HomeMy WebLinkAbout2512 Lender's written .b emcnt or applicable law. Borrower chair pay the anwunt c.I mortgage iti•urattce premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by !.ender pur.uant to this paragraph 7, with enters.' thereon, shall become addition:.
inckbledness of Borrower secured by this Mortgage. Unless Borrower and Lender agR~e to other terms .+i payment, such
amounts shall be payabk upon notice from Lender to Borrower requesting payment thereof, and ~hatl he..: interest from the
date of disbursement at the rate payable from time to time r?n outstanding principal under the Note unless payment of
interest at such rate would be contrary to •rpplicable 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. Ins~ecfion. Lender may make or car,sc to he made reasonable entries upon and inspections of the Property, provided
that Lender shall give BorSotrror noti~~e prior to any such inspection specifying n:asonable cause therefor related to fender's
interest in the Property.
9. Condemnation. The proceeds of any award ar Maim for damages, direct or rnnsequential, in connection with any
condemnation or other taking of the Property. ur part tAercof, or for conveyance in lieu of condemnation, are hereby assigned
and s rail I+e paid to 1.cndcr. •
1 i the event of a total taking of the Property. the pn.cecds shall he applied to the sums secured by this Mortgage,
with the excess, if any. paid to Borrower- In the event of a partial taking of the Property, unless Borrower and Lender !
otherwise agree in writing. (here shall Ix; applied to the sunx secured by This Mortgage such proportion of the proceeds
as is equal to that proportion which the amount of tt.r sums se: tired by this Mortgage immediately prior to the date of s
taking bears to the fair market valor of the Pmpem immediateh• pricer to the date of taking, with the balance of the proceeds
paid to Borrower.
1f the Property is abandoned h~ B+.,,,~w~er ~~r +f :+f?rr n++ticc by 1 ender tc• Bormwer that the condemnor offers to make
an award or settle a claim for damaes. R• rr •wer f.r.l. tr res~~ratd to 1 ender within i0 days after the date such notice is
mailed. Lcndcr is authorized to collet :+rd ap!~!ti ,t~: ~rocecds. at I enders option, either to restoration or repair of the
Proper+y or to the sums secured hr th,. \1orl~zaec
Unless Lender and Borns+er otherwise agree in ~+rrlnr_• any su:h application of proceeds to principal shall not extend
or postpone the due .late of the month!. in.t,dlmcnts rr~~rred to in para~:raphs 1 and 2 hereof or change the amount of
;uch installments
1G. Borro~+•er Not Released. 1'stension of the tmn for pavmrnt o, modification of amortization of the sums secured
by this Mortgage granted by 1 ender t~~ :urs• wcccsu+r in interr.t of Borrcmwcr shall not ope~are to release, in any manner.
the IiabiGry of the original Born+wcr :+nd Borrower's a,cccss~+rs ,n interest lender shall not he rcyuired to commence
pnoceedmgs against such successor or refuse to earn, t,me fr+r ; n;nrnt ur Mhercise mcxlifv amortiratuou of the sums
securest by this Mortgage by reason of .mr demand made h. i,^r~l Born++cc, and Barr.+wers successors in intereq.
11. Forbearance by i.ender'.Vot a Wai.cr. :gym f~+rhear:++n r ' • ' . ^~'c r ire eocrcisrnti' am• right or remedy hereunder. or
otherwise afforded by applicable law,, shall not toe a ..:ricer ••t .~r nr~.~udr the curcise of am• such right or remedy.
The procurement of insurance ar the payment of t.rses or other !ices or ~harirs hs 1 code: shall not he a waiver of Lender's
right to accelerate the maturity of the indchtedness serurrd M thi. ~t.~r: aLe.
12. Remedies C.umulalive. All remedies prosided in this 41r•+tl:.~g•r :rrc +iistinrt :rod :umolative to :roc other right or
remedy under this Mortgage or afforded hr law or cyuhy. and may tk rserci.ed concurrently, independently or sue essively.
13. Successors and Assigns Bound: Joint and Se.eral l.iahilit}: ('options. The covenants and agrcemen s herein
contained shall bind, and the eighth hereunder sha!! inure :o. the respective successors and assigns of Lender and Bormwer.
subject to the provisions of paragraph 17 hereof. All covcnanK and acrecments of Borrower shall toe join) and several.
