HomeMy WebLinkAbout0013 l.ender's written agrcement o~ applicabtc law. Horrawer shall pay thc amuunt of all mongage i~surancc prcmiums in the
, manner provided under pa~ag~aph 2 hereof.
Any amounts disbursed by I_ender pursuant to this parag~aph 7, with interest thereon, shall bccome additional
inJebtedness of Borrower securcd by this Mort~dge. Unlees aorr~wer anJ l.enJer agrce to other terms of payment, such
amounts shall be payable upoo noticc from l.cnder to Borrowrr requesting payment thereut, and shal) bea~ intcrest from the
date of disbursement at tht rate payahlc from time to time on outstanding principal under the Notc unless payment of
intercst at such rate would be contrary to applicable law, in which event such amaunts shall bear i~terest at the highest rate
permiuiblt undcr applicable law. Nothing conlained in Ihis paragraph 7 shall require I.cndcr to incur any ~xpenu or take
any action hcreunder. •
8• laspecHon. I.ender may make or cause to be made reasonable entriec u~~ and inspections of the Propeny, pravided
that I_e~der shall give Borrower notice prior to any such inspectian ~pecifying reasonable cae~se therefnr relaled to I_ende~'s
;nterest in the Property. ~
9. Condemnatbn. The proceedc of any a~~ard or claim for damages, direc~ or con~equential, in connection with any
condemnation or other taking of Ihe Property, or part thereof, or for conveyance in lieu of condemnation, are hereby astigned
and shall be paid to l.ender.
In the event of a total taking af the Property, thc, pnxceds shall he applicd to the sums secured by thi~ Mortgage.
with the exce~s, if any, paid to Borrower. in thc evcnt of a partial taking of the Propcrty, unlcsc $orrov?er and I.ender
otherwice agree ~n writinR. ihere shall be apptied to the sums securcd by thi~ Martgage cuch proportian of ihe proceeds
as is equal to ihat proportion which the amount of the sums sccured by this Mortgagc immediately prior to the date of
taking bean to the fair market value of the Propeny immediately prior to the date of taking, with the balance of the pmceedc
paid ta Bo~rowcr.
ff the Property is abandaned by Borrower, or if. after ootice hy l.cndcr to Bormwer tha! the condemnor otfers to make
an award or setfle a claim far damages, Borrower fails to respo~d to l.ender within 30 days after the date such notice is
mailed, Ixnder is authorized to collect and apply the prnceeds, at 1.ender'~ optinn, either to restoration or repair of t~?e
Propen}~ or to the' sums secured by this MortgaEte.
Unless t.ender and Borrow•er otherwise agree in w riting, any such application of proceeds to principal shall nat extend
or postpone the due date of the monthly installmcnts referrcd to in paragraphs 1 and 2 hereof ar change thc amount of
such installments. ,
l0. Borrow!r No1 RekaSed. fi~tension of tho time for payment or modification of amortization of the sums secured
hy this MortRage granted by i.ender t~ any c~cceswr in interect of Borrowcr xhall not operate to rclease. in any manner,
the liabilily of the ~riginal Borrow~er aod Borrower'~ surces~ora in interes~ I.ender shall not be required to commence
proceedir.gs against such successor or refuce to e+ctend time for payment or otherwiee modif}• amonization of Ihe sums
secured by thic ;1~tortgage ti(y• rcase~n of any demand made ht• the original Borrower and R~rrower s suecescors in interest.
U. Forbearaace by I.ender Not a Wal~•er. Any f~rhearance h~~ I.cnder in crercising any right or remcdy hereunder, or
otherwise afTorded by applicable law, shall not be a waiver oi or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of ta+ces or othe~ liens or charges by I.ender shatt not be a a~aiver of Cender's
right to accelerate the maturity of the indebtedness sercured hy thic Mongage.
i2. Remcdies ComulaHve. All remedies pro.~ided in ihi~ Morigagc are distinct and cumulative to any ather right or
remeJy~.under this Mortgage or afforded hy la~v or equity. ~nJ may be etercised concurrenQy. independently or successively.
13. Sncceswrs and Assigos Bound; Joint and Se~~etal I.iabilify; Captions. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inure to, the respeclive soccessors and assigns of I.ender and Bormwer,
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Barrow•er shall be joint and several. '
'i~e captions and headingt of the paragraphc of thic Mort~agr are for eonvenience only and arc not to be used to
interpret or define the provisions hereof.
l4. Notke. Bxcept fnr any notice required under applicable law to be given in another manner, fa) any notice to
Borrower provided for in thix Mortgage shall be given by mailing such notice by certified mail addressed to 13or~ower at
the Properly Address or at such other addrecs as Borrower ma~~ designate by notice to i_ender as provided herein, and
(b} any notice to Lender shall h~: given by certified mail. retirm receipt requested. tc~ I.ender c addrecs stattd herein or to
such other address ~s I_ender ma}~ designate by notice ti~ Borrower as pra~•ideJ herein. Any notice provided for in this
Mortgagc shall he dcemed to have been given to Borrowcr or I_cnder when given in the manner designated hcrein.
