HomeMy WebLinkAbout0309Lender's writteo agrcement or applicablc I~w. Borrowe~ shall pay the amount ot all mortgage insurance premiums i~ the
ma~ner provided unde~ pa~ag~aph 2 herco[.
Any amounts disbursed by I.ende~ punuant to this paragraph 7, with interest thereon, shal) becomc additio~al
indebtedntss of Bc-rrowe~ securcd by Ihis Mongage. Unlesc Borrower anJ I.enJer agree to other terms of payment, such
amounts shall be payable upon natice from I.ender to Bc~rrower requecting payment thcrcof, and xhall bear interest from ihe
date ot disbursement at the rate payablc from time ta time on outstanding principal under the Note u~less payment of
interest at such rate would be contnry ta applicable law, in w•hich event si~ch amaunts shall bear interat at the highest rate
permiuible under applicable law. Nothing cauained in this paragraph 7 shall requir+e I.ender to incur any ~expense or take
any action hereunder.
a. Iaspectio~. Lender may make or cause to bo made reaconable entriec upon and inspectia~s of the Praperty. provided
that I.ender shall give Borrower notice prior to any such inspection specitying reasonable cause thercfor related to Lender's
interest in the Propeny.
9, Condemeatbn. The procceds of any award o~ claim for damages, direct or canseque~tial, in connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigoed
and shall be paid to Le~der.
In the event of a total taking of the Property, the prc~ceeds chall be applied to the ~ums secarod by this Mortgage.
with the e+ccess, if aoy, paid to Borrower. ln the eveot af a partial taking of the Property, unless Borrower and Lender
otfierwise agroe in writing. there shall b~ applied to the sums sec~ired by thic Mortgage such proportion of the proceeds
as is equal to that proportion which Ihe amount of the sumc secured by this MortgaRe immediately priar to the date of
taking bears to the fair market value of the PropeNy immediately prior to the Jate of taking, with the balance of the proceeds
paid to Borrower. ~
if the Property is abandoned by Borrower, or if. after notice by I.ender to Bormwer that the condemnor oBers to make
an award or settle a claim for damages. Borrower fails to res{x~nd to t.ender within 30 days after the date such notice is
maikd, Lender is authorized to collect and apply the proceeds, at i.ender c option, either to restoration or repair of the
Propeny or to the sums secured by this Mortgage. _
Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend
or postpone Ihe due date of the monthly installments referred to in paragraphs 1 and 2 hereaf or change Ihe amount of
such installments.
10. Eorrower Not Rekased. Extension af the time for payment or modiBcation of amortization of the sums secured
by this Mortgage granted•by Lender to any successor in interest of Borrower shall not operate to releau, in any manner,
the liability of the origina) Borrower and Be~rrower e si~cressors in iotercst. i.ender shall not be required to commence
proceedings against such successor or refuse to eatend time for payment or otherwise modify amartization of ihe sums
secured by this Mortgage by rcason of any demand made by the oriqinal Borrower and Barrower s successors in interest.
ll. Forbear~ace by I.ender NM s Waiver. An~• forbearance b}~ I.ender in exercising any right or rcmedy hereunder, or
othe~vvise afiorded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
'fhe procorement of insurance or the payment af taxes or other liens or charga by [_ender shall not be a w~aiver af Lcnder s
right to accelente the maturit~ of the indebtedness secured hy this I~tongage.
12. Remedks Cumnl:ti~e. All remedies provided in this Mortgage ane distinct and cumulative to any other right or
remedy under this Mortgage or afforded by !aw• or equity. and ma}• be exercised concurrenNy, independenUy or successively.
13. Saccessors and Assigos Eound: Joint and Se~•eral Liability; Captlons. The covenants and agrcements herein
contained shall bind, and the riRhts hereunder shall inure to. the respective s~kceccors and assigns of I_ender and Borrower.
subject to ihe provisions of paragraph 17 hereof. All covenants and agreementc of Borrower shall be joint and several.
'ilu captions and headings of the paragraphc of this Mortgage are for convenience only and arc not to he used to
intcrpret or define the provisiuns hereof.
14. Notke. E~cept for any nolice rcquired under applicable law• to be given in another manner. (a) any notice to
Borrower provided for in this Mortgage shal) be given b}' mailing such notice by certified mail addres~ed to Borrower at
the Property Address or at such other addresc as Borrower may designate by notice to T.ender as provided herein, and
(b) any notice to Lender shall he given by certified mail. return receipt requested. to 1 ender~ adJress slated herein or to
such other address as Lender may designate by notice to Borrow•er as provided herein. Any notice provided for in this
Mortgage shall be dcemed to have been given to Borrower or l_ender w~hen given in thc manner designated herein.
