HomeMy WebLinkAbout1700i.e~der3 written ageeemrnt or applicable law. Bo~rower shall pey the amaunt oi all mongage ~nw~au~c prc~n~wus in u~
ma~ner provided unde~ paragraph 2 hereof. ~
Aoy amounts disbursed by 1_ender pursuant ta this parag~aph 7, with intrrest thercon, shall become additional
indebtedness of Borrower securcd by Ihis Mortgage. Unlecc Borrower anJ I.enJer agree to other terms ot payment, such
amounts shall be p3yabM upon notice f~am l.ender ta Borrow•er requecting payment thercof, and shall t+ear intertst from the
date of disbursement at the rate payable trom timc to time on outstanding principal under the Note unless payment of
intercst at such rate would be contrary ta applicable law, in which event such amaunts shal) beat interest at the highest rate
permiuibk under applicable law. Nathing contained in ~his paragraph 7 xhall require l.ende~ to incur any expense or take
any action hrreunder. ,
° 8• /aspeefbn. Lender may make o~ cause to t+e made reaconable emriec u~n and inspectionc of the Praperty, provided
that 1.ender shall give Borrower notice prior to any such inspection speci(ying reasonable cause therefor related ta Lender's
interest in the Pmperty.
9. Condemnatbn. The proceedc af an~• aN•ard or claim for damages, direct or consequential, in connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigoed
and shall be paid to Lender.
In Ihe event of a total taking of the Property. ~he proceeds chall he applied to the ~ums secured by thic Mortgage.
with the e+ccess, if any, paid ta Borrower. in the event of a partial taking of the Propertv, imless Borrower and I.ender
otherwise agree in writing. ihere shall be applied to Ihe ~ums secured hy thic Mortgage such proportion of the proceeds
as is equal to that proponian which the amount of the sumc secured hy~ this Mortgage immediately prior to the date of
taking bears to the fair market valuc of the Pmpcrty immeJiately prior to the Jate of laking, with the balance af the pra.-eeds
paid ta Borrower.
if the Property is abandoned by Borrower, or if. after notice hy l.ender ta Bormwer that ihe condemnor ofiers to make
an award or setNe a claim for damages, Bormwer fail~ to res{x~nd to I.ender within ~0 days after the date such notice is
mailed. Lender is authorized to collect and apply the proceeds, at i_ender c option, either to restoration or repair of the
Property or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in H•ritine. an~~ such application of proceeds to principal shall not extend
o~ postpone the due Jate of the monlhlp installments referrcd to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Ibrrower Not Rekased. Fxtensio~ of the time for payment or modification of amortization of the sumt secured
by this Mortgage granted by I_ender to any cuceescor in interect of Barrower shall not ope~ate to release, in any maoner.
the liability of thc oriqinal Borrower and Borrower'c siiccesu-rc in interest. i.ender shall not he required to commence
proceedings against such successor or refuce to extenJ time for payment or other.~•ise modify amortization of the sums
se~ured by this Mortgage by reau-n of any demancl made bp the oriQinal Borrower and Borrowers succescors in interest.
tl. Forbearance by i.ender Not a Wai~•er. Am~ forhearance b~• I.endzr in erercising any right or remedy hereander, or
otherwise afforded by applicahle law, shall not he a waiver of or preclude ih.; exercise of any such right or remedy.
The procurement of insurance or the payment of tare~ or other liens or charge~ b~ I.ender shal) not he a u•aiver of Cender s
right to accelerate the maturity of the indebtcdnecc sccured h~• thic Mortgage.
12. Re~oedies Cnmulative. All remedies pro~•idcd in this Mortgage are distinct anJ cumulative to any other right or
remedy under this Mortgage or aftorded h}• law• i,r equit~~, and ma~• he erercised concurrcntly, independently or snccetsively.
13. Successors and Assigns Bound: Joint and Se~eral I.iability; C~ptbns. The covenants and agrcements herein
contained shall hind, and the rights hereunder shall inore to. the recpective succe~sorc and atsigns of I_ender and Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borr~wer shal) be joint and several.
The captions and headings of the para¢raph~ of this Mortgage are for convenience only and are not to be used to
interpret or define the provisi~ns hereof.
' 14. Nofke. Except for any notice required under applicable law~ t~• be given in another manner. (al any notice to
Borrowe~ pmvided for in this Mortgage shall he given h~• mailing tuch natice ny rer~ified mail addrested to Borrow•er at
the Property Address or at wch other addrecc as Borrow~er ma~~ designate by notice to i_enJer as provided herein, and
(bl am• notice to Lender shall be given by certified mail. retum recci~t requected. to I.ender's address stated herein or ta
cuch other address as Lender may desi¢nate by n~tice to Borrow•er as pmvided herein. Any notice pmvided for in ihis
Mortgage shall be deemed to havc been given to B~rmwcr or Lcnder when givcn in the manner designated herein.
