HomeMy WebLinkAbout0998 ~.~'I?l~lf~': \~f!(Il'il :SL!C~(11Cii! ~~f :~l`j`~:~..ef`~l' ~.i~~. E~1`t(~~Nil ~~:.ii~ ~~.1~ (~`c' ~'~!~~utll l~~ : Ill~~ilt': i':• If1lUf~It1iC ~(t'1111UI1.ti •'1 -
inann~r r~„~~a..! un:tc: p.+r.,~;r..~!i hri~.~f.
r\ny :~nii~uni~ i+:~h~.:r,r~l fi~• I t•:i~f~•r ~~ut,u.:iU I~~ thi~ r.,r.~i~ia~h 7. ~~i~h ititc~i~t tL~t~.~n, tih:ill bcc~~mc :s~l.+.it~,~: .:l
i~~,!~h~rdnr.. rt kor:.~..cr .~cui~•~1 M ti~.~ \Ic~tt~;.~~;~. l'ntc,~ Rn~r~~urr .~nJ LcnJcr a~n•c to ~~ihrr icr~ns c~f p:?)'mcnt. ~.~r.!~
an~ount~ .h:~U hc pa~•shic ur.~n :~.~r:~c fr~•m LrnJcr t~~ Ror~~~~~~r ~c~~uc.~in~ r:~ym~nt tl~rrruf. :~n~l ~h:~ll Ik:~r inirr<<t I~t,.~~ i!~c
~f:~te di~but~cmcnt at thc r;+t~ E~.~~•uhlc f~~m lim~ ta timc .,n ~ut~tandine principal under the N~•tc onle,c p:i}'incrt ~~f
intcrr~t :+1 cuch rate •~.•ut~f hc c~ri!rary t~~ applicahlc 1:~~~•, in ~~hich cvcnl ~urh am~~uMs ~hall Fx:,r intcre~t at ihc highc:.t r:,~c
~xrmis~ihfe undrr .,T~li,:,hl~ I:i~~ \rthing ~~~nt:iined in thi. , aragr.~~h 7 ch:~ll requirc T_rnder to incur any e~pem~ c,r t. ~.e
any action hcreiindcr.
K. Incpertion. [.~n.ler may m.~l.e ur c:~usr to bc madr ma,~nable cmriec u~x,» and in~pecti~nti ~f the Pro~xrty. rm. ~.led
that t.r+ide~.hall gi~•e RorroH•e~ n~~tiee ~~ri~~r to any ~uch in.E?~:ction ~Excifying r~asonable cause thrrefor related to I.endei's
intrrcct in thc Propcrty.
9. Cuadrnina~ion. Thr ~rrce~•~i. c•f any ak:~rd ~~r cl::im f~~r J.una,r., dirrct ~r ~on,e~u~ntial. in cc•nncctinn ~~•ith :~ny
condemnation or other takine of thc PmExrty, or part thc~c~•f, e~r for ~~m~e}•ance in lieu of condemnation, are herch~• a«ig::~d
:~nd shall Fn paid to Lendrr. .
In the e~•ent of a total takinc ~f the Pr~~per~}•, the {+rrcredc ~h~ll he :~~~t~cd to ~he ~umc tec~ired b)• thi~ !~4~~rtg:,,r.
w~ith the r~cea. if am•. p;,id to Barr.~~~•~r. In thc e~~cnt ~~f a ~,.~rti:+l takin~ ~,f the Properly, unle.c R~rro«•er and Lrr..ler
~~herN•icc agrcti in w~riting. there shall tx: a~plied t.i the ~umc .ecured hy ihic Morl~age such r:op~rtion i~f Ihe j~rc~re.ts
as is equ;,l to that pr~p~~rti~n ~~hich thr .imuunt of the tumc .~c~ired h~• ihic \inrtgage immediateh• p~inr tu the c1a~~ of
taking tkar. to the fair markct ~alur af thc Pro~krt~• imin~diately prior to the J:ate of taking, w•ith thc b:,l:,nce of th~ pr.~cec~:s
paid to BorroH~er.
If thc Propert~• is ahandoncd M• B~rrowcr, or if. ahcr noticc hy Lendcr tu Borrower that the condemnor otTcrs to make
an aw•ard or settle a claim f~~r dam:~tes, Borrowe~ fails re~~nd to I_ender Within ?0 days after the date such notirc is
maeled, Lender is autharized to rnliect and appl~• the proceeds, at I_endcr's option, either to restoration or repair of ihc
Property or to the sumc secured h~~ thic \tort¢age.
Unle~c I_ender and Bormu~r otnen~•ice agiee in ~critin~~. any such applicati~n of proceed~ to prineipal shall not e~tend
or poct~ne the due date of the monthl}~ ins~allmcros refcrred to in paragraphs 1 and 2 hereof or cbange the amourtt ~f
cuch installmentc.
