HomeMy WebLinkAbout0809 ~1 ~l~ Lr'~.~
I rn.l.r'~ uriurn a~rc~+n~nt apph:c?hlc la~ ti~~~iu~~r .hall p:~~ ~hr am~~nnt ~,1 all mortg.,gc in.ui.~n.r p~rmiumc in ~h~
m.~nnrt pz, v~drJ undrr ~~ara~;raph ' hcreof. ,
A.~~• am~~unt~ ~l~~hurs~d by 1~nJer p;ir.uan~ ~r ~hi~ p:~r.~.;r:~~•t~ ~~~~h .~~~c~~~t ~hrrc~m. ~hali t+rr~anc addih~aial
in~irh!cdnr.. ~•f R~~~r~~Hrr crrured h~ thi. ~tutti.~~r l nl~.. H~~ni~~~rr :?n.l I rn.trr .~~~rc t~+ ,•ihrr trrm~ ~~f pacmcnt. ,urh
;~m~•um~ .hali fx pa~~aMc ~~r.~n n~,ti~r fr~,m 1 rnJrr t~~ H~+rr~.~~rr r~.iu~.tin~ {~a~ mrnt ~hrrr~~f. :u?il ,h:~lf hc;ir imcr~:t fn~m ihc
~I:~t. di.hur~rment at thr ratr pa~:~hk fr~~m Iimr 1~~ ~m~c ~~n uutctanding ~+rin.;ipai undcr thc '~.~tr unlc~. payment of
intcretl a~ surh rat~ ~~~•uIJ t?c rontrai~~ tr appli.ahlc la~v, in Nhi~h <<•cnt cuch am,a;nt, .h:~ll t+car intcrec~ at thr highc~t ratc
~xrmis~ihlc u~dcr appli:ahlc la~~. N~~thing .:~~ntained in ~hi~ rara.raph 7.~hall~r4quir~ Le~de~ to inrur am~ c~{xn,e or take
anp acti.,n hrrcundcr. ~ ' .
8. lnspeclion. l.en~lrr ma>~ male ~u:eu~c to he made rca.~nahlr ~ntric~ n~~.~n and in.{xci~~+m ~•f thc Pm~xrty. pmvi~kd
that ! rnJer ~hall givc B.~rr.?WCr notirc rriar to am• cu~h inspe~tion :~ril~:i~ig rcasonablc r:w.c thrrcl.~r r~latcJ ta t.ender's
intrr~ct in thr PmEx:rt~•. • .
9. Condemnation. The prrcerdc of :~m award ur claim fur damaees, direci i~r con2e'~~xntial. in c~nneclion with an}•
cundcmnation ar ~thcr taking of thc Propcrty. ~~r pan thcrcof, ur for c~nvc)~an~c in licu of c.~ndcmnafinn, arc hirch~• ac~igncd
anJ shall t+c paid to 1_endcr.
in ~he cvent nf a total takin~ of the Pr~~perly. the prckeeds ~hall he ap~lied t~ the ~umc scrurcd M~ thic A1~~rtgaRr.
with Ihc e~cecs, if any, paid to Aorrow•er lo the evem of a parti~l t:~kin~ ~~f the Aropert)•. unl~cc It~rr~~H~r anJ i.endcr
u~her~iec agree in ~+•riting, thcrc sh~ll be applicd ta thc sum~ tccurrd hy thi~ M~rtRa~tc ~uch pm~x~rlian ~~f thc ~~roceeds
~s ic equal to that pmEx~Aion which Ihe amount o( the sume .e:ur~d bv thic ~lortgaec immcdiatel~' rri~~r t.. ~he date of
taking hcars to the fair markct valuc of thc Propcrty immeJiately pric~r to thc datc ~f taking. ~.ith the halancc of the pr~KCeds
paid tu Borrow•Cr. '
If the Propert~~ i. abandoneJ h~• Borr~~~cr. or if. afte~ nc~ticc h~• I.~nder t~~ R~•rra~ccr that Ihe condemn~r ofTers to make
an :~ward i~r ~elUe a claini f<~r d:?maget. Borri~w~r faik t~~ r~.~x.r~d t~ 1 ender ~~~ilhin 3(1 cl~~. ahrr ~hr da~~ cuch nMice is
mailcd. l.~ndcr ic authorizcd to rnllert and apply thc pmc~rdc. at 1 cnder'~ ~ption. cither to rcttoration c.r repair of the
Pro{kr~} or t~ thc tum~.r~~:rcd h~ Ihis ~1or~Ragc. .
