HomeMy WebLinkAbout0926 Lender's writtca a~reeiae~t o~ ~pplicabb law. Botrv!~rer ~hall pay the aaioum of ap mort~aje inwrance pceaaiuaa ia t6e
manaer provided uncier pan~aph 2 b~teof. ~ '
Any amounts disbutaod by I~ettda~ punuaat to thit pataaraph 7. ~rith iaterat tfienon. ~all become additional
indebtodnas of 8orrowcr secured by this Mortgsae. U~lar Borrower and Lender a6t+ee b othe~ tet~m d p~Y~a~t. w~h
amounts shall be payabk upon notia fmm Lender to Borrowc~ rcquestin6 payment thereof. aod shall bear intue~t fran the
dato ot d~sburaanent at ifie cate payabk from time to time on outstandins principal under the Note ~las P~~rmeat ot
inter+est at such rate would be coMrary to appliabk law. in which event such aewunts sha!{ bear inte~t st tha fi~l~est rate
peRni~ibk undor applicabk law. Nahing cooained i~ ihis Pa~raph 7 sha11 roquire I.e~eder a iacur anx a:pe~ae a~ caiue
any actiwt hereunde,r.
a. I~qie.etN~. Lender may malce or cause to be made reaso~sbk entrias upon and inspections ot tbe Property pr+o~ridod _
thst Lender shall give Bor~owe~ notice Qcior to any such inspoctioo spocifyinE reasonaMe caus~ thetefor relatod M I.tt~d~r's
interest in the Property. ` - .Y: `
9 Co~dewx~. 'Ihe prooceds of ariy award or claim for damaga, dirocl or oons~quet~tial, (n oo~nectioa with any
r coademnation or dher taking of the Property, or part thercof. or for convtyance in lieu df condannation. ue he~? a~ed
' and shall be pai~ to Leoder.
~ In the event of a total takina of the Pmpchy. the procceds shall be applied to the suma xcurod by this Mort6aae.
~ with the excas, if any, paid to Borrower. in the event of a partial taking of the Property, unkss Borrower and L.ender
otherwise agnee in writi~g, the~e sball be spplied to the sums secured 6y this Mortgage wch proportao ot the prooeeds
as is equail to that proportior~ which the amount of the sums securcd by this Mortgaae immediatdy prior to @~e date of
taking be~trs to the fair mukd value of the Prq~erty immediatety prior to the date of takina, with the balanoe of dre pc~u~.'eeds
paid to Borrow~er:
If the Propecty is abandoned by Borrower. or if, after nwice by Lender to Borrower that the candemnor o~en to make
a~ award or settk a claim for damages, Borrower fails to respond to l.ender within 30 days zher the date such uotioe is
maikd. I,ender is suthoruood to oollect and appiy ,the proceeds. at Le~der's option. either to restoration or npair of the
Pmpeny or to the sums securcd by this Morigage.
Unless Lender and Bormwer othetwise agree +n writing, any sucfi spplication of proceeds to ptincipal shal{ not ex/end
or pa~tpone the due date of the moothly installments referred to in pangnphs 1 and 2 he~+eof or change the amount of
such i~tallments.
10. ~orrower NM Relwed. F.~ctension of tfie time for payment or modification of amortintion of the wms secuitd
by this Mortgage granted by Lender to any successor in interest of Borrowef sha11 not operate to rekase. +n any man+~tr.
the liability of the original Barower and Bc?rrower
s suocessors in interat. I.ender shall not be roquirod to oommenoe
proceedings againct such suocessor or refuse to extend time for payment or otherwise modity amortization of the wms
secue+od by this Mong~ge by resson of any demand made by the original So~rower and Borrowe~'s successors in inte~+est.
11. Ror6eararce 6~ I.e~ier Not s Wai~er Any farbea~ance 6y i.ender in exercising any right or remedy he~under, or
alhcrwise aftor~d by applicable law, shall not be a waiver of or proclode the exercise of any such ri~t or remedy:
The procurcment of inaunna or the pr~ym~nt of taxes or other lieos or charaes by I-eode~ s1~afl not be a waiver of I.ender'a
right to acoekrate the maturity of the indebtedness sccured hy this Mortaage.
1i Re~e~ks ~wMWba Afl rtmediat pmvided in this Mortgaae are distinct and cumulative to any other ri~ht or
nmedy under this Mortgage or alforded by law or equity, and may ba eaercised concurrentiy, indcpendentty or suoassivety
13. 3~cces~ors aei Asi~~s io~~ 7oit asd Sercral i.ia6iiy; Csple~s. The covenants and agreernents herc.in
oontained shall bind, and the rights he~eunder shall inure to. the respective ~rs and assigns of Lender and Bomower,
subject to the provisions of paraanph 17 hereof. All rnvenants and agrcements of Borrower shall be jant and several- -
Tt~ captiau and headengs of the paragraphs of this Mortgagi arc for convenience only. and are not to be used to
interpret or define the provisiora heroof. ~ -
14. Notiea Bxoept for any notice roquired under applicabk law to be given in snothet manner, (a) any notice to
Borrowe~ provided for in this Mortgage shal) be givrn by mailing such notioe by cenified mail addressed to Borrower at .
the Pmpetty Address or at such dher addt+ess as Borrower may designate by notioe to T.ender as provided herein. and
(b) any notice to i.ender shalf be giva~ by certified mail. tdum roceipt requested. to i.ender's addraes stated hercin or to
such other addras as Lender maY designate by ootice to Borrower as providod her+ein. Any not+ce pmvided for in this
Mortgag~e shall be detmod to have been given to Borrower or Lender wha~ given in the manner designated herein.
