HomeMy WebLinkAbout1251LrnJr~'c wnttcn agtrrmcm o~ appG~abk low. Borrowe~ shall pay 1he amuunt i~t all mortgage iosurance prcmiums in the
mannrr pruv~drd unde~ paragraph 2 hereot.
Any amounlc di~h~ircrd b~~ I rnJrr punurnt w Ihis par.~graph 7, w~lh u~tcrrst thereon, shall bccome additional
indrhtrdri«c u( t3urruwrr ~ttund by thi~ M~,~tgage Unle.~ Bormwct anJ l_cn.ler agrcc to athc~ tertnc ~f payment, tuch
amountc ~hall he pa}•ahle u~xm nu~ice tr~~m 1 rnde~ to &~r~owrr requecling paymrnt therec~t, anJ chall hear interest from the
da~e of dichurcemcnt at Ihc ratc ~+ayahlc from time to t~me uo outstanding princi~-al under thc Note unlesc payment of
inter~ct at such rate would t+e contrarv ~o applicable law, in which event cuch amounts chall hcar interest at ihe highest rate
permissibk under applicable law. Nuthing a~n~aineJ m Ihi~ paragraph 7 shall require I-ender t~ incur any espense or take
any action hercuader. '
S. laspectiow. I.ender may make ar.a~~.c to be madc reaconable entriec u{x~n and inspections of the Property. provided
that I.ender shall give &~rrow~er.rn.t~.r pri~~r t~~ any.~uch inspection specityiog reasonabk caux thercfor related to Ltoder's
mteresl in Ihe Propeny.
9. Coadeauatbn. The pro:eedc ~if any awa~d or claim for damaga. ditecl ot consequential, in connection with any
coedemnation o~ dher taking of the Propeny, o~ part thercot, ar tor conveyance i~ lieu of condemnation, are hereby assianed
and shall be paid to I.ender.
In ~he eveot of a total taking of the Property. the procecds shall be applicJ to the sums securcd by this Mortaa~e.
with the excess, iE any, paid to Borrower. ln the event of a partial taking of the Property, unless Borrower and Lender
otherwise igroe in writing. therc shall be applied to the sums secuttd by this Mortgage such proporlion of !he proceeds
as is equ3) to that prc~+ortic+n w•hich Ihe amoont of thr sumc ucurcd by Ihis Mortga~te immediattly prior to the date ot
taking bears to the fair market value of ~hr Pr.~~rty immediately p~ior to ihe date o( taking, with the balance of the procteds
paid to Sorto~rer.
lf the Ptopeny ic ahandonedb~• Borrower. or if. atter notice by l.ende~ to Rorrower that the condemnor offe~s to make
an aw :rd or uttle a claim tor d~mace~_ R~~rrc.wer ta~l. to re~pc~nd ro l.ender within 30 days after the date such notice is
mailed. 1_ender ic authorized ~o collccl and appl}~ ~he prc+ceeds. at I.ende~ i oplion, either to ratoration or repair of the
Proper~y or ~o the sum~ cccured h~~ ~his MonAage.
Unles~ I.~nder and Borrov-~er othervvice agree in writ~ng, any such application of proceeds to principal shall not tatend
o~ pcmpane tht due date of the monthlv installments referrcd to in paragraphs 1 and 2 hercuf or change tht amount of
cuch imsallments.
10. Eorrower Not Released. Extension of the ~ime (or paym~nt or modi6cation of amortization of the sums sec~rcd
by thic Mongage gnnt~d by I.ende~ to any cuccecsar in interect of Bc~ROwer ~hall nat operate to rct~ase, in any manoer.
the liabili~y af the original Borrower and Borrower'c successorc in intercst. 1_ender shall not be required to commence
pnxeedings against such succescar or rcfux to e<tend time for payment or otherwiu modify amortizat~on ot thr .ums
ucurcd hy thit Mortgage by rcason of any demand made by the oriqinal Borrower and Borrower s successon in interect_
11. Forbesnnce by I.rnder Not s Waiver. Any f~rhearance by I.ender in etercicing any right or remedy hercunder, or
otherwix aBorderi hy applicabk law. shall nc+t be a waiver ot or preclude the exercise of, any such right or remedy.
The procurement of insurance or the payment at tates or other liens or charges by I.ender sha0 not he a waiver of Lender's
right to accelerate the maturity of the indeMednecs ~ecurcd hy thic MortgaRe.
12. Remcdies Cnmulathe. All rcmedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or aHordcd hy law or equity. -rnd may be exerciud concurrently, independently or successively_
~ 13. Srecessor3 and AssiRss Sound: Joint aad Sercrd Ibbilily: Csptbns. The covenants and agrzemrnts hercin
conuined shall hind, and the riRhts hercunder shall inure to_ the rcspective succetson and assigns of Lender at~d Borrower.
subjeci to the provisionc of paragraph 17 hereof_ All covenants and agreements ot Borrower shall be joiry and sevenl.
The captions a~d headingc of the paraRraphc of thic Mortgage are for convenience only and are not to be u~ed to
interprct or de6nt the provicionc hereof_
14. NWice. EYCept tor any no~ice rcquired under applicable lav-• to be given in anolher manner, (a) any notice to
Borrower ptovided for ~n this Mortgaee shall be given h~~ mailing tuch not~ce by certified mail addressed to Borrowet at
the Property Address or at such other addrrt~ as Borr~v-•er mae designate by no~ice to T.eoder as provided herein, and
(t~l any notice to Lender shall tx given by cenifieci mait. retum receipt r~quected. ta 1 ender s address stated herein or to
~u:h other address as [.ender may desi¢natc h~ notice t~ Bormwer as pro.~ded hercin. Any notice provided for in this
Mortgage shall be deemed to have 1+een g~ven to Be~rrower or Lender when grven in tht manner designated herein.
