HomeMy WebLinkAbout0167lenclerS wiiUE~n dyreement O- dppliCdUiB ld.v BGnGwe~ ih;~ll ~~iiy it~E d~~10Ur11 OI~/Ilhfbrl~~g~-JFlSU~~~QE.~~emiumS ~~ IhE;
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Any amouMS disbursed by Lender pursuant to thic paragraph 7 wilh inlerest Ihereon shall become additional
~nUebteciness ot Bo-ro~ver secured Uy Ih,s Mortgage Unless Borrower and lende+ ayree ro other te~ms ot paymenl such
amounts shall be payable upon not~ce f-om Lencier to Borrower request~ng payment thereot. and shall bear ~nterest trom the
dale of tl~sbuisement at the -ate pdyable irom hme to t~me on outsland~ng prmc~pai under the Note unless paymenl ot
~nte~est al such rate -vouid be contrary to appi~cabie 1aw. m wh~ch event such amounts shaii bear ~nterest at lhe h~ghes! rate
~.>erm~ss~ble under apphcabie iaw Noth~ng conta~ned in this paragraph 7 shal- requne Lender to ~ncu- any expense o~ take
any achon hereunder ~
8. I~speetfon. Len~ier may make or cause to be maqe reasunable entnes upon and mspect~ons ot the Property.
prov~ded that lender shau g~ve Borrowe- nol~ce pnor to any such:nspect~on spec+ly~ng reasonable cause therelor reiated to
Lenders mlerest m the P-ope~ty
9. Condemnation. The proceeds of any awarU or cia~m tor damages dnect or consequem~ai. ~n connecUon w+th any
Condemnalion Ur other takmg ot the Property, or parl ,he-eot or !ur conveyance ~n I~eu ~t condemnaUOn. hereby ass~gned
and shatl be pa~d to le~der
in the event ot a total tak~ng of the P-operty. ihe proceeds shail be appi~ecl to the sums serured by th~s Mortgage
w+th the excess, if any pa~d to Borrower !n the event ot a part~at tak~ng of the Property unless Borrower and lende-
otherw~se agree in wnGng. there shau be appi~ed to the sums secu-ed by th~s Moctgage such proporUon ofthe p-oceeds
as ~s equal to that prop~rt~on wh~ch the amount of the sums secured by In~s Mortgage ~mmed~ately pr~or to the date of
tak~ng bears to the tair market value ot the Property ~mmediately pnor to the date o( tak+ng, wdh the ba~ance ot the proceeds
paid to the Borrovrer.
It the Property is abandonett by Borrower. or ~t. atter not~ce by lender ;o Borruwer ihat the condemnor otte~s to make
an award or Settle a cla~m for damages Burrower ta~ls to -espond to Lencfer w~th~n 30 days after the date such not~ce ~s
ma~led. Lender ~s author~zed tc coliect and apply the proceeds at Lender s opt~on. e~lher to rest~rat~on or repa~r ot the
Property or to ihe Sums secu-ed by th~s Mortgage.
Untess Lender and Borrower otherw~se agree ~n wr~ang. any such appl~cat,on of pr~ceeds to pnnc~pal shail not exten~!
er postpone the due date of the monthiy ~nstaliments reterred t~ ~n paragraphs t and 2 hereot or change the amount ot
suCh ir.slellments
1 O. Bonower Not Released. E xtans~on of the t~me I~r payment ~r mod:~~cat~on ot amort~zation of the sums sec~red
by tn~s Mortgage granted by Lender to any succ~ssor ~n in!erest ot Borrower shall not operate to release, ~n any manner.
