HomeMy WebLinkAbout2274 I cmlrr's wnttcn agreement ??r apphc;thle law. B~~rruwer shall p:t} the amount of all tnortY:lgc n,ur.ut~~ lstAt~ts ut the
manner {trovided under paragraph 2 hereof.
~)n+' ,nn,auits di.hursed h} 1 cndcr punu.uu t,~ this {?ar.~~rrph 7. ++ith uttere,t thereon. .hall hec,+nu• additional
indchrcdnc,s of Burr+twcr secured M this At,~rteag~ ! nlc,s Bt~rro++cr and : curler agree to other team al pa~•mcnt..uch
;unounts ,hall etc pavahle a{,<at notice fr,~m I cndcr to B,vrrt++cr rr~!uc,ting {t.ryntcnt therc~+f. and ,hall Ix•:u interest fmm the
.I:ae of di.hursement at the rate pa+•:IWe front time Io time on outstanding principal under the \ote unless payment of
interest at su;h rate +rouhl be contran• t+? :?pplirahlc L,w, in ++hich event such am.amts .h;rll hear interest at the highcd rate
permiscihlc under applicahle law. N+tthing contained in this paragraph 7 shall require Lender to incur any esixnce or take
any action hereunder.
8. Inspection. Lcnacr may m:+ke rr:ausc to I+c made rcasonahle entries u{xm and inc{te;tiuns of the Pr<t{?erty. provided
that 1 ender shall give Burrower notice prior to any such impaction spccih•ing reasonable c:atse thcreGtr related Io Lender's
interest in the Properh•.
9. Condemnation. The pn?oced>rc~aiti)~~v~•ard or claim fur danlaLl`S, direct or consequential. in connection with am•
condemnation ter other taking of the Property, or part thereof. or for conveyance in lieu of oondemnatian. arc hercM• assigned
and sh;11 he paid to Lender.
In the event of a total taking of the Property. the prckeeds shall t?e applied to the acme cecnrrd M• Chic Mortgage-
with the escccc, if any. paid to Borrower. In the event of a partial takine of the Propert}•. trnlea Borrower and lender
ltlherwlK agree in writing. there shall Ile applied to the sums atcurcd M this Mortgage such proportion ?tf the proceeds
as is cyual to that pntp+trtiort which the amount of the sums secured h} this Mortgage immediateh• prior to the date of
taking brace to the fair market value of the Property immediateh• prior to the .late of taking. with the halanoc of the pntceeds
paid t., Borrower.
If the Property is abandoned by Borrower, or if. after Holier by Lender to Borrower that the rnndemnor offers to make
an award ar settle a claim for damages. &trntwer fail. nt res{xtnd ht I cndcr within ?(3 das•s after the date such notice is
mailed. Lender is authorized to collect and apply the proceeds. at lender's option, either to restoration or repair of the
Pmpe: tc or to the cams scoured by this I?iortgage.
Unless Lender and Bornw+cr ctthen+ise agree in ++ritinc. any such application of proceed&,lo principal shall roll estend
or postpone the dtle dare of the mrnthls• installments referred, to in paragraphs I and ~.bf'tg0[ +tr change the amount of
such installments. ~ ~ ;
10: Borrower \ot Released. i=~tcnsion of the time for vavmcnt or modification of amortization of the sums secured
M' this Mortgage granted by 1 ender to ans• successor in interest of Borrower ,hall not operate to release. in an}' manner.
the liability of the oricina) Borrower and Borrower's successors in interest. lender shall not he rryuired tr commence
pr.?credings against such successor or refuse to rstenJ time for payment or othenvi,e m+xlifv amortization of the sums
secured by this Mortgage by reason of am• demand made h+ .the +tricinal Borrower and Borrower s arccescorc in interest.
1. Forbearance by Lender \ot a Waiver. Am forhearancc by I ender in cscrcisini am• right or remedy herermder. or
t+thrrwise afforded by applicable laic. shall not tx a ++•aiver ,ti or preclude-the cserricr of any wch right or rcmcds•.
The procurement of insurance or the payment of taste rr other liens or charges M• Lender shall not F?r a waiver of I en.ler's
right to acoelrrtte the maturity of rho indchtrdncs ,e.ured by this \fortcagc.
12. Remedies Cumulative. All rcmcdi?;c pmsided in this Mortgage arc distinct :?nd cumulative to any +tther right or
remed}• under this ~torts:aee or afforded by law ~,r equity. and may he rscrciced concurrently. independently +,r succesciveh•.
13. Successors and Assigns Bound: Joint and Se?erol Liahilih': Captions. The rnvcnantc and agreement. herein
contained) shall !tind..utd the riehts hereunder shall inure to. the rrytectis•e successors and assigns of I ender and Borrower,
subject to the pn,vi,ion, ~sf paragraph 17 hereof. 111 cosrnann and agrecmeitts of &trrd+++•cr shall br i~+int and sc~~cral.
