HomeMy WebLinkAbout2713 mot!-
1 ender', s+riuen agrremem or apphcahlc lave. BUrfower shall pa) the am++unt of all mortgage imur.?n,e premiums in the
manner pn+vided under paragraph 2 hereof.
:~nv~ am.+unts +lishursed M' 1 ender pursuant to this paragraph 7, wrth u?tcnst theuon. shall hea+mc additional
indeht~dnes..+1 Br+rnn+er secured M this \lungage t •nless Borro++er :utd 1 cndcr .rgue t+• +Hher terms of payment. such
:unrnu?ts shall he p:?v:?hk up.+n native fn+m I ender t:+ B++rn+w+r uyuesting pavntent thcuof. and sh:dl F+car intrust fmm the
date of di.hursentent at the r.?te pavahle fn+m time to time rn rnrlstanding principal under the tiotc unless payment of
interest at such r.?tr would I+e ce+ntrarv to applicable L?+v. in which e+'ent such amounts shall I+car interest :?t the highest rate
pcrmissihle under applicable la++. ?nothing contained in this paragraph 7 shall reyuire 1 ender to incur any expence or take
:?m• action hereunder.
Il. Inspection. I.endcr may ma{.e or c.tusc to he made reasonahle entries up++n and impecti+n?s of the Property. provided
that I.cnder shall give Borrower notice prior to any such inspection specif}'ing uasonabfc nurse thcn(ar elated to Lender's
interest in the Property.
9. Condemnation. The pnti•eeds of any a++ard or claim for damages, direct or c.a?seyuenti:d. in connection with any
condemnati++n or other taking of the Property, ar part thereof. or for con+•e}•ance ip lieu <+f condemnation, arc herehy assigned
anal shall he paid to I cndcr.
In the cvcnt of a total ta{.ing of the Property. the pn><:ccds shall Ix applied t+• 1hC ,ems soured by this ~tortgagc.
+cith the excess. if am•. paid to Borr.+++er. In the cvctnt->>f ,•t.~partial t:r{,ing of the Pmpcrh•. unless Bi+rro+v~r and Lender
otherwise agree in wr111n,L'. there shall he applied to the sums secnR`d by this '.11ortgagc such prrop++rti++n of the proceeds
as is cyual to that proportion ++hich the amount of the toms secured h+• this Mortgage immediately prior to the date of
taking hearc to the fair market value of the Proper[>• immediately prior to the date of taking, with the halance of the proceeds
paid to Borrower.
)f the Property is abandoned by Burrower, or if. after notice by 1 ender to Born+wer that the condemnor offers to make
an award or settle a claim for d;unages. Borrower faih to respraul to 1 cndcr within zf? da+s after the date such notice is
maikJ. Lender is authorized to collect and apply the pn+eceds.:d 1 cndcr', option. either to restoration or repair of the
Property ar to the sums secur+~l by this Mortgage.
Unlec. Lender and Born++cer othenyise agree in +critine. any such :?pplic:?tirn of proceeds to principal shall not extend
or p+xtp+ate the due date of the monthh~ installments referred to in paragraphs 1 and hereof or change the amount of
wch instalhncntc.
10. Borrower riot Released. 1=.xtension of the time for payment or modification of amortisation of the sums secured
M• this Mortgage granted hv_ Lender to anv_ wceecu+r in intcust of Borrower shall not operate to please. in any manner.
the liahilits~ of the original Borrower and Borrower's succesa~rs in interest. Lender shall not he rcyuind to commence
pn+ccedings against such succccsor or refine to extend time for payment or othcn+ice modify amorti~ati++n ++f the snots
soured h+_- this Mortgage M• reas++n of :roc demand made h+ the <+ri>•inal Born++ser and Barn.w•er's successors in interest.
11. Forbearance by Lender \ot a N'•riv~er. An+ fr+rt+car:uice by 1 ender in exercising an+~ right or remedy hereunder, or
+therw•ise aflurded by ,applicable law, ,hail not F+e a +vaiver of ++r preclude the exercise of am- wch right or remedy.
The pr+tcurement of insurance or the payment of nixes ++r other liens .+r charges by I ender .h:dl not F+e a ++.ri+•er .+f I ender',
ri_eht to accelerate the maturity of the indehtedness sr_urcd by this \torts:aee.
12. Remedies Cumulative. :III remedies pnsieled in thi. '~lorteage are distinct and cumulative to :u++ ather right or
reme+h• under this Mortgage ar atfurded h+• la+s ~+r cyuity.:md may i+e exercised eoncurnntly- indcpendcntly r+r sncccssively.
13. Successors and A>cit;nc Bound: Joint and Several Liability: ('aptions. The cotenants and agrcenunts herein
contained shylll hind, :rpd the rich[. hereunder shall inure to. the respective successors and assigns of 1 ender anti liurrowcr.
suhjcct~ fo the provi,ions of paragraph 17 hereof. :111 covenant.:uxl agreement. of B~+rnnver shall Ix~ j.+int and several.
The captions and headings of the paragr.?phs of this ~langage ate for ~C+~nveniencr i+nh- and are' net to he n~cd to
interpret or define the pmvicians hereof.
