HomeMy WebLinkAbout0178 l.cndcr's writtcn ag~ment o~ applirable Isw. Bonower shall pay thc unount of all mortgage insurance prcmiums i~ the
manne~ providcd under parograph 2 heroof.
llny amounts dicburud by l.ende~ punuant to this paragraph 7, with intcrest thereon. shal) become additional
i~dcbtednesc ~if F3o~~awc~ secured by this Mongagc. llnlc.c Borrowcr anJ l.cnJcr agrce to othcr ternns of payment. such
amou~ts shall be payabk u~n n~~licc from Lcndcr ta &~rruwrr ~ey~ucting payment thcreof, aod shall bear inlercst trom the
datc of disburscmcnt at ~he rate payahk from time to timc on outstanding pri~cipal u~der the Note u~las paymeet ot
interest at such rate would be contrary to applicable law, in which eve~t cueh amounts shall bear interest ~t the hiahest nte
permissibk under applicable law. Nolhing contained in ~his paragraph 7 shall rcquire I.eader to incur any taperae or take
any action hereunder. .
8. laspectba. 1.eoJer may make o~ cause to he made reaconable rnt~iec upon and inspeclions ot the Property, provided
tha~ I.ender chall givc Bonower noticc prior tc~ any surh ins~tic~o specifying rcasonabk cause thercfor related to ~ender's
intcrest in the Property.
9. Coadr~naatbn. The prc~ceed~ of any awa~d or claim fo~ damaees, direct ar conuquential, in connoetion with any
candemnatian or other taking af the Propehy, or part t?~ercof, or for convcyance in lieu of co~demnation, are hercby assignod
a~J shall I+c paid to I.endcr.
ln Ihe event of a total taking of the Pmper~y. the pn•~ccds ~hall he applied to ~he cams securcd by thic Martgage.
with the exccss, if any, paid to Born~wrr. In thc cvcnt ~~f a partial taking of the Propcrty, unlecs 8orrower and Lender
o~herwice agrce in writing, there shall be applicd to the ~ums ~ecurcd hy thic Mortgage such proporlion af fhe proceeds
as ic eyual to that pro~rtion which the amount o( the a~mc .rcured by thic Mortgage immediately prior to the date of s
taking bears to the fair market valuc of the Pr.~perty immccliatcl~ prior to the date of taking, with the balance of the proceeds
paid to Borrower.
If the Propeny ic abandoned by Borrower. or if, aftcr notice hy l.ender to Aorr~~wer that the condemnor ofkrs to make
an award o~ settle a claim for damagct, Aorrowcr fail. t~~ r~~M~nd M I.cnder within i0 days aftcr the date such notice is
mailed. I.eoJer is authorized to collect and apply the proceeds. at I.ender'c option, either to ~estoration or repair of the ~
Propcr~y or to thc sums cu.-cured hy this Morlgagc. . -
Unless l.ender and Borrower othervvic~: agree in writinc. am~ surh application of procetds to principa) shall not extend
or pcxtpone the due date af the monthly installmcnts rcferrcd to in paragraph~ t and 2 hercc~f or change the amaunt of
such installmcnts_ ~ ~
10. Borrorrer Nof Rekised. E~tencio~ of the time f~~r payment or modification of amorti7ation of ihe sumc securcd
by this Mortgage granted by LenJer to am• cucce~wr in inlcre~t of Borrower ~hall not o~+erate to release, in any manner.
the liability of the oriqinal Borrawer and f3~?rrower'c succestorc in interest. l.ender shall not he required to commence
proceedings against such successi?r or re(u~e etitenJ time for payment or otherwise madify amartization of the sums
secured b~• this Morigage by reau.n of an~• demand made by the ori~inal f3orrower and Borrower
s uiccesx~rc in interest.
I1. Forbearance by I.ender Not a Wai~•er: :~ny fc?rhearancc by I.ender in erercising any right or remedy hereandtr, or
otherwise aftorded by applicahle law. shall nM he a wai~'er of or preclude the exercise of any such right or remedy. ~
The procurement of insurance or the payment of larc~ or other liens or chargec by l.ender shall not he a waiver of I.ender
s ~
right a. accclcratc thc mawrity of thc indcMcdnccc ~cuRd h}~ this Mortgage. '
12. Remediec Cumulsti~e. All rcmediec prm•ided in this ~1lortgage arc distinct and cumulative ro any Mher right or _
remeJy under this Morlgage or afiorded hy law or equi~~•. and may he exerciteJ concurrcndy, independently ar successively.
13. 3eccessors and AssiRns Bound: Joinl and Sereral I.iaM'lify; Captbas. The covenants and agreeme~tc herein
contained shal) hind, •rnd the riRhts hercunder xhall inure to. the rc~pective succe~sors and assigns of i.ender and Bormvrer.
subject to the prrnisionc af paragraph 17 herenf. All covenants and agreementc of Borrou•er shall be joint and several.
'il~e captions and headings of the paragraph~ af this M~rtgage are for convenience only and are not to he used to
interpret or de6ne the provisions herec?f.
