HomeMy WebLinkAbout0749 Lender's written agceemont cx appij~i~ taw. Bors~r shall pay the am~wnt o[ all mortgage insurance pnmiums in the
manner provided under paragraph 2 heroot.
Any amounts disbursed by t.ende~ pursuant to ~his paragraph 7, wi~h interest thereon, shall bccome additional
inJebtedness a( Borrowcr secuted hy this Mortgage. Unletc Ba~rowe~ and I.enJer agtec to othc~ terms of payment. such
amou~ts shail be payabk upan nolicc from t.ender ta Bormw~r rcquesting payment thereof, and shalt bea~ intercst fmm the
date of disbu~semeot at the rate payable from time to time c~n oulstanding principal under {he Note unlas payment of
interest at such rate would be contranr to applicable law, in which event such amounts shall besr intt~est at the highest rate
permissibk u~der applicabk law. Nathing ccmtained in ihis parag~aph 7 shall rcquire l.end~~ tp inc4[ any expense o~ take
any actio~ hercundcr. ~ • , , ,
6. 1~ctioa. i.ender may make or cause ta he made reasc~nabk eMries upon and inspections of~the Property. pmvided
Ihat 1_ender shall give Borrowe~ nMice prior t~ any such inspectic~n specitying reasanabk cause therefor related to Leode~'s
interest in !he Property.
9. Coodemaation. The prc~ccedc of any award o~ claim for damages, direct ar co~sequentisl, in connectio~ with any
condemnation or other takin~ of the Propeny, or part therrnf, ar for conveyance in lieµof condeRleation, are hereby usigned
and shall be paid to l.eoder. ~
in the event of a total taking af thc Pmperty, the prcxecds ~hall bc applieJ to ihe sums secured by this Mortgage,
with the excess, if any, paid to Bo~rower. In thc cvcnt af a partial taking of the Properry, unless Borrowtr and i.ender
othenvise agree in writinR. there shall be applied to the cums securcd b~ this Mongage such proportion of the pmceedc
as is equa) to that proportion which the amount of ~ ~he sumc secured hy this Martgage immediately prior to the date of
taking bears to the fair market va1tK of the Praperty immediately prior to the date af taking, with ti~e balance of the proceeds
paid to Borrower.
if the Fropeny is al>andoneci by Borrower. or if. after notice hy l.ender to Bormwer that the condemnor ofters to make
an aw~rd or setQe a claim for damagc~. Borrower fail. t~~ res~nd to 1_ender within 30 days after the date such nMice is
mniled. Len~ler i~ authorized to collect and apply ~he procceds, at (.ende~ c option, either to restoration or rzpair of tht
Property or to the sums cccured by this Martgaec.
Unlesc !_ender and Borrower otherw~ice agree in w~it~ne. any such application of proceeds to principal shall not extend
or postpc~ne the due date of the~monthly installments rcferrcd to in paragraphs 1 and 2 hereof or change the amount of
cucT~ installments.
IR. Borrower Not Rtleaxd. Fxtens+on of the time for payment or mcxlification of amortization of the sums secured
by this MaARage granted by I.ender to any ~uccessor in intereci of Bonov?~er shall not o~?erate to releax, in any manner.
the liability of the origina) Borrower and ~rrower'~ succesu~rc in interest_ l.ender shall not be required to commence
pnxrr~ings against cuch successor or refu~e t~ ertenJ time for payment or otheru~ice mc~dify amortizabon of thr ~ums
secured by this Martgage hy r~eacon o! an~• demand made bp the orieinal Borrower and Borrower s succecsors in imerect.
11. Forbearance by I.ender No! a Wai.•er. An~ f~rhearancc h~• l.ender in exercising any right or remedy hereunder, or
othenvise atTorded by applicable law_ shall n~t he a waiver of or preclude ihe eiercise ot an~ such right or remedy.
The procurement of insurance or tf~e payment of tares or other liens or charges by i_ender shall not be a waiver of I.ender s
right to accelerale the maturity of the indebtednets cerured hy thic Mortgage.
12. Remedies Comulathe. All remeciies provided in thic Mortgage are distinct and cumulative to any other right or
remedy imder this Mortgage or afforded hy law or equi~y. anJ may he exercised concurremly. independently or successively.
' 13. Snccessors and A~as Bound:.,loint and Se~•eral i.iabil~ty; Capfbns. The covenants and agreements herein
contained shal! bind, and the ri~hts henunder shall inure to. the respective succecsor~ and acsigns of [.ender apd Borrower.
subject to thc provisions of paragraph 17 hereof. All covenants aruf agreements of Borrov?-er shall be join~ and ceveral.
The captions and headings of the paraeraphe of thic Mortgage are for conveaience only and are not to he used to
interpret or define the provisionc ~erec~f. .
