HomeMy WebLinkAbout0208 l) V~+ .
rnJrr's written agreemrot or ~pphr,?hle law. Harrower shall pay the amount of all morigagr imurancr premiums in the
n+anner provided under paragraph 2 hereof.
Any am??unts disbursed M• Lender pursuant w this par.?gr,?ph 7. +ciih interest thereon. shall Ixcomc additional
inDehtrdness of Horrowrr secured by this \lurtgagc. l'nlcss Horro+srr anD 1 ender agree to other terms of payment. such
am++unts sh;Jl he pa)•ahk up+m nt+tirr from 1 ender to Horro++er rryuesting r:?ymem thrreol.:?nJ shall hear interest from the
Date of Jishurcemcnt at the cote payable from time to time on outstanding principal under the Notc unless payment of
intrrect at such rate woulD fk cuntr:tn• to applicable law. in which went arch amounts shall hear interest at the higheU rate
pcrmiscihlr under applicable laN•. Nothing contained in this paragraph 7 shall require lender to incur any expense or take
am• action hereunder.
8. Inspection. l.rnder may make or cause to he male rcaconahle entries upon and inspections of the Property. provided
that 1 ruder shall give Borrower notice prior to am• such inspection specifying reasonable c;u?sc therefor related to Lender's
intrrest in the Property. -
9, Condemnation. The proceeds of any award or claim for Jamagcs. direct or consequential. in connection with arty
condemnation or other taking of the Property, or part thereof, or for convcyanrr in lieu of condemnation. arc hereto assigned
an+f shall I+r paid to l.cndrr.
In the cs•rnt of a total ta{,ing of the Pmprrty. the pnkccds shall he applied to the scants crcnrcd M• this Mortgage.
with the cxress. if am•. paid to Borrower. In the event of a partial taking of the Property. untcss Horrowcr and l.endcr
+?thcrwise agree in writin?!. there shall he applied to the .cams secured hr this Mortgage suCFt rroptlrtign f the prcxeeds
as is equal to that proportion which ihr amount of the sums secured M• this \tortgagr immediately pfio~to the date of
taking hears to the fair market valor of the Property immeJiatrh- prior'to the daft ctf taking, with the balance of the proceeds
paid to Borrower.
If the Propert)• is abandoned by Borrower. or if. after notice M• 1 ender to Bormw•er that the rnndrmnor offers to make
an award or settle a clainr for Damages. Borrower fails h. resp+atd to 1 ender within 3(1 Jas•. ahrr the date such notice is
mailed. Lender is authorized to rnllrct and apply the procredc. at l.endcr's option. Tither to restoration or repair of the
Property or to the sums secured hv_ this Mortgage.
Unless Lcndcr and Borrower otherssisc_ agrce in writine. am• ouch application of proceeds to principal shall not extend
ar Ix?stpone the due J:de of the monthly installments referred to in paragraphs 1 and hereof or change the amount of
such installments.
10. Borrower Not Released. Extrncion of the time for pavmrM or modification of amortization of the wmc secured
by This Mortgage granted by l.cnder to any atccecu+r in intrrest of Borrower .hall not operate to rclcacr. in am• manner.
the liability of the original Borrower and Borrower's successors in intrrest. i.ender shall not he reyuirr.) to commence
proceedings against such s?tct`essor•ix refuse to extend kimr far payment or othen+•ice modify amortization ++f the sums
secured hs• this Mortgage by reason of any demand made be the original Borrower and Borrowers successors in interest.
11. Forbearance br,• Lender Not a Wai~•er. Any fortx:aranre M• i ender in exercising any right or remrJ}• hereunder. or
otherwise afforded M• applicable law. shall not he a waiver of ar preclude the exercise of am• such right or remedy.
The procurement of incurancr or the payment of lases or other liens car charges by Lender shall not hr a waiver of I cndcr'c
right to accrlcrate the mautrih• of the inJrhtednrss se_urcJ h.' this \fongage.
12. Remedies Cumulatir;e. .411 remedies pn•viJrd in this !1lortgage arc Distinct and cumulative to arts other right or
remrDy under this Mortgage car afforded hx• law or equity. nd mac I~r exercised concurrcnth•. independenth~ c.r successis•el~~.
13. Successors and Assigns Bound; Joint and Sesrral t.irbilih~; ('options. The cos•enants and agreements herein
contained shall hind. and the ricMs hereunder shall inure to. the respective successors and assigns of Lcndcr and Harrower.
subject to. the pmvisians of paragraph 17 hereof. :III coven:+nts and :+grermenh of &~rro++•rr shall hr joint :card several.
