HomeMy WebLinkAbout0313 Lender's writte~ agrceme~t or applicabk law. Bormwer ahall pay the amount ot all moAgage insuranoe premiucns in the
manner provided under parag~sph 2 hereof.
Any amounls disbursed by I.enJer pursuanl to ~h~ pa~agraph 7, with interest thereon, shall become sdditional
inJebledness of Borrowcr secuoed Ay Ihis Mongagc. Unlecs Borrower anJ I.enJet agrec to olhe~ terms of payment, such
amounts shall be payabk upc~o nMice from I.ender to Borcc~wer rcquesting paymeot thereof, and shall bear interest trom the
~ datc ot disbursement at the ratc payebk tram time to time on aitatanding principal under the Note u~less payment ot
interat at such rate would be contrary ~a applicable law, in which event such amounta shall bear interest at the hiahest nte
pernniasibk uoder applicabk law. Nothing cantainod in this paragraph 1.s1~a11 ro~pire i.ender to incur any experoe or tak~ '
any action hereunckr.
S. Isspetfior. l.encie~ may make or cause to he made reaconabk enlriec u~wn and inspections of the Property. pmvided
that i.onder shall give Borrower nolKC prior to any s~Kh inspection specifyina reasonabk caux thercfor relatod to I.ender's
interest in the Proptrty.
9. Cosdemaatbn. The prc~ceeds af any award or claim fo~ damages, direet or concequential, in connoction with any
condem~ation or other laking of the Property, or part tf~ercof, o~ for cc~nveyance in lieu of co~demnation, are heeeby assigned
and shall !u paid to I.ende~.
ln the event of a total taking af the Pmperty, the prcxeeJs chall be applied to the cums secured by this Mottgaae.
with the excess, it any, paid to Borrower. In ~hc event of a partial taking of Ihe Property, unkss Borrower a~d Leoder
otherwiu agroe in writing. therc shall be applied to the sumdsecurcd by thi's Mortgage such proportion of the pmceods
as is equal to that propohio~ v?•hich Ihe amoum ~~f tfic sums securcd by this Mortgage immediately prior to ihe date o:
taking bears to the fair markei value of Ihc Propcrty immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
if the Propeny is abandc~ned by Borrow~r, or ii, after notice by i.ender ta Bormwer that the condemnor oPfers to mate
an awan~ or settle a claim for damages, Borrower fail. to respond to l.ender within 30 days after the date such notice is
maikd. Len3er ic authorized to collect and apply the p~oceeds, at 1_ender's option, either to ratoration or t~epair ot the
Propeny or t~ the sums sccurcd by this Mortgage. .
Unless t_ender and Borrower othervvi~e agree in w•rit~ng, any such application of proceeds to principa) shal) not extend
or postpone the due. date of 1he monthly installmcn~s rcferrcd ta in paragraphs 1 and 2 hercof o~ change the amount of
such installments.
l0. ~ower Nof Rekased. Extension of Ihe time for payment or modiflcation of amortization of the sums securcd
by ehis Mongage granted by l.ender to any cuccecu~r iR interest of Borrower chall not operate to release. in any mar?ner,
the liebili~y of the original Borrower and $orrowcr's succcssors in interest. I_ender shal) not be required to commence
proceedings against such successor or rcfuse to ertenJ time for payment or otherwise modify amortizat~on af thr ~ums
secured hy this Mortgage by reason ot am~ demand made b~• !he ori¢inal Borrower and Borrower s successors in iMCrect.
I1. Forbearance by Lender hol a Wai~•er. Any fi~rhearame h~ i.ender in exercicing any right or remedy herconder, or
otherwise afiorded by applicat+le law, shall n~t he a waiver of or preclude the exercise of any such right or rcmedy.
The procurement of insurance or the payment of taxes or other liens or charges by 1_ender shall not be a waiver of Lender's
right to accelerate the maturity of the indehtednecs cecured hy thic Mortgage.
12. Retnedies Cnmulati~e. A11 remeclies provided in this Mortgage are distinct and cumulative to any other right ~ or
rcmedy under this Mortgage or afforded hy law or equity. and may be exercised concurrently. independently or successively.
' 13. Soccesson aad Assi~es Bound: .Joint and Se~-eral 1.iaM'lity; Captbas. The cavenants and agreements herein
contained shall bind, and the riRhls hercunder shall inure to. the respective successorc and assigns of Lender ac~d Borrower.
subject to the provisions af paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several.
The captions and headings of the paragraphc of thic Martgage are for convenience only and are not to be used to
interpret or define the provisions hereof.
