HomeMy WebLinkAbout1896Lender s wntten ayreement or applicable law. Borrower shall pay the amount~~c~alg5g-~~rem+ums in the
manner provided under paragraph 2 hereof ~. -~• ~.![ ~'f~
Any amounts d+sbursed by Lender pursuant to th+s paragraph 7, with interest thereon, shall become add~UOnat
indebtedness of Borrower secured by this 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 shall bear +nterest from the
date of d+sbu-sement at the rate payable from l+me to time on outstanding p-+ncipat under the Note unless payment of
+nterest at such rate would be contrary to applicable law, +n which event such amounts shall bear +nterest at the h+ghest rate
perm+ss+ble under applicable law. Noth+ng conta+ned in this paragraph 7 shall require Lender to incur any expense or take
any act+on hereunder.
8. Inspection. Lender may make or cause to be made reasonable entr+es upon and +nspections of the Property,
provided that Lender shall give Borrower notice pnor to any such mspecUon specrty+ng reasonable cause Iheretor related to
Lenders interest m the Property.
9. Condemnation. The proceeds of any award or clam for damages. direct or consequential. +n connection wdh any
condemnation or other taking of the Properly, or part thereof, or for conveyance +n I+eu of condemnation, hereby assigned
and shall be pa+d to Lender.
In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by th+s Mortgage.
wdh the excess, if any pa+d to Borrower. In the event of a part+at taking of the Properly unless Borrower and Lender
otherwise agree in wnUng, there shall be applied to the sums secured by th+s Mortgage such proporUOn of the proceeds
a5 +s equal to that proport+on 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 +mmed~atety pnor to the date of taking, with the balance of the proceeds
paid to the Borrower.
If the Property is abandoned by Borrower, or +t, alter notice by Lender to Borrower that the condemnor offers to make
an award or settle a clam for damages. Borrower ta+ls to respond to Lender w+th+n 30 days after the date such notice is
ma+led, Lender is authorized 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 +n wnUng. any such appl+caUOn of proceeds to principal shall not extenrf
or postpone the dr<+e date of the monthly installments referred to in paragraphs t and 2 hereof or change the amount of
such installments.
1 O. Borrower Not Released. E xtens+on of the t+me for payment or mod+f+cation 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 I+ab~l~ty of the original Borrower and Borrowers successors +n interest. Lender shall not be required to commence
proceedings against such successor or refuse to extend t+me foJ payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of any demand made by the or+g+nal Borrower and Borrowers successors in interest.
11. • Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder.
or otherwise afforded by applicable law. shat) not be a waver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of !axes or other Liens or charges by Lender shalt not be a waiver of Lenders
right to accelerate the matur+ty of the +ndebtedness secured by th+s Mortgage.
12. Remedies Cumulative. All remedies provided in th+s Mortgage are distinct and cumulative to any other right or
remedy under th+s Mortgage or afforded by law or egwty. and may be exercised concurrently, independently or successively.
13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements
herein conta+ned shall bind. and the r+ghts hereunder shat) inure to, the respective successors and assigns of
lender and Borrower. subject to the prov+s+ons of paragraph t 7 hereof. All covenants and agreements of Borrower shall be
lo~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 interpret or det+ne the provisions hereof.
14. Notice. Except for any notice required under applicable law to be given in another manner, far any notice to
Borrower provided for in this Mortgage shalt be given by mailing such notice by cert+fied mail addressed to Borrower at
the Property Address or at such other address as Borrower may designate by nonce to Lender as provided herein. and
tb! any nonce to Lender shall be given by certified mail. return receipt 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 this
Mortgage shall tie 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 mortgage combines uniform covenants for
n~tionai use and non-unrform covenants vnth limited vanat~ons by lunsdictipn to COnSUtute a uniform security instrument
covering real property The sate and focal laws appticaU!e to thrs Mortgage shati oe the laws of the lur.~diction in which
the Property is tocatecf The foregoing sentence sh~iit not !+mit the applicability of federal law to this mortgage. In the event
rhat any provision or clause of this Mortgage or the Note conf!~cts with applicable taw. such conflict shall not affect other
prUVisions of this Mortgage or the Note which can be gwen effect without the conftichny provision. and to this end the
p+ov+s~ons of the Mortyage and the PJute are decia•ed to be ses~erabie -
16. - Borrowers Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of execuUOn or after recordation hereof.
17. Transfer of the Property; Assumption. It aft or any part of the Property or an interest therein +s sold or transferred
by Borrower without Lenders prior written consent. excluding far the creation of a lien or encumbrance subordinate to
this Mortgage. fb} the creat+on of a purchase money security interest for household appliances. fc) a transfer by devise.
descent or by operation of taw upon the death of a point tenant orfd- the grant of any leasehold interest of three years or less
not containing an option to purchase. Lender may. at lenders option. 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 in writing that the credit of such person
+s sat+stactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as lender
shall request. 11 Lender has waived the option to accelerate provided in this paragraph t 7. and if Borrowers successor in
interest has executed a wntten assumption agreement accepted in writing by Lender, lender shall release Borrowerfrom all
obligations under th+s Mortgage and the Note.
If Lender exercises such option to accelerate. Lender shall mail Borrower nonce of acceleration in accordance with
paragraph 14 hereof. Such notice shall prov+de a period of not less that 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period,
Lender may. without further notice ar 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 Borrowers breach of any
covenant oragreement of Borrower in this Mortgage, including the covenants to paywhendue any 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 salon required to cure such breach; (3) s date, not less than 30 days from the
date the notice is n'.ailsd to Borrower, bywhich such breach must be cured; and (4) thatfailure to cure such breach
on or before the date specified In the notice may result in accslerotion of the sums securod by this Mortgage,
foreclosure by judlclal proceeding and sale of the Property. The notice shall furthertnform Borrowsrof the rightto
roinstats after acceleration end the right to assert in the foreclosure proceeding the non-existence of a default or
any other defense of Borrower to acceleration and foreclosure. If the breach Is not cured on or bsforo the date
specified in the notice, Lender at Lenders option may declare all of the sums secured by this Mortgage to be
immediately due and payable without further demand end may foreclose this Mortgage by judlclal proceeding.
Lender shall 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. Borrowers Right to Reinstate. Notwithstanding Lenders 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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