HomeMy WebLinkAbout2079I.endcr's wntlen agrcrment o~ applirable low Borrawcr shall pay thr amuun~ ot all martgage incurance prcmiums in the
manncr pruv~dcd unclcr parag~aph 2 hereof.
Any am~~un~s d~~hwsrd by I.cnJcr pur~uant to this patagraph 7, wqh in~ercct Iherci~n, shall l+ecome additioml
inJcbicdnres ~~f H~~rn-wrr ucurcd by ~hi~ Murlg•rge. Unle~c Rarrowcr and Len~le- agrcc to other tern~s of payment, such
am~wntc shall he payahle u~xm nutice f~~~m I ender lo Bormwrr reyuecling paymenl Iher r~ s a b~ar intertst ftom the
dale ot dicburcement at ~hc ra~c payablc fram timc to time on autstanding principal ~di~r ,he~~t~ unless payment oi
inte~est a1 such rate would t~e can~rarv to applicable law, in which event cuch amounts ~hall hea~ interest at the hiahest rate
permiuibk unde~ applicablc law. Ni~thing a~ntaineJ ~n ~hic paragraph 7 shall rcquirc I.ender to incur any eapense or take
any actio~ hercunder.
S. I~ecfios. 1_ende~ may m•rkc ur rau~c to Me made ~caconabk entries upon and inspections of the Property. p~ovided
that l.ender shall give Borrower ~ol~ce prio~ to any cuch inspeclian specifyina rcaso~abk cawe lherefor related to Leoder's
interest in the Propeny.
9. Co~demustbs, 'The proceed~ of any award o~ claim for damages, diroct or consequential. in connectio~ ~-ith any
condemnation or othe~ taking ot the P~operty, or pa~t thercoi, or tor conveyance in lieu of condemnation. are hereb~- auiaoed
and shall be paid to Lender.
ln the event of a totil taki~g of ~he Propehy. Ihe proceeds shall be applied to the sums securod by this Mortaaae.
with Ihe excesi. if any, paid to BoROwer. In the event of a partial taking of the Property, u~las Borrower and i~mder
othenaise agree io writing. therc shall be applied to ~he sums secured by this Mohgage such proportion of the prooads
as is equal to thal proportion v-hich the amount of ~he sums secured by this Mongage immediately p~ior to the date of
laking bean to the fair market value of the Property immediately prior to the date of taking, with the balanca of the procteds
paid to Borrower.
If the Propeny is abandoneJ by Bo~rower. or if. after no~ice hy 1_ende~ ta Borrower Ihat the condemnor o1[en to make
an awa~d o~ utlle a claim for dam~ce~. B~rr~wer fail. to res~nd to I_ender within 30 days afler the date such notice is
ma~led. I.ender ic authorized ~o cc-llect and appty ihe proceedc, at 1_ender i option, either ta restontion or rspair of the
P~openy or to the sum+ tecured hy ~his Mongage.
Unless l.ender and Borrower otherwice agree in w~ritin~e. any such applicatian of procoeds to principal shall not extend
or pcxtpone the due date of the monthly inslallments reterred ta in paragraphs 1 and 2 hercof or chan~e the amount of
such installments.
10. eorwwer Not Rekased. Fxtension of the time for payment or modification of amo~tization of the sums sxnrcd
by this Mortgage gnnted by 1_ender ta any cuccessor in interest of Bonower shall not opente to rekase. in any maoner,
the liabili~y of the original Bonower and Borrower'c successorc in interest. [_ender shall not be rcquired to commenoe
proceedings against such successor or rcf~~~e to extrnd lime for payment or othenvise modify amortizat~on of the s~~ms
secured by ~hic Mortgage hy rcasan of any demand made by the original Borrower and Borrower e successors in interctt.
l l. Forbeannce br I.ender NM a N-drer. Any fnrhearance by I.ender in exercising any right or rcmedy hercunde~, or
otherwiu afforded by applicabk laa, shall nnt be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance pr the payment of taxa or other liens or charges by I_ender shall not be a waiver of LendePs
right tu accelerate ~he maturity o! the indehtedneu ~ecurcd hy thic Motigage.
12. Reenedks Cnmulati~e. All rcmedies pravided in this Mortgage arc distinct and cumulative to any other riaht or
rcmedy under this Mortgage or aiforded hy law or equity, and may be exercised concurrcntly. independently or suceessively.
' 13. Snccessors and Asai~~s Sound; .Jotnt aad Several 1.isbAfty; CapHons. The covenants and agreements hercin
contained shall bind, and the riRhts hercunder shall im~re to. the rcspective successors and assigns of Lender apd Borrower.
subject to the provisionc ot'paragraph 17 hereof. All covenants and agreements of Borrower shall be jary and sevenl.
The captio~s and headings of Ihe paraRraphc of this Mongage arc for convenience only and arc not to be tKed to
interprct or define the provisions hereof. ~
1~. Nolice. Except far any notice rcquircd under applicable law to be given in another manner, (a) any notice to
Borrower pPOVided for in this Mortgaee shall be given hy mailing such notice by certifled mail addresxd to Horrower at
the PropeAy Address or at such dher addresc as Bormwer may designate by notice to i.ender as provided herein, and
(b) any notice to Lender shall he given hy certificJ mail, return receipt rcqucsted, to [.ender s address stated hercin or to
such other addren as Lender may decignate by n~tice to Borrower as provided hercin. Aoy notice provided for in this
Mortgage shall be deemed to bavc l+een Riven to Bc+~rowc~ or l.ender when given in the manntr designated herein.
