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HomeMy WebLinkAbout0013 l.cnd~r'a ~vrittcn agrecmcnt ar apgl~cabk kw. $pii~titii~ 11t1~tli ~iI1}I lt1C u1tlUUUi u~ a{) ~nu~tgage iuwranoa pcraniurrW i~ tl~e man~er provided u~der parag~aph 2 hereof. Any amaunls disbuned by I.cnder pursuant to Ihis paraa~~ph 7. wilh inte~+cst thereon. shap become sdditiond iodebledness ot Borrower securod by thls Mongage. Unless Borrower arxi Lende~ aaroe to othe~ tenns of payment. wch amounts shall be payabk upan nMice fmm t.ender to Borrowe~ requnstina payment thereof, and shall bear inter«t tmm the date ot d'ubursement at the rate payabk from time to time oo a~ntanding principal under the Notc unless pa~t ot interat at wch rate would be contrary to spplicsblc law, in which event such amounts shall bear interest at the hi~ rata permi~bk unde~ applicabk law. Nothi~g coniained in this paragraph ~ shall require I.ende~ to incur aay expetae or take any action hereuader. i~speetio~. Lende~ may make ar ca~~se to be made rcasonabk entries u{w~ and inspoctions of the Property, provided that l.ende~ shall give BoROwer naK-e prior ta any s~~ch inspection specifyina rrasonabk cause theretor related to Lender's interest in the Property. 9. Co~emiaNioN. The praceeds af an~ ~pl~~~m for damages, direct or co~uequential, i~ connectioo with any condemnatan or othe~ taki~g of the Pfopert he~ebf, or for conveyance in lieu of condemnation. are hereby aasianed and s:iall be paid to Lender. ~ in the event ot a total taking of ~he Propehy, the proceeds ~hall bc applied to the sums securcd by this Mortga~e, ' wiih the exces:. if any, paid to Borrower. In the event of a partial takiog of thc Property. unless Bormwer and I.ender _ otherwise agroe in writing. there shall be applied to the sums securcd by this Mortgage such proportion of ihe pr~ooeed: aas is equal to that proponion vrhich thc.ama~n~ of ~hc sumc secured by this Mo~tga~e immediately prior to the date o[ taking bears to the fair market value of the Proocrtv immediately nrior to the date of taking, with the balanoe ot tha pt~oceeds paid to Bomowe~. If the Property is abandoned by Bor;ower, or if. after notice by Lender to Bormwer that the condetnnor oBers to make ~ an awaod or settk a claim for damages, Borrrnver fail, to rcspond to ~ender within 30 days after tbe date such raticx is maikd. Lcnder ic authoriud to callect aRd apply ~he proceeds. at I_ender's option, either to restoratioo or repair eF the ProFerty or ta the sums securcd hy ~his Mort~ta~ee_ . Unkss Lende~ and Bormwer othenvise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the mor.~hly installments rcferred to in paragraphs 1 and 2 hereof or change the artwant of ' sUch i~stallments. 10. ~orrower Not Rele~sed. Extension of the time tor payment or modification of amortization of the sums secured by this Mortgage granted by I_ende~ to any cuccessor i~ interect of Borrower shall not ope~ate to rekase, in any manoer, the liability af the original Borrower and Borrower s successors in interest. Lender shall not be required ta commence proceedings against such successc~r or refuse to e~tend time for payment or otherwise modify amortizat~on of the ~~~ms securcd by this Mortgage by r+eason of any demand made by the ori~tinal Borrower and Borrower's succescors in intercct. 11. Forbeuanct br i.eakr NM a Waiver. Any forhearance by I.ender in exercising any right or remedy heramder, or atherwix afiorded by applicable law, shall not he a waiver of or preclude the exercise of any such right or remody. The procurement of insurance or the payment of taxes or other fiens or chargcs by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indehtednecs cecured hy this Mortgage. 12. Reedrdies Cemul~e. All remedies pmvided in this Mortgage ar+e distinct ~nd cumulative to any othe~ right or rcmedy under this Mongage or afforded hy law o~ equity, and may be exercised concurrently, independently or successively_ ~ 13. Srccessas aad Assi~ws 6ound: Joint~ and Sereral i.iability; Capdons. 'it~e rnvenants and agreemen:s herein contained shall bind, and the rights hereunder shall inore to, the respective successors and assigns of Lender at~d Bonower. subjett to ihe provisions of paragraph 17 hereof. All covcnants and agreements of Borrower shall be jain~ and several. 'I7~e captions and headings of the paragraphc of this Mortgage are for convenience only and are not to be used to ~ interpret or define the provisions hereof. 