HomeMy WebLinkAbout2956Len~ler s wntten agreement or appi~cdb~e iaw Borruwer snai! pay tne amoum c,t au mony~~insufance p(~l~ms in the
manner prowded under paragrauh 2 he~eot
Any amounts d~sbursed by ~ender pursuant to th~s parayraph 7 nnth ~nte-est ~hereon. sha~l become add~l~onal
~n~iebtedness of Bor~ower secured by m~s Mortgage Uniess Borrower and LenUer ay-ee to other terms ot paymenl. such
amouMS shau Ue payabie upon noUCe irom ~ender to Borrower requesl~ng payment Ihereot and shalt bear ~nlerest I-om the
date ot d~sbursement at 1he rate payable from t~me to Ume on outslanU~ng pnnc~pai under the Note uMess payment ot
~merest at such rale would t,e conirary to appi~cable law. m wh~ch event such amounts sha11 bear ~nterest at the highest rate
perm~ss~bte unde~ appl~cabie ~aw Noth~ng cornamed m th~s paragraph 7 shall +eqwre Lende~ to ~ncur any expense or take
any act~on hereundei
8. Inspsetion. Lendei may make or cause to oe made reasonable en~r~es upon and ~nspections ot Ihe Prouerty.
prov~ded Ihat Lende~ sha11 g~~e Borrower not~ce pnar to any such ~nspecUOn spec~ty~ng reasonable cause theretor related ro
Lenders ~nterest ~n the Property
9. COndem~ation. The proceeds of any award or c~aim lor damagc~s d~rec! or Conse~~uent~ai in connechon w~th any
Cond~mnaUon Or other taking of the Property oi part thE~eot or for conveyance ~n lieu of Con~iemnaliun hereby ass~gned
ancf shal! be pa~d to Lender
In the event ot a totat tak~ng ot the Property. the proceec~s snali be app~~ecf to the sums seeu-ed by Ih~s Mortgage
w~th the excess. d any pa~d to Borrower In the event ol a part:al takmg of the Prope~ty unless Borrower and lender
othe-w~sQ agree in wr~Ung. there shall be appi~ed to the sums secured by th~s Mortgage such proporUon ol Ihe proceeds
as ~s equel to that propart~on wh~c-~ the amount of the sums secured by th~s Mortgage ~mmecl~ately pr~or to the dale of
tak~ng bears to the la~r market vaiue oi the Prope-ty ~mmed~alely prror to the date ~Itak~ng w~Et-the balance of the proceeds
pa~d to the Borrower.
If !he Prope~ty ~s abandoned by Bo~rower. or ~t atter reot~ce by lender to Borrower that ihe condemnor a!ters to make
an award or settle a cla~m for damayes Borrower ta~ls to respond to Lende- w~th~n 30 days atter the date such nobce ~s
ma~ied. Lender ~s author~zed. to coliect and app~y the proceeds at Lender s opt~on e~tne~ to resto~at~on or repa~r of the
Prope~ty or to !he sums secureci by tn~s ~dortgage. -
Unless lender anU Borro+ver othenv~se agree ~n wr~t~ng anr such appl~cat~cn ot proceeds to pnncipat shail not exten~!
or pcstpone ihe due d~te of the monihly mstallments ~efee:ecf to in paragraphs t antt 2 hereof or change ihe amount ot
suCh instaliments.
10. Bonower Not Released. Extens~on of the time tor payment or moditication ot amortization of the sums secured
by th~s Mortgage g-anted by Lende~ to any successo~ ~n ~nte-est of Bo:-ower shall not operate to release, +n any manner.
the '~ab~l~ty of the or,g~nal Borrower ancl Borrower s sucr_essors ~n ~rnerest. Lende~ shail not be reqwred to commence
proceed~ngs aga~nst sucn successo- or refuse to extend t~me tor payment or otherw~se mod~ty amorhzat~on ot the sums
secured by th~s Mortgage by reasor. o! any demand made by tne o!:g~na~ So-rower and Borrowe~s successo-s ~n mterest.