14. \olice. Except for any notice rcyuired under applicable law to he given in another manner. fat anv notice to
Borrower provided for in this ~tortgagc shall he given M mailing wch n+hce h+ certified mail addressed to Borrower at
the Pr.+perty Address ar at such other address as Br+rra+cer mac dcsi,~nate h+ make h+ I cndcr ac provided herein. and
fhl am notice to Lender shall he Liven ht certified marl. rewrn uccipt rcuueste+l. to 1 ender', address stated herein or to
wch'.+ther address a. Lender ma+ designate h} n+tire t++ Born+++er ac nn++idcd herein. .11ty 'notice pnn•ided for in this
~lartgage shall he deemed to have hel'n gr+en to Borr+++cer rr I cndcr when given in the manner designated herein. _
I5. ['niform ~luriK•aKe: Gus-erning (.•aw: Seterabilih. "this term ~+i mortgage ~amhinec uniform cc.ven;?nts for nati.~nal
i use and.non-twit.+rm ~+nrnant. ++ith IimitrJ +:rriatir>ns h+ jr.risd~;tiop_to c.+nvtitutc a uniform se.urity instrument covering
4 real property. This Mortgage .hall I+r governed ht the law .+f the ~urisdicu++n in which the Property is Ic..atcd. In the
E
j event that anv pr.+tisian ar clause of this ~tort_;re .•r the \,qe ~~+nNi:ts with applicable law. such conflict shall not affect
ether pn+vr.ians ++f thi, \1++rteaze ++r the \ate ++hi~h can h~ ,_ivcn ctTect withont the a+ntli.-tine provision. and to this
end the pn+vrsiuns of the ~lrrtgag~ and the \,+tc au declared a+ h+• swerahle.
16. Borrowers ('op}. Borr.+v+cr shall hr furnished ;r cr+nt~+nnrd cr+py of the \otc and of this Mortgage :+t the time
+~f execution or :??ter ucardatian hereof.
17. Tramfcr of the Property: Assumption. if ;dl .+r anv p.irt ,+f the Pn+perty ar an interest therein is ,++Id o. transferred
t M' Born+wer v+ithaut Lender's prn+r ++rittcn consent. cscludin_ rat the creatir.n of alien r+r encumhru?ce suM+rdinate to
this ~lartgage. thl the .nation rf a pur:ha.c nt.mev .ecurin :nterc,t frr hauschr+Id appliances. (cl a transfer by devise.
descent ++r ht aper.?hrn+ of la++ up+a+ the death rt :r i~+;nt tenan? rr rJ. the grant of ;u+v Icasrhnld intcust of three tears or less
not containing an rpti~+n to purchase. 1 ender m;n. .rt I endcr'~ rpu~,n. decl;rre all the sums secured ht this Mortgage to he
imntedi,delc due :utd p:»ahle. I cndcr shall have v+;rived sn.t: ,+ptian tr acceler.?te if. prier t.+ the sale or transfer. Lender
and the penan to wh+an the Pr.+pertt is to hr srl.I ++r tr:rnsfcrred each agreement in writing that the credit of such persc+n
is satisfartrn t+• I ender :end that the intrust pa)ahle an the sums secured h+ this Mortgage shall he at such rate ac Lender
shall revues[. If 1 cndcr ha. waited the aptl+a+ to accekr,rte pmvidcd in this parr~ra~h 17, and if Bormw•er•s successor in
interest has executed a written assumption agreement accepted in v+riting M_• Lender. Lrndcr shall release Borrower from all
++hliLatians un+ler this ~iortL.r+,e and the \ate.
If 1 cndcr exercises wch aptirn tr+ accefer;rte. I ender sh.rll mail &un+v+er notice of acceleration in acconlance with
paragraph I-i hereof. C?rch notice ,hall provide , p~rir+l of ma lees than ?(t d;++'s fmm the date the notice is mailed within
which B++rrrwer m:rv pa+ the sums decLued doe. Ii Bt+rr~+~+cr tails to p:++ such sums prior to the cxpir.?tirvn of wch period.
Len.ler may. withr~ut furth.•r m+tice o: demand .m R.+rn+w:r. u?val.e am remedies perntitteel h+' paragraph 1K hereof.
r Vll~-1-tiIF(+it+1 ~-+++1 ~+tiTti. BarMwCf and 1 ender further a.vcnant and agree as follows:
18. :lcceleration: Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or z
agreement of Borrower in this Mortgage, including the covenants to pay' when due am• sums secured by this Mortgage. Lender
prior to acceleration shall mail notice to Borrower as pn?vided in paragraph 14 hereof specifying: (1) the breach: (2) 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 s
breach must be cured: and /4? that failure M cure such breach on or before the date specified in the notice may result in
~ acceleration of the sums secured b}~ this Mortgage, foreclosure by judicial proceeding and sale of the Property. 'Ilte notice ;
shall further inform Borrower of the right to reintitate after acceleration and the right to assert in the foreclosure proceeding s
g the non-existence of a default or an}• other defeme of Borrower to acceleration and foreclosure. If the breach is not cured on s
or before the date specified in the notice. Lender at i.ender
s option may declare all of the sums secured by this Mortgage to be )
p gage by judicial proceeding. Lender shall
immediateh• due and ayable without further demand and mac foreclose this 31ort t
be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reasonable. attorney's fees.
and costs of documentan• e~~idence, abstracts and title reports.
19. Borrowers Right to Reinstate. tiotwithstanding I.encler•s acceleration of the sums secure) by this Mortgage.
Borrower shall have the right to have am proceedings t+egun he 1_ender to enforce this Mortgage discontinued at any time
a~ 318 PasE 2707