14. Notice. Except for any notice rcyuired uncler applicable law to be given in another manner. (a) any notict to Borrower provided for in this Mortga¢e shall be given by mailing such notice by certified mail addressed to Borrower at the Properiy Acidress or at such Wher aJdrecs as Borrower mav designate by notice to T.ender as provided herein, and (b) any notice to Le~der shall he given hy cenified mail, return rcceipt rcquested. to Lend~r s address stated herein or to such other address as Lender may designate by nc?tice to Bormwer aa provided herein. Any notice provided for ip this Mortgage shall be deemed to havc t~een given to Bc+rro~•er or Lender when given in the manner designated herein. 15. Uniform MortR~e; Gorernio~ Iaw: Se~~erab~'lifv. This f~~m of mortgage combines uniform covenants for national i~se and non-uniform covenants with limiteJ variations hy, jurisdiction to constitute a uniform security instrument rnvering ; . rral propeny. This Mortgage shall be go~erned hy the law of the jurisdiction in which the Property is located. ~tn the ! event that any provision or clause of thic Mortgage or the Note rnnflicts v?~ith applicabk law, such conflict shall not affect i ~ other provisions uf this Mortgage or the Ni~te which can be given efiect without the conflicting provicion, and to this 4 ` end the provaions of the Mortgage and the `Note arc declared to be severable. ~ l6. aorrowe~'s Copy. Borrower shall tx furni~hed a conformed cop~~ of the Note and of ihix Mortgage at the time of ezecution or after recordation herrnf. ~ 17. Traasfer of tbe Propedy; Assump~ioo. If 311 or any part of the Property or an interest therein is sold or transferrcd ~ by Borrower without L.ender s prior wrinrn consen~_ e~cluding (al the ereation of a lien cu encumbrance suborclinate to , ihis Mortgage, (b) the creatux~ of a purchace mnney ~ecurity interest for household appliances, fe) a Iransfer hy devise. ~ descent or by operation of law upon the death of •r joint tenant or (d1 the grant of any leasehold interat of threc years or less not containing an option to purchase. Lender may, at Lender s option, declare all the sums secured by this Mottgage to be immediately due and payable. Lender shall have N•aived such option to accelerate if, prior to the cale or ~ransfer. [.ender i and the pecson to whom the Property i~ t~. bc ~W or transferrcd reach agreement in writing that the credit of ~uch person ~ is satisfactory to L.ender and that the inter~~t pa~•able on the sums ucured by this Mortgage shall be at such rate ac l.ender ~ shall rcquat. If I.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in ~ ~ interat has executed a written a~~umption agreement accepted in writing by I.ender, Lender shall rekase Borrower fram all i ~ obligations under this Mortgage and the Note. ~ ~ If Lender exercises such option to accelerate. !_enJer shall mail Borrower notice of acceleration in accordancr u i~h ~ paragraph 14 hereof_ Such notice shall provide a peric~d of not lesc 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 expiraticx~ ~f tuch period. ~ Lender may, without further notice or demand an ~~rower, invoke any remedia permined by paragraph IR hercc~f. f ~ ~ ~ Non•UN~FOR~?t CovEN~Nrs. Borrower and Lender further covenant and agree as follows: ~ ~ 18. Aeceleratioe; Raeedks. Except as provided is para~rapb 17 hereof, ~poo Sorrowe~'s Mescb of a~y co~eeant or ~ a6reeseat of Borrower fa t~ Martgs~e, iacludir~ tbe cos~euants to pay w6e~ doe swy soan sec~red br t6is MortRa~e. Lender ~ z prior to accelerstbo sball mail notke b Sorrower as provWed ia psra`rspb 14 6ereoE speeN~g: (1) the brescb: (21 tbe sctbn ~ V rcqairea b em soeY 6aacr; (3) s dste, oot kss tban 3A dsys from tbe dale tbe ~otice b~iitd to Eorrower. ~ whicb wc~ ~ ~ bresch owt be nred; and (1) t6at faUore to cure s~ch brescb os or betore tbe date spcciied ~ the ootice msy resWt ia ~ ~ scederatiow oE Ibe sems secorcd by ti~Is Mort~a~e. toreclosure br judkial praceedin~ asd sale of t6e Property. 7Ue notke ~ sl~ fnrtber iaform Eorrower d tbe ~M to reiastste dler sccckmioa sad tbe ri`bt to as~ert ie tbe foreclosnre proceedi~ ~ tbe son-e:istenee aE a defsrlt or awy oti~er defense of Borrower to accekntioe and foreclosore. If the bnac6 is sot cored oe ~ ~ or before the dste speci6ed ia tbe AMice. Lcnder at [.e~e~'s optioa msy declar~e a0 d t6e w~ss secrred by this Mo~t~ar,e to be ; ~ immediatdy dne aad paysbk witbo~t fntiher demand ~nd may forecbse tbk Mo~a~e by jndicial proceedi~• Lender chall ~ be eotided to cdket b~ s~ proceediea aA expeases of forcclosure. incladin~, M~t ~ot {imitd tq ressoaabk ata,rnr-r's fces. ~ ~ aad uosts of ~iut~:-~t~tary evideact. abstrscls ind liile rePoNs. ~ ~ 19. Sorrowe~'s Ri~bt to Reb~state. Ncuvvithstanding i_ender s accderation of the sums securcd by th?~ Mortgage. £ ~ Borrower shall have the right to have any proctedmgs hegun hy Lender to enforce this Mortgage discontinued at any time ? 0R ' aocK ~s ~a~ f 013 . ~ ~ ~ _ t Y~ , ~ ~ u~ ° 3,.~°~:~~~ ~ _ ~ _ , _ . .