HomeMy WebLinkAbout1736 . ~ 1 t
1 grader's written agreement or apphrahle law. Barrewl`r chill pay the amount .?f all mrrtgagC •imitranre pMmiums in the
manner pn+viJe+l under paragraph 2 hcrcof.
:~m• am++unts disbursed by I cndcr pursuant to this p:?r.tgraph 7. with uthrest thcre+m. shall t+eronte aJJitiunal
in+lehtedness ..f liorn?wer cerured by this \h+rtgage. l'nlcss Rorn+++er :ut.l 1 en+kr agree a? other trans ,+f pa}•mcnt, arch
;unannts shall he payable u{x+n ntaice R.+m 1 ender n+ Borr+x+rr requesting p:?yment thereof. and shall ix :u intereu fn?m the
.L•?te of dishunemcnt a1 the rate pacahk fr.?m time to time an outsrmding principal under the ?~otc unlccs payment of
intereu :?t sorb rate would I+e contr;trv k+ applicable I:tw•. in which event wch amaums shall I+car interest at the highcd rate
permiscihle under applicable la+v. Nothing contained in this paragraph 7 chill require Lender to incur any expense or take
am• action hereunder.
8. Inspection. Lender may make or cause to he made reasonable cntriec u{x~n and inspcctionc of the Pm{+erty, provided
that Lender shall give Borrower notice prior to any such im{tccti??n specifying reasonable c:urce Therefor related to Lender's
rnterect in the Prapcrty.
9, t'ondemnatbn. The pn+cecds of am• award ar claim for damagcc. direct or c?+nsegttential. in ccx?nfcti;it?r.+'ith am•
condemnation rr other taking of the Property, er part Thereof, ar for conveyance in lieu of condemnation, :fre'htrchy accigned
and shall f+e paid to Lcndcr.
In the event of a total taking of the Property, the proceeds chat) he applied t.• the sums secured by this Martgaec.
with the excccc. if any. paid tc. Berrow•er. In the event of a partial taking of the Property, unless Rern?wer and Lender
olhefwlse agree in writing, there shall hC applied to the sums secured by this Mortgage wch prop??rtion of the prcx:ecds
as is equal to that pmp+?rtion which the. amount of the sums secured hr_ this Mortgage immcJiafrls prior h+ the date of
taking i?earc to the fair market value of tfic Pro{xrty immcdiatcty prior to the date of taking. with the balance of the proceeds
paid to Borrower.
If the Property is ahandaned M• Borrower. or if. after notice M• Lcndcr to Born+wer that the condemnor offers to make
an aw;?rd ar settle a claim for Jamage,• Borrower fails t.? rcs{+~+nd to I ender within i(t dais after the date wch notice is '
mailed. lender is authorized to collect and apply the pr?.ceedc. at I Grader's olyion. either to restoration or repair of the
Pm{xny or to the Sums secured by this \iengagc.
Unlcsc Lender and BMfower otherwise agree in s+ritin!•. anv such application of pnueedc t.• p~rncip;J shall not extend
or lx+st{xate the due date of the monthh• installments referred to in paragraphs 1 and 2 hereof or chance the amount of
wch instatimentc.
10. Borrower Vot Released. 1?xtcncion of the time for payment or modifir.?tion of amortization of the sums cccurcd
by this Mortgage granted h_v I.enJer to am• wccesu?r in interest of Rarrow•er shall not operate to rclcace. in am manner.
the liability of the original Borrower and &?rrow•er's success+?rs in interest. Lcndcr shall not he required to rnmmencc
proceedings against such successor or refuse t?? extend time for payment ar other+ise m?xiifv amortization of the sums
secured by this Mortgage M• reaW?n of anv demand made M• the arieina) Borrower and Rorrawert urccessors in interest.
I1. Forbearance by Lender \ot a N•aiver. Any fort+carance by 1 cndcr in exercising anv right ar remedy hereunder. or
~+therw•ise afforded by applicable law, shall not tx a waiver of or preclude the exercise of anc such right er rcmed~•.
The procurement of insurance or the payment of talcs or other liens or charges by Lender shall not tx a suriver ++t Lender's
right a. accelerate the maturih• of the indchtednesc se _ured M this ~tc?ngagc.
12. Remedies Cumulalis•e. .AN remedies pn?+ided in this Mortgage arc distinct and cumulative to :u» ++ther right er
reme+ly under this Mortgage or afT++rded by la++• or eyuitc. and may I?e cscrcia:d concurrently. indepcndcntly er wccessivcl+.
13. Successors and Assigns Bound: Joint and Se+eral Liahilih: ('aptionc. Thr covenants and agreements herein
contained shall bind.:rnd the richts hereunder shall inure to, the rcs{?cclive wccess+?rs and assigns of Lcndcr :utJ Borrower.
subject to the pnn~iciens of paragraph 17 herrnf. All pn•enanh and agreemenK of Borrower shall I?e i++int :utd seseral.
