HomeMy WebLinkAbout0552 I.rrtder's N•riurn agrrcmrnt ~r appfir.+hlc 1~~~•. KorroNe~ shail p~y thc amount of al) mi~rtgag~ imurancc premium~ in thc
menncr piovidrd unJe~ pa~a~~aph ? hereuf.
Any awu~int~ di~hutard b~' I.rn~icr put.urnt tu ~his pacagrapEt 7, with it~terCSt tl~etrc,:i. ~hall btcomc addit~cm~l
indebiednc~c uf Norr~HCr sceurrd M• thic I?1or~Fa~;r. Unlc.c tforrnw•er anJ I.ende~ agre~ to e?ther tetms of paym~ot. ~~Kh
amount< <h:~ll tx payahle u~n n~ticc from LenJer tu Rorraw~r reyueuing paymcnt thrreof. anJ sh:~ll hear interest fn~m the
~ate of dicburcement at the ratc payahle irom time to time on outstanding prineipa) under the Note unlecc payment of
intere~t at such rate would be contrary t~i applicabl~ law, in ~•hich evcnt ~uch amounts sha{I bear interest at the highest rate
permissihle under applicablr law•. A'othing contained in ihis paragraph 7 xhall require I.ender to i~cu~ any expen~e or take
any action hereunder.
8• Tncpection, t_crt~kr mar m:+lc ur cau~c to bc madc rcac~nablc entriet upon and ir?cpcction. ~f thc Property, providcd
that LenJe~ chall give Horrow•er natice prior to any such inspectio~ s~xcitying reasonab{e cauu therefor Telated t~~ I.ender's
interest in thc Pmperty.
9. Cundemoa~ion. The pr.kred~ ot any aw~ard or claim for damages, direct or concequentiat, in connectian with any
condemnati~n or other taki~g ~f thr Property, or part thrreof, or for conveyance in lieu at condemnation, are hereby a«igned
and shall t~c paid ~o Lender.
In the e~~ent of a total takins~ ~f the Pmprr~y. thc pnxeeds ~hall hc applicd to the tnms securcd by thic Mo~tgage,
w•ith the e~cess, i( an)~, paid to Ror«•v?~rr. In the evenl of a partia) taking of the Pro~+erly, unlecc Bormwer and I.enekr
otherwi.e agree in Writin~. there sh:~ll hc applicJ Io thc sums cecurcd by this Mort~age sirch pmpor~ion of Ihe proceeds
as is equal to that pro~rtion w•hich the amount of the sum~ secured by this A1orlgage +mmediately prior to the date of
taking brars to the fair market ~-aluc of thc Propcrty immcdiately prior to thc date o( taking, w•ith ihe balance of the p~oceeds
paid to BorroM•cr.
If the Property is abandoned b~• Bc.rrovecr, nr if, af~er notice by I.ender to Borrower that the condemnor otTers ta make
an award or settle a claim f~r dama~es, Rorrower fails to respond to 1_ender within 30 days a(ter the date sucfi notire is
mailed, Lendcr ic authoriud to collect and apply thr proceeds, at i_ender i option, either to rectoration or repair of the
Property or to the sums ~ecured h~• this Mortga¢e.
Unless Cender and Borrower otherw•ise agree in writinc. any such application of proceeds to principal shall not e~tend
or postpone the due date of the monthly iostallmcnts referred to in paragraphc 1 and 2 hercof or change ihc amount of
such inslallments.
10. BorroN•e~ 1~ot Released. Extencion o( the time for payment or modification of amortization of the sums secumd
by this MortFage granted I_enJer t~ a~y cuccessc~r in interect af Borrow~r sh•ril not operate to rclease, in any manner,
the liabitity of the original Borrowrr and Borrower's successors in interest. Lender shall not be rcq~iired to commence
proceedings against such succets~r or refuse to cxtend timc far payment or othera•ise modify amortization oi the sums
secured by this Mortgage b~ reawn of any demand madc by the oreeinal Borrower and Borrow•er s successors in interest.
Il. For6earance b~• Lender \ot a~i'a[ver. Any fort+~arance bp Lender in exercising any right or remed~ hereunJer, or
othenvise aRorded by applicable law. chall not he a waiver of or preclud~ the exercise of any such right or remedy.
Tfie procurement of insurance or the payment of taxes or other liens or charges by I.ender shali not be a waiver of i.enders
right to accelerate the maturitp of tfie indeb~edness cecured hy this Mortgage.
l2. Remedies Cumulati~•e. All remedies pro.•ided in this Mortgage are distinct and cumulative to any other right or
remed~• under this 1?iortgage or aftorded by law or equity, and may be e~erciced,cnncurrently, independently or successively.
l3. Succeswrs and Assi~ns Bound; Joint and Seceral I.iability; Cnptio~s. The covenants and agreements herein
containcd shall bind, and ~he riehts hereunder shall im~re to, the respectice successors and assigns of Lender and Borrow-er,
subject to the provisions ~f paraeraph 17 hereaf. All covenants and agreements of Borrow•er shall be joint and se~•eral.
