HomeMy WebLinkAbout0586 l.cnder's wntten sgreement ot app{ieabte law. 8o~rowe~ shall pey' th~ amount af all murtgage insurance premiums in the
manner pruvidrd under paragraph 2 hcrco[.
Any amounts disbursed by I.~nder pursuant to this paragraph 7. whh intercst thereon. shall become additional
indcbtedness bf Borrow~cr securcd by thic Mongage. Unlcss Borrow•cr and l.ender agre~ to othe~ terms of payment, sueh
:~muuatc shall be payabte u{x,n n„tice f~om t.~nder to Born~we~ rcquesting payment thereof. anJ shall bear interest ftom the
.iate of diiburscment at the r~tr payable from time to time on autstanding principal under tf?~ Note unless payment ot
intercst at tuch nte w~ou1J bt co~trary to applicable law. in which event such amouots shall bear i~ierest at the highest rate
permis~ibk under appli:able law. Nothing contained ~n thic paragraph 7 ihall rcquire l.ender to incur any expense or take
~ny action hercunder.
8. lasptetba. I.enckr may make or causu ta be made reaconahte e~t~iec upon and inspectiont ot tht Property, provided
that l.ender shall give Borrower nouce p~iar to any such i~spection specihing rcasonable cause therefor related to I.tnder's
i~terest in the Pmperty. -
- 9. Conde~a~atbe. Tht p~.xeedc of any award os claim for damaecs. direc~ ~~r rnntiequenti~l. in conneclian with any
condemnation or other taking of ~he Property, ur part thereof, or fot conve~•ance in lieu of cortdem~atiun, are hereby assigned
and shall ~e paid to I.cnder.
In 1he eveM of a total taking of the Property. the proceeds shall Fx applicd t~ the sums secured by this Mortgage.
with the ercecs, if an~•. paid to Borrower. lo the cvent o! a partial takinR of the Propeny, uoltu 8ormwer and Lender
otherwise agree in writing. there shall be applied to the cums secumd h~• ihi, Mortgage ~uch proponion ot the proceeds
as ic equal to that proportion which the amount ot the sumc ~ecured M this Mongage immediately prior to ihe date of
taking bean to the fair market value of the Propert~~ ~mmed~ately prior to thr Jate of takinR, with the balance of the ~mceeds
i.aid Bar.:,:~cr. ~ -
if the Propenp ic abandoned by Borrower, or if. after notice h}~ T.ender to Borrower that the condemnor oRen to make
an award ~~r setlie a claim (or damages, R~rrower faih ~o reepc?nd to 1-ender within ~0 days after the date such notice is
ma~led, ixnder i~ authoriud to rnllect and apply the prc~ceeds, at i.ender'~ option. either to trstoration or npair of the
ProE+crty or to Ihe ~umti securcd b}• thic Mortgage.
Unles~ I.ender and Borrower othen+•ice agree in writine. any such applica~ion of prc~cetdc to principal shall not e!ctend
or ExxtEx,ne the due da~c of ~hr momhl~ in~tallments referred ta in paragraphs 1•rnd 2 hereof or change the amount of
such installmentc
10. Borrower Nol Relezsed. Fxtension c?f the ~ime for payment or mcxfification of amortization of the sums secured
by this Mort~age granted hy I.ender tn an~• wcce~cor in interest of Borrower .h~ll not operate to releau, in any manner,
thc liability of the original Borrower and &~rrpv?•cr'~ su~cessc.r~ in interest. l.ender shall not he required to commence
proceedings against such succe.s~~r o~ ~etu.~: to erten~! time for payment or othtrwise modify amortization of the sums
secured b~~ thic Mortgage h~~ reacon of an~ Jem~nd made by the oriQinal Born+w~er and Bor~ower s succestors +n interest.
11. Forbearance bv Lender `M a Wal.•er. Am• G•rhearance b~• T ender in erercising any right or remedy hercunder, or
atherwise atTordecl I.v appli~ah{c faw. sfi:~ll no~ t~e a K~ai~•er of or preclude the exerci~e of am• such right or remedy.
The prcxurement of insurance or 16e paymc~t of tarec ~.r other liens ~r chargea hy ! ender ~hall not bt a waiver of I.ender's
right t~~ accclerate the mawrity of the rodehtednr~s uciired h~~ thic tilortgage.
12. Remedks Cumulative. All remediec pm~ ided in this Mortgage am distinct and cumulative to am• other right or
remedy under this Mortgage or afEorded b~ la~~• or equit}~, and ma~ he c~crc~~ed conrurrentl~~. independently or suc~essively.
13. Snccessors and Assigns Bound: Joinl and .~'?e~eral I.iabititv; fspKo~. The cotenants and agreements hercin
containeJ ~hall hind, and ~F~~ riRhts hereunder chall inure to. the retpecti~e ~ti~cr~u~rs and assigns of i.ender and Borrower,
subject to the pro~ision~ af paragraph 1~ hereof All covenants anJ .~er~cmentc i,f Borrower shall be joinl and several.
The captions and headings of the paragraph. c•f tfiit ~fortgage are t~~r c~7m~enience ~•nly and are not to be ustd to
interprct or definc the provicionc hercof.