The captions and headings of the paragraphs of this. Mortgage arc for convenience onh• and arc not to tx: used to
interpret or define the presisianc herrnf.
14. \otice. Except for any notice required under applicable .law to t+e given in another manner. (at anv notice to
Rorn?wcr provided for in this Mortgage shall he given by nstiling such notice M' certified mail ;uldressed to Hortewer at
the Prupem• Address or at such other address as Rorrawer mav designate M notice to 1 cndcr ac pn?viJeJ herein. and
Ihl any notice to Lcndcr shall F+e given by certified mail. return receipt rcyuesteii. to I cndcr, aJ+lresc ctateJ herein ar to
~ such other address as Lcndcr mav decignatc by notice to Bortowcr ac pn?eiJed hercm. :1nv notice pros•ide+l for in this
k Mortgage shall 1?e deemed to hace been given to Born+wrr or 1 ender when ehrn in the manner +IesignateJ herein.
15. Uniform ~lortga>;c: GmerninR i.aw: Seserabilily. this form of mertgagc romhinec uniform rc?ecn:inR for national
use and non-uniform revenants with limite+l +•an:rtiam hv_ juriul::tion to ronsntutc a uniform security instrument rmering
real property. This Mortgage shall t?e guventrJ by the law of the iurisJiction in which the Property is kkated. In the
event that am' provision or clause of this itortgaee or the \ote ronlticts with :?pplicahle law•, such conflict shall not affect
other pr.++•isium of this Mortgage or the Note which c:ut t+e given cllert without the contlirtinc pnnisian. and to this
grad the pmcisiunc of the Mortgage :utJ the \otr arc declared to I+e se+•erahlc.
16. Borrowers ('opt. Borrower sh:?II hr furni.heJ a conformed cop)• of the Note and of this ~turtgage at the time '
of e~ecntion or after recordation hereof.
17. Transfer of the Pnlpertc: Assumption. if all or am p;ut of the Pn+{?erty or an interest therein is sold or transferred
by Horn+wer without I.ender'c prior written consent. escludin~ ra? the creation of a lira or encumbrance sulxirdinate to
this Mortgage. (hl the creation of a purchase moors serurin interest for household appliances. (r1 n tramfer by devise. •
Je.cent ur by operation of law upon the death at a ion+t tenant or Idr the Grant of anc le.+sxhald interest of three years or lecc
not containing an option lr? purchase. I.erxlrr mac. at 1 ender'. opnon_ declare all the sums secure) M• this Mortgage to he
unntediateh• due and payable. 1 cndcr shall hate w:n+•ed wch option to acceler.+tc if. prior to the side er transfer. I.cnJer
:mJ the person to whrm the Property is t++ I+e sold or transferrcJ rrarh agreement in writing that the credit of such person
is r•tticfacton• t~ Lender and that the intere.r pa)abk on the wms srcureJ M' thi, Mortgage shall he at such rate ac Lender
shall request. if Lcndcr has waive) the option to :+ccelerate provided in this paragraph 17. and if Rerrower's successor in
mterest has executed a w•ritlen assumption agreement accepted in writing h}• Lcndcr. Lcndcr shall release Borrower from all
obligations under this Mortgage and the'vate_
if Lender exercises wch e+ptian to accelerate. 1 ender sh:dl mail Borrower notice of acceleration in accordance with
paragraph 14 hcrcof. Such notice shall provide a {?eri+xl of not less than i(1 days from the date the notice is mailed within
which Harrower may pay the sums declared dux. If Borrower fails to pay such sums prior to the expiration of such period.
Lcndcr mav. without further notice or demand on Barnnvcr. invoke anv remedies permitted by paragraph IR hcrcof.
Now-U:vIFON\1 Covt:w,+wTS. Borrower 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
agreement of Borrower in this,l~tortgttge. including the cos-enanls to pay when due an}• sums secured by this Mortgage. Lender
prior to acceleration shall mail notice fo Borrower as provided in paragraph 1~ hereof specifying: (1) the breach; (2) 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 which loch ;
breach must be cored; and (4) that failure to cure such breach on or before the date specified is the aotice rosy result in
acceleration of the .rams secured by this 3ortgage. foreclosure by 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 forecbsure proceeding
the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is aot cared on
or before the date specified in the notice. Lender al Lender's option may declare all of the sums secured 6y this Mortgage to be
immediately due aid payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall
be eatitkd to collect in snob proceeding all a:penses of forecbsure, including. but not limited to, reasonable sttorney's tees.
aid costs of docont~rrtary evidence. abstracts and title reports.
19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have am~ proceedings begun by Lender to enforce thisM~ortgage discontinued at any tinx
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