Ihe liabilily Of the Onginal BorrOwer 8nd BOrrOw~r 5 SuCCeSSOrS m ~nterest Lender shall not be requ~-ed to commence
proceed~ngs aga~nst such successor or refuse to extend t~me tor payment or othenv~se mad~ty amorUZaUon ot the Sums
seCUred by Ihis Mortgage by -eason of any demand made by the ongina: Borrower and Borrowers successors in interest
11. Forbearance by Lender Not a Waiver. Any forbearance by Lender ~n exercising any r~ght or remedy hereunder.
or otherw~se atforded by appl~cab~e ~aw. sha1l not be a wa~ver of or preclude the exerc~se ot any.such nght or ~emeciy
The procurement ot ~~su~ance or the payment of taxes or other i~ens or charges by Lender shait not be a wa~ver ot lender s
r~ght to acceterate the matur~ty of the ~ndebtedness secured by th~s Mortgage ~
12. Remediea Cumulative. Ait .emed~es prowded ~n th~s Mortgage are d~st~nct and cumulative to any other r~ght or
remedy under th~s Mortgage or afforded oy law or equ~ty and may be exerc~sed concurrently. ~cidependently or success~vely
13. Successors and Assigns Bound; Joint and Several Liabitity; Captions. i he covenants and agreements
nerem contamed shall b~nd. anci ttie r+gnts hereunder shan ~nu-e ro. the •espec?we successors and assgns of
le:~der and Borrov~er. sub~ect to ttie ~rov~s~ons ot paragraph 1 7 hereot. AII c8venants and agreements ot Borrower shall be
~o~ni and several The capt~or~s and heaa:ngs oi the paragraphs of th~s Mortgage are for coven~ence only and are not to be
used to ~nterprel or def~re the p~ov~s~ons hereo!
14. Notice. Except tor any noUCe reqwred under app~~cabfe iaw co be grven ~n another manner. ~ai any not~ce to
Bo~!ower prov~ded for ~n th~s Mortgage shafi be g~ven by ma~i~ng such not~ce by cert~he~ ma~i addressed to Borrower at
tne Properiy Address or at suc;n other add-ess as Borrower may des~gnate by not~ce to Lender as prov~ded here~n. and
ibi any noUce ro Lender snan be g~ven ~y cert~hed ma~i. retum rece~pt requestgd, to Lender's address stated here~n or to
such other address as Lender may des~gnate by not+ce to Borrower as prov~ded herein. Any not~ce prowded for in th~s
Mortgage shatl be deemecl to have been g~ven to Borrawer es Lender when g~ven ~n ihe manner designeted here~n.
15. Uniform Mortgage; Governing Law; Severability. Th~s torm ot mortgage comb~nes un~torm covenants fo~
!ia(IU!ldl :~~E.' i!^(: RO^ l:flif;~IRI CO':t'.'lclt?1S ::Gh ;, ;•,F-~: :d'~,i'~.~i^•S U'/ il{/i$(11CI10!110 C~:f1SlilUt@ 2 U'lifOf(P Sf'.CUfll)/ ~f1.i1fU/T1E'f11
Cover~ng rea! U+O{ierty The S~die d~~l vC~~' !n:.'~ ~+::: ~ t.:c c~ '~~ ~~~~> ~^nr!~~age sr1a+~ ~e the !~i~'1S Ot th@ ~U~iSdtCttOn ~n ttihiCh
the Propetty i5 !oCd?t~r1 ?'TM~e tn~egninn Sen?~_ nr E• ~r't~ ~ ,,, ,~ , "~~ •' •• ~i:~;: ~+;~ic~+~~f ~ vt'e!t~~a' `~+:: ?o this m~~rtyage In the ev~?nt
~rldl if(1V ~f0'::S~Ofl ;~,• C~ciU~t' Ut 1^~5 r:7C;!'C~~3C3E Ut t~;f: ~.~;;•t- - i:ii},i,-:~ .:~?~' i1~OiIL<if~:f:' ~d~: S!_1Ch CO!I~iIC,t Srld!! npl <3}}@C2 O!her
:ifOviSir;'i5 ~.it ?hiC ";'~,i!c~<t!~f• n, r:,c, rSC;;t• .:tr,t .' :f!' ~ ~F. ~r.n p.tia.t ? .:~?'t..;u' ~r~r• c.;znh~~'.^cl !~!~~v~5!~~n d~~~l'r~ !!!iS Ernt~ !t~~
G)tOti$~0~15 n~ ihf' P,•v'ti~d)P .. .~: 'r. i l.!!~~ ~'r• :~ ~ ..~r~ . . . .,r• -. . ,~; r - . -
16. Bo~owe~'s Copy. Borrowe~ sr.af+ Ge furr.~shcd a contormed cvp~~ ot ?he Note and ot th~s Mo!tgage at the t~me
ot execuUOn or atter recordat~on hereot
17. Transier of the Property: Assumption. Ii a~1 or any part of the Property or an ~nterest there:n ~s so~d or transferred
ay Borrower w~tholit ~enders pno- wr~tten consent. exciud~ng la~ the creaho~ ot a,~en or encumbrance subord~nate ta
th~s Mortgage. Ib- the creat~on of a purchase money secunty ~nterest tor househoid appi~ances. ~c~ a transter by dev~se.
