HomeMy WebLinkAbout0878 Lender's writte~ agreeme~t or applicabk law. Bortowe~ shall pay the amount o[ a1) mo~tgage insuranoe p~tmiumi in the
manne~ provided under parag~aph 2 hereof.
~ Any amounts disbuned by I.enJer pursuant to this paragnph 7, with interest thereoo, shall become additional
indebtedness ot Bo~rowcr securcd by ~his Mortgage. Unkss Borrower and I_emier aaroe to othe~ terms of paymeM. such
amounts shall be payabk upo~ nc~tice frcxn I.ende~ l0 8orrower requestina payment thereot, and shall beu interest from the
date of disbursement at the rate payahk trom time to time on outstanding principal unde~ ~he Note unkss psyment ot '
intercst at such rate would be contrary to applicable law, in which eveM such amounts shall bear interest at the hiSAest rsta ,
permiuibk unde~ applicabk law. NMhing contained in Ihis pangraph 7 shall require Lender to incur any eapetae or tate .
any sction hereunder.
s. I~spectio~. I.ende~ may make or cause to be made rcasonable entties upon and inspections of the Properry. provided ,
that Lender shal) give BoROwer notice prior ta aoy such inspec~ion specifyin6 rcasonabk cause therefor related to I~a~ders
interest in the Property.
9. Cosdea~wtb~. The proceeds of any award or claim for damages, dircet or conuquential, in connection with any '
condemnation or other taking of the Property, or part thercof, or for cooveyaote in lieu of co~demnation, arc hereby assia~ed _
and shall be paid to Lender. ~
. in the eveM of a tolal takins of the Property. the proceeds chall be applied to the sums secured by this Mo~a~e. ~
with. the ezcess, if any, paid to Borrower_ lo Ihe even~ af a partial taking of the Property. unlas Borrower and La~der _
otherwise agree io writing. iherc shall be applied to the sums secured by this Mortgage such pr~oportioo of the prnceed~
u is equal to that proportion w•hich the amount of thc sumc seaired by this Mortgage immediately prior to tbe date ot ,
takins bears to the fair market value of the Propeny immediately prior to the dats ot taking, with the balanoe of the pmceeds
paid to Borrowe~. 1
If the Pr'operty is abandoned by Bor:ower. or if. after notice by Lender to Borrower that tlx oondem~or otFe~s M mate :
an awa~d or set~lc a claim for damages, &?rrower fail. _to ~espond to Lender within 30 days after ~ihe da~e such notice is ;
maiied. Lender is authoriud ~o colkct and apply ~he proceeds. at l.ender's optan, either to restontio~ or repair ot tbe f
Proptny or to the sums securcd by this Mongaite. '
Unkss Lender and Borrower oth~rwice agrce in writing. any such app{ication of proceeds to principal shall not exta~d
or poslpone ~he due date of the monthly i~stallments rcferred to in paragraphs I and 2 hereof or change the amount of
such inslallments.
10. ~rower Not Rekased. Extension of the time for payment or modification of amortization of the wms secut+ed
by this Mortgage gnnted by Lender to a~y cuccesso~ in interest of Borrower shall not ope~ate to rekase, in any manner.
the liability of tht original Bortower and Borrower e successots in intercst. Lender shall not be requircd to commence
procadings against such successor or rcfuse t~ e~tend time for payment or otherwise modify amortization of the sums
secured by this Mortgage by rcuon of ~ny dcmand made by the orittinal Borrower and Bc~rrower's successon in iMereu.
11. Forbeuswce by Le~der Not a Wtlve~. Any fofiearance by I.cnder in exercising any right or remedy hemmde~. or
othervvise aBordod by applicabk law, shall nc~t be a waiver of or prcclude the exercise of any such right or rcmedy.
The procurcme~t of insurarxx or the pay~nent of taxa or other liens or charges by Lender shall not be a waiver of Lender's
right to accelerate 1he maturity of the indebtcdness cecurcd hY this Mortgage.
12. Rewcdics C~~rlMhe. All remedies provided in this Mortgage ate distinct and cumulative to any othet riaht or
rcmedy under this Mortgage or aRorded hy law ar equity, and may be exercixd concurnently. independently or sucoessively.
' 13. S~ceeaws swd A~~s dound:.Joh~t a~d Several i.iabiWy: Cspdoas. The covenants and aareements hercin
contained shall bind, and the rights hereunder shall inur~ to. the.respective successors and assigns of Lender a[~d Borrower.
subject to the provisions of paragraph 17 h~reof. All covenants and agrcements of Borrower shall be joir~{ and severd•
'~he captions' and headings of the paragraphc of this Mortgage arc for convenience only and are not to tk uxd lo
interprct or deBne the provisans herec+f.
