HomeMy WebLinkAbout0939 . L'eoder's w~i~ten asreement o~ applicable law. Bo~rower shall pay the amount ot all mortgage i~surance premiums ie the
• manner p~ovided under paraaraph 2 hereof.
Any amounts disbursed by Lender pursuant to this parasnph 7, with interest thereoo, shal) become additioeal
inJcbiedness ot Borrower ucurcd by ~his Mongage. Unless nwrower and Lender agrce to other ternts of payment, such
amoun~s shall be payable upc+n notice tram Lende~ to Borrower reques~ing payment thereof, and shall bear interest irom the
date of disbu~sement at the nte pay~ble from time ta time on outstandina principal u~de~ the Note unless payment ot
interest at such rate would be cont~ary to applicable law, in which event such amou~ts shall bear intercst at the hithest rate
permissible under applicable law. Nothing eonained in thic pa~agnph 7 shsl) rcquirc Lende~ to incu~ any expense or take
any action hercueder.
a. lespectioa, Lende~ may make or cause to be made reasonable entriec upon and inspectians of the Prope~ty, provided
that t.ender shal) give Borrower notice prior to any s~rch inspeclion specifying rcasonable caux therefor ~elated to Lender's
imercs~ in the Pmperty.
9. Condemnatbn. The prcxeedc of any award o~ claim for damages, direct ar cc?ncequential, io connection with any
condemnation or other taking o[ the Property, o~ pan the~eof. ar tor conve~a~ce in lieu of condemnation, are hereby assigned
and chall !+e paid to l.ender.
l~i the event of a total taking of the Property, the prc~cceds chall he applieci to the cums secured by this Mongage,
with the ticecs, if any, paid to Borrower. In ~hc even~ of a partial lat,ing of the Property, unlecs Borrower and Lender
otherwice agree in writing. Ihert shall be applied to the cums s~cured by th~c Morlgage such proportion of the proceeds
as ic equal to ~hat proportion which the amount o( the sum~ ~ec~~rcd by this Mortgage immediately prior to the date of
t~king hears ~o the fair market value of ~he Property immediatcly prior to the Ja~e of iaking, with the balance of the proceeds
paid tn Borrower.
I~ tht Property is abandoned b~• Borrower, or if. a(ter notice hy Lender to Borrower that the tondtmnor o}fers to make
an award ~r cet~le a claim for damage~. Borrower fails to respond io l.ender within 30 days after the date such notice is
mailed. Lender i~ authorized to collect aod appiy ihe proceeds. at l.ender's option. either to rtstoration or rcpair of the
Propen~• or ~c. ~he sum~ cecured hy this Mortgage.
Unlesc I.ende~ and Borrow•er otherwice agree in u•ritinc. any such application of procetds to principal shall not extend
or poc~pone ~he due date of the monthly installments referrcd to in paragraphc 1 and 2 hercof or change the amount of
~uch mc~allmentc. .
, 10. Borrower Not Released. Fttencion of ~he time for payment or modification of amortization of the sums securcd
by th~e Mort~a¢e qranted by I.ender to am• ~uccecsor in interect ot Borrower thall not operate to release, in any manner,
the liahilit}• of ~he orieinal BorroK•er and Rrrrower'c succes«rc in imerect. Lender shall no1 ht required to commence
prc?ceedingc against such succecsor or rcfuce to ettend Ume for pavment or otherv?~ice modify amortization nf the sums
cec~?red by thic MonRage hy rcasc~n of an}• demand made by ~he orieinal Borrower and Borrower's succeswrs in interest.
11. F~rbesranct by I.ender ~iol a Waive~. Any fnrhearance hy I.ender in etercicing any right or remedy heramder, or
o~herwise atTorded hy applicahle law, shall no~ he a waiver of or preclude the etercise of any such right or remtdy.
The proc~irement of insurance or the payment o( ~a<ec or other liens or charges by I.ender shall not ht a waiver of Lender's
right accelerate the mawrily of the indeMednecs cecured hy thic Mort~taRe.
12. Remedies Cumulati~e. All remediec prc?~•ided in thic Mortgage are dictinct and cumulative to any other right or
reme:ly under this Mortgage or aBorded hy law or equity. and may he exerc~ced concurrently, independently or succeuively.
13. Successors and AssiRns Bonnd; Joint and Se.•enl I.iability; faptions. The coveoants and agreements herein
contained chall hind, and the riRhts hercunder shall ~m~re to. the re~pective ~uccecc~r~ and assign~ of I_ender and Borrower.
cubject to ~he provisionc of paragraph 17 hertof. All covenants and agreementc of Borrower~hall be joint and several.
The captions anJ headings of !he para¢raph~ of this MonRage are for convenience only and are not to be used to
interpret or define the provicions hereof.
