HomeMy WebLinkAbout1064Lende~'s written agrcement or appiicable law. 8orrovver shall pay the amount ot all mongage insurance premiums in the
manner provided unde~ parag~aph 2 hercof.
Any amou~ts disbursed by I.ender pursuant to this paragraph 7, with interest thereon, shall become additional
ioJebtedness of Borrower secured by this Mortgage. Unless Borrowe~ and !_enJer agree to othe~ ternns of payment, such
amounts shal) be payable upon notice from l_ender ta Bor~ov-~e~ requesling payment thereof, aod shal) bear interest trom the
date of disbursement at the rate payable from time to time ao outstanding principal under the Note unleu payment of
interat at such mte would be contrary to applicable law, in Khich event such amounts shall bear interest at the highest rate
permissible uoder applicabk law. Nothing contained in thi: paragnph ~ shall require Lender to incur any expense or take
aoy action hercunder.
8. IIISPlCHOII. [.ender may make or cause to be made reasonable entries upoo and inspections of the P~operty, provided
that I.endet shall give Borrowcr notico prior ta any such inspection xpecifying rcasonable caux therefor related to Lender's
inte~est in 1he Propeny.
9. Coademwtba. The proceeds of any award or claim for damages, direct or consequential, in connection with any
condemoation or other taking of 1he Property, o~ part thereof, or for conveyance in lieu of condemnation, are hercby assigned
and shall be paid ta Lender.
in the event of a tota) taking of the Property, the proceeds shall be applied to she sums securcd by this Mortgage.
with the excess, i[ any, paid to Borrower. In the event of a partial taking of the Property, ~~nl~ss Borrower and Lende~
otherwise agrce in writinR. therc shall be applied to the sums securcd by this Mortgage such proportion of the proceeds
as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to 1he date of
taking bean 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 abando~ed by Borrower, or if. after notice by Lender to Borrower that ~he condemnor offen to make
an awa~d or settle a claim far damages, Borrower fails lo respond to I.ender within 30 days after the date such notice is
mailed, Lender is authorized to collect and apply the procceds, at i.ender's option, either to restoration or repair of the
Property or to the sums secured by this Mortgag~.
Unless I_ender and Borrower othenvise agree in writing, any such application of proceeds ta principal shal) not extend
or postpone the due dale of the monthly installments referreJ to in paragraphs 1 and 2 hereof or change the amount of
such installments.
l0. Borrower Nof Rekased. Extension of the time for payment or modification of amortization of the sums securcd
by this Mortgage granted by I.ender to any successor in interest of Borrower shal) not operate to rclease, in any manner.
the liability of the original Borrower and Bc~rrower'c successors in interest. Lender chall not be req~~ired to commence
proceedings against such successor or retuse to extend time for payment or othervvise modify amortization of the sums
secured b~• this Mortgage by rcason of any demand made by the original Borrower and Borrower s succescors in intertst.
11. Forbearance by Lender Not a Wairer. Any forbearance by i_ender in exercising any right or remedy hercunder, or
otherwise afiorded by spplicahle law, shall not be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of tates or other liens or charges by I_ender shall not be a waiver of Lender s
right to accelerate the maturity of the indebtedness cecured hy thit Mortgage.
12. Remedies Cumulati~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, a~d may be exercised concurrently, independently or succ~ssively.
13. Snccessors and Assigas Bound; loint and Seseral i.iability: Captbns. The covenants and agreements herein
contained shall bind, and the riRhts hereunder shall inure to. the respective successors and auigns of Lender and Borrower,
subject to the provisionc of paragraph 17 hereof. All covenants and agreements of BorroK•er shall be joint and uveral.
The captions anJ headings of the paragraphs of this Mortgage are for convenience only and are not to be used to
interpret or define the provisions hereof.
14. Nofice. Etcept for any notice reqoired 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
thc Property Address or at such other address as Borrower may designate by notice to 1_ender as provided herein, and
(b) any notice Io Lender shall he given by certified mail, return receipt requested, to I.enders address stated herein or to
such other address as Lender may designate by notice to Borrav-•er as provided herein. Any notice provided for in this
~lortgage shall he dcemed to havc been given to ~iorrow~er or l.ender when given in the manner designattd herein.
