HomeMy WebLinkAbout0281 l.ender's written agrc~ment o~ applicable IaH. liorn~Htr shaii p~y ~hr am.nint uf aU morlgaA~ in,uranrr premiunu in the
manner pruvidcd under paragraph ? hereof.
Any amoi~nts disbutsed by l.cnJcr punuant to this pa~egr;~ph 7, w ~th uurrest thereon, shall bax?me additionaf
indebtednes~ of BorroHCr securrd b}~ thit Llurtgage. t!nlecc Borruwer and I en~ler agree to other terms QY payment, cuch
amounts shall hc pa~~ahlc u~~n notice from I.r~der to Rorr~~wrr reyuc~tin~ {~apmcnt thereof, an~! shail Fxar intcrest from the
date of dicbursement at the ratr p~pahle from time to time on outstanding principal under the Note unlecs payment of
interest at such rate would he comra~~~ to applirable law. in which event ~uch amounts shall bear interest at the highest rate
permissible under applicable law•. I~othing amtained in thi~ paragraph 7 shaU require [.ender to incur any expense or take
any action hereunder. '
8. Inspectioa. [.cnder ma}• make ur cai~sc to be maJe rca4onahlc entriec upon and inipection~ of thc Propeny, pruvided
that I.ender shap give $orrower notice prior to anp such i~s~ction cpecif~•ing reasonable cause therefor related to [.ender's
interest in the Property.
9. Condemnntan. The pre~eeedc of any aKard rn claim for dama~es, direei ~~r roncequential, in ec~nneclion with an)
co~demnatian or other taking of the Pr~~perty. or part thereof, or far com~eyance in lieu of condemnation, are hercby assigned
and shall bc paid ta I_ender.
In the event of a total taki~g of the ProFxrty, the ~ro~eeds chall he applied to the eums secared by thic Mortgage.
a•ith thc ercess, if any, paid to Borrr~rer. In the event uf a partial taking of thc Properry, imless Borraw•er and i.enJer
othera~ice agree iR K~ritir.g. there shall tx: applied t~~ the ~umc ~ecured h~• thic ;~lortgage sueh propc~rtion of the proceeds
as is equal to that pro~nion ~~hich thr am.~unt of the sumc ticcured by this \t~~rtgage immediatet~• prior to the date of
taking bears to the fair market value of the Propert~• immcdiateh~ prior to the ~late of taking, a•ith the balance nF the proceeds
paid to Borrowcc.
if the Propert~~ is ahandoned by B~~rmw•er. or if, after natice M~ Lender to Borrower that the condemnor ofFers to make
an a~~ard or settle a claim for damaces. Bormw•er fail~ to rr~pnnd t~ l.ender ~•+thin 30 da~•s after the dare s?ich notice is
mailed, Lender is authorized to collect and apply the prc?ceeds. at I.ender's option. either to restoration or repair of the
Property or ro the sums secured b~• this Atorteage.
Unless I_ender and Borru~~er otherwise agree in Hritine, an~~ such application of proceeds to principal shall not extend
or postpone the due date of the monthl}~ installmrnu referrcd to in paragraphs I and 2 hereaf or change the amoe~nt of
such installments.
10. Borrower Not Releesed. Fxtension of ~he time for pa}•ment or modification of amortization of the sums secured
by this Mortgage granted by I_ender to am~ ~uccessor in interest of Borrow~er shaq not operate to release, in any manner,
ihe liabilit~• .~f the oriqinal Borrower and Borrow~er'c succes~orc in interest.~ T_ender shail not he teqetired to commence
proceedings against such successor or refuse to ertend time for payment or otherw•ice mcxlify amortization of !he sums
secured br thic 4tortgage hy reason ~~f .~m• demand made b}~ the ~ri¢inal Borr<~wer and Borrower's st~ccessorc in interest.
11. Forbearance by I.ender :~ot a V1'ai~~er. Am• forhearance b~• I.cnder in e~ercising :~m• right or remedy hereundcr, or
otherwise afTorded b}• applicaMe law, shali n~~t be a waiver of ~r preciude the exercise of am• si~ch right or remed~~.
The procurement of insurance or the payment of taxec or other liens or charges b~~ I_ender shall not be a Haiver of I.ender's •
right to accelerate the maturiry of the indebtedness secured hy thit Mortgage.
12. Remedies Cumulative. Ail remedies pm~•ided in this rtortgage are distinct and cumulative to an}• other right or
remed~• under this Mortgage or afforded b~~ law or equity, and ma~• be exercised concurrentiy, endependentl~~ or successivel~~.
13. Successon and Assigns Bound: Joint and Se~e~l l.iabilih•: Captions. The co~~enants and agrcements herein
contained shaA bind, and the riRhts hereunder shall inure to. the respecti~•e Successors and assigns of E_ender and Bormwer.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Sorrow•er shail be jaint and several.
