HomeMy WebLinkAbout1858 . v
Lenders written agreement or applicable law. Borrower shall pay the amount of all mortgage ins r ce prelTr~the
manner provided under paragraph 2 hereof.
Any amounts disbursed by lender pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and lender agree to other terms of payment, such
amounts shall be payable upon noticelrom Lender to Borrower requesting payment thereof, and shall bear interest from the
date of disbursement al the rate payable from Gme to time on outstanding principal under the Nale unless payment of
interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder.
8. Inspeotton. Lender may make or cause to be made reasonable entries upon and inspections of the Property,
provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to
Lenders interest irw the Property.
1f?.'•iCi~rfd~iMnatlon. The proceeds of anyaward or claim for damages, direct or consequential, in connection with any
_ condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, hereby assigned
and shall be paid tq Le{>tder, ' '
In the event.ot.~,tgta! taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage.
with theelaCbss, it'>shy p8id to Borrower. In the event of a partial taking of the Property unless Borrower and lender
otherwise agresin writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds
as is squat t0 Vjat proportion which the amount of the sums secured by this Mortgage immediately prior to the date of
taking beats ~0 the fair market value of the Property immediately prior to the date of takrng, with the balance of the proceeds
paid to the Borrower.
11)h`e-Property is abandoned by Borrower, br if, if~r notice by Lender to Borrower that the condemnor offers to make
an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice is
mailed, Lender is authorized to collect and apply the proceeds. at lenders option; either to restora)iq(uor repair of the
Property or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
1 O. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by Lender to any successor,n interest of Borrower shalt not operate to release. in any manner,
the Lability of the original Borrower and Borrowers successors in interest. Lender shall not be required to commence
prgcgedi~g~ a~ajnst ch syc ~s or,Or refuse to xt~(~, , f4( ymen , Qthe,rw ,jly a. ~t,on of 1hq sNms ~ .
secured by ibis Merti,)ge'b~rre~3~ of anyde~an~rrtaiilE~~y''lheo'~in~t 8oirbv~er'ar~d~B`dFr~owers §~trc~~s~ors,~r"~ irifere~l:' t• ` '
11.. Forbearance by lender Not a Waiver. Any forbearance by lender in exercising any right or remedy hereunder.
or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. '
The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not tie a waiver of Lenders
right to accelerate the maturity of the indebtedness secured by this Mortgage.
12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and'cilmtitat~ve to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently.,ndependentlyorsuccessively.
13. Successors and Assigns Bound; Jotnt and Several Liability; Captions. The covenants and agreements
herein contained shall bind, and the rights hereunder shall 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 shalt be
joint and several. The captions and headings of the paragraphs o! this Mortgage are for coven,ence only and are not to be
used to interpret or def,ne the provisions hereof. '
14. • Notles. Except for ary notice required under applicable law to be given in another manner, (a) any notice to
Borrower provided fo? 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 as Borrower may ~es'gnQta by~[rQtliee:Qo t~eec)eEas~provided herein, and
(b) any notice to Lender shall be given by certified mail, return receipt requested, to Lerider•s address stated herein or to
such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
Mortgage shaft be deemed to have been given to Borrower or Lender when given in the manner designated herein.
15. Uniform Mortgage; QovsminQ Law; Severablllty. yilf)p Tdrali'At rrib}t~ge~~kriblri~s uniform covenants for
national use and non-uniform covenants with I,mited variations by jurisdiction to constitLte a uniform-secur5fy instrument
coveririg real property. The state and local laws applicable to this Mortgage shall be the laws of the lunsdichon m which
~ .the Property is located. The forego,ng sentence shall not limit the applicab,lity of federal law to th,s mortgage. In the event
that any provision or clause of ih,s Mortgage or the Note conflicts w,th applicable law. such Confl,ct shall not affect other
j provisions of this Mortgage or the Note which can be given effect without the conflics,ng provis,on, and to this end the
provisions of the Mortgage and the Note are declared to be severable.
16. Borrowers Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of execution ~r after recordation hereof.
17. Transfer of the Property; Assumption. It all or any part of the Property or an interest therein is sold or transferred
I by Borrower without Lenders prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creaUOn of a purchase money security interest for household appliances. (c) a transfer by devise.
descent or by operation of taw upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less
not containing an option to purchase. Lender may, at Lenders option, declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have waved such option to acceleratc~~-~p`r)or f0-the salt o~ trarsf~r, Lender
arM the person to whom the Property is to be sold o? transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that tt:e interest payable on the sums secured by this Mortgage shall be at such rate as Lender
shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in
interest has executed a written assumption agreement accepted in writing by lender, Lender shall release Borrowerfrom all
obligations under this Mortgage and the Note.
If Lender exercises such option to accelerate. lender shall mail Borrower notice of acceleration in accordance with
1 paragraph 14 hereof. Such notice shall provide a period of rwt less that 30 days from the date the notice is mailed within
t which Borrower may pay the sums declared due. It Borrower tails 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.
~ NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
1 S. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any
t covenant or agreement of Borrower in this Mortgage, tncluding the cownants to pay when due any sums second
b by this Mortgage, Lender prior fo acceleration shall mail notice to Borrower as provtded In paragraph 14 heroof
; speclfying: (1) the breKh; (2) the actton roqulrad to taro such breach; (3) a daU, not less than 30 days Iron the
date the notice Is m~lilad to Borrower, by which such breach must be curod; and (4) that fat taro to taro such breech
on or beforo the date speefflsd In the notice may result in aeeeleratlon of the sums seeurod by thin Mortgage,
foreclosure by judlclal procNding and sale of the Property. The nonce shall further Inform Borrowerof the rlghtto
rotnstate after acceleration and the right to assert in the foreclosuro proceeding the non-existence of a default or
any other defense of Borrower to acceteraUon and foreclosuro. if the breach IS not curod on or biter! the date
specified In the notice, Lender at Lenders option may declare all of the sums seCUrod by this Mortgage to be
lmmedtatsly due and payable without further demand and may foreclose this Mortgage by judlclal proceeding.
Lsndershall be sntRled to collect In such proceeding all expenses of foreclosure, Including, but not IlmRed to,
reasonable attomsy's tees, and costs of documentary evidence, abstracts and title roports.
19. Borrowers Right to Retnstats. Notwithstanding Lenders acceleration of the sums secured by this Rlortgage.
Borrower shall have the right to have any proceed,ngs begun by Lender to enforce this Mortgage discontinued at any time
c~ ~$S~Z
a~ 33~ P~~
J ~i b
. ~