HomeMy WebLinkAbout0182 agreemcnt or applicablt law. BorroNer ~}?all ~y the amouot of all mortpaRe insurancr premiuniti ii~ the maunt~ pro~~ided
undcr paragraph 2 herrof.
Any am~~unts di,burscci by Lendrr F,ursuant to this paraRr;~ph 7, with inttr~~t thrrr~?n, ~hal) be~omr addi~ional in-
drbt~tiinccs of liottowcr xcurevl by ~I~is \(~utKakc, Unlcst Aurrurrer and l.eudcr axrer ui uthcr tcrms u( ~~a~•ment, suth
amuunts shall br payable u~H~i~ u~~~i~c frum l.rndrr tn Borrower rrqurstiuK ~,aymeut thcreol, a~~d ,hrll hra~ interesc (rom
~hr datr o( disbursement at ~he rau~ ~~a~:ible frr,m time ~o time o~~ outstaudiuR prin~i~,al under thr \ote unlr~~ ~,a}metit
~?f iutrrest at sueh rate would f?c i~~nt~an t~~ a~~~,lirable law. in a•hich e~cnt weule rm~~u~u~ ~leall brar iu~en~~ at thr hiRhest
r,~tr ~x•rmissiblc ur~dcr af,plicablc law. ~u~hiu~ cuntainc~l in thi+ paraRra~,h 7 sl~all rrquirc l.rndrr to iucur a~~y cxpensc or
~ake a~~y action hereunder.
R. Inspcction. I.eoder may make or cause to tx• made rcav~nable cnlrieti upnn and incpection. nt thc I'ropert~~, pra
~ided that Lender shall Ri~•e AnrruMCr notici• ~uior to an~• sucl~ im~xctiou s~ecityiuR re:INIIWI)IC cau~e therefor related to
Lcnder's interest in the Propert}•.
9. (:ondemna~ion. The proceedti of an}~ aw•ard or ctaim for damaRrs, direct or con,equenlial. in cuni~ection with any
c~~n<Icmrra~i~>~~ nr other takinR of tlie 1'ro~,crty, or part thereoi, ur (ot com•cyancr in liru coudrmn~~ion, are hereby as-
~iRnt~l and shall be paid to I.eueler.
In the e~•ent ot a total takinR ot the Property, the proceedc shall be a~piied to the sums securec) b~~ this \tortRaRe.
hhh the excess, if au~•, paid to Rorrow•er. In ehe crent o! a partial takii~~ ~~f tbe Pru~xrty, unless $orroher and I.endet
utherwice aRtee i» writinA, there sliall i?e applied to ehe +um~ securret bv this \Ior~~;aKe «uh proEu~rtiou ul the proceeds
a; is eyual to that proportion Mhich the amount eif the sumc ~ecured b~• this \lonKa~e immrdiateh Firi~~r to the date o(
taking bears to the (air markct ~•alue of thc Property immcdiatct~• prior to the dacc ot ~akiu~, N•ieh thc b:~l:~ucc o[ the pro- .
ceeiis paid ta Borrov?er_ .
I[ the Ptoperty is abanctoncd b}• Bormwet. or if, after notice by l.ender to BorroMer that the condemnor o(fers to
make an a~ard o~ seale a daim for damaqes, $orrnNer tails to res~wnd to I.rnder withiu 30 clavt a(tcr thc date such notice
is mailecl. I.ender is authorizeci to u~llect and apply the proceiYic, at Lender; opua~e, either to restoration or repair of the
Property or to the sunes secured by ~his lfortRage_
l'~~less Lendrr and Rorrower o[he~•ise agree in writing, ar~~ such application of prcxeeds to principal shall ~~ot extend
ur ~x~stpoue the due date of the monehly imtallmeuts rcterrecl to in paragraphc 1 and 2 hereo( or chanKe the amount ot
such instaUments.
10. Borrower Kot Relea~ed. Extrnsion o( the time for pay~ment nr m«fification of amorti~ation of the sumc secured
b~ this ~IaregaRe Rrarzted b~ I.endcr to an~• suacuor in intercct ot BorroNer sl~all not operatc t~~ releau, in an. manner,
the liabilit~~ o( the oriRinal BorroNCr at~d B~~rroher'~ success~~r~ iu iutere~t. l.euder chall nut Ix rec~uirecl to commence
~~nxeediugs aRainst such succesuir ~r re(uce to extrnd time Eor pa}~ment or ~t(~erhi.e m~xiift• amorti~ati~n of the sums se-
currd b~• thic \iory;a~e b}• rraum of :iuy demarut maefc• bv the oriRe~?a) B~~rr~~wer and Rorro~cer; .uccesr~n in interest.
