HomeMy WebLinkAbout0781 i.endcr's wntten agreemcnt ar appl~cabk I~w. Horrower shall pay thc amuun~ ot all mortgage insurance prcmiums in the
manne~ p~~~videJ undc~ parag~aph 2 heroof.
Any amw~nts dishursai by LenJer punuaM ta Ihi~, pangraph 7, w~~h inlcrest ihercon, shal) bocane additiona)
in~k;bted~x~ss of Rarrawer secured hy this Mor~~~e. Unle.s Bc~rrawer anJ I.enJer agrce to olhe~ terms of payment, such
amcKints shall he payat?le upan ncHice f~c~m I.~nde~ tu &~rruwrr reyuecling p~yment ihereof, and shall beat ioterat from the
date of di:burxment at thc nte payahk from time to lime ~~n adstanding principal under the Note unless payrnent of
ioterest at such rate wau1J be contrary to applicable law, in which event c~~ch amounts chall hea~ interost at the hiahW nte
permiuibk under applicabk law. Nothing cantainal in this paragraph 7 shall require Ixnde~ to incur any expense or txlce
any action hcreunder.
S. I~pectioa. 1.enJcr may makc or r.~usc to I+e maJe rcaux~ablc cmriec upcm and inspectians of the Propetty, provided
that I.ender shall give Borrower rxKice priar to any such inspection cpecifying reasc~nabk cause theretar related to I.et~der's
interest in the Property.
9. Condemaatbn. 71~e proceedc of any award or claim for Jama~~c, dirccl or rnncequential, in connection with any
condemnatic~n ar other taking of the Prapehy, or part thereot, or for conveyance in lieu e~t condemnation, are hereby usigned
anJ shall be paid ta l_ender.
ln the event of a tMal taking of Ihe Pro~xrty. ~he pnx:rcJs ~hall he applicJ lo ~he cums securcd by this Mortgage,
with the etcess, it any, paid to Bo~mwer. ln Ihe evem ~~f a partial taking uf the Property, anless Bc~rrawe~ aod Lender
otherwice agrce in writing. there shall be applicd to thc ~uma x~urr~l by thiti Mongage such proportion nf the procoeds
as is equal to that proportion which the amount o( tfie sumc ,ccu~ed by thic Mortga~tc immediately prior to the date of
taking bears to the fair market value of the Property immeJi:~tely pri~~r to the date of ~aking, with the t~alance of the proceeds
paid to Borrower.
, if the Property is abandoned by Bo~rawer, or if. aftcr notice by I.ender to ~rr~wer that the condemnor oRers to make
an award or setNe a claim for damages, F~?rrower fail, rc~~md lo I ender within 30 days after the date such notice is
mailed, Lender is authorized to collect and apply the proccedc. at I.ender i op~ion, either to ~tontion or rtpair of the
Property or ta the sums secured hy this Mortgage.
Unless I.enckr and Borrower Mherwi~ agree in wriling, any such appliration of praceeds to principal shaq not extend
or pcxtpone the due date of the monthly installments referrcd to in paragraphs 1 and 2 hereof or change the .amcwnt of
such installments.
10. Borrower Nof RekaSed. E?ctencion ot the time f~x payment or modification of amorti7alion of the sums securcd
by this Mortgage granted by Lender to any cuccesu~r in imerect af Rorrower ~hall ncu operate ta release, in any manner,
the liability af the original Borrower and &~rmwer'c surces~c?ra in interest. l.ender zhall not he rcquired to commence
proceedings against sueh suecessor or refuce to edend time for payment cx othervvice madify amortiuticx~ of the sums
secured by this Mortgage by n:acon of aoy demand madr h~~ the i~riRina) Rorrow•er and Borrawer s successnrt in interest.
11. Forbearance by I.ender NM a Waiver. Any fc.nc~arancc hy Lcnder in etiercising any right or remedy hercnnder, or
otherwise alforded by applicahle law, shall nol he a waiver of or preclude the exercix of any such right or rernedy.
The procurement af insurance or the paymeot of taxc~ or other liens or charges by I.ender shall not he a waiver of I~nder
s
right to_accelerate the maturity of the indebtednecs krurrd hp thic MortgaRe.
12. Remedits Comnlati~e. All rcmedies provided in thic Mortgage are distinct and cumulative lo any other righ2 or
rcmeJy under this Mortgage or afiorded by law ~r eyuity, anJ may be ecercised cnncurr~ently. independemly or successively.
13. S~ccessors apd A~as Bound; Joiet and Seveiral IraM7it~y; CspBons. The cavc~ants and agrcementc hcrcin
contained shal) hind, and the riRhts hereunder shall inure to. the recpective suceeccors and assignc of 1_ender and Borrower,
subject to the provisions of paragraph 17 hereof. All covenanls anJ agreeme~tc o( Borrower shall he joint and several.
71~e captians and headings of the paragraph~ of this 1?iongage are for convenicnce only and are nc~! tc? be used to
interpret or define the provisions hereof.