11. • FOrbea~ance by Lends~ Not a Waiver. Any fo~bearance by Lender ~n exerc~s~ng any r~ght o: remedy he~eunde-.
or otherw~se afforded by appi~cabie !zw shai; not be a wa~ve~ o! ar precFude tne exerc~se of any such nght or remedy
The p-acurement of ~nsurance or the payment of taxes or oiher i~ens or charges by Lende+ shait not be a wa~ver ot Lender s
noht to accelerate the matw~ty ot the ~ndebtedness secured by th~s Mortgage
12. Remediss Cumulative. All remed~es prov~ded ~n th~s Mortgage a-e d~s!~nct and cumulat~ve to any othe- r~ght or
+emedy under th~s Mortgaye or attorded by iaw or eqwty. and may be exerc~sed concurre~tly. mdependentfy or success~vely
13. Successors and Assigns Bound; Jaint and Several Liability; Captions. The covenants and agreements
ne~e~n contamed sha!! b~n;i and the nghts hereunder snait ~nure to. tne respect~ve successors and ass~gns ot
Lender and Bor.ower. s~b~ect to the prov~s~ons ot parayraph ; 7 hereot. Alt covenants and agreements of Borrowsr shall be
~o~nt anci several The capt~ons and head~ngs oi the paragra~ns ot ,h~s Mortgage are fo~ coven~ence only and are not to be
used to ~nterpret or def~ne the prov~s~ons ne-eof . '
14. Notice. Except fo~ any nol~ce requued under app~~cab~e iaw ro be g~ven ~n another manner. iai any not~ce to
Borrower prov~ded for ~n tn~s Mortgage st~en be g~ven by man~ng such nohce by certrt~ed ma~I addressed to Bo-rower at
the Property Address o- at such othe~ aodress as Borrower may des~gnate Dy not~ce to Lender as prov~cied here~n. and
~br any noUCe to Lerder snal~ be g~ven by ce+t~t~ed ma~! retu~n rece~pt requeste:i. to Lender's add-ess stated herem or te
such other address as Lende- may des~gnate by nct~ce to Bo-rower as prov~ded here~n Any noUCe prov~ded tor ~n ih~s
Mortgage shal! be deemed to have been g~ven to Bo~rcwer or Lender when g~ven ~n tne manner des~gnated he-e~n
15. Uniform Mo~tgage; Governing Law; Severability. TR~s form ot mof?gage cornb~nes uniform covenants tor
•d~;,~~,e ~i5~, ~,.CS n ;,~ t,~l,!n.!" : .:,:~.n.;., . .:.r~ ,~-,•,,~1 ..~'.,=t ...,~ t:Y iuri5tltCl~Ur, lU CU'~~i~?.~?._ d i:~~et ,r;n SE'~.ur~ty ~RS;rumert
:'~~~:efmt~ ~ed+ E~c!:>(i'-iiy ThF• ~;<~tP d^•rl ~~ ~~l~t <e:.`> ~sG;;; ~r ~i:, , 'u tni~_~•f or?:~dge ~!'d`i :;~. ~~it~ ~~s:VS nt lhe ~UnSCStrit~tl !n wniCh
?^.e Prope{ty i5 iOC.~?~'1 ThE' fC:fE't)~)int3 ~c- '~••.. rr >'~ . ~ ~'~~ ..3~'~j. ~~3:;~?~?•y ~~~ frrClf"d ~a.~ f0 th~S rr,r,ri~~~3ClE' tr~ the tvtnt
!hd~ :9~`Y I~'Ot;jipl? , . `~i:.~F, [,~ , . _ ~~~~;r'~7a: _lc' , . 'f~ i . .?~ ~ ~~ ..'~~' ,fi?ii IC:iL E' ~3'~L -.1.~ h ~.O'1~~.::~ Shdi: (!Q~ dffQC! Othvl
,:fO~:.~i'_~`~_ ~! ~~ . ~~ , 'I.~;~e• , ~f` .. ~'i• .. ~ . .i. r. .~. ,.i~f•'. .. 't-:..,. ~^i-• :~•~! .. i.~~~) (~~(i..~ ~.r!1 .i~;r3!!)!h~S E--!1C~ rhE~
f~•O~~S~O~S nt thF~ ~:'!, •~'.)<t;~t~ .. .. . . ... . .. .'. : . . • .,, F•
16. Borrower's Copy. 5o~roue+ s-~ai: hE' ~i:!'~iShE'd J CO.'11;jflrP~~ ~p~y O} !hE ~fOiE d~1d ot ±h~s Mortgaye a? the hme
of execubon or after recorddt~on hereot •
17. Transferof the P~operty; Assumption. it 3;I or;~ny ~art of!ne P!oc~~erty or an :nte~est ihere~n ~c so~d o~ transferred
Uy Borrower w~thout Lenders anor :vnt!en con;Fnt exc:ud~ng !a~ the creat~o^ ot a'~en or encLmbrance subord~nate to
ih~s Mortgage Ib) the creat~or: of a pu-chase money secu~~ty ~nterest tor nousehotd appi~ances. ic~ a iransfer by ciev~se.
