HomeMy WebLinkAbout1756 ~ .,s_ _ _ .
l.cndrr's N~ittcn agrcemcnt or appli~able IaN•. Burrc~wer shail pay thr amuunt uf all mortgage a~s~r~hcc,pc~~i~rns.ln ~hc '
mannrr p~ovidcd under paragraph 2 hereof. #
Am• ~mauntc di~hursrd by Lcndcr punuant a~ this par.?graph 7. w•ith intrrect thereon. shall hccomc additional
indcMedncc~ :~f Borr.~HCr s~curcd bp thic I~1o:tgagc. Lnlc.. B:~r~~~~~cr and I cn~cr :~grcc tc? othcr tcrmc of paym~nt, such
amountc ~hall he pay~ble uFx~n no~ire frum 1 end~r t.~ B.~rrow~r rcyuecting parm~m thcreof. and chall txar intcrrct from the k
date of dichurs~ment at ~he ratr pa~•.,hlc tr~~m time to ~ime un outctanding prinripa) under the Note unles~ payment of ~
interest at such ratc ~~•aul.l he contrary to applicable law, in ~~•hich event cuch amounts sha11 hear interect at the highest rate ~
permissible under applicable law. Nothing contained in thic paragraph 7 shall require l.ender ta incur any expense or take
any action hcreundcr.
8. lasprction. l.endcr may make or cauu to bc made reasonablc e~triec upo~ and incpecti~?nc M thc Propcny, provided
tha~ l.ende~ shall givr Borrower nc~tice prior to any such inspection specifying reasonable cause theretor related to i.ender's
intcrest in thc Property. t
9. Condem~ation. The prckeedc of any aw~ard or claim for damages. direct or concequential. in rnnnection M~ith any ~
rondemna~ion or other taking of the Propeny, or part thereof. or for convcyance in lieu of rnndemnatian. are hereM' ascigned f
and shall f+c paid to i.cndcr. `
ln ~he event uf a total taking oi t~ t~y e rc~ceeds chall he a lied to the cum~ secured b~• ihic Mortgage. ;
with the e~cecs. if any, paid to Barrowdr. ~~t c:l~t of a partial taking oi ~he Propen}•. unlecc Borrower and i.ender
otherwise agree in v?•ritin~e. there shall 6e applied to the sums secureJ b~~ thic M~~rtgage ~och pra~rtion of the proceeds
as ic equal ta that proportion which the amount of the sumc .e:ured hy this !1longage immcdiatel}• prior to the date of
~aking bcars to the fair markel vak~c uf the Propeny immediately priu~ ta the date of taking. «iih the balartcc aC the procceds
paid Io Borrower.
If the Property is abandoned b~• Bc?rr~wer, or if. after notice h~~ l.ender to Bor~ow•er that the condemnor offers to make
an ~v?•ard o~ setNe a ~laim for d:imagcc. R~~rrowcr fails t~ res~~nd t~~ l.eadcr H•ithin ?11 da~'s aftcr thc datc tuch notire is
mailed. I.ender is authorized to collect and apply the proccrds. at I.ender'~ option. either to rettoration or rcpair of the
Proper~y or to Ihe sums securcd M• this ,L1ortRage. _
Unless t.ender and Borrow~er othen~•i~e agree in ~ritin~. am• .uch applic:+tion ~f prcxceds to princir:d chall not e~tend
or poslpone thc dt?e date af tiie month:y installmcnls ~cfcrrrd t~ in {~:uagra~h. 1 and hercof .•r rhangc ~hc •rmoimt of
cuch installmentc.
10. BoROwer Nof Releaced. E~tension oi the time for pacment or mocli6ratinn of amorti~ation of the ,umc tecured
by this MorfFage granted b}~ 1_ender to any .uccesx,r in int~rc.t of Hc~rmw•er ~h:~ll not orc:rate to release. in any manner,
thc li;.bility of the origina: Barrower and Rorrowe~ s succescorc in interecl. T.ender chall not he rey~~irc~l t~ commence
proceedings a~inst such ~ucreuor or refu~e to c~tend Iime for payment or other~•ice mixlify amortization ot the sums _
secured h~• this Mortgage by reason of am• demand made b~• the oricinal Rorr+~~ver and B~rmw•e~ s succ~s~orc in interest.
