HomeMy WebLinkAbout0993 ' Le~der's written agreement or applicable law. Borrower shall pay the amount of all mortgage i~surance premiums irt ihe
manne~ provided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrowe~ and Le~cler ag~~~ to other terms of payment. such
amounts shall be payable upon notice from Lende~ ta Aorrower requesting payment thcreof, and shall bear interest from the ~
date of disbursement at the rate payable from time to time on outstanding principal under the Note unless paymant ot
interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder. -
8. Inspectioa. Lender may make or cause to betnade reasonable entries upon and inspectians of the Property, provided
that Lender shall give Borrower notice p~ior to any such inspection specifying rcasonable cause therefor related to Lender's
interest in the Property.
9. Coademnstbn. The proceeds of any award or claim for damages, direct or consequential, in connection wi!h any
condemnatian or other taking of the Property, or part thereaf, or for conveyance in lieu of condemnation, are hereby assigned
and shall be paid to Lende~.
In the event of a total taking of the Proper!y. the proceeds shall be applied to the cums secured by this Mortgage.
with the excess, if any, paid to Borrower. I~ the event of a partial taking of the Property, unless Borrower and I.ender
otherwise agree i~ writing. there shall be applied to the sums secured by thi~ Mor~gage such proportion of the proceeds
as is equai to that proportion which the amount of the sumc secured by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Propcrty immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
if the Property is abandoneei b~• Bormwer, or if. after notice by Lender to Bormwer that the condemnor offers to make
an award or settle a claim for damages, Borrower fails to respond ~o l.ender within 30 days after the date such notice is
mailed. Lender is authorized to callect and apply the proceeds, at i.ender's option, either to restoration or repair of the ~
Property or to the sums sccured b~• this Mortgage.
Urtless Lender and Borrower otherwise agree in ~~~ritine. an~• such application of proceeds to principal shall not extend
or postpone the due date of the monthly installmcnts ref~rrcd to in paragraphs 1 a~d 2 hereof or change the amount of
s~c ~ ::~staltments.
10. Bormwer Not Released. Extensiorr of the time for payment or mc~dification of amortization of the sums secured
by this Mortgage granted by I_ender to am~ ~uccessor in interect of Borrower ~hall not operate to release, in any manner,
the liability of the oricinal Borrow~er and Borrower'c succescors in interest. I.ender shall not be required to eommence
proceedings against such successor .}r refuse to exte~d time for payment or otherv?~ise mcxlify amortization of the sums
secured bp this Mortgag~ hp reason of an~~ demand made b~• the orieinal BormW~er and Bormwer s successors in interest.
ll. Forbesrance by I.ender Not a Wai~•er. Am~ forhearance by 1_ender in exercising any right or remedy hereunder, or
otherwise afforded by applicable law. shall not he a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of ta~cs c?r other liens or charges by I_ender shall not be a waiver of Lender's
right to accelerate the maturih~ of the indebte~ness ~ecured h~• thia Mongage.
12. Remedies Cumulative. Al) rcmedies pro~•ided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law~ or equity. and ma~~ he exercised concurmntly, independently or successively.
13. Successors and AssiRns Bound; Joiat and Se~•eral i.iability; faptions. The covenants and agreements herein
contained shall bind, and the reRhts hereunder shall imire to. the re~pective successors and assigns of Lender and Borrower,
subject to the.provisions of paragraph 17 hereof. All covenants and aereements of Borrower shall be joint and several.
The captions and headingz of the paraeraph~ of thic Aiorteaec are for convenience only and are not to be used to
interpret or define the provicions hereof.
I4. Notice. Except for any notice rcqiiired under applicable laa to be given in another manner, (a) any notice to
Borrower provided for in this Mortgaee shall he given h~• mailine ~uch notice b)• certified mail addressed to Bonower at
the Property Address or at such other address as Borr~wrr ma~• designate by notice to I.ender as provided herein, and
(b) any notice to Lender shall be given by certified mail. rcturn receipt requected. fo I.ender s address stated herein or to
such other address as Lender may designate b~~ notice t~ Borm~~er as pro~•ided herein. Any notice provided for in this
Mortgage shall be deemed to have been given Io Bormwcr or l.cnder w~hcn given in the manner designated herein.
