Laserfiche WebLink
Document management portal powered by Laserfiche WebLink 9 © 1998-2015 Laserfiche. All rights reserved.
<br />Lender's written agtoemrnt or applicable taw. Harrower srrat£ pay the armum of alt mortgage instuartcc ptemitrnss in the <br />manner o: evided under paragraph 2 Erereaf. <br />Any amounts disbursed by Lender pursuant to this paragraph ',. with interest tixreon. shall become additional <br />irtdcb:edness of Barroa+er secured by this Mortgage. Unless Borrower and Lender agree to outer terms of payrrtent, such <br />amounts chart bz payable upon notice from Lender to Borrower requesting pavmeni thereof, and shall bear interest from f}x <br />date of disbursement at the rate payable from time to time an outstandiag principal under the Noce unless payment of <br />interest ai such rats would be contrary to applicable taw, in which event such amounts shag bear interest at the highest rate <br />permissible under applicable law. Nothing contained in this paragraph 7 shat] require Lrnder to iaeur any expense or take <br />atry actioc hereunder. <br />B. I>mpecdon. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided <br />that Lender shah give Borrower ro@ce prior to any such inspection specifying reasonable cause t}terefor related io Lertdefs <br />interest in the Property. <br />9. Cottdtmeatian, The proceeds of any award or claim for damages. direct or cattsequential, in connection with any <br />condemnation or oilier taking of the Property, or part [hereof, or for conveyance in lieu o£ condemnation, are hereby assignxd <br />and shalt be paid to Lender. <br />Tn [he event of a total taking of the Property, the proceeds shall be applied to the sums secured 63' this Mortgage. <br />with the excess, if any., paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Ixnder <br />otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds <br />as is equal to that proportion which the amount of the sums secured h}• this Mortgage immediately prior to the date of <br />taking bears to the fair market vahte of the Property immediately prior to the date of taking with the balance of the proceeds <br />paid to Borrower. <br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor o8ers to make <br />an award or settle a claim far damages, Borrower fails to respond to Lender within 30 days after the date such notice is <br />mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the <br />Property or io the sums secured by this Mortgage. <br />Unless Lender and Borrower otherwise agree in writing, any such application of procP-,,:.ns to principal shat] re£ eztrnd <br />or postpone thz due date of the momhiy installments referred to in paragraphs 1 and 2 hereof or change the amount of <br />such installments. <br />10. Borrower Not Released. Extension of the time for payment or modification of amortization of the soma secured <br />by this Mortgage granted by Lender to anv successor in interest of Harrower shall not operate to release. in any manner. <br />the liability of the original Borrower and~Borrower's successors in interest. [.ender shall not he required to commence <br />proceedings against such successor or refuse io extend time for payment or atherw•ise modify amortization of the sums <br />secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. <br />ll. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or <br />otherwise afrarded by applicable taw, shall not be a waiver of or prec3ude [he exercise of any such right or remedy. <br />The procurement of insurance or the payment of taxes ar other liens or charges by Lender shall not be a waiver of Lender's <br />right to accelerate the maturity of the indebtedness secured by this Mortgage. <br />t2. 8emedies Cmnulafive. Ail remedies provided in this bfcrtgage are distinct and cumulative to any other right or <br />remedy under this Mortgage or afforded 6y taw ar equity, and may be exercised concurrently, independently or successively. <br />13. Successors and Asvgns Boumt; joint and Several i.iabHity; CapNore. The covenants and agreements herein <br />contained shall bind, and the rights hereunder shall inure to, the respective successors xnd assigns of Lender and Borrower, <br />subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shah be joint and several. <br />The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to <br />interpret ar define the provisions hereoF. <br />14. Notice. Except for any notice required under applicable taw to be given in another tnartner. (a) anv notice to <br />Borrower provided for in [his Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at <br />the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and <br />(h) any notice to Cender shall be given by certified math