HomeMy WebLinkAbout0092 Lc~d.r's writtrn ~gre~ment o~ apph~~blc law. FiurroNe~ shall pay thc anwunt of all mortgage inw~ancc p~cmiums in the
mannrr pruvided under pa~agraph 2 her~ot.
:~m• amuunts di~burstd b~• I.cnJc~ purcuanl to this paragraph 7, w•i~h intercct thercon, shall become additional
incf~h•~~~e~:.~f B.•rroHrr secured h}• thic I?Tongage. linless Born•wer anJ 1.enJ~r a~~rc to athe~ ternts of paymeM, such
a~no~~nt: chall he pa~•abla u~+c~n noti~-~ fmm I.cnder t~~ Ro~rowtr rcyuecti~g payment ~hrrr.•f, a~J shall hear imerest fmm the
date ~i Ji;bursement at the rote payahle f~om ~ima to time on outstanding principal uoder the Note unless payment of
intercct at such ratr ~~ould be contran~ to applicable la~v, in which event such amount: shall bear interest at the highest rate
pe~missiblr under applicable law. Nothing cantained i~ thic pa~ag~aph 7 sfial) requirc I.ender to incur any expense oc take ;
an~• a.cion hereunder.
8. inspecNo~. [.cnder may makc or rausc to 1+e madc rcaa+nable ent~ies upon and inspections of the Prope~ty, provicied
th~t I.~nder shall gi~•r Barrower notice p~ior to an} ~uch inspection cpecifyi~g rcaso~able cause therefor related to Lende~'s
inter•:~t in thr Property.
9. Condemnaliun. The proceedc of any aw~ard or rlaim for d~mages, dircct o~ co~sequential, in conncetion with any ~
condrmna~ion or other taking ~f the Prop~ny, or pan therec~f. or for conveyance in lieu oF condemnatior~, ar~ heeeby assigned '
and ,h~ll ~ paid to Lendu. . • t
In the event of a total taking of the Proprrt~•, the pn•:eeds chafl be applied to the sums securcd by this MoMgaga ~
H~ith thr rr:ess, if any, paid to Bor~ow•er. In the cvtnt of a partial taRing of thc Property, unlecs Borrower and Lender
othe~~i:r agtee in writin~C. therc shall be applied to the sums securcd by this Mortgage sueh pmportion of the proceeds ;
as ic equal tc+ that proportion a~hich the amount of the sumc secured by this Mongage immediately prior to the date of
takin¢ bean to the fair ma~ket value of the Propen~• immediate~y prior to the date of taking, with the bala~ce of the proceeds
paid to Bornower. ;
If the Prope~ty is abandoned b}~ 8orrower, or if. after notice by I.ender to Borrower that the condemnor of~en to make i
an aw~3rd or settle a claim for dama¢ec. Borrower fails to respond to Lender within 30 days after the date such notice is~- '
mailed. Lender is authorized to collect and apply the proceeds. at I.ender's option, either to restoration or repair of i
Proprm~ or to the sums ucurcd b~• this Mortgaee.
Lnless Lender and Borrower otherwise agree in ~~~ritinc. any such application of proceeds to principal shall not extend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 her+eof or change the amount of ~
such installments. #
l0. Bonower \ot Rekased. E~tension of the time for payment or moditicatio~ of amortization of the sums socured ~
by this \~ortgage granted by Lender to any successor in interest of Borrower shall not operate to releau. in any manner. ~
the liability of the ori¢ioal BorroK•er and Bc+rrower's,successon in interest. Lender shall not be required to commence
prc~credin¢s ~¢ainst such successor or refuse to extend time for payment or otherwise modify amortization of the sums
secured b~• this \iortgage by rrasoo of an~ demand made by the or:einal Borrower and Borrower's successors in intercst.
. tl. Forbearance by T.ender \ot a~Vai.er. Any forbearance by I_ender in exercising any right or nmedy hereunder. or '
othervvise afforded.b~ applicable law, shall r~ot be a waiver of or prcclud! the exercise of any such right or remedy.
The procurcment of i~surance or the payment of taxes or other liens or cfiarges by Lender shall not be a waiver of Lenders
right t~ accelerste the maturity of the indebtedness secured hy this Mortgage. ;
~ 12. Remedies Cumulati~e. All rcmedia provided in this Mortgage arc distinct and cumulative to any othe~ right or ;
remed~- unckr this Mortgage or afforded b~• law or equity, and may be exercised concurrently, independently or successively. ~
l3. Successors a~d Assigas Boand; Joint and Se~~eral i.iability; Captions. The covenants aod agreements herein
containtd shall bind, and the rights hereunder shall inure to, the respecti~•e successors and assigns of Lender and Bornuwer, _
' subject to the provisions ot paragraph 17 hereof_ All covenants and agrcements of Borrower shall be joi~t and several.
