HomeMy WebLinkAbout2542I_enik~'s w~itten agreemem o~ applicable law. Bar~owc~ shall pay the amuunt of all mortgage insurance premiums in the
manner pmvided under pa~ag~aph 2 hereo(.
Any amounts disbursed by I.ende~ purcuant to this paragraph 7, wi~h inlcrcst thtrcan, shall bccome additional
inJcbtednesc of BorroK•cr secured by thic Martgage. l!nle~c BorroN•er anJ I.cn~r agrce to other terms of ~ayment, ~uch
amounts shall be payabk uEx,~ no~ire from I.cnder ~o Borruw~r rcyue.ting paymcnt Iherrof, and ~hall hcar i~tcrect from the
date af dishursement at the ratc payahle tmm timc to time on ot~tstanding pri~cipa) under the NMe unless payment of
interest at such rate would be cant~an~ to applicable lavr, in which event cuch amounts thall hear intercst at the highest rate
permissihle under applicable law. Nathing contai~ed in ~hi~ paragraph 7 chall requirc I.ender to incur any e!cpense or take
any action hereunder.
8. laspectio~. T.ender may make or cause to !+e made rea~ooable entrie~ u~+c~n and incpection~ of the Pmpeny, pmvided
that I.ender shall give Borrower notice prior to any such incpecti~n c~xcifying rcaconable cauce therefor related to I.ender's
interect in the Property.
9. Condemnatbn. The proceedc of an~• aw•ard or claim for damagec. Jirec~ or ci~ncequential, in connectian with any
rondemnation or othe~ taking of the P~operty. or part thereof, or for ronve}~ance in lieu of condemnatian. are herchy asaigned
anJ shall be paid to I_ender.
In ~he event of a total Iaking of ~hc Pmpcrty~. the pnxccds ~hall hc applied t~~ the ~ums sec~~red by thic Mohgage.
with the ercecs, if any, paid lo Borrower. In the e~•ent of a parlial ~aking a( Ihe Properry, unlesc IiorroK•er and 1_ender
ntherw•ic~ ag~ee in writin~;. therc shall he applied to the ~umc securcJ h~~ thic Morl~agc cuch pm~+ortion of Ihe proceed~
as is equ•rl to that pm~nion which the amount o( ~he sumc cerured by this ~torlgage immediatel}• p~ior to the date of
t~king F~ears to the fair market valuc of the Pro~xrty immrdiatcly prior lo the J~te of taking. with Ihe halance of the proceeds
paid to Borrower.
If the Propert} ic ~bandoned h~• Borrow~er, or if. after notice by Lender to Bormwer that the condemnor oBers to make
an award or seule a claim for damage.. B~~rrower fail, to reti~x~nd to Lender w~ithin 30 da~•s aher the date such notice is
mailed, l.ender i~ authorized to rnllect aod apply the p~oceeds, at I.ender'c option, either to re~toratioo or repair of the
Propcrt~~ or to thc sums .ccured by ~his Mortgagc.
Unles~ Lender and Borrower otherw~icc agree in ~~riling. am~ surh application of praceedc to principal sh~ll nc~t e~tend
or p~xt~ne thc due date of thc monthl~~ installmen~s refcrrcd to in paragraphc 1 and 2 hereof or change the amotml of
such installments.
10. Borrower Not Released. Erteosion of the time for payment or mc~dification of amortization of the :umc cecured
by this Morigage granted b~• LenJer t~~ any a~ccecu~r in imerest of BorroN•er ~hall ~ot operate to rclease. in any manner.
Ihe liability of the original Borrower and Rorrow•cr'c su~recs~.r~ in interest. Lender ~hall not he rcquired to comnxnce
pnxeedings against such cucrecsor or refuce to ertenJ timr for payment or othen~~i.e modify amorli7ation of the sums
ucured h~~ thic Motlgage by rcac~~n of am• demand made b> the oricinal Rorr~w•er and B~rrawer's ~occexor~ in interest.
11. Fo~bearance by I.ender 1\ot a Wai~•er. Am• f~rFxaranrr b~• 1 rndcr in crcrciting an}• right ~~r rcmedy hereonder. or
othcrwisc afT~~rdeti! hy applicablc law, shall not tx a wai~•cr of ~~r preclude the cxcrcisc of am~ such right or remedy.
The procurement of insurance or the paymem of taret ~r ~~ther lien~ or chargec by I.ender chall not be a w~aiver of 1_ender's
right to accele~ate the maturity of thr indebtedrx~s ucured M• thi. Mortgage.
12. Remedies Cumulative. All rcmcdies pmridcd in thic !1lortgage are distinrt .~nd cumulative to am other right or
remeJ~• under this Mortgagr or aRordrd hy law or eyui~~•. ~nJ ma~~ he e~erciKJ concurreMly. independentlt• or si~ccessivel}•.
13. Successors and AssiRns Bound: Joint and Se~eral 1_iabilih~; ('aptions. Thc co~•enants and agrcementt herein
contained shall bind, and the riAhts hereunder shall inure t~. the re~pective succe~u~rc and acaigns of Lender and Bormw•er.
subjeet to the provicion~ of paragraph 17 hereoL All rn~~enants and aercrmem~ of B~rmw~er shall he j~~int and ceveral.
The captions anJ heaJingt ~f Ihe paragraph~ of thic Mor~gage are for c~,m•cnienre only~ and are not to he uud Io
interpret or define the provicionc hereof.
