HomeMy WebLinkAbout0400t_ender i written agrcemen~ o~ applirable low. Rorrowe~ shall pay the amoun~ of all moMgage insurance prcmiums in the
manne~ p~ovided undcr parag~aph 2 hercof.
Any amouots dish~~~scd by I.enJe~ pura~ant t~~ ~his paragraph 7, wi~h in~ercst thereon, shall become additiona)
in.kbiednesc ~~f Borrow~r ucurcd hy ~h~c Mangage Unlecs Born~wcr and I.enJer agrce ta other temu ot payment, such
amoums shall hc pay~hle uEx~n notice fmm 1 rnder to Borrowrr requec~ing p~yment ~hercof, and shal) t+ea~ interest trom the
date ot disbursemont at Ihc ratc payahlc fn~m timc ta lime ~~n aiustanding principal under thc Natc unless paytneot of
interat at such nte would be cantrarv ~~~ applicablc law, in which cvcnt cuch amounts shall hear interest at the highest nte
permiuibk under spplicable law. Nothing a~nlained in Ihic paragraph 7 shall requirc I.ende~ Io incur any expe~se or take
any action hereunder.
S• la~pecfio~. I.enckr may make ..r rau~c t~ he made reascx~abk enlriet apon and inspections of the Property. provided
that l.ender shall give 8orrower not~ce pri~~r ta any siKh ins~xction speci(ying rcuonabk caute theretor rclatod to Lender's
interest in the Prapeny.
9. Cowdea~eatbn, 'f}~e pr~kecd~ of any award w claim for damaga, diroct or consoquential, in connection ~vith any
condemnation or wher ~aking of the Property, or pan thercot, or tor conveyance in lieu of condemoation. are he~eby assiaood
and shall be paid to I.ender.
Tn the event of a tot~l taki~g of the Property. the procceds sha11 be applied to the sums securcd by fhis Mataa~e.
with the excess, it any, paid to Borrower. In the event of a partial takina of the Property, unless BoROwer and I~der
otherwix agree in writinR, therc shall be applied to ~he sums secured by this Mongage such propo~tion of the pmcetds
as is equal to that proporlion w•hich Ihe amount ~( the sumc secored by this Mortgage immediately prior to the date ot
taking bean to the tair market value of the Pn-pirty immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
if the Propeny is ahandoneJ by Horrower. o~ if. after notice by 1_ender to Borrower that the condemnor oltea to mate
an award or settle a claim (or damaees, Borrower fail. to respc+nd to l.ender wilhin 30 days after the dale such notice is
mailed. Lender ic authorized to collec~ and apply ~he proceeds, at T.ender's option, either to restoration or repair of the
Properry or to tht sums cecured hy ~his Mortgagc.
Unless t.ender and Borrower atherwice agree in w•rit~n~. any such application of proceeds to principal shall not extend
or postpone the due da~e of the monthly installments rcferred Ia in paragraphc t and 2 hercof or thange the amount of
such installments.
10. ~rower Not Rek~ed. Extension of the ~ime fcx paymcnt or modiflcation o[ amortization of the sums socured
by this Mortgage gnnted by I.ender to any successar in intercct of Borrower shall nd operate to rckase. in any manner.
the liability of Ihe original Borrower and Bc~rrower i successors in intercst 1_ender shall not be rcquircd to eommence
proceedings against such successor or rcfuse Io e~tend time for payment or otherwise modify amonizat~on af the sums
secured by this Mortgage hy rcason of any demand made by the oriqinal Borrower and BorroweP: successots in interetl.
11. Forbesn~ce by i.ender Nof a Waiver. Any (~rhearance by I.ender in exercicing any right or remedy hercunder, or
otherwix afforded by applicable law, shall nc~t be a waiver of or preclude the exercix of any such ri6ht or t~emedy.
The procurement of insuraoce pr the payment of taxes or olher liens or charges by [_ender sh~ll not !x a waiver of Lender's
right ta accekratt the maturity of the indel~tedness ~ecured hy this MoAgage.
12. Rew~edies Comulslf~e. All r+emedies pravided in this Morlgage arc distinct and cumulative to any other right or
rcmedy unde~ this Mortgagt or afforded hy law or equily, and may be eaercised c~mcurrently. independently or successiv~ly.
' 13. SKCeasors aed Aas~ws doned; .1oi~t s~d Se~er~l ibbAity; Captions. The covenants and agreements hercin
contained shall bind, and the ri~hts hercunder shall imirc to. the respective succes.sors and assigns of Cender and Borrower.
subject to the provisionc of paragnph 17 hereof. All covenams and agretments of Borrower shall be joiry and sevenl.
The captions and headings of the paragrophc of this Mortgage arc for convenitnce only and are not to be used to
interprct or define the provisians herec+f_ '
1~. Ndice. Except for any no~ice rcyuired under applicable law to be giveo in another manner. (a) any notice to
Borrower provided tor in this Mortga¢e shall be given by mailing such notice by cerlified mail addressed to Horrower at
Ihe PropeRy Address or at such Whcr addresc as Bcxrower mav desigoate by notice to i.cnder as provided herein, and
(b) any notice to Lender shall he givcn by certi6ed mail. return receipt rcquested. ta l enders address slated hercin or to
such other addrcss as I_ender may desienate by notice t~ Borrower as pro~~ided herein_ Any notice provided tor in this
Mongage shall be deemed ~o havc been g~ven to &.rn•wer or t.ender when g~ven in the manner designated hercin.