11. Porbearance by Lender Not a Wai~•~r. :ln}• [orbezraeecr b~ Len~ler in exer[itie~R am riRht or mmedv hereunder,
~?r othere•ise at(orded by applicable la~.•. shall no~ be a wai~•er or p~eclude the ererciu• n( ane wch riRht ~r remeci~~_ The
procurement ~f inwtance or the pa~~me~it of ta~ec or other lie~ic ~r charRec b~• Leuder ~h:~ll ~e~n Ix• a~.•ai~er o( Lender's
riRht t~ accelerate the• maturit~• n[ thc indebtednes. +ecurcci In• thi. ~fort~aRc.
12. Remeciies Cumulalive. :VI remedies prrn•ided in this ~I~~rtRage are diuinct an~1 ~umulati~e tr? :u~c uther rikht nr
rcmcvtc undcr thix ~fortkaKc or affrirdc~cl b~~ lax• or cyuitv, at~d mas bc c~crt iscd cnucurrcnth. indrFx•ndc•ntl~~ ~~r wccesti~~cl~~-
13. 5uccessors and Assigns Bound; Joint aiid Severa! Liabilit~; ('apiions "l~he ~menants aud aKreements herein
eoietained slia!! bind, aud thc riRhts hercwider thall inurc to. thc respectiec .uccc~wrn aud as,iR~„ uf Lcndcr an~l BorroMer,
suliject tn the pro~•isions o( paraRrayh 17 hereof. :V! c~icenantc and aRreemrnts of Rorrr,H•er shall be jnint a~ui ~e~eraL 'The
ca~,~iunc and headin~s of the paraRraphs ot this \tort~{aRe are f~~r C411\CIIICIICC AtII~' :fU<I :ue not to be uced to iriterpret or
define the pro~•isions hereof.
t4. \otice. Except tor ane no~ice rec{virecf urec}et appli~.~blc law t~, be ~;vrn in another man~eer, (a) :~m notice to
$~~rroHCr provided for in thic ~1ortRa~e sha? t?e Ri~-en bc mailinK such uotice b~• eertitiecl mail addre,secl to Bnrrower at
the Propcrt~• :~ddress or at such othcr address a~ BorroMer ma}• desiRuatc bc notice u~ Lcne(er as pr~~~icted herciu, aud (b)
an~• notice to Le~~der shall be qi.~en bc crreified mail, return receipt requrstecl. m Leneler'c aetdrecs ctated herein or to such
other address as I.encter ma~~ desiRnate bv »utic~ to 13orrov?er as pm.•idcd herein. :\m~ noticc ~rm ided (.~r in ~his ~tortpaRe
shall be decmed eo ha.~e been Ricen to BORONfi or Lender Mhen Ri.cn in the manner de+i~nated hcrein_
15. Unifonn itoreRage; Go~•trning I.aN; Secerabilit). ~I'hi. (nrm ut mottRaRe comhi~~e, uni[~rm co~euatus for na-
tiunal use and non-uni(orm cm•enants with limit~•d ~~ariationc b~• juriulicti~,n to crn~stitute a unifnrm ,ecuritv instrument
co~erinR rcal prupert~•. Thi~ ~IortRage shatl i?e q~nerued b~ thr law of thc juriuli~ti~~n in ti.hic}? the Pto+~ert) is located.
In the e~•ent that an~• prorisioti +,r clauce uf this \lort~age or thr \~te c•,nflict< <.i~h a~,plicnt,le la~., wch i~~nllict shal! not
a((eu other pro~~i~ions o( this ~t~rtRaRc or the ~~te Nhich c~i~ be ~i~r~~ e((ecc ~cithuu~ ~hr c~~u(?ic~iny; pru~i~ion. and to
this end t~ie pio~~isions o( thr \tortgaRc a~~d the \ote arc dc~lared tn bc ~e~•crable.
16. BorroNer's Cop). Rnrrower shall be (urni~hed a c~aifntmrd cnp~• the ~n!e an~1 nt ~hi~ ~I~rtKa~e at the time
nf e~ecution or after recnrdation heseof.