1S. Usitona MortRa~e; GorerninR Law: Severability. This torm of mortgage combines uniform covenants for national
use and non-uniform covenantc with IimiteJ varia~ions hy juricdiction to constitute a uniform security instrument rnverin~
rcal propeny. This Mortgage shall be governed by the law of the jurisdiction in which the Prop~rty is located. in the
event thal any provision or clauce of thic Mortgage i~r the Note conflicts wi~h applicabk law, such conflict shal) not aBtet
other provisions of this Mortgagr or the Nntr which can be given ~eBect wi~hout the co~flic~ing provision, and to this
end tht provisions of the MortRage and the NMe are Jeclared to be severable.
lf. Sorro~-e~'s Copy. Borrower chall be furniched ~ canformed copy of the Note and of this Mo:tgage at the time
of execution or af~er recordation hercof.
17. T~er of tbe Properfy; Assumplion. 1( all or any pan of the Property or an intercst therein ic sold or tnnsferrtd
by Borrowe~ without Lender's prior wnn.n concent. excluding (al the crcation ot a lien or encumbnnce subordinate to
this Mortgage. (b) Ihe creation of a purchau: mnne~ ucuri~y ~nterest for household appliances. (c) a trantter hy devise.
descent or by operation of law upon the dcath o( •r j~~n~ tenam or (dl the grant of any leasehold intercst of thrcc ycars or less
not containing an option to purchau. t_ender may. at t.ender'c option, declare all the sums secured by this Mortgage to be
immediately due and payable. l.ender shall have Na~ved such oplion to accelerate it, prior to Ihe cale or transfer. Lendet
and the person to whom the Property i. ~n be :~W or transterred rcach agrecment in wriling Ihat the credit of cuch person
is Yatisfactory to I~nJer and ~h~t the inter~.~ pay~able on the soms secured by this Mortgage shall be at soch ra~e ac Lende~
shall request. If I_ender has waived the option to accelerete provided ~n this paragraph 17, and if Borrower i successor in
interest has executed a writ~en assump~ion agreement accepted in wri~ing by t_ender. Lender shal) release Borrower trc+m all
obligations under this Mortgage and the Notr.
If Lender exercises such opt~on to acceiera~e. I.enJer chall mail Borrower notict of accelention in accordancc W~iih
p~ragraph 14 hereof. Such notice shall prov,de a pcriod of no~ Iess than 30 days from Ihe date the notice is mailed within
which Borrower may pay the sums declared due. I( Borrower (ails to pay such sums prior to the expiration of cuch period.
Lender may, without (urther notice or dcmand on Horrower. mvoke any remedia permitteA by paragnph 1R hercot.
NON-UNIfORM COVENANTS Borrower and Lender further covenant and agrce u tollows:
ls. AccckMbn: Remedia. Ezccp as proridcd 'u p~ra~npM 17 bereot. ~ soRO..~r: e~a~w ot :.r ~o.~~l or
a~reemcd of Eorrower is tbis Mort~sRe. iwcludiu~ tbe co~enants to p~y wbew dne ~Y sna~s secured by thls Mort~~e. I.ender
prbr lo sccekntbn sAdl mafl notke to do~owcr as prorWed In pin~rsPh 11 he~eo~ specKrin~: (1) IAe bre~ch:121 tAe actiow
t+eqalred to c~re socb brescb; (3) s dNe. ao1 kss lhan 30 days trom 16e date the nMice M insEkd fo ~r+ower. ~ r-hkb sreb
~esch m~uA be cored: sad (~) thst ~ailure to core srcb bnacM o~ or before U~e date speeified h IAe notke miy resrlt b
sccekntion ot Ibe s~n~s'ccercd by ~h[s MortRaRe. forecbwn ~ jndkial N+oeeedin~ aii ssk o/ 1be ProPerry. 71~e notkt
shall tunher intorm eorro~+er o/ Ihe riRM to roi~stNe dler secderNio~ sna tbe ~hl to a~rerl ie tbe toreclosree'roceedl~
t6t son-exislence o( a dt(auk or sny olher defense o/ EoRO~+er to acceknfbw awd tontbqre. 111he bre~cA b ~ot eere~ ow
or betore fhe dsle speciRed ia tbe nofke. t_ender at I.endtr's opliow aay deel~re aN of tUe sn~ws xesrcA bp Mb MoetRa~t to be
irnmediately due and Psysbk ~.ithout further demand and n~ay foncbse tb4 Mort~a~e br jrdicial Koceedi~R• 1.ender shap
be eotided to collect in srcl~ proccedi~ sN e:penses nf (oreclosnre. laclodin~. b~t ~of Ifmitcd to. n~oeabk stt~~rnev's fees.
aed costs et doe~rncd~ry eridence. sbstracts sed ~itk nports.
!9. donower's Ri~h1 to Reinstste. Notwilh~Irnd~ng I ender's acceleral~on of the sums secured by tA~s Mon6age.
Borrower shall have tht nght ~o have an) pr~xt~dm~. M~.nn by Lender to en(orce this Mor~gage dnconhnued at any hme
e~`~K 347 e~cE ~`~~
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