1S. Uwitoea MortRs~e; CorerninR [aw; Serersbilily. Thic form of mortgage combin~s uniform covenants for national
use and non-uniform covenams with IimiteJ variations hy-jurisJiction to constitute a uniform socurity instrumrnt ooverinE
rcal property. This Mortgage shall be governed hv the law of the jurisdiction in which the Property is located. in tlK
event ~hat any provision or clu~x of thic Mortgagc ot the Note canflicts with applicabk law, such conflict shall not aRect
other provisions of this Mortgage or ~he Nc-Ie wh~ch can be given effect wi~hout the conllic~ing provnian, and to this
end the provisions o( the MortRage and the Note are Jcclared to be uverabla
lf. iomow~r's Copy. Borrowu shall be turniched a conformed copy ot the Note and of this MortRaae al the time
of execution or af~er recorda~ion hercaf.
17. Tn~sfer ot tbe PropMy: Assumplia~. If all or anY part of ~he Pmperty or an intercu therein is sold or tnnsterrod
by Borrower without I.ender's prior wnurn consenl_ excluding (al Iht creation of a lien or encumbnnce subordinate to
this Mortgage. (bl IMe creatu-n of a pur.hacr m~•nevi cecuri~y mterest for household appliantes. (c) a trantfer hy devise.
descent or by operation of law upcu~ the Jcath o( a j..m~ lenant cx (dl ~he grant of any leasehold intercst af threc ycars or kss
not containing an option to purchase, Ltncier may. at I ender ~ opt~on. declare all the sums secured by this Mortgage to be
~mmediately due ~nd payahle. t.ender chall have N,~,ved such option ~o arcrlrrate i(, prior to the cak or ~ranster. Lender
and Ihe person to whom ~he Property i~ a. lic :ol.l or Iransfe~red reach agrermem in writing that the credit of auch percon
is satis(actory lo I.ender and that the inlerr.~ pa~•able on Ihe sums securtd by this Morlgage shal) bt at such rate ac I_ender
shall request. If 1_ender has waived ~he op~~on to acceler~~e pravided in this paragraph 17, and if Borrower's wccessor in
interest has exceuted a writ~en assumpuon agre~ment accepted in wri~ing by I_ender. Lender shall rekase Borrower frcxn all
obliga~ions under this Mortgage and Ihe NotC_
If Lender exercixs such option t~ accelerate, l.tnder ~hall mail Borrower notice of accekration in aceordancc wi~h
paragraph 14 herco(. Such notice chall prov~de a period of not less Ihan 30 days from ~he date the nolice is mailed within
which Borrower may pay Ihe sums derlared doe. It Bonower fails ~o pay such sums prior to 1he expiration of cuch peric-d.
Lcnder may, without further no~ice or ciemand on Horrower. ~nvoke any remedia permelled by paragnph I R hereof.
NON-UNIFORM COVFNANTS Borrower and l.ender turther covenanl and asree u follows:
ls. Aceekntioe: Remedks. Except as provided io ara~rspM 17 6creo/. rpo~ Sorrowers breacM of swy co~ewawl or
a~reemewt ot Eorrowt~ la tbis MortRa~e. indudi~ tbe coress~qs to psy r-Aew dne ~wy s~ms secrred by tbls Mor/RaRe. [.esder
prbr to ~ctekratbn shdl mail notke to doROne~ as prorfdcd In para~rsph 1~ hereot specHyiu~: (1) Ihe Mr~ch:1211Ae sctlo~
requfnd to core soch bnscb; 13) s date. not kss than JO dsys fron~ thc dMe tbe nolke [s uaikd to lonower. br whkh s~
b~cach mwl be c~red: and (~) Ihit tailert lo cure svcA brtscl~ oa w betort the dMe spcci6ed in tAe aotke nur reaull h
accekrstion ot tbe soms secured by thts MortRs~e. torecbwrr br judkial proceedi~ n~d sak of IAe Propeefy. The noNce
shall turther intonn eorro..er ot Ihe riRAt to ninstste sfler accekntion and 1he riRhl M asscA Is Ihe IortciosYrc ~roeeedf~
tbe non-existenct ot a dctauk or any Mher defense ot dorro~+er to sccekrstbn ~nd tortclosore. 11 the A~t~cM is nW ea~ed o~
or 6etore the date specified in Ibe notice. I.ender at I.ender's Mlfow n~ay declare ~N ot the soa~s stnred by fAk MorfRaRe M be
immtdiately dut ~nd paraWe without tutlher demand and msy forttbst tA4 Mo~~e ~ judkW ~roeeedinR. i.eo~fer chall
be eoNtled to cdleet in wch proceedi~ dl expenus n< <OIKIOSYrt. Includin:. btlt wof Umited lo. reason~sle att•-rner's fees.
>IId ~OSIi O~ dO~YIUtAIY~ t~~AtfKt. sbstracts snd lille -epoets.
19. dorrower's RIRht fo Rei~tite. Nww~lh~~rndinK 1 er.der's• ~ccetttation of ~he suma ~ecured by th~c Mortgage.
Borrower shall have the nght ~o have an~ prcxecd~nr. hrfun b~ Lcnder ~o cn(orce thi~ M~ngaqe dnconhnutJ at an~ hmt
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