14. Notice. Except for any notice reyuired under applicable law to be given in another manner. (a) any notice to
Borrow~r provided for in this Mortga¢e shall be given hy mailing such notice by certified mail addressed to Bormwer at ,L
the Propetty Address or at such other addrec~ as Borrower mav designate by notice to 1_ender as provided herein. and
(b) any notice to Lender shall t+e" given by cenified mail. retum receipt requested. to [.ender s address stated herein or to
such other addrcs~s as Lender may decignate by ~~tice to Borrower as provided herein. Any notice provided for in this
Mongage shall be deemed to havc been given to Borrow•er or I.cnder when given in the manner designated herein.
~ 15. Uniform Mort~a~e; Governin~ [aw; 5everability. Thic form of mortgage combines uniform covenants for national
! use and non-uniform rnvenantc with iimiteJ variations M~ juriuliction to constitute a uniform security instrument rnvering
! 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 Mortgaec c~r the Note zonflicts with applicabk law, such conflict shall not affect
~ other pmvisions of this Mortgage or the Nate which can be given eficct without the conflicting provision, and ta this
end the provisions of the Mortgage and the V~~1e are ~kclared to he severable.
16. Borrower's Copy. Borroµ•er ~hall tn furnitiheJ a conformed copy of the Note and of this Mortgage at the time
~ of execution or after recordation hereof_ .
~ 17. Transfer of tl~e Property; Acsump~ion. tf all c?r an} part of the Pmperty or an interest therein is sold or transferred
~ by Born .:er without Lender's prior writ~rn cun~ent. exchrding la) the creation of a lien or encumbrance subordinate to
~ this Mortgage. (bl the creation of a purchace m~~ne~• ~ecurit}- interest f~r household appliances. (c) a transfer hy devis~,
> descent or by operation of law upon the Jeath of a j~~int tenant or (d) the grant of any Icasehold interest of threc years or lecs
~ not containing an option to purchau. Lender may, at l.ender's option, declare all Ihe sums secured by this Mortgage to be
~ immediately due and payable. t_cnder shall have Naived such option to acceler~te if, prior to the sale or transfer. [.ender _
r and the person to whom the Property ic ta be .ol.l or transferred reach agreement in writing that the credit of such percon
~ is satisfactory to I_eneier and that the interrtit pa~•able on the sums secured by this Mortgage shall be at sirch rate ac I.ender
shall request. If [_ender has waiv~d the option to accelerate provided in this paragraph 17. and if Borrower's successor in
~ interest has executed a written assumption agreement accepted in writing by Lender, Lender shall releau Borrower from all
obligations under lhis Mortgage and the Note.
- If Lender ezercises such option to accelerate, l.enJer chall mail Borrove•er notice of acceleration in accordan~~ ~~h
r paragraph 14 hereof. Such notice shall provide a periocf ~~f not less than 30 days from the date the notice is mailed within ~
which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the ezpiration of wch period. _
r ~
~ Lender may, without furthtr notice or demand nn t3orrower, invoke any remedies permit~ed by paragraph 1R hereof.
NoN-UNtFORnt Cove~~NTS. Borrower and I.ender further covenant and agree as follows:
18. Accele~ation; Remedks. L:cept as provided ia para~nph 17 6ereof. upon Eorrower's breach ot any coreaant or
_ a~reemest of Borrower ia tt~is Matgage. includi~ tbe covensnts !o psy whea due say sams secn~ by this MortgsRe. Lender
- prior to accderatbn sba11 ~uajl notice to Eorrowe~ as prorided ia para~raph 14 bereot specffyiua: (l) the bnsch;l2) the action
= rsquired to crre soc~ breac~: (3) a date. aot kss than 30 days from the date tbe notice is s~aikd to dorrower. by which wc6
b~each mmt be cored; aod (4) thst failnrr 1o cure sych b~each os or before the date specN'ied in the notice may resuft ia
~ccder~tioa of tbe soe~s secured by this Mortga~e. torcclowrc by judlcial proceedia= aad sde of tbe Properry. The notice I
sLaU fnrtber inform Borrower of Ibe ri~ht to roinstste aftcr accckration and tbe ri~bt to zsa~t ia the foreclosnre proceedi~ 1
t6e aon-exktence of a defanM or any other defense of Borrow~r to acceleration and toreclosnre. If the bresch is aot cured oe
or before the date speci6ed in tl~e ootice. Lender at t.ender's optan may declare a~ of tht snms secared by thk Mort~aRe to be j
~j immediately due and psrabk ~?itiwut f~rther demaod ~nd may forcclose this Mo~a`e by judkisl proeeediu~. I.ender chall
be endtled to colltet in suc6 ptoceediu~ all e=penses of foreclosute. includina, bnt sot timited to, nasonsble anarney's fea.
sod costs oE documentary e~idence. abstrac~s and ~itk reports. ~
l9. Eorrower's Ri`bt to Reiost~e. N~~u•ithctanding l.ender s accderation of the sums securcd by th~s Mortgage.
= Borrower shall have the right to have any procecdmgs be~un ~y l.ender to enforce this Mortgage discontinued at any~ time
_ BQ~K 297 PA~E - 313
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