HomeMy WebLinkAbout1101I cnJer't wrillcn agnrmcnt o~ appl~~abk law. Horrawer shall pay the amount of all mortgage incurance prcmiums in the
mannrr pruvidrd under par•rg-aph 2 hereo(.
Any am~+iui~~ di~hurscd by I.rmlcr pur~i~ant tu this par,,graph 7, wi~h u~tcrcst there~~n, shall t~ecome additional
indchicdnr~s i~( liurruv-~r ~ccurrd hy ih~~ M~-n~;age Unle.~ Bor~owc~ a~d 1 cnJer agrec to othc~ termc of paymcnt, such
am~untc ~hall hc p•ryahlc uM~n n~~~icr fr~~m 1 rndcr ~u Bi~~rowrr rcyuetiling paymcM thcrcoft' and shall &ar interest from the
datc ot dicburscment at ~he ~atc pavahlc fmm limc to time ~~n ootstanding principal under the ~Vote unlesc payment of
intcrest at such ratc wau1J Me conl~arv to applirablc law, in which cvent such amountc chall hear interest at the highest rate
permitsibk under applicable law. N~~thing cun~ained in ~hic pa~ag~aph 7 chall require I.ender to incur any expense or take
any action hereunder.
S. ~asptctioa. 1_emie~ may makc ur r~a.c to he madc ~ea~nable enttits upon and inspections of the Property, provided
that l.ende~ shall give Bcir~owe~ not~re pri~+r ta any wch inspect~an specifyiog reasonable cause thetefor related to Lender's
ioteresl in the Praperty.
9. Co~den~~atbs, 'The pr~ceeds of any award or claim for damages, dircct or consequential, in rnnnection with any
condemnation or other taking of the P~operty, or part tAercof, or for conveyance 1n lieu of condem~ation. are hereby assigned
and shall be paid to Lender.
In Ihe event of a tolal taking of the Properly. Ihe procoeds shall be applied to the sums securcd by Mis Mortgage,
with Ihe excess, if any, paid to Barmwer. 1~ ~hc event o( a partia) taking ot the Property, unkss Borrower and Lender
othenvise agrce i~ vvriting. therc shall be applied to tbe sums secured by this Mongage such propohion ot the pmcoeds
as is equal to that proportion w•hich Ihe amount o( ~he sumc stcored by this Mortgage immediately prior to the date of
taking bears to the fair ma~ket value of the Prupe~~y immediately prior to the date of Iaking, wi~h the balance of the proceeds
paid to Bormwer.
lf the Property is ahandoneJ by BorroK•cr. ~r if after notice by i_ender to Borcower ~hat the condemnor offers to mai~t
an award or uttle a claim for damaer.. R~~rr~wer fad. tc. re~~nd ro Lender within i0 days aher the date such nc~tice is
maited. Le~der ic aulharized to collect and appl}~ the proceeds, at I.~nder i option, eilher to restoration or repair of the
Propcr~y or to the wm~ cccured hy ihis Mor~~tagc.
Unlesc l.ender and Bor~ower otherwicc agree in N ri~~nc. any such application of proceeds to principal shall not extend
or pc~ct~ne the due date of 1he momhly ins~allmcnts rcferrcd to in paragraph~ 1 and 2 hereof or change the amount of
such installments.
10. Borrower Not RekaSed. Extension of Ihe lime far payment or modi5cation of amortization of the sums seturcd
by this Mortgage gnnted by l.ender to any cuccecsor in interect of Borrower chall not opente to rc!case, in any manner.
Ihe liability of the original Horrower and Bc-rrower's succcssorc in inlercst. t.ender shall not be rcqnired to commence
proctedings againtt cuch successor or rcfuse to ettend time for payment or otherwice modify amortization of thr sums
ucured by ~hic Mortgage by rcason of any demand made by the oriqinal Borrower and Borrower s successors in intere~t.
11. Forbeannce by I,ender NM a R+siver. Any forhearance hy i.ender in etiercising any right or remedy heramder, or
olherwix afiorded by applicahle law. shall not be a waiver of or prcclude the exercise of any such right or temedy_
The procurement of insurance pr the payment of taxes or other liens or charges bv I.ender shall not tx a waiver of Lender's
right to accelerate the maturity of the indebtedness cecurcd hy thic Mortgage.
l2. Remedies Cumulati~e. All remedies pravided in this Mortgage arc distinct and cumulative to any other right or
remedy urtde~ this MortRage or affordcd hy law or equity, and may be exerciud ccx~currcntly, independently or successively.
~ 13• Seccessors snd Assi~ns Bound:.Ioiot and Sereraf I.fab~'lity; Csptbns. The covenants and agreemmts hercin
contained shall bind, and the riRhts hercunder shall inure to. the rcspective successon and assigns of Cender a~d Borrower.
subject to the provisionc• of parag~aph 17 hereof. All covenants and agreementc of Borrower shall be joiry and several.
The captions and headinga of the paragraphc of this. Mortgage are for convenience only and are not ta be uced to
interprct or define the provicions hereof. ~
14. NMice. Except (or any no~ice required under applicable law to be given in another manner. (a) any notice to
Borrower p~ovided tor in this Mortga¢e shafll be given by mailing such notice by certiRed mail addresud to Borrower at
the Property Address or at such o~hcr addresc as Borrow•er mav deiiRnate by notice to T.ender as provided herein, and
(bl any notice to Lender shall he given by certificJ mail, retum receipt requected. to [ ender s address stated herein or to
cuch other addrcss as I_ender may deci¢nate M• nMice t~• Bormwer as pro~•ided hercin. Any notice provided tor in ihis
Mor~gage shall be deemed to havc 1+een g~~•en to Borrov-er or I_ender when given in the manner designated herein.
