower's Rlght to Reinstate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage.
' Borrower shall have the right to have any proceedings hegun by I_ender to enforce this Mortgage discontinued at any time
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