HomeMy WebLinkAbout0719 Lendc~'s writte~ agrcement or applicabk M~?. Borrnwcr` ~1, pay the unount ot al! mortgage insurance pnmiums in the
manncr pravided unde~ pa~ag~aph 2 he~oEi~ ~ '
Any amou~ts disburud by [.en~k~ pursuant to ~his parag~aph 7, wiih inlerest thereon, shall become additional
indebtedt~ess of Borrower securcd by Ihis Mongage. Unkcs Borrower aod I.enJer aaroe ~o ptiw leRns of paymeot, such
amounts shatl be payabk u~n notice from I.ender to Barrowrr roquesting payment therea/. and shal) bear iote?at fmm tht
date of disbursement at ~he nte payahlc trom time ta ~ime on outstanding principal under the Note unksx payma~t ot
inlercst at such rate would be contnry la applicabk law, in which event such amcwnts shall l~ear interest al the highest rate
pe?missibk under applicabk law. Notl~ing ccuuained io this pa~agraph 7 shall rcquire Gende~ to incur any expense or take
any action hereunder. ,
S. laspectio~. 1_ender may make or cause ta be made reaconabk entries upoA a~d inspoctions of the •PropeRy. provided
that l.ender shall give Borrawe~ nc~ti~~e prinr to any such inspectian specitying reasonabk cause therefor related to I.ender's
interest in thc Propcny.
9. Coodemaatbn. The prc~ceedc of a~y award or claim for damages, d'erect ar conuquential, in connection with any
cundemnation or other taking of Ihe Praperty, ar pa~t tl~ercof, or far canveyance in litu of condemaation, are he~+eby assigned
and shall be paid ta I.ender. .
In the event of a tatal taking of the Pmperly. 1he prcxceds chall hc applied to ~he sums secuocd by this Martgage,
with the excess, if any, paid to Borrower. In thc cvent of a partial taking af the Property. unless Bornower a~d I.e~der
otherwise agrce in writing, there shall tn applied to the sums secured b~ this Mortgage such proportion of the procoeds
as is equal to that p~oportion v?~hich the amount of Ihe sumc secured by this Mortgage immcdiately prior to the date of
taki~g bears to the fair mark~t value of the Pmpcr~y immediately p~ior to the Jate af taking, with the balance of the pnoceeds
paid to Borrower.
If the Property is abandoncJ by Borrower. or if. after noticc bv l.endcr ta Bormwer that the condemnor offers to make
an award or settle a claim for damagcs, Borr~wer fail. to res~nd to l_ender within 30 days after the date such notice is
mailed. Lender i~ authorized to collect and appty ~he prc~cecds, at I.enderc option, either to rcstoration or r+epair of the
Property or to the sums secured by this I?lortgaLee.
Unlesc I.ender and Borrower othen~vi~e agree in Writ~ng, any xuch application of proceeds to principal shall not extend
or pc~stpone the due date af the mon~hly iostallmcnts referred ta in paragraph~ 1 and 2 hereof or change the amount of
such installments. .
l0. Berrower Not Rekased. Extensic~n of the time (or payment or modification of amortization of the sums securcd
by this Mortgage granted by i.ender to any ~uccecsor in interect of Borrow~er ~hall not operate ta releas~, in any manner,
the liability of the original Borcower and B~~rrower's successors in interest. Cender shalf not be required to rnmmence
proceedings against s~HCh successor ar refuce to erteRd time for paymen! or aherw~ise mcxiify amortizahon of thr wms
secured by this Mortgage by reason of any demand made b)~ the ariQinal Bormwer and Borrower
s successors in interect.
11. Forbearance by I.endtr Nof a Waive~. Any fc•rhearance by I.ender in e~cercicing aoy right or.remedy hereunder, or
otherwise af~orded by applicable law. shall not he a waiver of or preclude 1he exercise of any su¢h right ar remedy.
The procurement of irrsurance or the payment of taYCS or other liens or charges by I_ender shall not be a waiver of Lender's
right to accelerate the maturity of the indebtcdnecs cecured hy thic Mortgage.
l2. Remedks Cnmolafi~e. All remedies provided in this Mortgage are distinct and cumulative to any o~her right or
remedy undtr this Martgage or afforded hy law or equity, and may be exercised concurrently, independently or si~ccessively.
13. Saceeswrs ared AssiRes Bo~~nd; ,Joi~t and Several ~.iability; Csptbas. The covenants and agreements herein
contained shall bind, a~d the rights hen:under shall inure to. the respective successors and assigns of i_ender at~d Borrower.
subject to the provisionc of paragraph 17 hereof. All covenants and agreements of Borrower shall be join~ and several.
The captions and headingx of the paragraphs of this Martgage are for convenience only and are not to be used to
interprei or de6ne the provisions hereof.
14. Ndice. Except for any notice reyuired under applicable law to be given in another manner. (a) any notice to
Borrower provided for in this Mortgaee shall be given by mailing such notice by certified mail addrcssed to Barrow-er at
the Property Address or at such .Nhcr addres~ as Borrower ma~~ designatc by notice to i.ender as provided herein. and
(b) any notice ro Lender shall he gi~~cn by certificd mail. return receipt requested. to l.ender s addresS stated herein or to
cuch other address as Lender may decignate b}• nntice to Borrower as provided herein. Any notice provided for in this
11~ortgage shall be deemed to havc hecn gi~rn to Bc~rr~K~er ar [_cnder when given in ihe manner designated herein.
