HomeMy WebLinkAbout0065 . _ . . ~
s
'
I ~nJrr'~ wriucn .igrcra~cnt or appli:.~1~IC I.+vr. Ifr~~rruwir shall , ay ~hr :+m~+un~ all murtgaec imu~:~n~t prcmiums in the
mann~~. pr~~vid~.l un~ ~r:1~tA~h 2 herea(
:~m• am.•unts di~hursed by I.rnJ« ~u a'~w this p.tra~~aph 7. Hith iotcr~:~t thrrc.~n. ch:?11 btrumc addilional•
inJ~h~rdnc,. .~1 Ri~rroHCr srcurt~J h~' Il~s• ~tort~:~~~. l~nli~~ Bc~rtuHrr anJ 1 c~Jcr agR'c ti? oth« ~crmc ot pa~•mcm. ~uch
amaunh .hal! t+~ pa~~ahh u~.~~ not~« fri?m I.cndcr to R~~rmw•rr rryc~.lin~ pa~ mcm tficrc.~f. ;m~1 ~hall F+car intrrect fmm tF?c
.latc i~f di~buruumcnt at ~hc rat~ payai~l~ (mm timc t~~ timc, u~uts~:~ndinR pti~~ipa) ?mder thc Notc unlcss payment of
intcrcu at such r:yc ~r.~ul~l hc n~ntran• to appli~able laa~[iik~?.o~ont «~ch :+mo~~ms sha11 hcar intercct at ~h~ highect ~atc
~~misciMc undcr applicablc laN~. Nathing rnnt~incd in ~hic paragr~ph 7 shail rcquire I cnder to incur any c~pcnsc or take
.,ny ~rtian hcrcundc~. - _ . -
S., laspectiun. I.cn~cr mar mal,c or caucc ta bc made n:aconahlc vo1wK apon and insExc~ionc of thc Pmpeny, pmvided
~hat I.ender shatl gi~-e Borr.~N•cr notire p~ior to anyl~~ci~ i~specti~n spa:i(ying n~sooable causc thcrcfor re1a~~Yl ro I.ender's
mterest in thr Ar~perty. ' ` , . . ~
9. Conde~nnniion. The preke~~ch of any award on4l~im for clamaeesi dirCC~ or c~~ncequential. io connecti~n with any
rondemnatii?n or other ~aking af thc Aropcrty, or part th~eoK br for canveyanre in lieu of cex~demnation, arc hereb~ accig~cd
anJ shall F~c ~+aid to I_cndcr. • _
ln ~hc evcnt of a total ~~king of thc Propcrry.'~a p~~ce~ s'h~l~ be ~p~lied to the cums securcd hy ~hic 111ortgage.
N•ith Ihe e~cc<s. if any, paid to Bor~~~wrr. ln thc cvent o a partiai taking ~~f ~he Propertt~. unlccc &+rn~u~cr and i.cnde~
uiherwi~ agreN in W~riting. there shall be applied tc? the cums secu~tYl h~~ thi~ M~ngage ~uch pm~+c?rtion ~f Ihc proceeds
as ic cqual t~ thal pro~x~rtion which the an?ount of the sum~ aecured bt~ ~his Mortg:+ge immediatel~• ~rior to the date of
taking bears to the fair markct valuc of Ihe Prupcrty immediately ~x~~u to the.date af taking. Mith the t?ala~ce of the p~cJs
paid to BoiroN~er.
lf the Pmpehy is abando~cd by Barrower, ar if. after nMice hy i.e~~dcri"i• $orrow~~r that thc rnndcmnor offers ta make
an award or cettk a claim for Jamagc., Borrower fails t~~ rMFr~r.d to~ I.rndcr within 30 day~ aftcr Ihc daic such naticc is
mailyd. 4ender is authorized to collect and apply the procecdc. at 1_ender c option. eithe~ to rcKtoration or rcpair of the _
PrOpa~1}~ or to thc surrh secured by this Mortgage.
Unless 1_ender and Born~wer otherw~ise agrce in writin~, any such application ~~f pre~ceedc to princiral shall not e~tend
or p~xtpone the duc date di thc manthl?~ i~stallmcnts refcrr~~d to in ~aragraphc 1 ~nd hetrof or change the amotmt of
such installments. ~ .
