HomeMy WebLinkAbout0616 I.rnder's written agreement or ~pp:icahle law. Burrc~wrr shall pay the am+nnu of all mortgage imur:unc premiums in the
manner pnwided under paragraph 2 hereof.
Am• amounts dishursrd by Lrndcr pursuant to this paragraph 7. with interact thereon. shall become additional
indebtedness of Borrower secured M• this Aortgage. l.'nlecc Burruwrr and I ender a~rre to other tetras of payment. such
amounts shall Ix pa)•ahk upon Holier from I cndcr to &+rrower reyttrcting pa)•ment thrreaf. and shall hear interest from the
date of dichursrment at the salt pa>•ahle from time to time on outstanding principal under 11p~-I~trl~•uMecs payment of
inferrer at such rate would he contran• to applirahlr law. in which event such amounts shall I+car mtereci at the highed rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder.
' 8. Inspection. Lrndcr may make ar cause to he made reaconahle entries u}xsn and inspections of the Properly, provided
that I.rnder shall give Borrower notice prior to any such ins}xtctiun specifying nasonablc cause therefor rclatrd to Lender's
intcrcct in the Property.
9. Condemnatbn. The pnreedc of any award or claim for damages, direct or conrquential. in connection with any
condemnation ur other taking of the Pmpert)•, or part thereof, or for conveyance in lieu of condemnation. arc hereby assigned
and shall he paid to Lcndcr.
In the event of a.total taking of the Property, the proceeds shall he applied to the toms secured M• this Mortgage.
with the excess. if any. paid to Hormwec. In the event of a partial taking of rho Pmpertg. unless Borrower and Tender
otherwise agree in w•ritin~. them shall hr applied to the sumo secured by this Mortgage wch pmportiun of the proceeds
8S IC Cqual to that proportion which the amount. of the sum. crcured by this Mortgage immedirtrl)• prior to the date of
taking Ix:ars to the fair market vahx of the Property immediately prior to the date of taking. with the halancr of rho proceeds
paid to Borrower.
if the Property is abandoned M• Burrower. ar if. after rtaticc h)• Lrndcr to Bormwcr that the rnndcmnar offers to make
an award ar settle a claim for damagca. Harrower fails to respond tr Lcndcr within l(1 das•c after the date such notice is
mailed. Lender•is.authorizcd to rnllcct and apply the proceeds. at Lcndcr'c option, tither to rcctoration ar ropsir of the
Propcn)• ar to the sums secures} by this Mortgage.
l'ulcss Lender and Borrower otherwise agree in writing. am• ,nth appliratic+n of proceeds to principal shall not extend
or pcrtpcmc the due date of rho monthly installments rcfcrrrd to in paragraphs 1 and 3 hereof ar change the amount of
such mstalimenis.
10. Borrower Nol Released. Extension of the time for payment or modification of amortization of the come secured
by this Mortgage granted by Lcndcr to am• successor in intcrcct of Borrower shall not operate to release, in ans• manner.
the liability of tht original Borrower and Barmwrr'c successors in intcrcct. Lender shall not he rryuired to rnmmenee
proceedings against such successor or refuse to extend time for pa)•ment ar otherwise modify amortization of the sums
secured by this Mortgage by reason of am• demand made M• the original Borrower and Borrowers succeccurc in interest.
11. Forbearance by Tinder Not a Wainer. Any farhearaner M• Lcndcr in exercising am• right ar remed)• hereunder. ar
othersvisc afforded by applicable taw, shall oat he a waiver of ar preclude the exercise of an)' such right ar remed)•.
The procurement of insurance or the payment of taxes ar other liens or charges by }.cndcr chat) not he a waiver of 1 enders
right tc• accelcratc the maturity of the indcMcdnecc secured hs• this Mortgage.
12. Remedies Cumulative. All remedies pn,vided in this Mortgage are distinct and cumulative to :m)• other right ar
rcmed)• under this Mortgage or afiatdcd he law or eyuit)•. and mar tx exercised amcurrentl)•. indcpcndenth~ or sucrcccivch•.
13. Successors and Assigns Bound: loin) and Sereral i.iability: Captions. The covenants and :tgrsxntcntc herein
contained shall hind, and the rights hereunder shall inure ta. the rec}xrtive nxeocx~rs and assigns of Lrndcr and Borrower.
subject to the provision. of paragraph 17 hereof. All covenants and agrcementc of Borrow•cr shat( he joint and several.
