HomeMy WebLinkAbout2683l.endcr's writlen agrccment o~ applicablc lavv. Borrowcr shall pay the amc~unt ot all moAgaget insurance premiums in the
ma~ner pmvided under paragraph 2 heroof.
Any amaunts dishurxd by I.cndcr purcuant to this pa~agrapfi 7, with interest thereon, shall becomc addilional
inJebtednesc of Borrow~e~ seeured by this Morlgage. U~lect Borrovrer and I.ender agrce ta ather termc of payment, cuch
amountc shal) be payable upon notice from 1_ender t~ Bormvvrr reyuec~iog payment therec~f, aod chall bear interecl fmm tht
date of disbursement at the nte payahle fmm timc to time on outslanding pri~cipal under the Note unlcss payment of
intercst at such rate would be contrary ~o applicable law, in w-hich event such amaunts shall txar interest at the highest rate
permissible under applicable law. Nothing contai~ed in thic paragraph 7 shall rcquire [.ende~ to incur any expense or take
any action hercunder.
8. Itupection. l.enckr may make or cause to t+e madc rea~onable entricc u~x~n and inspections of the PrapeMy, provided
that I.ender shall give Borrawe~ nolice prior to any such inspection s~cifying reasonable cause therefar related to I.ender's
interest in the Propeny.
9. Coademnatbn. The prcueedc of any aw•ard or claim tor Jamages. direc~ or concequential, in cannection with any
condemnatiun or other Iaking vf ihe Property, or pa-i ihere~~f, o~ for cunveyance in iicu uf cundr~nnatiun, ar~ t~erehy assigned
anJ shall l+c paid to Lendcr.
In ~he event of a tolal taking af the Property. the proceeds shall he applied to the cums secured by this Martgage.
with the ercess, if any, paid to Borrowcr. in Ihe c~~ent of a partiat taking o( thc Property, unless Borrow•cr and I_ender
o~herwice agree in wri~in~. there shall he applied to the cums securcd by thic Mor~Fage cuch proportion of the proce~ds
as is equal to that proportion which the amount of the sumc cerured hy this ~tortgage immediately prior Io the date of
taking hears to the fair market valuc of thc Propcrt~• immrdiatcly prior to the Jate of taking, with the balance of the proceeds
paid to Borrower.
if the Property it abandoned by Borrow•er. or if. aiter notice by l.ende~ to Borr~wer that the condemnor affers to make
an award or sellle a claim for damaFe~. Bormwer fail~ t~. re~pond to I.ender within 30 da~~s after the date such notice is
mailed, l.ender is autharized to collect and apply the proceeds, at I.ender's option, either to rectoration or repair of the
i'ropcrtp or to the sums sccured hy this Mortgage.
Unlesc Lender and Borraw•er otherK~ise agree in w~riting. am~ such applica~ion af proceeds to principal shall not extend
or poct~ne the duc Jate of thc monthlp installmcnts refcrrcd to in paragraphs 1 and 2 hereof or change thc amount of
such installments.
10. Bormwe~ Nof Released. Ex~ension of ~he time for payment ar modi6cation of amortization of the ~umc securcd
by this Mortgage granted by I.enJer t~• any auccesw~r in interect of Borrow•er chall not operate to release, in any manner,
the liahili~y of the original Borrower and Borrower'c successorc in interest. i.ender shall not he rcquired to commence
proceedings against such successor or refuce ~o ettend time for payment or otherwice modify amortiiation of the sums
serured by this Mortgage by rcasi~n of any demand made by the orieinal Bormw~er and Borrower s cuccescorc in interest.
I l. Forbearsnce by I.eader Not a Wai~•er. Any f~uF+tarance M• l.ender in erercisinq any right or remedy hereunder, or
otherwise afTorded by applicable law, shall not he a waiver of ~~r preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of tarec or other liens or chargec by t.ender chall not t-e a waiver ~f i.ender s
right t~~ accelerate the matority of the indehtedness ~ecured M• thic Mongage.
12. Remedies Cumulafive. All remedies pmvided in thic I-tortgage are dis~inct and cumulative to any other right or
remedy under this Morlgagr or aBordeJ b}• lav-• or equit~•. and ma~• he e~erciceJ concurrentl}•, independenU~• ar succecsivel~•.
13. Successors aed Assi~ns Bound; Joint a~d Se~rral I.iabilih•; Captions. The cavcnants and ~grecmentc herein
contained shal) bind, and Ihe riRhls hercunde~ shall inure to. the recpective succe«on and ascigns of I_enJer and Borrov-•er.
subject to the provisions of paragraph 17 hereof. A11 rnvenants and agreemeMc of Bormw•er shall he jc-int and ceveral.
