HomeMy WebLinkAbout0773 I.ender'c :+ntten agrevmrut ur applrrahlt Lt\v Brrru+?er shall pa}• the amruii~~+ !JV m?irtgage ~t~tr~jnce prcmium+ in the
manner I~r,wtdrD under paragraph 2 herrut.
:ins ;unrunts Dishurse.t M' 1 en+icr pur.uanl ht thi. p:tr.t}graph 7 with interest thereon. .hall hectare additional
indebtedness rf Rurn,++er ,c:urrd by this Mortgage. t nle.. &en.n+tr ;utD I ender agree ti, other tome of payment, each
anunntt..h;Dl fk pavahk 11prn uuti:r frrm 1 ender to firm,\+er reyursting pa)'ntent thereof. anD .hall hear interest from the
;I,tte c,f Dishttrcement at the r.,tt~ I~frrm time to time un outstanding principal under the Note unless payment of
inters at sorb rate wuul+l a~~~~~~A ttpplieahle la+v. in ++hich event such amounts shall liar interrct at ehe highest rate
permissible under :rpplicablc la++. Nothing contained in this paragraph 7 shall require 1 cndcr to incur am• expense or take
.u»• action hereunder.
8. Impaction. Lcn\ler rosy make or e:utce to I+c made rea.onahle entries upon and impactions of the Property. provided
that 1 cndcr shall gis•e Aorro+ver notice prior to any such inspection spccif}•ing rcaconahlc cause therefor related to Lender's
interest in the Property.
9, Condemnation. The pn~ceedc of am• aw;trd or claim fur damages. dircet or conscyuential. in connection with an}•
condemnation ur other taking of the Property. or part thereof, ur for a,ns•e}•ance in lieu of condemnation. are hereby :taigned
:tn+l shall f+c paid to I.endgr. _
In the went of a tMal taking of the Propctty. the pntceedc ,hall he applieD to the alms secured by this Mortgage.
+vith the excess, if am•, paid to Born.~+•cr. In the event of a partial Taking of the Pmpcrh•, unless Borrower and Lcndcr
uther+vist agree in writing. there ,hall he applied to ehe sums secured by this Mortgage etch pmp+trtion of the pnK:eedc
as is equal to that proportion +chieh ehe amount of the sums secured h}• this Mortgage immcdiatch• prior to the date of
taking txarc to the fair market valor of the Property immedi;drly prior to the date of taking. ++ith the balance of the proceeds
paid to Borrower.
If the Property is abandoned h~• Borrower. or if. after notirc by Lcndcr to Borrower that the condemnor offers to make
an awarD or settle a claim for .t,unagts• Burrower fails to rtspttnd to 1 cndcr within i0 das•c after the dale such notirc is
mailed. I-cndcr is authorized to collect and apply ehe proceeds. at Lcndcr'. option. either to restoration or repair of the
Pmpert} or to the sums secured by this lliortgage.
Unless Lcndcr and Born»vcr othcnvise agree in seritine. anv snrh applir:rtiun of proceeds t+. principal shall not extend
or Ixstpone the due Date of the monthh• installments referred to in paragraphs I and 2 hert:of ur change the amount of
such installments. ,
10. Borrower Not Released. I?xtension of the time for payment or modification of amortization of the sums secured
by th?c M+•ue ee eranted hs' 1 cndcr to anv_ cuccecux in interest of Burrower shall not operate to release, in any manner.
the IiahiNts +~1f the original Burrower and Borrower's succrssarc in interest. t cndcr shall not he required to commence
pn~ecdirgs aga~nct such successor or reface to extend time for payment ur othcncice modify amortization of the sums
.enured M• this tliortgagc by reason of any demand made by the original Borrower and Borrower's caccecsorc in interest.
I1.r Forbearance b~• Lender Not a R'aiver. _.A n+• furhearanrt hs• I_rrder in exercising any right or remedy hcrcnndcr. or
rtherwisc affordtr+i by applicable law, shall not he a waiver of rr preclude the exercise of any such right or remedy.
The procurrmcnt of incurancc or the paymetet of lases ur other liens ur charges by I.endcr .hall not he a ++aiver of I cndcr's
right to accelerate the maturity of the indehtednes..e_ured hs this ~L•ngagt. }
12. Remedies ('emulative. All reme.lics pn.vided in this ;\lortgage arc Distinct and cumulative to any other right or
remeDy under this Mortgage or atjonled h+• law or eyuits•. anD may ht exerciceD concurrent)}•. independently or wcce.civel}•.