1S. Unitorm MoA~a~e: Governin~ Law; Se.enbilily. Th~c (orm of mortgage combines ~miform covenants for national
ust and non-uni(orm co~enantc wilh IimiteJ vananonc h} juncdiction to rnnstitute a uniform security instrument eovering
real property. This Mortgage shall be governed h~~ the law~ of the jurisdiction in which the Properiy is located. In the
eveoCthat any provision or claux o( tbic Mortgaec c.r ~he tiote conflictc w•i~h applicable law, such conflitt shall not aRect
other provisions of this Mongage or the N~.tr wh~ch can be given eHect without the conflicting provicion, and to this
end tht provisions ot the Morlgage and the ~1cue are .kclarcd to tx severable_
16. Sorrower's Copy. Borrow•er shall t-c fi~rni~hed ~ con(ormcd copy of Ihe Note and of this Mort~tag~ at the time
of execution or a(ter recordation hereof.
l~. Trsester ot the Propniy: Assumption. If all or any part of the Propeny or an interest thercin ic sold or tnnsferred
by Borrower without I_ender's pnor wr~ucn ~unscnt. excluding (al the creation of a lien or encumbnnce subordinate to
this Mortgagt. Ibl the c~eat~on o( a pur.hacr m~~ne~~ ~ecurilY mterest for household appli~ntes. (cl a trancfer hy devist.
desctnt or by operation of law upon the .icath o( a jn~n~ tenant or (d- tht grant of any leaxhold intercst of thrcc ycars or kss
not containing an option to purchase. Lender ma}. a~ I endtr'c opl~oo. decl~re all ~he sums secured by ~his Mortgage to be
immediately due and payable. Lrnder ~hall have w.u~•ed such option to ac.clerate if, prior to the cale or t~ansfer. Lender
and the person to whom the Proper~~ i. i~~ ~x .~~I.1 ~,r ~rans(erred reach agre~ment in writing that the credit ~f wch per~on
is satisfacton to I_enJer and that Ihe interc.t pay.-ble on Ihe soms secured by Ihis Mortgage shal) be at such rate ac I.ender
shall request. If t_tnder has waivtd the opt~on to acceler~te provided ~n ~his paragraph 17, and if Borrower i~uccessor in
interest has eaecuted a written assump~~on agreem~nt accep~ed in wri~~ng by Lender, Lender shall :eleax Borrower from all
obliga~~cx~s under this Mortgage and the Notr.
I( Lender e~ercises such opl~on lo accelerate. t_enJer chall mail Borrower notice of acceleration in accordanc~ a~~h
paragraph 14 hereof. Such no~ice shalt prowde a pericxi of not less than 30 days from the date the no~ice is mailed wi~hin
which Borrower m~y pay the sume derlared due If Borrower fails to pay saich sums prior to the expintion of cuch peric~d.
Lender may, wi~hout turther not~ce c-r demand on 13orrower, invoke any remedies permiueA by paragraph 1 R hercoL
NON-UHIFORM COrEYAlVTS Botrower and Lender turther covenant and asree u follows:
18. Acceleration; Remedies. Extept as proridcd ia pa~rapl~ 17 htttof. tipo~ So~rowers 6rtac\ oi any covesawt or
a~re:n~e~t oi Sorwwcr iw this Mort~s~e. fucludi~ tbe coreasnts to psy wbew dYC s~y wa~s secured bp tbk MortRaRe, I,ender
Prior to aceekratba sAall msil notice to dorrower as provided ip pa~a~rapb 1~ Atrcot specNyins: (1) the bre~cA:/211he setba
requircd to c~re soch bnsch:l3- s date. wot kss Ilw 30 dsys /rorn tbe dalc the notke b a~ailed fo Eorrower. br ••hkh sucM
~c~ch mmt ee crred: sad (1) thst (ailnre to c~re srcM bnscw ow or Sefore the dMe sOecf6ed is the notke msr resnN i~
accekratiow ot tbe s~ms secured by thts Mort~aRe. to~ecfos~re 6y jodkial ~oceedin~ sna sde ot the Property. The notiee
sbaU fuetl~er iafora+ dorroaer ot thc ri~M ~o rei~stNe st/er sccekntbn awd tbe riRb1 b as~eN is the foreclostire ~noce~edh~
tbc aos-e:isteace ot s defauN or sny ofher detense ot eono.•er lo ~ccelcrstio~ aw~ tonclosr~e. It tbe brescM is not co~ o~
or 6efon tAe dste spetified ia tbe notice. l.eeder at I.ewdtr's apiow a~ dcclare aN o~ tht s~a~s ~nd b!' this MortRaRe M be
immediately due and psrsbk •rithout ferthcr demand ~nd rnsr fonclose IUk Mort~a~e ~ jndicW pr'oceediuR. I.enAer cAall
be eotitlsd !o colleet b sncM ~roceedieR all e:penses o( toreclowre. Inclodiu~. bN ~ot lirwiter to. reasoa~sle sta,rnev's fees.
awd costs ot doc~sewtary evidence. abstrscts and Iitk reports.
19. sonower's RkMt to Rtinstsft. Nolw~th~t~nding 1 ender's atctltrat~on of tht sumt ucured by th~s Mortgagt.
Borrower shall hart tht ngh~ to have am prcxe<<t~n.. hr~un b~ Ltndet to tn~orce Ih~~ Mnngaqe dncontinutd at ~n~ Ume
~~fix347 P~~Ei24~
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