HomeMy WebLinkAbout0742 tender's «rittcn agreement or apphcahle la++. 1lurn?wer shall pay the amount of all mortgage imur.ut~e premiums in the
manner provide.( tinder paragraph 2 hereof.
Any amount. disbursed by 1 emlcr pursuant to this paragraph 7, with interru thereon, chat( become additional
in.kMedness of Borro~ser secured M Chic Mortgage. l'nles Barr.rwer an.l 1 ender agree to other terms of pa)'ment, such
amounts shall he payable ulx,n notice from Lender to Born~~ser requesting payment thereof.:utd shall I?e:,r interest imm the
Date of dichurcement at the r;tte payable cram time to ti ~~t'tlding principal under the Note unless payment of
interest at such rate stuuld he contrary a+ applicable la+v. i~ikhic~ event such amounts shall hear interest at the highest rate I
permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
::ray action hcrcttn?kr.
8. Inspection. (.ender may make or cause to he made reawnable entries ul?on and inspections of the Property. provided
that 1-ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's
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interest in the Property.
9, Condemnation. The pnceedc of am' award or claim for damages. direct or consequential. in rnnnection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned
and shall he paid to i_cndcr.
In the event of a total taking of the Property. the pnxeeds shall he applied to the some secured by this hortgage.
with the ekes. if any. paid to Borrower. In the event of a partial taking of the Property. unless Borrower and i.ender
.•therwisc agree in writing. there shall be applied to the sums secured by thic~Mortgage such proportion of the proceeds l
as is equal to that pmportian which the amount of the sums secured by this Mortgage immediately prior to the date. of j
taking heart to the fair market value of the Property immediately prior to the: date of taking. with the balance of the proceeds i
paid to Borrower.
if the Property is abandoned by Borrower. or if. after notice h)' l ender to Borrower that the condemnor offers to make
an award or settle a claim fur damages, Borrower fails to reslx,nd h• Lender within ~0 day, after the date such notice is
mailed. Lender is authorized to collect and apply the proceeds. at I.endcr's option. either to restoration or repair of the
Property or to the sums secured M• this 1lfortgage.
Unless Lcndcr and Borrower othcnvice agree in writing. any su:h application of prcxeedc M principal shall not extend
or postpone the dr,e date of th?• ntonthlc installment; referred to in naragraphs 1 :end ? hereof or change the amount of
;uch installments.
10. Borrower Not Releuud. E+tension of the tinm for pa~•ment or modification of amortization of the sums secured
by this Mortgage granted hp Lcndcr to an)' successor in intercct of Borrower shall not operate to release. in any manner. ;
the liability ~?f the original Borms.•er and Borrower's succes;orc in interest. Lcndcr shall. not he required to commence - S
proceedings against such urceessor or reface to ~extcnd time for payment or otherwise modify amortization of the sums
secured hp this Mortgage by maven of any demand made he the orieinal Borrower and Bormw•er s succcssorc in interest.
I1. Forbearance by lender \ot a Waiver. Anc forlxarance h.• Lender in e+ercising am• right or remed)• hereunder. or
utherwice sfford~-d by applicable law, shall not M: a waiver of or preclude the e~crcise of any such right or remedy.
The procurement of insurance or the paymem of taxes or other liens ur charges by 1_ender shall not he a +saiver of Lcndcr s
right to accelerate the maturity of the indehtednccs cec:rred by this !~tortgagc.
12. Remedies Cumulative. :111 remedies pmcided in this Mortgage arc distinct and cumulative to any other right t`r
reme.ly under this Mortgage ar afforded h)• law or equity. send ma)' he e+crriced concurrcntl)•. independently or cuccecsiveh•.
13. Successors and Assigns Baund: loin( and Se.eral i.iability; Captions. The rnycnants and agreement. herein
contained shall hind. and the right. hereunder shell inure tu. the respective successors and assigns of 1_endcr and Borrower.
.object to the pn•vi,ions of paragraph 17 hereof. :1lI cocen:uus and agreemenh of Borrower shall he joint and several.
The caption. and headings of the paragraphs of this Mortgage arc for convenience only anJ am not to he used to
interpret or define the pmciciunc hereof.
