HomeMy WebLinkAbout1025 Lender's +?ritten agreement or ~ppli:ahle lain. BUrTI?wer shall pa~• the amount of :dl mortgage insuramce premiums in the
manner provides under paragraph 2 hereof. ,
cloy amounts disbursed by Lender pursuant to this paragraph 7. ++ith intercct thereon. ch:dl become additiur?al
indebtedness ++f R,+rro+cvr a~curcd M• this Mortgage. l.'nless Rorn~++cr and I en.ler agr~ti to other terms of ~+ayment, such
;unounh .h:dl he payable upon notice Crum Lender to Rurrawer requesting pa)'ment thereuf.:utJ hq~'~ Mterest from the
daM of .lishurcement at the r:,te payable from Time to time un outstandinc principal under thc~ loo' tc' i,~le« payment of '
inhrc.t at such rtte wouhl he cantran• t+• appli+;ahle law. in which event such amounts shall hear interest at the highest rate
permissible under applicable la+~•. Nothing rnntained in Chic paragraph 7 ,hall require Under In incur any expense or take
any action hereunder. .
8. inspection. Lender may make or cause to he made reaconabk entries ulx~n and incpectionc of the Property. pm~•ided
that Lcndcr shall give Burrower nuticc prior to any such inspection specifying reasonable cause therefor related to Lender c
interest in the Property.
9, Condemnation. The proceeds of any award or claim for damages. direct or cun.equential. in rnnnection with any
condemnation or other taking of the Property. ur part thereof. or for conveyance in lieu of condemnation, are hereby assigned i
and shall be paid to Lcndcr.
Tn the event of a total taking of the Property. the proceeds shall he applied to the cumc secured M• this Mortgage. i
with the excess. if am•. paid tt• Borrower. In the event of a partial taking of the Property, anises Borrower and Lender
olhefN'ISe agrcc in writing. them shall bC applied to the sums secured by this Mortgage such pmlx~rtion of the proceeds
as is eyu:d to that proportion which the amount of the sums secured by this Mortgage immediately prior a? the date of
taking hears to the fair market value of the Property immediately prior to the d:,tc of taking, with the balance of the proceeds
paid to Borrower.
1f the Property is abandoned by Borrower. or if. after nMicc hs• 1 ender to Rarr+.w•er that the condemnor offers to make
an aw•arci ur settle a claim fur damages, Burrower fail. to resp,ax) to I ender within in dais after the date wch notice is
mailed. Lcndcr is authorind to collect and apply the proceeds. at Lender's option. either to restoration. or repair. of the
P~ol>Lrty or to the sums secured by this ~iortgagc. ~r Z~
Llnless Lcndcr and Borrower other+vicc agrcc in writinc. any Such application ~ hall not extend
ur Ixstpone the due date of the monthly installtncnts referred to in paragraphs 1 M~~~nuunt of
curh installments.
10. BorroNer :Vol Releaud. 1?xtension of the time for payment or m,?dificatiun of amortization of the sums secured
M• this Mortgage granted M• Lcndcr to am• cucccca?r in interest of Burrower shall nqt operate to release. in any manner.
the liability of the original Borrower and Borrower's succec.urs in intercct. Lcndcr shall not he required to commence
proceedings against such successor or reface to exten.l time for payment ur othen+ise m+xiih• amortization of the sums
secured by this Mortgage by reason of ans• demand made hr the urieinal Borrower and Rurrowcr's cuccessorc in intercct.
11. Forbearance by Ixnder \ot a 1Vais•er. :~m~ fart?carance by Lcndcr in exercising ans• right ur remedy hereunder. or
otherwise afforded by applicahlc law. ~h.•tll-not hc~ a waiver ul or preclude the exercise of am' wch right or remedy.
The procurement of insurance or the payrt~ent of lases ur other liens ur charges by Lcndcr shall not he a waiver of Lender's
right to accelerate the maturity of the indchtednesc .ecurcd M- this ~lvrtgagc.
12. Remedies Cumulative. All remedies pm+ided in this Mortgage are distinct and cumulative to anv ether rieht or
remedy under this Aturtgage or afforded by law or equity. and may ixr escrciccd cuncurrcntly. indcpcndcnth• or succesciveh•.
13. Succeswn and Assigns Bound: Joint and Seseral Liabilih•: ('options. The ernenantc and agreements herein
contained shall hind. and the riches hereunder shall inure to, the respective successors and assigns of Len.ler and Burrower.
subject to the provisions of paragraph 17 hcrcof. All covenants •rnd a¢reementc of Borrower shall Ix~ joint and several.
