HomeMy WebLinkAbout0294i.ender's writtc~: agreement o~ applicable law. Bor~ower shall pay the amount of all mortgage insurance premiums in the
manner pravided under paragraph 2 hereot.
Any amt~unts disbu~sed by 1-ender purcuant to this paragraph 7, with interest thercon, sha0 become additio~al
indebiedness of Borrower secured by Ihis Mortgage. Unkcs Barrower and l.ende~ agrce to o1he~ terms ot payment, such
amounlc shall he payable u~n notice from I.ender to Borro~vrr reyuec~ing payment thereof, and shall bear interest from the
da~c of dicburscment at Ihe rate payable from time to time on owstandi~g principal u~der the Note unless payment of
intercs~ aI such raie ~uutd be cont~ary to applirabte law, in u~hich event such amounls shall bear interest at the highest nte
permissible under applicable law. Nothing con~ained in this paragraph 7 shall requirc l.ender to incur any expense or talce
any action hereunder.
8. lnspection. I.ender may make or rause to be made rea~onahle en~riec upon and inspeclians of the Propehy, provided
th•rt I.enJer chall give Borrower ~o~ice prior to a~y such inspection specifying rcasonable cause therefor related to Lender's
interec~ in Ihc Property.
9. Condemnatbn. The pr~xeedc of any avvard or claim for damaees, direc~ ar conuquential, in connection with any
~ondemnation or other taking of ~he Property, or part the~eof, or fo~ con-ryance in lieu of condemnation, are hercby assigned
anJ shafl bc paid to l.ender.
In ~he event of a ~o1a1 Iaking of the Pro~+er~y. the prc+~eeds chall t±e ~pplied to the cums ucured by thic Mortgage.
with ~he etre~s. if any, paid to Borrower In the event of ~ partial taking ot ~he Propeny, unless Borrower and Lender
~~~herwice agree in writing. therc shall he applied to the ~umc tiecured Ay thic Mor~gage such proportion of the proceeds
as ic equal to that pro~hion which ~he amount of the sumti ~ecured by this Mortgage immediately prior to the date of
taking bears ta the fair market value of the Propert~• immediately prior to the Jate of taking, with the balance of the proceeds
paid t~ Borrower.
If the Property ic ahandoned by Borrower. or if. after no~ice hy Lender to Borrower that the condemnor offen to make
an ;~K•ard or ~ettle a claim for dam:~ge+, Borrower fail~ to re~~nd to I ender within 30 days afler 1he date such notice is
ma~led. I.ender ic aulhorited to collect and apply thr proceeds, at i.ender c option. eilher to restoration or repair of the
Pro~rt~• or to the sum~ tecured hy this Mortgage. ,
Unles~ I.ender and Borrower Mherv-•ice agree in writing. any such application af proceeds to principal shaU not extend
ar ExntExme ~hc duc Ja~e of thc m~nthly installmcnts referrcd to in paragraphs 1 and 2 hereof or change the amount of
~uch inctallmcnts.
10. Borrower Nof Released. ~rlension of the time for payment or modification of amortization of the sums securcd
by thi~ MortFa¢e granted by Lender to an}• succecsor in interett of Borrower chall not operate to rclease, in any manner,
~hc liab~lity ~.f the original Borrower and Borrower i successort in intercst. I.ender shall not lx rcquired to commence
pruceeJing~ againct such ~uttecsor or refu~e to extenJ time for payment or othervvice modify amortization of the sums
se<<~red h~ thic Mortgage h}• reau~n of any demand made by the oricinal Borrower and Borrower s succestors in interest.
11. Forbearance by l.ender Not a Waiver. Anp f~rhearance by l.ender in exercising any right or remedy hercunder, or
~~thcrWi~e afiorded hy applicahle law, shall not he a waiver of or preclude the exerciu of any such right or ~emedy.
The procuremenl of insurance or the payment ot ~a+cec or o~her liens or charges by t.ender ehall not be a waiver of Lender's
right 1~~ acrclerate the maturity of the indehtedne~s ~ecured hy thic Martgage.
12. Remedies Cumulative. All remedies prm~ided in this Mortgage are dis~inct and cumulati~e to any athtr right or
remeJy under thiti Morlgage or afforded h~~ law ~~r equi~y. and ma~• he exercised concorrenlly, independently or successively.
13. Succeswrs and Assigos Bound; Joint and Se~eral t.i~billt~; Captbns. T?~e covenants and agreements herein
r~~ntamed ~hall hind, and the riRh~c here~mder shall inure to. the recpective succecsors and assigns of l_ender and Borrower,
subject t~. the provi~ion~ of paragraph 17 hereof. All covenants and agreementc of Borrower~hall be joint and several.
The ~aptionc anJ heaJing~ of the paragrapF~t ot thic Morlgage are for convenience only and are not to be used to
interpret ~~r define the proviciont hereaf.
14. '.~iotice. Except for any ~o~ice reyi~ired under applicablr law to be given in another manner. (a) aoy notice to
BorruN•er provided for in thic Mortgage shall be givrn hy mailing ~uch nolice by certified mail addrested to Borrower at
the Property Addresc or a~ ~i~ch other addrec~ ac Borr~~K~er mac decignate by notice to I.ender as provided herein, a~d
Ih1 am notire to I_ender chall he gi~•en by certified mail. rewm receipt requected. to 1 ender's address stated herein or to
wch other addretc at Lender ma~• de~ignate h~• notice t~. Borri~wer as provided herein. Any notice•Provided for in this
~1~~rtgage shall be deemed to ha~•e been give~ ta Borrower or 1 rnder when given in the manner decignated htrein.
