HomeMy WebLinkAbout1722 Lcn~eri written g .msnt M applicabk law. Borrower shat pa} the amount of mortgage inwrartce premiums in the
manner provided ur.dcr paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7, with tntercst thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. llnlesc Borrower next Lender agree to other terms ~•r payment, such
amcxrnts shall he payabk upon notice from Lender to &•rmwer regtrecting payment lhereoL and shall he..: interest from the
date of dicbursernent at the rate payable from tithe to time un 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. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hcrcuttder.
Insirectioa. Lender may make or cauu to t+e made rcaconahle entries upon and inspections of the Property, provided
that 1 ender shall give Borrower notice pric+r to any such inspection specifying reasonable cause therefor related to Lender's
interest in the Property. •
9. Cwrdemastion. The pn+reeds of any award or claim for damages. direct or rnnsequential, in connection with any
condemnation or other taking of the Property. or part thereof, or for c??nveyance in lieu of condemnation, arc hereby assigned
ands ?all be paid to Lender.
1 ~ the event of a total taking of the Property. the pn+cceds shall he applied to the sums secured by this Mortgage, a
witF the escess, if any. paid t~• Borrower. In the event c+f a partial faking of the Property, unless Borrower and Lender
otherwise agree in writing. there shall he applied m the wmc secured by this Mortgage such proportion of the proceeds
as is equal to that proportion which the amuu~+t r+( the sum..ecured by this Mortgage immediately prior to the date of
taking bears to the fair market valor i+f the Property immrdiatcl~• prior to the date of taking, with the balance of the proceeds
paid to Borrower.
If the Properly is abandone.l hs Bcv.~•wcr..~r after notice by Lender to Borrower that the condemnor offers to make
an award or settle a claim for d:uuaes. B~vr;;wer f:rls to rester+nd to Lender within i0 days after the date such notice is
mailed. Lender is authorized to collet t aed apl•I~ the proceeds. at lender ~ option, either to restoration or repair of the s
Property or to the sum. secured h~ thi. 1lortgatr
Unl°ss Ler:der and Born+wer otherwise agree in writu+~•. am• such application of proceeds to principal shall not extend '
or p?xtpone the dt?c date of the monthh• installments rrkrred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Not Released. Estencion of the time h+r payment or modification of amortization of the sums secured
by this Mortgage granted M• I ender t~• ans• cucccaor in intcre.t of Borrower shall not operate to release. in any manner,
the liability of the original Borrower :?nd Bormw•er's strcressr?rc in interest. lender shall not he required to rnmmence
proceedings against sech successor or refuse to emend time for payment or otherwise modify amortizat?rnr of the sums
secured by this Mortgage by reason o! am• demand made hs the ~uieir.al Born?we? and Borrowers successors in interest.
11. Forbearance 6y i.ender \r?t a Wainer. :1n~ G+rtkarar+rr 1 : ceder in e~ercicing any right or remedy hereunder, or
otherwise afforded by applicable law. shall nr+t he a waiver r•f :~r precnrdr the exercise of any such right or remedy.
The procurement of insurance or the payment of lases or other liens .+r charges M• I.cnder shall not he a waiver of Lender's `
right to accelerate the maturity of the indehtednesc secured M this !11~~nLice.
12. Remedies Cumulative. All remedies provided in this ~lortg.rie art distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or eyuity• and may ~ esrrrrseJ concurrently. independently or sue .essively. _
13. Successors and Assigns Borrnd: Joint and Seserrl i.iabilit}~; ('aptionc. The covenants and agreemen c herein
contained shall bind, and the rights hereunder shalt :Wore to. the respective successors and assigns of Lender and Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jolty and several.
The captions and headings of the paragraphs of this Alortgagc arc for convenience only and are not to be used to
interpret or define the provisions hereof.
