HomeMy WebLinkAbout0154 l.enckr's written agrcemcn~ ~~r appiirabk law. Bonower shall pay the amount ot all mortgage insurance premiums in the
manner prov~dcd under patagraph 2 hereo(.
/1oy amounts dishursed by I.cnJc~ pursuant this paragraph 7, whh in~crcst lhercon, shal) become additional
indebiedness at Borr~~wer securcd hy ~hic Mo~~~aga Unlea Bo~rawer a~d I.cnJer agrce to other tertns ot payme~t, such
amaints shall he payahle u~x~n notirr (~om t.ende~ lo fiortower rcquesling paymcnl thereof, and chall hear intettst from the
date o( disburxment at the rate payable from lime ta ~ime an oulstanding principal under the Note unlesc pa~rment oi
intertst at such ~ate would be contrarv ~o applicable law, in which event such amounts shall hear iMerest at the hi~hest rate
permissible under applicable law. N~~thing containal in Ihis para6raph 7 thall require l.ender to incur any expense or take
any action hereunder.
8. latpectioa. I.ende~ m~y make or cau~c to t+e made rcaxonable enlriet o{x?n and inspectioos ot the Property, providod
that l.ender shall give Borrowe~ no~ke prior t~ any such inspection specitying rcasonable cause therefar related to I.eoder's
interest in the Prc?perty.
9. Cowdemnatbn. The proceedc o( any award ar claim tor damages. direc~ ar concequential, in connection with any
condemnation o~ other taking of the Property, or part thereof, or tor conveyance in lieu of condemnation, arc hereby assia~ed
and shall be paid to !_ender.
In the event of a ti~tal taking of Ihc Property, thc prcxceds chall be applied ta the sums secured by this Mortgage,
with the exctss, if any, paid ta Bc~rrower In ~he ev~nt of a partial taking of the Praperty, unless Bomovrer and Lender
o~herwise agrtt in writing. therc shall be applied ~o ~he cumc secured by thic Mortgage such proportion of the prooeeds
u is equal to that proportioo w•hich the amoun~ ~f the sumc cecu~ed by this Mortgage immedialely prior to the date of
taking bears to the fair market value of the Prapehy immediately prior to the date of taking, with the balance of the pt+oc.~eeds
paid to Borrow~r.
1f the Propeny is abandoned by Bc~r,-ower. or if. afler notice by I.ender to Bomc~wer that the condemnor oliers to maice
an award or~set~le a claim for dama¢c~. Borrower fail. to respond to 1_ender within 30 days aher the date such notice is
mailtd. Lender ic autharized to collect and apply ~he proceedc. at l.ender's option, either to ratontion or repair ot tbe
Propcrty or to the sumc secured h}• ~his Mor~gatte.
Unless l_endtr and Borrower o~herwiu agree in wriUnF, any such application of proceeds ta principal shall not exta~d
or poslpone the due da~e of the mon~hly installments referrcd to in paragraphs 1 and 2 hertot or change the smount of
such installments.
10. ibrrower Nol Rek~sed. Eztcnsion of the time for payment or modification of amortiution of the sums sxured
by this Mortgage granted by I.ender to any ~uccecsor in interest of Borrower zhall not operate to rckase, in any manner.
the liability of the original Borrower and Borrower'c succcssc~n in intertst. I.ender shall not be tequircd to commence
proceedings against such succ~ssor or refua to ertenJ time for payment or othervvise mc~dify amortization of the sums
secured by this Mortgage by reason of any demand made by Ihe oriqinal Borcower and Borrower s successors in intercst.
11. ForDearance 6y [.cede~ Not a Wdvcr. Any f~rhearance by t_ender in ex~rcising any right or remedy heramder, or
otherwix afforded hy applicable law. shall not be a waiver at or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of taies or other liens or charges by I.ender shall not be a waiver of i.eoder's
right to accelerate the maturity of the indehtedn~cs ~ecarcd hy this Morlgage.
12. Remedies Cnmulathe. All rcmedies provided in this Mortgage are distinct and cumulative to any other ri6ht or
rcmedy under this Mongage or aHorded hy law or equity, and may be exercised co~currcntly, independe~tly or successiv~ly.
' 13. S~cce~ors and Assi~~s Bound: Joiat aad Seved i.iabAlry; Captloas. The covenants and agreements herein
contained shall bind, and the rights hereunder shall inur~ to. the respective successors and usigns of Cender ac~d Borrower.
subject to the provision~ of paragraph 17 hereof. All covcnants and agreements of Borrower shall be joiry and xvenl.
The captions ~nd headings of the paragraphc of this Mortgage arc for convenience onty and are not ta be used to
interpret or define the provisions hercof. '
14. NMke. Except for any notice rcquired under applicable law to be givee in another manner. (a) any notice to
Borrower pSovided for in this Mortga¢r shall be given by mailing such notice by certifled mail addressed to Borrower at
Ihe Property Address or at such other address as Borrower may designate by no~ice to I.ender as provided herein, and
I~ (b) any notice to Lender shal! h~ given by certified mail. rctum rcceipt requested. to i.ender's addras stated hercin or to
~ such other address as Lender may deciqnate by notice tci Bormwer as provided hercin. Any notice provided for in this
~ Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated heroin.