1~• Unifo?m Mo~t~s?Re; G~vernin~ ~.nw; Ceverahilit~~. Thic fc?rm ~f mort¢age comhines uniform covenants for national
use and non-uniform covenants w~ith limitec~ variations by jurisdicteon to constitutC a uniform security instrament covering
real property. This Mortgage shall be go~erned hy the law of the juricdiction in whieh the Property ic located. In the
event that any provision or clause of thic Mortgage or the Note conflicts with applicahle law, such conflict shatl not affect
othe~ provisions of this Mortgage or the IYote which can be given effect without the conflicting pmvision, and to this
end the provisions of the Mortgage and the Note are Jeclared to be severahle.
16. Borrowe~'s Copy. Borrower shall t+e f«rniched a conf~rmed cop~• of the Note and af this Mortgage at the time
of e!cecution or after recordation hereof.
17. Transfer of the Pro~fert,y; Assumption. If all or an}• part of thc Property or an interest lherein is sold or transferred
by Borrower without Lender's prior written consem, excluding tal tF~e creation of a lien or encumbrance suborJinate to ~
this Mortgage, fbl the creation of a purchase money tecurity interest fcsr household appliances, fcl a transfer by devise. ~
descent or by operation of law upon the death of a joint tenant or (cli the grant of any leasehold interest of three years or less
not containing an option to parchase, t_ender may, at 1_ender c option, declare al! the s~ms secirred by this Mortgage to be
immediately due and payable. t_ender shall have waived tuch option to accelerate if, prior to the tale or transfer. Lender
anJ the person to whom the Property is to be sold or transferrcd reach agreement in writing that ~he credit of such person
ic satisfactory• to I_enJer and that the interest payable on the sums secured by thic Mortgage shall be at ~uch rate a~ Lender
shall request. If l.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in
interest hac executed a written assumption agreement accepted in w~riting by I.enJer, I.enJer shall release Borrower from all
obligations unJer this Mortgage and the Note.
If I.ender exercises such option to acce{erate. t.ender tihatl mail Borrower notice of acceleration in accordartce with
paragraph 14 hereof. Such notice shall provide a period ~f not less than ?0 dayc from Ihe date the notice is mailed within
which Borrower may pay the sums declared due. If Rorro~er fails to pay such sums prior to the expiration of such periad.
Lender may, without further notice or demand on Horrow•cr, im•~kc an~~ rcmedics permitted hy paragraph 1R hereof.
Notv-UtviFORa~ CovEx~~vTS. Borrower and t.cnder funher covenant and agree as follows: ~
18. Acceleration; Remedks. Except s~s provided in pa~raph 17 hereof. upon Borrower's breach of any covenant or
a~reement ot Borrov~er in thk Mortgage. including tbe covenants to pAy when dne any sams secnred 6y fh~s Mortgage, Leader
prior to accekratioo sbaq mail notlce to Botrov?er s~ provided in paragraph 14 hereof specifying: (1) the breach; (2) tbe actbn
rrquired to curr sneh bresch; (3) a date. not le~ t6an 30 dsys from the dde the notice b mailed to Botrower, !ry whk6 sne6
breach mnad be cnred; and (4) that fdlure to cure wch breach on or betore the dde specH'ied ia tbe notke may resdt in
accckrstion of tbe sna~ aecared by thk Mortgage, torcclosure by judicial proceeding and saie of tbe Propertr. '[be notire ~
shW further inform Borrower oi the right to rrfnttate affer sccekraNon and tbe rfght to a~serf !n the fomMsun proceediug
t6t aon-ex~stence o! a detauN or any Mher defense of Borrower to acceleration s~nd forecbsure. If the bresch is not cured oa
or before tbe date specitied in the notke, Lender at Lender's option may declare a0 of the sn~s secured by t6[s Mort;aae b be
immediatety due and payable witboAt further demaad and msy forectose this Mortgage by judiciai proceediag. Lender sdaU
be eptitkd to co0ett ta sncb pmceedi~ aq e:peoses of forecbsare. 1ncludFng. but not llmfted to, n~sonabk attoraey's fces,
and cosfs of docemeatur evidence. abstracts aod titk reports.
19. norrower's Ri~ht to Rtinst~e. Notwithstanding Lender's acceleration of the sums securcd by this Mortgage.
Borrower shall have the right to havp any proccedings Ftiegun by I_ender to enfarcc this Mortgage discontinued at any time
SOOK~~e7U PA(~
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