14. Notice. Except for any notice reyuired under applicahle law a• 1+c given in another manner. (al ~nt• notice to
Bonovvcr provided for in this Mortgage shall tx givcn h~• mailine .urh noticc h~~ rertificd mail :~ddresKd to Borro~cr at
ihe Praperty AJdresc or al such uther addrec~ ac Barr~•v-er ma)~ deeignate b~ notice to I.enJer at pmvided herein. and
(bl am~ notice to 1_ender shall tx: gi~•en b}' certificJ mail. retum receipt reque~ted. to 1 ender c addrecs stated herein or to
such other address as Lender ma} deci¢nate b} notirr ti~ B~rn.w~er az pr.~videJ herein. Any n~tice provided for in this
Mortgage shall he deemcd to ha~~c bcen givrn to Borr~~wcr or I.rndcr uhcn ~i~•cn in thc manner decignated hercin.
1 S. t%niform Mort~;a~;e: Cor•erninR I.aN; Se-erabilil~. This fam of mortgage combines uniform covenants for national use
and non-uniform rnvenants with limited variations by jurisdiction to constitute a uniform security instrument covering rcal property. The
state and local laws applicable to this Mortgage shall be the laws ot the jurisdiction in which the Property is locatod. The foregoing
sentence shall not limit the applicability of federal law to this mortgage. In the event that any provisien or clause of this Mortgage or the
Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be gieen eRect
without the conflicting provision. and to this end the provisions of the Mortgage and the Note are declared to be severable.
16. Borrower's Cop~•. Borrowcr ~hall tn furn~~hed a a~nfi~rmcd cop~• af ~hc Notc and of thi~ Mortgage at the ~ime
of execution or after recordation hereof.
17. Transfer of the Propert~; Accumption. If all ~~r am p.~rt of the Propert~~ c.r an intere~t Iherein ic srld or tran~ferred
by Borrower wilhout I.ender's prior wrilten con~ent. e~cluding ia1 the crratic-n of a lien c-r encumbrance sutx~~dinate to
thi~ Mortgage. Ib) 1he creation c.f a purrhace m~ney ~ecuritt• interest f~r h~uceh~~ld appliancec_ (c) a tranctrr h~• devise.
deuent or by o{+eration of law upon the death ~~f a jtanl tcnant ~~r /.l~ thc granl of an} leatehold interest of threc ~~car~ or lect
not containing an option tc. purehase. I.ender ma}•. a~ I ender'. ~~ph~~n. declare all ~he cum~ cerured h~• this Morlgage to be
immediately due and payable_ Lender thall ha.e NJI\'~(~ ~~ich opu~~n a. acrelerate if_ prior to the .ale ~~r t~ansfer, l.ender
and the peru~n to whom the Property ic to he sold or tr:msierre3 rcarh agreement in veriting that the crcdit of tuch percon
i~ satisfactor}~ to Lender and that the interc~t pa~able un the ~e~::~+ ucured b~~ thi~ Mortgage chall be at such rate a~ I.ender
shall request_ If l.ender has waived the option ~~ acceler:+te pro~ided in Ihi~ paragraph i7, and if Borrower't successor in
interest ha, executed a written assumption agreement accepted in writing by l.ender. 1_enJer ~hall releace Borrower from all
obligations under this Mortgage and Ihe NMe_
1f l.endrr e~ercises such option t~ acceleraie_ I en.ler ,hall mail Rorre.wer notire ~f acceleration in acrnrdance with
paragraph 14 hereof. Such notice ~hall provide a Fxri~•.l i~f n~~l Icsti than ?0 da~~~ (rc~m Ihe datr the notic~ ic m:+iled within
~hich Bc~rruNer ma~~ pa~~ the sumc declared du~ If Born•NCr (ail~ to pa}~ ~uch .um~ prior t~ ~he etpiration ~~f su,h period.
I.enJer may. w•ithout further noticc or demand on Bc.rn~KCr. im-ole am rrmedies pcrmitted M• paragraph 1R hereof_
~ Now-U:viFOR~t Cove:v~~rs. Borrower and Lender funhcr rnvenant and agrce as follows:
~ 18. Acceleration: Remedies. E:cept as pro~•ided in para~r~ph 17 hereof. upon Borrower's brcach of any coveaant or ,
~ agreement of Borrower in this Mortga~e. includin~ the co~enants to pay when due any sums secured by this Mortg~e. Lender ~
; prior to acceleration shall mail nolice to Borrower as provided in paraRraph 14 hereof specifying: (1) tht bceach: (2) the acfion
' required fo cure such breach; (3) a date. not Itss than 30 da~c from 1he date the notice is mailed to Borrower. by which such
; breach must 6e cured: and (4) that failure to cure such breach on or beforc the date speci6ed in the notice m~y resnlt in ~
; acceleration of the sums ucured by this ltort~aRe. foreclosure by judicial proceeding and sale of Ihe Property. 'ILe notice
~ shall furlher inform Borrower of the riRht to reinstate afler acceleralion and the right to acseti in the foreclosurc proceeding ~
the non-e:iStence of a def~uk or any olher defence of Borrower lo acceleration and foreclosure. If the breach is not cund on ;
~ or before Ihe date speci6ed in the notice. I.ender ~t Lender's option may declate all of the sums secured by this Mort~a~e to be 'i
~ immediately due ~nd payable wilhout furiher dem~nd ~nd ma~ foreclose Ihic ~tortRa~e by judicial proceedin~. Lrnder shall
be entiNed to collect in such proceedin~ all expense!~ of foreclo~ure, includin~. bul not limited to, reasonable altorney's fees.
~ and costs of documentary e~~idence. ~bstrrctc and tiNe reports. ~
~ 19. Borrower's Right to Reinstate. Votwi!h~~anding 1_enJer~. :-cceleraUon .~f the sums ~ecureJ by ~h~s titongage.
Ko~rower shall ha~e the nght t~~ ha~e ~n~ pn*ceed~ng~ heeun hv I.rnder 1~- enfc~rce thi~ ~t~rtgage discontinueJ at any time
~ ~ f,~x345 P~Gf2541
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