Unks~ Lendcr and Borroacr athcrNitr agrcr i~ ~~ritim~. anc tiu:h :~p~li:atirn ~~f ~nkccdc t~. prin.ir:il .h:ill n<a c~tcnd
~~r p~~.t~+c~nc ~hr dt~c datc ~~f Uic mi~n:hl~• imt:~llmenl~ rcfcrr.d t~~ in E~:~ragra{~h. l:~nd hrrcof or chan~c Ific am~umt i~f
.uch i~c~allments.
lA. AarroNer Nut Releaced. E~tensinn of the time f,~r pacmrnt ~~r mc~difi~ati,~n of ami•r~izatiun ~~f the wmc ~erured
hy thi~ ~tvrlgagc granted h~• I cndrr ta an~~ cticce~wr in intcrc~t ~•f Ri~rro~vcr chall not <~~x ratc to rclcacr. in any manncr.
thr fiahility .~f thc original 13urrowcr and B~~rrow•cr'~ sucrcc.~~rt in irorrc.t. I.rn~ler ~hall nnt hc myoirr~l t~~ rommencc
,~.ti-ccdings against such succcaor ~r re~usc to e~~cncl tinir f~r pa}'mcM ur othcn~itir m.~fif~• amortiza~i~~n ~~f thc sums
.erured h~~ thic ~iortgagc h~• rcawn ~~f am• dcman~i madr b~ thr ~ri~inal Borr~~w~r :uid K~~rmwcr's cucc~,~or. in intcrccl.
li. ~o~bearanre bv i.ender .~ot a K'ai~•er. An~ f~•rh~ar,~ncr h~ I rndrr in r~crrieing an~~ ricM i~r-rem~dy hrretmdcr. ~r
~~shcrw•isc alTordcd hc applic~hlc law. ~h:~l! noi ix a~v:ticcr ~~f ~~r prcclud~ thc ~~crci,c ~~f am• tiuch ri¢M ar rcmcd~'-
Thr procuremenl of insurancs or !he p.i~~me~it i•f ta~c~ :.r uther lier.~ ..r char~~~ h~• I.ender .hall not tx: a~~:~i~•~r ~~f I enJer'c
right t~~ acc~Icr:HC thc mat~~ri~~• af thr ind~Mrdnc« ~~ti~~ed h~• lhii ~lortea~c.
12. Remedies Cumulati~•e. All remedicc prc~~ idcd in ihi, Mort¢age are ~listinet :ind cemulative ti. :~nc ~~thrr ri~M ~~r
rcm~.h• ~mdcr th~~ ~tort~as:c ur atTordcd hy la~+ ~•r ~yuit~. an.l m:?~~ h< <~crci~cd a•ncurr~ntl}~. indcpcndemh• ~•r .n;:~.~i~rl~~
13. 5uccecW?rs and :~~c'ry;nc &nind: JoiM and Se~eral I.iabilit3; Captionc. The c~~~cnants and nerermcnt~ herein
:~~ntainc.l ~hall hind. :~nd thc rieht~ hcrcunder sh;,ll inurc tr. thc rc~~~ctivc tiuccc..ors and ac~i~nc i~f l.cn~lcr and B~.rmwcr.
.ubj~ct lo th~ prrn•i.ium •~f paragraph 17 hcreof. All co~~~nan1~ an~l ag~•e~m~nt~ .~f Bi•~m«•cr shall tx j~•}nt :~nd ~c~•cral.
Thc raption~ :~~ui headin~. ol th~ par:r~raph: ~f thi~ Mc~rtga!~r are for com•enien~e ~,nl~~ an.l an: n~~l ti~ Fk u~cd to
int~rprct ~r detinr thc pm~•=~i~~nc hcrci~f.