~ 1S. Uwitore~ Mort~a~e; Govcrnin~ Law: Severability. This form of mortgage combina uniform covenants for national
~ use and non-uniform covenants with limited variations hy jurisdiction to constitute a uniform stcurity instrument rnvering
~ rcal property. This Mortgage shall be governed by the law of the jurisdiction in which the PropeRy is located. In the
g event thal any provision or clause of thi~ Mortgage or the Note conflicts with applicabk law, such conflict shall not aBect
f other provisions of lhis Mortgage or ~he Note which can be given eQect wi~hout the conflicling provision, and to this
= e~d the provisions of the Mortgage and the Note are Jeclared to be seve~able.
16. sorrower's Co~y. Borrower shall be furniched a conformed copy of the Note and of this Mortgage at the time
~ of executan or after recordation hereof_
' 17. .Tramfer ot tbe Propaty: AssumPlioe~. If all or any part of the Property or an interat thercin is sold or transforred
~ by Borrower without Lender's prior writtcn consent. excluding (al the crtation of a lien or encumbnnce subordinate to
~ this Mortgagt. (b) the creat~c+n of a purchace money cccurity ~nterest for household appliances. (cl a transfe~ hy devise. •
` descent or by operation of law upon tht death of a jo~nt tenant or (d) the grant of any leasehold intercst of threc ycars or less
~ not containing an optioo to purchase, Lender may, at Lender's option, declarc all the sums secured by ~his Mortgage to be
immediately due and payable. Lender shall b~ve wa~ved such option to accelerate if, prior to the cale or transfer. Lender
~ and the person to whom the Property ic ~o be ~oW or transFerrcd rcach agreement in writing that the crcdit of such person
~ is satisfactory to Lender and that Ihe interc~t payable on the sums secured by this Mortgage shall be at such rate ac Cender
~ shall requat. if Lender has waived the option to acce)erate provided in this paragraph 17, and if Bonower's successor in
~ interat hu executed a written usump~ion agreement accepted in writing by Lender. Lender shall release Borrower from all
abli~tions under this Mortgage and the Note.
E
; lE Lender exercixs such option to accelerale. Lender shall mail Borrower notice of acceleration in accordanc~ w~~h
~ paraefaph 14 htreof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed wi~hin
which Borrower may pay tFx sums declued due. If Borrower fails to pay such sums prior to the exPintion of tuch period,
- Lender may, without further notice or demand on Borrower, invoke any remedia permitted by psngraph 18 herec+f.
= Now-UN~FORtK CoveN~H'rs. Borrower and Lender further cov~nant and agrce as folloas: .
~ la. Accekratb~; Rea~cdks. E:cept as provided in pa~raph 17 bereof, rpo~ ~rowee'a b~eacti o~ s~y co~e~t or
~ a~ree~e~t ot Eorrower fa tbk Mort`a~e. fwclydiu~ tbe co~casMs to pay whe~ d~e aay son~s sec~nd by tYls Mor1~~e. I,esder
- prior to sccelcr~tb~ sLatl wail ootke to dorrowcr as ~ro~fded 1~ para[rapb 14 Aereot specK~: (1) tl~t 6~+e~cM: (2/ tbe sctb~
=s req~ire~ to c~e~e wc~ i~escM: t3) a dNe. wot ksc tla~ 3A dsys tros tbe ade He wotke r ~ntlled to lorrower. h Khk6 s~
Mesc~ ~rt be esred; a~d (4) thM hN~re to cnre srcw bresc6 oe or betore tbe date spccYied i~ the wotiee ~wsy resdl I~
: n
' aecekrMlo~ o[ I~e s~r setored by fMk Mo~qaRe. to~sclosrrr by ~ndkW ~roeeedia~ ~wi sale of tre Trope~ry. 7Ue wotiee j
sl~ar brfrer idon~ sorrower ot tbe riRbt to refastste sfter sccekratbn u~d tUe ri~bt b a~crf h the tor+eclosrre poeeedl~ +
tfe w~e:Wewce ot a detwlt or Yy Of~tf dtitltlt O~ EO~TOwef t0 ~tctlt~ftbll ~11d IO~tcIOpR. Ii tMe 6reacM b~ot esec~ a~
or betore tbe date speciiea i~ tl~e wtice. Lender at [.ewder's optiow ~ay deci~e aM ot tUe ww~ sec~re~ Dy tAb Mort~e /o be ,
fa~wedittely dre awi pyabk wiHa~t tiutber dem~nd and nuy tortclote thi~ Mortta~e Ih' jndkh~ /r~eee~R. i.ender ~haN
- be tNitkd to coUett b~ arc~ praceediu~ sll espenses nt foreclosree. htludi~, b~t ~ot Wwiler to, rea~ow~lle stlurner's fees. '
~ a~d ca4 ot doc~'~ewtaq' eridewee, abdr~cts aua litk reprb.
19, fon+owp's RI~Yt to Rel~tate. Ncwwi~hs~anding Lender s accelention of the sums securtd by th~~ M~rtaa~e.
' Borrower shali have the right to have any procecd~ngs begun hy Lender to entorce this Mortgage discontinued at any time
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