HomeMy WebLinkAbout2114l.endcr's writteo agreeme~t o~ appl~rable law. 8or~ov-~er shall pay thc amount of al) mortgage insurance prcmiums in the
manner pravidcd under pa~agraph 2 hereof.
Any amounts disbuned by t.endtr pura~ant to ~his paragraph 7, with intetesl thereon, shall become additional
inJchiedoes; of Bor~aN•er secured b~• ~his Morlgage. llnlc~t Bor~ower and I.cnder agrce to other terms af payment, such
amountc chall he payable u~n n~aice from I.ender ~a Borrower reyuec~ing payment Ihereof, and shall hear intercst from the
date at dicburccment at thc rate payable from time to time an o~~~standing principal under the Nott unless payment of
inlerest at such rate would be contrary to applicable law, in w•hich event such amaunts shall bear interest at the highest rate
permissihle under applicable law. Na~hing contained in thic paragraph 7 shall ~equire I.ender to incur any ezpense or take
aoy action hereunder.
8. lnspeetion. I.ender may make or cau~e to he made reaconable en~riec u~n and inspeetions of the Propehy, provided
~h:,t t enJer shall give Borrower natice prior ta any such in~pection cpecifying rcasonable cause thercfor related to Lender's
~nterest in ~hc Property.
9. Coademnatbn. The pr~xeedc of any award or claim for damages, dire~t or concequential, in connection with any
rum.iem~~ation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hercby assigned
:~nJ chall F,c paid to I.cnder.
ln Ihe event of a total ~aking of Ihe Pro~r~y. thc pnx:ccds ~hall be applied to Ihe tums xcured by this Mortgage.
with the rrcecs, if any, paid to Borrc.a•er. In the event of ~ partial taking of ~he Property, unlect Borrov-•er and Lender
oiherwiK agree in wri~ing. ~herc shall be applied t~~ the ~ums secured by thic Mortgage cuch proportion of the proceeds
as i~ cqual to that propotiion which the amount of thc sum~ ~crurcd by this ~iortgage immediately prior to the date of
iaking hears to the fair market value of the Proper~~• immediatel~• prior to the date of taking, with ~he balance of the proceeds
paid t~ Borrower_
1f the Properly it abandoned by Bormwer. ~r if. af~er nMice by I.ender to Barmwer that the condemnor offers to make
c~~~ aw'ard ~~ +eltle a claim for damage~, Borrowrr fail. ~c, re~~x~nd t~. 1 ender within 30 days atter the date such notice is
mailed. I.cnder i~ authori~ed to rnllect and appty the proceeds, at I.ender's option, either to restoration or npair of the
Pro~xn~• or to Ihe tium> >ecured by this Morlgage ~
Unles~ I.ender and Borrow•er olherv-•ice agree in wri~ine, any such application af proceeds to principal shall not extend
ur ~x.tilpone thc duc date of Ih~ monthl~• installmcnts referrcd to in paragraphc 1 and 2 hereot or change the amount of
~uch i~stallmentc.
10. Borro~er Nof Releaud. F.rtension of the time for payment ar modification of amortization of the sums securcd
b~• th~. l~iortEage graoted by Lender li~ any aucceswr in interect of Borrower ~hall not operate to rclease, in any manner,
thc liab~lity of the original Borrower. and Bo~row•er'~ succes~arc in interest. I.enJer shall not he required to commence
pr~xeeJing~ againct cuch succecsor or refu~e to ertenJ time for payment or otherveice modify amortization of the sums
~eiur~d ht• thi~ Mortgage hy reacon of any dema~d made by the orieina) Borrower and B~rrower s succeston in interest.
I1. Forbearanet by I.ender !Vot a Waiver. An}• fc-rhearance h}• I.ender in erercising any right or remedy hercunder, or
~~thrrw•i~e atTurded h~~ applicable law. shall not he a waiver of or preclude the exercise ot any such right ar remedy.
Thr procurrment of insurance or the payment of t~rrs or other Gen~ or chargec by I.end~r shall not he a w•aiver of Lender s
righ~ t~. rcrrleratc the maturily of the indchtcdness .crurcd M• thi~ Mortgagc.
12. Remedies Cumulatlve. All remedies pr~~•ided in thic I-lortgage are distinct and cumulative to any o~her right or
remeJ)• under thic blorlgage or alTorded h~• law~ or equity. and ma}• be ererciceJ concurrentty. independendy or successively.
13. Successors and Assi~ns Bound; .loint and Seceral I.iability; Capfions. The covenants and agreements herein
a~ntained chal! hind, and the riqht~ hercunder shall inure to. the rccpective succe~c~.rc and assigns of i.ender and Borrower,
cubject to the provi~ionc of paragraph 17 hereo(. All co~•enanK ~nd agreementc of Borrower~hall he joint and uveral.
The ~aptions ~nd headings of the para¢raph~ of ~hia Mortgage are for convenience only and are not to be used to
interprrt or Jefine the provicions hereof.
14. tiolice. Exrept for a~}• notice required under applicable law to be given in another manner, (a) any notice to
Burruw•er pri,vided for in thic Mortgaee shall tx: gi~•~n M• mailing wch nouce b}~ certified mail addresced to Borrower at
~hc Propcrty Addrec~ ~.r at ~uch o~hcr aJdre~c ~s B~.rr~~~•cr ma~~ decignate by notice to I.e~der as provided herein, and
~h1 am notice to I_ender shall he given by certified m~il. return receipt reque.ted. to 1 ender c address s~a~ed herein or to
~uch uther addrect as i.ender ma~~ detignate h~~ nc-tict ta Bn~ruwer as pro~•ideJ herein. Any notice pmvided for in this
~f~~r~gagc shall Fx deemed tu havc F-ccn gi~~cn to B~,rruwer or I.~nder whcn gi~•cn in the manner detignated herein.