11. Fo~bean+nce by [.ender Not a Wat~•er. An~• farhea•a~~~c b)' T cnder in c~ercising an~~ right or remed~~ hercunder, or
otherwise afiordecf hy ~pplicable law. shall not be a wai~'er rf or preclude the e~ercise of any such right ~r remed~•.
Thr procurerr~ent of insuranee or the paymrnt ~~f ta~ec ~~r uth~r licns ~~r charg~c b~~ l.ender ,hall not he a~~ai~~er af Lender s
right to accelerate the maturity of the indehtcdnets xcurcd h~ thic !liongage.
12. Remedies Cumulalive. All mmedies prm~ided in lhic !~lortaa~ee arc distinct and cumulative to am~ ~~ther right ~r
remed~• under ~his Mo~1e.?ge or aRordeJ by law• or equin~_ and ma~~ he rrerciu~f concurrend}~. independenth~ or u:,~ecsiveh•.
13. Sgccecsors and Assi~os Bound: Joint ~nd Se~eral I.iabillty; Captions. Thc covenants and agr~em~nts hcrein
eon~ained shall hind, and thc ri¢ht. hercunder shall inur~ to. thc rccpeetive suececs~~rs and assigns of 1 ender and Barrow•er.
si~bject to thc prmicion~ ~c.f paragraph 17 hereof. Atl .:ovenants aiid agrecmentc of R~?rro~+~er shall he j~?int :ind several.
The captionc :~nd heacGnL+ of thr paragraph~ ~f thi~ ~1e~rtea~r are for com•cnienee ~nly and arc n~t tc. be used ta
intcrpret or define the pm.•iaiunc herrnf.
14. ~iotice. Except f~x anv nMice reyuir~d un.lrr ~pplicaMe la~~ t~~ be civcn m another manner. fal :~m• notice to
&~rr~~wer provided for ;n thi~ Morteaee shali he givcn b~- m:+ilinc ~u:h notice h} crrtificd mail addres<<d Bormwer at
the Pro~eriy Addre.~ or at ~uch uther addrc~s as Borr~iwer m:~~ de.ienatr br m»ice t~~ I ender as pruvi~led herein. and
(bl am~ noti~e to Lender sh~li Fx given bY certified mail. retum rrceipt requr.ted. t~~ I ender c adJrecs stated herein or to
wch uther addrc~c as l ender ma~ d~signate b~' nc.tice tu Re~rr.~•.~•er as rr~n ~de~l herein. :~n)~ noti~e pr.~vided for in this
~ ~1~~rtgage shall fx: decmed to ha.~c lnen givcn to R~•rruucr ar Lrnd~r Nhen gi~cn in thc manncr dcci~na[cd hcrcin.
E 15. Ljniform ~torlK•r~;e: Governinr i.aw•: Se~erabitih. 'ihi. f~~rm of mnrtgaer ~~~mhincs uniform rn~enant~ for national
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~ u~c and non-uni(~~nn c~~~cti.+ntc ~?ith limitr.i ~ari.iti~~m h~• juri~~hcti~~n t~~ c~~nst~tutc a uniform xrnrit~' in~tn~mcnt ~overing
real propert)'. This Mortgage shall he g.~~•erned M• thc la~. ~1f the juri~Jicti~~n in ahich the Propert~~ ic located. In the
~ cvent that ans~ pmvisian or clauK of thi~ 4tartga~c ~~r thc \,~!r r~~nllict. ith applicablc laW~, such conflict ~hal) nM aBect
~ othrr ~ri.z~.i~~nti of thi~ MortL~gc or Ihc N~~tr ~hirh ran hr ~~v~n cfTcct ~+~i!h~ut the ron0ictin~ pra~~ici~~n, and to this
cnd thc p~uv~~;ions ol thc \iortgacc •rnd Ihe 1c~lc arc ~IccL'~r~d t~~ hc u~'Crahlc.