The captions and headings of the paraLraphs of this Alortgaec arc for rnnvenience only and arc not to he aced to
interpret or define the provisions hereof.
14. Notice. Except for am• notice rcunired uneter appli:ahk law n+ toC given in another manner. fat any notice to
Burrower provided for in this Montage shalt hC c,vrn h+ rrailine wch notice by certified mail addressed to Borrower at
the Property Address or at sn:h other .ukhess as B•+rr,+o+rr mac designate M• notice to t.endcr ac provided herein, and
fbl am• notice to Lender shall toe given h} certified maul. return receipt reyuestcd_ to 1 enders address stated herein or to
such other address as Lender may designate by nr+ti~c to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to base been "crs•en tc? Bormwer or Lender when given in the manner designated herein.
15. Uniform Mortgage: Gos~erninR i.aw; Se.rrahilih. "this form of mortgage rnmbines uniform covenants for national
use and non-uniform crnenants with limited canationc M juns.liction to rnnstiUtte a uniform security instrument covering
'i real property. This Mortgage shall he go+rrned M the law of the jurisdiction ,n which the Property is located. In the
'4 event that any provision or clause of this Alortc:,er or the Notc conflicts with applicable law. such conflict shall not affect
other provisions of this Mortgage or the Nut., ~+hrch pan hr green eliect without the conflicting provision, and to this
end the provisions of the Mr•rtgagc and ihv `utc .err •trct:rred to he severable.
16. Borrower's Cope. Borrower shat! hr furnr.hrd c.~nformed cop; of the Note and of this Mortgage at the time
of execution or after recordation hereof.
f 17. Transfer of the Property,: Assumption. II :ri. or :ors part of the Property or an interest therein is sold or transferred
i by Borrower without Lender's prior writr:n .omen! cscluding tat the creation o! a lien e?r encumbrance subordinate to
this Mortgage. IM the creation cof a purrh.rsr nn•nec securit+ interest fur household appliances. Icl a transfer M• devise,
descent or by operation of !aw upon the death of :r i~,~nr tenant or 1dr the grant of am leasehold interest of Three years or less
not containing an option to purchase. 1 ender ma). at I ender'. option. declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall ha+e w:uved suih option to accelerate if. prior to the :ale or transfer. lender
E and the person to whom the Property i. to hr .old or transferred reach agreement in writing that the credit of such person
is satisfactory ro Lender and that the interest pad;.tile on the sums secured by this Mortgage shall he at such rate as Lender
~ shall request. If 1_ender has waived the option to acce!eraate provided in this paragraph 17, and if Borrower's successor in
interest has ezecated a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all
s obligations under this Mortgage and the Note.
If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance s+ith
paragraph 14 hereof. Such notice shall provide a pretext of not less than i0 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 to the expiration of such penrxl.
!-ender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1 R hereof.
z
l
Note-UtvtFOent ('ove~~Nrs. Borrower and Lender further covenant and agree as follows-
i
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 sums secured by this Mortgage. Lender
prior to accekration shall mail notice to Borrower as provided in parsgraph 14 hereof specifying: (1) the breach; 121 the action
required to core snob breach; (3) a date, not less-than all days from the date the notice is mailed to Botrrower. by which such
breach mast be cored; and (4) that failure to cure such breach on or before the date specified in the notice may result in
accekration of the corns secured by this Mortgage. forcclowre by judicial proceeding and sak of the Property. The notice
shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the fotreclosure proceeding
the norr-existence of a defauN or any other defense of Borrower to acceleration and forecbsure. If the breach is riot cured on
or before the date specified in the notice, fender at Lender's option may dechur all of the sums secured by this Mortgafe to be
immediately due and payable v?ithout further demand and may foreclose this Mortgage by judicial proctedirr~. i.enrt;r shall
be eotitkd to collect in such proceeding all expenses of foreclosure. including. but Dot limited to, reasonable attnnn•.'s fees.
and costs of .:uco~rteatary evidence. abstracts and title reports.
19. Botrrowe?'c Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by thr• M++rtgagc,
Borrower shall have the right to have any proceedings lxrt!un by Lender to enforce this Mortgage discontinued at an) time
BOOK t~l? ! DACE ~5~1
~