14. \ntice. E~:cpt i~u am~ n~~ti~e try~+irrd un~lrr n~pli.:ihl~ la~. t~~ h~ e+~~r~i in :+n~~Iher manncr. /al :im• noticc to
Bc~rr~~~~•cr ~rov~dcJ lor ~n thi. \1~~rtLa!~c shal! F+~ giv~n M• ni;ul~ne ~urh rn~ticc h~. r~rtificd m:~il addrrs.rd to Rorr~~'cr at
thc PruFxrl~ .~~I:frr.. ~~r at .itch ~~~h~r aJe!rc.. a, 13~~rr.n.~: m,r' dr.i~~n:~t~ h~ n~,~ir~ tu I endcr ac pr~~vi~kJ hcrcin. and
th) n<~ti:•r io I~n.l~r ~h.,ll F~ eivrn M rcrtifi~J m:ul_ rrturn rr~ri~~: r~.~ur~tt.l. t~~ 1 c:r.ier'. ad~lrc~s sG~t~d hercin ~r to
.u~h .,thir ad~lr~~, I.~nJrr mac drsien~tc b~ n:~.irc 1's:•rn,:~cr a: ~r~»idr,1 hrrrin. ,\n~' noticr prnvidc.i fi~r in this
' ~t.~rt~a~r shall hc decmcd ha~-r bccn ~iv~n t~~ Born~~~rr ~~r ( rndrr ~~hrn gi~•rn in thr manner de~ienated herein. -
l~. l'niform ~1ort~ake: Gu~ernin~ I.aw; Se~erabilih~. Thi. t~~~ m~~f mc?rtvaee c~~mhines uniform :c.ne~antc far nati~?nal
I u~e anJ nnn-u~iii~~nn c.~.r~~::nt. ti~ith limitr.l ~ariati~~m h~ ii,ri..l~:ti~~n t~~ ~~aitititutr a unifc~rm tie:uritc indrumrnl co~•ering
~ rral pm~xrt~•. (hi, ~1ort~age chall f?r co~erned hc the lau ~~f th~ iuri.~ii~tu~n ~n ~~'hicle the Pro(krt~' i. ttkatcd. in the
t rvcnt th:it am• ~.r~n•ision ~~r rlau.c ~~f thi. ~t~~rtca,< <~r thc ~~~?c ~~~nt'~,~, .,ith a~+r'i;a!~Ic law•. sii~h conFli.~ ~hall mit atTcct
~ ~~thcr pn~~i.i~~m ~~f lhi~ ~l~utg:~_~ ~~r ihc ~c~t: ~~hiih :.u- !k t~~irt itTr~t withnttt thc c~,ufli.sin~_ ~roci,i~m. and [c~ lhis
~ ~nd thr pn,ti.i~~m nf ~h~ ~t~~rt~~~~~ :~n~ thr \,~Ir ar~ Jr,larcd tu ~r~~raMe. -
~ 16. Burrowers Cop~. Borru~~,r .h.~ll h~ furni.tir~f .~,~nt.~nnrd ~o~~c ~~i thr `~a: .~n.l ~.f thi, ~t~~rt~,a~e at the time
~ ~~l c~rcution ~~r a(tcr re:«rd:ition hcreuf.
4 17. Transfer of the Propert): :1~tiumptiou. lf :~C rr :+i~~ ~~.~ct u( th~ Pmrrrt~- ~~r .in intrrc~t th~rcm i: .,~Id ar trancferred
hv Borr.~H~r N1111JUI ~.l'li(~t(~S Fl(lt~f Ni111C11 l~~ll\l'11L ~\i~:la~l!lt! ~dl l{ll' l'fa':1~1~~'i :t ~fi'!t cn~umbra~cr tiutxirJinatc t0 ~
thi~ ~1,,rtgag~..Ih1 the creati~~n ~f .i p?lr:ha.r m~,n~~ ~rcurit~ im~rr,t f~•~ hru.eh~~l.l appl :m~r.. Icl a 1ran~fer h~~ Jevise.
