HomeMy WebLinkAbout1487 lxoder't writte3 asreaoseat otr applicable hw. Borrower shW pay~ths amount of eN'trtbrtgap itltt:atta preraituss is the
mamaer provided under paragraph 2 hereof. -
Aay amounts disbtused by Leader pursuant to this paragaph 7, with interest thereon. shall besti~rtee ad6itioaal
indebtednen of Borrower secured by this Me-igage. Unless Borrower and Lender agree to outer terms of payaseM, such
arriotrnb:teap be payabb upon reotiee fray Lender to Borrower roquesting payment thereof, anti shall bear interest from the .
date of dbeburtt at the rst~ payable Thom tints to time an outstanding principal under the Note umleu payment of
iaterat at such mte would be txentnry to applicable law. in which event such amounts :hail bear iateneat at the highest rats
permissible under applicable hw. Noth~ contained in this paragraph 7 :hail requires Leader to incur say expews at trike
any action her+auader.
fl..Iss~setMs. Lender may make orrause M bt made rcasoneable entries upon and inspections o[ the Property. provided
that Lender shalt live Borraarer notice prior to any such intspection specifying reasaaabk cause therefor related- W Leader's
interest in flee Peape~ty. - -
~ Cenistssatios.- The prooeedr~ of any award or claim for damages. direct or consequential, is oonreectiaa ~ say
condemnation or otbetr taking of the Property, or part thereof. a [or conveyance in lieu of condemnation. are hereby awigaed
and shall be paid to Lender. - - -
In the event of a total taking of the Property. the proceeds sbdl be .applied to flee suns secured by this Mortgage.-
with the exaw, if any. paid to Borrower. In the event of a partial taking of the Property. unless Borrower and bender
otherwise agroe in writing. there shall ba applied to the sum: secured by the Mortgage suds proportion of the proceeds
k aqua to u,u proportion which the amount of the sums secured by this Mortgsga imtntdiattly prier :o tlx date of
taking bears to ttie fair marks vahee 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. ar . rfter notice by-Lender to Bocrovrer that the oondanaa otitis to make . ~ -
an award or settle a claim far damages, Borrower fails to r+espotd to Lender within 30 drys abet the date such notice is
mailed, Lender is tutborited to collect and apply the proceeds.- at Leader's optics, either to restoration or repair of the -
Property or .to the tuna secured by this Mortgagee. - -
- Unless Lenekr and Borrower otherwise agree in writing. any such application of proceeds to prMcipal shall not extend -
or postpose the due date of the nwnthly irestaltatetets referred to is paraghephs 1 and 2 hereof or drange the tawunt of
such iratalhnents. .
lfl. ~ >Msrewer Nef Rdased. Fatten:ione of the time for payment or aeodilkation of amortization of the sums sa-ured
by this Mortgage granted by- Lender to any stroassor in interest of Harrower shall not operate to ndease. in say manner.
the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence
Proceedings against such serooessor ar refuse to extend time for payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of any danand made by the original Borrower and Borrower's successors in interest.
11. Forbearance b Easier Not a Waiver Any forbearance by Lender in exercising any right or remedy hereunder. or
otherwise afforded by applicable law. shall reef be a nraivet of or preclude the exercise of any such right or reneedy.
The procurement of uauraneea or the payment of taxes or other lines or charges b7? Lender shall not be s waiver of i,enda~'s - .
right to acoeleratc the maturity of the indebtedness secured by this Mortgage. -
I2. Remedies t~rre. All remedies. provided in the Mortgage are distinct and cumulative to any other right or
remedy under the Mortgage or aRordod by law or equity. and may be .exercised concurrently. independently or seiooessively
13. Ssecewors awd Assips )losers; Yeist sni Sev~l Lts6iMp; Callkns. The covenanb and agramarts herrein -
eontained shall braes, and the rights hertureder shall in:nre to. the respective serooessors and sssigms of Lender and Harrower„ -
subjed to flee provisions of paragraph 17 hereof. All covenants and agreements of Harrower :hall be joint and several.