17. Transfer of the Pro~ert~•; Assum~i~ion. 1f all or an~• p:~rt t1~e hr~~pertc ~r ar~ intereu thercii~ i. wld or trans-
terred b~• Rnrrox•er x•ith~ut Lerider'c pri~r H•ricien conseut, excluclinR {a1 the crCati~,n ~?f a lien ~u rncumbtance wtx~rdinate
to this VortKay,e. (b) the ereatiou ot a purchase iuonr~• seeurit~• intere.t (or h~~usehol~i :~~~~,liancrs, fc1 :e trar~~(rr b~• de~ise,
~lexent ~r b~~ ~~F>erati~n of IaN u~x~n the de•ath n( a joint tenam ~~r (~t~ the Rrant .~f an~ (ca~ch~ld intere~t ~~f three cears or
Iess n~?t containir~R an option to purcha~e. Len~ler may~, at I.ender's o~ti~r~. declare al! the ~um~ cr~urrd t,~ thi~ ~Tort~aRe to
be immediateh• c~uc and pa~~al>!e. I.e~sder shall l~ace haiced such ~ptinn u~ ac~elerate if. ~,rinr m the ~:~Ir ~~r ~rander. I.e~~der
and the peru>n tn Nhom the Propert}• i. to be K~lci or trans[errcd reach aKrecmcnt in ~.ritii~~ that ~he crce3it ot Such person
is satis(act~~n• m Lendet and that the intere,t pa.abie rn~ the sumc secured b~~ this .l(urtgaRe ~haii be at wch rate ac l.ender
thall request~. If Lender has w•ai~•ed the opti.?r~ ro accelerate ~?ro~ided ir~ this paraRra~~h 1i. aml if Rorro~.-er's successor ii~
iritrrett has executed a written assumE~tion aKreemrnt accePtee! in NritinR bc Lender. I.euder ~hall release Aorro~er trom
all obliRatinns under thic ~(ortRaRe and the \ote.
If Lendet exerciset such option to accelerate. Lender shall mai! Rorrower notice nf accelerati~n in accordance a•ith
para~{raph 1•4 hereof. Such notice shal! E~ro~~ide a pc•rioci of not lecs than 3~/ dati•s Irom thr date the ~intiee it mailect Mithiii
Hhich Rnrrower m:~~• pa}- the ~ums cleclare~f duc. (f Borro~.er failc to pa} such cume F~riur t~~ the ex~~ir3tinn ~~f such period.
Lender ma~. M•ithout [arther notice or dema~~d o~~ Rorro~.er. incoke am• remeclie; permitted I~c ;~ar.iRra~,1e ir3 hereo(.
~O\-I'ti1FOR~t C;ovE~A~TS. BOfiONCf and l.endet Further co~~enanc and agrce as follo~•s:
l8. Acceleration; Remedies. Except as pro~•ided in ~~araRraph 17 hereo(. u~?on Rorrower's breach of an~ cm•enant or
aqrtem~nt of Borrower in this ~iortp,aRe, indudinR the co~~enants to pav when due am• sumc secureYt b~ this liort~age,
L.ender prior tn acceleration shall mail notict to RorroMer u~~roridal in (~ara~;raph 19 htrtof s+~eci(~inR: {1) the breach;
(2) the action required to curc wch breach; (3) a d~te, not less than 30 da~~s from the da~e the notice is mailed to Rorrower,
by whith such breach must be aired: and (•1) that (ailure to cure such bmach on or be(ore ~he darc s~?eci(ied in th~ notice ma~
result in acceleration ot ~he sums secured bp this ~iortRage, torecl~sure by judicial pr~xeeciinq and sale o( ~he Propert~•. The
notice shall (urther int~rm Borrow•er of the right tv reinstate atter acceleraiion and the riqht to acsert in the (oreclosure
procerdinR the non•ezistence of a detault or anr nther de(enst o[ Borrower to accelention and forccl~re. 1( the breach ie
not cured ~~n or Fxtore the date sExcified in the aotice. L.endet at L~nder'a o~~~ion ma~ declare all of ~he sums setured b~ this
MortRaRe to be immecliatelv due and (?a~abte M•ithout tur~htr drmand and ma~• forecl~?se this 1(ort~a~e br• judi~ia! procetd-
ing. Lender sh~ll fx entidecl to colle~t in su~h pr~xeedinR a!1 ex~xnses of forecl~sure, includin~{, but not limited to, rta~on-
ablt attorne~'s ftes. ~nd ~tnts of documentar~ e~idence, abstracts and title reports
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