1S. UnNorm MortAage; Governi~ i.aw; Se~•enbilit~•. This form of mortgage combines uniform covenantc for national
use and non-uniform covenan~s with limited variations b~• jurisciiction to canstitute a uniform security instrument covering
real propeny. This Mortgage shall be governed by the law~ of the juricJiction in which the Property ic located. In the
event that any provision or clause of this Mortgage or Ihe N~~te conflicts wi~h applicable law, such conflict ~hall not affect
other provisions of this Mortgage or the Note which can be given efTect without the conflictiog provision, and to this
end the provisions of the Mortgage and the Note are ckclared to Me severable.
16. Borrowe~'s Copy. Borrower shall be furnished a conformed copy of the Note and of this Morigage at the time
of execution or after recordation hereof.
17. Transfer of the Property: Assumption. if all or an}• part of the Pmperty or an interest thcrein ic sold or transferred
by Borrawer without Lender's prior written consent. excluding (al !he creation of a lien or encumbrance subordinate to
this Mortgage. (b) the creation of a purchase money security interest for household appliances, (e) a trancfer by devise.
descent or by opera~ion of law~ upon the death of a joint tenant or (dl the grant of any Icasehold interest of three years or less
not containing an option to purchase, I.ender may, a~ Lender't option, declare all ~he sums secured by this M~rtgage to be
immediately due and payable. Lender shall have waived such option ~o accelerate if. prior to the sale or transfer. I.ender
and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of cuch person
ic satisfactory to Lender and that the interest payable on the sumt secured by this Mortgage shall be at such rate as 7_ender
shall request_ If Lender has waived the optinn to accelerate provided in this paragraph 17, and if Borrower e successor in
interest has executed a written assumption agreement accepted in writing by I.ender. 1_ender shall release Borrower from all
obligations under this Mortgage and the Note_
if Lender exercises such option to accelerate. l.ender chall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a periocf of not Iess than i0 Jays from the date ihe notice is mailed within
which Borrower may pay the sums dtclared due. If Borrower fails to pay such ~ums prior to the eRpiration of xuch period.
Lender may, without further notice or demand on Horrower, invoke an~~ remedies permitte~l by paragraph 18 hereof.
No[v-UrnFORnt CoverretvTS. Bonower and [_ender further covenant and agree as follows:
18. Accelerstbn; Remedks. B:cept as provided in paraRrsph 17 hereof. upon Borrower'a breach of aoy covenaat or
ngreement of Borrower in tfih Mort=a~e. iadudia~ tbe covenants to pay when dne aay sems secnred by this Mortas~e, I.ender
prbr to sccekntioa s6a11 mail notke to Borrower as provided in para~rap6 14 hereof specif~: (1) tbe breacb; (2) tbe action
requfred to cure sacb brescb; (3) a date. not less tban 30 days from the dste tbe uotice is mailed to Bonower, by whk6 sncb
bresch mwt be cored; aad (4) that failure to cnre sncb breacb on or before the date spec~ied !a tUe aotke may resatt in
accekntbn of t6e snms secund by this Mortga`e. foreclosnre by judicial proceediu~ snd sak of t6e Property. 'Ibe notice
shall further inform dorrower of t6e right to reiaslate after accekratbn and the ri~ht to a~ert ie We foreclosnre proceedi~
the non-eaistence of a defaok or any other detense of Borrower to accekntion and toreclosurr. If tbe breach is nof cared o0
or before tbe date specified ia t6e notke. Leader at Lesde~'s option maY dcclare all of the sana secnred by this Mo~a~e b be
immedLtely dne aud paysbk wkhoot furt6er demaod aad may forecbse this Mortga~e by judkW proc~edio~. Leader s6aU
be eotitkd to colkct in sucb proceedi~g all e:peosa of foreclosurr. including, but not Umited to, re~onabk attorse~'s fees,
aad costs ot docnmentary evideace, a~acts and t~tk reports.
19. norrovrer's R~ht to Reinstate. Notwithstandin~t Ltncier's acceleration of the sums securcd by this Mortgage,
Borrower shall have the right to have any proceedings begun by l.ender to enforce this Mortgage discontinued at any time
~,i{
~~~~:3~ ~ac~ ~