HomeMy WebLinkAbout1696 Lender i writtet+ _m~nt or applicable law. Harrower chair pay the amount u[ mortgage inwrance pRmiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7, with intercs+ Sheeran, shall become addition.:
indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lentkr agree to ather terms rt payment, Such
amounts shall be payable upon ncui~Y fmm Lender to Harrower reyttcuing payment thcrcol and shall he..r interest from the
date of disbursement at the rate payable fmm time to time on outstanding principal under the Note unless payment of
interest at such rate would be contrary to applicable law, in which event such amounts shall hear interest at the highest rate
permissible under applicable law. Northing contained in this paragraph 7 shall require lender to incur any expense or take
any action Ftcrcuttder.
ft. Inspection. Lender may make r•r carise to he made reaconahle entries upan and insptclions of the Property, provided
that lender shall give Harrower native prior to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property.
9. Cotdemtnatiion. The prcxeedc of any award ar claim for damages, direct ar rnnsequential, in rnnnectian with any
condemnation or other taking of the Property. or part thereof. ar for conveyance in lieu of condemnation, are hereby assigned
ands +all he paid to I.cndcr.
I,i the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage,
with the excess, it any, paid to Harrower. In the event of a partial taking of the Property, unless Harrower and Lender
otherwise agree in writing. there shall he applied to the wmc secured by chic Mortgage such proportion of the proceeds ti
as is equal to that propc.rtion which the amotaa ++1 the sums secured by this Mortgage immediately prior to the date of
taking bears to the fair market vahn; of the Property imnmdiately pricer to the date of taking, with the balance of the proceeds
paid to Borrower.
If the Property is abandoned hc• &u.+w+•cr. ur rL after notice by Lender to Borrower that the condemnor offers to make
an award or settle a claim far dam,,es. H.~rn~wer faa, to rcsru+nd to i.ender within 30 days after the date such notice is _
mailed. i.ender is authorized to collect :red aprh• Stir proceeds, at Lender's option, either to restoration ar repair of the
Property ar to the sums secured M' Stile Morteaze
l.'nlesc Lender and Harrower otherwise agree in writinz. am• wch applicatian of proxeeds to principal shall not extend
or postpone the due date of the mrnuhh• installmcntc rrf~rrcd to in p::ragraphc 1 and 2 hereof or change the amaunt of
such irtslallme~ts
10. Borrower Not Released. E~tencian of the time for payment or madificatian of amortizatian of the sums secured
>^y this Mortgage granted by 1 ender to anv cuccccau in interest of Borrower shall not operate t~ release. in any manner.
t}tc liability rf the original Borrower and &•rrower'c successors in interest. Lender shall not he required to commence
proceedings against such strccesse?r or refi,cc to extend time far payment or otherwise madify amartizahou of the wmc
secured by this Mortgage by reau.n of am• demand made M the ~•rieinal Harrower and Borrowers successarc in imerect.
11. Forbearance by lender Nat a Waiver. :1m forhe~rancr I : ~dcr in e~crcising am• right or remedy hereunder, or
otherwise affarded by applicable law. shall not Le a waiver <~f ..r preclude the exercise of am• such right or remedy.
The procurement of insurance or the payment of ta~ec or other liens or charges by Lender shall not he a waiver of Lender's ;
right to accelerate the maturity of the indebtednes sccun-ci M• this ~tort~at:e.
12. Remedies Cumulative.. All remedies provided in this ~1c~rtgage are distinct and cumulative fo any rnher right ar
remedy under this Mortgage or afforded by law or cyuity. and may hr exercised concurrently. independently ar sac -essively.
13. Snecessors and Assigns Bound: Joint and Several Liability; Captions. The covenants and agreemen s herein
contained shall hind, and the rights hereunder shat) inure to. the respective successors and assigns of Lender aced Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Harrower shall be join) and several
The captions and headings of the paragraphs of this Mortgage are far convenience only and are nrn to he used to
interpret or define the provisions hereof.