The captions ;end headings of the paragraphs of this M,trteagr are for cum•enience only and arc not to Iv: used to
intrrnrrt or define the vro+i~i++nc hereof.
14. \otice. F.xccpt for ant, notice required undler applicable law to he ei+cn in another manner. fat anc notice to
Burrower provided fur in this ~t~?rte ~e shall t?r risen hs~ m.~~line .ugh n.+ticc h? certified mail addrrs,~d a~ B++rrrnvrr at
the Pntperri• :~ddre„ or :a ,uch other adder„ as Borrower may dc,icnate hs n+~tice at I cndcr as provided herein. and
Ihl ;m. notice to 1 ender ,hall Itr ~icen by certified mail. reuin, rcceitn reuuc,ted. to I en.ler's addre;c stated heroin or to
,uch other addres, as Lcndrr may designate h~ notice t+t B~~rr~~wer as provided herein. :1ny notice pnx•ided for in this
Vurtgagc shall Itr deemed to have been ki+'en to Borrower or I cndcr whin given in the manner desirnatcd herein.
15. l'niform ~1ort>;a>;e: Covernint: Law: Severabilih. 'hhi, form of mortgage c.+mhines tmiform covenants for national
use and non-uniform rovrnant, with limited) +•anatiun, by juri,dlictiun to constiurtc a unifornt security instrument covering
real pntpcrtc. This Mortgage shall F?c guvented by the law rf the juri,dirtion in which the Property is Idtcatcd. in the
event that am' provision or clause of this Nuclease ~+r the \rtc conflict, with appliathle law. such conllict shall not affect
'i other pmsi,ions of this 11urt~a~c or the \ute which i:ut hr _i+cn sliest +cithuut the ronlli:ting provision- and to this
end the pnnisions <+I the ~lartea~r :aid the emote :ere declared Ftr ,ever,thle.
16. Borrower's Cope. Burrower ,hall he furnishrJ c.mf~~nttrd copy of the \otc ;+nd of this \turt~age at the time
of esecutiun or alter recordation hereof.
17. Tramfer of the Pmpertc; :lssumption. if all ur am ;tart ~tf the Property or an interest therein is ,~+Id or transferred
M• Borntwrr with,+ut Lender's prior written consent. csc?tiding tat the creatirn of a lien ctr encumbrance uthor:hnate to
I thi, Mortgage- th) the creation of a purchase nutnc+ .ecurity interest fur household appli.~ncrc, fc) a transfer ht• devise.
descent ur h}• operation of law upon the death ~+t a i~~int tenant or Id? the grant of any leasehold interest of three years or less
s not rnntaining an option to purchase- 1 cndcr may- :~t I rrder', upt:,tn. declare all the sums secured by this :1lortgage to he
j immediateh• due and payable- I ender shall ha+c waived ~~~ch option ru accrlcratc if. prior to the sale or transfer. 1-ender
and the person tot wham the Property is to t?C so!.1 or transferred reach agreement in writing that the credit of such person
is satislacton• to Lender and that the interest pacahle on the sums secured h}' this Mortgage shall t?e at such rate ac Lender
ch:dl reyurct. if Lender has wais•ed the option to accrlerttr provided in this paragraph 17- and if Borrower's successor in
interest has executed a written assumption agreement accepted in writing by Lender. I-ender shall release Borrower from all
obligations under this Mortgage and the Note.
If Lender eserricc, such option to accrlcrate. I ender shall mail Borrower notice of acceleration in acrnrdance with
paragraph Id hereof. Such notice shall pn?vide a period ,,f not less than 1n days fmm the date the notice is mailed within
which Borrower may p;IS• the some declared due. If B,~rn,wrr fails a. pas, such sums prior to the expiration of such period.
s Lender may. syithout further Holier or demand tin Borntwer. ntvol.c am remedies permrttcd by paragraph 1R hereof.
Nox-U!vtr=oR!?t COt'f.tiA?~TS. Borrower and Lender further covenant and agree as follows:
18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or
agreement of Borrower in this Mortgage, including the covenants to pay when due any cams secured by this Mortgage, i.ender
prior to accelerolion shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; 12) the action
required to cure such breach; (3) a 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
acceleration of the sums secured by this 1lortgage, foreclosure by judicial proceedirt{t! and sale of the Property. 'Ilse notice
i shall further inform Borrower of the ri{;ht to reinstate after acceleration and the right to assert in the foreclosure proceeding
the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cued on
or before the date specified in the notice. Ixnder at Lender's option may declare all of the sums secured by this NortRage to be
immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall
i= be entitled to collect in such proceeding all expenses of foreclosure. including. but not limited to, reasonable attorney's fees,
and costs of documentary evidence. abstracts and title reports.
r 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage.
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Borrower shall have the right to have any proceedings begun by Lender to enforce this. Mortgage discontinued at any time
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s~R~ ~U6 FA~F2272
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