HomeMy WebLinkAbout2704l.cnder'c writtcn agrcemcnt ar applirable law. Rorrowe~ shall pay the amount ot all martgagc insurance premiums in the
m:~nnc~ pruv~dcd undcr paragraph 2 hercoi.
Any amoun~c ~ii~fiurscd by Lcndc~ punuant tu Ihis paragraph 7, wi~h ~n~cn:st thereon, shal) becomc additioml
in~khtrdnctic uf li~~rruw~r kcun;d by thi~ M~xtgage. Unlc~~ Borrov-cr anJ LrnJer agree to ather tcrmc of payment, such
amountc ~hall he payaMc ii~n n~~~ke fr~m I.rnde~ to Horrowrr requcc~ing paymenl thcreo(. aod sh~ll bqar interest from the
date M di~burcrmeot at thc ra~c payable fram lime ta ~ime on outsl~nding principal under the Note~ unlesc payment of
interest at such rate wau1J he contrarv to applicable law, in which event such amountc shall hear interest at the highest rate
permissible under applicable law. N~ithing ci-ntained m this paragraph ~ shall requirc Lender to incur any e:pense or take
any action hercunder.
S• laspectloo. I.ende~ may makc o~ rau,~ Io f-c made reaconahle eotriec upon and insptctions ot tht Property. provided
that I.ender shall give Borrowe~ nol~ce pri~~r ~o any such inspection specifying teasonabk cause thetefor related to Let~der's
interesl in Ihe Propeny.
9. Coademnation. The pn,ceedc of any award or claim for damaga, dircct or consequeetial. in connection with any
co~dem~atan or other taking of the Propeny, or part thercof, or fo~ conveyaoce in lieu of condemnation, are hereby aasianed
and shall be paid to i.ender.
in the event of a total taking of the Properly. the proceeds chall be applicd to ~he sums secured by ffiis Mort~age,
with the excess, if any, paid to Bo~rower. in ~he evenl ot a partial taking of the Property, unkss Borrower and Lende~
ahenvix agree in writing. therc shall be applied to the sums secured by this Mangage such proportion o[ the pr~oatds
as is equal to that prapoMion w•hich ~he amaun~ o( ~he sumc secured by Ihis Mortga~te immediately prior to the date ot
taking bears to the fair market value of the Pro~+eny immediately prior to the date of ~aking, with the balance of the proceeds
paid to Borrower. _
if the Property is ahandoneJ bv Borrower, or if. after no~ice by 1_ender to Bormwer that the condemnor oBen to make
an award or settle a claim for damake~, B~rr~wer fail. to rec~nd to [_ender wi~hin 30 days after the date such notice is
mailed. Lender ic authorized to collect and appl}~ ~he prcueeds, a1 I~nder's aption, either to restoration or ~spair of the
Pr~perry or ro the sum~ ticcured hy this Mortga1¢e.
Unlesc 1_e~der and Borrower otherwice agree in writinc. any such application of proceeds to principa) shall ~ot tatend
or pcxtpone the due da~c of the monthly installments rcferred to in paragraphs 1 and 2 hereof or changt tht amount of
tuch installments.
10. Borrower Not Relezsed. Fxtension of Ihe time tor payment or modification of amortiution of the sums socured
by this Mortgage granted by l.ender to any cuccessor in interest of Borrower chall not operate to rciease, in any manner.
th~ liability of the original BoROwer and Bc•rrower's soccessorc in intercst. i.ender shall not be rcquired to commence
proceedings against such succeuor or rcfuse to ertend time for payment or otherwice modify amortizat~on of Ihe sums
secured by thic Mortgage by rcasan of ~ny demand made by the ori¢inal Bormwer and Barrower s successors in intercst.
11. Porbeannce by I.ender NM s R-d~e~. Any f~rhearance by I.ender in exercising any right or remedy hercunder, or
othenvise afforded by applicable law. shall not be a waiver of or preclode the exercise of any such right or rcmuly.
The procurement of insurance Qr the payment ot taxes or other liens or chargcs by I.ender shall not be a waiver of Lender's
right to accelerate the maturity of th~ indehtedness cecurcd hy thic Mortgage.
12. Remedies Cnmulsti~e. All rcmedies provided in this Mortgage are distinct and cumulativ~ to any other right or
rcmedy unde~ this Martgage ar afforded by law or equity. and may be exercixd concurrcntly. independently or succtssively.
' 13. Successors and AssiRes Bonnd; Joint snd Sevenl I.iability; Csptbns. The covenants and agreements herein
contained shall bind, and the riRhts hereunder shall inare to. the rcspective succecsors and assigns of Lender a~d Borrower.
subjtct to the provisionc of paragraph 17 hereof. All covcnants and ag~eements of Borrower shall be joiry and several_
The captions and headings of the paragraphc of this Mortgage are for convenience only and arc not to be used to
int~rprct or define the provixionc hereof. ~
14. Notice. Except for any notice requircd under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Mortga¢e chall be given hy mailing such notice by certified mail addressed to Borrower at
the Property Address or at such wher addresc as Barrower mav designate by notice to 1.ender as provided herein, and
(h1 any notice to Leoder shall he given by certifieJ mail. reu~m receipt requested. to I ender s address stated herein or to
such other addrcss as Lender may deci¢natt by n~tice to Borrower as provided hercin. Any notice provided for in this
Mortgage shall be deemed to have f+een R~vcn to Borrower or l_ender when given in the manner Jesignated hertin.