14. Notice. Except far any native rcyr,ired under,applicable law to be given in another manner. (a) any Halite to
Borrower provided for in this Mortgage shall he given h~• mailing Such notice by certified mail addressed to Barmw•er at
the Property Address or at such attic: ;uldrrss ac H~+rr+~wcr mas• designate by native to i.ender as provided herein. and
(h) anV notice to Lender shall he given by certified mail. return receipt requested. to Lenders address stated herein ar to
such other address as Lender may dccienatc by notice to Borrower as provided herein. Any noti_c provided for in this
Mortgage shall be deemed to hate peen even to Horn•wer ur Lender when given in the manner designated herein.
15. Uniform Mortgage: Covernirt>; Ias+: Severabilit~~. This form of mortgage combines uniform covenants for national
use and Han-uniform covenants with limite+l variations by jurisdiction to canstintte a uniform security instrument covering
real property. This Mortgage shall be governed hv~ the law of the jurisdictian in which the Property is located. in the
event that any provision or clause of this 1.lortg:,ec or the Note conflicts with applicable law. such conflict shall not affect
other provisians of this Martgage or the Note which can the ¢iven effect without the conflicting provision, and to this
end the provisions of the 141ortgagc and the ~o1e arc ~Icclarcd to be severable.
16. Borrower's Copy. Harrower shall t+e furnished a confirmed cap} of the Note and of this Mortgage at the time _
of execution it after recordation hereof.
t 17. Transfer of the Property; Assumption. II :+C +•r anv part of the Property or an interest therein is said or transferred
by Borrower without Lender's prior writrcn sument. excluding (a1 the creatiin of a lien ar encumbrance subordinate to
this Mortgage. (61 the creation of a purrh.rse m~•nec security interest for hiusehild appliances. Ic1 a transfer by devise.
descent it by aperation of law upin the death of a i~~m! tenant +~r (d? the grant if am• leasehold interest if three years or loss
4 not containing an iption ti purchase. 1 ender m:n_•.:+t 1 tinder's option. declare all the sums secured by this Mortgage to•be
immediateh• due and payable. Lender shall have v+an•ed such iption ti accelerate if. pricer to the sale or transfer. Lender
f and the person to wham the Property is to f?e .i1J or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest payable in the sums secured by this Mortgage shall be at such rate as Lender
shall request. If Lender has waived the iptiin to accelerate provided in this paragraph 17, and if Harrower ~ succecsar in
interest has executed a written assumption agreement accepted in writing by (.ender, Lender shall release Borrower from all
a obligations under this Mortgage and the Nate.
r If Lender exercises such option ti accelerate. Lender shall mail Borrower notice of acceleration in accordance ~+ith
paragraph !4 hereof. Such notice ch:?II pravide a periid of Hat lest than 30 days tram the date the notice is mailed within
which Borrower may pay the sums declared due. If Harrower fails to pay such sums prior to the expiratian of such pen+xl.
Lender may. without further native it demand nn Horrowcr. invikc any remedies permitted by paragraph 13 hercif.
j Norv-UrttFOatit Cove:vxrvTS. Borrower and Lender further covenant and agree as follows:
g lg. Acceleration; Remedies. Except as pmvidtd in parsgraph 17 hereof, npon Borrower's breach of any covenant or
( agreement of Borrower in Ibis MortgaAr, including the covenants to pay when dne any snms secnred by this Mortgage, Lender
prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (21 the action
required to cure such breach; (3) a date, not less than 30 days from the date the ratite is mailed to >:orrower. by Khich wch
bresch mrnt be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in
accekntion of the sums secnred by this Mortgage. foreclosure by judicial proceeding and ssk of the Property. The notice
shall fnrther inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding l
the twn-existence of a default or am other defense of Borrower to acceleration and forecbsure. If the brexh is not cured on ~
or before the date specified in the notice. lender at Lender's option may declare all of the snms secnred by this Mortgtge to be ~
immediately due and payable without further dem:,nd and rosy foreclose this Mortgage by judicial proceeding. I.en+trr shall
be entitled to collect in such procecdirtg a8 expenses of foreclosure, includiug, but not limited to, reasonable ~ta,rnr:'s fees.
and costs of .:uco~oentary evidence. abstracts and title reports.
19. Botrowe~'c Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by thr• Mortgage,
Borrower shall have the right to have any pra;eedrngs begun by Lender to enforce this Mortgage discontinued it any time i
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