14. Notice. Except for any notice rcyuired undcr applicable law to be given in another manner. (al any notice to
Borrower provided for in this Mortgaee chal) he given h}• mailing such notice by certified mail addressed to Bormwer at
the Property Addrecs or at cuch other addrec. as Borrc~wer may designate by notice to i.ende~ as provided herein. and
(h) am~ notice ta Lender shall he given hy certified mail, return receipt requested. to l.enders addrest stated hercin or to
such olher address as Lender ma}• de~i¢nate hy n~tice to Borrower as provided herein. Any notice pmvided for in this
Mortgaee shall be deemed to ha~c becn en•en to B~rrnw•er or l.cnder when given in the manner designated herein_
1S. Uniform MortRa~e; GoverninR LaN; Severa~ility. This form of mortgage combines uniform covenants for national
use and non-uniform covenantc with limited variationc h~• jurisdiction to constitute a uniform security instrument covering
real property. This Martgage shall he govcrned hv ~he law of the juriufiction in which the Property is located. In the
event that any provision or clau~e of thic 1?tort~aee ~~r the N~~te conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or ~he N~~tr wh~ch can t?e given efTect withc>u! the eonflicting pmvision, and ro this
end the provisions of the Mortgagc and the Note arc dcclared to he severable.
~ 16. Borrower's Copy. Borrovrer shall tk furni.heJ a cc•nformed copy oi the Note and of this MortRage at the time
of execution or after recordation hereof_ ~
17. Transfer of fhe Propert~; Ascumption. If 3F1 or any part of the Prnperty or an interest therein is sold or transferred
by Borrower without Ixnder's prior writ~rn ronunt. c~cluding (a) the creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creat~on of a purch~k m~~nr~• .ec~eritv interest for household appliances, fe) a transfer h~• devise.
descent or by operation of law~ upon the dcath of a j~~~nt tenant or (d~ the grant of any leasehold interest of thrce ~•cars or less
not containing an option to purchase. Lender may. at l.ender's option, dedare all the sums secured by this Mortgage to be
immediately due and payable. t.ender shall ha~•e ~~i~~cd such option ~o accelerate if, prior tu the sale or transfer. Lender
and the person to whom the Property i~ t~~ be :ol~ or transferred reach agreement in writing that the credit of such perzon
is satisfacrory to Lender and th~t the intere~t pa~•able on the sums secured by this Mortgage sha11 be at such rate a~ l.ender
shali request. if I.ender has waived the option to accelerate pravided in this paragraph 17, and if Borrower's successor in
interest has executed a written assump~ion agreement accepted in writing by t.ender, [.ender shal) releace Borrower from all
obligations under this Mortgage and the Note.
If Lender exercises such option to acceierale. I.ender chall mail Borrower notire of acceleration in accordancr ~~h
paragraph 14 hereof. Such notice chall provide a pericxi of not less than 30 days from the date the notice is maiMd wi~hin
which Borrower may pay the sums declared due. Borrower fails to pay such sums prior to the expiration of wch period.
Ixnder may. without further notice or dcmand on Norrower, invoke any remedies permitted hy paragraph 1R hereof.
Nort-UN~FORtN CoveN~tH-rs. Borrower and Lender furiher covenant and agrce as follows:
18. Accekn~tbn; Remedies. E:cept as pmvidcd in pa~nph 17 hereof. apoo Eorrower's bresch of any coreaant or
agrecment of Borrower io t6is Mortgaae. includir~ the corenaots to pay whea due sny snms secured by this Mort~age. I.ender
prior to acctkratbo shdi maii aotice to Qorrower as provided in psra~rspb l4 hereof specK~: (1) tbe breach: (21 tl~e action
reqaind to core sucb brescb; (3) a date, not le~ than 30 dars irom the date the notice b mailed to dorrower. by whkh sucb
bresch mmt be cared: sad (0) tlwt failnrc to cure sach breacb on or before tht date speci6ed iA fhe notict msy rrsult in
acceiersfion ot ebe s.ms scrond by ~hk Mort~a~e. fo~ecbsun by jndicid Proeee~in~ aed ssle of fbe Property. 'Il~e notice
shaU further inform ~ror.er of the right to rciastate sftes sccekntion and tbe riabt to as~ert ia the foreclosure proceediu~
tLe oop-existence o! s defsuN or aay other defense of Borrower to accckrafion and forecbwre. If the breacb is aot cured on ~
or before the date speeified ia the notice. Leeder at [.rnder's optan may declue all ot the snn~s secared by thk Mort~a~e b be
immediately due aad paysWe without fuAher demsnd and may forecbse thFs MorlSa`t br jndicial proctedin~. i.ender chall
6e eotitted to coltect fn snc6 preceedin6 aN e~penses r,f foreclosuro, includin~, bnt oot Ijmited to. reasonabk att~xney's fees,
snd costs of docameotary evidence, abstrscts and titk reports.
19. dorrower's Ri~bt to Reiastate. Notwithstanding l.ender's acceleration of the sums sccurcd by t~~s M~rtgage,
Borrower shal) have the right to have any proceeding~ hc~un ~y l.endtr to enforce this Mortgage discontioued at an}• time
z0~~ 292 FA~~ 749 ;
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