HomeMy WebLinkAbout0925t.enckr's writ~en agreement ar spplicahlc law. Born~wer shall pay the amount of all mortgage insurancc prcmiums in the
m:~~ner providcd under pa~ag~aph 2 hereof.
A~y amounts dishurscd by l_rndcr purcuant to this parag~aph 7, with intcresl thereon, shall becomc additional
inJcbtedness of Borrower sccurcd by thic Mortgage. Unle.~ Aorrowcr anJ I.enJer agrec to othe~ tcrms of payment,_ ~uch
amounts shall be payable u~n noticc (mm I.ender t~• Bo~rowrr reyue+ting paymenl thereot, and chall hcar intereq from the
Jatc ot disburxmcnt at the rate payahle from time to time on outstanding principal under the Notc unlccc payment of
interesl at such rate Nould be contrary to applicable law, in vrhich event such amounts shall hea~ interest at the highest rate
pe~missihle under applicable law. Nothing contained in thic paragraph 7 shall require I.ender to incur any expenu or take
any action hcrcunder. •
8• Iaspeetloa. l.e~de~ may make ur cause to he made reaconable rntriec u~xm a~d incpectionc of the Property, pmvided
thal I.ender shall give Borrower notice prior lo a~y such incpection specifying rcasonable cause therefor related to I.ender's
intcresl in the Praperty.
9. Coademnatbn. The p~oceedc of any~ aw•ard or claim for damages. direc~ or concequential, in connection with any
rondemnation or other taking af the Propertp, or part thercof, or for convcyance in litu of condemnation, are herehy assigned
and shall be paid to I_ender. .
Tn the event af a total taking ot the Properl)•. the prc-~eedc ~hall he applied to ~he cumc secured by thic Mortgage.
w•ilh the erceis, if any, paid to Borrowrr. In ~he event of a parlial taking ~~t Ihe Property, unlecc Borrower and I.ender
o~herwice agrce in writing. there shall he applieJ to the ~umx securcd by thic Mortgage «ich pm~rtion o( the proceeds
as ic equal to that pro~rtion w~hich the amount of ~he xumc ~ccured hy Ihic \iurtgage immedia~ely pri~r ~o ~he date of
taking bears to Ihe fair market value of Ihe Pro~xrly immeJiatel~• prior to the Jate of ~aking, with the halance of Ihe prc~eeds
paid to Borrower.
If the Properly is ahandoned h~• Borroreer, or if. after notice by I ender to Bormwer that the condemnor ofiers to make
an :~w~ard or seUle a rlaim f~r Jamagec, Bormwer failti tu re~pc~nd te. Lender within iQ dayc af~er the date such notice is
mailed. I.ender ic authorized to coUect a~d apply the pmceeda, at Lender ~ option, either to rectoration or repair of itx
Prapcrt~~ or to thc sums cccurcd b~• thic Mortgagc.
Unles~ Lender and Barmwer othen+•ik agree in writin~. any wch applicalion of prc~ceeds M prinripal shall not ertend
or pix~pone ~hc due date of Ihe momhly installmrntc referrcd to in paragraphs 1 and 2 hereof or change thc amount of
such installments.
10. Borrower Not Released. F.~Iension of the time for payment ar mc-difiration of amortization of the sumc xcured
by this Martgage granted b~• I.enJer 1~ an~• cucceca~r in intrre~t of Bc~rrower ~hall nM operate to rclease. in aoy manner.
the liahili~y of ~he original Bnrrow~er and B~rmw•er ti s~iccessc~r~ in interest. i.ender shall not he requireJ to rnmmence
proceedingc against sueh sucrecsar or refu~e to er1e~J lime for payment or othen+•ice modify amortization of the soms
secured by thi~ Mortgage by rcacc•n ~f ~ny demand madr. b~ the orieinal Borrower and Borrow~er t succe~~i~rc in interest.
11. Forbearanee by [.ender Nof a Wai~•er. Am• f~~rhearanre hy i ender in erercicing anv riRht ~~r remedy hereunder, or
Mhenvise afTordecf hy applicahle law, ~hall not {x a wai~•cr of ar preclude ~he erercise of am• ~uch right or remedy.
The procuremcnt of insurancc or thc payment of tarc< <~r i~iher liens or chargrc M• Lcnder chall not bc a waiver of I.enJer s
right ~o acrclerate the maturity of the indehtednc~c ~rurcd h~~ thi~~ Marlgage.
12. Remedie,s Cumulali~e. All remedies p~m•ided in thic !~lortgage are distinct and cumulative to am• other right or
remeJy under this Mortgagr or affordrd h~• law• ~.r eyuit~•. ;md ma~• he ~~erciced rnncurrently. independentlp or succeesi~~cl~~.
13. Successors and Assigns Bound: Joint and Se~eral Liabilit~•; C~ptions. The ccn~enants and agrecmeMc herein
con~ained chall hind, and the riRhtc hereunder shall inurc to. 'he rctipecti~e succe~tii~rc and accigna of I.ender and Bormwer.
subject to the provision~ c-f paragraph 17 herrof. All rovenant~ and aRreemcntc of Bc-rrov-•er shall tk ji~int and ce~•eral.
The capti~~ns and heading~ of the paragraph~ ~f thi~ Murlg:~gc are for a.nvenience only :~nJ are not t~~ he uced ta
~nterpret or define the pro~•icionc hereof. _ •
ld. '.\'otice. Except far any notice reyuired under applirable la~ t~, he given in. anc~ther manner. (al any notice to
Borruwer providcd for in thi~ Mortgage tihall tk gh•rn.h~~ mailing wch noticc M~ ccrtificd mail addreckd to Borrow•cr at
the Property Addres~ or a~t aich uther addre~~ :~c B~ur~~urr ma~• de~~~natc h}• n~~tice to Lender ~c proviJed herein, and
Ibl an~~ notice ro Lender shall tx given h}• certifird mail, ren~rn receipt reque~ted. tc~ 1 ender'~ adJrecc stated herein ~r to
such rnher addres~ as I_ender ma~ de~ign•rle h~ n~tice t~~ Borr~~wer at pr.~~•ideJ herein. Any nolice pn~vided for in thic
ltnrtgage shall he deemcd to ha~•c bcen ~tiven to Borri~wcr or I rndcr ~hen givcn in the manner detiignatcd hercin.