15. Uniform 1-iorigage: Governin~: Law; Severabilify. Thic form of mortgage combines uniform covenants for national
use and non-uniform co~~enams with limited variations by juricdiction io constitute a uniform securiry instrument covering
real property. Thic Mortgage shall be governed hy the law of the juricdiction in which the Property is locat~d. In the
event that any provision or clauta: of thic Mortgage or the I~ote conflicts with applicable law, such conflict shall not aftect
other provitionc of this Mortgage or the Note which can be given efTect w•ithout the conflicting provision, and to this
end the provisions of the Mortgage and the '`ote are declared to he uverahle.
16. Borrower's Copy. Borrower shall be f~rcnithed a conformed copy ot ihe Note and of thic Mortgage at the time
of execution or after recordation hereof. .
17. Tmnsfer of the Property: Assumption. If all or any part of the Property or an interest therein is sold o~ transferred
by Borrower without i.ender's prior written conunl. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a purchase money cecuri~r• interest for household appliances, (c) a transfer by devise.
descent or by operation of law- upon the Jeath of a joint tenant or (d~ the grant of an}• Icasehold interest of three years or less
not containing an option to purchase. I_ender may, at 1_ender't option. declare all the sums sec~red by this Mortgage to be
immediatel}• due and payable. I_ender shall ha~~e v-•aived coch option to accelerate if, prior to the cale or transfer. Lender
and the person to whom the Properry is to be sold or transferred reach agreement in writing that the credit of such person
ic satisfactory to Lender and that the interect payable on the sum~ secured by thic Mortgage sha11 be at s~~ch rate as Lender
shall request. If [_ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
interest hac executed a wcitten assumption agreement accepted in vvriting by I.ender. I.ender shall release Borrower from all
obligations under this Mortgage and the Note_
!f Le~ider exercises such option ta accelerate. I.enJer ,hall mail Bo~rower notice of acceleration in accordance with
paragraph 14 hereof. Such notice chall provide a pericxi of not Iess than 30 da~•s trom the date the notice is mailed within
which Borrow~er may pay the soms declared due. It Borrower fails to pay such sums prior to the expiration of cuch period.
Len~ier may. w~ithout further ~otice or demand on B~rmw-er, in~•oke am- remcdies permitted b~• paragraph 18 hereof.
Norr-UNtFORnt Covex~rvTS. Borrower and i_ender funher covenant and agree as follows:
18. Accelention; Remcdies. Except a6 provided in paragraph 17 hereof. upon Borrower's breach of any coveaant or
aqreemeot of Borrower in this Nortga„e. including tbe covenants to pay when due any snnu secnred 6y thk Mortgage, Leader
prior lo acceleration shall mail notice to Bor~ower ac provided In para~raph 14 hereof specifyiaa: (1) the breac6; (2) tbe action
rcquired to cure such breach; (3) a date. not less than 30 days from the date the notice b mailed to Borror-er, by whk6 wcb
breac6 musi be cured; a~d (4) that failurc to cure wch breach on or beforc the date specified io the notke may resdt in
acceleration of tbe sums secured by this :~tortgage. fonclosure by judicisl Proceeding ~nd sak of t6e Prope~ty. 'Il~e aotice
shall further inform Borrower ot the right to reinstste atter acceleralion and the right to assert in the toreclosort prucetdiu~
the aon-existence of a default or an~~ wher defense of Borrower to accelerntion and foreclosurc. [f the breacb b oot enetid o0
or beforc Ihe dste specified in the notice. Lender at LendePs option may declan all of the snms secnrcd by thb Mort~ase to be
immediately due and payabk without furlher demand and may foreclose this 14iortga`e by judkial proceedioa. Leadtr s6aU
be eotitkd to coQect ia suc6 proceeding aU e:penses of foreclosure. includiug. but not limlted to, roawaable ~ttorney's Eea,
snd costs of ~cnmentary evideace, a6stracts and titk rcports. ~
19. 1lormwer's Riabt to Relnstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage,
Borrower shall have the right to have any proceedings hegun by l_ender to enforce this Morigage discontinued at any time
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