14. Notice. Except for any notice required under applicable law to be given in another manner. fa) any notice to
Borrower provided far in this ~tortLate sh;rll tx ghrn hs~ mailing such nulice by certified mail addressed to Borrower at
the Property Address or at such ~+thcr .~Jdres. as B~~rr.+wcr urns' designate by notice tc+ Lender as provided herein. and
Ib) any notice to Lender shall he gi+•en by cenified mail. return receipt requested. to Lenders address stated herein or to
such other address as Lender may designate by notice tc+ Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to base t+ccn even to Borrower or Lender when given in the manner designated herein.
15. Uniform Mortgage: Gos~erning T.aw: Seserai?ilih. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited canatianc h~ jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall t+e governed hs the law of the jurisdiction in which the Property is located. in the
event that any provision or clause of this ?~tortgaee .•r the ?dote rnnflicts with applicable law'. such conflict shall not affect `r
other provisions of this Mortgage or the ~otr whrch ran t+e given effect without the conflicting provision, and to this
end the provisions of tl?e Mortgage and the mute are declared to he severable.
' 16. Borrower's Copy. Borrower shall he furnished cc•nformed top; of the vote and of this Mortgage at the time
of execution or after recordation hereof. •
v 17. Transfer of the Propert~•: Ascumpti+?n. It al: or am part of the Property or an interest therein is sold or transferred
} by Borrower without Lender's prier written .onsent. esrluding lal the creation of a lien or encumbrance subordinate to
this Mortgage. (hl the creation of a pursh.ne m~•Jre+ .gentles- interest for household appliances. (c) a transfer by devise.
s descent or by operation of law' upon the death of , i„int tenant or (d? the grant of an}• leasehold interest of three years or less
g not containing an option to purchase. I ender mas.:n 1 finder's option. declare all the sums secured M• this Mortgage.tci be
6 immediatel}• due and payable. Lender shall base ss:us•gd such option tc+ accelerate if. prior to the sale or transfer. Lender
and the person to whom the Property is to t+g .ol.l or transferred reach agreement in writing that the credit of wch person
' is satisfactory to Lender and that the interest payat•le on the sums secured by this Mortgage shall be at such rate ac Lender }
shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
~ interest has executed a written assumption agreement accepted in writing h}• Lender. Lender shall release Borrower from all
~ obligations under this Mortgage and the Note.
I If Lender exercises such option t~ accelerate. Lender shall mail Borrower notice of acceleration in accordance s. ith
paragraph 14 hereof. Such notice shall provide a period of not lest 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 ro the expiration of such pencxi.
_ Lender ma}•. without further notice or demand on Borrower. invoke any remedies permitted by paragraph 13 hereof.
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NON-UNIFORM COVENANTS. Borrower and (.ender further covenant and agree as follows s
18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or
w a6reement of Borrower in this Mortgage, including the covenants to pay when due any sours secured by this Mortgage. Lender
_ prior to accekration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach:/21 the action
required to cure such breach; (3) s date, not less than 30 days from the date the notice is mailed to Borrower, by which such
breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in
sccekratiar of the sums secured by this Mortgage. foreclosure by judicial proceeding sod sale of the Property. The notice
.bap further inform Borrower of the right to reinstate after accekration and the right to assert in the foreclosure proctednn6 '
the non-existence of a defauN or any other defence of Borrower to acceleration sod forecbsure. If the breach is not cured on
or before the date specified in the notice. lender at Lender's option may declare afi of the sours secured by this MortRatr,e to be
immediately due and payabk without further dem:md and may foreclose this Mortgage by judicisl proceedirrR. Len4rr shall
be eotitkd to colket in such proceeding all expenses of foreclosure, including. but not limited to. reasonable :•tb?rne.'s fees,
atttd costs of .:uco~oentary evidence. abstracts sod tick reports.
~ 19. Borrower's RiRbt to Reinstate. Notwithstanding lenders acceleration of the sums secured by the Mortgage,
Borrower shall have the right to have any proceeding, begun by Lender to enforce this Mortgage discontinued it am~ time
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