HomeMy WebLinkAbout1887 ~ _
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header`s written agroement a applicable law. Borrower shall pay the atuouat at all mortgage iasuratroe premiums in the
meaner provided under paragraph 2 Irar+eof.
My atrrounb disbursed by Lender pursuant to this paragraph 7. with interest thereon. shall becane additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment. wdt
amounts shall be payable upon notice Fran [.ender to Borrower requesting payment thereof, and shall bear integer fray the
date of dlsbursatratt at the rate payable froth time to time on outstatrding principal under the Note uaitua payraeat of
interest at wch me would be contrary to applicable law, in which event such amounts :hall bear interest at the higlreK ra~le
pennasibk under applicable law. Nothing contained in fhb puagraplr ~ shsB t+equire Lender to incur say ettperss tx tab
any action Irer+twnder.
lirspectier. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided
that Lender shaD give Borrower notice prior to any such inspection specifying teawoabk cause therefor related to Larder's
interest in the Property.
CataierrraNioa The proceeds of any award or claim for damages, direct a consequential. in oonnecdoa with say ,
condemnation or other taking of the Property, or part thereof. or for conveyance in lieu of oondemtration. art: hereby as:igtted `
and shall be paid to Letrder. ) ' ~ ~ ' ~
In the event of a total taking of the Property, the proceeds sfil~ br 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 mender
otherwise agree in writing, there shah be applied to the sums secured by this Mortgage such proportiot of the pmoeoda
as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of
taking bears to the [air market value of the Property immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
If the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor otters to make
an award or settle a claim for damages, Borrower fain to respond to Lender within 30 days aftK the date such notice b
mailed. Lortdcr is.autlroris;d,tQ.calkct and apply the proceeds, at Lender's option, either to restoration or repair of the
Property or to the sums securrd~hy this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shaft not extetrd
or postpone the,due date of the tgonthly installmrnts referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
11. Banwrrer Nef RtAeasei. fixtrnsion of the tune for payment or modilkation of amortization of the sums secured
by this Mortgage granted by Leader to any successor in interest of Borrower shall not operate to release, in any manner.
the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortiution of the sum:
secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's succrssors in interest.
11. Forbearance br Lewder Not a WaivK. Any fortxarance by Lender in exercising any right or remedy hereunder. of
otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. Retwedks Crtnrhrti~e. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently. independently or successively.
13. Srceesaora awd Asa)gns Bound; .lout grad Seved i.iabiWy; Captions. The covenants and agreemrnts herein
contained shall bind, and the rights hereunder shall inure to. the respective strecessors and assigns of Lender and Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be-joirtl and several.
The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to
interpret or define the provisions hermf.
14. Notice. Except for any notice rcgrrired under applicable law to be givrn in another manner, (a) any notice to
Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such aher address as Borrower may designate by ratite to Tender as provided herein, and
(b) any notice to Lender shall be given by certified mail, return receipt requested. to Tender's address stated herein or to
such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to have been given to Borrower or Lender whin given in the manner designated herein.
IS. Uwifornr Mortgage; Governing Law: SeverabtTity. This form of mortgage combines uniform covenants for national
I'~ use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
f real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the
event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect
~ other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this
end the provisara of the Mortgage and the NMe are Declared to be severable.
16. Borrower's Copy. Borrower shall be ftrrnisheol a conformed copy of the Note and of this Mortgage at the time
j of execution or after recordation hereof.
17. Transfer of the Property: Asaomptioa. Tf all or any part of the Property or an interest therein is sold or tnraferrcd
by Borrower without Lender's prior writrcn consent. excluding (a) the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise.
descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less
not containing an option to purchase. Lender may. at Lender's option, declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have waived such option to accelerate if. prior to the sale or transfer, Lender
and the person to whom the Property is t~~ be so1D or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as 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 by Lender, Lender shall release Borrower from all
obligations under this Mortgage and the Note.
If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in aco:ordancti with
paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice a mailed within
which Borrower may pay the sums declared due.. If Borrower fails to pay such sums prior to the expiration of such period,
Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph IR hereof.
Nort•Urrttorrwt COVENANTS. Borrower and Lender further covenant and agree a: follows:
la. Acceleration; Rewredks. B:cept as provWed i• panrgrspU 17 horror. ttpow •orrewer'a 6raci of say catenawt or
agreewrestt of DorrowK b file Mai`age, 6rthrditrg the tovewmNs to pay whin drt say gtii aeeraei by this Morlgagl. iestdlr
prbr to aceekrNlow shall maB notke to ~OrrOwK s provMed in paragraph 1< hereof apecifyfwg: (1) the bleach: (2) the setfotr
rgrircd to crane each breach; (3) a date, not leas than 30 days frowt the date the tastke k ttaaBei is Borrower, by whki arch
breach setter be erred; and (4) that fs3lore to cm~e arch breach ow or before the date spetYea b the wMke way r+e:ttlt iw
accekrtNiow of tie reams seermd by rink Mortgage, toreeloarre ti jrdieW proeeaditrg tntd ale of the Troperry. The taotke
sii isurtier Morns torrower of tic right to reite:Eare aftK aeetlaeadar and-tbe~Uo~ L the-fera~e-gs+os'sedi~- - -
tie nor-exiteroe of a defa~t os sy other detesoe Of >lorrOwK t0 accderdior aai foreebwra It pee bradr is rot caeca M
otr before tie date spteliied i• tie wotke. Lewder at Lender's optbtr Bray dedare ail of the wtna scorned by Aria Morf;age 1a be
haawaediately doe area pyabk witiort fratber demand std may tosecloae this Mortgage by jrdieW pneeeding. Lender daM
be eMi1led to collect iw area proeeeditrg sM prpensa of foreclosore. hreloding. brt rot Wrrifed tR reasonable afbxaetr's fee.
asd costa of nice, rertary evidence, abAracts and tick reports.
1!. Berr~swaf Ri~rt-tv-Reiwate--Natwithstandinir _Lender
s accelaratiQn of the Burns secured by thr~ Mortgage,
Borrower :hall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
a~oK 315 PacE 1884