HomeMy WebLinkAbout0901 Lrn.lc~'a ~~iittc~~ :,,~rc~r.icnt .•r ap~~1~:aM~ ,i~:~ii ~:?y thr am~~,,n~ of all nwrtbabc imurancc prcmiumc in thc
manncr pruvid..t und~: ~~a~:~g~aph 2 h~~tuf.
~~np ~mrunt~ ~!i~`~:~n«I b~• 1 rn~ir~ ~~unu:uri t.? ~hi. ~~:~rabraph 7, wuh uitrrcsl thcmon. shall b~c~~mc ;~~1~titirnal
i~~.l~hlctln~.c ot K~~rn~~~rr ,«~:rcd t,~• :hic Alonga~:c. t'ul.••• lio~ro~~r~ .uiJ I rn~l~r agrec to othrr tcrmc uf p~ymrnt. ~uch
~monnts ~hall h< <~:,:.~ht.• u~.~n n.~~irr fr~,m t_cn~cr to Rr~i~~~~rr r~yuc,tink p:~~•mcnt thcreut, and chall Fxar intc~cst from thc ~
d;~tc o( di.bu~scmcnt at thc r:?t~ p:~~•ihl~ frc~m timc t~~ tnnr un outstandin~ principal undc~ thc Not~ unless pa}•mcnt of
intcrest at xurh r:,tr a.~~:td h~ contran• to a~+plicablc la~v, in ~~hich rvcnt ~~•h amoimts shall t~car intcrest at thc highcst ratc
~nrmissihle undcr :~~~~tir:~blc ~a~?'• ;~'~ithing «~ntained in ~Isi. paragraph 7 shall rcquirc Lcndcr to incur any cxpense or take ;
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any action hcreund~r.
8. Inspection. 1 rndrr ma~• makr ~~r cai~sc t~~ hc ma~lr ~raconahlc cntricti u~x~n :~nd i~spcctionc of thc Pr~~p.:rty, providcd
that l.ender ~h~l! Li~~ B~~rru~~~cr n~tic~ prit.r ta any +uch in.~kction ~~xcifying reasonabie cause therefor related tu Lender's
intCrCSt in thc Propcrt~•.
9. Condemna~ion. The procecdc of any a~~ard or cl.um for damaees, direct or consequential, in connection ~~•ith any
~ondem~ition or othcr t:~ki~iL of th~ Pmpcrty, ~r part thc~r~~f. ~r for ron~•cp~ncc in licu of condcmnation, arc hcrcby astigncd
and sh:ill ~ paid to Lc~dcr.
in thc e~ent .~f a total takinc of th~ Pro~rly. thc thall be :~pplied to the cums ucured b)• this Mortgage, j
with Ihe cr~a:ss, it am', p.3:d t~~ Borm~ccr. In the evcm ~~i a partia) taking c~t the Property, u~lcss liorrowcr and I.endcr
otherw•i~e agrce in ~~r:~:ng. thrr~ shall tk; applird to ~hr ~unis securcd by thic Mortgage such prop~rtion of ihe procccds y
as is equal to that pr.~~~rtion ~~hich thc amuunt of the «currd h~• this \iartgage immediately prior to the date of
taking bears to the fair marktt ~ alur ~~f the Propcrty immr.~~~~tcly prior to !hc date of taking, with thc balance of tbe proceeds
paid to Bo~rou•er.
if the Pro~n~• i~ ahand~~ned h~~ B~rro~~•cr, or if, af~cr n.~tic~ hy I.ender to Bor~ower that the condemnor oRers to make
:?n award or seulc a c!~im for dama~c:, B~•rn•wer faih t.~ ~~+~nd to l_ender H-ithin 30 days after the date such notice is '
mailed, 1_ender i: authorind t~~ cc~llect and appl~• the rn~«ds, at 1_ender t option. either to restoration or repair of the ?
Propcrty or to the wn:. ~ccu~cd h~• this ~lortgagc. ?
Unless Cen:ier s^d Rorro•+cr oihcnrise agree in ~~ri~iu:~_ any such application of proceeds to principal shall not extend
or poctp~ne tht duc .'..:ce ~f thr monthl~• installmcnts rrfr~ rcd to in paragraphs 1 and 2 hereof or change the amount of
tuch insiaUmentc
10. Borrower \ot Releasrd. I=xt~nsion of thc tim~ i.~r pa~~mcnt or modification of amo-:ization of the surns securcd
by this ~tortgact ^rar.~~d M- I_cn.i~r to an~• succecsor in intrr~st of Borrowcr ihall not operatc to release, in any manncr, '
the liability of the ors_inal Borro~~er and Rorro~cer's sw:~~«~rs in interest. Lender shall not be required to commer.ce '
proceedings against «:.h tu:cessor ~•r refu~e to e~tend ~i~rn: for payment or othen~•ise modify amortization of the cums
secured by thic \tonL: _e h~~ rea:~~n of am• demand mad.• by the or.cinal Borrowcr and Rorrowers succe~sors in interect. `s
lt. Fo~bearance b}• Ixoder \ot a R'ai~-er. An~• f~~ri~:~rance by Cender in exercising any right or remedy hereunder, or i
othen.ise afforded b. ~p~li:ahle la~e. sh~ll not tx: a~rai~~cr of or precludt the crercise of any such right or remedy.
