HomeMy WebLinkAbout0072 t enci~r's writtcr~ agreemeat o? applicaMe law. Horrowe~ d?a!! ~sy tht amw~ni of aU morta~e iasurance prcmiumt in thc
ma~ncr provi~kti! under p~ragnph 2 herei+f.
Aoy amountY Jisbuacd by l.codcr punuant to this paraj~~ph 7. w~th iutercst thercon, shall becarn+ ndditiooal
in~lebtcdnc;ss ~f BotroN•et sccurcd hy this Mortg:?ge. Unless Borrowc~ :~nd t.enJtr agn~e to other temu of paymt~t. such
amou~tc shalt t+c payahk upan nc:icc f~a.n I.cnckr tv Bo~n~wr~ rcq~xuing paymrnt thrreof. and shull aea? inlerest trom-the
dat~ af ciisbe~rcement st the :ate payable fmm time to time o0 outstantling p~incipa! under the Nc?te unless pi?ynient of •
i~terest at such rate would be contrary to aapt~;able law, in whish evtnt s•.ich amuunts shall bear inierc.st at the highest nte
pernni~ible u~der applicabk iaw. N~.thing rnntainc•1 ?h~e p~;ag~aph 7 shalt ~quirc Ixncic~ to iocur ar~y e;pense or take
~ny action hereunder. .
- 8. lsspectjon. I.enJer may nnake ~r r~usc to br made ?eaconable eM~ics upon and i~spalians of ilte P;'operty. pt^ovided ~
~hat i_ender shall give BoROwer nc~tire p~ior to ~ny cuch iocpect~on xpeci(ying rcasonabk cause therc~or rc(ated to Lende~'s =
intcrect in thc Propcny. ~
9. Conde~sstioer. The praceeds of any award or ciaim fcu damagec, Jimt ar conuquential, io canooction with any 3
condemnation or c~thtr ~aking of the Propeny, o~ part then~f, a~ for con:~eyaoce i~ lieu af cnndemnation, are hereb;? assigned ?
and sliall be paid ta Lender. ;
In the ~vent of a total taking of the Pmpeny. the ~ru~.•ceds chail t?e apptieJ to the sums securcd by this Mo~gage, ~
with the etcess, if any, paid to Borrower. ln Ihc evcM i~f a partial taking af ~hc Proptrty, unlers &~rrov?Yr und i.cnde~
otherwise agree in writing, th~se shall be applieci to the sums sec~~red hy thic MortgaFe such proportion of ihe p~
as is equal to that proportion which the amcwnt of ~he sumc securcd hy this Mongage imnxdiately prior to the date of a
taking bears to ~he fair market vaiuc of the Propeny immeciiatcly prior ta ti~e Jate of tak~Rg, vrith the balance of the p~uceeas ;
paid to Borrocver. ~
lf the Propeny is abandonM by 3orrower, ur if. after notice by l.ender ta Boroowrr that the condemnor of~~rs to make ;
an award ar settle a claim for damagcs, Borrower fails ta re.pond .to I.endec wit6i~ 30 days aRer the date such notice is
mailed, I.c~der is authori2ed to collect and apply the prececds, at l.cnde~ c option. cither to ratoration or repair of the
Property or to the sums srcured by this Mortgage. ;
Uniess ~ende~ ar,d Borrower otherwice agree in v?•riting, any such appGcation ot procteds to p~incipaf zhall not extend -
or postpon~ the due da'e of thc monthly installmcnts referred to in paragraphs I and 2!u~eaf or cha~ge the amount of - ~
3uch i~staiiments. .