10. EoRA~~r ?Vof Reitased. E?~teosio~ of the time tur p~}•mcnt or modificasion of amortization af the sumc securcd
by this I~lortgage granted by Ler~ckr to any s~~cceswr in inl~cn.~st of 13c+rroKer sh:dl not operate ta rckase. in any manner.
the liahility of the ori¢inal Borraw~rr and Eii+rrow~er's sikcesu~rc in interest. Lrnder shall not l~e r+equired to comme~ce
p~~.-cedingi :~ai~st such suc~~csor or refuse ta e<tend time for paymeot or othc~?~ise mc~dify amonizatioo of the sums
securcd h~ this Mortgage by n.a.sc~i of any demanJ made by thc ori¢inal &~rrower a~J Bo~rnveer s uKCesc.xc in interest.
11. Forbe~~ance by I.ender l~ot a R'~i.ve~. Am i~~nc~acanrc h~~ I.endcr in etercising any right or remcdy hereimder, o~ ~
c~thenvise ~ffardei! by applicahle law. .hall not he a wai~er of ~r predude the ecercise of an~ sueh rigM or remedy. }
Th~ procurement of insuranee or the papmeM of taxes or othcr l~cm .x chargr~ by l.ende~ shall ~ot he a~ aiver uf •l.encler s ~
right to accelerate_ the malurity of thi: indehtedne~s ceLUred h~~ thic 1ltongage. `
12. Remedies Cumulatire. All remediCS pm~•ided in thic !~lurtga~;e are distinct u~d cumtdative b an)• other right or
remeJy under this Mo:tgage u~ affordrd M~ la~v or equity, anJ ma~• tx e~ercisrd c~•ncurnndy, independenU}~ or surcecsivel~•.
13. Secce~ors and AssiR~ Boand: loint and Se~eral i.iability: Captlons. 'Ilie covcJ~anls aad agr~~ements tx:rein
.~ntaincd ~hal! hind, and thc riRhts hcrcunder ~halt inure to. ihc rcy~x~ti~e suc~ecsors and azcigns af i.endc~ and Borrow~r.
,ubject to thc pro+•is;onc ol paragraph 17 hercof. All covenants and agreemcnt; ~f Borroa~er shail be j~?int and several. :
The captionc and heading. ot thr paragraphs af this Alortgage are for cn~venience ~nl~• and are not t~~ .he used to
intrr~et or d~fine thc pmricians hrreof.
i~. Notice. Exceps Co: any notice rcquired, under ~pplic~bic lav?~ to i~e given in another manner. (al any notice to
Borr.~wer pmvided for in this M~~rtgaee shull be given tn- mail~n~ ~uch notice bt~ ccrtificd _mail addressed to Borrower at
the Pmpetty Aildrecs ot at such othcr addrec.i as Borrc+~cer ma> dc+i~;nalc hc notirc to 1.eoder as providcd herein. and
(hl am• notice ro Lendcr shall hc given by cert:ficd mail. return recc~~~t requetitcd. :o t en~ler s addrecs s~aled herein or ro _
~uch uther addres~ a4 L~nder ma~~ drsignate by notire to Bc+.ro..er as pro~ided hercin. Any nutice pmvided f~~r in this
~lortgage shal! he decmed to ha~~c t+cen given to Borr.~wrc or 1 rndcr w~hen givc~i in thc manner cksignat~d herein.
15. Uaifonn Nort~s~t: Gor•ernittR I.aw: St~~errbility. Thi~.[orm .,f mongag~ r~mhines tmiform covenants for national
,~sc and non=unif~~nn c~~ve»ants with IiniiteJ variations h}' ~tiric.iiction to cnnctittrte a unifosm ~ecurity instrument co~•ering
j reaf prope~t~~. This Mortguge shall be governed M~ the I:+K of ~he ju?i.clictivn in v?•hirh the Property ic located_ In the
~ cvent ~hat an~ prrnisiqn ~r clause of this ;1~ortgagc ~r the -':~~~1e a~nfli:tc ~~ith applicahle law, such cunflict ~hall not atfect
~ ~~ther prmisionc of thic Mortgage or the N~~te which ca~~ t?e gi~•en effect .~~ithout the conflirtine provicion. and to this
cnd it~ prayisio+~• of itu ~iortgagc and thc \otc ~rc .I~clarcd t.~ he u~~crahlc.
16. Borrower's Cop~. BorroK•er chal! t~ furni.hcd a c.?ol~~mcd rnpv af tbc '.~ote anJ of thit I1lortt~age at the time
,~f executean or af~er recordation hercof.
