HomeMy WebLinkAbout0713Le^der s wr,lten agreement or appl,cabte law Borrower shaft j.)ay the amount of all r'n•• , urJnte p~r~i~s ,n the
manner provided unde- paragraph 2 hereof ++
Any amounts d,sbursed by Lender pursuant to th,s parryraph 7. wnh ,nteresl thereon, shall become add,tionat
indebtedness of Borrower secured by Ih,s Mortgage Unless Borrower and Lender agree to other terms of payment. such
amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. and shalt bear,nterest ham the
date of d,sbursemeni at the rate payable horn tune Iu lone un vulsland,ny pruu:,pal under the Nute unless payment of
,nteresl at Such rate woutU be contrary to appt,cabte taw. ,n which event such amounts Shall bear +nteresl at the h,ghest rate
perm,ss,ble unde- apphcabte law. Nothing conta,ned in this paragraph 7 shall requ,re Lender to,ncur any expense or take
any action hereunder.
8. Inspection. Lender may make or cause to be made reasonable envies upon and ,nspecteons o1 the Property.
pruv,ded that Lender shalt g,ve Borrower notice pnor to any such inspection spec:fy,ny reasonable cause therefor related to
Lenders interest in the Properly
9. Condemnation. The proceeds of any award or clam for damages. d,rect or consequential. m connection wdh any
condemnation or other taking of the Property, or part thereof. or for conveyance in lieu of condemnation. hereby ass,yned
and shalt be paid to lender
In the event of a total taking of the Property. the proceeds shall be appt,ed to the sums secured by th,s Mortgage.
w,lh the excess. ,t any pa,d to Borrower In the event of a part,al taking of the Property unless Borrower and Lender
otherwise agree in wnUng. there shah be app!,ed to the sums secured by th,s Mortgage such proportion of the proceeds
as ,s equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of
taking bears to the fair market value of the Property,mmediatelypnor tothe date of taking. with the balance of the proceeds
pa,d to the Borrower.
If the Property is abandoned by Borrower. or ,t after not,ce by Lender to Borrower that the condemnor offers to make
an award pf,~q(tle a clam for damages Borrower fa,ls to respond to Lender w,th,n 30 days after the date such notice ,s
mailed LerSder ,s authonred to collect and apply the proceeds. at Lender s option, ether to restoration or repa,r of the
Property or to the sums secured by th,s Mortgage.
Unless Lender and Borrower otherwise agree in writing any such appt,cation of proceeds to prinC,pal shall not extent.
ur postpone the due date of the monthly installments referred to ,n paragraphs t ancf 2 hereof or change the amount of
such +nstatlments.
1 O. Borrower Not Released. E xtension of the time for payment or mod,lication of amortization of the sums secured
by th,s Mortgage granted by Lender to any successor ,n interest of Borrower shall not operate to release, in any manner.
the tiab,l,ty of the oriyinat Borrower and Borrower s successors in interest. Lender shall not be requred to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums
secured by th,s Mortgage by reason of any demand made by the orig,nal Borrower and Borrowers successors in +nlerest.
1.1 .. F,prbearanes by Lender Not a Waiver. Any forbearance by Lender,n exercis+ny any right or remedy hereunder.
or otherwise afforded by appticabte law shalt not be a waver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of taxes or other bens or charges by Lender shall no! be a waver of Lenders
r;ght to accelerate the maturity of the indebtedness secured by th,s Mortgage.
12. Remedies Cumulative. All remedies provided in Ih,s Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded by taw or equity. and may t)e exercised concurrently, rrxiependently or successively
13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements
nere,n contained shall bind. and the rights hereunder shat) ,note to. the respective successors and ass,gns of
Lender and Borrower. subject to the prov,sions of paragraph t 7 hereof. All covenants and agreements of Borrower shaft be
jo,nt and several. The captions and headings of the paragraphs of th,s Mortgage are for covenience only and are not to be
used to ,nterpret or define the provis,ons hereof.