The captions and headings of the paragraphs of this Mortgage arc for cunvcnicrxe only and arc not to t?e used to
interpret ur define the provisions hcreo[.
14. Notice. Fxcept for am• notice required under applir.,hle I;nc to he given in another manner. fat :,m• notice to
Borrower provided for in this hturtgaee shall 1?e given by mailing such notice h~ certified mail addressed to Burrower at
the Propem' Address ur at such other address ac Borrower rosy design:ue hs~ rn?ticr to Lcndcr ac pn»•ided herein. and
thl am~ notice tt? Lender shall 1?e given by certified mail. return receipt requested. to I ender'. address stated herein or to
such other address as Lcndcr ma)• designate by notice h+ Borrower ac provided herein. ~1nc notice provided fur in this
~turtgage shall t?e deemed to have been given to Borrower or Lcndcr +?hcn gisen in the manner designated herein.
1S. Uniform'klortgage: Governing Law: Sererabitift. "this form ut murteace combines uniform cm•enants for national
ose and nonuniform covenants with limited variations h~• iuri..liction to conainrte a uniform secnrits• instrument covering
real pn•pcrty. This Mortgage shall 1?e governed he the law ~~f the iuri.~lictian in which the Property is hwated. In the
event that any provision or clause of this Mortgage ~~r the \.?te conflicts with applicahlc law. such conflict shall nut affect
other l+r,?vr.it?ns of this 'Mortgage or the 'lute :cfii.h :an ~ gw~r-. eiTcct ++i~hout the contlrrhng pmvision_ and to this
end the pn?+isium of the Vurtgagc and the \otc arc declared to i?c severahtc.
16. Borrowers Cope. Borrower shall he furrn.hed conformed copy of the '.`utc and of This Mortgage at the time
of execution ur after recordation hereof.
17. Transfer of the Pmpert~; Assumption. If all ~~r am p,ut of the Property or an interest therein is sold or transferred
by Borruwcr without 1_cnder's prior written ~onccnt. excluding ,:u the creation of a tier: ur encumbrance cutx?rdinate to
this Mortgage. 1hl the creation of a purchase money securits interest for houcehoW appliances. /cl a transfer M• devise. ;
dexent ur hs• operation of L•n+ upon the death ,+f a i~~int tenant or t+U the grant of am leasehold interest of three years or less
nut rnntaining an option to purchase. I ender rosy. at I.cndcr's option. decL•,rc all the sums secured h~• this Mortgage to he
unme,liateh' due and payable. 1 ender shall have +r:u+ed wch option to acceler.,te if. prior to the sale or transfer. Lender
and the person t+. whom the Property is to he sold or trancferrcd reach :,greement in writing that the credit of such person
is satisfacton~ to Lender and that the interest pa}able an the sums secured by this ~tort¢agc shall be at such rate ac Lender
shall request. If 1 ender has waived the option tc? acceler.,te prrn•ided in this paragraph 17. and if Rorrow•er s successor in
interest has execoted a written assumption agreemem accepted in writing M_• Lcndcr. Lcndcr shall release Borrower from all
` obligations under this 2Vlorteagc and the tiute.
If Lcndcr exercises such option to accelerate. I ender shall mail Borrower nuticc of acceleration in acrnrdance with
paragraph 14 hcrcof. Such notice shall provide a period of n,+t Tess than 30 das•c from the date the notice is mailed within
which Rorn?wer may pas the sums declare+l due. It Borruwcr faik to pay ctich cumc prior to the expiration of such period.
1-ender may. withtntt further notice or demand on Borruwcr. invoke :,nc remedies permitted hs• paragraph 18 hcrcof.
NON-UNIFORM COVENANTS- BOfroWCf and Under further rnvenant and agree as follows
I8. Acceleration; Remedies. Fxcept 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 6y this Mortgage, Lender
~ prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; 12? the action
required to cure such breach; (31 a date. not lest than 30 days from the date the notice is mailed to Borrower, by which such
f breach must be cared; and (4) that failure to cure such breach on or before the date specified in the notke may resWt in `
acceleration of the sums secured by this Mortgage. foreclosure 6y judicial proceeding and sale of the Property. The notice
shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding i
the non-existence of a defauk or any other defense of Borrower to acceleration and foreclosure. If the breach is not cored on
or before the date specified in the notice. Lender at Lenders 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 co1kM in such proceeding all a:penses of foreclosure.. including, but not United to, remonablt attorney's fees.
and costs of docarnentary evidence. abstracts and title reports.
19. Borrowers Right to Reinstate. Notw•ithstandinR 1_ender c acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have am• proceedings Ixgun by Lcndcr to enforce this Mortgage discontinued at any time
~tJr:7~ P~CE~~
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