HomeMy WebLinkAbout0182 Lender s written agreement or applicable law Borrower shah pay the amount of all mortgage m~~e fx~tnfu~~f~e
manner provided under paragraph 2 hereof V't1 ` VV~~
Any amounts d?sbursed by Lender pursua~i to th?s paragraph 7. w?th ?nterest thereon. shall become add?t+ona?
indebtedness of Borrower secured by Ili+s Mortgage Unless Borrower and Lender agree to other terms of payment. such
amounts shall be payable upon not?ce from Lender to Borrower request?ng payment thereof ar+.d Shall bear ?nterest from the
date of d+sbursement at the rate payable from trine to trine on outstand?ng pr?nc+pal under the Note unless payment of
+nterest at suc?? rate wound tae contrary to applicable law .n wh?Ch event such amounts shat! bear rMerest at the h?ghest rate
perms ~+ble }ender applicable law. Noth+ng conta+ned m this paragraph 7 shat) requ+re Lender to ?ncur any expense or take
any act'bri hereunder.
8. Inspection. Lender may make or cause to be made reasonable entr?es upon and ?nspect?ons of the Property.
prov+ded that !.ender shall g+ve Borrower not+ce pr?or to any such ?nspect+on spec?ty?ng reasonable cause therefor related to
Lender's ?nt~re5t rn Cne Property.
9. Condemnation. The proceeds of any award or cta+m !or damages. arrest or consequent+at. ?n connect?on with any
condemnat?on or other tak+ng of the Property. or paFt thereof. er for conveyance ?n lieu of condemnat?on. hereby ass+gned
and shall be pa?d to lender
In the event Of a total taking of the Property. the proceeds shal? be appl+ed to the sums secured by th?s Mortgage.
w?th the exgQSS, rl any pa?d to Borrower. In the event of a part?at taking of the Property unless eo?rowe? and Lender
otherwcse agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds
as is equal to that proportion which the amount of the sums secured by this Mortgage immed?ately prior to the date of
taking bears to the fair marker value of the Property immed?ately prior to thedate of taking, with thft3 balance o1 the proceeds
pa+d to the Borrower
It the Property is abandoned by Borrower. or ?t, after not?ce by Lender to Borrower that the Condemnor offers to make
an award o? settle a claim for damages Borrower falls to respond to Lender within 30 days after the date such not?ce is
mailed. Lender is authorized to collect and apply the proceeds. at Lender s opt+on. either to restorat?on or repair of the
Property or to the sums secured by th?s Mortgage. '
liniess Lender and Borrower otherwise agree +n wrif?ng. any such appi+cat?on of proceeds io principal shah not extenn
or postpone the due date of the monthly installments referred to fn paragraphs t and 2 hereof or change the amount of
such installments
1 O. Borrower Not Released. Extension of the time for payment or modificat?on of amort¢ation of the sums secured
by this Mortgage granted by Lender to any successor in ?nterest of Borrower sha~f not operate to release. in any manner.
the Ifabdity of the original Borrower and Borrower s successoa in interest Lender shat) not be requred to commence
proceedings against such successor or refuse to extend time for payment or otherw?se modify amort¢ation of the sums
secured by this Mortgage by reason of any demand made by the orig?nal Borrower and Borrower s successors in interest.
11. Forbearance by Lender Not a Waiver. Any forbearance tyy Lender in exercising any right or remedy hereunder.
or otherwise afforded by applicable law. shall not be a v+a+ver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of taxes or other lens or charges by Lender shall not be a waiver of Lender s
right to accelerate the maturity of the indebtedness secured by th?s Mortgage.
12. Remedies Cumulative. All remed?es provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or affordQCf by taw or equity. and may be exercised concurrently. independently or successively.
t 3. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements
herein contained shall bind, and the rights hereunder shall inure to. the respective successors and ass?gns of
Lender and Borrower. subject to the provis?ons of paragraph t 7 hereof. All covenants and agreements of Borrower steal! be
to?nt and several. The captions and headings of the paragraphs of this Mortgage aye for covenrence only and are not to be
used to interpret or def?ne the provisions hereof.