1S. Urifor~ Morip~~ Go~~g Law; Serera6iGf7. 'il~is form of mongage combina uniform oopeoants for national
use and nost-unifocm covensnts with limited variations by jurisdiction to cor~atitute a uniform security instrument oov~ering
rral Property. Th~ Mortgage ahall be governed b}? the law of the jurisdiction in vrhich the Propecty is located_ In the
eveot that any prnvision or clauss of this Mortgage or the Note ~or~flicts with applicable law, such oonflict sha11 not atfed
other provisions of this Matgage or the Note which can be given effect without the c~nAicting pr+nvision. aad to this
~ end the pmvitiona of the Mortgage and the Note are declared to be severable.
lf` sorrawu's Cor~. Borrower shall be furnislud a confonned copy of the Note and of this Mortgage at the time
of eacocution or after rooordation hereof.
1?. T'rarfer of t4 Tro~t~: Aa~o~. If all or any part of the Property or an interest therein is sold or tn.nsferred
by Borrower without Lende~s ptior written conscnt, excluding (a1 the cratia~ of a lien or eacumbrance mhord~nate to
this Mortgage. (b) the creation of a pur+ch~e mauy securiry interat for household applianoes, (c) a transfer by devi~e,
~ descent. or by openiion of law upon the death of a joint tenant or the Srant of any kasehnld interest of th~oe years or less
not conhining an option to purehs+ee. I.ender m~y, at Lender
s option. doclue all the sums accured by this MoRgage to be
immediately due and payabk. Lender shall have waived such option to aooekrate if. prior to the sak os transfer. Lender
~ and the peraon to whom the Property is to be sold or transferned ~ach agreeme~t in writing that the credit of such pe~son
is satisiactory to Lender aad that the intercst payabk on the-sums socurcd by this Martgage shall be at such rate as Lender
sha[t roq~xst. if L:ender h~s ws~ived the option to aocekrate pravidod in this paragraph l7. ar~d if Borrower's successor in
intercst hu exxuted a writtrn anwnption agraement a~ooepted ia writi~ 6y [.ender. [.a~der shall selease Borrower from dl
obtigatia~s under tbis Mortgage and tbe Note. .
If Lender exucises such option to scoekrate, L.ender shall mail Borrower notice of uxekration in accordance with
pazagriph 14 ha+eof. Such notioe shal{ provide a period of not less lhan 30 days from ihe date tfie notice is maited within ~
?vhich Bornower may pay the sums declared due. If Borrower fails to Qay such sums prioc to the eapiration of such period, ~
[~nder may. without further notice or danand on Borrower, invoke any remedies permitted by paragraph 18 htreof• ~
~ . ~
Nox-Uxt~M Covex~rrrs. Borrower and i.endu funher coveoant and a~ree as folla~vs: :
~ lE. Aecderatio~ 1ta~e~ F~ree~t s N'u~Yei i~ para~rslb 17 rei+~ot, ,~o~ ~ar.ower~s brea~c~ a[ a.y co.e.a~ ~ °
p ;ree~eat of >en+~re~ i~ ti~ Mo~tP6e, be~ii~ ttie a~ores~b to ~ wbn i~e aw~? sw~s see~rei by !N~ Morlta~e, I.e~r ~
~ pbr b accelaalio..rai.ai.Mke a sor.o..er a. ~.o.MN l~ pra~,ea~Y ls tia~eot s~eat~ U) ue 6RSer; (2) tie aetlo.
~ r~a~ te erre wc~ beeaek t~ a i~e, ~at Ws ~ 3! iqs tn~ t~e i~6e tre Mtiee 4~aiei to DKrower,lr~ wl~id~ wcr ~
; 6nae6 ~rt 4e e~+e~ si ~st tailsre ~s c~re s~ci weac~ o~ or be~ere tre iah s~eeliei i tre ~ofiee ~ ~es~t L
~ sadarWo~ ot 16e s~r iec~nci i~ tl~b Maip~e, for~c~owre b 1~ N'~L a~i sale et tl~e ho~ert~. 7tie ~otioe
; sraY trulrer iifor~ >o+mara d tre ri~t to ~eirta~le aNe~ aetdaatie~ a~i tl~e ri~t t~ a~e*t i~ ttie toreeloare woaYSi~
~ tLe ~oae:i~tesoe d a ieia~it or aiq ather ide~se at io~rowe~ ~a aa~a~ si foeedowiee. If tre 6~eaci 4 Mt ct~ei as
or berae ttie a.le.~eeMei r. u~e ~wfke, I~ier at Lesia': o~io. ~ desi~+e a~ or ~e,.r,ec~rei b n~r M~ a be
~ 6e a~tl~ei ta coWet i s~ }neeeii~ a1 ~s~ea~a d toreeia~e. ~ i~t rt ~Yei rea~sMYe alt~stys ha,
a~i ~oA~ ~t iaeae~? e+~Me~or. airtrser ari tt~e ~1~. -
1! lererw~a~'~ l~it 1~ 1tei~te. Nutwithstamiina [.ender's acoden~tion of the wnts sxured by? ~ this 1Koctpae.
Borto~rer s1iaU bave the riaht w have any pmoeedinE~ beaun bY I.e~da to eaforoe this Mortp~t di~ca~tiaued at aay tirne
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