14. \'o1ke. Except for any notice reqiiired under applirahle lau• t~~ tx given in another manner. fa) any~ notice to
Borrawer pmridt~! ~nr in Ihic Mnrtga¢e ~hall t~e givrn b~• mailing ~uch not~ce by certified mail addressed to Borrower at
the Property Addre~c ~r at wch other addre~t as B~~rmw~er may desienatr t+~~ no~ice to l.ender as provided herein. and
Ih) an~~ nMirc ro Lender shall txr gn•en M• ccrtificd mad. return receipt -zqu~~tcd. to t ender's address stated herein or to
euch other address ac 1_ender mac deti¢nate M• n~tire t~. Borrower as pro~ ideJ herein. Any notice provideJ for in this
Mo~tgage sh~ll be dcemed to havc brcn gi~~cn t~r B~rrc•wcr or l.ender uhen gi~~cn in ihe manner designated herein.
lS. Cniform MortRa~e; Govemin~ I.aw; Se~•erlbilih•. Thiti form of mortga¢e combines uniform cavenants for national
uu and non-unif~~rm c~,venant~ with limitrd rariati~~ns h~~ jurisdiction t~~ consti~ute a uniform securit~ instniment covering
mal propert}~. This l~tortgage shall be governcd h~• ~hr law ~f the juri~Ji~tion in w•hich the Property ic Icxated. In the
event that a~y pmvssion ~r clat~~e c.f thi~ ~to»Eage ~~r the '~r~e a~nftict: ~~ith :,pplicahle law•, such conflict ~hall not affect
a:her prrn•itiions of this Ainrtgage or thc tiotr Hh~ch ~.tn he giccn ef~ec: ~.i+hout the canflicting pmvision. and to ihis
end the pr~~vicions of the Mortea¢e and ~he ti,ur are declared t~ be u~~erahle '
16. Bortowe~s Cop~. Borr~~Ner ~h:~l! hc fi:rr:~~hed c~~nf~~rmed cc+p~• ~~t !he No±c an~! et *.his ~4torigagc ai the time
c~f exrcution or aiter recordation fiese.•f.
17. Tramfer of the Properl~: As.sumpfion. If aU or anc ~art of the Pmpcrt}• or an interest therein ic sold or transferred
by Horrower without Ixnder's prior writtrn con~ent. e~cluding 1a? the crcatinn of a lien or encumbrance subordinate to
this Mortgage. (fi) tfie creation ~f a purcha,e m~ne~• xcurin interest fnr houtieholJ appliancrs, le) a transfer b~• devise.
descent or b}~ operation of iu~~ t~~~~n the Jcath ~~f j~,;nt tenan~ rr f.1~ the gram of an~- )c:?cehold interest of three ~•ears or less
not containing an option t<• purchase. 1 ender ma~, at Lrnder'. nptiun. decl:?rc all the sum~ secured b)• this I~Sonaa¢e ta be
imr?u.1;~rol.~ ¦
Y~;.•a.~~~. ~.~a.icr ~fl'All f).l~C ~:11~'CQ curh ~•pt~on a, accelerate if. prior to the cale nr transfer. Lender
and the pecson ?o whnm the Propert~• i. t~• be colJ or transferred reach agreemem in v?~riting that the credit of such person
satis(acton to Lend~r a~d that thr intere•t patahle i~n the tiiim+ ucured M• thi~ :1lortpage ahall be at such rate ac I.ender
sfiall request. If t.ender hac waiveJ the apti~~n tc. accelrrate pr~wided in thic paragraph 17. and if Bortov`er'~ successor in
interest hac executed a w•ritten assump~ion agreement accepted in writing by l.ender. Lender chall releak Borrower from all
obligations unaer this Martgage and the Note.
If Lender exercites such option to acretera~e: 1 ender ~hall maif Borrower notice oi acceleration in accozdance wilh
paragraph IJ hereof. Such notice shall provide a period of n.~t Iess than 3A da~•~ f~om the date the notice is mailed within
~fiich Borrov?er ma~• pa~• the sum~ declared due. If Bc~rrovrer faik ~o pa}• su~h sumc prior Io the crpiration of ~uch peric~d,
Lendcr ma~•. ~cthout furthcr notice ~.r ~fcmand on B~~rruwer, invoke sn~~ rcmedies permitted by paragraph 1R hereof.
ir~x-UxtFOR~t CovE!v~tiTS. Bormwer and I_ender further ccwenant and agrce as follows:
i8. Acceleration: Remedies. Except as pmvided ie parsgraph 17 hereof. upoa Borrower's brcsch of aay coven~nt or
agreemeat of Borrower in this l?iorlg~gr. turlut#it~ t~e co{ensnts ia pay Rfien due sny soms secured b}' t6is Mort`a~e, I.endet
prior to accckrstion sball mail notice to Borrowcr as provided in par~raph 14 hcreof specify~iu=: (1) t6e brracb; (2) t6e sction
rcqnired to core snc6 brcach; (3) a dnte. not less than 30 days from the date the notice is maikd to Bocrower, by whic6 sucb
brearh mnst be carcd; snd (A) that failurc lo cure such breach on or beforr t6e d~te speciGed ie the notke m~y rtsWt in
sccekration ot the soms secured by ihis Mortgsge. foreclosure by judicial proceedlnR snd sale of:the Pmperty. The ndlce
shall further inform Barrower of the ri~ht to reinstate atter scceks~atioo and the riaht to issert in the foreclosure proceeding
the non-existence of a de(auk or a»y other defensc of Borror?er to accelerstion and foreclosure. If the breach is not cnred oa
or beton the date specified in tbe notice. Lendtr al I.ende~'s option rnay declare aq of the snms secured by this Mortgage to be
immediately due aod payabk wit6ont furiher demand aAd raay foreclose th~s Mortgage by judicial proceedieg. Lender shall
be entided to collect in such proceedi~ a0 expeasa ot forectasu~e, including, !wt not limited to, reasonsble attoraer's fta.
and coats of documentary evideace. abstrscts aod titk rrpoets.
19. Eorrower's Riaht to Reinsfate. Notwithstanding I_ender's acceleration of the sums secuted by this Mortgage.
Borrower shall have the right to have am procecdings hegun fiy I_ender to enforce this Mongage discontinued at any time
• : ~ t gG~ r~bU FALE c~~•~
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