~ 14. Notice. Except for ~ny notice required under applicable law to be given in another manner. (a) any notice to
Borrower provided for in thic Mortga¢e chall he given hp mailing ~uch not~cc by certified mail addrcsced ~o Borrower at
the Pmperty Addrc~c or at cuch other 5ddrecc as B..rrnwer mav designate hv notice to Lender as provided herein, and
(bl any notice to I_ender shall t?e given by certified maiL return rece~pt requected. to l.ender'c address sta~ed herein or to
cuch uther address ~s Lender may decignate by notice te? Borrower as pro.•ided herein. Any notice provided for in this
I ~tortgage shall bc deemed to have becn R~ven to Borrower or Lrndcr when grven in Ihc manner designated herein.
j " 15. t?niform MortRa~e: GoverninR i.aw; Sever~bility. Thic form uf mort~age combines uniform covenants for national
I usc anJ n~~n-unife~rm co~~enan~~ v?•ith limite~l vanation~ hl ~uri~dictic•n to constihire a uniform security instrument eovering
` real propert}• Thic MorlFage ahall he gi~verneJ hv the law ~.f the juric~hction in which the Property ic located. In the
; event th~t any provision ~r clauee of thi~ M~rt~a¢e ~•r ~he ti~.te c~nflic~~ u ith applicable law, such conflict shal) not affect
~ ~ther prnv~~ion~ of thic MortEage or ~he Nrnr wh~ch can hr ~:i~•en eBec~ wi~hout the conflic~ing pmvicion. and to ihis
end thc provicion~ of the Mor~gage and the tic,tc are .kcl~rcd t~~ he ;everable.
~ 16. Borrower's Copy. Borrower chall he furni.heJ a cnnf~~rmed copy of ~he Note and af Ihic Mortgage at the time
of execution or after recorda~ion hereof.
1~. Tnnsfer of the Properiv: Assumption. If all or an~ par~ of the Properly or an iMerect therein ic sold or transferred
by Borrower without I_ender's prior writ~rn content. e~rluding 1a? the creati~n of a lien or encumbrance subordi~ate to
thn Mortgage. (bl ~he crcation of a purcha.e mone~• cecurity mterest for houcehold appliances, Iel a transfe~ hy devise,
deccem or hy operation of la:. upon the death ~f a juinl tenant ~•r (.U the grant ~f an}• leasehold interest of thres yea•s or less
not cdntaining an nption to purchase. 1 ender m:,~•, at I.ender'c ~ption. declare all the sums secured by this MoRgage to be
~mmeJiatcly due and payable. [.ender thall ha.~e •va~ved ~uch uption tc accelerate if. prior to Ihe cale or transfer. Lender
and the percon to wh.om the Pmperly ic to be sotJ or transFerred reach aRreemenl in writing that Ihe credit of such person
~ ic saticfactory to LenJer and tha~ Ihe intereti~ payable on lhr. sumc ucured by thic Mortgage shall be at such rale as Lender
~hall request. If I.ender has waived the opt~~n to accelerate prmided in this pa~agraph 17, and if Borrower'~ successor in :
~ mteresrhac executed a wri~ten assumption agreement accepted in writing by C.enckr. Lender shall release Borrower from al) ~
obligations under this Mortgage and the Note. ~
~ if Cender exerciuc ci~ch option to accelerate. I_ender chall mail Borrower notice of accderation in accordance with
~ paragraph 14 hereof. Such notice ~hall provide a period of not less than ~0 days from the dat~~the notice is mailed within
which Bormwer may pay the sums declared due. 1( Borrower (ailc to pay such cums prior to th~ expiration of such period,
~ Lender may. without further notice ur dcmand on Horrower. ~nvoke any remedies permitted by paragraph IS hereof.
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Nonr-UrvtFOai?t Coverv~wTS. Borrower and lender further covenant and agree as follows:
~ 18. Accelention; Remcdies. Except ~ provided ie pars~nph 17 hereof. upon eorrower's bresch of any covenaat or
~~reement of Borrower in this MortRa~e, inctudiry~ the covcnants to pay when dut any sums securEd by Mis Mortas~e. Lewder
~ prior to acceler~tion shall mail nofice to Borrowe~ as provided in paraRraph 14 hereof specjfyin`: (l) the breach; (2) tbe sction
_ required to cure such breach; (3) a date. not less than 30 dsys from the dste the notice is maikd to eorrower. by whkh such
p bre~ch muct be cured: and (4) tbat failure to cure wch breach on or before the date spec~ied ie the notke nuy radt ia
~ acceleration of Ihe sums secured by Ihis 17ortRs~e. fonclosure by judicial procetding znd sak of fhe Prope~. 7Ue aofice
~ sball further inform Borrower of Ihe riRht to reinstate afler sccelention and the righl to acsert in tbe foreclosnri proctedin~
~ the non-exn~ence of ~ default or any other defense of Bonower to acceleratan and foreclosure. If the breacA is aot enred oa
~ or be(ore Ihe date speci6cd in the notice. Lender al Lender's optan may declart aq of the soms secured by this Mortia~e to be
immedialcly due and payable without fuAher demand and msy forcclose this Mort~a~e by judicisl proceedia~. Ltader shap
~ be entitled to collect in such procecdin~ sll e:pensa of forcclosure, includin=. Dut aot limited to, reawasbk attorae~'s tees,
~ and costs of documentary e~idt~ce. sbstncts and litk reportt.
~ 19. Borrower's Ri~ht to Reinstate. Notwithstanding [.ender's acceleration of the sums securcd by this Mortgage,
Rorr~wer chatl have the ri ht to have any proceedings t~egun by Lender to e~force this Mortgage discontinued at any time
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