HomeMy WebLinkAbout2010l.e~der's writlen agreemen~ or applicable I~w. Borrower ~hall pay the am~x~nt ot all mortgage incurance prcmiums in Ihe
manner p~uvidrd under par~graph 2 herco(.
Any amoun~c dichunrd by I.e~der pur~uant ~o this pa~agraph 7, with interest thereon, shall become additio~al
indchtcdncss i-f Hor~uwcr ucund by thic Mung~ge Unle.~ Born~we~ anJ I.rnJer agrce to other tertns of payment, such
amountc Ehall t~e payable u~x~n nalice from I.rnder Io Borrower ~equccting payment Ihctcc-t. aotl shqll btar inlercst fmm the
da~e ot dicbu~scmen~ at thc ratc payahlc fmm time to ~ime ~m ou~standing principal under the Note unlest paymeot of
interest at such rate would !+e cant~arv to applicable law, in which event cuch amounts shall l~ear interest al the hi6hest rate
permissible unde~ applicable law. Nothi~g contained in ~hic pa~agraph 7 chall rcquirc I.ende~ to incu~ any eapense or take
any action hcrcunder.
S• isspectiow. 1_ender may make or ca~+sc l01+e made rcaconabk entries upon and inspcctiot~s of the Propert~-. provided
that l.e~der shall give Borrowe~ n~Nice prior to any such inspectioo specitying rcasonabk cause tl~erefot related to Lendet's
intuest in the Property.
9. Cowdannatbn. The p~ocredt of any award or claim ~tor damages, diroct ot rnnsequential. in eb~neetion with sny
condemnation or dher taking of the P~openy. or part thercot, or for cooveyance in lieu of coodemnation. are he~eby auianed
and shall be paid to Lende~.
In the event of a totil taking of the Propeny. the proceeds shall be applied to the sums securcd by this Mortaaae.
with the ezce~, if any, paid to Borrower. 1~ 1he event at a partial takinE of the Property, unless Borrower and i~euder
othenwise agrcs in writing, therc shall be applied to ~he sums securcd by this Mongage such proportion of the pm~oeeds
as is equal to that proportion v-•hich thc amoun~ of ~hc sumc xcured by this Mortgage immediately priar to the date of
taking bears to the tair market value of the Propcrty immediately prior Io the date af taking. with the balance of the pmceeds
paid to Borrower.
lf the Propeny is abandoned by Borrov-•cr. or if. af~er notice by I.ender to Bom~wer that the condemnor oRets to maite
an award or se111e a claim for dama¢es. Borrower fail. to respnnd ta I.ender within 10 days after the dale such notice is
mailed. Lender ic authorized ta collect and apply ~he prciceeds. at l.ender's optio~, either to restoation or repair ot the
Propetry or to the sum~ cccured M• Ihis Mongage.
Unless t.ender and Borrow•er othenvi.e agree in writing. any such applicatian of proceeds to principal shall not extend
or postpone the due date of the monthly installments rcferrcd ta in paragraphs 1 and 2 het+eof or chanae the amount of
such installments.
10. dormwer Nof Released. F.xtension of the time for payment or modiflcation of amo~iization of the sums securcd
by this Mortgage gnnted by l.ender to any cuccecsor in inlerest of Borrower chall not opente to rckax. in any manner.
tBe liability o( the original Borrower and &-~rowc~ c successorc in intercst. Lender shall not be rcquired to commence
proceedings against such succ~ssor or rcfuse ta extend time for payment or othe~ise modify amortizahon of the sums
secured by this Mortgage by reason ot ~ny demand made by ~fic ori¢inal BoROwer and Borrower s successors in interect.
I1. Fo~besnnce Sy i.ender NM s Wai~er. Any forbearance by l.ender in exercising any right or rcmedy hereunde~, or
athervvise aftorded hy applicable law, shall nc~~ be a waiver of or preclude the exercix of any sueh right or remedy.
The procurement of insurance Qr the payment of taxa or othe~ liens or charges by I_ender shall not be a waiver of Lender's
right to accelerate the matunty of the indebtedness ~ecurcd hy thic Mortgage.
l2. Remedies Cumulatire. All rcmedies provided in this Mortgage are distinct and cumulative to any other riaht or
rcmedy unde~ this Mortgage or afforded hy law or equity, and may be exercised concurrcntly. independemly or s~KCessively_
' 13. Srceessors and Assi~as Seuwd: Joial asd Se~eral I.ia6ility: CspHo~s. The covenants and agreements herein
contained shall bind, and the riRhts hereunder shall im~rc to. 1he rcspective successors and assigiu of Lender aod Borrow~er.
subject to the provisions of paragraph 17 hereof. All cavenants and agreements of Borrower shall be joiry and sevenl.
The captions and headings of the paragraphc of this Mohgage are for convenience only and arc not 1o be u~ed to
interprct or define the provisions herrnf. ~
11. Notke. Except for any no~icc rcquircd under applicable law to be given in another manner, (a) any notice to
Borrower provided for in Ihis Mortga¢e chall be given by mailing such notice by certifkd mail addressed to Borrawer at
the Property Address or at such other addresc as Bc-rrnwer may designate by notice to i.ender as provided herein, and
(b) any notice to Lender shall he given by certified mail. retum receipt rcquested. to i.ender s address slaled hercin or to
such other addrcss u Lender may decignate by notice to Borrower as provided hercin. Any notice provided tor in this
Mongage shall be deemed t~ have been g~ven to Bor~ower or l.ender when given in the manner designated hercin.
