HomeMy WebLinkAbout1335I rnder's written agreement or :+pph~ahle l.r++. tiorrowrr sh;dl pa) the amount of :dl nuatgagr imuran~r prrmium+ in the
manner pn+yidr,l under paragraph '_ hrreol.
Any ant„unts dishursed by 1 ender pur,rcutl t„ Ihr+ pauagraph ?. ++uh -nterrst thereon. sh;dl heconte add-t+catal
indeMedne,s of Itorn,++rr secured by Ihi, ~lortgagr t'nlr" Bcaro.+er :nal I ender aerrr t„ other freers ++f payment. such
am++unts ,hall }+e pay;thle ul>.+n nhti~e from 1 ender a+ B++rn+wrr rryur,ting I+ayntrnt there,+i.:uul sh,+ll hear interest frc+m Ihr
,late of di,hunement at the t.+tr payable tr,+m time to time ,at outstanding principal under Ihr tiotr untcss payment of
intrust at cnrh rdr would I+e crntran• M applicable la.+. in which event wch amounts sh;+ll F+rar intcrest at the highest talc
Itermiscihlr undkr applicable la+r. !yrthing contained in this paragr.+ph 7 shall require 1 ender to incur any espence or take
.ate action hereunder.
R. Itnpcction. Linder may malt or cause to t+c m:+de « asonahlc entries up++n and impaction, of the Pn+pcrty. pmyidcd
Iha1 I ender shall give Borrower notice pets+r to any wch impaction specihing rrasonahle cause Iheref,+r rchHrd to 1 ender's
interest in the Prpperty.
9. Condemnation, The prc+creds of :u»• award c\r claim for damages, direct ~+r consequential. in connectic+n with an)•
condcmn:-tiun or other taking of the Propert)•. or part thereof, or for convr);+nce in lieu of corxkmnation. are l,erehy assigned
.md shall }+e paid to I.cnder.
In the event of a total rating of the Property. the pn•cerdc shall t,c applie.t to the wms secured M• this Mortgage.
with the excess. if any. paid to Borrower. In the event of a partial retie[ of the Pmpcrh•. unless Borrower and lender
otherwise agree, in writing. Iherr shall he applied to the sums sccurc.l by this ~lortcagc wch prc,portion of the pnx:ecds
ac it equal Io that pn+purtion +rhich the amount of the n+ms ,e:ured by Ibis \lorttagr immediateh prim to the date of
taking tzars to the fair matter valor of the Pruperh• immrdi:+tch• prier u\ the date c\f r+ling. with the balance of the pro+:ccds
paid tr• Bormwcr.
It the Properly is abandoned by Borrrnyrr. or if. after notice M• 1 ender to Rurn+wer that the condemnor offers to make
;ut ;ny:,rd ,+r ,ettir :+ claim for d;un:rkes. R++rrowrr fail, h+ reslxnul to 1 ender \cihin Ott Jac, after the Jett ,uch notice is
m:+iled. Lender is auttiarized to collect and apptr the procecYk. at I.rnder'c option. tither to restoration or repair of the
Prupen)• or to the sums secured hr this Mortgage.
l'nless l.cnder and Borrower Mhenvise agar in writin!•, am• >u.•h apprc:Ltirn of pntcecds to principal ,hall not estend
or postpcate the due .late of the monthl)• installments referred U, in paragr'.y,hs 1 and '' hcrcof or ch:utgc the amount of
such imtallmcntc.
10. Borrower Not Released. 1?xtcnsion of the time for payment or modification of amortization of the ,ums secured
by this :~iortgagr !;ranted M• Lcndcr to any successor in interest of Borrower shall not operate to release. in any, manner.
the Iiahilily of the oriLinal Borrower and Borrower's succrs,ors in interest. Lcndcr shall not ere rcyuired to commence
proceedings agaimt such wccessor or reface to extend time for payment or Mhettivise me•dify' amortization ++f the sums
scrured by this ]lfortgagc hs• reason of any demand made by the orieinal Borrower and Bnrrow•erc arccrs,urs in intcrest.
11. Forbearance h~• Lender \rit a K'ais'er. :any fort+raruter by 1 ender in exercising any right ,tr remedy hereunder. or
otherwise atTorded by applicahk law. shall not Fx~ a waiver c+f .+r preclude the rxercice of am' wch right or remedy.
The procurement of inwrance or the payment of tar, or other liens ur charges M• I ~_ndcr shall not t+c a waiver of 1 cn.tcr'c
right tc+ accelrr:+tc the maturih• of the indchtrdncss sc•_ured hs• this Mortgage.
12. Remedies Cumulative. All remedies proyidtd in thi, Mortgage arc distinct and cumulative to :uty ,+ther right or
reme.ly under thi, Mortgage +a afTorded by {aw ,+r cyuity. and may t+e eyercised cc+nrurrenth•. independent!. ,+r ,nc+:e,sively
13. Successors and Assigm Bound: Joint and Seteral Liabilih•: ('aptions. The cocertants and :+grrement, herein
a+ntained shall hind. and the riehh hcrrundcr shall inure to. the respective sucrecsors and assigns of I.endrr and Borrower.
,uhjed to the provisions of paragraph 17 hereof. -\II covrnanh an+l acrcrmcnts ~,f B+~rr.~w~cr sh:+ll he j~+int .+nd several.