14. Nqtke. Except for any ttotice rcquired unJer applicable law t~. !~c given in another manner, (a) any notice to
Borrower pmvided for in this Mortgage shall he givrn hy mailing cuch notice by crrtified mail addressed ta Bcxrower at
the P~roperty Address or at such othcr address ac &?rrowcr may designate by notice to I.ender as provided hcrein. and
(b) any notice to Lender shall be given hy certifx~d mail, retum receipt requected. to I.ender c address stated herein or to
such other address as Lender may designate by notice ta Bormvver as provided herein. Any notice pmvided for in this '
Mortgage shall he dcemed to have tx.~en given to Borrower or Lender when given in the manner desig~ated herein_
15. Uniform Morl~a~e: Gorernin~ I.aw; Sererab~litv. This form of mongaRe combines uniform covenants fcx national
use and non-uniform covenants with limited variations b}• juriuiirtion ta constitute a uniform security instrument rnvering •
rea) proptrty. 7?~is Mortgage shall be governed hy the la~s• of the juriuliction in which the Property ic located_ Tn the
event that any provision or clause of this Mortgage or the N~te rnnflicts with applicafik law, such conflict shall not affect
j other provisions of this Mortgage or the Note which can be given elTect wi~hout the confliciing pmvicic?n, and to this
i end the provisions of the Mortgage and thc N~uc arc ~kclared to he severaMe.
16: aorrower's Copy. Borrower chall be furnished a c~~nfc~rmed copy of the Note and of thic Mortgage at the time
~ of ezecution or after recordalion hereof_
~ 17. Transfer of t6e Prupetiv: Aswmption. if all or any part of the Property or an interest therein is sold or transferred
[ by Borrower without Ixnder s prior wrilten consent, excluding (at the rreation of a lien or encumbrance suhordinate to
~ this Mortgage. Ib) the creation of a purchase money kcurit~• inlerest for househoW appliances. (N a trans(er by devise.
~ descent or by operation of law opon the cleath of a joint tenant or ld? the grant of am~ leasehold interest of threc years or less
~ nut rnntaining an option to porchase, I.ender may, at I.ender't option. declare all ~he sums secured by this Mortgage to be
~ immediately due and payable. Lender shall have warved such option to accelerate if. prior to the cale or transfer. Ixnder
g and the person to whom the Property is to be sold or tr•rnsferred reach agreement in wr~ting that the credit of such person .
~ is satisfactory to I~nder and that the interest payable on the sums secured by this Marteage shall tx at such rate as Lender
shall rcquest. If 1_ender has waiveel the option to acceler~te provided in this ~aragraph 17, and if Borrower's successor in
~ interest has executed a written assumption agreemeot accepted in writing by Ixnder. I.ender shall release Borrower from all
~ .~bligations uncler this Mortgage and the Note.
~ If l.ender exercises such option to accelerate. I.en~ier ~hall mail Be~rrower notice of acceleration in accordance v?ith
~ aragraph 14 hereof. Such notice shall provide a pericxl of not less than 30 dayc fmm the date the notice is mailed within
hich Borrower may pay ihe sums declared due. It Borrower (ailc ro pay sach sums prior to the expiration of such period,
_ ( rnJer may, without further no~ice or ciemand on Horruwer. mvoke any rcmedies permitted by paragraph 1R hereof.
~ Nox-U~v~FORM Cove[ve[v~rs. Borrower and l_ender funher cavenant and agrce as follows:
3 I8. Accde~atbn; Remedks. Facept as prorided io panp~raph 17 bereot. o~oe Eorrowe~'s breac6 oE a~y core~awf or
~ a~reemeot of Borrower io tbls Mat~a~e, i~clndin~ tre coseaasts to pay whcs dse aay soms sec~rei 6y th~ Morlsa6e, I.e~der
prior to acceleratba sba9 ~ sMfce to Qorrower as provided le para~~aph 14 bueof specif~: (1) tbe 6rescii; (2) t~e sctio~
- requjrrd to care s~c~ breac6: (3) a dst~. not kss Iraw 3A dsys fraw tbe date tMe wotice b msikd to aorrower, b~r wric~ wc~
breac` vdt be c~red; ad (4) tlnt fdlore to cnre sucM breacM o0 or before tbe date s~eeii~d i~ t~e ~otke aq ra~lt b
~ sccdentio~ ot t6e se~s secored bp tbis Mor1~e. foreciosnre by jodicial procecdis6 a~d sak of tre l~ro~arf~. 7tie ~otke
' shall fartber lnfore Eon~ower of tbe ri6W to rcf~stste sfter sccekratjow aad tbe riabt b a~ert ~ tre to~+ecloa~re ~ruceedi~ "
2 ttie ooa-e:istesce o~ a defadt or se~ otAer detcase of Ewro~+er to sccckratio~ asd tonelossn. If t~e braci i~ ~of c~ed o~
= or befor+e tMe date specKied i~ tre wolice. Le~der st Le~des's optb~ msy declare ar of We was sec~rei by t6i~ Mortaa~e b 6e
~ imaKdistdy dne aoi pysbk w~tiort futrer de~aaod asd may foreclose ttiis Mort~e r7 j~iieW M~octedie~. I.e~ier s~
~ be eatitlcd to coYect i~ s~ ~roceedie~ a~ e:pe~ses of torcclos~re. i~clydi~. b~t ~ot W~ild fo, rea~enYe attorstys fas,
£ md co~ts of doc~~eatar~ evide~ee, abstracts ~d title reporb.
~ 19. aorruwa's R~Yt b Reirhte. Notwithstanding Lender s acoekration of the sums securrd by this Mortaage.
~ Borrower shal) have the ri6ht to have any proceedings hegun by Lender to enEorcx this Mortgage discontinued at any time
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