1S. Uniform Mor1R~e; Governin~ Iaw; Se~~erability. This torm of mortgage combines uniform covenants tor national
use and non-uniform covenant~ with IimiteJ variations hy jurssdiction to constitate a uniform security instrument rnvering
rcal p~operty. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the
event that any provision or claute of thic Mortgage ~r the Note conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or the Notc wh~ch can be given eBect wi~hout the confliding provicion, and to tha
end the provisions of the Mortgage and the Nc~e are Jeclared to be uverable.
16. Eorrower's Copy. Borrower shall be furniched a con(ormed copy o( the Note and of this Mortgage at the tinx
of eaecution or after recordation hereof.
17. Tra~afer of the Propertv: Assumption. If all or any part o( the Pmperty or an interest therein ic sold or tnnsfened
by Bo~rower without Lende~'s prior wrinrn consent. excluding- lal the creation ot a lieo or encambrance subordinate to
this Mortgage. (b) the creation of a purchace m~ney cecuri~y ~nterest for household appliances. (c) a ~ransfer hy devise.
descent or by aperation of law• iipon the Jcath of a jo~m tenaot or (dl the grant of any leasehold intercst of three years or kss
not containing an optian to purchase. Lender may, at t_endt~ c option, declare all the sums secured by this Morigage to be
immediately due and payahle. I.ender chall have w,uved such option ~o accelerate if, prior to ~he wle or transfer. Lender
and the person ~o whom ~he Property i. a. be .~~IJ or Irans(erred reach agrerment in writing Ihat the creJil of euch petson
is satisfactory to I.ender and that the interr.~ pa~able on the sums secured by this Mortgage shall be at soch rate ac Lender
shall requut. If l.ender has waived thr aption to accelerate provided in ~his paragraph 17, and if Borrower ~ auccessor in
interut hac executed a written assump~~on agreement accepted in writing by t_ender, Lender shall release Borrower from al)
obligations under this Mortgage and the Notc.
If Lender exercises such opt~on t~ accelerate, 1_ender ~hall mail Borrower notice of .acceleration in accordancc W i~h
paragraph 14 hereot. Such notice shall provide a period o( no~ less than 30 days from the date the no~ice is mailed wi~hin
which Borruwe~ may pay 1hc sumc declared due. It Borrow:er fails to p?y such sums prior to Ihe expiration of cuch peric~d.
Lender may, withuut furthtr notice or dcmand on liorrower. invoke any remedies permitted by paragraph IA hercof.
NON-UNIFORM COVENANTS. BOffOWtf a11d Llfldtf ~Ufllltf COVlfNI11 and agrce as follows:
la. Acceleralbn; Rcmedies. Excep as providcd in ps~rapb 17 Mereof. ~poo Dorrowers Meacb ot any co~eaaM or
a~reemeat of Eorro~e~ ia this MortRs~e. includi~ the corcnsnts to psy wAea due aoy snms stcund by thfs Mort~s~e. Lender
prior to actcleraHon shdl mail notice to eorrower as provWed la pansrspA 11 hereot spccNyf~: (1) the bre~ch;/211Ae aetbn
required to cnre snch breach; ~3) ~ date. no1 less Ihan 30 days iwm tbe dMe the notice b mailed lo Eorrower. br aAkb suc~
Meach mw~t be corcd: and (4) Ihat failuro to cure secb bresch oa or beforr Ibe dite specibed iA Ihe aofke mar resdt is
sccekntion of 16e sums secund by this MortRs~e. forccbsurr A~ judkial pnoceedln~ aed ssk o/ tAe Properry. 71~e notke
shall fuNhcr inform Eorrowtr of the riRb~ to reinstate at~cr sccclcrstbA ~~d /he ~bl to asert i~ tbe fortclosrre pruceedi~
t6e aon-e:istence ot s defauk or sny Mhe~ dtf'tn~e ot eor-ower to aecekration snd tortclosore. It tbe brcaeA k aM euerA o~
or before the dste specified ia the notice, l.end« at I.end«'s opliow rway deelare sM ot tAe ssms a~nd by tAts MortRaRe M be
immediately dut and psrable w~ithout fur~her dem~nd ~nd nay torttlose thfs Mort~a~e ~ jodkW proceedinR. i.ender shall
be entitled to eolleet M weh proccedir~ a0 e:penses ot fo~eclosure. includin~. bn/ not Bmittd to. re~sonsslt att•~rneY's fees.
itld tOSLS Of dOtYllltAf~ tr~dllllt. abstncts and ~ilk rrports.
19. Dorrower's Ri`At fo Reinst~te. Notwith~t~ndinK I endei s acceleration of the sums ucured by th~s Mongage.
Borrower shall have the ngh~ ~o have am ~~~<<.i~~~• txE~~n by Ltnder to en(orce Ihn M~rtgage dncontinued at an~ ~~mt
~~~K:346 pacE26~
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