HomeMy WebLinkAbout0613 l.ender's w~itten egrecment ar appl~cabk Irw. Borrower ahall pay the amount o[ all mohaaje insuranc~ pcqniums in the
manner prov~deJ undcr paragraph 2 heroot. . . t
Any amaunts disburud by I.cnJer purcuant ~a Ihis paragraph 7, with intercst lhereon, shall •bccome additional
inJeb~edness of Eiorrowc~ xecured hy this Mortbage. Unlc~cs Borrowe~ and I.ender agtee to other terms of paymeot. such
amounts shall be payahle u~n n~?licr frum I.rnder to Bortawcr ~equesling paymcn~ the~rnf. and thall hcar intercst trom the
date of disburseme~t at the rate payablc from time to time on oulatanding p~incipa) under the Note unkss payma~t of
interest at such rate wauld be contrarv ta applicable law, in which event cuch amounts shall txar interest at the hishest rate
permiuibk under applicable I~w. Nothing cantained in this paraRraph 7 shall rcquirc I.e~der to incur any eape~e or take
any action hereunder.
S. Iaspectioa. 1_ende~ may make or cauu to t+e made reaconabk entries u~~ and inspections of the Propetty, providod
Ihat I.ender shall give Borrawer nolice prior to any such inspect~on cpecifying reasonable cause therefor rclated to Lender's
interest in 1he Pmperty. ~ • , •
9. Cowde~aeafbn. The pr'cxeedc of any award or claim for damages, direct or concequential, in conn~etion with any
condemnalion ar dher taking of the Prapeny, ~~r part tAereof, ar tor canveyance in litu of condemnation, are hereby assianed
and shall be paid ta l.ender.
In Ihe event of a tota) taking of the Property. the proceeds chall be applied to the sums securcd by Ihis Mwtaaae,
with the excc~ss, if any, paid ta Borrower. ln ~he event of a partial taking of ~he Praperty, unless Borrower and Lender
otherwise agrce in writing. therc shall be applied to the si:ms securcd by thic Mongage cuch proportion of the proceod:
as is equal to that propotiion w•hich ~he amount oI the sumc ~ecured by this Mortgage immediately prior to the date o[
taking bears to the fair market value of the Prapehy immediately prior ta the date of taking, with the balance of the prnceeds
paid to Borrower.
If the Property ic ahandoned by Bor:ower. or if. afler notice by I.ender to Bormwer that tht condemnor ofkrs to make
an award or setlle a claim for damages, Bnrrower f~il. Io res~nd to 1_ende~ within 30 days after the date such notioe a
maikd. I.ende~ is a~rthorized to collect and apply the proceeds, at l~nder's optian, either to rcstoration or repair of the
Property or tn the sums xecured hy this MortRa~te.
Unless I.ender and Borrower olhenvice agree in writ~ng, any such application of proceeds to principal shall not extend
or poslpone the due da~e ot th~ manthly inslallments rcferred to in paragraphs 1 and 2 hereot or change the amount ot
sucb installments.
10. Eorrower Not Rekased. Extension of the time (or payment or moditication of amortization of the sums securcd
by this Mortgage granted by [.endtr to any cuccec~r in interest of Borrower shall not ope~ate to rclease..in any manner,
the liability ot the original Borrower and Borrower'c successors in interest. ~tnder shall not be rcquircd to commence
proceedings against such succcssar or refuce to ertend time for payment or otherwix modify amortizat~on ot the s~~ms
secured by this Mortgage by reuon of any demand made by the oriRinal Born~wer and Bonower
s succcsson in intercst.
11. Fo~earance by I.ender Nof s Wairt~. Any f~rhearance by I.ender in erercising any right or remedy hereunder, or
otherwix aBorded by applicable law. shall not be a waiver ot or preclude ths exerciu of any such right or rcmedy_
The procurement of insurance or the payment of t~xes c+r other liens or charges by Lender shall not be a waivcr of Ltnder's
right to accelerate the maturity of the indebtcdness cecurcd hy this Mortgage.
12. Rea~edks CwnnlMi~e. All rcmedia provided in this Mortgage arc distinct and cumulative to any other riaht or
remedy under this Mortg~ge o~ afiorded by law or equity, and may be exercised concurrcntly, independently or succes:ively.
' 13. Srccesors aad Assi~~s dound; Joint ~d Se~eral I.iaDNNy; CaptjoRS. The covenants and agreements herein
contairxd shall bind, and th~ riRhts hereunder shall inur~ to. the resp~ctive successors and assigns of Lender aod Botrower.
subjcet to the provisionc of paragraph 17 hereot. All covenants and agreements of Borrower sfiall be janj and sevenl.
The csptions ~ and headings of the paragraphc of Ihic Mongage arc for convenie~ce only and are not to be used to
interprct or define the provisions herec~f.
14. Notiee. Except for any notice rcquired under applicable taw to be given in another manntr, (a) any notice to
Borrower p~uvided for in this Mortga¢e shall be given hy mailing such notice by certifled mail addresxd to Borrower at
the Property Address or at such other addresc as Borr~wer mav designate by notice to i.ender as provided herein, and
(b) any notice to [.ender shall he givcn by certificd mail, retum receipt requested. to l.ender's address stated hercin or to
; such other addrcss as Lender may decignate by notice to Borrower u provided hercin. Any notice provided for in this
~ Mortgage shall be deemed 1o have been grven to Borrawer or Lender when given in the manner desianated hercin.