i The captions and headings of the paragraphs of this Mortgage a~e for convenience only and are not to be usod to
~ interprzt oc define the provisions hereof. •
14. \o~ke. Except for any notice required under applicable law to be given in another manner. (a) any notice to
~ Borr~wer rovided for in this ~tort a e shall be '
4 p g g given by mailing such notice by cenified mail addresxd to Borrower at ~
the Property Addrcss ar at such other address as Borrower may designate by ~otice .to T.eoder as provided hercin. and
(b) am• notice to Lender shall be gi~en by certified mail. retum receipt requested. to l.enders addreu stated hercin or to ~
~ such other address as Lender may designate by notice to Borr+nwer u provided hercin. Any notice provided for in this `
~ uortgage shall be deemed to have been given to Borrower or Leoder when given in the manner dasignated herein.
~ lS. Liniform i~fortgage; Go~ernin~ Lar.; Sererabifity. This form of mortgage combina uniform covenants for national .
f use and non-uniform covenants veith limitecl variations by jurisdiction to constitute a uniform security instrument covering
~ real propert}•. This ~tortgage shall be Ro~erned hy the law of the jurisdiction ia which the Properiy is locatcd. tn ihe
event that any provision or clause of this Mortgage or the Note conflicts with applicabk law, such conflict shall not affect
~ other provisions of this Mortgage or the Note which can be gi~en effect without the conflicting provision, and to this ~
i end thz provisions of the Mortgage and the irote are declared to be severable.
~ 11F~ Borrower's Copy. Borrower shall be furnished a conforn?ed copy of the Note and of this Mortgage at the time .
of execution or after rccordation hereof. - ~
17. Transfer of the Property: Assumption. if all or any part of the Praperty or an intercst thercin is sold or transferred
by Borrower without Lender's prior written consent. excluding (a) the creation of a lie~ or encumbrance wbordinate to
~ this ~fortgage. (b) the creation of a purchase money security intercst for household appliances. (c) a transfer by devise. '
~ dcscent or by operation of law upc+n the death of a joint tenant or (d? the grant of any leaxhoid interest of three years or less :
~ not containing an option to purchase, Lender may, at Lender's option. declare all the sums secured by this Mortgage to b~ ~
~ immediatet~ due and payable. Lender shall have waived such option to axelerate if, prior to the sale or transfer, L.ender
I and the ptrwn to whom the Property is to be so1J or transferred reach agreement in writing that the crcdit of such person ~
~ is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender -
i shall requrst, If Lender has waived the option to accelerate provided in this paragraph 17, and if Bonower's successor in
interest has executed a w•ritten assumption agreement accepted in writing tiy Lender. Lender shall releax Borrower from all
obligations under this Mortgage and the Note. ~
1f Cender exercises such option to accelerate. I_ender shall mail Bc?nower notice of acceieration in accordance with
paragraph 14 hercof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
which Bc+rrower may pay the sums declared due. Tf Borrower fails to pay such sums prior to the expiration of such period.
Lender ma~~. without further notice or drmand on l3orrower. invoke any remedies permitted by paragraph 18 hereof.
~ov-L'~iFOR~t Cove~~~s. Borrower and Lender further covenant and agree as follows:
18. Acceleratlon; Remcdies. Except as prorided in par~raph 17 hereof, epon Borro~er's bnach of any rnvenant or ~
agrceme~t of Borrower in this titortga~e, including the covenanls to pay whea due pay sums secured by this Mortgage, I.ender
Prior to acceleration sbaU mail notice to Bon+ower ss prorided in paraCraph 14 bereof specif~n=: (1) the breacb; (2) the action
required to cure such bresch; (3) a date. aot las thaa 30 days from the dste the aotice is maikd to Borrower, by which such -
breach must be cnred; and (4) tbat failure to cure wch breacb on or before the date specified in the notice msy resak in
acceler~tion of t6e sums sccured by this Mortgage; foreclosure by judicial procceding and sak of the Property. 77~e notice
shall furiher infonn Borrower of thc righl to rei~late after ~cceleration and the rigbt fo assert in tbe foreclosure proceeding
the non-e?cistence of s default or anY other defense of Borrower to s~cceler~tion aad forecbsnre. If tbe Dreuh is ~ot cured on -
or before the date specified in the notice. Lender at I,ender's optioa may decl~n aq oE tbe snras secured by tbts Nort=age fo be ;
immediately due and payable without further demand and.msy forcclose tbB Mortgage by jndicial proceedinR. Lender shal!
De eotiNed to collect in such proceeding all expenses of toreclow"rr, includiry~, bnt not Gmited to, nasoaable attoraey's fees, -
and costs ot documeotary e~idence. a6siracb and litk reports.
19. Bon+nwer's Ri=ht to Reiostste. Notwithstanding Lender s acceleration of the wms secured by this Mortgage.
Borrower sball have the right to have any proceedings hegun by I_ender to enforce this Mortgage discontinued at any time ~
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