HomeMy WebLinkAbout0900 ~ Lciuirr'~ ~~riurn agrccm~nt or applicahl~ I:~w. liarruNr? shall pa~• ~hr um.~unt o[ all mo~tg:~~.c imurancc p~rmiun~s in the
nr.inr.~r pmvidcd unJcr parag~aph 2 hcrcot.
~~ny amounts dishurs~d by Lcn~l~r pur~u:int t~~ Ihis paragr:~pfi 7, ~~ilh int~rc.t lhcreon, shali bccomc adJitional
inci;h•cd~~.•.~ ut Ror~u~~~r ~rcured hy Ihi~ 11uit~:~g~. l!nh.. Burr.~~~c~ anJ 1 rn~le~ agr« 1~~ othcr trrms of payme~t, such
arn~~::nt. ~hall t~c payablc u{~.~n n~~tirr from 1 rnJ~~ ta Borru~~~r rcyuc.~irs~ paymcnt thcn:oL anJ sh~l) tnar intcrest f~om thc
datr c~f di~hurscmcnt at thc ~atc payahk from timc to timc oo autstanding princip~l undcr ihc Notc unlccs payment of
inter~:~ at such rate ~~•ould t~e contra~y to applicable la~v, in whirh event such amounts ~hall hear interect, at the fiighest rate
pcrmissiblc u~de~ applirablc law. Notl~ing cootaincd in this paragraph 7 chall requirc i.cnder to incur any Cxpcnu or take
an~• a:tion hcrcunder.
8. Inspeclion. I.ende~ may make or cause to be made rcasonahlr enlriec upc?n and inspections of the Propert~, pravideJ
that Lrnder shall givr Borro~ver nolice prior to an~~ ~uch incpecliru cpecifying rca~onabk cause thercfur rclated to l.ender's
intcr.~c~ in thc Properly.
9. Condemnuliun. The proceeds of any av?•a~d or claim far d~mages, clirect or concequcntial, in conneclion with any
conc~rr~n;~tion or other taking of the Aropert~, or parl thereof, or for comeyance in lieu of candemnation, are hereby astigned
and +hall t+~: paid ta i.ender.
In the event of a total taking of th~ Propcr~~•, the procceds shall be applicd to the sums cccurcd by this Martgage. ~
~~ith thc c~cess, i( any, paid to Dorrov?•cr. in thc c~•cnt at a partial taking af thc Proptrty. unless Borrov?~er and I.c~dcr
other..i.c agrce in ~vriting. th~re shall be applied to ~he sums ~ecun-~1 by this Mo~tgage such proportion of the proceeds
as is equal to that pro~wrtio~ which the amount of the sumc se.urecl by this I~tortgagc immediateh prior to the date of
taking btars to thc fair market valuc of thc Prop.:~ty immediatcly prior to the date of ~aking, with the balance of thc proceeds
paid to Borrower.
lf the Property is abandoned by Barrower. or if. after notice hy Lender to Borrower that thc condcm~or oRers to make
an a~~~~rd or settle a claim for damagrs. Iiorrower tails to ~espond to I.ender within 30 days afte~ the date such notice is
mail=d. Lendcr is authorized to collect and apply thc proceeds, at i.ender's option, cither to restoration oc repair of the
Propert~~ or to the sums securcd by this rtortgagc.
L;nlesc I.ender and Borrower othenvise agree in ~•riting, any such application of pro:eeds to principal shall not extend
or poupone the due datc of the monthl~• installmcnts rcferrcd to in paragraphs 1 and 2 hereof or cfiange the amount of
such inuallmeMs.
10. Borrower 1Vot Rsleased. Extension of the time for payment or mc+dification of amortization of the sums securcd
by thi> >iongage grantcJ by I.cncler to an;• successor in intcrest of BorroK~cr shall not operatc to release, in any manner.
the iiabilit~• of the origina) Borruw•er and Barrower
s succescors in interest. I.ender shall not be required to commenee
proceedinRs against such u~cc:essor or ~efuse to extend time for payment or othervvise modity amortization of the sums
securcd b~• this Mortgage by reason of any demand madc by thc ori~inal Borrower and Borrowers successors in interest.
11. Forbearnnce by i.ender 1~'ot ~~Voi.er. An~• fort~earance by i.cader in exercising any ~ight or remcdy hereunder. or
otherwise afforded by applicable la~v, shall nat he a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of taxcs or other liens or chargec by i.ender shal) not be a waiver of Lender's
right t.~ accelerate thc maturity of the indeb~cdness cccurrd hy this. Mortgage.
l2. Remedies Cumulative. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
reme~l~• under ihis Mortgage ~r afforded b~ taw or equity, and may be exercised concurnntly. independently or successively.
13. Successon a~d Assigas Bound; Joinf and Serenl I.iability; CapHons. The covenants and agreements hercin
contain~d shall bind, and the riRhts hereunder shall inure to, the r~~spective sucttssors and assigns of Lender and Borrower.
subject to the provisions of paragraph 17 hereof. Al! covenants and agreements of Borrower shall be joiat aod several.