15. i,'niform Mort~a~e; Governin~ I.aw; Se~~erabilit~•. Thi~ f~rm of morteage combines imiform covenants for natianal
use and non-uniform covenantc w-ith limited ~~ariations h~• junsdiction t~ :onstitute a unifornt security instrument covering
rea) propertt~. Thit Mortgage shall he governed h~~ the law of the juricdiction in which the Property is located. In the
event that any provision or clause of thic Mortgage i.r the ni~te rnnflirtc ~ith applicable law•, such conflict shall not afTect
other provisions of this Mortgage or the Notc which can be gi~~en efTect without the conflicting pmviaion, and to this
end the provisions of the Mortgage and the ti.~te arc dcclared t~ he teverable.
16. Borrower's Copy. Bormwer shall be furni~hed a rnnformed copy of thc Note and of thic Mortgage at the time
of ececution or after recordation hereaf_ ~
17. Traasfer of the Property: Assumption. If all or an~~ part of the Property or an interest therein ic sold ar trancferred
hy Borrower without 1_ender's prior w~ritten cunsem, ercluding lal the creation of a lien or encumbrance subordinate to
thic Mortgage. (b) the creation of a purrhace mone}• cecuritc interest for household 'appliances, (cl a trancfer by devise.
descent or by operation of taw~ upc~n the death of a;uint tenant or (d~ the grant of am• Ieasehold interest of three years or less
not containin@ an option tn purchase. I.ender may. at I.ender't option. declare all the sums secured b~~ this Morigage to be
immediately due and pa}~able. I.ender shall have N•ai~•ed wch option to accelerate iL prior to the ~ale or transfer. I.ender
and the person to whom the Prope~Ny ic t~ be sol~ or transfcrred reach agreement in writing that the credit of such person
ic satisfactory to Lender and that the intere,t pa~•able on the sumc secured hy thi~ Mortgage shail be at such rate as Lender
shall request. If I.ender has waived the option to accelerate provided in Ihis paracraph 17. and if Borrower's successor in
interest has executed a written assumption agreement accepted in writing h}• LenJer. I_enJer shall releace Borrower from all
obligations unJer this Mortgage and the Note.
If I.ender exercises such option to accelerate. I_enJer ~hall maii Borrower notice of acceleration in accor~ance with
paragraph 14 hereof. Such notice shall provide a pcrioci uf not Icsti than 3fl dapt trom thc date the notice is mailed within
which Borrow~er ma}' pa)~ the sums declared due. If Rnrrower (ailc t~ pac surh wms pri~r to the e!cpiration of cuch period.
Lender may. without further notice or dcmand on B~~rruwer. mvoke an} remedies permitted hy paragraph 1 R hcreof.
No~-UtviFORi-t Cove~rexTS. Borrower and 1_ender turther covenant and agree as follows:
18. Acctleratioa; Remedies. E:cept as pro~•ided in paragraph 17 hereof. upon Borrower's breach of any covenaat or
agreement of Borrower ia this :Nortq~e, including the covenants fo pay when due any sums secnred by thk Mortgage, I.ender
Prior lo accekratan shall mail notice to Borrower as provided ie paraqraph 14 bereof specifyiog: (1) the breach; (2) Ibe action
required to cure soch brcach; (3) a date. not kss than 30 days from the date the notice is mailed to Borrower, by whic6 such
brcach must be cnred; and (4) that failurc to cure snch breach on or before the date apecf6ed ia tt~e aotice msy resalt in
acceitration of t6e sum's secured by this Mortgage. fonclosure by judicial proceeding and sak of t6e Property. 'Ibe notice
shall further lnform Borrower of the right to reinstate after accekration and the right to asseri in the foreclosnre proceedin~
the non-exi~tence of a defauk or any other defense of 8orrower to accelerotion and foreclosure. If the breach is oot cnted on
or before the date 5pecified in the notice. I.ender at Lender's option may declarc all of ths sams secnred by thk Mortga~e to be
immediately dne and payabk witbont further demand and may forcclose this Mort~age by judicial proceedin~. Leader shall
be entitkd to collect in wc6 procetdin~ all expenses of foreclosurc. including. but not limited to. re~onabk attorney's ttes,
and costs of documentary evidence, abstmcts aad titk reports.
19. Borrov-er's Right to Reinstste. Notwithstanding l.ender'~ acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have am• proceedingt hegun h~~ Lender t~ enforce this Mortgage discontinued at any time
B~~iK 349 Pac~1 ~
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