The captions and headings of the paragraph, of this ~torsgage arc for comrnience onh• and arc not to t,e aced to
interpret or define the pmyiciom hcrcof.
i4. \otice. Except for any notice rcyuired under applicable Lo+ t.+ Mc given in an,+ther manner. fa) .ut)• notice to
Karr.+wer pr+.yided for in this ~iortgagc shall ter given by m:,ilini wch n,+tice h• certified trail addres,ed Io Borr<n+cr at
the Property :~+Wrr,s or at such other address as B++rn•wer m:+y designate by notice to 1 ender ac provided herein. and
Ih) any notice to Lender shall f.r given by certified mail. return receipt reyue,trd. tr 1 rnder'c address stated herein or to
wch other address as l.rnder may designate by n++ticc to K++r r.+wer ac provided herein. :~ns• noti:r pr.n•idrJ for in this
~t,,rtgagr shall tx deemed t+• have been given to Born+wrr „r I ender when given in Ihr manner designated herein.
I5. Uniform ?ltorft;age: Gm•erning Law; Seyerabilita•. This t.+rm of ntor:ga~e <<+mhines uniform coven:ntts for national
use and nun-unifc+rm covenants with limited variation, by jtrrisdicti~~n to ~++nslihttr a unifornt u.nrity instrument cos•ering
real propert)•. This ~turtgage shall hr goyrnted by the law ~+t the turisdicti.+n in which Ihr Properly i. k>`ated. In the
event that am' proyiciun .+r clause of this ~Inrtage ~+r the \utr c,attlict, .+ith applicable la+y. such conflict sh:dl nM affect
other pn+yisiom of this Mortgage c+r the Note which ran hr s•i+cn rlTe~t t+i+hcnu the contli.Iing prc~yisina. and to this
end the proyisiom of the \lortgage and the \++tr err .Irclared h+ lq7 ,ryerahle.
16. Borrower's Cop). Borrower ,hall hr furni,hed a :,+n f.+rmed c.ry.y of the \.+te :+nd of thi, Mortgage at the time
.+f c~r~ution or after rccurdation hcrcof.
17. Transfer of the Pruperl~::lswmption. If all ~+r :ut+ p.+rt of the Property or an intcrest therein is ,.+ld or transferred
h.• Borr++wrr without Lrndrr's prior written consent. ry~luding r.+- the creation of :r lien or encunthrance sutxtr.linate to
this Mortgage. 1M the creation of :+ purchau nu+ne+ security interest for h+ntsehold appliances. tct a tramfer hr devise.
descent or by operation of Lo+ upon the death .+f ;, i++rut tenant ,+r t+l+ the grant of anc leasehold interest of three years or lase
not containing an option tx+ purchase. I ender may. at 1 ender'. ~+pti~+n. dech+rr all the sums secured hs• this Mortgage to ttc
rmmrdiatrly due and pagahk. Linder shall base .+ai+rd su;h option to accelerate if. prior to the sale .\r transfer. Lender
an.l the person to whom the Pn.perty i, t+~ t+e so1.t or tr:rnsferrrd reach agreement in writing that the credit of arch person
is satisfacton~ to Lender and that the intcre,I pay:+hle ,+n the sum, secured by thi, Mortgage shall be at such rate as Lender
,hall request. If 1 ender has waived the option to acceler+te provided in this paragraph 17. and if Borrower i successor in
intcrest fie, executed a written assumption agreement accepted in writing M• Lender. Lender shall release Borrower from all
ohligrtions under this Mortgage and the Nctite.
If Lcndcr cyercises such option to a: celeratr. 1 ender ,hall mail Borrower notice of acceleration in acrnrdarne with
paragraph 14 hcrcof. Such notice shall provide a period of not less than 3O Jayc from the date the notice is mailed within
which Borrower may pay the sums decl:urd due. II Born+++rr fails to pay vrch some prior to the expiration of such period.
Lcndcr may. without further notice or demand on Its+rn.wrr. invole an)' remedies pcrmittea he paragraph lli hcrcof.
NON-l1Ntt=ot+M Cgvt`.+tiTS. Borrower and I.rnder further covenant and agree as follows:
18. Acceleration; Remedies. Ezcept as prora•ided in paragraph 17 hereof. upon Borrower's breach of any covenant or
agreement of Borrower in this'lfortgage. including the cotenants to pay when due any sums secured by this Mortgage, Lender
prior to acceleration shall mail notice to Borrower as prodded 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 mailed to Borrower, by which such
breach must be cured; and (4) that failure to cure such breach nn or before the date specified in the notice may result in
acceleration of the sums secured by This Mortgage. foreclosure 63• judicial proceeding and sale of the Property. 'ilea notice
shall further inform Borrower of the right fo reinstate after acceleration and the right to assert in the foreclosure proceeding
the non-existence of a defauN or env other defense of Borrower to acceleration and foreclosure. if the breach is not cured on
or before the date specified in the notice. [.ender at ixnder's option may declare all of the sums secured by this Mortgage to be
immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shad
be entitled to collect in such proceeding all expenses of foreclosure. including, but not limited to, reasonable attorney's fees,
and costs of documentary evidence. abstracts and title reports.
19. Borrower's Right to, Rtinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage,
Borrower shall have the right to have am• proceedings }x gun by Lcndcr ro enforce this Mortgage discontinued at any time
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