HomeMy WebLinkAbout0618 Leaders written agreement a applicable law. » - par u~?~t of all mortgage lasuraaa preraiutw is the
maoaer provided under pan~graph 2 bared.
Any smottnts disbursed .by Lender punwut to this paragraph 7. with interest thereon. stall become additional
indebtedness of Borrower secured by this Mortgage. Unkss Borrower and Lender agree to other team of payment. such
amounts shag be payabk upon notice from Lender to Borrower. requesting payment thereof. and shall bear interest from the
dab of disbursement at the ate payabk from time to time on outshndirtg principal under the Note unless payment of
interest at sleet ate would be contrary to applicabk law. in which event such amouab shag bear interest at the highest rate
permipibk under applis:abla law. Nothing contained in this paragaph 7 shall require I.eatda to incur any. expense or fate
any action heratader.
a• Is~sefMo. Leader may make or cause to be made ressoaabb entries upon and inspections of the Property, provided
that Lends psall give Borrower notice prior to any such inspection specifying rea:oaabb cause therefor related to Lender's
interat in the iRoperty.
9. C.eriatttralior. The proceeds o[ any award or claim for damages. dirxt oc consequential. in oonnectiat with nay
condemnatior~ot ~ ~ the Property. or part thereof. or for conveyance in lieu of condemnation, are hereby assigned
and shall be paid'
In the event of a total taking of the Property, the proceeds shall be applied to the auras secured by this Mortgage,
with the ezces:, if any. paid to Borrower. to the event of a partial taking of the Property, unless Borrower and Leader
otherwise agree to writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds
as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of
taking bean to the fair maraca value of the Property immediately prior to the date of taking. with the balance of lira pr+oeeeds
paid to Borrower.
If the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the condettuwr oQen to make
an award or settk a claim for damages, Borrower fails to respond to Lender within 30 days after the date each notice is
mailed, Lender is authorised to collect and apply the proceeds, at Lender's option, either to restoration or repair of the
Property or to the sums sccur+ed by this Mortgage.
Unless Lender and Borrower otherwise agree in writing. any such applicatan of proceeds to principal shall not extend
or postpone the due date of the monthly inatallmt:nts referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
IA. Not Rekaaed. Extension of the time for payment or raodiflcation of amortization of the sums secured
by this Mortgage Granted by Lender to any successor in interest of Borrower shall not operate to ukase. in any manner,
the liability of the original Borrower and Borrower's suaason in interest. Lender shall .not be required to commence
Proceedings against such successor or refuse to extend time for payment or otherwae. modify amortization of the sums
secured by this Mortgage by mason of any demand made by the original Borrower and Borrowet's.strec~essors in Ltterest.
If. Forrearartce bf Leader Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or
otherwise afforded by applicabk law, shall not be a waiver of- or preclude the exercise of any such right or remedy.
The procurement of irta»nnce or the payment of taxes or other liens or charges 6y Lender shalt not be a waiver of Lender's
right.to acoekrate the maturity of the indebtedness secured by the Mortgage.
12. Reaseiies 1~atsaLHve. All remedies provided in this Mortgage are datinct 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• Ssxeeress asti Aasigtrs )leant: John aai Several Lia6iligr; Captisas. The covenants and agreematts herein
contained shall bind, and the rights hereunder s:ta11 inure to. the respective successors and assigns of Lender and Borrower,
subject to the provisions of paragraph 17 hereof. -All covenants and agreements of Borrower.:hall be joint and several.
'tire captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to
interpret or define the provisions hereof.
14. Notices Bxeept for-any erotica required under applicabk law to be given 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 other address ss Borrower may designate by notice to Lender as provided herein. and
(b) any notice to Lender shall be given by certifkd mail. return receipt requested, to Lender's address stated herein or to
such other address as Lender may designate by erotica to Borrower as provided herein.: Aay notice provided for in this
Mortgage shall be deemed to have bete given to Borrower or Lender when given in the manner designated herein.
1S. Uaitore Morlgrge; t~ve*aiag Lang SeverabiBty. This form of mortgage rnmbines uniform covenants for national
` use and non-uniform covenants with limited variations by jurisdiction to corsstitute a uniform security instrument covering
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 applicabk law, such conflict shall not affect
other provisions of t~s Mortgage or the Note which can be given effect without the confliMing provision, and to this
end the provisions of the Mortgage and the Nord are declared to be severable.
14. Isoerower'a Cop). Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of execution or aher recordation hereof.
17. 'haosfer of be Tropert~; Asaunptiort. If all or any part of the Property or an-inttrest therein is sold or transferred
by Borrower without Lender's prior written 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 yeah 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 payabk. Lender shall have waived such option to aeakratc if, prior to the sak or tender, Lender
and'the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interat payable on the sums secured by this Mortgage shall be at such rate as Leader
shall request. If Lender has waived the option to aeoekrate provided in this paragraph 17, and if Borrower's aticcessor in
interest has executed a written assumption agr~ament accepted in writing by Lender, Lender shalt reiease Borrower from all
obligations under this Mortgage and the Note.
If Lender exercises such option to aocekrate. Lender shall mail Borrower notice of acxekration ie accordance with
paragraph 14 hereof. Such notice shall provide a period of not less than 30 days frown the date the riotiee is 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 18 hereof.
Nox Ut+rporurr Covetver+'rs. Borrower and [.ender further covenant and agree as follows:
lg. Acedasttor; Re¦seiks. >I~eept as prtsviiti i• ~ragra*r 17 read, a!a >iorrowa's tiasei d airy taveeastt or
agree~esd d •errower b bas Mostgage. iersiag tee eoveps~ts b ply wttert dae arse a~rrs saearei ti llds Ittorfgag~e, Easier
pebr b atceleralioa siaii aiaY aosiee b Iorrower w pmviiei it paagrapr 14 ra~eat srett~i¦gs (1) be baacr; (2) tee artier
a~iad b crave wcr racer; a ash, stet ins bar 3t tray: trove tee ante be astiee is szaYsi b lertewar, yr wridi aver
rs+eaelt tsast k eatefi art (4) bat taftsme b etta aver rreselt or er ralors Ire thte spsrMsd tat tlis sioliee req await r
acceiealior d t1•e aver tiecarea r7' bas Morlpge, hroeiowrne b !i art sate d tie Troperty. 1tie reties
aiaB fwber tatartr ttenwar d be rtgrt M setttNais aher art be tlgrt b assert i• be tareMwse psaeeetTi~
be rort:Yhri:e d s ietrrait or aq Neer idease d •oeranr b ~ art taecioewe. B be 6seaer i rat ertei er
or bdes+e be isile spteYei r be aotfee, Eerier M I,erierls •*tiew ~ geelat:e r d Ate was ascrsai r?' bas Malpge tr M
t¦n»ediMdy tae asii pgaYe wilrert ttrrbsr assert art nest' tess~etees tlttr Morlgstg~e b psrtese~ Ls~isr ia8
bs eatMsi b eeiifset its wait Necasilrtg alt ezps¦sss d ~ hsertiis~g, rrt slot il~ilsi ea„ aasoraiie atteessys toss,
anti cesls d aocst~e¦dr7 eviiasee, sisttaets art tlMs sa*ssis.
i!. Isarse<war~a >Rtgrt a Rai..tats. Notarithstanding Lender': aooekration of the sums secured by this Mortgage.
Borrower shall bave the tight to have nay proceedings' begun by Lender to enforce this Mort~e discontinued at coy time
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