~ 1S. UwNors MortRs~e: Go~eraiu~ I.av.: Severabiiitr. This form of mortgage combines imiform covenants for national
~ use and non-uniform covenams with limited variations by jurisdiction to constitute a uniform stcurity instrument rnverin~
i
real property. This Mortgage shall be governed by th~ law of the jurisdiction in which the Property is located. In ihe
~ event that any provision or clause of thic Mortgage or the Note conflicts with applkable law, such conflict shall not affect
~ other provisions of this Morigage or the Note which can be given e~ect without the conflicting provision, and to this
` end the provisions of Ihe Mortgage and the Nae arc Jeclarcd to be xverabla
~ lf. Eorrower's Copy. Borrower shall be furniched a conformed cop~~ of the Note and of this Mortgage at the time
~ of execution or after rccordation hermf.
~ 17. .Trs~der o( the Property: Assump~ioe. Tf all or any part of the Property or an intercst therein is sold or t~ansferrcd
s by Borrower without L.ender
s prior wrincn consen~. excl~ding (al the creation of a lien or encumbnnce wbordinate to
~ this Mortgage. (b) the creat~cx~ of a purchase money ~ecuri~y interest for household applianca. (c) a Iransfer hy devise.
~ descent or by operation of law upon the ckath of a jo~nt tenant or (dl the grant of any leasehold intercst of threc years or less
~ not containing an option to purchase, C.ender may, at Lender'c option, declarc all the sums secured by this Mortgage to be
R immediately due and payable. Lender shall have wa~ved such option to accelerate if, prior to the cale or transfer. Lender
~ and the person to whom the Property ic to be co1J or transferrcd rcach agreement in writina that the credit of cuch perwn
~ is satisfactory to Lender and tha~ Ihe intcr~.t payable on the sums secured by this Mortgage shall be at uich nte ac Lender
~ shall requat. if Lender has waived the option to accelerate provided in this paragraph 1~, and if Borrower's succasor in
~ interat has executed a written usumption agreement accepted in writing by Lender, Lender shall rekase Borrower from all
~ oblisations under this Mortgage and the Nwe.
~ if Lender exercises such option to accelerate. Lender thall mail Borrower notice o[ accderation in accordancc M•~~h
~ pu~nph 14 hertof. Such notice shalt provide a period of not lat 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 soms prior to the expintion of cuch period.
~ [.ender may, without further notice or demand on Borrower, invoke any remedia permitleA by paragnph !8 hereot.
a •
~ Not+-Ux~FORnt CoveNeNTS. Borrower and Lcnder further covenant md asree u follo~vs:
= lf. Aceekntb~: Rcwcdia. B:cept a~ provWed ~e para~rspA 17 bcno~. Ro~ Son~o"a'~ bre~c~ ot s~y co.e~t or
_ a~ree~est ot Sorrowe+r 1~ t6k Mortsa`e. lwch~dius tUe- ca~e~Ms to py wl~e~ ane swY s~~s ~ irf tW~ Mat~a~e. I.e~er
u
prior b~cederstlo~ sYa~ atail nodce to Eorrow~er as ~o~fdcd f~ Psra~rspl~ 1~ ?ereo[ s~ecU~s (1) tre brtacA:12) tAe sctio~
~ t~qrire~ bs e~re wc~ ~+eacr: (3) ~ d~te. ~ot las tluw 30 days f ro~u the date tMe wotke Is wailed to Eo~~ower. by ~+Mk6 s~
~ b~esc~ ~~M re ema: a~d t~1 trat hN~re lo crre sircM bnscw o~ or be(o~s tre date s~ecYea 1~ tbe ~otke n~ay ee~lt b
~ccekrNlN at Ire w~s acrnd ~ tWs Mo~aRe. toreelosorr h judlcW rroeeedh~ ~wi ale ot tAe Propcrty. The wotiee
;
~orr~wer ot tUe riRM to rei~stste dter sccele~o~ a~ t6e e~l~t b areA h tbe tortebwre
~ lie ~o~-eside~ee ot s~etsrlt or a~r other actease ot ~orro..er to sccelcrMio~ a~d torecbwrr. It the ~eacA M~ot netd o~
or befort the +Ne s'ecif~ i~ tre aotice. Lendc~ at l.ewd«'s oolio~ ssy aecl~e a~ d tbe was ~cc~na ~ t1~M Ma1~aRe M re
i~~1y doe awi prsbic wkbd t~rlher dcmtind and a~sy loreclwe 1Ur Mortia~e dp j~dkW N'eceedf~It. Ltnder shaN
~
be estlded lo colieet b wer p+ocesai~L aM espcosa nt toreclosrre. Mrcl~. bN ~ot Ifwitei b. rearo~a~le sttoreer's ea.
a~i coNs ot ~ot.!~' ~ a~ lilk reprb.
r~ l~, ~nOwp~~ R~t t~ Relrhte. N~twi~hcundinE Lenders accclerat~on of the sums secu~ed by thr_ Mohsa~e.
~ Borrower shall have the riaht to have any proceedmp,s txgun hy ~ender to entorce this Mort~aEe discontinued at any time
~
~ ga~K 3U4 PdGE 613
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