HomeMy WebLinkAbout1754~endcr's written agrcement o~ appl~cable law. Bo~rower shall pay ~he amount ot all mortgage insura~ct promiumt io tb~
mannc~ provided unde~ paragraph 2 hercot.
Any amo~~nts disburud by 1_ender pursuant Io thi: paragnph 7, wi~h intetest therton, shall btcane additional
indehtedness of Barrawer securcd by Ihis Mortgage. Unlett Borrower and t.ender agree to other terms ot payment. such
amoums ahall ht payahle u~+c~n n~~~ice tram I.ender ~a Borrower reque~~ing payment thereof, and shall bear ioterest trom the
Jatc ot diiburscment at thc rate payablc f~om time to time o0 outstanding principal uoder Ihe Note uokss payment ot
interest at such rate would be contrary ~o applicable law, in which event such amaunts shall bear inte~est at the hiahest nte
permissible under applicable law. Nothing canlaintd in this parag-aph 7 shall requirc l:ender lo irrcur any expettse or take
any action heteunder.
8. Inspection, l.ender may make or cause to !~e made reacanahle en~riec u~-on and inspectiant o[ 1he Prope~ty, provided
thal I.ender shall give Borrower notice prior to any such inspection apecifying reawnable cause Iheretor related ~o Lender't
~nteres~ i~ the Property.
9. Condemoatbn. The prcxeede of any av-•ard or claim for JamaRes. direc~ or conuquential, in co~~neclioo with any
~ondemna~ion or ather taking of the Property, or pan thereof, or for conveyance in litu of condemnation, are herchy assigned
anJ chall I,e paid to l.ende~.
In ~he event af a total laking of the Proper~y. Ihe procteds shall tx applied to the aims secured by this Mortgage.
wi~h ~he rrcea. if any, paid to Bormwer. In ~he eveM of ~ partial ~aking of thc Property, unless Borrower and Lender
o~herwice agree in writing. therc shall be applied ro the sums securcd by ~hic Mortgage such proportion of the proceeds
as ic equal to Ihat proExmion which the amount ot ~he sume ~erured by this Mortgage immedistely prior to the date of
taking hears to the fair market value af the Property immediately prior to the Jate of taking, with the balance ot the proceeds
paid t~ Borrower. _
If thc Property is abandoned bp Bor~ov-cr, or if. after notice by t.ender to Borrower that the candemnor o}ten to mdce
an awar~+ ~r settle a claim for damage~, Borrower fails to res~nd to l.ender within 30 days after the dale such notice is
mailed. I.rnJer ic authorized to callect and apply the proceeds, at t.ender's option, either to restoration or repair of the
Pro~xny or to Ihe sumc secured by Ihis Mortgage.
Unles~ I_ender and Borrawer otherv-ice agree in w~rilinc. any such application of proceeds to principal shal) not extend
~~r ~ctpc~ne thc duc date of thc manlhl~• inslallmcnts referred to in paragrapht 1 and 2 hercof or change the amount of
cuch installments. ~
10. Borrow:r Nol Rekased. Fxtencian of the ~ime for payment or modiRcation of amortization of the sums securcd
by this Mortgage granted by I.ender lo any cuccessor in inte~ect of Borrower chall not operate to rckase, in any manner,
~he liahility ~~f the original Borrawer and Borrov-•cr'c succesu~rc in interest. i.ender shalt not he rcquired to commence
pn~cceJings against such succeaor or re(uu to extenJ time for payment or otherwix modify amortization of the sums
~ecured hy thic MoAgage hy reason of any demand made by the oriqinal Borrower and Borrower s succes.wrs in intercst.
11. Forbearance by i.ender NM a Waiver. Any f~rhearance hy I.ender in etercising any right or romedy htrcu~de~, or
~~iherwisc afiorded by applicablc law, shall not be a waiver of or preclude the exercise of any such right or remody.
The procurement of insurance or. the payment of tares or ather liens or charges by I.ender shali not be a waiver of Lender s
right a~ accclerate the maturity of ~he indebtedness cecured hy ihis Morlgage.
12. Remedies Cumulalir~. All rcmedies provided in this Mortgage are distinct and cumulative to any othtr right or
remeJ~• unJer thic Mortgage or affarded hy law• o~ equity: and may F+e etiercised rnncurrently, independentty ar successively.
13. Succecwrs and AssiRns Bonnd; Joint nnd Sereral I.iabilify; Csptbns. "Tl~e covenants and agreements herein
romaineJ chall bind. and the riRhts hereunder shall ~nure to. the recpeetive succe~sors and assigns of tendtr and Borrower.
,ubject ~o ~hr provi~ionc of paragraph 17 hereof. All covenants and agreeme~tc of Borrower~hall be joint and several.
The ~capl~ons anJ headings o( the paragraphc of ~hic Mortgage arc for convenience only and arc n~t to be used to
~nterpret or define the provisionc hertof. .
14. Notice. Except for any notice required unJer applicable law• to be given in another manner, (a) any notice to
Borrower pmvided far in this Mortgage xhall he gi~•en by mailing cuch notice by certified mait addressed to Borrower at
the Property Addretc or at such other addrec~ as B~~rrower may designa~e by notice to 1_ender as provided herein, and
(b- any notire to I_enJer shall be given by cerlifieJ~ mail. return receipt requected. ~~ I.ender s address slated herein or to
.och other addrest •rs I_ender ma}~ dcsignale by notire to Bormwer as provideJ herein. Any notice provided for in this
Nor~gage shall hc Je~med to havc been given to Bnrrower or l.cnder Khen given in the manner designat~d herein.