14. NMice. Except for any notice rcquired anJer applicablc law• to be given in another manner, (al any notice ta
Borrower provided for in Ihis Mortgage shall he gi~~en h}• mailing such notice b)' certified mail addrecced to Borrowe~ at
the Property Address or at such other addre« as Borrow~er ma~• decignale b~• notice to l.ender as provided herein, and
(bl any notice to Lencler shall be given by certified mail, retum receipt requested. t~ Lender s addren s~ated herein or to
' tuch Mher address as I.ender may designate by notire ta Borrow•er as pro~•ided herein Any notice provideJ for i~ this _
' Mortgage shall he dcemed to havc bcen given to Bc~rrower or i.ender when given in the manner designated herein.
~ 15. Uniform Mort~e; Governin~; Iavr: Sevcr~bility. Thi~ form of mortgage combines uniform covenantc for national
! use and non-uniform covenants with IimiteJ variationc hy jurisdiclion to constitute a uniform security instrument covering
~ real property_ This Mortgage shall be governed by the law~ of the juriaiiction in which the Property is located. In the
event ~hat any provision or clause of thi~ Martgage ~r the Nate conflictc with applicahle law. such conflict shall nat afiect
~ other provisions of this Mortgage or thc Note which can be given etfect without the conflicling pmvision. and to this
~ end the pmvisions ot the Mortgage and the NMe are ik-clared to he severable.
16. Eorrower's Copy. Borrower ~hall bc (urniched a conformed copy of the Note and of this Mortgage at the time
~ of execution or after recordation hereof.
17. Traasfer of t6e Properiv: Assumption. If all or any pah of the Pmperty or an interest thcrein is sold or transferred
by Borrower without Ixnder's prior written consent, excluding lal the crealion of a lien or encumbrance suhordinate to
this Mortgage. Ih) the creation of a purchase money secu~ity interesl for Fiousehold appliances. (cl a transfer by devise,
descent or by operation of law upon the Jeath o( a joint tenant or ld) the grant of any leaschold interest of threc ycars or kss -
not containing an aption ta purchase, l.ender may, a~ Lender's option, declare all the sums secured by this Mortgage to be
immedi~teiy due and payable. I.ender xhall have waived such option to accelerate if, prior to the sale or transfer. I.ender
anJ the person to whom the Property is to be so1J or transferrcd reach agreement in writing that the credit of such person
~c satisfactory to Ixncier and that the intere~t papable on the sums securcd by this Mortgage shall be at soch rate as I~nder
~hall request. Tf l.ender has waived the option !o accelerate provided in this paragraph 17, and if Borrower's successor in
n~crest hac executed a written assumption agreement aceepted in writing by I.eneler. [_ender shall release Borrower from all
- .'~!igations uncier this Mortgage and the Note.
If I.ender exercises such option to accelerate: I.ender shall mail Borrower notice of acceleration in accordance with
aragraph 14 hereof. Such notice shall provide a pcricx! of not Icss than 30 days from the date the notice is mailed within
hi h Borrower may pay the sums doclareJ due. If Borrower fails to pay such soms prior to the eapiration of such period.
~~•.I~r may, without farther notice or Jemand on liorrower, invoke any remedies permitted by paragraph 1R here~f.
N NoN-UtviFOteNt CovEtv~rrrs. Borrower and Lender (unher covenant and agree as follows:
~ 18. Accelentios; Remedies. Escept as prorided in parsRrapU 17 hereof. upoo norruwer's 6rescb of anr coreaaaf or
~ ay,reemeat of Borrorrer iu t~ Mort~e. inclodiog t6e covenaats to pay w6en dne aoy snms secured by thts Mort~a~e, i.eeder
prior to sccekrstbo s6a11 mail notice to Eorrower ~ provided in pan~raph 14 6ereof speci[yin6a (1) tbe breac6; (2) tbe actba
required to core sacb breach; (3) a date. not ks than 30 days from t6e dste t6e ootice b mailed to Eorrower, by wldc6 s~c~
bresch mod be cared: aod (4) t6at tail~re to cnrc snch brescb on or 6efore tbe date spectfied ia tlie sotice ss~ ra~lt ia
accckratioe of tbe soms secored by t6is Mort6sRe. forecbsurc by judkid proceedi~ ~d sale ~ the P~+nperty. 'Itie aotlce
shsll farlher ieforo Eorrower oE t~e ri~bt to reiastate ~ter accekratioa aad tbe ri~bt to ~eri i~ tMe foreclos~a procee~L ,
t6e ooa-e:isie.ce ot a defaok or ~y aher detc~e of Borrower eo sccekraao~ aMl forecbwrr. if t6e 6reae~ is eot e~red o0
or befon tbe date speci6ed lo tiie votice, Le~der st Leoder's option way declare a9 of the soss tecrred by t6k Mort~e b be
immediatdy dre aad p~abk witboot furtber demaad aad may fweclose trb Mo~t~aLe bl' j~diciwl P~ed~. I.e~der s~aq
be eafided ta eo0ect i~ s~c6 proeeedie~ aN e~eoses oi toreclosrrs. iocladios, 6rt ~ot ~ite~ to, rearoosble attor~e~'s tees.
- aod cosb of doc~a~e~ary erideoce, ahstracb and title repoNs.
19. aorrower's Rl~iit to Rei~state. Notwithstanding Lendei s accekration of the sums socured by this Mortgage.
Borrower shall have the right to have any proccedings f~egun by Lender to enforce this Mongage discontinued at any time
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