The captions and headings of the paragraphs of this Mortgage arc far rnnvrnience only and arc not to ho need to
imerpret or define the pmsicians hereof.
14. Notice. Except for any notice rrquircd under applicable law tc~ t+c given in another manner. (al an)• notice to .
Borrower provided fur in this Mortgage shall he given by mailing such nuticr h) certified mail addressed to Bormwcr at
?he Pmpem• Address ar at such other address as Harrower nr.rs• designate hc• notice to Lcndcr as pn.vided herein. and
Ih} am notice to Lcndcr shall he given h)• crrtificd mail. return receipt reyuestcd. a+ I .cndcr c address stated herein or to
j such other addrea ac Lender may designate M• notice to Harn+wer ac provided herein. Am• notice provided far in this
'j Mortgage shall he deemed to have been given to Harrower or Lender when given in the manner designated hrrrin.
~ 15. t'niform 31ortRage: Governing 1<.aw; Severabilil)•. Thi. form of martgace rnmhines uniform covenants far national
use and nun-uniform covenants with limited variation h)• jurisdiction to runstitnte a uniform xcurit)• instrument covering
real property. This \lortgagc shall be cuverned h)~ the law of the jurisdiction in which the Properly is k+ratcd. In the
event that am• provision ar clause of this Mortgage or the \ate conflicts with applicable law. such conflict shall nM affect
other provision of this Mortgage ar the \ote which ran he gis~en eQect without the conflicting provision. and to this
end fix provision of the Mortgage and the \ute arc declared to he severable.
"`16. 'Borrower's (opy. Borrower ch:dl he furnished a amformed rope of the \atc and of this-Mortgage at the time
.+f execution ar after recordation hereof. _
17. Transfer of the Pn?pert}•; Assumption. If all or :utv. part of the Pm}nrty or an intcrcct therein is sold or transferred
M• Borrower without }.tinder's prior written consent. rscluding la) the creation of a. lien or rncumhrance subordinate to ;
this Mortgage. Ih) the creation of a purchase mone)• security interest far household appliances. Ic1 a transfer hg devise.
descent ur h)• operation of law span the death of joint ttinant or Id? the grrnt of am• IeacehaW interest of three years or loss
not containing an option to purchase. Lender m:n•. at Ltinder: option. declare all the sums secured h}• this Mortgage to he
immtidiatcly due and payable. lender shall hate waited wch option to accelerate if. prior Io the sale ar transfer. Lender
and the person to wham the Property is to be cold or tranc(tirred reach agreement in writing that the credit of such person
is satisfacton• to Lrndcr and that the interest pa)•at+lc on the sums stirared by this Mortgage shall be at such rate as Lender
shall reyuect. If Lcndcr has waived the option to acceler.+tc provided in this paragraph 17, and if Borrower's successor in
interest ha. executed a written assumption agreement accepted in writing by 1-cndcr. !.ender shall release Borrower from all '
obligations under this Mortgage and the Nate.
If Lender exercises arch option to accelerate. I ender sh:dl mail Harrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a pericxl of not less than i0 days from the date the notice is mailed within
which Borrower may pa)• the sums declared due. If Burn+wtir Ltilc to pay such come prior to the expiration of wch period.
Lrndcr may. without further notice ur demand on Burrower. invoke am• remedies permitted M• paragraph IR hereof.
Norc-Uhlt=oRM COVt=yANTS• Borrower and I.rnder further covenant and agree as follows:
lg. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower'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, Lender
prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifyitrg: (1) the breach: (2) the action
required to cure suFh breach: (31 a date. not less than 30 days from the date the notice is mailed to Borrower, by wbkb snob
breach must be cared; and (4) that failure to cure such breach on or 6eforc the date specified in the notke may recall in
acceleration of the sutras secured by this Mortgage. foreclosure by judicial proceeding and sale of~ the Property. The notke
shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosarc proceeding
the two-existence of a default or any other defense of Borrower to acceleration and forecbsurc. if the breach is not cured on '
or before the date specified in the notice. Lender at Lender's option may declare aH of the sutras secured by this Mortgage to be
immediately doe and payable without further demand and may foreclose this Mortgage by judkial proceeding. Leader shall
be entitled to collect in sucb proceeding all expenses of foreclosure. including. brat not limited to, rcasoaabk attorney's fees, •
and costs of docomentary evidence, abstracts and tick reports. •
19. Borrower's Right to Reinstate. Notwithstanding 1_ender c acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have an)• proceedings begun by Lender to enforce this Mortgage discontinued at.any time
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