14. Notke. Except for any notice required under applicable law to be giveo in another manne~, (a) any notice to ,
Borrower p~ovided for in this Mortgage shall be given by mailing such notice by certifled mail addressed to Bonower at
the PropeKy Addrcss or at such dher address as Bormwer may designate by notice to i.ender as provided Ixrein, and
(b) any no:ice to Lender shall he givcn hy cenified mail. rcturn rueipt rcquested. to i_e~ders address stated hercin or to
such other address as Lender may designate by notice to Borcower as provided herein. Any notice provided for ie this :
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner desisnated herein•
~ 1S. Us~o~ Mort~,a~e: Go~erwiw~ Law: Sererability. This form of mortgage combines uniform covenants fot national
use and na~-uniform covenants with lemitecl variations by jurisdiction to cocatitute a uniform security instrument oovenns
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~ real property. This Mortgage shall be Roverned by the law of the jurisdiction in which ihe Property is locatod. tn the
' event that sny provision or clause of thic Mortgage or thc Note conflicts with applicabk law, such conflict shall not atfe~t
° other provisions of this Mortgage or the Note which can be given effect wi~hout the conflicting provisan, and to this ,
~ end the provisions of the Mortgage and the Nwe arc declared to be xvenbla
lf. Doerower's Corr. Borrower shall be furniched a confoRned copy oE the Note and of this Mortgage at the time
~ of execution or after recordation hercof.
1~. .Tr~fer of ftie Propeety: Asw~uPtiow• if all or any part of the Property or an intetest thcrci~ is sold or transferred
~ by Bonower without Lender's prior writtrn consent. excluding (al the creatan of a lien or encumbrance subordinate to
this Mortgage. (b) the crcatux~ of a purchace money ~ecurity interat for household appliances. (c) a tnnsfer hy devise.
~ desornt or by operation of law upon the death of a joint tenant or (d) the gnnt of any kasehold intercst of threc years or kss
not containing an option to purchase. Lender may. at Leoder's option, declare all the sums xcurcd by thi: Mortgaae to be
~ immediately due and payable. Lende~ shall have w•aived siich oQtion to accelerate if, prior to the cak or transfer. Lender
and the person to whom the Proper~y ic ~a be co1J or transferrcd reach agreement in writing that the credit of xuch person
~ is satis[actory to Lender and that the intenKt payabk on the sums securcd by this Mortgage shall be at such rate ac Lender
shall requat. if Lender has waived the oqion to accelerate provided in this p~ragraph 17, and if Borrower
s succasor in
interat hu executed a written assumption agreement accepted in writing by Lendcr. [.ender shall rekase Borcower from all
oblj~ations under this Mortgage and the Note.
~ If Lender exercises such option to accelerate. Lender shall mail Borrower notice of accekntion in accordanc:~ M~~~h
~ pua~nph 14 hereof. Such notice shall provide a period ~f not less than 30 days from the daEe the notice is m~iled wi~hin
~ which Borrower may pay the sums declared due. Tf Borrower fails to pay such sums prior to the expintion af wch peric~d.
~ I,ender may, wiihout further notice or demand on Borrower, invoke any «mtdia perm~tted by parasnph 1R herc~+f.
:q Not+-Ut+~FOietN CovEH~t~rs. Borrower and l.ender further covenant and aaroe as fdlowrs:
I.~ li. Accekatfo~: Rese~a. E:cept as provWcd i~ ~ryM 17 ber~ot. ~ lorrowers Meae~ ot a~y co•e~t K
ti~
y ~n~e~t ot E~o~er iw tf~fs M~e. ~~L d~e corewaMs to Ny wUes i~e a~y wws seeuei b tld~ M~R~• l.ew+er
~ p ~ccelendo~ sfaY ~ail ~M1ce to don~wer a~ ~ro•IaeA b~ para~tsN 11 ~ereof s'ecYl'i~% ~1) t~e ~M: (21 tlie sefiew
~ re~i b eae wcr M~eack I3) ~~e. ~ot las traw 30 dsys trow~ tre ~att tl~e ~ofke ir wt6e~ le M~rswet. b ~Aki s~i
~ re+e~eM .rt be c~ a~i tn tMat ta~~e a awc wew Meael~ o~ or 6e~oR tre dale s~eeMe~ i~ tUe wmtice ~ar nstilt iw
~eederatl~w ot 1re ss~ iee~ by t~h MoNiq[~. taeclo~.re ?7? ~{eial ~oceedi~ a~i s~le ot tbe ho'erh. 'TMe ~w~tke
~ tWr t~rtre~ hfors =ono~wer ot ttie riRM to rsfastste affer aeeekratio~ s~ tMe rl~ft b~weet h the forselo~ne woetei~
Ire.o.-eside.ce ot a ~ets.k or awy alur iete~e ot ~o~.o..er ro aecekratb. awi forsclowue. N~e beeae~ i..ot csrei o.
~ or betore d~e iMe qailiei i~ t~e ~ofiee. Lewae~ sl t.e~'s opiow iecl~r aM d twe s~ sca~~ ~ tl~ A'I
~~r are awi Nr~ tutl~er demand and a~sr /oreclae t~i~ Moti~a~e ~ j~ikh~ M'~eeedi~R-
be a~tldei N toreet f~ wc~'rottsdi~ sM e:ptases ot forec{ostre. dcl~. wt iot Wdte~ M. ~+ea~o~~ble stlar~eY's faes.
a~i tMls ot iocr.-~e~tar7 e~id~+ ~ a'~ title re'orb.
, Ncnwithsundin ~ender s accekntion of the sums securcd b~? th~~ M~rtaaje. ,
~ 1f. ~p ~ 1tl~t t~ Rei~Mate. E
Horrower shall have the ri6ht to have any proceed~ngs hegun hv Lendcr to enforce this Mortaaae discontinued at any time
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~ 0 JU6 ~aGE 87 1
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