IS. Uniform Mo~i~s~e; Governin~ taw•: Sererabilify. This form of mortgage combines ~miform covenants for national
use and non-uniform covenant~ with limited ~~ariations h~• jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall be governed hv the law• of the jurisdiction in which the Property is located. In the
event that any provision or clauce of thic Mongaee ~r the thote canfiicts with applicable law, such conflict shal! not affed
other provisions of this Morigage or the N~~tr which can be given eBect wi~hout the conflicting provi~ion, and to ihis
end the provisions of the Mortgage and the Votc arc ~Icclared to he sevtrable_
16. Borrov~er's Copy. Borrower ~hall ix; furni~hed a contormed copy ot the Note and of this Mortgage at the time
of execution or afler recordation hereof.
17. Truasfer of the Propertr; Acsumption. If all or any part of the Property or an interest therein is sold or transferred
by Borrower without I.ender's prior vvrittcn cun~ent, e~cluding Ial the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creat~on of a purchacc mi~ne~• cecurit}~ interest for household applianees, (ei a transfer hy devise,
descent or by operation of taw• upon the dcath of a j~•int tenant or (dl the grant of any leasehold intertst of thrcc ycars or less
not containing an option to purchase. I_ender may, at l_ender'ti option, declare all the sums secured by this Mortgage to be
immediately due and payable. I_ender shall ha~e aai~•ed such option to accelerate if, prior to the sale or transfer. I.ender
and the person to whom the Property i~ to be :ol~l or transferrcd reach agrcement in writing that the credit of such person
is satisfactory to Lender aad that the intcrr~t pa~•able on the sums secared by this Mortgage shall be at such rate aa l.ender
sha11 request. if I.ender has waived the option to acceler:~te provided in this paragraph 17, and if Borrowers successor in
interest has exeeuted a written assumption agreement accepted in writing by I.ender, Lender shall release Borrower from all
obligations under ihis Mortgage and the Note.
If Lender exercises such option to accelerate. !_ender shal! mail Borrow•ct notice of acceleration in accordanc~ i~h
paragraph 14 hereof. Such notice shall pravide a period af not less than 30 days trom the date the notice is mailed within
which Borrower may pay the sums declared diie. If Borrower fails to pay such sums prior to the expiration of wch period,
I.ender may, without further ~o~ice or demand on Bc~r~ower, invoke any remedies permitted by paragraph IR herec~f.
Norr-UN~FORM CoveN~xTS. Borrower and Lender further covenant and agree u foUows:
I8. Accekntioa; Remedia. E:cept as providcd in p~ra~rap6 19 hercof. opon Eorrowers breach of asy covtaant or
agrecmeot of Borrower in t6is Morfaage~ includir~ the co~enants to pay when due any soms secored by thk 1?~ortgsRe. I.ender
prior to accekntion sbal! msjl notke to aorrower as provfdcd in pangraph 14 hereof speciEyios: (1) tAe breacb: (21 the action
required to core wc6 bresc6; (3) a date, not less than 30 days fwm t6e date the eotke b eaFled to Sorrnwer. br which such
breach mmt be cored; aod (4) that fdlere lo cnre sach breach on or 6efore the date specified io thr notke may result ie
accek~tfon of tbe soms sccared by ihis Mort6a~e. to~rclosure by jadicial proceedlna sod sals of tbc Property. 77~e notke
shW further isform Bormwer of tbe ri~bt to rei~tate after sccckraibn and the rig6t b~e~t ia tl~e fortcbsurc pruceediss
iLe oon-e:~stence of a detaulf o~ aay other defense of Eorrower to accekration and foreclowre. /f the breach is not cered on
or betore the dste speciGed ia t6t notice. Lender ~t i.ende~'s optiopintay dechrs a11 of N~e sna~ secttr~ed by tbis Mort~a~e to be
immediatdy due and payaMe withont fnrtber dem~nd ~ad msy /oreclo6e thk Mort~a~e by jodiciN proceedioR. Lender chall
be tatitled to callect in sec6 proceedina afl e:penses oi forcclosure, iacludin~. bnt not ii~ted to. reasoaabk atturnrv's fees.
sod costs of docnmeotary erideoce, abstracts snd titk repoKs. ~
19. aomur?er's RI6ht lo Rei~tate. Notwithstandin~ (.ender's acceleration of the sums secnrcd by th~s M~rtgage,
Borrower shalt have the right to have any proce~:d~ngs begun hy l.ender to enforce this Mortgage discontinued at any time
~ ?:rkK ~92 PAGE / ~9
v~ j _ . . . . ~~_f
y~~ ~-`~-P•`~~+9"~ ~ ~ ~ I ~TF~ ~
~~~~~~,~'`3~NkP • ~x. „4~Y"Y 5~
r ~ . F~.ed ~ ;;~C~~
~~a.f. . x,~ .
x y~'.~ -a~ ' _
~.~Sr~ `~r~'~~~,r~~'~'~` y ` y ~ ~
~ ~ ` '`~S" r`"."~~
z