]0. Bor~ow~e~ \ot Relea~ed. fxten~ion of the time for pa~•ment or modification of amortization of the sums secured
by this I?torti~re eranted by Lcn.lcr t~~ am~ wcce~sor in intrre~t of Borrower tihall not o~rete to release, in any manncr,
the liabilitv of the oricinal Bo~roWer and Borrower's successors in interest_ Lender shall not he required to commence
proceedinRs acainst such succescor or refuse to extend time for pa~~ment or othervvise modif~~ amortization af the sums
.ucured b}• this Aiortcage by reacon of any demand made by the original Rorrower and B~rmw~er s succescors in interest.
l l. Forbearance by Lender \ot ~~~'ai~~er. An~• f~rhearance b}• Lcnder in e~err.sing am• right or remedy hereunder, or
~tl~envise afTo:ded by applicahle law, shall not t+~ a waiver of or precl~idz the exercise of an~ such right or rtmedy.
The procuremrnt of insurance or the pa}•me~t of ta~es or other liens or charges by C_ender shall not be a waiver of Lencter's
right ti~ accelerate the maturit~• ~f the indebtedrtecs ~ecured hv thic ??lortrage.
12. Remedies Cumulati~•e. .All remedies pro~'ided in ihii :ltortgage are distinct and cumulati.•e to any other right nr
-emedy under this ~?iort~age or aK~rded hr la.~• or ryuit~•. and ma}• t+e e~e:ri~ed concurremty, inde~ndenNy or succecsi.•ely.
13. Sueeescors and Acsi~ns Bound; Joint and Se~eral i.iabilih; Captions. The covenants and a~reements hrre;n
conlained shali hird. and the richt~ herei:ndcr shall imire t~. the respecti~c succe~5ors and accigns of Lender and Rorroue~.
.uhjeet to the.pro~•icions of para~raph 17 hereof. all ce~enants and ae?eements of R~rrower shall be joint and te~•er;~l.
77~e captions and heading~ of thc paracraphs of this M~rtcagr arc far convenience anly and arc not to bc u~rd to
interprct or define the pro~ isions hereof. •
14. i'olice. Except for an}' notice required un~ter applicablc laW to bc given in another manner, (a) any notice to
Borrower pm~•ided for in this Alorteage shall he given h~~ mailing sucfi notice b~• certified mail addressed to Borroa•er at
the Properly Addre:~ c~r at cuch e+ther addrec~ as BnrmN•er may de~ignate by notice to 1_ender as provided her~in. :jnd
(b) an~~ n~tice to 1_ender chall he ri~en b~~ cenificd m:,il, return recci~t reauected, to l.enders address stated hercin or to
ceich other address ~s I_ender mac desicnate b}• notice to B~rmNCr as pro~•ided herein_ Any notice provided for in this
?~fortgage shall h~: deer~ed to h:t.~e been circn to Borro~er or i.ender when ~i~~en in the manner de~ignated herein_
15. L)niform'~Tnrt~a~c; Go.ernin~ Law~: Se.rrahilit}~. This fesm of mortga~e combines uniform covenants for nsti~nal
~ use and non-unifonn co~enantc ~+ith lin~ited variations by juri~i!iction to constitute a uniforn~ security instrument rn~~ering
~ real property. Thi~ ~tortgage ~h~11 tn go~erned h}• the I~w of the juri~diction in which the Pmperiy ic lacateci. Tn the
~ event ~hat an}• pm.•ision ~r c{autie of this \i.~rtgage or the \ote conflictc ~ith applicable law, such eonflict shall not aftLCt
; ~ther pro~•isions of thi~ 1lfortgag~ or the N~te Hhich can he given etTect .vithout the conflictin~ pro~•ision, and to this
~ end the pro~•isions of the Alortcaee and the \ote are declared to he cc~~erabtc.
l6. BorroMer s Cop~•. BormK~er .h:~ll be furni~hrd conformed copy of the Note 2nd of this Mortgage at the time
of execution or a;ter rernrdation herenf_
17. Tr~ncfer of the Propert~: 4csumplion. It all c~r am~ p.+rt of the Pmpert}~ or an interest therei~ ic sold or transfer.e~j
by Borrower ~itheut Lender's prior writtrn con~ent. r~cludin~ (::l the creation of a lien or encumbrance wbordin~~c ~o
this ~1lqrigage. (bl the creation c~f a purchase mone}' securit}• interest for houcehoid applianees, (e) a trans(er by devise.