~ 16. Borrower's Cop~•. Borruwcr ~h:ill txr furni~hrii ~~~nG~rmrd r:~p~ u£ thc ~otc and ~~f Ihi~ ~1ortgage at the timc
€ of exec:uticu~ or aftrr rccurda~ion hereof.
i 17. Tr~acfer of the Properl~~; A~sumption. If all ~~r am ~+.~rt of the Prnpert~• or an interest therein ic ,uld or trancferred
by Borrow~cr with~zut Lrndcr's prior Krittrn cu:iti~nt. r~cl!cding (::1 thc crcati~m of a lien or cncumbrancc subordinatc to
this MurtQage. Ih) the creation of purrhaK- m~~n~~~ :r~urit~ intrresl f~r hoi~~ehaiJ appliances. (cl a tran~fer hp devise.
de~cent or by oExration of law uf+on the dcath ~~f juint t~nant ~~r (d~ the grant of an~~ Icasehold interest ~f threc }'cars or le~s
nut containine an option t~ purchasc. I cnJrr mac. at I.~nder'c ~.~u~ro. dcclarc all thc sum~ sccurcd by this Mortgagc to bc
;mntcdiateh• d~~e and payaMe. Lrnder chall ha~~e ~+:~i~cd ~~i.h ~•ption to accelera~e if. prior to the cale or transfer, t.ender
:,nd the Ex:rse~n t~ w•h~m the Pr.~~xrt~~ ic to he so!J ar transfc~r~~ reach :~grerment in v~riting that the credit ~f such persan
iti satisfactorv to I.ender and that the inlerc,t pa~able ~~n thc tum~ u:rured h) thi~ ~1.~rt~:age shall be at such rate ac T_ender
sh.~ll request. If Lender has a~ai~~ec! !hc ~ption t~ acceleratr pmvided in thic para¢raph 17, and if Borrow•er's successor in
intrrest hac executed a written ascump~ion a~reemem acce~ted in ~riting h}~ t_ender. I.ender shall releace Borrower from all
ubligations undcr thic Morte.:gc and thc Note.
If I_ender e~erciceti such opii~n t~~ accelerate. Len.ter .hall mail Aorro~~•er notice ~f arceleratiim in accordance with .
~ paragraph 14 hercof. Such notice ~hall provide a~xri~~~l ~~f n~~t Ies. than 3(1 da~•s fmm the date the notice ic mailed within
_ ahich Born.u•er ma}• pa~• the sumc decl:+re.l duc. 1( B~~rru~~rr f:iils to pa}~ +u~h s+ims priur t~ the expirati~n rf wch period.
~ LenJer may. without further n~tice or demand ~n liurr~~wer. inc.~~.e am remedics permit~ed h}• paragraph 1R hereof.
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Nox-UrnFOte!?t CovertANTS. Borrower and I.cnJer funher rnvenant and aRrce as follows:
~ 18. Accder~tan; Remedia. E:cept as pro~•ided in p~ra~raph 17 hereof. npon Borrower's breach of any rn~enant or
agreement of Borrower ia fhis Norlgage.-includin~ tl~e cosrnants to pay when due any snms securcd by this Mortgage, I.ender
prior to acceleration shall mail notice to Borrower as provided in para~raph 14 hereof specifying: (1) fhe bnach; (Z) t6e action
required to cure snch breach; (3) s date. not less /han 30 days from the date tfie nolice is msiled fo Borrower. by vrhic6 snch
~ breach must be cnred: and 14) that failure to cure snch breach on or beforc the date specitied in the notke may resdt in ~
~ accelemtion of the snms secured bv this lNo~tgage. foreclowre b}• judirial procecdin~ and sale of the Pmperty. 77~e notice {
sball furiber inform Borrower ot the right to reinstate pfter accekration and the righ! fo assert in tl~e foreclosure proceediug ;
~ the aon-exktence of a detault or aay other defence of Borrower to accekration and foreclosurc. if the breac6 is not enred on ,
or before the dale specified in the natice. t.ender at Leoder s option may declaa all of the suins secured by t6is Mort~s~e to be
immtdfately due aad paya6k without turther demand pnd may forcclose t6i.s Mort~age 6y judicial proceedinR. Lender shall
be eotitkd to colkct in snc6 proceedir~ aA expenses of foreclosurc. including. but not limited to, reuoaabk attornep's fea.
and costs of docnmcnlarv eridence. abstracls a~ titk rcports.
19. Eorrowe~s RiRbt to Reiostste. Notvvith~tanding I_enekrt acceleration of the sums secured by this Mertgage.
~ Borrower shall have the right to have any proceedings hegun by I_ender to enforce this Mortgage diuontinued at any time
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~ ~~RK 311 P~~~ 1755
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