14. \otice. Except for any notice required under applicable lays to he given in another manner. (a) any notice to
Burrower provided for in this Mortcaee shall he eisrn he mailing such notice by ccrtificd mail addressed to Borrower at
the Pmpem• Address or :n such other address as Borrower mac designate M• notice to Lcndcr as provided herein. and
thl am• noti~c to Lender ;hall tx given by ccrtificd mail. return receirt reuue.ted. n. !ender'. address stated herein t•r to
such ~•thcr address ac (.ender m:n designate h) notice to Burruwec ac provided herein. Any notice pn,vidcd for in this
Mortgage shall Fx~ deemed to base been given to Bornsver or 1-ender when given in the manner designated herein.
I5. Cniform ~lortea~e: Goyernin)! Law: Severabilit}. 'This form of mom_agc combines uniform covenants for. national
;.cc and non-unit.+rm covenants with limite.l variations M• jurisdiction to constitute a uniform security instnrment covering _
real pmpertp_ 'this ~tortgake shall tx; gm'erned by the law of the jurisdiction in which the Propert)• is k~ated. In the
event that any provision or clause of this Mort):aee or the \ote conllicts with apnli:ahle law. such conflict shall not affect
:ether pn•vrsiorr of this Morttiage or the Note which c:m Fx gr<<n ctTec-t wirhorrt the rnntlicting provision. and to this
! end the provisions of :he ':11ort_•ace and the \ute are Declared to Fxx severable.
e 16. Borrowers Cnp). BOfri,Ner shall he furnisheJ c.mfurmed cop)- of tF:e \ote and of this Mortgage at the time
j of execution or after retardation hereof.
17. Transfer of the Propert~•: Assumption. If all or arse part of the Pr~~pcrt)• or an interest therein is ;old or transferred
by Borrower vvrthout (.ender'. prior written current. eul?~ding tat the trcation of a lien or encumbrance subordinate to
this Mortgage. Ih) the creation of a purthase mune+ sccuritc interest for household appliances. (cl a transfer hs• devise.
deucnt or by operttion of law upc?n the death of a iuint tenant or Id? the grant of am~ leasehold interest of three )'cars or less
nut containing an option to purchase. Lcndcr nt:n, at I ender'. option. declare all the sums secured by this 'Mortgage to be
immediately due and papahle. Lender Shall have waived suth option t~~ accelerate if. prior to the sale or transfer. Lender
and the person. to whom the Property is to he ,ol.l or transferred reach agreement in writing that the credit of such person
satisfacton• to Lcndcr and that the interc,t papahle un the some ,geared M' this Mortgage shall be at such rate as Lender
;hall request. If Lender has waived the option to accelerate. provided in this paragraph 17, and if Borrower's successor in
:ntcrect has executed a written assumption agreement accepted in writing ht' Lcndcr. 1_ender shall release Borrower from all
l obligations under this Mortgage and the NMc_
If lender esercicec such option to accelerate. I ender ;hall mail Borrower notice of acceleration in accordance with
• paragraph 14 hereof. Such notice shall provide a period of not less than ~0 days from the date the notice is mailed within ,
~shich Borrower may pap the sums declared due. If Bormacr talk to pay such sums prior to the expiration of such period.
Lcndcr may, without further notice or demand on ttorrowrr. invoke am remedies permitted hp paragraph 1 R'hereof.
1
Nox-UxtFOtert Covt=_x~wTS. Borrower and Lendef further covenant and agree as follows: `
1 S. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrow'er's breach of any covenant or
agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage. Ltndtr
j prior to acceleration shall mail notice to Borrower ac provided in paragraph 14 hereof specifying: (1) the breach; f2) the action
required to cure such breach; (3) a date. not less than 30 daps from the date the notice is mailed fo Borrower. by. which such
breach must be cured: and (4) that failure to cure such breach 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. 'ILe notice
shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the force{osare proceeding
~ the non-existence of a default or am other defense of Borrower to acceleration and fdreclosure. If the breach is not cured o0
or before the date specified in the notice. Lender at Lender'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
be entitled to co11eM 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.
r 19. Borrower's Rigbt 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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