14. Notice. Except for any notice required under apps+cab?e law to be given in another manner. tar any not?ce to
Borrower provided for in this Mortgage shall be given by mailing such nonce by certified mail addressed to Borrower at
the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein. and
tb1 any notice to Lender shalt be g?ven by certit?ed mail. return receipt requested. to Lender s address stated herein or to
such other address as Lender may des?gnate by notice to Borrower as provided herein. Any notace provided for in this
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
15.. Uniform Mortgage; Governing Law; Severability. This form of rrortgage combines uniform covenants for
naGOna4 use anq non- uniform Covenants with !~mrt~d •,anat+ons Uy ti,nsd+GLOn to ~onstilutea unffo?m security fnsirument
covering real property The slate and !oca•. "aws app~icab?e to th?; Mortgage shah be the laws of the tur+sd+ct+on m•which
~ the Property is located The toregofng sentence s++ai; not .~m~t the a~pl~cab+hty of federal law to m?s mortgage to the event
that any prov+s+en or clause of ir.fs Mortgage c+ the tJOte ~~nt.:,-_i5 rnt!: applicable law such ccnfi+ct steal! not attest other
~ t)rOViSfnnS of ihfs Morigrge or the NU!E' :.h~{~h ~ ~;n to ~J~:(•^ E•`ft~Ct ::ithpUt the GQnt;sCA~g OTf ~5~pn ante t0 ShiS enJ the
j p~ovisrons of the Mortgage and iht fdOte 3~C ~_:~-~'<irf'(: iV be SEr:eTaCj'e
76. Borrower's Copy. Borrower shat? be furnished a conformed copy of the Note and of this Mortgage at the time
i of execut+on or after recordation hereof.
~ 17. Transfer of the Property; Assumption. If al! or any part of the Property or an mterest therein is sold or transferred
h.. R~rr~wnr with~vt 1 nndn~c nr~n• wr+tten rn?t~cnr or~f~~V1in~ (~I the ~roahnn n4 a Lon nr on~ilmh{an~c c~~(y n?i1+n3TP rn
t this Mortgage. Ibl the creation of a purchase money secur+tyD?nterest for household appliances. Ict a transfer by devise.
descent or by operation of law upon the death of a joint tenant or td) the grant of any leasehold mterest of three years or less
not containing an option to purchase. Lender may. at Lender s opt+on. declare all the sums secured by this Mortgage to be
immediately due and payable. Lender shall have waived such option to accelerate if prior to the sale or transfer. Lender
and the person to whom the Property is to be sold or transferred reach agreement en writing that the credit of such person
is satisfactory to Lender and that the ?nterest payable on the sums secured by this Mortgage shaft be at such rate as Lender
s shalt request. If Lender has waived the option to accelerate provided in this paragraph t 7. and if Borrowers successor in
mterest has executed a written assumption agreement accepted in writ?ng by Lender. Lender shall release Borrower Irom all
t obligations under this Mortgage and the Note.
It Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall pROVide a period of not less tl-,at 30 days tram the date the notice is marled with?n
which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expirat?on of such period.
Lender rnay. without further notice or demand on Borrower, invoke any remed?es permiried by paragraph 18 hereof.
NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
= 18. Acceleration; Remedies. Except as provided in paragraph-t7 herfsof, upon Borrowers broach of any
covenant or agreement of Borrower in this Mortgage, including the covenants to paywhen due any sums secured
by this Mortgage. Lender prior to acceleration shall mail notice to Borrower as provided in paragreph t 4 hereof
' specifying: (1) the breach; (2) the action required to curo such breech; (3) a date, not less than 30 days from the
date the notice is Railed to Borrower, by which such breach must be cured; and (4) that fsiluro to cure such broach
~ 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 furtherintorm Borrowerof the rightto
reinstate aRer acceleration and the right toassert inthe foreclosuroproceeding thsnon-existence of a dsfauR or
any other defense of Borrower to acceleration end foreclosure. Ii the breech is not cured on or bsforo the date
specified in the notice, Lender at Lender's option may declaro all of the sums securod 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 collect in such proceeding all expenses of foreclosure, Including, but not limited to,
reasonable attorneys fees, end costs of documentary evidence, abstracts and title roports.
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 begun by Lender to enforce this Mortgage discontinued at any time
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