15. LTniform t1toN~~e; Covernin~ I.aw; Se~erabilitr. Thi. (orm of mortgage combines aniform cavenants for national
u~e and n~.n-unifurm corenani~ with IimiteJ variatiom M ~unc~l~rlion to rnnstitu~e a uniform security instrument covering
real propert~•. Thic 1ltorigagc shall he governed hv thc law of thc juricdictii.n in which the Properly is located. In the
event th~t any provision or clauu o( thic Alortgage e~r ~he ?~ute conflic~ti aith applicahle law, such conflicl shatl no! afTect
u~her pr~.~•~~i~~n~ of thi~ Mortgage ~~r the Note ~h~nc ~an be gi~~n efTect without the conflicting provision, and to this
end the pro~ i~ionc of the Mortgage and thc late are drelared to he teverable.
16. Borrower's Cop~~. Barrower tihall t+e furni.heJ a ci~n(i~rmed ropy of the Note and of thic Mortgage at the time
.~f cxeriUion or a(tcr rerorda~ion hereof.
17. Tronsfe~ of the Properfy: Assumplion. I( all ~,r an~ part of thc Pmpcrty or an interest ~herein is sald or transferred
b}• Bonow•cr without I.ender's prior writtrn consent, c~cluding Ia1 the creation of a licn or encumbrance subordinate to
this Mortgage. (b) the creation of a purchase money ~ecurii~ interes~ f~r houcehold apptiances. (c1 a transfer by devise,
de~cent or by opcration of lau~ upon Ihe Jeath of a joint tenant or (dl the grant of any leasehold interest of three years or less
not containing an option tn purchase. 1.enJer may, a~ Lender'~ option. declare all ~he sumc secured by this Mortgage to be
immeJiatel}• dae and payable. Lender shall have wai~•ed such option to accelerate if, prior to the cale or transfer. Lender
cnsaticfacton to I endcr t~/~J~~/flt~~l~diE~/~p~~d~l~i~l~e~r%S~s~i~t~ariEi~+~t4/~1~~i~~`~/~J~7t~~~~i/or/~o~~S~L~~~~
s~1~(~' f~~yt. If I.ender has waived the optian to accelerate provided in this paragraph 17, and if Borrower i succasor in
~nterest hac executed a written assumption agreement accepted in writing by I_ender. I_ender shall release Borrower from al)
obligations unJer this Mortgage and the Note.
If I.ender exercise~ such c~ption to accelerate. LenJer chall mail Bo~rower notice of acceleralion in accordance with
paragraph 14 hereof. Such notice chall provide a periai of not less than 30 days from the date the notice is mailed within
Nhich Borrower may pa}• Ihe sumt declared due. If BorroNer fails ro pay such cums prior to the expiration of such period.
[.ender may, without further noticc or demand on Borrow~er, im~oke an~- remedies permitted by paragraph 1R hereof.
NoH-IJrviFOte:-t CovF;v~!vTS. Borrower and I.ender further covenant and agree as follows:
18. Acceleration; Remedies. Except as provlded in paraq~ph 17 hereof. upon Borrower's breacb of sny coveoanf or
~reement of Borrower in this Mortga~e. includin~ Ihe covenants to psy when due any sams secured by this Mort=aje, Lesder
prior to acceleration shall mail notice to Borrower as provided in paragnph 14 hereof specifyin~: f1) tht bresch; (2) tbe setbn
requlred to cure such brcach; (3) a date. not less than 30 days from the dste the notice is maikd to Eorrower, by wbkh sucb
breach must be cured; and (4) that failure fo cure such breach on or before the date speeN'ied la the ootke maY radt Is
acceleration of the sums secured by this Mortgage. foreclosun by judicid proceedin~ and sak of the Properfy. 7be notice
shall further inform Borrower of the right to reinstste afler scceleration and the right !o issert in the forecbsort procetdie~
the non-ezistence of a de(ault or anv other detense of Borrower to sccekntion and foreclosuro. lf tbe brtach k oot cared oa
or before the date specified in the notice. Lender at Lender's optan msy declare all of the snn~s secured by thM Mort~a~e to be
immediately due and payable without further demand and msy fotrclose this Mortga~t by judkisl proceedin6. Lesdei shaM
be eotided to colkct in such proceedi~ atl e:penses of foreclosure~ includins. but not Umited to, rea~onabk attocee~s iea,
and costs ot documentary evidence. abstr~cls and titk reports.
19. Borrower's RiRht to Reinstste. Notwithstanding Lender's acceleration of the sums securcd by this MoRgage.
Borrower shall have the right to have any proceedings hegun by [.ender to enforce this Mongage discontinued at any time
Addeud~~ to Par~srapr 15. The state and local laws applicable to this mortgage shall be the laws ot ~he jurisdiction in
which the properhr is localed. The toregoing sentence shall not limit the applicability ot federal I~w to this mortgage.
~~'~350 FN~ f 294