HomeMy WebLinkAbout1061 Lender', ~~ritten a rcement ur a ficafilr law. Burn?wer shall a • the amount of all mart ~a'c inutr:utce rcmiunts in the
g PP P• } t' t- P r
manner provuled under paragraph 2 hereof. +
:1ny amounts di,hurxd by Lender purwant to this p;uagr.?ph 7. with interest thereon. sh;dl hecunte additi?+nal ~
in+lehtcdne„ of Burrusser secured by thi, !1lortgagc. l'nlr„ Burn+wrr :utd 1 ender agree to other terms of payment. such
anuautt„hall t?e payable n{x?n nt+tice fn?m I cndcr a+ &+rruwer rcyter,tinc payment there.+f. and ,hall hear interest from the
date of di,hur,ement at the rate pavahk from time to time an rngstandine principal unc~[ t '~i•{e I,tgless payment of
intcre,t at such rite would I+c a?nuary to applicable law. in ss hirh event such amounts shall. ~~~iitteresf al the highest rate
permissible under applicahlr lasl•. Nothing contained in this paragraph 7 shall require tender to incur arr}• expense ar take
an}• action hrrettndcr.
R. Inspection. Lcndcr ma>• make or c:nP,e tc? hr made rcasanahlr entries u{x~n and in,pections of the Property. provided ~
that Linder shall give Horrawrr notice prior to an}• such inspection ,pecih•ing rcasanahle cause therefor related to Lender's
~ntcrc,t in Ihr Pmpcrt}•.
9. Condemnatkm. The proceed, of ;uiy award ar claim for damages. direct or a.n,egttential. in connection witfi am•
condemnation ur other taking of the Property, or part there<.f. ar for convrvanee in lieu of condemnation. air hercM• ascigned
:rod ,hall hl paid to Lender. •
In the event of a total taking of the Property. the proceeds shall he applied to the sums secured by thic Mortgage.
with the execs. if any. paid to Aarr.+wer. In the event of a partial taking of the Property. unle,s Borrower and i.ender
atherwi,e agrcc in writinY. there chill he applied t?• the ,umc secured by this 1ortgage ,uch pn?portian of Ihr prck-crds
as is cyual to that proportion which the amount of the sum, ,ecured by thi, \lartgage immediateh• prior to the date of
taking Ixar, to the fair market valor of the Property immedialch• prior to the daft of taking, with the balance of the proceeds
paid to Harrower. -
If the Pmpeity is abandoned by Borrower, or if. after notice M• Lrndrr to Borrower that the candemnar offers to make
:ut award or ,ettle a claim fur damage,. Burn+wrr fail, n? re,{watd to 1 cndcr within 3~ dac, after the daft wch notice is_ r
mailed. tinder i, authorized to collect and apply the proceeds. at Lender t option. tither to restoration or repair of the
Propen} or to tfic sum, sectircd by this Mortgage.
tlnlcs, (.cndcr end Harrower othcrss•i,e agrcc in writin!,. am• >urh application of pn•ccedc to principal ,hall not extend
or Ixst{x?ne the due date of the monthly installment, referred to in paragraphs I and 2 hereof or change the amount of
,uch inslallmrntc.
10. Borrower Not Released. Extension of the time for paymrn{ or modification of amortization of the ,ums secured
by thi, Mortgaee granted by Lender t?• am• atccrsu?r in interc,t of Borrower ,hall oat operate to release. in any manner.
the liability of the original Borrower and Borrower', succr„or, in interest. Lender shall not he rcyuired to commence j
proceeding, against ,uch succe,sor or refu,e to extend tirttr for payment or athenrisr modify amortization of the sums
,ccured by thi, Mortgage by rcawn of any demand made fiy the original &~rn?wer and Borrowers utcce„or, in interest.
11. Forbearance by Ixnder 1M a Waiver. :env fonc~arance by 1 ender in rsercising am• right or remedy hereunder. or
otherwise afforded by applicable law. ,hall not I?e a waiver of or preclude the exercise of any ,uch rieht ar remedy.
Thr pracurcmrnt of insurance ar the paynieni of ta~c, or other lien, ur charges by Lender ,hall oat h_ e a waiver ~~f Lender's
right to accelerate the mahuih• of the indehtedne,s ,ecured by thi, \tartgage.
12. Remedies Cumulative. All remedies provided in lhi, Nartgage are distinct :rod cumulative m :?ny other right or
remedy under Ihi, Mortgage or afiorded by law i+r cyuity. and may Ix rrrrci,rsl concurrently. indepcndrnth- ur su~cc,sivrh-.
13. Successors and Assigns Bound; Joint and Se~erol Liability; Captions. Thr cn•enants and agreement, herein
:ontained ,hall hind. ;rod the rights hereunder shall inure to. the rc,pccfivc wccr„ars and assigns of Linder :end Borrower.
,abject to the pnn•i,ion, of paragraph 17 hereof. All cos•rnant, and agreentenK of Borrower shall he joint :end several.