10. So~wer No1 Rekssed. Extension ~,f Ihe .ime fnr payment or midification of amortization of the sams socured s
b} t:~:a'+'Ia:~SSB gsa~~-d ti~ ~_le±c_~n~ t~? anv cuceCSSO~ ;n interest of Borr~wer chall oot op.:rate to rckase, in aRy manner. €
the liability of the nrigina) Borrower and Rorrower
s successorc in int~rest_ i.ende~ ~~iaii n~: ..c t~y:~;r~ i~ ::^Mrta~ ~
proceedings against such successor or r~efuse to eYtend time for payment or otherwise mc~ify amortiz::tion af the sums
sece+~ed by ~his Mostgage by masc~n of anv demand made bt the ori¢ioat Bornov~-er anc! Borraw-tr's u~ccessors in intercst. i
11. Fo~bearance 6p I.endtr Not a Wdrer. Am~ f~rhearance by i.ender in exercising any right or remedy hereunder, or ;
~therwi~t afforded by applicable law, shall not be a waiver ~if or prccludt the eaercise of any such right or remedy. ~
The pmcurement of iosurance or the p~y~nent of taccs or oiher liens or charges by I.ende~ shall nc,t be a waiver of I.erid~r's ~
rirhi to accelerate the maturity of the indebtedness ~ecurrd hy this Mortgage.
]2. Remedies ComnWl~e. All remedies pmvided in this Mortgage are distinct and cumuiative io anv uii~r rigi~t ~r ~
remedy under this Martgag~ or atforded hy law o~ equity. and ma}• I~e exercised concurrently, independei?t1y or succcssively.
13. Suceessors aad Assiges Bound; 7oint aad Sereral I.ipb~ty; Csptions. The covenant~ and agreements herein f
c~mained sh~tl bind, a~d the nghts hereunde~ chall inurc to, the r~pechve succes.~ors and aasigrts af I.ender and Borrower, `
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Bonower shalt be joint and seirra! ~t
The captions and headings of the paragr. phs of this Mortgage are for convrneence rnly and are not ta be used to ~
+nterpret or define ihe provisions hercof. ~
14. Nolke. Euctpi for any notice rc~i:ired u~tdcr ap~licable law to be given io anotfier manner, (a) any notice to ~
Borrawer provided for in this Mortgage shall be given by ma:ling such notice Gy ccnified mail• ad3ressed to Borrowt: at
the P~operty Address or at such other ad~ress as Borroa•er may designate by notice to T_ender as provided i~erein, and ;
(b} ~ny notice to Lender shall be given by cenincd maii, reium ~c,.-z~~t ~~y:;~s,~~. I ~;:~!~*s ~dr!~ s~ate@ herein or to ~
such otFxr address as Lender may design~te by ootice :0 8~rrov?er as Frovide~+ ~r~in. Any notice pmvided fa in this ~
Mortgage sha0 be deemed to have bcen given to Bnrrow•er or t_ender when ¢iven in t~~e manner designatcd herein. '
15. Uniforn~ MoK~a~e; Governia~ I.sa; Sever~6ility. This form of mortgage combines uniform covenants for national ~
use and non-unif~rm covenants with lemited variatians hy jurisdiction to corstitute a oniforrn s~u~iy instrument covering
real propeny. This Mortgage shall be goveroed hy the law of thc yurisdiction in which tfie Piroperty is ic?cated. in tht ~
event that any provision or clause of this Mo~tgage or the '~3ote conflicts with applicabk law, such ca~flict shall not affect ;
other. provisions of [i~is Mortgage or rhe Nate which can be given etfect without tht conRictirg ~rovision, and to this €
end ~he provisions of the Mortgage and tF~e Note are declared to be severable. .
16. Borro~ePs Copy. Borrowcr shall be furnished a confornied copy uf the Note and of this Mortgage at the time
of e~cecution or after recordation hera~f.
ra
t7. Tnasfer of t6e Pr~perty; Assumpti~n. If all or any part ~f the Property or an interest thereir. is sold or transferred ~
by Borrowe~ without L.ender's prior written consent. excluding (al the rreatan ~f a lien or encuinbrance subordinate to ~
this Mortgage. (b) the creation of a purchase money security interest for houschotd appiiances. (c) a transfer by devisc, ~
descent or by operation of taw upon the Jeath of a joint tenant or fd) the gra~t of anv Iras:hold interest of three Y~rs or less
not containing art option to porchase, Lender may, at Lender's option. declare all the sums secured by this Mortgage to be ' '
immcciiately due and payable. Lender shall have waited such option ~c? asxelerate if, prior to the sale or transf~. Lender #
and the person to whom the Property is ta be sold or transferted reach agreement in writing that the crec!it of su~:h person ;
is satisfactory to [.en~kr an.t that the interest pa}•abk on ttre sams secured by thls I?Sortgage shall bc at such rate as Lender ~
shalf request. ff I_ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in !