I5. (iniform :~torlR~Re; Governin~ I.aw; Se.•erabilil~•. l~hi~ fnrm of mortgage comhines uniform covenantc for national
nse and nun-unifurm rn~•enantti with limitr~l ~~ariatiom h~ jurnd~etion t~ constit~~te a uniform security instrument covering
real propert~~. This l~inrtgage shall be gu.•ernrd hc the lav- of the juricdiction in which the Propert~• ic located. In ihe
c~'ent ~hat anp provision ur clauk o( Ihic ~1~rtgace ~~r thc Note rnn(lirt~ a i~h applicable lavv. such eonflict chal) not afftct
~~thrr pro~isiunti of thi~ Mortgage or thr h'c,tr ~h~rh ran he given efiert without the conflic~ing provicion. and to this
end the pro~•i~iam of the ~lortgagc and Ihr \utr are ~kclared to he tieverable.
16. Borrower's Copy. Borrower tihall be furni~hed a c.•nti~rmed copy of the Note and of thi~ Mortgage at the lime
uf execution or after recorda~ion herec-f.
17. Traasfer of the Propert~; :~csumption. If all ~.r am- p:~rt of the Pmperty or an interest ~herein ic sold or trancferred
by Borrowrr without I.ender's prior w•rit~~n c~~ment. e~cluding lal Ihe creati~~n of a lien ar encumbrance subordinate to
~h~. Mortgage. Ib- the creation of a purch;,ee mc.ne}• ~ecuri~c ~nterest f~r houcehold appliances. Ic! a transfer by devise.
de,ccnt or by operation of law upon the Jeath ~•f a joint tcnant or (J~ ~he grant of any leasehold interest of three years or less
not cont~ining an option to purchase. l ender ma}', at Lender'~ option. declare all the cumc secured by this Mortgage to bt
+nimeJiatel~~ due and payable. I.ender shall have wai~~ed ~uch option ta accelerate if. prior to the ,ale or transfer. I.ender
anJ the person to whom the Property ie to be solJ c.r transferred eeach agreement in wnting that the credit of such person
i~ s:+tisfacte~rc to Len~er and that the intere~t payable on the sum~ tecured by thi~ Mortgage shall be at such rale as Lender
sh~ll reyuest. If 1 ender has waived the opt~an ta accelerate provided in this paragraph 17, and if Borrower's succawr in
interest hac executed a written assumption agreement accepted in Kriting by Lender, l_ender shall release Borrower from all
obligationt under this Mortgage and the Nate.
If I_ender exercise~ tuch option to ac~elerate. 1_ender tihall mail Borrow•er notice of acceleration is accordance with
paragraph 14 hereof. Such notice chall provide :+ peri«i of no1 Iess than 30 days from the date the notice is mailed within
~hich Borrower may pa~ the wmc JeclareJ due. If Bc-rrov-er fail~ to pay tuch cums prior to the expiration of such period.
I.enJer may. withuut further natice or Jemand i~n Nc.rroaer. ~n~~~.e am remedies permitteci by paragraph 18 hereof.
Nox-UNSIF(1R11 (~n~'FV4vTS Borrower and I.ender further covenant and agree as follows:
18. Acceler~tinn: R~medies. Fxcept as pro~ided in para~~ph 17 hereof. upon Borrower's brcach of any covenant or
agreement of Bonower in this ~tortRa~e. includinR Ihe co~enanls to pay when due any sums secured by thit Mortasse, Lesder
prior lo acceleralion shall mail notire to Borrower n pro~ided in paraqmph 14 hereof specifying: (1) the breach; (2) fhe action ~
required to cure such brc~ch; (3) a date, not less Ihan 30 days from the date the notice is mailed fo Borrower. by whicb sucb
breach must be cured: and (4) that failure lo cure such breach on or betore the datt specified in the ootke may resdt io
acceleration of ~he sums secured by this :Nortgage, foreclosure by judicial proceedin~ and sale of the Pmperty. 'ILe aotlce
shall further inform Borro..~er of thr right to reinstate atter acceleration and !he right to assert in tht foreclosure proceedia~
the non-existence of a detault or am• other defense of Borrower to accelention and forecbsurt. If tbe breach is aot cured on
or before the date specified in the notice. I.ender al I.ender's option may declare all of tbt snms stcund by thLs Mort=a`e to be ~
immediately due and payabk without further demand and may foreclose thts Mortgase by judicial proceedio~. Lender shall F
be entiNed to colkct in such procetding all e:peases of foreclosurc. includina~ but not Umited to, reasonabk sttoraep's tea, ~
and costs of documentary evldence. abstracts and Iitk reports. :
19. Borrower's RiRht to Reiastate. Notwithstanding Lender's acceleration of the sums securcd by Ihis Mortgage.
Borrower shali have the right to have anp pra:eedings hegun by I_ender to enforce this Mortgage discontinued at any time
Addeadr~ to Parasrapb 15. The state and local laws applkable to this mortgage shall be the laws of the jurisdictlon in ~
whkh the property is located. The toreqoing sentence shall not limit the applicability ot federal law to Ihis mortgage.
ga~345 P~~211:3
~ -E:~~_ :~: _