descent or by operat~on of !aw upon the death ot a ~oint tenant or ~d1 the grant ot any Ieasehold ~nterest of three years or less
not conta~rnng an opt~on to purchase Lender may. at Lende- s op!~on deciare a~i tne.sums secured by th~s Mortgaye to be
~mmed~ately due and payabie lender shal~ have wawed such option to acceierate rf pnor to the sa~e or t~ansfer Lender
and the person to whom the Property ;s to be sotd or transte-red reach ayreement ~n wnt~ng that the cred~t of such person
~s sa:~sfactory ;o Lender and !hat the ~nteres: payaoie on the surr,s secured by th~s Mortgage shall be at such rate as Lender
shall request. If Lender has wa~ved the opl~on to acceierate prov~ded ~n th~s paragraph 17. and ~f Borrower's successor ~n
~nterest has executed a wntten assumpl~on agreement accepted ~n wi~t~ng by Lender. Lender shall release Borrower from all
obl~gat~ons under th~s Mortgage and the Note.
~f Lender exerc~ses such opt~on to accefer~?e Le~de~ s}~a!! n~a~! Borrov~er not~ce of acceierah~n ~n accordance w~th
;,aragraph 14 hereof Such not~ce shall prowcie a per~cU ot not iess that 30 days trom the date the noUce ~s maded wdh~n
wh~ch Borrower may pay the sums declared due It Borrower ta~~s to pay such sums pr~o: to the expirat~on of such penod.
Lender may. w~thout further r:oi~ce or demand on Borrowe~. ~nvoke any remed~es perm~tted by paragraph 18 herec~.
NON-UNIFORM COVENANTS Borrower and Lender lurther covenant and agree as follows
18. Accele~ation; Remedies. Except as provided in paragraph 17 hereaf, upon Borrowers bresch of sny
covenant oragreement of Borrower in this Mortgage, including the covenants to paywhen due any sums secured
by this Mortgage, l.ender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof
apecifying: (1 ~ ths bresch; (2) the action requirtd to cure such breach; (3) s date, not less than 30 days from ths
date the,notice is rr.ailed to 8orrower, by which such breach must be cured; and (4) that tailure to cure such breach
on o~ before the date specitied in the notice msy ~esult in acceleratfon of the sums secured by this Mo~tgage,
foreclosure b~ljudicial proceeding and sale of the Property. The notice shall fu~theriniorm Borrowerofthe rightto
reinstate aKer accele-ation and the right to assert in the toreclosure proceeding the non-existence of s default or
any other dsfense of Borrower to acceleration and foreclosure. If the bresch ia not cursd on or before the date
specifled in the notice, Lender st Lender's optlon may declsre all of the sums secured by this Mortgsge to be
immediately due a~d paysble without tuKher demand antl may toreclose this Mortgaga by judlclal proceeding.
lender shall be entitled to collect in such proceeding all expenses of toreclosure, including, but not Nmited to,
reasonable sttoms~s fees, and costs oi documentary evidence, abstracts and tltle reports.
19. Borrower's Right to Reinstate. Notw~thstand~ng ~ender's accelerat~on ot the s~ms secured by th~s Mortgage.
Borro~rer shall have the nght to have any proceed~nys begun by Lendet to enforce th~s Mortgage d~scont~nued at any t~me
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