15. Uniform MortRaRe; Corernin~: (.aw; SeveraMtity. Thi~ form ot mortgage combines oniform covenants for national
uu and non-uniform covenant~ w•ith limited variations b}• juriid~ction to constitute a uniform security instrument covering
real proper~y. Thi~ Mortgage shall be governed h~• Ihe law• of the juricJiction in which the Ptoperty is located. in the
eveM ~h~i any provision or clauk o( thie Mortgage ar the T~ioie conflic~c with applicahle law, such conflict shall not affect
uther provi~ion~ of ~hi~ Mortgagc or the Notc wh~ch can he given efiecl wilhoirt Ihe conflicling ptovision, and to this
end the pmvitians of ihe Mortgage and thc '.VMC are J~clarcd to be severable.
16. BoROwer•s Copy. Borrow~er shall F,e furn~ihed ~ contnrmed cupy of the Note and of thic Mortgage at ihe time
of ececution or after recordation hereaf.
17. Tnnsfer o! the Pmperty; Assumplion. If all or an~~ part of thc Pmperty or an i~terest therein ic sold or tnnsferred
by Borrower withou~ I.ender's prior wri~len ci,ncent. ercluding la) ~he creation of a lien or encumbnnce subordinatt to
thic Mortgage. Ib- the creation of a purchate money ~ecuri~y iR~erest for household appliances, (c) a transter by deviae,
deuent or by aperation of lavv upon the Jeath of a jo~nt tenant or (dl the grant of any leasehold interest of three years or Iess
not containing an option to purchase, l.ender may, at 1_ender'a op~ion, declare all ~he sums secured by this Mortgage to be
~mmeJiatelp due and payable. I.ender chall h:.ve w•aived aich opt~on to accelerate if, prior to ~he sale or transfer. [.ender
and the person to whom the Property ic to be sold or transferred reach agreement in writing ihat the credit of such ptrson
ic saticfa~tor}• to I_ender and that the interest payable on the sums secured by thi~ Mortgage shall be at sdeh rate as Ler~der
shall reyues~. If•I.enJer has waived Ihe option to accelerate provided~in this paragraph 17, and if Borrower's succasor in
interest ha~ executed a writteo assump~ion agreement accepted in v-ri~ing by Lendet, 1_ender shall releax Borrower f~om all
obliga~ions unJer this Mortgage and the Note.
if [_ender exercises such option to accelerate. I.ender ~hall mail Borrower notice of acceleration in accordanee with
paragraph 14 hereoE. Such notice ~hall provide a periocl of not ~ess than 30 days from the date the notice is mailed within
Which Borrower may pay the tums declared due. If Sorrc•wer (ails to pay such tums prior to the expiration of such period,
Lender may, wi~hout further no~ice or demand on Borrawer, ~nvoke any remedies permitted by paragraph 18 hercof.
Norv-1Jtv~FOai-t CoveN~rrTS. Borrower and I_ender further covenant and agrce as follows:
18. Accelentlon; Remcdies. F:cep as provided in para~raph 17 he-eof. upon Qomuwer's bre~cM of asy co~eoant or
agreement of Borrower in this Mortgage. including the covenants to pay when dus any snms secnred by thk Morl~a~e, I.e~der
prior to accekratan shall mail notice to Borrower as provided in para~~ph 14 hercof specityiu=: (1) the bresc6; (2) t6e set~oa
required to cure such bresch; (3) a date. not kss than 30 days from the date the notke b maikd to Borrower, br wi~kb sucM
breach m~st be cnred: and (4) that failure lo cure wch bresch on or before Ibe date speciGed is the notiee auy res~M ie
accelention o! tbe sums secured by this Mortga`e. fonclowre by judkW pmceediaa and sak ot f6e Prope~. 7be notke
shsll further inform Borrower of the right to ni~atste atter accekntion snd tbe ~ht to aseert in tbe torecbwre pnoc~edi~
the aon-existence d a defauk or any other defense of Borro~+er to sccekntion snd forecbwrr. lf tbe brescb k oot tered o~
or before the dstc specified in the notice, I.ender a1 Leader's optbn msy declare sq of tbe sams secured by tAb Mort~e to 6e
immediattly due snd payabk without further demand and may toreclose thk Mo~ase by judkial proceedia~. Leader sW
be eotitkd to colkct in wch Procecdin` aq expeASes of torecbsure. includlu=, bat not Umited to, rsatoaable attorseys tas.
and costs ot documentr~ry tvidence. abstrscfs aad titk reporfs.
19. Borrower's RiR6t to Reinstate. Notwithstanding Lender's acceleration of the sums xcurcd by this Mottgage.
Borrower shall have Ihe right to have any proceedings hcgun by Lender to enforce this Mongage discontinuod at any time
Addewd~~ to Para~rsp6 15. The state and local laws applicable to this mortgage shall be the laws of the jurisdiction in
whkh the property is located. The foregoing sentence shall not limit the applkability of lederal law to this mortgage.
~ ;~~347 p~~E174~
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