Thc proeurement of i~suran:e or the pa~•ment of tases c•r .~ther liens or chargcs by Lender shall not be a Kaiver of Lcnder s i
right to accelerate the maturit~• of the indebtednecs srcurcd hy thic 1?tortgage. ~
12. Remedies Cun~ulati~-e. All remedies prrn•ided in this l~iortgage arc distinct and cumulative to anp other right or
remcdy under this ~te:c_:,~~ or aff.~rdcd h}• law or eyuit~•. .u~~1 may be exerciscd concu~rently, independendy or successi~~ely. ~
13. Succe~con and Avigns Bound: Joint and Se.rr.d Liabilih'; Capfions. The covenants and agreements herein ;
contained shall hind. :-~d the riohts h~reunder shall inurc t.•, the ra:~pecti~•e succes~ors and assigns af Lender and Borrow•er, !
~ubject to the pr~~~ i,i+ of paragraph 17 hereof. :\ll r.~~• ~~ams and agrecmenis of Borrow•er shall be joint and se~•erai. ;
The captions an~l hez.'.~nr~ of the para~raphc of this \I.~rtgage are for convenience only and are not to be used to !
interprct or define the ^ro~~i~ions hcrcof. •
14. \otice. E~c:~t f.~r am• nutice rcyiiireJ undcr .~}•~~licable law to be given in another manner, (a) any noiice to
Borro~cer provided fo: in this ~tc+rtgace shall he given h~ :nai~~ng such notice by certified mail addrested to Borrow•er at
the Pro~xrt)~ .~.'dre,~ . r at ~uch .~ther addrecc as B~rr~~~~: r ma~~ desi~nate by notice to t_ender as provided herein, and
(b) an~• noticc to t.en~:r sh~il he tii~•en h~• certifieJ mail. ~.•tum receipt reque~ted. to I_enders address stated herein or to 's
~ ~uch other addr~~: ati Lrnder ma~- dcsignate b}• netiie t+• IZ.`rro~~-er as provided herein. Any noticc provided for in this
~fartgage shall he de~.-.~:d t.~ ha~e hren gircn to R~~ro~+r~ .~r l_ender ~~ficn ~i~•en in the manner designated herein.
i 15. L'niform ~tort~•r~,;.: Go.erning i.a„: Se.erabilih. Th~s fc.rm of mortgage combines uniform co~~enants for natio~al ~
; use and non-uni;~~;in =en::^st ~~ith linzite.l .•ariati~ns 1•~ ;uri~.licti~.n to constitute a uniform securily instri~ment covering ±
` rcal pmpert~. T?::s st~~, ~ shall tk ~o~~crned M• [he 1.~~• of the jurisdicti~.n in w~hich the Property is located. in the ;
: e~•ent th~t an~' ~r.~~~~s~:~-: or :~3nce .:f thi. ~tart~a~e rr thc ~~~tc conflict~ ~rith applicable law, such contiict shall not af'Fect ;
~ vthcr pro~isi.•n: of th:- ~t.:t~~~_e or th~ \~tr •~hirh h~ gi~'cn c(Tcct wilhout the conflicting pro~'isiun, and to ihis - }
i end the pro~isionc of ~i. rt~a~e and th~ \~te are d~:'.::rd to he uverahle. ~
~ 16. Burru.•er s C~~p~'. B~rrc~~cr .hall tn: [urnishcJ ::~nformcd copy of thc \otc and of this Mortgagc at thc timc i
F of e~ecution or af:~r :c:orda-:.~n hereaf_
~ 17. Transfer of the Propertc: ~ccumplion. If aA ~r p:~it of thc Pmperty or an interest therein is sold or transferrcd
~ b~• Borrow•er ~.i:~.~?.t I_cndr='s pri~r ~~rittcn con~ent. excl~e.'.iag (al the creation of a lien or eneumbrance subordinate to
~ ~his !~Iorteage. ih? thc :ceat~on ~f a purchase mone~• ~e>' interest for household appliances, (c) a transfer by devise.