13. Successors and Assigns Boond: Joint and Several l.irbilih: ('aptions. 'The covenants and agreements herein
r.~ntaineD shall hind. and the rights hereunder shall inure to. the respective wcccssors and assigns of lender and Borrower.
subject to the provisions of paragraph 17 hereof.. :111 co~••_nants an.l agreements of Borrower shall he joint and ceeeral.
Tht caption. an.l headink. of the paragraphs of this Mortgage arc for cumenience only-and arc not t+. he used to
interpret or define the pro+•iciuns hereof.
14. Notice. Except for anv notice reyuirrd antler applirthle las+ tt• he given in another manner. tai anv notice to
Burnt+vtr provided for in this Mortgage shall he given by mauling suih notice h}' certified mail addressed to Bormwer at
the Property ADdre.c ur at such other address as Brrruwer ma+ designate by nu~i.e to 1_endcr as provided herein. and
!hl am notirc to Lender .hall h+ given by certified m.ril. return receipt reyuccteD. ht 1 ender'c address stated hcrtin or to
such tither addrtsc as lender mss designate h}' notirc to Burrr\cer ac prmided herein. .Any notice provideD for in this
~t.•rtgage shall tx deemed to ha+r been given to Bnrrrwer rr I cndcr ++hcn given in the manner designated herein.
1S.. Uniform ~lorteake; Governinfz i.aw; Srversbilita•. •fhi. f+~rm of mortcaec •_omhines uniform rnvenants for oatinnal _
Use and nun-unifterm rrsen m. +cith IimiteD variations by juris.iictittn tr runstunte a uniform securih• instntment covering
real prope.nc. This \lortgagc shall he governed by the la+s of the jurisJictiun in which the Property is lot•ated. In the
went that anv ptrvisirn or clause of this '.1lortgaLe ter the '.~rtc rontlict..+ith applicable law. such conflict shall not affect
ether pn~\uirns of this ~iortg;r_e rr the \ute nhich ran ht Liven elTert +vthout the cpntticting provision, and to this
encl the pruvisium of the Mortgage and the \rtr :err De:lared to he sevtrahlc.
16. Borrower's Copc. Borrower shall he furni.heD a r.atfurmcd ropy of the Mott and of this Mortgage at the lime
rt execution or after recordation hereof.
17. Transfer of the Pmperlc: Assumption. If all ,.r arc part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written current. excluding tat ehe creation of a lien or encumbrance suttordmate to
I this Mortgage. (hl the creatirnt of a purchase ntrnes .erurih interest for househulJ appliance,. Ic) a transfer by devise.
l Descent or by operation of L•t+v upon the Death rf a it+int tenant or f.h the grant of am• leasehold interest of three years or lees
not containing an option to purchase. 1 ender mss. at I enDer's opti.,n. declare all the sums secured by this ;lortgage to be
imme+hately dot and payable. Lander ,hall have .+:rived such option to accelerate if. prior to the sale or transfer. Lender
anD the person to whom the Property is to he so1D ur transferred reach agreement in writing that the credit of such person
is satisfacton to I-enter and that the interest pa}ahle on the won secured M' this Mortgage shall be at such rate as Lender
shall request. If 1 ender has waived the option to acctler:rte provided in this paragraph 17. and if Bormwer ~ successor in
interest has executed a written assumption agreement accepted in writing h}• 1-cndcr. I-ender shall release Bormwer from all
rbligationc under this Mortgage and the Notc.
if Lender exercises such option to accelerate. I ender shall mail Burrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a perio+l of not Tess then 30 dace from the date the notice is mailed within
Hhich Borrower ma}• pay the sums declared dot. if Borrrt++cr fails to pay such sums prior to the expiration of such period,
Lender ma}•. without further notice or demand on Born.wtr. invoke any remedies permitted M• paragraph 18 hereof.
' Nov-U~tt=oR:?t CovFV~~•rs. Borrower_and Lender further rnvenant and agree as follows: t
z 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or
agreement of Borrower in this'.Nortgage, including the covenants to pay when due any snms secured by this Mortgage. Leader
prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the aMion
required to cure such breach: (3) a date. not less than 30 days from the date the notice is mailed to Borrower. by which such
breach must be cored: and (41 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. 'Ilse notice
shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding
the non-existence of a defauk or any other defense of Borrower to acceler>tion and foreclosure. If the breach is not cured on
or before the date specified in the notice. Lender at Lender's option ma~• 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 colkct in such proceeding all expenses of foreclosure, including. but not limited to. rcasonabk attorney's fees. ~
and costs of documentary evidence. abstracts and title reports. #
19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage.
i Borrower shall have the right to have any proceedings begun by 1_ender to enforce this Mortgage discontinued at any time
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