17. 'Tr~mfcr of the Property: Acsumption. If al~ ~~r :u~~~ part of ~hc Pr~.pcrt}• or an intcrest therein is ~old or transferrcd
hy $orrower withaut Lender's prior wriurn c.?nsent. e~~luding ia~ the enation ~f a iien or er?cumhr•rnce sutx~rdinate to -
~his Mnrtgage. ~b) the crcation uf a purchak m~?nc~ ~ecuritt• intcrest f~r h~ucehaW a~+pliancec. /c) a transfer b~• devise.
deKent ur bp c~~sation of law upun the ~leath .~t a ic•int tenant or fd? thc gra~t of :mc ic.~uhold intcrest of threc ycars or less
no! containing an oplion to purchase. I ender m;i}, at Lender'. opt~un. J~~lare all thc sums secured by ihis Mortgage to be
;mmeJiate~}~ due and pa~'ablc. I_cnder chal) h~vc ~vaiticd .e~~h option t~? acrcler.~tc if. prior ta Ihe sale or transfer, i.ender
~nd the perx~n to w•hom the Property i~ t~i be si~ld ~r tr.,nsf~smd r~ach agrcement in Hriting that the credit of such person
i~ satidaet~~sy to-L.enJcr and that the interctit pa}~~hle on the sum~ ucured hy thic ?~tortgage shall be at si~ch rate as Lender
sh:~tl requesl. If i_ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's suceessor in
inier~t has executed a written assumpti~n agreement accepted in writing by [.ender. 1_eneler shall releau Borrower from all -
obligations under this Mortgagc and the N~te. _ .
If [.ender exercisec ~~kh option ti. accelerate, l.e~i~e: ~hall fiail Borrower notice af acceleratian in accordance with
pa~agrapti ld hereof. Such notice :hall provide a nrriocf ..f not Ies+ than 30 da~-s from ihe date the notice is mailed within
Nhich Borrower may pay the wms declarecl due. lf Botro..er fails to pay such sums prior to the expiration oi such-period, i
Lender may, without furiher_notice ~~r Jcmaod un Ftnrr~~wcr, inv~ke an~ rcmedies permitted tn• paragraph 18 hereof.
:
Norr•UN~Faetit Coverr~[vrs. Borrower and 1_encler further covenant and agree as follows:
18. Accekratba; Remcdies. Except as provided in para~raph 17 hereof. upoe Horro~+e~'s brescb of any co~enant or .
s~reemest of Eorrowe~ in tht~ !ltortgage. inclndin~ the co~enanfs to pay when due any soms secored b~ this Mort~~e. I.ender
prior fo secekntbn sh~dl mail notice to Borrower as pro~•ided in pp~Craph 14 hereof specifying: (1) the bres~cb;.(21 the actioa .
required fo cnn socb bresch2 (3) a dste. not less tban 30 days from the date the notice is mailed to lbn~ower. by ~*akh such
breach raust be cared; nnd (4) that failure to cnre such breach oa or 6eforc the date specified io the noike ma~ rssdt ia s
c
accekratioa of tbe wms secured by th~ Nortgage. foreclowre by jadfcial proceeding and sale o~ t6e Pmperty. 71u notke '
shsN furtfier infona Eorrower of the ri~M to nl~tate after aeceleration and t6e riRht to assed in tAe forecbsure proceedlaR
the noaexisteoce of s detae~ or aay other defense of Borrower tu accekrstion and foreclosnre. If the breach is aot cared oa
or before the date speci6ed ia the notice. Lender at Lender's option may declue all of the suars secnred Dy thic llfort~s~e b be
immediatety dae and psyabk withont fariber dcrosnd nnd m~y forcclose th~ Mort~e by jodicial proceedla~. I.ender s6iaU
be eatitkd to copecl ie sueh proceedi~ aN ex~ of foreclosure~ includfeg. but aot limiled to, ressoasbk attoraey's tees~
awi costs d docnmenlary evidence, abstrACts aod tit{e ~rports.
19. Borrower's Rig6t to Reiustsfe. Notwithstanding Lender's acceleration of the sums secured by this Mortgage.
Borrower shalt have the right to have any ptocecdings begun by Lender to enforce this Mortgage discontinued at any time
~QOX ~~~i FAGE ~ .