The captions and headin~s af thr paragraphs of this Mortgage are for convenience only and are not to be used to
inlerpret oc dtfine the provicions hercaf. •
14. tiotice. Except (or ant notice required under applicable law to be given in another manner, (a) any notice to
BurroK~er pro~~ided tur in this ?~tortgage shall be given by mailing such notice by certified mail addressed to Borrow•er at
Ihe Property Addresc or at cuch other address as Borrow•er may designate by notice to T_en~er as provided herein, an3
(b} any noticc to 1_enJer shall hc ci~~en by cer~ificJ mail, return receipt requested. to I.ender
s address stated hercin or to
such other addreSC as Lender ma}• designate by notice to Borrow•er as provideJ herein. Any notire provided for in this
Mortgage shall he deemrd t~, ha~~e bee~ given to Borrov?•er ur 1_endcr w•hen given in the manner designated hcrein.
15. Uniform Atorfgage: Goa~ernin~: Law; Se~~erebilil~. This form of mortgage combi~es u~iform covenants for national
ust and non-uniform co~~enants ~cith limited variationc hp juri~diclion to constitute a uniform security instrument mvering
real propert}•. This Mortga~e shail h~; governed hy ~he law of the jurisdiction in which the~Property ic located_ in ihe
event that am• pro~•ision or clause of thic biortgage or the N~te conflict~ a~ith applicable law, such conflict shall not aftect
other prrnisiom of this TTortgage or the Note w•hich can Me given etTect without the co~flicting provisio~, and to this
end the ptovisions of thc I?'Iorteage and the :~`ote arc declared to hc severablc_
16. Bomow•ecs Cop~. Borrow•er shall be furnisheJ a canformed copy of the Note and of thic Mortgage at ~he time
of execotion or aGer recordation hercof.
)7. Transfer of the Properl~: Ascumption. if all or any part of Ihe Pmperty or an interest therein is sold or transfcrrcd
by BorroWer withow Lender's priur written consent, c~cluding (a) the creatien of a li~n or encumbrance subordinate to
this Mortgage, (b) the creation oi :t purchase money cecurity interest for household appliances, (c) a transfer by devise,
descent or b~- operation of law• upo~ the Jeath of a joint tenant or (d1 the grant of any leasehoid interest of threc )~cars or lcss
not containing an option to purchasc, !_endcr may, rt Lendcr's option, declare aU the sums setured by this I?iortgage to hc
immediately duc and payabte. IxnJer shall ha.•e ~•aived such option io accelerate if, prior to the sale or transfer, Ixnder
and the per.on to w•hom the Pmpert~~ i~ to be sold or transferred reach agreement in w-riting that the credit of such person
ic satisCactor~- to Lender and that thr imere~t payable on the sums secured b} tfiis Morigage sfia11 be at such raie as I_ender
chall requect. !f I.ender has w•ai~~rd the option ro accele~ate pro~•idcd in this paragraph 17, and if Borro~er's successor in
interest has executed a w•ritten astum~ tiun aGreement accerted in K~riting b~• I_ender. Lender shaif relcase Borrow•er from alf
obligations under this Mortga¢e and the Note.
If I_ender exercises surh opti~~n to accelerate, Lender ~hall mail Borrower notice of acceleration in accordancc ~rith
paragraph I4 hereof. Such noticc .hall pmvide a perioel of not less than 30 da}•s from the date the natice +s ma+led within
v~•hich Borr~•~er ma} pa~• the sumc declared due. If Rorrower fails to pa~• such ~:~ms prior to ~he expirati~n c~f such perioJ.
I_rnder ma?•, w•ithout turther nosice ~~r demand on tiorrow•er, im•~ke any~ remedies ~rm6ited by paragraph 18 hereof.
Nov-L~~~FOx~i Co~-E~~xTS Barrow•er and I_ender further crn•enant anJ agrcc as follows:
18. Acceler~fion; Remedies. Eacepl as pro~•ided in para~;raph 17 hereof. upon Borrow~ers breach of any co~~enant or
a~reement of Borr~Ker in this ~torf~a~e. inctudinR the co~•enants to pay when due any sums cecured by lhis tllortRa~e. Lender
prior to ~cceleration ~hall mail notice to Rarrower ac pr~cided in p~raRmph 14 hereof specif~•ing: (I) the breach; (2) Ihe action
rryuired fo cure such bre~ch; (3) a d~te. not less Ih3n 30 da}•s from the date Ihe notice is mailed to 8orrawer, by which such
bseach must he cored: and (4) that failure to cure wcb breach on or before the dale apecified in the notice may resuit in •
~ccelerafion of the sums .ecured by thi~ :~1orl~age. foreclnsure by judicial proceeding and cale of the Propetty. 'Rie notice
shali further inforni Borrower of thr ri~ht to reinslate atler acceleration and the righl to acsert in the foreclosure pmceedin~
the nnn-exititence of a default ur am• mher defense of Borrow~er to acceleration and fnreclosure. if the 6reach is not cured on
~r t?efore the date specif erl in the notice. Lender at Ixnder's aption ma~~ declare ~ll of Ihe sumc secured by Ihis 1liort~a~e fo be
imniedi~tely due ancl pa~abic ~.ilhout further dem~nd and may foreclose Ihis AtortRa~e by jadici~l proceedin~. Lender shall
be enlilled to cullecl in such proceedin~ ~II expenses ot torecto~ure. includin~. but nut limited to, rrasonpble atforne~'s tees.
and costs of ducumentan~ e~idence, abstracts and title ~eports.
19. BurroNer s Righl to Rein~t~te. N~ta~ithctanding Len.ier'~ acceleration of the sums ~ecuted by Ihis !~lrrtgagc.
Borrower shail ha~e the ~icht to hR~~c any proceedm~s t?nrim by l.cndcr to entorce this MorlsaRc diseontinued at any timc
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