HomeMy WebLinkAbout1098 1 ender'. written agreement ur appG~,?hlc L?w. Iformwer shall pa) the am.runt of all mortgage insu:.utre premiums ut the
manner prrrvufed under par:?gr,iph ?hereof.
:1ny :un+runts .iia+?+rsrd by LenJrr la?rsuant t,r this par.?gr,?ph 7. wuh interest thereon. shall hee+rmc adthtiunal
indehtedne.. of Borro++rr secure) by th+s Mortgage l'nlrs. Borrower ,ut+l I ender :?grer a+ other terms of payment, each
anuautts .hall fk pucahle up+ut noti;r farm 1 cndcr ut Borro++cr re+ ur,tine p:n•ntertt Utrrrof. an+l shall hear interest fmm the
Jute ++f Jishurcement at the rate pas able tnrm time -tQ•tiittls''ul? +.~nstanding principal under the Note unless payment of
inters at such r:Ue wool) F?e cc.ntran• to applicable l:os. ?n uhirh went such amounts .hall F?rar interest at the highest rate
{tcrmissihh under :rpplicabh lass. Nothing contained in this paragraph 7 shall require 1 cndcr to incur any rspense or take
am• action hereunder.
8. Inspection. Lender ntay m,?kr or Cuuce to hC made reaconaMc entries upon and inspection. of the Properly. pn.yided
that I enter shall give Borrower notice prior to any such inspection specifying rrasonahle cause therefor related to Lender's
intcrcst in the Pmperty.
9. (`ondemnation. The proceeds of ar»• award or claim for Jamagcs, dire; ur aatsequcntial. in rnnncction with am•
condemnation or other taking of the Property. or pan thereof. or for conveyance in lieu of condemnaticin, are hereby assigned
ant ,hall he paid to Lender.
In the event of a total taking of the Pmperty. the pro+:eedc shall he applied to the sums secured by this Mortgage.
with !hc e~ccss, if an}•, paid to Borrower. In the event of a partial taking of the Pmperh•. unless Borrower and lender
otherwise. agree in writing. there shall he applied to the sums secure) by this Mortgage such prolx~rtion of the proceeds
as is eyuul to that proportion which the amount of the sums secured by this Mortgage immediately prior a+ the date of
taking hears to the fair market valor of the Properly immediately prier to the date of taking, scith the balance of the proceeds
paid to Borrower.
if the Property is ahandone+l M' Rorrowrr. or if. after notice L~• h.ender to Burrmeer that the rnndcmnor offers M make
:m award or settle a claim for J.?mage,. Burrower fail. to re.lxmtl to 1 ender within t0 days after the daft such notice is
mailed. I-ender is authorimd to collect and apply the proceeds. a! 1 cndcr'. option, either to restoration or repair of the
Property or to the sums secured hs• this Mortgage.
Unless Lender :?nd Borrower otherwise agree in +rritim~, any such applic.?tion of proceeds to principal shall not extend
ur,postpone the due d;ue of the monthl+ installments referred to in p:uagraphs 1 and ' hereof or change the amount rf
such- inctallntents.
10. Borrower Vot Released. Fstension of the time for parmcnt or modification of amortization of the sums secured
by this Mortgage granted M' 1 cndcr to any successor in intcrest .ti Borrower shall not operate to release. in am' manner.
the Itahilin of the original Borrower and Borrowr~ s succrssorc in inhrect. l cndcr shall not he reyttired to commence
proceedings against such successor or reface to rstend time for payment or othen+i.e modify amortization of the sums
secured M• this Mortgage h~ reason of am' demand male h+' the rricinal Borrower and Borrowers tttccesa.n in intcrest.
I1. Forbearance by Lender \ot a yti'ai+•er. Ans forlx aranre M 1 cndcr in cscrcicinc :?ny right ~r remedy hereunder. or
otherwise afiorded by applicable law. sh:+ll nut t?e a waiver ++f or preclude the exercise of am• such right or remedy.
The prcxurcmrnt of insurance or the p:+ymcnl of t:aes or other liens ur charges by I cndcr shall not hC a w;?iyer of Lender's
right a. accelerate the maturity of the indehtednes scarred hs thi. ~iartga¢c.
12. Remedies Cumulative. All rcmr?lirc pm:ided in this \lortgage are distinct and cumulative to :?nc other right or
reme+h• under this ltortgaLr or a(Torded by la++' or ryuits. ant may Ix rscrcisrd ~oncurrenUy. indeprndentlc or succesciyel:.
13. Successors and :~csigns Bound: Joint and Se+eral l.iahilih: ('options. The covenants and agrrrn?ents herein
containeJ shall hind, .awl the richts hereunder shall inure t.., the rcspcrtiye successors and assigns of I_endrr :uul Borrower.
.abject to the proviciuns rf paragraph 17 hereof. ~I! co~~en:utts ;utJ agreements ,.f Burrower shall tte iu~nt and several.
the caption. .:nJ headincs .d the paragraph. of thn Mortgage are for con+•enience only and arc nut to he aced to
tnrerpret or define the pros'cions hereof.
