HomeMy WebLinkAbout0332 ~ ~
I.rn~kr'~ v?raien agn~mrn~ appG::~hlc laa•. 13urro~c•rrshall~?~? ~hr am, •~~a~l m.~~tg~gr imeu:~n:r prrmiuros in the
~uanu~~ pn,~ti~rd unJ~r par:?graph 2 ticrc.~f. •
:~m aio~nu~lt Ji.hu~:~rl hy 1 ~n~k: punuanl to t'~is paragr;~ph 7:?ith ?~t~re~l ihr<<.,~i. ch:d) ln:amc addition~l
~n.l~bt~dn~.~ ~~f BO!fltiNCf K'Cllit'J M\~ thi~ Mi?r~la~c_ l'nlc.~ R~rr.~~~~~ an~ 1~n.lrr :~e~~: t~ othcr tc~mc ~~f p:?}•mco~. cikh ,
am.au~~..hall Me pa~ablr u{w~n ~~o~~.r fmm 1 rndcr t~?_B~~rr.,wrr rryur.~in~ }~a~~mrnt thr~~al. and c~all hcar ~j~~~r~~ fmm ~hc
Jatt ~•f .licharc~mrnt at ~hc ratc pa~~:,hlc fr..m timc to time :~n ou~s~anding principal under thc•~6tq ~p~ss 1?ayment af
intcre.t at ,u:h ~atr ~~ould t+r ~antran t~, appl~rablc law, in Nfiich c~cnt such anu~~~n~t chall hcar intercc~ at thc highcct rate ~
i?ermissiMc und~r applicable law. T~othin~ a~n~ai~ed in thic paragraph 7 shall requiR I.~nder to incur an}• expense or take
any ~ction h~rcunde~.
8. Inspection. I.ende~ ma~• makr ~~r wuce to t+e made reaconahie ~mriec uM?n and in~pe~~~onc ~.f the Propehy. provided -
th:,t 1 ende~ ~hall kive Borro~~~er nwice prior ~o aoy cuch inspe~;tian s~~eif)•ing n:.?s~nable cauce 1her~t~y, rela4ed;(o ~L~~~r'~C
mter~:t in the Pmperty. ~ ` s '
9. Condem~wtbe. Thc pnk~~:dc of any av?•ard or rlaim far damages, direct or cooK.~qucntial. in rnnncction with any
condemnation or ~~ther tal•ing af thz Propeny, or pan ther~~f. .s far conveyance in lieu o( ccuidemnation, aTC i+ereby assigned
and chsll !+c paid t~ i.ender.
in thc eve~t of a u:tai ~aking of the Pmpeny. the proceeds ahall he applied t~ the cumc ce~tlred t?y thisANot{gage.
with the c~cess, if any, paid to Borrow~cr. ln thc event of a pa~tial ~aking of ~he Pmpen~•. unlec!'8io"ir~t~"and I.endcr
~~thcrv~~ice agrce in w~iting. there shall be applied to the sums s~.~c~tireci M~ thi. I~(ort~age cuch proportion of the proceeds
as ic equ~l to that pr:•p.~riion which the amount of the sumc cecurcd b~• this ~Surtg~~c imm~diatcl~• prior ro the date of '
~aki~g hears to the fair rr.arket ~•alu~ of the Propcny immediately prior to the Jatc of taking. w~ith thc !+alance of the pn?ceeds _
paid to Borrowcr.
if the Pmpert}• is abando~ecl b~• Borrower, or if. after notice M• t.er.der to Aarr.~w•e~ that the condemr?c~r offers to make
:+n award or celtle a claim for damagr~, iiorrow~er fails to riw~x~nd to l ender ~ ithin ?0 da~ti afier the d:ue such notice is
mailed. Lender is authorized ~o collect and apply ~he pr~x~ecdc. nt I.ender
c op~ion, either to rectoration or rcpair of the
Proprr~~• .~r to thc sumc ~c.urecl ht this Alortgacc.
Unlcs~ I.enJer and Bo~ ru~~cr o:hcrw~isc agn.~c in ritin,•. am- surh ~r~i«~~~~~~ .~f p~ckccdc ta prinripai ~hall not c~tcnd
or p~xtF+one thc duc Jate of th~; m~nthh~ installmrnt. refcrrcd tu in p:~ra~iaph~ 1;ind ? hcreo!' or change the amount of
cuch installments
10. Borro«er Not Released. F~tension af the time for pa~•ment or modificati~n ~f amortization of the ~om~ cecured
by this Mortgage granted by I.enJer to any succesu~r in intere~t of Rc~rrowcr ~hall not o~rate to releasc. in an~ ma~ncr.
th~ liabilit~~ of th~ .~riginal Borrower and Rormw•cr's succesu•rt in intcre~t. L. nder ~hall not he reqoired t~~ rnmmence
pr.+:eeJings against such~suc~ecso: or refuse ~o e~tend time for payment or othcMi~a modify amortization of tF?e sums
securcd h~~ thic Mortgage b~~ rcason of am• d~mand made h~• the orieinal Borm~~'~r and Borrower s cucces~on in intcrest.
