HomeMy WebLinkAbout2626I.enJer's written agreemen~ or applicable lew. Rorrowe~ ahall pay ~he amuunl ot all martgage iosurance prrmiums in the
manner priwid~d under parag~aph 2 hercot.
Any amounlc di~tiurud by Le~~ler punuant a~ Ihis paragraph 7, with inlerect therec~n, xhall became additional
inJeMrdne~c of Burruwc~ ~ecurcd by ih~c Nungage. Unk~c Borruw~rr anJ LenJe~ aRrce to other termc of payment, such
amoun~~ shall hc~payablc u~x~n noticr fr~m 1 cnder 1o Bormwrr requctling paymcnt thercof, ancl shall bear jnterest from the
~late of dichursement at ~he ra~e payabk from lime to time ~~n aulslanding principal under the Note unlesc payme~t of
interest at such rate would be contrarv ~o applicable law, i~ which event cuch ~mountc chall hear interest at the highest rate
ptrmissible unde~ applicable Iaw. Ni~thing c~~~ained in this paragraph 7 shall requ~rc I.ende~ to incur.any eapense or take
any action hereur~der.
S• ~nspecfioa. I.enJe~ may makc or ca~~+c to t+c made rcacanable enlriec upon and inspcctions of the Property, pmvided
that I.ender shall give Bor~ower nu~ice pri~-r to any .uch inspection specifyina rcasonabk cause therefor rclated to I.tnder's
interesl in the Properly.
9. Coadan~aNon, T}~e pre~ceedc of any award ar claim for damages, dirccl or consequen~ial. in rnn~ection ~vith any
condemnation or dher taking of the Property, or patt tAereot, or for conveyaoce in lieu ot condemnation. are hereby assianed
and shall be paid to Lender.
in the event of a total taking of the •Property. the prceeeds chall be applied to the sums seci~red by this Mortaage,
with the excess, it any, paid to Bor~ower. in the event af a partial taking of the Property. unless Bornower and Lender
otherwix agrce ;n writing, therc shall be applied to the sums secured by this Mortgage such proportion of the pr~ooeeds
as is equal to that prc+portion w•hich the amount ot ~he sumc secured by this Mongage immediately prior to the date of
taking lxars to the fair market value of Ihe Propcr~y immediately prior to the date of taking, with the !>alance of the proceeds
paid to BOrMwer.
if the Propetty is abandoneJ by Borrower. or if atter notice by i.ender to Bormwer that the condemnor offen to malct
an award or uttle a claim for dam~~e~. R~rrc.wer f~il. ~o recpc-nd to 1_ender within 30 days a(1er ihe date such notice is
mailed, i_ender ic aothorized to collect and apply the prc~ceeds. at 1.ender's ~ptian, either to restoration or r+epair of ih~
Property or to the sum. cccured h~• this MortRage.
Unlesc 1 ender and Borrower otherwice agree in v-•rit~ng. any such application of proceeds to principal shal) not extend
or poctpone the due date of the monthly installmcnts referred to in paragraphc 1 and 2 hereof or chanae the amount of
such inslallments.
10. Bon~ower Not Rekased. Extension of the tim~ for payment or modiAration of amortization of the sums securcd
by this Mangage granted by'[.ender to any cuccecsor in intereu of Borrower ~hall not operate to releau. in tny manner,
the liabili~y of the original Borrower and Bc-~rower e successc~rc in intercst. I_ender shall not be rcquircd to commence
proceedings against such successor or refuse to ertenJ ~ime for payment or otherwice modify amortization of the sums
ucured by thic Mortgage hy rcason of any demand made by the oriqinal Borrower and Borrower s successors in intcrest.
11. Forbeannce by I.ender Not a N-si~er. Any forhearance by I.ender in exercicing any right or remedy hercunder, or
o~henvise afiarded by applicable law, shall no1 be a waiver of or prcclude the exercix of any such right or remedy.
The procurement of insurance pr the payment of Iaxes or other liens or charges by I_ender chal) not he a waiver of Lender's
right to accelerate the maturity of the indehtednecs cecurcd hy thic Mortgage. '
12. Remedies Cumulatire. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
rcmedy unde~ this Mortgage or atforded by law or equity. and may be exercised concurrcntly. independently or successivtly.
~ 13• Soccessors and AssiRas Eonnd; ,Jotnt and Seversl i.iability; Capdons. The covenants and agreements htrein
contained shall bind, and the riRhts hereunder shall inurc to. the rcspective succeaon and assigns of I_~nder ac~d Borrower.
subject to the provisionc_of paragraph 17 hereof. All covcnants and agrcements of Borrower shall be joiry and sev~ral.
The captions and headings of the paragraphc of this Mortgage arc for convenience only and are not to be o~ed to
interprct or deRne the pravicions herec-f.
14. Notke. Exttpl for any notice required under' applicable law~ to be given in another manner, (a) any notice to
Borrower provided tor in this Mortga¢e shall Fx given by mailing such notice by cer~i8ed mail addressed to Borrower at
the Property Address or at such ~ther addresc as Borrower mav designate by notice to l.ender as provided herein, and
(b) any notice to Lender shall he given hy certified mail. retum receipt requ~cted. to I ender s address suted hercin or to
such other addrcss as I.ender may de~i¢nate by ix-tice to Born.wer as provided herein. Any notice provided for in this
Mortgage shall be deemed to have 1+een ~~ven to Borrower or l.ender w~hen given in tht manner designated he~tin.