descent or by ~peration of la~+~ up~n the death of a j~int tenant ~r (d? the grznt of any leasehold interest of three years or le~s
not coMaining an opti~n t~ purchace. Lender ma~~, at i_ende: t option, decla:e all the sums secured by this Mortga3e to be
immediatel~• due and pa~•ahle. Lender shcll ha~•e ti~i~~ed such option to accelerate if, ptior to the ~ale or transfer, l ei~.~er
and the person to wh~m the Pmpert~• i~ to be sol.f .v transferred reach a~reement in w-riting that the credit of such rercon
~ is satisfactor~• tc• (_em!~: ar.d that th~ intcrc~l pat~.+hle on thc ~ums ceci:red by this Mortgage chall he at such rate as I_e:idi~r
shall request. If Lender has w~ai.•ed the n~,ti~n tc• acceler.~te pro~•i~ied in this paragraph 17,'and if Horrow~er's saccess~~r
~nterest hat eaecut~d a~~rittrn ascumption agreemcnt a~:e~tcd in k~ritino b~- 1_en~er, LenJer ~hall rele.~ce BorroK~er from ~~1
~ ~hligalions undcr thit !?iort¢agc and the \o~e. ~
~ If Lender etercice< <e~ch c+rtien t~ accrler:~te. Lemier ~h:~ll mail Bormwer notice of aecrleration in acc~rdaiice ~~ish
paragraph 1~3 heteof. Such n.~:icc ~fistl ~+ro~•idc a period ~~f nrt Iecti than ?0 da}•s fmm the date ihe notice is m~iled ~i'hin
~ ahich Y.~rr.~ucr ma~ pa}• thc ~imz~ dccl.~re~i du~. If Rorr~~:+.r faik to ra}~ su.h ~ums pri~~r to ihc expiration ~~f wch pcr~~ d,
~ I_endcr ma~•, u~ith~~~et `nrther nr?:cr ~~r demand cm Y.oir~~~+~r. in~~nke an}' remedies permitted b~• rar.~gra~+h 13 hcrcof.
~ \Ot-(~!~IF(]!:~i CO~E~.~~TS. R~~rr~~kcr an~l l.cn~lcr lur.hcr co~~enant and agree as foll~~~ss:
~ 18. Acceleration; Re~nedies. r:aerpt :it procided iu para~rapl~ 17 hereof. upon Borroners breach of any covena~~t or
~ a~;reemen: ~?f Rorrower in this \t~~rf~a~;~•, includin~ Ihc a?~enants to pay ahen due an~• sums cecared b}• this Tiort~a~e, I_enu~ r
~ {~rior t~ acer~era~iun shall mail r~o~ic~ to H~rr~~N~c a4 pr~~~iJed in parasrapli 14 hereof specifyin^: (1) ~he breach; (2) thc act~~ni
~ reqnired fo eure such breach: (3) a Jate. not less Ihan 30 da}~s from the date 1he nolice is mai~ed to Borrower, by Khich ~uch
brrach mn~t b~ cured; and (4) ~hat failure /~i cure surh brrach on or before the dafe specified in the notice may rr~~i:t in
~ acceleratir~n of the soms srcurrd M tSiit ~1url~ay;e. fureclo~ure b~~ judicial proceedin~ and sale of Ihe Property. '[lie ~~o!:ce
Shatl fucther infurm Borrov~er o[ thr ri~h! f~ reinslate afler accelrration and the ri~ht to acsert in the foreclocure procerdi~~ ;
~lie m~n-eaictence of a defauft or an~ other uefen,e of Fn~ro.ver fo acceleration and ioreclusure. If the breaeh is not curec!
~ nr brf~re lhr date ~prcefied in thc nutice, I.rnder at Lendcr s uption ma} declare a{i af the sums secured by this ;ltort~;a~c t<, br
~ immediateh• due and pa}af~te .•ithoul lurther deman~f and m:+~ f~~rrclo~e thi. ~Tortgagr by judicia! proceeding. Len~icr .L:~~i
~ br entilled fo c.illect in ~ucl~ procerdin~ all eapen~es of forei~lucure, includin~, but nut limited to, rea«~nable attorne}'s fee~,
~ and co5ls of documenta~ e~idenee, afKtracls and IiNr report.. '
19. BorroNC~'s Rir~~t tu Rrin~tatc. \~~..ith~.::~:~'.~m; l.~_r~.l~r's :ccclcr:~U,~~i ol thc ~um; ,ccurcd by tFis ~tort~:~c.
~ Norr+•wc~ ~}~??1 Fa~C t1~i rirht t~• F.:~C .it:'. ~.•+~:CC~1in~.`, ~~i; Un t~~' ~ i^7c~Ci I[~ Cs11~`~C~ t~IIS ~~c~fi~:~CC c~hCOilI1nUC~i ~l I::t'~
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~ E::~ ~G~ PAGE
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