14. \otire. Except f,rr any notice revolted under applicable tau ar he eiyen in an+aher manner- fa) any notice to
Burnnycr pro+ided fur in this ~tortga~~c shall fx given by m:nlirg s?reh notice by certified mail addressed to Burrower at
the Property ;~Jdress or at st:rh other aJdres ac Bor-rnucr m:++ Jr.iLnatr he notice to I cndcr as pnn•ideJ hrrcin. anel
Ih? ar,y notice to I enter .h.Jl h+• ci+en by certifie+l mail. rrt;ten recr+nt :ruuc~teJ. to 1 en+ler's address stated herein or to
.u:!t other addrcs. as Lender nr,t+ d~_,ienatr h+ no!see t+r R•rrnrwrr as pr+?cide+i herein. Any notice provide) for in this
I~ \lortgagr shall he deemed m ha+e been ~icr+t d• Borro•.+rr err 1 ender when gr~rn in the manner designated hrrcin.
15. 1'nifnrm ~lort{:rtc; Go.erninp Law: Scyerahilih. fh,. term +rf mort,age ,omhines uniform co+enants for national
' ;t.c and non-un+iunn cnsen:utt~ with limite+l taria!ion. iori~:Lction to cuustiu+tc a unifornt security instn+nteni crn•ering
E nal property. This \lurte:ree sh:Jl hr governed by the 1:?ss ref the jurisdiction nt which the Property is located. In the
~yent that any pnrv+s+un ur clause of this !11ort~•atr +rr the \,rre runtlict. with a[tniir,?hte law,. such conflict ch;?11 nut affect
f other pr:r+isions +.f thi. \lorteaee ur the Nrte which c;u+ t.e ~_i•.rn e:Tect wi+huut the conf!ictine pm+i.ion. and to this
end the pnni.ion. of the \1+~rtcaze :u+J the \otr are declared to txr uverrhlc
16. Borrower's ('opy. Borr.rwrr .hall he f:+rni.heJ c.vtfrrmed copy of the \ote ar;J of this ~lorteage at the time
ref e~ecuti.~r. os :rtter rrcordution hereof.
17. Transfer of the Property::~ssuntption. If ;r!! r~r am part .+f the Property or an intcrest t}tercin is ,.+id or transferred
M' Barnrwer ++uhout Lender's ptor written consent. cscl:tding !at the creatirrn of lien or cncumhrutce sutxmlmate to
thi. ~i:+r!gagr, th? the crrahon of a pttrchasr nwnr+ _~nrits tnte•rest for househulJ appliances. tc? transfer by devise,
Jrccent ar M operation of law upon the Jeath :r: irm+t tenant or IJ? the grant ref sny hasehold intcrest of three years or less
nut conk?ining an option to porch: se. I cndcr m:?~_ . a+ I ender'. opti.m. dccl:?rc ;JI the sums secured h+• this Mortgage to he
~tnnteJ+ately dttr and payahh. 1 enter shall ha+r w:+;+ed .nth option t,• accelerate if. prior to the soh or transfer. Lender
?n.l the person to wham the Property is to hr sold or tr.+rafcrrcd rc.?ch agreement ire writing that the credit of such person
+s s:?Iisfactory in Le:;:!cr and that the interc~t payahk ort the cunt, .crated hs this Mortgage shall he at snrh rate as l.cnder
shat! request. If 1 enter has waived the uptirn ter acceler.?te prociehJ in this paragraph 17. and if Borrower's successor in
tnterest has executed a written assumption agreement accepted in ..riling M• Lender. Lender shall refcace Borrower from all
obligations under this Mortgage and the Note.
If Lcndcr exerri:ec such option to acceler.Ue. I rnJer shall mail Borrower notice of acceleration in accordance with
paragraph 1-i hereof. St:rh notice shall provide a period of not hss than in das-s farm the date the notice is mailed within
which Burrower mac pay the some decl.?rcd du.. It Iforn~uer fails t+. pay such sums prtur tx• the expiration of such period.
Lcndcr may. without further notice or Demand on Burrower, nn?.{,r any remedies permitted hs• paragraph IR hereof.
Noti-Untroe~t COVE\.+STS. Borrower and Lender further covenant and agree as follows:
t 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 6y this Mortgage, Lender
prior to acceleration shall mail notice to Borrower ac provided in paragraph 14 hereof specifying: (1) the breach; (2) the action
x 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 breath on or before the date specified in the notice may result in
acceleration of the sums secured by this :Mortgage, foreclosure by judicial proceeding and sale of the Property. 77te notice
shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding
r
the non-existence of a default or any other defense of &trrower to acceleration and forecbsure. If the breach is not cured on
or before the date specified in the trotice. Lender at [.ender
s option may, declare all of the sums secured by this Mortgage to be
immediately due and payable without further demand and may, foreclose this Mortgage by judicial proceeding. Lender shall
a be entifled to collets 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. i
19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. $
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
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