HomeMy WebLinkAbout1881Lcndcr'x written agrccment or applicahlc law. Borruwcr shall pa~• thc amuunt uf all mangage insur•rnce prcmiums in the
man~er pn~vidcd unde~ paragraph 2 hereof.
Any ama~nts dicbu~seci by l.ender purcu•rnt ~o this paragraph 7, wi~h intere~t thereon, shall become additional
indcbtcdncs~ of Borrowrr secutrd by ~his Mongag~. Unlc~~ Bormwc~ and Lcn~lcr agrec to Mhcr terms of payment, such
amounts zhall hc payablc u~x~n n~~ticc from I.codcr ~o Bormw~r rey~ict~ing p~yment thereot. and chall hcar interest fmm thc
date of dicbursement at the rate payahle from lime to time cN- outstanding principal under the Note unless psyment of
interest at such rate would 1+e contrah• to applicable law, in which event a~ch amounts chall hear interest at the highest rate
permiuible under applicable law. Nothing con~ained in thic par~graph 7 shall rcquire Lender to incur any expenu or take
any action hcrcunde~.
8• lnspectio~. Lendcr may makc or causc t~ hc made rcaconahlc cntricc u~+c~n and inspeclionc of the Propcny, provided
that I.ende~ shall give Borrower notice prior to any cuch inspectian cpecifying rcasonable caux theref~r related ta T.ender's
interect in the Prope~ty.
9. Condemnntbn. The proceed~ of any award ~r claim for damaces, direct ar comequential, in connection with any
condemnation or other taking of the Propeny, or pan ~hereof, or for conveyance in lieu af condemnation, arc hereby assig~ed
and shall hc paid to I.cndcr.
ln tht event af a total taking of thc Propcrty. thc pro:ceds shall be applicJ to thc c~~ms securcd by thic Mortgage.
w•ith the excess, if a~y, paid to Bormw•cr. ln Ihc evenl ~f a partial taking ot Ihc Property, unlecs Born~wer and i.e~der
o~herv-ice agree in writin~. thcrc shall he applicd to ~he ~umc cecurcd by thic Morlgage soch proportion of ~he proceeds
as ic equal to that pro~rtion which the amouM of the sumc cecured by this Mortgage immediately prior ro the date af
taking bears to Ihe fair market value of the Pmpc~ty immedi•rtely prior to the Jale af ~aking, with the balance of the proceeds
paid to Barmwer.
If the Property is abandoned b~~ Borrower, or if. af~er notice by i.ender to Bormwer that the condemnor affers to make
an award or settle a claim for damages, Barmwer fails to res~nd to Lender within ?0 da~~s atler the date such notice is
ma~led. I_ender is authorized to collect and apply Ihe proceeds, at I.ender'~ option. either to restoration or repair of the
Propeny or M the sums securecl hy Ihis biortgage.
Unlefs t.ender and Borrow~er othervvise agree in ~•riting. am~ such application of proceeds to principal shall nat extend
or post~ne the duc datc of thc monthly iustallmcntc rcfc~rcd to in paragraphs 1 and 2 hereof or change lhe amount of
such installments.
10. Borrower Not Rekased. Fxtencion of the time for paymeot or modification of amortization of the sums secured
by this Mortgage granted by I.ender to any cuccecsor in interest of Borrower shall not operate to release, in any manner.
the liability of the original Borrower and Borrawcr'c succescorc in interest. I.ender shall nat he required to commence
proceedings against such successor or refute to extend time for payment or otherwise malify amartization of the sums
secured by thi~ Mortgage hy reacon of an~• demand made by the oriRinal Borrower and Borrawer s succescon in interest.
11. Forbearance by i.ender Not a Waiver. Anp forhearance hy l.ender in e~ercising any right or remedy hercunder, or
otherwise aBordecf hy ~pplicable law, shall not Me a waiver of or preclude the exercise of any such riqht or remedy.
The procorement of insurance or the payment of Iares or Mher liens or charges b~~ l.ender chall not he a v-•aiver of LenJer s
right to accelerate the maturity of the indehtednets cecured h}• thic Mohgage.
12. Remedies Cumulafive. All remedies pro~~ided in this Morigage are distinct anJ cumulative to any o~her right ar
remeJ~• under this Mortgage or affarded by law or equi~v. and ma~• he ererciced cancurrcnUy. independently or successively.
13. Successors pnd A~os Bound: ]oint and Sereral I.ial-illty; Captb~. The covenants and agreements herein
contained shall hind, and the rights hereunde~ shall ini~re to. the respective succeccors and assigns of I_ender and Borrower.
subject to the pravisionc of paragraph 17 hereof. All covenants and agreements of BorroWer shal) be joint and several.
'il~e captions and headings o( the paragrapha of this 1Narlgage are for convenience only and are not to be used to
interpret or define the provisions hereof.