The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to
interpret os define the provisions hereof. • ~
14. \otice. Except for any notice rcquired unJer applicable law to be given in another manner, (a) any notice to
Barro~er provided for in this Martgage shal! be given b~ mailing such notice by certified mai) addressed to Bortower at
the Property Aitdress or at such other address as Borrower ma} designate by ~otice to T.ender as provided herein, and
(b1 an~- notice to Lender sha0 he given by ccrtified mail, retum receipt requested. to l.ender s addrcss stated hercin or to
such .~ther address as Lender may designate by notice ta Borrower as provided herein. Any notice provided for in this
l~torcgage shall be deemed to have been given to Borrower or i.cnder when given in the manner designated herein.
il 15. Uniform Mortg~r. Governin~ iaw; Severability. This form of mortgage combina unifornn covenants for national
use anJ non-uniform covenants with limited variations by juriscliction tc? constitute a uaifornt securiry instrument covering
~ real property. "iliis Mortgage shall be governed hy the law of the jufisdiction in which the Property is located. In tfie
event that any provision or clause of this Mortgage or the Note conflicts w•ith applicabk law, such conflict shall not affect
other pro~•isions of this I~tortgage or the Notc w~hich can be given etTect withot~t the conflicting provision. and to this
I end thc provisions of the Mortgage and the I~otc are declared to t~e severable.
16. Borrower's Copy. Botrower shall be [urnished a conformed copy of the Note and of this Mortgage at the time
of execution or atter rccordation hereof. .
17. Tronsfer of fhe Properfy; Assu~nption. if all or any part of the Property or an intercst therein is sold or transferred
by Borrouer without Lende~'s prior writt~n consent, excluding (al the creation of a lien or encumbrance subordinate to
this ~tortgage, (b) the crcation of a purchase mane~• security 'interest for houxhold appliances, (c) a transfe~ by devise,
descent or bp opcration of law upon the dcath of a joint tenant or (d1 the grant of any leaschold intercst of ihrce years or less
not containing an option to purchase, Lender ma~~, at Lender s option, declare all the sums secured by this Mortgage to be s
immediately due and payable. l_ender shal) have w•ri~~ed such option to accelerate if, prior to the sale or transEer. I.ender
and the person to whom the Property is to be sold ur Iransferred reach agreement in writing that the credit of such person
is satitlactory to I.ender and that the intere~t pa~•able on the sums secured by this Mortgage shall be at such rate as Lender
shalt request. lf I_ender has wai~ed the opti~n to accelerale providrd in this paragraph 17, and if Borrower's successor in
interest haa executed a written assumption agreement accepted in a~riting by LenJer, T~nder shall release Borrower from all
obligations under this Mortgage and the Note.
)f Lender exercises such option to accelerate, I.enJer shall mail Borrower notice of acceTeration in accordance with
paracraph 14 hereof. Such notice xhall provide a ptriod of not less than 30 Jays from the date the notice is mailed within
w•hich Borrower may pa~~ the sums decla?ed due. lf Borrower fails to pay such sums prior to the expiration ot such period.
I_ender ma}•. K•ithout (urthcr noticc or clcmand on Borrower, im•oke any remedies permitted by paragraph 18 hercof.
~o~-U~~FOtet?t CovFrr~rtTS. Borrower and Lender further covenant and agrce as tollows:
18. Acceleration; Remedies. Except as provided in paraRraph 17 hercof, upon Borrowe~'s hreach of any corerrant or
agreement of Borrower in thic 1ltortgage. iocluding the covenants to pay when due any sums secured by this Morfgage, i.ender
prior to acceleralion shall mail nofice to Borrower as provided in paragraph 14 hereof specifying: (1) the bnach; (2) Ihe action
required to curc such breach; (3) a date, not le+s than 30 days from Ihe date the notice is m~iled to Borrower. by which anch
breach must be cured; and (4) Ihat tailure to cure such breach on or before the date sQeci6ed in the notice may ranlt in
Acceleration of Ihe sums secured by this i~iortgage, fonclosure by judicial- proceeding and sale of the Prope~. 'll~e nMice •
sh~tl further inform Borrower of the right to rtinst~te after acceleratian and the right to acsert jn lhe foreclosure proceeding
the non•existence of a deFault or any other defense of Rorrower to acceleration and forecbsure. lf the breach is not cured on
or beforc ~he date specified in the notice. I.ender at i.ender's option may declare all of Ihe sums secured bv this 1?torlRage !o be
imrnrdietel~~ due and payable wilhout further de~nand 3nd may farecluse this Mortgage by judicial proceeding. I.endtr sh~fl
be entitled to collect in such proceeding all expenses of forectosure. including. but not limittd to, reasonable Attorney's fees,
and co~tc oF documentary evidence, sbctracts and title reports.
19, [forrower's Righl to Reinslate. Nvtwithstanding LenJer's acceleration of the sums secured by Ihis Mortgage.
Borro.~rr shall have the right to have an~• proceedings he~;un by~ 1_ender to enforce this ~tortgage discontinued at any time
Boox 257 ~ 896
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