~Ie~~tM ur h~• ~~{kr:~tion ~•f I:~w upi~n the ~1ealh ~~f i~~ir.t trnant ~~r ~.i~ thr crant ~~f .in~ lr;tc~hidd intcrest ~~f thr~c ~~e~rt nr lecs
~ nut rontainin~ an ~,ptiun to purchax. I rndcr ma~. at I cnder'. .~pti,,n. dc.l.,rc atl thc wm~ kcurrJ h~~ this \lortgarc to bc
.mmr.batcll~ duc and pa)aMc. I.cnder ,hail h:~~c .+ai~rd ~~~:h ~~{~u~tn t~~ ac.rlcr,tc if. pric•r t~• th~ ~alc ~,r transfcr. Lcnder
.inJ thc Exn~m t~i ah~~m thr Pr~•r~r~~ i. t~~ Fk :ul~l rr tr.~n..lrrrc~l r~:+:h :i,rerm~nt in ~.ri~ing that thc crc~iit of ~uch pcrs~n
sati~fa:ton to I.en~l~r and th:~1 Ihc inhrr•t r.~~ahk ~~n thr .um~ ~~.-urcd h~~ thi, !~i<~rt.~a~e chall hc at surh rate as Lc~der
.hall reyue~t. If Lender hati w•:+ivrd thr c~~ti~+n tr :~.~rirr:~t~ pr~,~i~IcJ in thi~ para_raph 17. and if Borrcn~er'~ wccessor in
~nterest ha. e~ecuted a w~ritten as~umptii~n :s~rre~r~ent acc~j~trd in ~+riii:i~ b~' (.en~i~r. Lrn.ler chall relea.e Borr~~~•er from all
c~bligatiun~ un~lcr thi~ ;1ic.rtgagc and thc \olc.
If l ender e~~rci.r~ wrh optu~n t~~ a~~rlrr.ilc. 1 cn~l~r .hall mail B~rr~~~~cr noti:e ~~f accelerati~m in a~cordance ~~ith
paragraph Id t;crc~f. Such nouce ~hall ~r.~~•idr ~ri~~~l ~.f n~~t kc. than 3(1 da~~ frrrn thc :~atc thc noticc ic mailcd within
Hhi~h Barrowrr ma~ pa~ the ,um~ de~lareJ cl~ir. II B.~rro~.rr (.~il. tu pa~ ~nrh tinmc pri«r t~, the crpiratic.n ~,f cu~h period.
I_cn.ter m:i~•. ~~ithc~ut further noticc or dcmand c~n li~~rr.~W~r. in.~~lc am rrmedics rermittecl h~~ paragraph IR here~f.
No~v-U~.iFOK!?t CoyE.x~?vTS. Aorrower and 1 enJer further co~~enant and agree as follows: ~
~ 18. Accelcration; Remedies. Except aS pro~ided in para~raph 17 hereof, upon Borrowe~'s bre~ch of ant~ co~enant or
~ agreement of BorroNer in t6is ~iortRa~;c. includinR the co~enants to pay when due any sums secured by this Morq;age. i,ender
prior lo accekralion shall mail notice to Borrower as pro~•ided in para~raph 14 hereof specif~ing: (1) the breach; 12) the action
~ required to cure such breach: (3) ~ date, not lesc than 30 da~~~ from the date the notice is mailed to Borrovrer. by which suc6
~ breach must be cured; and (i) that failure to cure such breach on or trcforc the date specified in the notice may resolt in
~ acceleration of the sums secured b}~ Ihis ~foNRage. forccl~nure b~ judicial proceedirryq and sale of the Property. 'Il~e notice
~ sh~ll furiher inform Borrower of the ri~ht to reinstate after acceleratiun and the right lo assert in the forcclosure proceedi~
~ the non-exictenc~ of a def~ult or ~ny other defense of Borrow•er fo acceleration and foreclosurc. If the breach is not cnred on
~ or before the date specified in the notice. I.ender at i.chder's option ma~ declare all of fhe sumc secu?ed by thi~ MortgaRe to be
~ immediatel~ due and pa~able without further demand and ma~• foreclose this MortK~e by judicia) proceedin~;. Lender shall .
~ be eqtitled ta colkct in such proceedin~ all expenses of foreclosurc, including. buf not limiled to, reasonable attorney's fees.
~ and costs of documentsry e~•idence. abstr~cts and titk reports.
19. Borrower's Right lo Reinstate. Notv?•ithttanding LenJer'ti acceleration of the sums secured by this ~lortgage.
~ Borrower shall have the right to have am proceedingti hceun by I.ender to enforce this Mortga~te discont~nued at any time
~ nocK 279 PAGE 80$
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