14. Notice. E!ccept for any notice rcquired under applicable law• to be given in anather manner. (a) any notice to
Borrower provided for in this Morlgage shall be gieen hy mailing such notice by certified mail addressed to Borrower at
the Propeny Address or at such other addre.~ as Bormwer may decignate by notice ta i.ender as pmvided herein, and
(b) any nutice to LenJer shall he given by certificJ mail. retum receipt requested. to l.ender s address stated herein or to
such other address as 1_ender may decignate b~• notire ~o Borrawer as provideJ herein_ Any notice pmvided for in this
~4lortgage shall be deemed to ha~c bee~ givcn lo Bc~rrow~er or l.ender w•hen given in the manner designated herein_
15. Uniform Mortgs~e; GoverninK iaw; Severabilify. This form of mortgage combines uniform covenants for national
use and non-uniform covenantc with IimiteJ variations b~• juriccliction to constitute a uniform security instniment covering
real property. Thic Mortgage shall be governed hy the law• of the jurisdiclion in which the Property is located. In the
event Ihat any provision or clau~e of thic Morlgage or ~he No~e conflicts with applicable law, such conflict shall nat affect
other provisions of this Mortgage or the Note which can be given eifect without the conflicting provision, and to this
end the provisions of the Mortgage and thc Note arc ~icclared ~o be severable.
16. Eorrowe~s Copy. Borrower shall be furni~hed a confarmed copy of the Note and of this Mortgage at the time
of e~cecotion or after recordation hercof.
17. Transfer of the Property: Assumption. If all or an~• part of thc Property or an interest thercin is sold or transferred
by Borrow•er without I.ender's prior written concent. euluding lal the creation of a lien or encumbrance sutwrdinate to
this Mortgage. (b) the creation of a purchau: mone~ securi~y interest far household appliances, (c) a trans(er by devise,
descent or by operation of law opon the death of a j~~int tenant or ld~ the g~ant of any leaschold intercst of three years or less
not containing an option to purchase, l.ender may, at l.ender'~ opticx~, declare all the sums secured by this Mortgage to be
~mmediately due and payable_ [_ender shall have waived such option ~o accelerate if, prior to the cale or transfer. Lender
and the person to whom the Propeny is to be so1J ar transferred rcach agreement in writing that the credit of such person
i~ satisfactory to 1_ender and that the interest payable on the sumt secured by this Morigage shall be at such rate as Lender
shall request. If I.ender has waived the op~ion ~o accelerate provided in this paragraph 17, and if Borrower's successor in
interest has executed a written assumption agreement accepted in writing by I_ender. Lender shall release Borcower from all
obligations under this Mortgage and the Note. '
if [.ender exercises such option to accelerate. I_ender thall mail Borrow•er notice of acceleration in accordance wilh
paragraph 14 hereof. Such notice shall provide a peri~xl of not less than 30 days from 1he date the notice is mailed within
which Borrow•er may pay the sums declared due. If Borrower (ails to pay such sums prior to the expiralion of such period.
Lender may, without further notice or demand an Borrower. invokc any remedies permitted by paragraph 18 hereof.
NoH-UN~FORnt Coverr~NTS. Borrower and t.ender furiher covenant and agrce as follows:
18. Accekratbn; Remedies. Eacept as provided in paraRrap6 1~ hereof. npon Eorrower's breach of say coveoaat or
agreemeot of Borrower in t6~s Mort~age. inclndinR the covenants to pay when dne aay sn~ secered by thLs Mortas~e, Lender
prior to sccekntaa sbaq mail ootke to Borrower u provided in para~raph 14 hereof specityios: (1) tbe breach; (2) tbe action
requlred to core snc6 breach; (3) a date. not less tban 30 days from tbe dste tl~e notke is maikd to Borrower, Iry wbk6 snc6
breach mnst be cnred; and (4) thst failurc lo cure snch breach on or 6eforc the date speci6ed is the notke insy resolt io
accekration of tbe snms securcd by this Mortgage. foreclosure by judkial proceediua aad s~e of t6e Prope~. 1Le notke
shall further jnform Bormwer of t6e ri~ht to ninstate after accekration aod tbe ri6bl to assert in tbe foreclosnr~e proeeedle~
the noa-ea~stence of a default or any other defense of Borrovrer to accekration and foreclwnre. if t6e breach ~ oot cnred oa
or before the date specitkd in the notjce. I.ender at [.ender's option may declare sq of tbe snms secnred by tl~ Mo~a<e b 6e
immedlately dne and payabk witUout fnrtber demand and may forcclose this Mortga~e by judkial proceediua. Leoder sbaU
be eotiHed to coUect jn sncb proceedl~ sll espenses of forecbsurr. inclndin~. but aot Umited to, reasoasbk attornef's fees,
snd costs of documentary eridence, abstrsets and titk reporb. ~
19. Bqrrower's Riaht to Reinstate. Notwiths~anding t_enJer's acceleration of the sums secured by this Mortgage.
Borrower shall have the right ~o have any proceedings hegun by',~.ender to enforce this Mortgage dixontinued at any time
aa~K 345 PM~E 1880
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