return receipt refitrested. to Lender's address stated herein ar to <br />sack ether address as Linder ,rev designate by notice to Borrower as provided herein. .4ny notice provided Cor in this <br />Mortgage shall 'tee deemed to have tirxt: given to Harrr+.w•er er l,znder when given in the manner designated herein. <br />15. Unii'arm Mortgage; Govereriag i,aw; Severat~ity. This form of mortgage combines uniform covenants for national <br />use and non-unifoTt covenants with iimifed variatiers tsv jt:risdictan to canstitatz a uniform security instrument covering <br />real property. This Mortgage sha(I be governtd by the !aw of the jurisd;ctien in which tt;e Propertt• is located. to the <br />event that at•.y provision, ar clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect <br />other provisions of this Mortgage or the Note which can tie giver. effect without ilia con(iiciing provision, and to this <br />end khe provisions of the Mortgage and the 'Vote are declared to be severable. <br />16. Borrower's Copy. Borrower shat) be furnished x conformed copy of the Note and of this Mortgage at the time <br />of execution or after recordation hereof. <br />17. Tsarad'er of the Property; Asanmption. tf alt or any part of the Property or an interest therein is sold or transferred <br />by Borrower without Lender's prior written consent, excluding fa) [he creation of a lien or encumbrance subordinate to <br />this Mortgage, (b) ilia creation of a purchase money security snterest for houseltold appliances, (c) a transfer by devise, <br />dexent or by operation of taw upon the death of x joint tenant ar (d) the grans of any leasehold interest of three veers or less <br />not containing an option to purchase, Lender may, at Lender's option. declare alt the sums secured by this Mortgage to be <br />immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender <br />xnd the person to whom the Property is ro ire said or transferred reach agreement ir, writing that ttte credit of such person <br />is satis[actory to Lender and chat the interest payable an [he sums secured by this Mortgage shall be at such rate as Lender <br />shall request If 1_ender has waived the option to accelerate provided in this paragraph 77, and if Borrower's successor in <br />interest has executed a written assumption agreement accepted in writing by Lender, Lender shat[ release Borrower from ail <br />obligations under this Mortgage and the Note. <br />If Lender exercises such option £o acs elevate, Lender shall mail Borrower notice of acceleration in accordance with <br />paragraph i•? hereof. Such notice shat! provide x period of not lzss than 30 days from the date the notice is mailed within <br />which Borrower may pay the sums declared due. if Borrower faits to pxy such sums prior to the expiration of such period, <br />i_ender may, without Further notice er demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. <br />Nox-UNteo6M CovvvwN'rs. Harrower and Under further caveaant and agree as foiiows: <br />T8. Accclzratio®; B:emedles, Except as provided is paragraph l7 hereof, npon Borrower's breach of any caveaant or <br />agreement of grower la this Mortgagq irtcioding the covenants to pay when dtw aay soots stcured by this Fiortg~e, <br />Leader grape to acteteratios shrill mat native to Borrower as provided in paragraph IA hereof speeitytrtg: (I) the breach; <br />(2) the actloa r~}oired to cnre soeh trreaeh; t3) s -date, not less than 38 days Iwm the date the notice es walled to Borrower. <br />try whkh such breach enure! be cured; and (4) that fpllore to cure such breach as or before the dots specified in the mttict <br />]aay rtsnft in aeeeteratiaa of tix curers secured by this Morl~e, Eoreclosare by )adiceal praeeediatt and ante of the Property. <br />The aotiee shall ftuther 3a(arm listtrwwer of rise right to teirwtate otter acaeleration sad the riilht to assert io the foreclosure <br />proceeding the oon~exdlaerMa wE a detaah or any other Aeteffie at Borrower fo xceteratioe a~ foreclostrre. If the breach <br />is not cared wn ac before the date specified in the note, lender at Leader's option racy dtclart aq of the samx secured by <br />Utk Mortgage to 6e Imsntdia4ety dnt and payable withaat €arihtr demand and racy toreeltrse by )adieial proceeding. tender <br />sTsdt bz eaittkd to eotieM is wrrh proceeding all expemes of Eoreclosare, iariur>~, but twt limited to. ceA,s at docamtatary <br />evidaa:e, abstracts sad tint reywrti. <br />l$. Tier'+ws`tr's Ftlblbt to Etelmaatt, .'Notwithstanding t.ersdxr's accelerauon of the sums secured try this !tiortgagi•, <br />T#tarrvrxer shah bouts tirz right to have any prsn-rxdings begun by Lcndet t.^, en {<rcz thss :dortg3ae <#ixontinuzd at anv trine <br />