HomeMy WebLinkAbout0891 t_encier's vvritten agrcement a~ applicable taw~. Bo~rower shall pay the amount of all martgage insuraoce premiums in thc
manner pr~~vided under pa~ag~aph 2 hercof.
Any amount~ disburud by l.ender pursuant to this pa~ag~aph 7, with interest thereon, shall become addifion~l
inJebtedness af Bor~ow•er securcd by ihis Mongage. Unless Bo~rower and Lender agree to other terms of payment. such
amounts shall be payable u~+c~~ notire from I.endcr to Borrower requesling payment thcrcaf, and shall bear interest fmm the
date of dlsbursement at the ~ate payable trom time to time on oulstanding principal under the Note unleu payment of
inte~+at at such ate would be contrary to applicable law. in which event such amounts shall bear interest at the highest rate
permissible under applicabk lsw. Nothing contained in this paragraph 7 shall require l.ender to iacur a~y expense or take 3
any actio~ hercunder. . ~ ~ ~ ~
8. taspectbs. Lender may make or cause to be made rcasonable entri~c upon and inspections of the P~operty. provided
that l.ender shal) give Borrower notice prior to any such inspcction specilying rcasonable cause the~etor related to I.ender's
interesl io the Property.
9. Coadeauwtbn. 'Ru proccedc of any award or claim for damages. direr~ or concequential, in co~nution with any
condemnation or otber taking of ~he Property, or part thtreof, or for conveyance in lieu of condemnation, are he~+eby assigned
and shall be paid to Lender.
Tn the eveM of a total taking of the Property. the proceeds shall he applied to th~ sums securcd by this Mortgage.
with the exceu, if any, paid to Bo~rower. ln the event of a partial takinR of the Propeny, unless Borrower and I.ender
othenvise agrce io writing. therc shall be applied to the cums,securcJ h~~ ~hi, Mortgage such proportion of the proceeds
as is equa) to that proportion which the amo~nt of Ihe sumc se~ured h~ thic Mortgage immtdiately prior to the date of
taking bears to the fair market value of the Property immediately prior to the Jate of taking, with the balance of the proceeds
paid to Bo~rower.
if the Property is aba~doned by Borrawer, or if, afte~ notice by i.ender to Borrower that the condemnor oBers to make
an award or settle a claim for damages. Borrower fail~ to respond to t.ender within 30 days after the date such notice is
maikd. I.ender is authorized to collect and apply the proceeds, at i.ender's option, either to testoration or repair of the
Propeny or to the sums sccured by this Mortgage.
Unless 1_ender and Borrowe~ olherwise agree in w•riting, any such application of proceeds to principal shall not extend
or posfpane the due da~e of the monthly installments rcfe~rcd to in paragraphs 1 and 2 hereof or change the amount of
such installments. '
10. Borrowe~ Not Released. Extension of the time for payment or modification of amortization of the sums socured
by this Mortgage granted by T_ender to any ~uccessar in interest of Borrower ~hall not operate to rekase. in any manner.
the liability of the original Borrower aad Borrower s successors in inte~est. Lender shall not be required to commence
proceedings against such successor or refuse to extend time for payment or othervvise_1+nodify amortiution of the sum~
secured by thit MoKgage hy reasa~ of an~• demand made b~• the original Borruwe~ and Borrower
s wccessors in intercst.
11. Forbearance bv [.ender Not a Waiver. Any forheara~ce by 1_ender in exercising any right or remedy hercunder, or
otherwise afiordecl hy applicahle law. shall not he a waiver of or preclude the exercise of any such right or remedy. ~
The procurement of insurance or tht payment of taxes or other liens or charges by Lender shall nat be a waiver of Lendec's
right ta accelerate the maturity of the indebtednecc cccorcd hy this Mort~aee.
12. Remedies Cumulati~e. All remedies prc•~•ided in this MortgaPe are distinct and cumulative to any other right or
remedy under this Mortgage ur afforded h~~ la~v or equity. and may t+e ererciud concurrently, independently or successively.
la. Snccessors and Assigns Bound; Joint and Se~•eral i.iability; faptio~. The covenants and agreements herein
contained shall bind, and ~he riRhts hereunder shall inure ta, ihe respective ~occec~nrs and assigns of Lender and Borrower.
subject to the provisionc of paragraph 17 hereof. All covenants and agreementc of Borrower shall be joint and several.
The captioos and headings of the paragraph. ~f .this Mortgage are f«r c~nvenience onl~• and are not to be used to
interprrt ar define the provi~ions hereof.
14. l~iolke. Except for any nolice required under applicable law tv be giveo in another manner. (a) any notice to
Born•w~r provided for in Ihis Mortga¢e shall t~e given by mailing such notice by certified mail addressed to Botrower at
the Property Address or a~ such other addre~s as Borrow•er ma~• designate by notice to l.ender as provided hercin, and !