~
interest h~~c exrcuted a written auumphon agreemc~it scrrpted in writing by Lendsr. Le~ckr shall rekase Borrower trom ati -
obligatians under this Mongage and the Note. ~
if ~ender exercises such option to accekrate, 1_ender shall mai! !iorrower notice o~ accekratia~ -in accordance with '
paragraph 14 hereof. Such noti~e ~hall provide a pPriod of nc~t less than 30 days from the date the notice is mailed withi~ ;
which Borrowe~ ma} pay the sums dociared due. If Borrower fails to•pay such sums prior te the expiration of such period. ~
Lencler may, without further notiee or dema~ on Eic~rrower, invoke any rcmedies permitted by paragraph 18 hereof. z
NON-UNIFQRM COVENANTS. BOffOVVer ard Lender farther covcnant aad agree as follows: ~
i
18. Accek~tios; Remedies. Escept as pro~-ided is par~rapb 1'7 ker.~f, npe?e Bosrower's breaci of ~y eo~t~t or ~
- agreemeat of Eorrowe~ ia t6ts ~Vlwtgn~e. iaclnJi~ tt~e covensats to ~r wl~ee doe a~y ~a~ sscersd by fbis Mortssse. I.E~er ~
prior to accekrat;os si~aB msif eotiee to Durrawrr as prov~ded ia pan~grapi~ /4 iiercof specffl~: (1) tbe breacM: (2) tie sctioa :
reqeircd to cro soci brescb; (3) a ade. oot iess t~n 30 da~s from tix dat~ t~e notke is ma~ed to Dortowsr, bq wiici sack {
brrscb ~esR be cs~ed: aad (~j t6at f~ilare to curc sach brescb oe~ or bef.m tbe date s'aI9ed i~ ti~e wt~ce aa~ res~lt ie '
aceeieraKoa of tbr sms secoRd 6y :bk Mort~s~e. fomlo~rr by jadjcia! proceedlm~ aoi ~de ~ ttie lr~paf~. 'Itie notice 3
s1wD fort~cr 3aE•x4e Domawer of t6e ri~is; to reh~t~te aNer sccekeation and tbe ~ig6t to ~sert h t6e Eorecla~sre ~rocsedi~ :
t6~e aoa-ezistence ot a defank or aa}~ ot6er defeRSt of Eorrower to scceleratioo nod for~eclowre. ff tf~e 6~escti ~s ~t a~rei oti ~
or beEore the dale specf6ed ia tbe sofice. Le~der at i.eoder's optioi rsay decia~e ~ d tbe saas socsre~ b~ ~ii Mai~a~e b be
immed~ateiy d~e ~d pYabk wit6~odt t~ut~ dea~aod ~d ~p forerlose tl~is Mur~e ~r j~dictd ~4 I~ sWt
be c~titled to callec! i~ s~i ~noceediag a~ e:pe~sts of t~rod~ce. i~crii~L. ~f ~et E~i1ei rs, ze~ile a1M~se~1t t~a. ~
aod oosts uf dos-~~ !~ide~!~e. a6~aH~ ~i tiAe ~t}~is. ' :
• f!. ~on+o~wa's 1ti~Yt M Qeidale. Ndwitl~staad~ i~oder's sxekratan af t~e s~ms se~a~d by th's ;.fottsa~e. r
Ibrnwver s6sp h~ve t6e ri~t ta bave any Pro~oe~in~s be~uR b~? Leuder to safonoe tiris Mort~e di~oo~ieued at an? time
~51 PA~~ 71 t
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