The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to
interpret or define the provisara hereof._ -
14. NoHee. Except for ar~y notice requirsd under applicable law to be given in .another manner. (a) any aotict to
Borrower provided for in the Mortgage shag be given by mailing such notice by certified mail addressed to Borrovrat at
i the Property Address or at such other address as Borrower may designate by notice to Lender ss provided herein. and
(b) any notice to Lender shall bt given by certified mail. return receipt requested. M Lender's addt~ slued herein or to
f such other address as Lender may designate by notice to Borrower as provided herein: Any notice provided for in tleis
Mortgage shall be deemed to have been give:f to Borrower or Lender when given in the manner designated heKin. -
iS. Udtonn : t$overdeeg 1Law; 3evers6Bity: This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security inatreinfeat covering
real property. This Mortgase shall be governed by the law. of the jurisdiction in which the Property i3 located. In the .
event that any provision or clause of this Mortgage or the Mott conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or the Note which can ba given effect without the oonflicting provision, aad to this -
end the prov'aioms of the Mortgage and the Note arc declared to be severable:
If. borrower's Copy.. aorrower shall be fur~.ished a conformed copy of ilea Note and of this Mortgage at the time
of execution or after recordation hereof.
17. Transfer of tie *roledy; Assnmptios. -Tf all or any part of the Property or an interest therein is sold or transfsrred _
by Borrower without Lender's prior written consent, excluding (a) the cr+eatan of a Beni- or encumbrance subordinate to -
this Mortgage (b) the option of t purchase money socuriry 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 iMertst of three years cr less .
not containing an option to purchase, Lender may, at Lender's option. e!tclare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have waived such option to socekrate if, Prior to the sale or transfer. Lender _
and the persQre to whom the Property a to be sold or transferred reach agreement in waiting that the credit of such _person
f is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall bt at such rate as Lender ' -
steall request. If Lender has waived the option to a«xkrate provided in this paragraph 17, and if Borrower's strcoexsor is
interest has executed a writtw assumption agreement accepted in writing by Lender, Lender shall relrase Borrower Fran all
obligations under this Mortgage sad the Note.
If Lender exercises such option to accelerate. Lender shall mail Borrower n~+tiee of accekratian in acoordarece with
paragraph 14 hereof. S~rch notice shall provide a period of not -less than 30 days from the date the noticx is matted within
which Borrower may pay the sums declared due. Lf Borrower fails to pay such morns prior to the expiration- of such period,
Lender may, without further notice or demand on -Borrower. invoke any remedies permitted by paragraph 18 hecdof.
Nox-Urrttarr.c Govee+~t+rrs. Borraver and Lender further covenant and agree as jollowsa
lg. Aecderatiort: Rear~a. 1L~rceepf w provided h 11 barest, epos borrawee's breads of say eovwnt er
agreeo.est ot)forrrawer is this Moelga~s, 6ect~ tine eoveamrts to pay wlrp ties say ssiws secured try tNs Morrgags, lender _
prbr fo seederatbs area/ mail notice so Horrower a. provided in paragraph 14 ierrof spedtyfsg: (1) ere ~seaer: tie tetiore
req~trtd to case secs trrrac6; (3) a dais, sot less rive 30 days tram ere date ere notice b araBed to Hsrrawer. idj? w[dci sneer
brrscit earl be cersdi aa6 (4) fiat fafl~ere to sere seer rrssele os or refers flee date gediei h the aotke way resit m
sceeleration at fire saws seemed 67' tNs Mortgage, foralosars by procteaing ant ads of tie ltropery. ~i1ee rsUte
sra! fortber isterw Borrower of ere rigrt to reisstale after sccekralbs sal tie riglet b asses is lice tee~edas>ws peecesisg -
tie sore-e:istarce of` a detsatt or asy otter ietesse of borrower to aceekratfon ass torseioswe. N tic teener is net errs ew
or before ere dale specMei fir fie eerier, Leader st Lender's optics way deehre ai! nE tie mows seesrsi b' rile llfiost~e to >h
~ be~ coYeet mode prnepdMrg a/ e>?essss of fore
io~e. rrclr~g, rearosatiM aftoeaey+'a fiat,
~ rid cash of ioeseKnisr~ erfdesee, sietrscts ass tide re'orti.
1!. •orrowor's Rlgrt b Rcimtate. Notwithstanding Lender's acceleration of the moms socut+ed by ihts Mortgage, -
Borrower shall have the right to haul any proceedings begun by Lends to enforce this Mortgage d'acootiaued at any time
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