The captions anJ heaJingc of the paragraph~ of ~hic Mortgage are far convenience only and are not to he uced to
interpret or define the provicions hereof_
14. Nofice. Except for any noticc rcyuircd unJer applirahlc law ta t+c given in anothcr manner. (a) am• notice to
Borrow~er provided for in this Mortga¢e shall he giveo h~• mailing ,urh n~tice M• certified mail addresced to Bormw•er at
the Property Address or at sach other addres~ as Bormwer may de~ignatc by notice to 1_ender as provided herein. and
(b) am• notice to 1_ender shall he given by cer~ified mail. return receipl reque~ted. to 1 ender t address stated herein or to
such other address as I.ender may desiQnate b~• notice tc• B~rrow~er as pr.~videJ herein. Any notice pmvided f~~r in this
Ltortgage shall bc deemed to have been given to Borrow•cr or I.cnder when gicen in the manner de~ignated hcrcin.
15. Unitorm Mort~a~e; Governin~ iaw; Se~•erabilif~. This form of mortgage combines uniform covenantt for national use
and non-uniform covenants with Gmitod variations by jurisdiction to constitute a uniform security instrument covering resl property. The
state and tocal laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing
sentence shall rat limit the appGcability of foderal law to this mortgage. In the event that any provisic~n or clause of this Mortgage or the
Note contlicu with app6cable Iaw, such conflict shall not af'fect other provisions of this Mortgage or the Note which can be given etfect
without the contlicting provision, and to this end che provisions of the Mortgage and the Note are declared to be severable.
16. Borrower's Cop~•. Borrow~er shall fn fiirni~heJ a cc~nfe~rmed copy ~~f the Note and of thi~ hiortgage at the time
of execution or after recordation hercof.
17. Transfer of the Properf~~; Assumption. 1f all ~~r am~ p~rt of thc Pr~•~xrt}• or an interect ~herein ic s~~ld or tran~ferrcd
by Borrower without I_ender's prior writtrn ron~ent. c~cluding lal the creation of a lien ~r enc~~mbrance suborJinate to
thit Mortgage. (b) ~he creation of a purcha~e monr}• ~ecurit}• interest f~r h~useholJ appliancea, Icl a trancfer b~• devise.
descent or by operation of law upon the dealh of a j~~~nt tenant ~•r (~U ~he grant o~ any Ieasehold interest of three }~ears ar Iecs
not containing an option lo purchase, I.ender may. at Lrnder'c i~pUr~n, declare all ~he ~umc secured hy this l~lortgage to be
immediately due and payable. Cender shall ha~e wai~•ed such option t~• accelerate if. prior to the ~ale o~ transfer. I.ender
and the person to whom the Property is to be sold or transferred reach :igreement in wri~ing that the credit of such percon
is satisfactory to l.enJer and that the intere,t pa}•able on the sumti tiecured by ~hic Mortgage chall be as such rate ac Lender
shall request. If I.ender has waived the opti~~n to accelerate ~+mvideJ in thic paragraph 17, and if Borrower's successar in
interest hac executed a written assumption rgreement arcepted in writing by LenJer. Lender chall releace Borrower from all
ubligations under this Morigage and the Note.
If I.ender ezercises such option to accelerate. LenJer .h~ll mail Borrower nolice of accele~ation in accordance wilh
paragraph 14 hereoL Such notice ~hall pruvide a peri~J ~~f n~~t Icss than i0 Ja~~c from ~he date the notice is mailed within
which Borrower may pay the sumc decl:~red dtje. If Borrower fails to pay such wms prior t~ the expiration ~•f surh period.
I.ender may, w•ithout further notice or dcmand on Be.rruvver. ~m~oke any rcmedies permiued b}• paragraph 1 S hereof.
Nox-UNiFOSH Cove~~;vTS. Borrower and I.:nder further covenant and agrce as follows:
IS. Acceleratan; Remedies. Eacep! as pro~~ided in par~roph 17 hereof. upon Borrowe~'s breach of any covenant or
agreemeot of Borrower in this Mortgage. includin~ Ihe co.enanls to pay when due any sums secured by th~s Morigage. I,ender
prior to acceleration sball mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the bceach; (2) the adion
required to curc such breach; (3) a date. hot less than 30 days from the date the notice is mailed to Borrower, by wbkh such
breach must be cured: and (4) that failurc to cure such breach on or beforr the date specified in the aotice mar result in
acceleration of the sums secured by this MortRa~e. foreclosure by judicial proceeding and sale of the Pmpe~ty. The notice
shall further inform Borrower of the r'ry;ht to reinslate afler acceleration and the right to assert in the foreclosure prucetding
thc non-existence of a detaulf or anv other defense of Borrower to acceler~tion and forecbsure. If the brench is not curcd oa
or be(orc the date specified in Ihe notice. I.ender at Lender's option may declare all of the sums secured by this MortRa~e to be
immediately due and payable without tu~ther demand and may foreclose thls :~tortRage by judicial proceedl~. Lender shall
be entitled to collect in such proceedinR all e:penses of foreclosure, includinR. but not limited lo. reasona6le attorney's fees.
and costs of documentary evidence. abstracts and titk reports.
19. Borrower's Right to Reinstafe. Nc•t~ith~~anding Lender'~ accclerat~on uf the sumc secured by this Mongage.
Borrower shall havc the right to havc am pr~ccdmgc tx~un h~ I.cndcr t~ cnf~~rcc Ihis Mortgagc discontinucJ at an}• time
~-i'~ 350 P~~E 2f Si