1S. Uaitorn+ MoriRa~e: Go~erninR I.aw: SevenM'li1y. This form of mortgage combina uniform covenants tor natiooal
use and non-uniform covenantc with limited varia~ions by jurisdiction to constitute a uniform security instrument eovering
rcal property. This Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. In the
eveM that any provision or clause of thic Mortgage or ~he Note conflicts with applicabk law, such conflict shal) not affect
other provisions of this Mortgage or the Note which can be given efiect without tht conflic~ing provicion, and lo this
end the provisions ot ~he Mortgage and the Nc~te arc Jcclared to tx severable.
16. Horrower's Copy. Borrower shall be furniched a conformed copy of the Nots and of this Mortgage at the time
of execution or af~er rccordation hereof_
17. Traader ot t6e Properfv: Assumplion. If all or any part of the Property or an intercst ihercin is sold or tnnsferned
by Borrower without Lender's prior wriurn consen~. ezcluding (al Ihe crcation of a lien or encumbnnce subordinate to
this Mongage. (bl the creatic+n of a purch~ce money cecurity interest for household appliantes, fe) a~rancfer hy devise,
dcscent or by opera~ion of law upon the Jea~h of a j~~nt tenant or (dl the grant of any leasehold intercst af thrcc ycars or kss
not containing An option to purchax. LenJer may. at l.ender'c opt~on, declare all the sums secured by this Mortgage to be
immediately duc and payable. I_ender shall have N:uved such oplion to accclente if, prior to ~he cale or transter. Lender
and the person to whom the Properry ic t~. br .oIJ ar Iransferrcd reach agrecment in wrieins that the credi~ of such perwn
is salisfactory lo l.ender and that the imerr.~ payabtt on Ihe sums secured by this Mortgage shall be at such ralt ac Lendet
shall rcquest. If I_ender has waived ihe opsion ~o acceleratt provided in this paragraph 17, and if Borrower ~ successor in
interat has executed a written assumption agreement accepted in writing by Lender, l.ender shalt rtlease Borrower trom all
obligations under this Mortgage and the Note. -
If Lender exercises such option ~o acceterate. l_ender chall mail Borrawer notice ot acceleration in accordancc u ith
paragraph 14 f~creo(. Such notice shall provide a period ot not less than 30 days from ~he date the notice is mailed within
which Borrower may pay the sums declared due. It Borrower fails to pay such uims prior to the espintion of cuch peric~d.
Lcnder may, without further notice or dcmand on liorrower. invoke any remedia permit~ed by paragraph IR he"reot.
NoH-Un~FORtH Covetv~HTS Borrower and Lender tutther corcnant and aarce u follows:
18. Accekrstbn: Remedia. B:eep as provided i~ para~rspA 17 bercot. .poe ~o~ro..ers brcacM d asr co•e~awe er
a~reemeet of dorrower is tAis Mwt~sRe. i~~a~~ ~a~ ~o.~~~: ro P.y ..rK. a~ .^r ~~ ~~a br «~ M~.~. ~.eu~
prior to ~ccekrstba shaN m~l notke to Qorror-er ~s provlded In pi~~ 11 hettot specNyies: (1) the bre~cb:/211Ae setbw
rcqoired to crre socb bresch;~(~) s dste. wot k~ thaw 3A days twn~ tbe dNe the uotice h maqed to Do~rower. br wAkb srch
b~each w~uq 6c cend: wd (4) Ihat fail~re to crrt srcA brescA o~ or betore ~be dale s~eciRed h the wotke mir result ~
sccekrstiou ot tAe s~ms securcd by Ihh MortRaRe. fo~eclos~re ~ jnAk{al'roceedi~ aua sak ot tre rroperry. T~e wotiee
sAap fuNber iA(onn Borro~+er ot /he ri~M lo reiastste stter accekntiow awd tUe ri~Mt b a~ert h the taeclosrre ~oeeedi~
t~e eoe-existeace ot ~ dctauN or anr olhcr de(e~e oi eoaower to ~crekrstbe swa toreelowre. 1/ the bteacA b ~ot c~n~e/ ow
or 6elore the dste speci~ied ia lhe notke. Lender at I.endcr's aptiow ~ acelare sM o1 tUe sr~ws s~ere+e~ bp tAis MortRa~e !u re
immediately dne awd p~rsble aithout tuAber demand and msr /orrclose tA4 Malta~e y jrdicW /roesed~R. I.en6er sAaN
be eetided to cdlecl i~ srcA proeeedin~ aA e:pcnses of forcclosYre. Incl~a;. b~N ~ot Ymild to. re~sonsbk sn~,rnev's fees.
as~ costs u{ doc~iseMary eviAewce. sbstrscts and ~i1k rcports.
19. Eorrower'~ Rl~ht lo ReiastNe. Nolwi~h~~and~ng I endet s accelerat~on of the sums secured by th~s Mort6age.
Bottowet shall havt Iht righl to have any prcxt~Jinec br~.un by Lender Io cn(orct Ihn Mortgaqt dnconUnutd a~ any Ume
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