dc~cent or b}~ oFr:.~ti~ of 1-:~,~ upon thc ~Icath of a j~•int tc::•~nt or (d? the grant of any leasehold interest of threc }'ears or lcss
not centaining ~n opti: to :_srchasc, I_ender ma}•. at 1_en.'.cr'; option, dedarc all the sums secured by this ~tortgage to 1H: ~
~mme~iiateh• duc :_nd : ~~~ar'.c. Lender shall have +rai~~ed ~~Ftion to accclerate if. pri~r to the sale or trancfer. Lender ;
~nd the ~xrson t.~ ••h.~-~ ~`~e P.-o{krt~• ic to be sal~i or tra~:~:.'rrcd reach a~reement in writing that the credit of such person ~
is satisfacton~ to t_r~,'.: :`~~t tFe inter~>t pa~•ahle nn tt~: ~ums .ecured by this !~tortgage shall be at such rate ac I.ender ~
~ shall reyuest. If er..',- hac ..ai~•eJ thr option to accrlcr..:.• ~rovided in this paragraph 17. and if Borrov?•er's successor in ~
~r,~ ;nterest hac execut,d ••,rii'c^ as:?~mptien agreemcnt a~cc;•',d in ..riting by Len~ler, Lender shall release Borrow•er from all `
~ obligations under this ~!.vtg. _e and the ~ote. -
~ if t_e:~der e~c-.i~:- o~ai.'~i t~ accelerate. I rn,1~- ~`.r.itl mail Borro~~er nolice of acceleration in accordance ~~~ith
~ par~2raph 1-i her_: f. ~.~rh t:re ~tr~ll pruvicle rerird ::~~.~t Ics. than 30 days fmm the date the notice ic mailed ~~•ithin
s «hi~h Bnrre,~~~es It e~urri, dec~.~re~l due. li B~~nc,,: ~ f.sils to pa)• ~u:h sums prior to the expiration ~~f ;uch period.
~ [_cn~lcr mc~~•. ~+iti~.~::t `..:~h.: -.~tic~ ~~r drniand <•n f;urr.~~~:• ~~~~~1~e an}' remedies pesmit~~d by para~raph 1R hereof.
- \ov-Uxitu~:•.t ~~~:s. Q~,rrower and I_endrr'.:is:`.•er covcnant and agrre as follows:
- I8. Acceleratiun: Rrmedies. Fxcept at pro~~ided in p~r.~:;raph 17 hereof~ upon BorroNer's brcach of any co~-enant ur
a~recment of BorroNCr ia thi: ~iort~a~e, includink the cmca:~~~ts to pa~ when due any sunis secured by this ~fortgaRe, I.ender
~ prior so accelera~ion .hatl ~nail notice to Aorro.+er as pro. idcd in paraK~aph 14 hereof speciiying: (1) Ihe brrach; (2) the actio»
y required fn cure wch hre.~ch: a date. not less Ihan 3Q da~~ f~~~m 1he date Ihe notice is mailed to Borrow•er, by which such
breach must be corcd: and ~~3~ that faiiare to core sucl~ hrc~:h on or 1?efore the dale specified in the notice may resutt in ;
~ acceleration of the ~um- •rcured h~ this \lortKa~e. forerlr•~~Tr b}• judicial proceedin~ and sale of the Properfy. The notire
' ~hall furthrr infurm R~irrv~•rr of the ri~ht to rcinstate after a::eleration and Ihe ri~ht to assert in the foreclocure procecdin~;
~ Ihe nun-exi~trnce of a d~f~ult or an} uther dcfen~e oi R~~rro~•rr to acccleration and foreclosure. if Ihe breach is not cured on
.?r befure thr date ~prci::<d in the notice, Lcnder at Lendrr'..•p~~~n ma~• declare all of Il~e sums secured by ihis ltori~a~e t~~ he
~ in~mediatel~ du~ :{r.d pa~ahlr Mitl~put further deman~l :~nd n:a~ forecluse Ihis ~lort~;a~c bS judicial proceedin~. I.cndcr ~hal1
~ ;
t?e entitlcd to c~ilr.-t in :c:h pmccedin~ all e~pentec nf f~~n-:1..•urc, includin~, but not limifed to, reasonable altorner's fcc..
G and costc o( docurnentar. r~id=ncc, ah,lrarts and litlc tcp~~r:• .
~ 19. $orru~~cr', F:i~`~ ~u Rcin~talc. \ot~~ithst:tl~~+:';' ~i^~,~r', accclrrai:~~n ~f Ihc tiums ~ecurcd b} thi? ~t~~rtg.~~:~_ _
~ {3orio~c~r tih.~ll h:~:; :r: h:t~c :~m r~~.~rcdin~~ h::. I.c:~dcr t~, rnf.~r:c this ~tort i~c di~continucJ at an}• t:nir ?
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