The captiuns and headings of the paragrapf~s ~.f this htor~gage are for convenience onl~~ and are n~t to be used to
interpret or define the pro~•i~iona hereof.
l4. ?~otice. Except for any notice required under applicable lau• to be eiven in another manner, (al any notice ta
~ Borrower provided for in this titortga¢e shall he eiven M~ mailin¢ wch notice by certified mail addresced to Borrower at
; the Property Address or at such other addresa as Bc.rrouer n~a~• de~iena~e b~• noeice to I_ender as prm~ided herein. and
; (hl any notice to Ceneler shal! be ei~•en M~ certified mail. retum receipt requested. to I.ender's addrecs stated herein or to
~ such other address as Lender ma~ dcsignate bc notice t~• Borruwer as prrn•ided herein. An}• notice provided for in thic
i Mortgage shall be deemed to ha~~e tx:en giacn to Borrower er l.ender wi~en given in the manner designated herein.
IS.. Uniform l~iort~age; Covernin~ t.aw•; Se~~erabititt•. This form of mortgage comhines uniform covenants for national
; use and non-uniforrn covenanis w•ith limitrd ~ariations h}• jurisdiction to constitute a unifortn sec.irit}~ instrument co~~ering
' ~ real property. This !1lortgage shall be ¢o~'erned h~~ the law of the jurisdiction in w•hich the Propert}• i: Icx;ated. In the
event that any provision or clauce of thic !ltortgag~ .~r the'.~ote rnnflicts Nith applicable fau•, such conflict shall not affect
other provisions of this hfortgage or the N„t~ ahich rao be given effect uithout the confti;ting pro~'ision. and to this
end the pro~•isions of the ~lortgage and the \c•te arr .teclared m hc se~~erable.
16. Borrowe~'s Cop~•. Borruaer shal{ be furni:hed :i conformed copy of the Note and of t6is ~lorteage at [he time
of e~ecution or after recordation hereof.
17. Transfer of fbe Property: Assumption. If aN or am• part ~f the Propert~• or an interest thcrein is sold or transferred
; by Borrow•er w~ithout I_ender's prior uritten consent, e~ciuding ~ai the crration of a lien or encumbrance sutwrdinate to
this ~lortgage. (bl the creation of a purchase mone~• ~ecurit~- mterest for heusehotd appliances. (cl a transfer b}~ devise.
descent or by operation of lau~ upon the death c+f a i~int tenant or (di the ¢rant ~f an}~ leaseho]d interest ~f three }ears or less
not containing an option to purchase. Lender may. at Lender'c nption. deelare atl the sums secured b}• this '~lortgage to be
immediately due and payahle I.ender chali ha~•e «ai~~ed such option to accelerate if. prior to the tiale or transfer. I_enJer
and the person to whom the Propert}• is to be sold ar transferred reach aKreement in w~riting that the credit of such person
E is satisfacton• to 1_ender and that the interest pa~~able on the sum~ secured M• this ~lorteage shall be at such rate as I_ender
; shalt request. if 1_ender has waived the option to accelerate pro~•ided i~ this paraeraph 17. and if Borrower's suceessor in
interest hac executed a w•ritten assumption agreement accepted in H•riting by [_ender. I.ender shall release Borrow~er from all
obligations unJer this Mortgage and the Note.
i[ I_ender exercises such option to acceterare. i.en;ier ~hail mail $orrower notice of acceleratian in accordance with
paragraph 14 hereof. Such notice ~hal1 provide a period of not lest than 30 da}•s from the date the notice is mailed within
which Borrow•er may pa~• the sums declared due. If Borro~er fails to pa}~ such~ sums prior t~ ihe expiration of ~uch period.
i Lender ma~•. ~~•ithout funher notice ~r demand on R~rr~~Her. ~m~kc am rcmedies ~ermitted h}~ paragraph 1R hereof.
Nox-UxtFOx~?i Coverr~~TS. Borrow~er and Lender further co~~enant and agree as follows:
l8. Acceieration; Remedies. Except as provided in parag~aph 17 hereof. upon Borrower's breach of any covenant or
agreement of Borrower in this Mortgage. includin~ the co~•enants to pay when dae any sums secored by this Mortgage~ Lender
prior to acceleratioo shall mail notice to Borrow•er as pros•ided in paragraph 14 hereof specif~ing: (1) tht breach: (2) tht action
reqnired to cure such brcach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower, by which suc6
bnach mnst be cured; and (4) that faiiure to cure such breach on or before the date specified in the ootice may restilt in
acceleration oE tbe sums secured by this Morigage. toreclosure by judicisl proceeding pnd sale ot the Property. 'ILt nMice
shall furt6er inform Bormwer of the right to reinstate ~fter acceleration and the right to asuri in the foreclos4re proceeding
the noa-existence of a default or any other defcnse of Borrower to acceleration and foreclosure. If the breach is not cured on
or before the date spccified in the notice, Lender at Lender's option may declare all of the sums secured by thic Mortgage to be
immediately due and payable without furiher demand and may forectose this Mortga~e by jud'ecial pmceeding. Lender shall
be eotiUed to cotlect in snch proceeding all exper+ses of foreclosure. including, but not limited to, reaconable attomey's fees,
and costs of docetnentary evidence, abstracts aod tit{e reports.
l9. Borrower's Right to Reinstate. Notwithstanding I_ender'c acceleration of the sums secured by this Mortgage.
Bor~ower shall have the right ta have an}• proceedings hegun by Lender to enforce this Mortgage discontinued at any time ~
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