Thr caption, an.l heading, of the paragraph, of this ~Mrtgage arc far corncnicnce only and arc nut to ha: aced to
interpret or define the pmvisionc hcrro[. ,
14. \otice. Except far any notice reyuircd under applicahlr I;,w a+ he given in another manner. fat any notice to
Burrower provided fur in ihi, 1lartgace shall I?c given he mailing ,urh notice by certified mail addre„cd to Harrower at
the Prapertv Addre„ or at ,uch other addre„ as Born?wer mav_ de,ignate by notice to I cndcr as provided herein. and
Ih) any notice to tinder shall I+e given by certified mail. return receipt reyue,ted. to I coder', addre,s stated herein or to
wch other addre„ a, Lrndrr ma)' desicnate M' notice t.? Bum+wrr as provided herein. :1nv notice provided far in this
~turtgage shall 1?c d~-emed to hate been eiven to Borrower ur I ender when given in the manner de,ignated herein.
15. Uniform Mortgage; Governing l.aw; Severabilih~. •fhi, form of mortgage rnmhines uniform rnvcnant, tar national
u,e and non-uniform covenant, with limited variation, hs• jrrri,diiti??n U? comtinrte a uniform ucurity instrument covering
real property. Thi, Mortgage shall 1?e governed he the law of the iuri,.licti??n in which the Property i, located. In the
'I event that any pn?visiun or clau,c of thi, '.ltortgacc .+r the \ote contlich with applicable law. such conflict ,hall oat affect
j other pn?vi,iun, of thi, Aiortgage or the Mote which can F+e given effect without the conflicting pmvi,ion. and to this _
end the prmi,ion, of the Mortgage and the \ote arc ~teclared to hC ,escrahle_
16. Borrowers Copy. Borrower ,h;dl I+e furni,hed conformed cope of the \ote and of thi, ~lurtgage at the time
of r~ecutian or after recordation hereof. ;
17. Transfer of the Pn?perly; Assumption. if all or ins part of the Pn+{+erty or an interest therein i, ,old ar Iranderrcd
by Barn?wer without tender's prior written con,ent. escluding tat the creation of a lien or encumbrance suhcxdinate to
~ thi, Mortgage. ih1 the creation of a purchase nu?nev ,ecurity interest for hou;ehuld appliance,. Ic1 a transfer M• devise.
dc,cent ur by o{?eratian of law u{x+n the death of a iuinl tenant or /+I? the grant of any leasehold interest of three years ar Icss €
not containing an option to purchase. Lcndcr mav. at I ender'. ,+puon. declare all the ,um, soured hs• this Mortgage to be
I unmediatch• due and payable. Lcndcr ,hall have w;rivcd ,u;h option to accelerate if. pricer to the ,ale or transfer. 1_ender
and the person to whom the Pmpertt• is t~+ he ,old or Transferred rcarh agreement in writing that the credit of such person
sati;facton to Lcndcr and that the inlcrc,t pacahlc on the ,nm, ,ecurrd M• this Mortgage shall hr at such rate as lender '
,half reyucst. If I.rndcr has waived the option to accrler.?te pmvidrd in this paragraph 17, and if Borrower's successor in }
interest ha, executed a written assumption agreement accepted in writing by Lender. lender shall release Harrower from all
obligations under this Mortgage and the Note. - ~
If i.ender exercise, cuch option to accelerate. Lcndcr ,hall mail Harrower notice of acceleration in acrnrdancr with ?
j paragraph 14 hereof. Such notice ,hall provide a prri?+.1 of nut Its, than ?A day, from the date the notice is mailed within
which Harrower may pay the sums declared due. If Borrower fails to pay wch wms prior to the expiration of such period, t
Lender may, without further nMice or demand on Born+wer. ms•oke any remedies permitted by paragraph 1 R hereof.
~ NON-UI~tFORM CovEN.a~TS. Harrower and Lender further covenant and agree as follows:
18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or
1 agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgsge, Lender
~ prior to acceleration shall mail notice fo Borrower as provided in paragraph 14 hereof specifying: (1) the breach; l2) the action
required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by .rhkb such
I breach must be eared: and (4) that failure to cure such breach on or before the date specified in the aotke may reedt in
acceleration of the sums secnred by this Mortgage. foreclosure by judicial proceeding and sale of the Property. •IUe ttotke
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 defattN or any other defense of Borro.ver to acceleration and foreclosure. If the breach is not cared on
or before the date specified in the notice. Lender at Lender's option may declare all of the sums secnred by /his Mortgage to be
immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall
I be entitled to collect in such proceeding all expenses of foreclosure. including, but not limited to, reasotwbk attorney's fees.
and costs of documentary evidence, abstracts and title «ports.
~ 19. Borrower's Right to Reinstate. Notwithstanding (.ender, acceleration at the sums secured by this Mortgage.
Borrower shall have the right to have any proceedings begun fiy 1_rnder to enforce this Mortgage discontinued at any tittle
X339 P~1061
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