15. Uniform Mort~;a~;e: Go~ernin~ La.r; Se.erability. Thi~ form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by j~:riseiiction to_constitute a uniform security instniment covering
~ ~a! property. This Mortgage shall be governed hy the law~ of ihe juri~diction in which the Property is located. tn the .
! event.that any provision or clause of thic Mortgaee or the T~ote conflicts ..•ith applicable law. such conflict shall not af~ect
~ other provisions of this Mortgage or the Note w~hich can be eiven effect ~~~ithout the conflicting provision, and to this
end the provisions of the Mortgage and the Notc are ~Icclared to be severablc.
16. Bomower's.Copy. Borrow~er shall be furnished a conformed cop~• of the Note and of this Mortgage at the time
~ of execution or after recordation hereof._
17. Trnnsfer of the Property; Assumption. . if all or an}• part of the Pmperty or an interest therein is sold or transferred
by Borrower without Lender's prior written consent, e~cluding (al the creation of a lien or encumbrance subordinate to
this Mostgage. (b) the creation of a purchase money securit~~ interest for household appliances, (cl a transfer by devise,
descent or by operation of law~ upon the death of a joint tenant or (dl the grant of any leasehold interest of three years or less
not containing an option to purchase. I_ender may, at 1_ender's option. declare all the sums secured by this.Mortgage to be
immediately due and payable. Lendrr shall have w•aived such option to accelerate if. prior to the ;ale or transfer, Lender
and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person
~ is satisfactory to L.ender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
shall request. Tf Lender has waived the option to accelerate provided in this paragraph 17, and if Bottower's successor in
~ interest has executed a writ!en assumption agreement accepted in writing by i_ender, Lender shall release Borrower from all
~ obligations under this Mortgage and the Note.
~ If Lender exercises such option to accelerate. i.ender shall mail Borrov?•er notice of acceleration in accordance with
~ paragraph 14 hereof. Such notice shall provide a period of not Iess 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 soms prior to the expiration of such period,
~ Lender may, without further notice or demand on Korrower, invoke any remedies permitted by paragraph 18 hereof.
~ Norv-Utv~FOrei?t Covetv~xTS. Borrower and 1_ender further covenant and agree as follows:
18. Accel~ratan; Remedies. E:cept as provided in paragraph 17 heeeof, opon Borrower's breach of any coveoant or
' agreemept of Borrower in t6i~ Mortgage, includi~ tl~e coveaants to pay when due any sums secured by this Mortgage, Lender
~ prlor to accekratioa shall m~l ootice to Borrower as provided in paragraph 14 hereof specifying: (1) t6e brwc6; (2j the action
required to cure sach breacb; (3) a date, not less than 30 days fmm the date the notice is mailed to Borrower, by whic6 soc6
~ brench must be cnred; and (4) that failuro to cure such breach on or before t6e date speci6ed in tbe noHce may resnlt in
~ accekratioa of t6e som4 secared by this Mort~age, forecbsurc by iadicial proceedin~ aad sale of the Property. '1Le notke
g shall further inform Borrower of the rig6t to rci~fafe after ~cctleration and the right to assert ie the forcclosure proc~
~ t6e oon-existence of a defank or any other defense of Borrower to accekration and foreclosnre. If tl~e brcach is oot c~md o0
or beforc the date specified io tbe notice, I.ender at Lende~'s option may declare aq of t6e so~ secnred by t6is Mort=a~e b 6e
~ immediatdy doe and payable wit6ont further demand and may foreclose this Mortgn6e by judicW proceediu~. Leoder s6a11
be entifled to collect ia snc6 proceediag all expeoses of forecbwrc, includiog, bnt aot limited to, reasounbk sittone~s fees,
~ and costs of documeatary evidence, abstractt and titk reporta.
19. Borrower's Rig6t to Reiffit~e. Notwithstanding Lender s acceleration of the sutns secured by this Mortgage.
' Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinuod at any time
FORM-3t6 (3 of p VD~K 435 PbCF 992
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