(b) an~~ notice to Lender shall he given by certified mail. retum receipt requested. to l ender s address stated herein or to
such other address as I.ender mag designate b~~ notice to Bormw•er as pro~•ided herein. Any notice provided for in this
Mortgage shall be deemed ro have been gi~•en to Bormv?~er or l_ender when given in the manner designated herein.
15. Uniform Mort~~e; Gorernin~: Tavr: Se~er96ilit~•. This form of mortgage combines uniform covenants for national i
I~; use and non-uniform covenanls with limited variations by jurisdiction to constitute a uniform security instrument covering '
! _ real property. This btortgage shall be governed h~• the law~ of the jurisdiction in which the Property is located. tn the
~ event that an} provision or clause of this Mortga¢c rr the !~ote rnnflicts k~ith applicable lav?, such conRicl shall not affect
{ other provisions of this Mortgage or the Note ~hinc ~an be gi~•en et~ect w~ithout the conflicting provision, and to this
~ end the provisions of the Mortgage and thc '~ote are dcclared to be se~•erahlc.
16. Borrower's Copy. Bormwer thall b~ furniched a cc?nfc~rmed cop~~ of the Notc and of this Mo~tgage at ihe time
of execution or after recordation hereof.
17. TransEer of the Propert~; Assumption. If all or an~~ part of the Property or an interest therein is sold or transferrcd
by Borrower without I.ender's prior written consem_ excluding (a? the creation of a lien or encumbrance subordinate to
this -Mortgage. (F>) the creation of a purcha~e monet• securit~• interest for household applianees, (c) a transfer by deviu.
descent or by operation of !a~ apcm the death af a joint tenant ~r (d~ the grant of any leasehold interest of three years or less
not containing an option purchase. i_ender mav: at I.ender'c ~~ption. declare all the sums secured by this I~iortgage to be
immed~ateh• due and payable. I_ender shall ha.~e wai~•ed such option to accelerate if. prior ro the sale or transfer, Lender
and the per~n to w~hom thc Propcrty is t~~ be sold or transfcrred reach agreement in writing that the credit of such person
is satisfacton• to I_rnder and that the iMere,t pa}•~ble on the sums secured by this Morteage shall be at such rate as Lender
shali request. If t.ender has wai~•ed the option to accelerate provided in ihis paragraph 17, and if Borrower's successor in
inrerest hac executed a written assumption agreement accepted in writing by LenJer. Lender shall releace Borrower from a!1
obligations under this Mortgage and the Note. '
If l.ender exercises such option to accelerate. I ender s~all mail Borrower nutice of acceleration in accordance with ;
paragraph 14 hereof. Such notice shxll provide a perioe! of not less than i0 days from the date the notice is mailed within
w•hich Borrower ma~~pay the sums declared due. If Borrower failc to pay such sums prior to the expiration of such period,
Le~der may. without furthcr noticc ~~r demand on BorroN•er. im~oke am• remedies permit~ed by patagraph IR hereof.
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No!v-UNIFOItM COVENANTS. BOlfOWC~ 3tla LCOdCi fUttI1C~ COY~I18Ilt and agree as follaws:
~ 18. Accekration; Remtdks. I?acept s~s provided in parsqrsph 17 hereof, upoa Borrower's breuh of aay rnvenant or
~ agreement of Borrower in this Mortgage. iecludiuR the corenants to pay w~hen dne aay sums secnred by tbls Mort=age, Leodtr
prior lo accekratioo s6all mail notice to Bormwer as provWed ia pan~raph 14 hereof specifyiua: (1) tbe brescb; (2) !6e action
~ reqaired to cure such broach; (3) a date. not less tban 30 days fmm the date tl~e notice is mailcd to Borrower, by whic6 snch
breach must be cured: and (4) that failure to cure surh breach on or before t6e d~e speci6ed in the notke msy resdt in
accekntion of the sn~s sccnr~ed by this Mortgsge, forcclosure by jndicial proceedinlt s~ad sale o[ the Pmperty. '!Le notice ~
sbsU further inform Borrower of the right to rei~tate after accekrstion and t6e riaht to assert in the foreclosure pmceedi~
~ tMe aon-e:isteoce of a defauN or any other detense of BoROwer to sccekration and forec{osure. if fhe breacb is not cured oa
~ or betorc the date speci6ed in t6e eotice. [.ender a1 Lender's optlon may declar~e ap of the soms secured by this Mortaa~e to be
~ immediatdy due and payabk witbout fnrther demaod aed m~y foreclose this 11~ortaage by judicisl proceedin~. Lender shall
be enndcd to coUect in such pmceediu< aO espeoses of [orecbsure. including~ bnt nM limited to, reasonsbk sttoraey's fees,
snd costs ot docamentary evidence, abstractR and tjtk reports. :
19. Borrower's Right to Reinstate. Notwithstanding [_ender s acceleration of the sums secured by this Mortgage. ;
Borrower shall have the right to have any proceedings ixgun hy Lcnder to enforce this Mortgage discontinued at any time ~
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