14. Notice. Except for any notice required under applicable taw to be given ,n another manner. (aJ any notice to
Borrower provided for m th,s Mortgage shaft be g,ven by mating such notice by certified malt addressed to Borrower at
the Properly Address or at such other address as Borrower may des,gnate by notrce to lender as provided herein, and
+hf any nor~r-P ro LPnr3o. snau hP n,vPn by certrf,ed ma,l. return rece,pt requested. to Lenders address stated herein or to
such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in Ih,s
Mortgage shall be deemed to have been g,ven to Borrower or Lender when g,ven ,n the manner des,grated herein.
15. Uniform Mortgage; Governing Law; Severability. This form of mortgage comb,nes uniform covenants for
~,::twna~ use ~snd non-uniform covenants with t,mitrrd var+at+ons (~y ;urisd,cUOn to constitute a ur.rform iecunty instrument
cuver.nq rea+ property The slate and toed! awe ~+;)picat, c• tr) ihi; Mortgage Shah r]e the laws of the tunsd,chon m wh,cn
?he Properh; .s !oca?FCi The tore!~oing senten~~s sn.s~i nut'•+^a 1r!N:apj,u;3bil+t, rJt ter~erai iE~w to this mortr~age In tie event
?hat any fi+ovis,r~*~ pr c'a~,se cif this Pv!!~rtyage or fair Nrstc, cr,nt;,cts w.?h appi,cat,:e yaw su%h conttict shat! not affect other
)r;~y; ~:;>.'1S O} ft••` ?,"c,)rr^ nr? f)f tht? t.;~ arc. +,7~,,;_•• •.~l•, r~F• cj~-t•n :•~}r~;a tnihrrUt the rrJntt+r t~atl pr~~~y,S!(m anti ir+ th+S Pnf! the
i 1~~ s
(+ri)V!SIUnS nt the M+,rtC~jd!)!? .s•vt ihl• i'J~PF• r:•r' cii•i ~are!1 '~ • i;F: y~,.Ert,lU;f' .
16. Borrower's Copy. Borrower shaft be furnished a conformed copy of the Nute anti of th,s Mortgage at the time
of execution or after recordation hereof.
17. Transfer of the Property; Assumption. 1! all or any part of the Property or an ,nteresl therein is sold or transferred
by Borravrer without Lenders pnor written consent. exctudiny tat the creation of a lien or encumbrance subord,nate to
this Mortgage. (b1 the creation of a purchase money security interest for household appl,ances tcf a transfer by Uevise.
descent or by operation o1 law upon the death of a point tenant orld) the grant of any teasehotd interest of three years or less
not containing an option to purchase. Lender may. at Lenders option. declare alt 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 ,s to be sold or transferred reach agreement ,n writing that the credit of such person
is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as lender
shall request If Lender has waved the option to accelerate provided in this paragraph t 7. and if Borrower s successor in
+nlerest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all
obligations under this Mortgage and the Note
If Lender exerc,ses such option to accelerate. Lender shall mail Borrower notice of acceleration ,n accordance with
paragraph 14 hereof. Such notice shalt prov,de a period of not less that 30 days from the date the not,ce ,s mailed w,th,n
which Borrower may pay the sums declared due. If Borrower tails to pay such sums prior to the expiration of such period.
Lender may. without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof.
NON-UNIFORM COVENANTS 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 Mortgage, including the covenants to pay when due any sums secured
by this Mortgage, Lender prior to acceleration shall mall notice to Borrower as provided in paragraph 14 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 R~siled to Borrower, by which such breach must be cured; 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 thls Mortgage,
foreclosure by judiclal proceeding and sale of the Property. The notlcs shall further inform Borrowerof the right to
reinstate afteracceleration and the right to assert in the foreclosure proceeding the non-sxlstenrre of a default or
any other defense of Borrower to acceleration and foreclosure. It the breach is not cured on or bsforo the date
specified fn the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be
immediately due end payable without further demand and may foreclose this Mortgage by judiclal proceeding.
Lender shall bs entitled to collect In such proceeding all expenses of foreclosure, Including, but not ttmited to,
reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports.
19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage.
Borrower shalt have the right to have any proceedings begun by Lender to enforEe this Mortgage discontinued at any time
~~'x344 ~~E 7i3
~__ ,~_~