15. Uaitorm MortRa~e: Covetnin~ Iaw; Se.~erabilit~•. This form of mortgage combina uniform covenants for national
use and non-uniform covenants with limiteJ variations b~• juricdiction to constitute a uniform security instrument rnvering
nal prop~rty. This Mortgage shall be governcd by the law• of the jurisdiction in which the Property is located. In the
event ~hat any provision or clauce of thic Mortgage or the Nate conflicts with applicabk law, such confliet shall not affeet
other provisions of ~his Mortgage or the N~te which can be given efiect wi~hout the conflicting provicion, and to this
end the proviiions of the Mortgage and the Note arc declared to be severahle.
16. Eorrowe~'s Copy. Borrower chall be furni~hed ~ conformed copy of ~he Note and of this Mortgage at the time
of execution or afler recurdation hereof.
1'f. Transfer ot the Propertv; Assump~ion. It all c.r any part of the Property or an intercst therein is sold or tnnsferred
by Borrower wit}~out Lender's prior wntt.n ~oncent. excluding (al tht creation of a lien or encumbnnce subordinate to
ihis Mortgage. (b) the creat~on ~f a~+urchace m~.nev ~ecurity ~nterest for household appliances. (c) a tranc(er hy devise,
descent or by operation of law upon the Jea~h of a j~~~nt tenant or (d- the gram of any Jeasehold intercst of thrcc ycars or kss
not containing an option to purchase. LenJer may, at I.ender'c opt~on, decl~re all the sums securcd by this Mortgage to be
immediately due and payable. I_ende~ ~hall have Ma~ved such option ~o accclerate i(, prior to the cale or transfer. Lender
and the person to whom the Property it t~. be ;oIJ or transterred rcach agre~ment in writing that the creJit of ~uch perwn
is satisfactory to I_enJer and that the inter~.t payable on the sums xcured by this Morlgage shall be at such rate ac l.ender
shall request. If 1_ender has waivui the optian to accelerate provided in this parag~aph 17, and if Borrower i successor in
interest has executed a wri~ten assump~ion agreement accepted in writing by Lender, Lende~ shall releax Borrower from all
obligatior.s under this Mortgage and the No~e.
If Lender exercises such option to ac~elerate. 1_enJer chall mail Borrower notice of accelerateon in accordanc~ ui~h
paragraph 14 hercof. Such notice shall prov~de a period of not less Ihan 30 days from Ihe date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expi~alion of cuch period.
Lender may, without further no~ict or dcmand on liorrower. invoke any rerrKdies permit~ed by paragraph 1R hercof.
NoN-UN~FOai-t CoveN~NTS. Borrower and 1_cnder funher covena~t and aarce u follows:
18. Accekntion; Rcmedks. Escept as provWed ia para~raph 17 htred. upos forrower's Meacw oi aay cornwt or
a~reement of Qorrower In this Mortga~e. includln~ the corenants to pay wbew due awy soa~s secend sy this Mort~a~e. I.eeder
prbr to scceknHoa shdl mail notice fo Qorror-e~ as provided ia Pan~nph 14 hereot specityfn~: (l) the 6n~cA:/21 ~he aetiow
requirrd to co-e soch brcach; (3) s dstc. not les than 30 days trom tbe date the notice b a~aikd to eomnwer. by ..Akb weM
be~ch mwt be cored: aad (1) Ihst tailure to c~re srch bresch o~ or betorr t6e date speciRed iw thc notice nur resolt i~
aecekration ot Ihe sums secured by this Mort~aRe. to~ecbwre ~ judkial proeeedM~ aad sde ot the Prope~. 71~e noNee
shaq further infonn Qorrower of the riRM /o reinstNe sfler accek~stloa and Il~e ~ht to asscrt is tbe totrclosnre ~roceedi~
tbe aon-existence ot ~ def~uk or say olher defense o/ dorrower to ~ccekMiow and foreelosore. It tbe 6resci~ is not awred o~
or befon IAe date specified in the notice. Lender ~t I.ender•s optiow ~ Aeelm.ip d t3se sea~s set~r+ed by thfs MortRaRe to be
ima~ediately due aod psrable ..ithout turther demand and tnsr /oreebse thk Mo~a~t br jedkW'roetedfnR. I.enAer chaU
be totitled to cdltet in wch proteedi~ s8 t:penses nf forecloso~+e, laclndiu~. b~t eot 8mlted to. rrasowssle at~nrnev's ftes.
aad costs ot doe~rneehry eridenec. sbstncts and ~ilk nports.
19. Sornnwer's Ri`ht to Reinsate. Notwilh~~rnding I tnder's accelerat~on ot the sumc secured by th~s Mortgage.
Borrower shall have Ihe nght to have any pnxerd~ne~ ~~m b~ Lender to enforce thii Mortgage d~sconlmued a~ an~ ~ime
S~~nK346 Pac~~fi2~