11. Forbearance by I.eoder ?~ot a Wai~~er. An)• forFxa~ancc M• Lrnder in rrerci~ir.c ~n~• ~i~ht or remcd~~ hrr~under, or
Mhe~vise affardtJ by appl::aMe law_ chall not he a W~ai~•er of preclude th~ e~eccise of any such rieht or remedt•.
Thr procurem~nt of inturance or the paym~m ~~f ta~es or c?ther licn~ os chargec b}• i_ender ~hall not ln, a~~ai~•cr ~~f I.ender
~
right t~~ acccleratc the maturit~~ of the indeMedncc~ ~un-d h}• thi~ Alorlgagc.
12. Remeditc Cumulatire. ?ill remcdics pn•vided in thic ~1lorteage arti .listinrt and romulati~e t~ am~ ~•thcr rieht or
rcmcJy un:lcr this ltortg:~gc or aBrrd~J n~- law ~.r cquiic. and ma~• hc crcrr.ticd ~anc?irrcntly. indcpcndentl~• cu.c«sivcl~•.
13. Succc~wrs and .~?ssi~~n Bound: Joint and Se~rral I.iabilih: Captans. Thc covcnants ~nd ag~~Ymcntc hcrein
~ont: inrJ shall hind. and thc :iehts he~+c;mder ~hall inurc t:~_ thc rc~pc:ti~•e sucrec~.~r. and acsigns ~if i.cn.kr and SormN•er.
subjcct to the pruci.ions of paragraph i7 hcrcof. All rm~enants and aercimcnt. of BorroWe~ shall be joim arid se~'eral.
Thr capuunc. an:l headirg• of the para~raphc c~f thi~ \iortgagc are for rnnvenience ~~nly ~nd arc not to fie used to
in~~~pr~t or Jcfinc thc pmtiicionc hcrccf.
14. \otice. Ezcept ior am• notice reqoireJ unJer appiicablr la~+ be gi~'er~ in another manner. fal ~n~ n.~tice to
Borrower ~rovided (or in thi~ vfortgage shall tx: giv~n M mailim~ u~rh n.~ticc b} certified mai) addrec~e.d to Borm~+~er at
thc Propcrt~~ :~Jdrc.~ or a~ ~uch c~thcr addr~-cc ac B~~rruwc~ m~: dc.iin:~t~ hc n.,ticc t~~ I.cndcr as pra~iJcd hcrcin. and
1b1 an}~ nc~tire tu Lcndcr shall Ix eivcn hy ccrtificd m.~il. rc~~~rn recript re~~ie~+trJ. u. 1 cnder: adJrecs stat~d herein or to
.uch .~thcr addrct~ ::s 1_cndcr nia~- dcsignate b~ noti~c t~~ Borr~~u•cr as pro~idcd ~cn:in. :~m• n~~tirc pro~idcd for in this
~iurtgagc shall hc decmrd u~ hs~•c bccn eivcn to Bc?rroKCr or 1~ndcr ~~hrn givcn in thc manncr dc~ignatcd hrrein.
15. l'niforns ~toNK:q~e: Go~ernin~ i.aw•; Se.•erabilif~-. Thi~ f~ rm of mor~gae~ comhin~~c u~iform ro~•enants for n:~tional
uu and n~~n-unif.~r,n c~~~~enan!~ :~ith limite.l ~ariali.?n, h~~•iuri~.i!ilta~ll 10 l'A11S111111C 8 l!tll~Ofill a:curit~~ inctrument rovering
real prupert)~. Thu '.1lorteag.e shall be gov~rned M• ~}k law~ of the juri~Jictiun in W~hi.h the Propert~• ic l~xated. in the
event that an~• provisiun ~~r clauw: ~~f thix !~lortga~e .~r the ~~~te crsiflict. ~~ith ~~rit~:~t~~e t~w~, sunc ~onflict ~hall not atTecl
~ r.ther pn.:i,ions uf thic ;liortgage ix the Nnte ~•hinc ~an 'k g~~~~n riTcct ~~•itho.+t the confliciing pfo~~iciun, and to this
~ rnd thc prc?ri,i~~m of Ihr ~1nrt¢a¢~ and lh~ \ot~ are ~I~~lared ti~ hc c~:~•craMc.
