HomeMy WebLinkAbout1892 Lenders vitten agreement or applicable law. Borrower shalt pay the amt)t]nt'a~ll mort~iranr:e prFmiums in the
manner provided under paragraph 2 hereol.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured bythis Mortgage. Unless Borrower and Lender agree to other terms of payment, such
amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the
date of disbursement at the rate payable from time to time On outstanding principal under the Note unless payn?ent 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 rn this paragraph 7 shall require Lender to incur any expense or take
any action hereunder.
8. Inspeetlon. 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 in the Property.
g. Condemnation. The proceeds of anyaward or claim for damaggees, direct orconseg4ential, in ponneGion with any
condemnation or other taking of the Property, or part thereof, or for convteya'nce'in lieu of condemnation, hereby assigned
and shall be paid to Lender.
In the event of a total taking of the Property, the proceeds shall be applied to the sums secure) by this Mortgage.
with -the excess, ii any paid to Borrower. In the event of a partial taking of the Property unless Borrower and Lender
otherwise agree in 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 bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds
paid to the Borrower.
~Il.lhe Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor oilers to make
an award or settle a claim tar 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 restoration or 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 shalt 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 t is Morlgag~.~rantecl ~?y.~4~n~fer t0 any su'~cef or in;interest of Borrower shall not operate to release. in any manner.
the t ~ bility~of the ongrr~ie~~~ 90FFower ar'?d BoF~wei'~ $i~cessois in interest~Lent~r shaN'A1~it be required to commence
proceedings agaiitsl~s~roh i:ucci~ssor.dr relusr# t0'extend ttrrrd for payment or otherwise modify amortisation of the sums
secured by tnie Mgrigage by°reasor>rol ark demand made by the original Borrower and Borrowers successors in interest.
11. Forbearence by Lender Not a Walvsr. 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 be 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 t;tltnrilative to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively.
13. Successors and Assigns Bound; Joint and Sweral Uability; 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 tie
joint and several. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not to be
used to interpret or define the provisions hereof.
14. Notice. Except for any notice required under applicable law to be given in another manner. (at 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 as Bor?ower may designate by notice to lender as provided herein, and
(b) any notice to Lender shall be given by certified mail, return receipt requested. to Lenders address stated herein of to
such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. .
15. Uniform Mortgage; Gowming Law; Ssverebllity. This form o e c bines ~ rm covenants for
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national use and non-uniferm~rSvenants with limited variations y jufisdictroriYo cohstiCuite du~ir~~m equrity instrument
cdvtinrig real property. Thre state arid local laws applicable to t~s Mortgage shah~e the taws of the luris~f~ction in which
f the Rroperty is Located. The foregoing sentence shall not limit the applicability of federel law to this mortgage. In the event
{ that any provision or clause of this Mortgage or the Note conflicts rbith appltrable few: sucti~or?tfict ~tlallnol_etfect other
provisions of this Mortgage or the Note which can be given effect without the confl~chng provision. and to this end the
prov~s~ons of the Mortgage and the Note are declared to be severable.
16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
~ of execution or after recordation hereof.
17. Transfer of the Property; Assumption. If 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
s this Mortgage, (b) the creation of a purchase money.secunty interest for household-appliances. Ic) 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 years or less
not containing an option to purchase. Lender may, at Lenders option, declare all the sums secured bythis Mortgage to be
immediately due and payable. Lender shall have waived such option to accelerate if prior to the sale or transfer. Lender
and the person to whom the Property is to tie sold or transferred reach agreement in writing that the credit of such person
is satisfactory to Lender and that the interest payable on the sums secured bythis 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. Lendershall re_tease Borrower from all
obligations under this Mortgage and the Note.
It Lender exercises such option to accelerate. Lender.shail mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of not less that 30 days from the date the notice 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.
i NON-UNIFORM COVENANTS. Borrower and lender further covenant and agree as follows:
G 18. Acceleration; Remedies. fFaccept as provided In parafjiaph 17h!r~f
, upon,Bt?!>~w!irsbnach of any
covenant or agrNment of Borrower in this Mortgage, including the cownilrttsto pay when dui any sums second
bythis Mortgage, Lender prior to acceleration shall mall notice to Bomovtrer as provided In paragraph 14 hereof
specifying: (1) the breach; (2) the action Fequfnd to can such beach; (3) a dab, not less than 3fl days from the
date the notice b mailed to Borrower, by which wch breach must be cured; and (4) that hNun fto can such beech
on or before the date specified In the notice may result in acceleration of the sums second by this Mortgage, `
foreclosure by judfClpl proceeding and sale of the Property. The notice shall furthe?inform Borrovwrotthe rlghtto
r reinstate aRer accelerstion and the right to assert to the toncbsun proceeding the non-exlsbnw of a default or
any other defense of Bomovwr to accelentbn end foncbsun. If the beach Is not cued on or Eiofon the deb
~ specified in the notlca, Lender at Lender's option may ~ecian all of the wms secured by fhb Mortgsge to be
immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. r
Lender shall bs entitled to coNect In such proceeding all expenses of foreclosure, Including, but not limited to,
reasonable attorney's fees, and cosb of documentary evldencs, abstracts and title sports.
~ 19. Borrowers Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured bythis Mortgage.
' Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time
81)0 Jeh~ P~6E~~
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