- 1 S. Uniform MortRa~e: GoverninR l.a..; Se.er~bilih~. This form of mortgage combines uniform covenants for national use
aad non-uniform covenants with limited variations by jurisdietion to constiwte a uniform security instrument covering real property. The
state and local lav-~ applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing
xntence shall not limit the applicability of federal law to this mortgage. In the event that any provision or clause of this Mortgage or the
Note conflicts with applicable law, such caillict shall not afFect other provisions of this Mortgage a the Note which can be given ef1'ect
without the contlicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable.
16. Borrower's Copy. Borrawer shall h~ furni~he~ a conf~~rmed rop~~ ~~t the Notr and nf thic ~iortgage at the time
ot e~cecution or after recordation hercof_
17.. Tn~ufer of fhe Propert~; Acsumption. If all ~~r am p.~rt o( the Propertt• or an interesl therein ic ~~~ld ~r trantiferred
hy Borrower without I_ender's prior writ~rn c~-ntrnt. c~cludin~t ia- ~hr creatinn af a lien ~~r encumhrancr ~uhor.lmate tc~
thi~ Mortgage. (bl the creatian of a purchacc m~~ne~• ceruril~~ interesl f~~n c~.usehol~i appliancec, fcl a ~ran~ter h~~ de~•ixe.
de~cent or h~• operation of law u~~n the Jeath ~~f a jcant tenam ~~r ~d~ the gram i~f am• Iea~ehc-Id interest ~f three yearc or lecc
no~ containing an option to purchase. l ender m~~, at 1 rnder'. ~~p~n,n. declare all Ihe sumt secured h}• this '~lortgage to t-e~
~mmediately due and payahle. Lrnder ~hal! ha~e K;11VClI ~urh option ~~~ accelerate if, prior to the wle or transfer. (.enJer
anJ the percc~n to whom Ihe Property ic tu he col~l ar tr:mcf~rred « arh agreement in writing that the cicdit ~f wch pert~~n
ic satisfactory to I_ender and that the imere,t pa~~ahle un ~he .umti ~ecured hy ihi~ ~lortgage thall F+e at such rate a~ Lender
shall reyuest. (f 1_enJer has waived Ihe ~~ption. to acceler.~tr prrn•ided in thic p;,ragraph 17. and if Borrower'. tiuccessor in
mterest ha~ executed a writ~en ascumption aererment accep:rd in writinK h}• I.emler. l.ender shall relea~e Borrower from all
~~bligations under thic Mortgage and the Note.
If I.ender exercices such option to arreler,~tr. I enJer tih~ll mail Bixrowrr not~ce ~~t acceleration in accordance w•i~h
paragraph ld hereof. Such notice ~hal1 provide :~ peni~~ ~~f not Iesti ~han ~0 Jay. from Ihe date the notic~ is mailed within
which B~rn.•aer may pay the cum~ declared d~sr. If Rc.rn.~~er (ail~ ti~ pa~~ ~u~h ~umc prie~r t~- the e~pirati~n ~~f ~uch period.
I.en~er may, w~ithout further notice ~,r Jemand ~~n B~•rruNrr. m.a~.e am «mcdies perm~tte:l h}• paragraph 1R hereof.
NoW-UNIFORN CovEN~NTS. Borrovrer and I.endet furlher covenant and agree as follows:
18. Acceleration; Remedies. Eacept as pro~•ided in par~~aph 17 hereof. upon Bono.rer's brcach of any covenant or
~reement of Borrower in this Mort~a~e. incladin~ the co~enants to pay when due any cums secured by this Mortgage. I_ender
prior lo acceleration shall mail nofice to Bonower ac pro~ided in paraRraph 14 hereof specifyinR: (1) the bceach: (2) the action
required to cure such breach; (3) a date. nof lecs than 30 da~s (rom Ihe date the notice is mailed to Borrower~ by which such
breach must be cured; and (A) Ihat tailure to cure such breach on or before the date specified in Ihe notke may result in
acceleration of the sums secured by thic ~tortRaRe. foreclo~ure b}• judicial proceedin~ and sale of the Property. 'Ibe notice
shall further inform Borrowe~ of the riRht to reinst9le ~f1er acceleration and Ihe right to acsert in the fareclosure proceedi~
the non-existenct of a default or anv olher defense of Borrower to acceleration and foreclosure. ti the breach is not cured on
or betore the date speci6ed in the notice. I.ender ?I I.ender's option ma~• declare all of the sums ucured by this Mortga~e to be
immediatcly due and payable without further dert~and and ma~~ foreclose Ihis ~iort~a~e by judicial proceedin~. Lender sball
be entitled lo collect in such proceedin~ all expenses of foreclosun, includin~, but not limiled to. reasonabfe attorney's fees.
and costs of documentary evidence. abstr~ctc ~nd tille rcports.
19. Borrower's Ri~ht to Reinstate. V~~twith~tandinK I.~nJcr'. a.:~elcrahim u( thc sum: ucured by ~hi~ '4lortgagc.
Borrower shall have the right to ha~e .~n} ~~~k«,i~~,~, t~eun h~ 1 rnder a~ cnf~~rr~ Ih~. ~torlgage diuontmueJ at any t~me
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