HomeMy WebLinkAbout0969 l.ender's written agrcement or applicable law. Bor~ower shall pay the Amount of all moKgsge insurance premiums in the
manner provided ~ndcr parag~aph 2 hereof.
Any amounts disbuned by [.ender pursuant ro this parag~aph 7, with interest thereon, shall become additional
indeb~edness of Borrower securcd by this Mongage. Unless Borrowe~ and l.enckr agrce to othcr tern?s of payme~t, such
amaints shall be payable upon notice from i_ender to Borrower requesting paymeni thercof, and shall bear intercst from the
date of disbursement at the rate payable from time to time on outatanding priocipal unde~ the Note unless payment of
interest at such nte would be contrary to applicable law, in wfiich event such amounts shall bea~ interest at the highat rate
permiuible under applicabk 1aw. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hcrcunder.
& Iespectio~. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided
that Lender shall give Horrower notice prior to any such inspection specifying reasonabk cause therefor related to Lender':
interest in the Property.
9. Comlemaalbn. The proceeds of any award or claim fo~ damages, diroct or consequential, in connectan with any
condemnation or oiher taking of the Property, or pan thereof, o~ for conveyance irt lieu of co~demnatioo. are hereby assigned
and shall be paid to L.ender.
In ~he event of a total taking of the Propeny, the proceeds chall be applied to the sums secured by this Mortgage.
with the excess, if any, paid to Borrower. Tn the event of a partial taking of the Property. unkss Borrower and I.ender
otherwix agrce in writing, there shall be applied to the sums secured by this Mortgage• such ~prupor~ion of the procoeds
as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of
taking bears to the fair market -value of the Propehy immediately prior to the date of taking, with the balance of the pmcxds
paid to Borrower. ' .
If the Propetty is abandoned by Borrower, or if, after notice by Lender to Bomower that the condemnor otfers to malce
~n award or settle a claim for damages, Borrower fails to respond to ~ender within 30 days after the date such notice is
mailed, I.ender is suthoriud to collcet and apply the proceeds. at i.ende~
s option, either to ratoration or repair of the
Propeny or to the sums securcd by this Mort~tage. ~
Unlas Le~der and Borrower otherwise agrce in writing, any such application of proceeds to principal shall not extend
or postpone the due date of the monthly installments refeRed to in paragraphs 1 and 2 hereof or change the amount of
such installrtlents.
10. Bore~uwer Nof Rekased. Extension of the time for payment or modification of amortizatior~ of the sums secuoed
by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to rekase, in any manner.
the liabiliry of the original Borrower and Borrower s successors in interat. Lender shall not be roquired to commence
proceedings agai~st such succeuor or refuse to extend time for payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's wcctssors in interest.
ll. For6ear~nce lry Lender Not a Watver. Any forbearance by Lender in exercising any right or rcmedy hcreunder, or
otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or nmedy.
The proc~vement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Leader's
right to accelerate the maturiry of the indebtedness secured hy this Mortgage. ~ - '
l2. Remedia C~muhtfve. All rcmedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurr~ently. independently or successively.
13. Saccessors snd Assi~ns Eouad: Jofut aud 3everd Liability; Captions. The covenants and agreements herein
contained shal) bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borcower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several.
The captions and headings of the paragraphs of this Mortgage are for convenience only and are. not to be u~ed to
interpret or define the provisions hereof.
14. Notlce. Except for any notice rcquired 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 Property Address or at such other address as Borrowe~~ may desigoate by notice Co T.ender as providcd herein, and
(b) any notice to Lender shall be given by certified mail, return receipt requested, to [.ender
s address stated herein or to
~ such other address as Lender may designate by notice to Borrower az provided herein. Any notice provided for in this.
j Mortgage shall be dcemed to have bcen given to Borrower or Lender when given in the manner designated hercin.
; l5. Uniform Mort~a~e; Go~ernin~ I.aw; Severabaity. This form of mortgage combines uniform covenants for national
~ use and non-uniform covenants with limited variations by juriscliction to constitute_ a uniform security instroment covering
~ real property. "Itiis Mortgage shall be governed hy the law of the jurisdiction in which the Property is Iocated. In the
{ event that any provision or clause of this Mortgage or the Note conflicts with applicabk law, such conflict shall not affect
f other provisions of this Mortgage or the Note which can be given effect without ihe conflicting provision, and to this
end the provisions of the Mortgage and the Note are JeClared to be severable.
I 16. Bormwe~'s Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the timo
of execution or a[ter recordation hereof.
17. Traesfer of t6e Property; Assumption. 1f all or any part of the Property or an interest therein is sold or transferred
by Borrower without I.eoder'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.
dexent or by operation of law upon the death of a joint tenant or (d1 the grant of any leasehold interat of three years or less
not containing aa option to purchase. Lender may. at Lender s 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 transfer. Lender
and the person to whom the Propeny is to be sold or transferred reach agreement in writing ihat the credit of such person
is satisfactory to I.ereder and that the interest payable ~n the sums secured by this Mortgage shall be at such rate as Lender
shall rcquest. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's succexsor in
interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all
obligations under this Mortgage and theNote.
if Lender exercises such option to accelerate. I.enckr shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a periocl of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period,
Lender may, without further notice or demand o~ Borrower, invoke an~• remedies permitted by paragraph 18 hereof.
Notv-Ux~FORi?t CovEx~rrrs. Bonower and Lender further covenant and agrce as follows: ~
18. Acceleratbn; Remedks. E:cept as pmvided ia p~rrsrapb 17 hereof, upoo Eorrower's breac6 of aey co~eaaet or
agrcement of Borrower ia tbh Mortgs~e, inctodin` tbe coveuaats to pay wkee dae aoy soms xcored by thk Mortaaje, Gender
prior to sccekntba s6aN mag aotke to dorrower as pmvWed ie puaaraph 14 6enoE specif~: (1) t6e breacb; (2) tbe action ~
required to cure s-ne6 breac6; (3) a date, not las tban 30 days from the date t6e notice 4 ma8ed to Borrower, by whic6 soc6
bresch must be cared; aad (4) that failnre to curc sach brcach oa or betore tbe date speci6ed fs tbe notice atar raok h
accekratloa of tbe sums secared by this Mortga~e, toreclosure by judkial proceedio~ ~d sale ot tbe Property. 'tl~e aotlce
shall further iafor~a Eorrower o[ the riSht to reinstate after accekration and t6e ri~6t fo assart ia tbe toreclosure proctedL~
t6e noa-exasteoce of a detault or aoy other deEense of Borrower to accekration aad foreclosurc. if tbe bresc6 i~ aot cured o¦
or before t6e date specitied jn t6e ootke. I.ender st Leoder's optba may declare aN oE tbe snms secared by t6is Mortaa`e b be
immedmtely dne and payabk witbont fartber demaad and may forecbse thLs Mort~a6e by jodicid proceed~. Le~der shall
be entided to colkct in sach proceediag all expeosa of foreclosarc, includins, bot not limlted to, rea,onsbk attoroe~s fea,
and costs ot docnmentary erldeoce, s6strscts and title c~ports.
19. Borrowe~'s Ri~ht to Rein~tMe. Notwithstanding Lender s accekration of the sums securcd by this Mortgage.
Borrower shall have the right to have any proceedings hegun by Lender to enforce this Mortgage discontinued at any time
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