1S. Unitorm Mort~~e; GoverninR Iaw; Se~erability. Thic form o( mortgage combines oniform covenants for national
use and non-uniform crnenantc with IimiteJ vanations h~• juricdiction to rnnstitutt a unitorm security instrumenl covering
rcal propeny. This Mortgage shall be governed h~• the law of the jurisdiction in which the Property is located." Tn the
event that any provision or clauce of thic Mongage c•r the tiote conflicts with applicable law, such confliet shall not aBect
other provisions of ~his Mongage or the N~~te wh~ch can be given effect wi~hout the conflicting provicion, and to this
end the provisions of the Mortgage and ~he Note are Jeclared to be severable.
16. Sorrowe~'s Copy. Borrower chall bc turni~hed a conformed copy of the Note and of this MorlRage at the time
of execation or after rccordation hercot.
17. Trsasfer ot tbe Propettv: Assumption. If all or any part of the Property or an interest thercin is sold or transferred
by Borrow•er without [.ender's pr~~r wruirn ~uncent. excluding (al the creation of a lien or encumbrance subordinate to
this Mortgagt. (bl the creation of a purch~cr m~~nev ~rcurity mterest for household appliances. (c) a trancfer hv devise.
descent or by aperalion of law upon ~hc Jeath of a j~~im tenant or (d~ the grant of any leasehold intercst of thrcc ycars or kss
not containing an option to purchase. Lender may~, at Lender'~ opt~on. dect~re ap ~he sums secured by this Mortgage to be
immtdiately due and payable. Lender thall have w,,,ved such option to arcclerate it, prior ~o the cale o~ ~ransfer. Lender
and the person ~o whom the Propeny i~ a~ F-c .oIJ or Iransferred reach agre~ment in writing that the credi~ of cuch per~on
is satisfactory to I_enJer and that the inter..~ pa~~abk on tht sums secured by this Mortgage shall bt at such rate ac Lender
shall request. If l.ender has waived ~he op~~on to acceleratt provided in this paragraph 17, and if Borrower'> >uccessor in
interest has executed a wri~~en assumption agreement accepted in wri~ing by l_encitr. Lender shal) release Borrower f-om all
obligat~ons under this Mortgage and the Notr.
(f Lender ezercixs such option ~n acce(erate. I.ender chall mail Borrower notice o( accelera~ion in accardanz~ H~~h
paragraph 14 hereof. Such not~ce ~hall prov~de a pericxl of not less than 30 days from the date the no~ice is mailed within
which Borrower may pay the sums declared due. If Borrower faits to pay such sums prior to Ihe expiration of cuch pe~u,d,
Lender may, without further notice ~r Jcmand on Borrower. :nvoke ~ny remedia permrtled by paragraph I R hert~t.
NON-UNIFORM COVENANTS Borrower and Lender turther covenant and aaree as follows:
la. Accelen/ion: Rrmedks. E:cept as proridcd ia para~nph 17 hereot. upoe dorr~wers brcac~ of say cov~naM or
a~reerneat ot Eorrowtr in this MortRa~e. includin~ the toreaaels to psy ~+AtA due any su~us secured by Ihis MortRaRe. i.endcr
prior to acceknNoa shdl mail notice to dorrower as provided la pars<<sph 14 hereot speclirlns: (1) the bre~ch: 121 the sefbw
required to core soch bresch; (3) ~ date. not less than 30 dsys trom tAe dale the notke b m~ikd to dorrower. A~ whkh sucM
brcach must ee cored: and (1) that fatlun to cure srch breich os w~etwe the d~fe specll'ied in tbe nolke rnsy resnlt iw
accekrstion ot Ibe snn~s secured by this Mort~aRe. fo~eclosure by judicial proceedint ~nd sNe o/ IAe Property. The nolke
shall fuNher in/orm dorrower of the ri~ht lo reinstate atler aeceleMbs and the riRbt to atsert iw the torecbs~re rroctedfK
Ibt non-existcnce ot a defsuN or sny other de/ensc of dorrower to accektifioa ~nd foreelosn~e. Ii the ~escl~ is nof cor+ea o~
or betore the date speciRcd ia the notice, l.ender at I.end~r's aptbw w~sy Aec{are sN ot *he s^ms sea~red by ~his Mo~RaRe ro be
immediately due and psysble without tuAher demand ~nd ensy /oreelose tAk Mort~a~t 6y judleW ProteedinR. (.endtr cha11
be entitled to cdlect M srca pt~ocetdin~ a8 e:penses n( torecloser+e, Includin~. brt nol lin~itd to. reasonsbk a~~.,rnrv's fees.
and eosls ot docen~eAtary e~idence. abstrscts and ~iUe rcports.
19. dorrower's R~bt to Rei~tste. Notw~Ihcl~ndinK 1 ender's accelerat~on ot the sumc secured by ~h~s Mongage.
Borrower shall have the ngM to have am prcxecdine: hr~~~n b~ Lender to en(orce Ihn Mc.rtgaqt dnconlmued a~ ao~ hme
~^ x350 PM~E1100