descent or by operaUOn of law upon the dealh of a ~omt tenant or ld1 the grant ot any leasehold ~nterest of three years or less
not conta~n~ng an opt~on to purchase. Lender may. at Lender's ~pt~on declare ail the sums secured by th~s Mortgage to be
~mmed+ately due and payab~e. Lende- shall have waived such ophon to accelerate ~f pr~or to the sate or transfer. ~ender
and the person to whom the Properry ~s to be so~d or transferred reach agreement-~n wr~t~ng that the.cred~t ot such person
~s sat~stactory to Lender and that the :nierest payabie on tr:e sums secured by th~s Mortgage shall be at such rate as Lender
shah request. If lender has ~vawecl ihe opt~on to accelerate prov~ded m th~s paragraph t 7, and ~I Borrower's successor ~n
~nterest has executed a wntten assumpt~on agreementaccepted ~n tivr~t~ng by Lender. Lender shal~ release Borrowerfrom all
ob!~gat~ons under th~s Mortgage and the Note.
!f Lender exercises such opt~on to accelerate. Le~der snalf ma~~ Bo-rower not~ce of acce~erat~on m accordance w~th
paragraph 14 hereot. Such notice shalt prov~de a per,od of not iess that 30 days from the date the not~ce ~s ma~led w~th~n
wh~Ch Borrower may pay the sums dec:ared due. If Borrower fa~l~ to pay such sums pr~or to the exp~rat~on of such penod.
Lende- may. without furlher not~ce or.demand on Borrowe-. ~nvoke any remed~es perm~tted by paragraph 18 hereol.
• NON-UNIFORM COVENANTS Borrower and Lender turther covenant and agree as fol~ows~
18. Acceleratlon; Remedies. Except as provided in paragraph 17 hereof, upon Borrowe-'s breach of any
covenant oragreement of Bonower in this Mo~tgage. inctuding the covenantsto paywhen due any sums secured
bYthis Mortgage, i.~nder prior to acceleration shall mail ~otice to Borrower as provided in psragraph 14 heroof
specHying: (1) the breach; (2) the.actfon requlrsd to cure such breach; (3) s date, not lass than 30 days hom the
datethe notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach
on or before the dste specified in the notlce may result in acceleratfon of the sums secured by thls Mortgege~
toreclosure by judicfal proceeding and sale of the Property. The notics shsll further Inform Borrowsrof the rightto
roinstats siter accelsration end ths right to assert in the foreclosurs proceeding the non-existence of a default or
any other defense of Borrower to acceleration and foreclosu~e. If the breach is not cu~ed on or beforo the dats
specified in the notice~ Lender at Lenders option msy declare all of ths sums secured by this Mortgs~e to be
Immedistely dus and payabM without furthsr demand snd msy foreclose this Mo~tgegs bY judicial~proceedin~.
Lende~ shall be entitled to collect in such proceeding all expenses of foreclosure~ Includin~, but not Ilmited to,
reasonable attorne~s tses~ and cosb of documentsry evidence, abstrscts and titls ropo~ts.
19. Borrowers Right to Reinstate. Notw~thstand~ng Lendei s acceierat~on of the sums secured by th~s Mortgage.
gnrrower shall have the r~ght to have any proceed~ngs begun by Lender to enbrce th~s Morigage d~sconUr.ued at any t:me
go~3~~ r~cf ~~7
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