16. Borma~er's Cop~. Borro~~cr ~hall t+c furni.hc.l a«~nf.~nneci ~~p~~ .~f ~h~ \otr ~nd ~~f thi~ lltortgagc at tt~e time
~ .~f cxc~ution or aftcr re~urdatian hercc~f. ~ •
17. Transfer uf fhe Pn?pert~: :~stiumption. If ail ~u rart ~.f thc Pra~xrt~• or an intcrc~t thcre~n ic .~+ld or tranaferred
h~• Rorr.~wrr ~~~ilbout I_cndcr's prior u~itt~n ~onccut_ r~r1.~Jing 1.~~ thc crcation of li~n c.r cncumbrancc subordinate to
!hi~ ~toitga~,e. Ih) the creation ~f a purrhacc nume~• .ecurit~ intrrcst f~r h~u,eholJ a~pliancet. (c? a transfer M• devise,
de~cent or by ~~p.r.~tion of 1~~+ upim thc ~Icath uf irint tcnant or 1~I? thc gr~nt of any Ieasehold interest ~f thrre ycars or less
n~a containin~ an optir~ to purchas~. Lender ma~•. ~t I cnJer'< rptiun. de~larc aU ~h~ sums se~ured t»' this ~lortgage ta be
~mmediateh• due and pa~~able. I.ender ahall ha~c ~~ai.~d w~h aptiun to accelerate if. prior to the ~ale or transfer. Lender
an.l the peru~n to wh~.m the Propcrt~~ i. t~~ bi: se~l~l ~.r tramfrrrcd rca.h agrermrnt in w~riting that thc credit of such person
i: sati.fact.~n• to i.endcr and th:~t thr interr.~ pa~•~bk ~~n thr ~;~m~ ~eci~red h}• ~hi. Mortgage chall be at such rate ac 1_ender
shall reyucst. If I.ender has w~ai~•ed thc ~~p~i~.n to a:rekr.~te pr~•~•ided in this paraeraph 17. and if B.~rrow•er's successor in
interest ha~ rxecuted a v?•ritten as~umption aereement ac.eptcd in ~ri~ine b}• Lender. I.enJer shall releau: Borrow•er from all
.~bligations under this 1liorigagc and th.: Notc.
Tf T.endcr exercises such option tn acceler.~te_ Lcnder .hall mai) B~~~rower notice ~f acceleration in accordance w•ith
paragraph-14 hercof_ S«ch notice ~hal: provide a pericxl ~.f n~~t Iest than 3(1 da~'~ fmm the date the notice is mailed within
w~hich &xrower ma~~ pa}~ the aum~ declareJ dur_ If Borr.~~+rr (:+ilt to pa~• such sums prior to the expiratiorr of wch period,
I.enJcr ma~•. without further notice ~~r Jrmand ~,n li~,rruwcr. im•oF,c am~ rcmcdies perrnittc~l b}• paragraph 1F hcreof.
Nox-U*rtFOxi?t CovEN~tvrs. Borrower and I_ender further covenant xnd agree as follows:
I8. Acctlers~tion; Remedies. E:ce~t-zs pro.ided ia para~raph 17 hereof. upon Borrower's breach of any rnverwat or
~reernent of Borrower ie thEs ~toriga~e. including /be co~enants fo pay when dne any snms secnred by this Mort~a~e, Lender
prior to accelentinn shall msil notict to Borrower as pro~ided in par~raph 14 hereof specifyiag: (1) the breacb; (2) tbe actaa
req~ired to eo;~ sach ~.~xk; (3; : clztg. nat !€~s lh3n 34 da}s faom th~ dste the notice is mailed to Borrowtr, by w6ich such t
breach must be cured; and (4) tha! failure lo cure snch breach on or befort the date specified in tbe aotice may radt in :
accrkration of t6e sums secured by this MoNgage. forecbsure by judicial proceedin~ aad sale of t6e Property. 7be notice ~
shaq fu~ther ioform Borro~rer of the riRht fo reinstate after accelrratioo and the right to s~ssert in t6e foreciosurc pruceedin~ ~
tfie ooo-existence of a default ur apy other defense of Borrovser fo acceleration and forecbsurr. If t!u breach is not cnred oa ,
nr beforc the dale specified in the notice. Lender ~t Lender's option ma~• declare all of fhe sums secured by t6es Nort~a6e b 6e ~
i~amtdiattly due and payabk without fariber demand and ma~~ foreclose th& Mortgage by judicial proceedin~. I.cnder sbaH
be entiNed to collect in snch proceeding aU expenses of forcebsurc, including. bot not limited to, nasona6k rttorney's fees, ~
awd costs of docnmentary evWence. abstracts and utk rrports. i
19. Eorrowe~s Rig~t to Reiastate. Notwithstand~ng LenJer s acceleration of the sums secnred by this Mortgage. ~
Borrower shal) have the right to have any proceedinpc hegun by Lender to enforce this Mortgagt dissontinued at a~y time
i
Ok ~
~ soo~ 277 ~ ~32 . ~