HomeMy WebLinkAbout0787 t.enJer's writte~ agreeme~t a~ applicabk law. Borrower ahall psy the amou~i of all mortgage insurance prcmiums in the
mannc~ providrJ under paragraph 2 heroof.
Any amaunts disburscd by I.enJer purxuant ~a this par•rgraph 7, with intercst therew~. shall beccNne additiona)
inJebtedncss of Bo~rawcr securcd hy this Mortgage. U~lecc Bc~rrowc~ and l.enJc~ agrec ta othe~ terms oF paymenl. such
amcxmts shall bc payabk u~~n nMiix from Lcndc~ t~? &urowrr rey~~ting paymcm thcreo(, and shall hear interest fmm the
dat~ ot disbursement at the rate payahte trom time to time un outstanding priocipal under the Note unless paytnetU of
interest at such rate would !~e canlrary to applicable law, in which event ~uch amounts chall hear intercst at the highest nte
permissibk under applicabk law. Nothing conlaineei in Ihic paragraph 7 xhall requirc l.ender to incur any espense or talce
any action hereut~der.
8. laspectio~. I.enckr may make or cause to be made rea~nable rotriec u~?c~n and inspections of the Property. provided
that 1.ender shal) give Borrower nc~tice prior ta any ~uch inspection specifying rcasc~nabk cause the~efor related to i.ende~'s
interest in Ihe Property.
9. Coodemuatba. The proceeds af any award or claim for damages, direct or consequential, in rnnnoctan with any
condemnalion ar other taking oP the Praperty, or pah the~eof, or for a~nveyance in lieu af candemnation, arc hereby a~igned ~
a~d shall bc paid to ixnder.
in Ihe event of a total taking af the Pmper~y, the pnxceds shall he applieJ to the cums secured by lhis Martgage,
with the excess, if any, paid to Barmwer. ln Ihe evenl of partial taking of the PropeAy, unlecc Rorrower and I.ender
otherwise agrce in writing, therc shall ho applied to the ~ums stturcJ hy thi~ Mortgage such proportion of the proceeds
as is equal to that proportion which thc amount o( Ihc sums ~urcd by this Mortgage immcdiately priar ta the date af
taking bears to the fair market value of Ihc Pmpcrty immrdialcly pri~~r to Ihc date of taking, wi~h tha balance of the proceeds
paid to Borrower.
if the Property is abandoned by Borrowcr, or if. af~er noticc by t.cnder to Bormwcr that the condemnor offen to make
an award or seltle a claim for damages, Bc?rmwer failti ~c. res~xmd to I.cnder within i0 days after the date such nMice is
maikd. Lender is authoriud to collec~ and apply the proceeds. at I.ender'c option, either to restontioo or rcpair of the
Propeny or to the sums sccured by this Mort~age.
Unlus I.ender and Bo~rower othervvi~c agree in w•riting, any surh applicalion of prcxeeds to principal shal) not eztend
or postpone the due date of the monthly installments referrcd to in paragraphs 1 and 2 hereof or change the amount of
such instaltments.
10. dorrower Nof Rek~tsed. Exten~ion of the time for payment or modification af amortization of the sums secured
by this Mort~tage granted by I_ender to anv ~ucces-u~r in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Borrawer'c succescors in interest. 1_ender shall ~ot be rcquired to commence
proccedings agalnst such successor or retuse to extend time for payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of any demand made by the oriQinal fiorrawer anJ Bormwer`~ ~srcescors in interest.
11. Forbearance by Lender Not a Waiver. Any fi~nc~arance by l.cnder in excrcising any right or remedy hercander, or
otherwise at~orded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of taxes or other liens or charges by I.ender chall not be a waiver of l~nder's
right to accelerate the maturity of the indehtednecc cecumcl hy 1his.Mortgage.
12. Remedies CamoWi~e. All remedies provided in this Mortgage arc distinct and cumulative to any olher right or
remedy under this Mortgage or afforded by law or equity, and may he e~erciseJ concurrently, independently or successively_
13. S~ccesso~s aad Assi~as Eound; ]oint and Severai t.iaM'lity; Captions. The cove~ants and agreements herein
contained shal) hind, and tbe rights hercunder shall imire to, the respective succecu~rs and accigns of I_ender and Borrower,
subject to the provisions of paragraF3: 17 hereof. All covenants anJ agreemcntc of Borrower shall bc joint and several.
The captions anci headings of the paragraphs of thi~ Mortgage are for convenience only and are not to be used to
interpret or define the provisions hereof.
14. Notice. Except for any notice required undrr applicable law to be given in another manner. (a) any notice to
Borrower provided for in lhis Mortgage shall he given hy mailing ~uch notice by certified mail addrecced to Borrower at
the Property Addresc or at soch other address as Bor~ower may designate by notice to i.ender as provided herein, and
(b) any notice to Lender shall he givcn by ccrtificd mail, rctum rcceipt requested. to I.cnder s address stated herein or to
cuch other addrcss as Lender may designate by noticc to Bormwcr as provided herein. Any notice pmvidec! for in this
Mortgage shall be deemed to have been given to Borrower or I.ender when given in thc manner designated herein.