The captions :mJ headings of the par.?graphs of this Mortgage arc far convrniencr only and are not to he used to
interpret or define the pra~•icions hereof.
14. \otice. Except for any notice required under applicable law to hr given in another manner. /a1 am• notice to
Borrower. provided for in this Mortgage shall he given h~• mailing ,uch notice by certified mail :uldresseJ to Born.wer at
the Prupcm• Address or at wch other address as Horrowcr may JCsiLn:?le by n+aice to Lcndcr ac pr~.vided herein. and
thl am notice to Lcndcr shall Ixr given M' certified mail. return receil.t requested. m I ender'. ad+lress stated hcrcin.or to
I, .uch other address as Linder may designate h~ notice to Borrower as provided herein. Anv notice pros•idrJ for in this
i Mortgagrshall tx JrcmrJ to has•r been given to Horrowcr or I ender ~+ficn given in the manner designated herein.
15. Uniform ~lorigage: Gm•ernin>r f.aw: Severabilih. This f:+rm of mortgagc~comhinrs unifi.rm cmrnantc for national
~ case anD non-uniform cocrnants with limilr+l s•ariaNuns hv_ jurl.diihon t.~ comhtutc a uniform srcuritx• instrument cmcring
real propene. This Mort:age sh:dl br governed M• the law ?~f the jurisdiction in which the Propert~• is lo+::+teJ. In the
event that any pmviswn or clause of this Mortgage or the '~~~tr cuntlict. :+ith applicable law. such conNict shall not affect
other pn,visions of this Mortgage ar the \ote which can he Liven effect without the contlictinL precision. and to this
end the pro+isiens of the Mertgagr and the \ote air declared t~~ t+r sevrrahk.
16. Borrower's Cope. Horruwer shall he furnished :++nf..nncJ copy ?~f the \ote and ??f this Mortgage at the time
++f rxr~ution or after recurJ;dion hereof.
17. Transfer of the Property; Assumption. If all +~r am' r:ut of the Property or an interest therein is s~.ld or transferred
by Horrower without Lender's prior written c++nsent. excluding tat the creation of a lien or encumbrance sulx?rJinate to
this Mortgage. thl the creation of purchase nu~rrv security interest f+•r heucrhulJ appliances. (cl a transfer by devise.
descent .+r M• operation of law upon the death .•f i~~int tenant rr td~ the grant of am• Irasrheld interest of three czars or less
not containing an option t<• purchase. 1 ender mav_ . at I ender'. rption. Jccl_ue all the sumti secured by this 4lartgage to he
immediateh• due and potable. l ender shall have +vaisrJ such option t~+ acccleratc if. pricer to the sale er transfer. lender
and the person to whom the Pmpertc is to F?e seld ..r tr:ms(erreJ reach agreement in writing that the credit of such person
is satisfactory to I.rnder and that the interest pacahfe on the sums se:ureJ by this ~lorteage shall he at such rate as Lender
shall request. If Linder has waived the e.ption to accrler.?te pnx•iJeJ in this paragraph 17. and if Borrower+ successor in
interest has execute) a wriurn assumption agreement accepted in writing by Lender. Lender shall release Borrower from all
obligations under this Mortgage and the Notc.
If I.cnder exercises such option to acieler:rte. Lcndcr shall mail Borrower notice of acceleration in accordance with
paragraph l4 hereof. Such notice shall provide a period of not Tess than 30 Jays tram the date the notice is mailed within
which Harrower ma)•-pay the sums declared Jue. If Horn.wer fails tx? pa~• such sums prior t?i the expiration of such period.
u Lcndcr ma}•. without further notice or demand on Rrrrower. invoke am remedies pcrmittect by paragraph 1 R hereof.
htox-UHtFOtest Cov~~~?vrs. Harrower and Lender funhcr ccn•enant and agree as follows:
18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any cotenant or
agreement of Borrower in this 1lfortgage, including the cosenants to pay when due am• sums secured by this Mortgage, Lender
prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action
required to cure snch breach; (3) a date. not lest than. 30 days from the date the notice is mailed to Borrower, by which such
breach must be cnred; and (4) 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. The notice
shall Further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceedirg
the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cnred on
or before the date specified in the notice, bender at Lender's option may declare all of the sums secured by this Mortgage to be
immediately dne-and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall
be entitkd to colkct in such proceeding all expenses of foreclosure. including. but not limited to, reasonabk attotrney's fees.
and costs of docomentary evidence. abstracts and titk 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 any proceedings Ixgun by Lender to enforce this Mortgage discontinued at any time
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