1S. Uoiform Mo~a~e; Goremi~ I.aw; Sererab8ity. "il~is form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisJiction to constitute a uniform ~ecurity instrument covering
real property. This Mortgage shall be governed hy the law of the juricdiction in which the Property ic located. In the
event that any provision or claux of this Mortgage or thl~ Note conflictc vvith applicable law, such eenfliet shall not affect
other provisions of this Mortgage or the Note which can be given efiect without the conflicting provision, and to this
' end the provisions of the Mortgage and the Notc arc dcclared to be severable.
16. Eonowt~'s Copy. Borrowcr shall be furnished a conformcd rnpy of thc Notc ~and of this Mortgage at the time
' of execution or after recordation hereof.
! 17. Tr~asfer of t6e Property: Assumption. If all or any part of thc Pmperty or an interest therein is sold or transferred
j by Borrower without I.ender's prior written consent. excluding (al the creation of a lien or encumbrance sutardinate to
j this Mortgage. (b) the creation of a purchace maney cecurity interest for household appliances, (c) a transfer by devite,
~ descent or by opecation of law upon the death of a joint tenan~ or (dl the grant of any Icaschold interest of thrcc years or less
~ not containing an option to purchase, 1_ender may, at l.ender's option, declare all the sums secured by ~his Mortgage to be
~ immediately due and payable. Lender shall have waived such option to accelerate if, prior to the cale or transfer. Ixnder
~ and the person to whom ihe Property is to be sold or transferrrd reach agreement in writing that the credit of such person
is satisfactory to I.encier and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender
~ shall rcquest. lf l.ender haz waived the option to accelerate provided in this paragraph 1~, and if Borrower's successor in
~ interest has execut~d a written assumption agreement accepted in writing by I.enJer, l.enekr shal) release Borrower from all
ubligations under this Mortgage and the Note.
~ If [_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 pcrioci of not Iess than 30 days from the date the notice is mailed within
~ •..hich Borrower may pay the sums declared due. I( Borrower fails to pay such sums prior to the expiration of such period,
~ I cnekr may, without further notice or cicmand on Horrower, invoke any remedies permitted by paragraph 1 R hereof.
~ NoN-UN~FORUt CovEN~rrts. Borrower and Ixnder further covenant and agree at follows:
~ 18. Accdaatio~; Rea~edks. Excep as provided ia paraRraph' 1? hcnof, upoe Eorrower's Mrac6 of a~y co~e~t or
a~ret~ew[of Eonower L tl~ Mort~~aRe, jaclodi~ t6e coveaants to psy w6ea dee aay soms seenred by t6~s Mort~a~e, Le~er
~ prior to accderatbs sYa~ ~ oMice to Eomower as providrd iw para6rsp~ 14 6ereof spccN~: (1) tbe bresc6; (2) tbe action
e rcqrlred b em s~ci~ bnscr: (3) a date. oot lesc N~aa 3A days from tbe dste tbe notice b saikd to Eorrowu. by wricti wcr
i breac~ .et 6e e~re~ a~d t6st faitere to cure ssch brtac6 oe or before Ebe date spect6ed i~ tre ~otke ray res~lt ie
; aecek~stio~ of tre s~~s ieceed by tiis Mo~a~e. foreclowre by judkial proceedin6 asd sak oE tre h~operty. 'itie notiee
~ s6aB fw~er intore Eorrower of We ri61N to reiastafe after accelerstioe asd tbe ri66t b a~ert ~ tre foreclowre procee~
~ t~e oo~-exieteoce d s aeEarlt or a~y otber defew~e of Borrower to accelerstioe aad forcrlowre. N tbe 6resc6 M~ot es~+ea o0
or bdore tre ds/e speeKed b tre ~ofice, Lewder at LeodePs optbs may decWe s9 of tbe s~.s scc~red by tl~is Morf;a6e b be
~ im~Lteh' dse a~i pyable wit~o~t fut6er demand aad may forec{o~e tris Mortta~e bp ~dic~l N'~~L. I.e~der ~a0
~ be eatltlei to eoiat i~ wcr'roc~edi~ a~ e:peoees of fo~eclos~n, factrdi~, Iwt not iisited to, reaso~abie atlor'e~'s tees.
~ a~d oosb af doewe~r e~ide~ce, abdrscb awd tNle reporb.
~ 19. ~orrower's R~t to Reirtata Notwithstanding Lender s accokration of the swns socurcd by this Mortgage.
~ Borrower shall havt the right to have any proccedings begun by Lender to enforce this Mortgage discontinued at any time
~
soox 27~ P~E 78?
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