HomeMy WebLinkAbout0158 I~cnJ«'s w~riu~n agircm~nt or A~~IIC:tfIIC IUW. Hl)ffq:V~f s}?all pay the amuunt uf all martgagc insurance premiums in the
manner pruvide~l unJrr pa~agraph 2 hereaf.
A~~y amounts Ji.h~rcsr~) by ! rn~icr p:?r~i+ant to Ihis paragraph 7, w~Ih in~cn-s1 ihcr~un, shall becomc addiliona)
inJcbtcdnr;~ uf 8~~rruw~r ~rcurcd hy ~hi~ Mur~~;ag~ t!nic~~ Burruwc~ and I ~n~icr ag~~~ to olhe~ termc ot payment, cuch
amount~ shall hc payablr u{~?n n~nirr fmm 1 rnJcr tu B~~rru~.~~r rcyur,ti~g paymcnt therro(, and ~hall tk:u interest fmm the
Jale of di.burscmen~ at Ihe ratr pa~•ahlc (r~~m lime ta ~imc ~?n ~~utstanding principat under the Nnte unlesc payment of
interest at such rate waul~l t?e contrart~ t~~ applirahle L~w, en which cvent cuch amounts shall t~ear interest at Ihe highes! rate
permissihlc under applirahlc law•. N~~thinK c~~ntain~d in thie paragraph 7 shall rcyuirc I.enJcr to incur any cxpense or take
any artian hcrcundcr.
8. Inspection. 1 endcr may ma{,r ~~r:a~~.r F,r m:~Jc rcac~~nablc rnlrir. up.m and in~~xrtionc of the Property, provided
that I ender shaH give 8e~rrc~wrr nutic~ priur tu :en~ .urh inc~xc~ion ti~xcifying rcasonahle c:u~W: therefor related to I.ender's
in~crc~t in Ihc Pru~rh~.
9. Condemnrtion. Thr p~~krrd. ~~f am• a~~ard i~r rL•um frr ilama~cs, .lir~ct ar r~~ixcqucnlial, in ronnectinn with anV
condcmnatiun or ~~thc~ takin~ ~~f ~h~ Pr~~~xxrty, ~•r pan ~+~cm~f. ~~r f~+r cun~•c~•anrc in iiru of condcm+~atian. arc hcrcby assigned
an~l ~hall bc paid to I.endcr.
ln thc cvcnt ~~f a t~~t.d takine .~f thc Pru~?rrl~•. thr ~~~~ric~l~ .hall tx appliril t~~ Ihc sums sccnrcd by thie Mortgagc.
wilh thc ercctis, it am~, ~aid ~o B~~rruwrr. In thc r~~cm a{•arli:+l taking ~~f thc Propcrty, unless Borrowcr and I.cndcr
~~therwik ;?grcc in writinc. Ih~rr shall be apptird c~. th~ .umti .~r~~rr~l h~~ th+, MortFatir ~urh pro~rtion ~•f Ihe proceeds
as is cyu:i! to that pr~~~~rtinn ~+hich ~hc am~auit ~~f th~ ~i~m. .rrurcd hv Ihi. !11„rtgaec immcdiatcl}' prior to Ihc date af
t:?king bcars to thc fair markct valur af ~hr Pru~krt~ ~mmr~li:~trl~ pri~~r tt~ Ihc .latc c~f taking. ~vith the balanrc of lhe procecds
paid t~ Bor~ower.
if the Propert~• ic ;~hand~~ne.1 hc Rrrmacr. ~u if. ;iftrr m~!i.•c hr l cndrr t~~ RormWer that the condemnor offers to make
an au•arJ c~r ~cltlc ~I~int fi.r ~I:~m:i,c~. R~~rn,tirr f:~il. t~+ rr,~x~nd t~~ I cnd~r H•ilhin ~(1 Ja~'s afler thc d:?tc su~h n~~licc is
m:~iled. Lcndcr ic authorir~d to r~~llrct and :?~pl~• ~hr pn•~rcd.. at l cnder'. ~~ptii~n, rithe~ to rettoration or repair of the
Pr~~~kn~ ~~r t~. ihc ~umti .rcurc~l 1,~ thi, \1~,n~:a~c.
Unlrs. I cnctcr and $orrcncrr c,fher~+i.c :te!rcr in +~rite+i~~. ;u~~~ tiurh aprlir:~ti~~n ~.C ~nkccdc to principal shall not cxtcnd
~~r ~~cl~~nr thc dur ~la~r ~~I th~ momhl~ in,l;~llmcnt. rrfcrred to in rarag~a~~h. I:u?d ? hCrcc?f or rhange thc amount of
cuch installmr.ntt. - .
10. Borrow~er ~'ut Reler~ed. I~~~rn~inn ~•f ~hr timr f~~r F~a~~mcnt ~~r ma~ciifi::~ti~~n ~f am~•rfizatii~n ~f the s~im~ secured
ht• this !11~~rti:igr gr.~nte~l h~• 1 cn4~rr ti~ :ui~~ ,urrr~~i~r ~n inlrrr•t ~~f Rnrnn~•cr ~hall n~~t „~rate to rcl~aec, in ahy n~anner.
tht liahili~~ at Ih~ ~~ri~in:il R~~rrc~Hrr and B~~rm~rrr', ~u.crti.~+r. in intrrcet. I endcr cfiall n~~t hc rcyuirrd ti~ c~mmcnrc
~~r~xrcJing~ a~;ainst tiuch tiucrrv~,r ~,r rcfu.r t~~ c~~cml timr for pa}~mcnt ~~r Mhcn+~i.r m~klih• :~m~,rtizat~~,n ~,f thr .~:ms
u,ur~d b~ Ihi~ H1~rtgagr h~' rca~~~n :~m d~?nan~1 rnadr h~ th< <~rieinal B~~rr~~~+er and 8~xm~~rrs ~uc~c~~c~r~ in intcrc~t.
! 1. Forbearance b~• I.ender 1ot a~l'ai~cr. 1m fc~rF+raran,r h~~ 1 rnder in c~rrri~in4 am• rieht ~~r rcmed~• hcrcumicr. or
~ ~•thrrwi,r afT~,rdc~l h~ appliraMr la~c. ,h:~ll m~t tn wai~•cr i~f ~~r precludc ~hr c~crcisc .~f am• wch right ~r rcmcdy.
Thr procurrment of insurancc or the ~at~m~nt ~~t ta~e, ~+r .~th~r li~nc ur charR~~ b}' I.cnder ~hall not be a Haiv~r of I.enders
right t„ ~crrler:~tr thc maturity uf thr indcfurdnr., .~•_urccl hc thic !11o~t~a~c.
12. Remedies ('umidati~•e. All rrmr~lir~ rr~~tidrd in thi. A1:~rtgage am ~listin~t :md rumulatiec to ,~m• „ther right ~r
remc.iy undcr thiti M~~rtcakr ~~r aiT~,rdr~i h~ L•i~~ ~~r ryuit~~. :~ml m:i~ Fx c~crci~~d cunrurr~nth•. indcpcndcnth• or suc~c~~i~~ch•.
13. Succeca~rs and Atsikns Buund: .luin~ and Se~era) I.iabilih: Captions. "1'hc corenants and :+grccments hereen
rnntainc~l ~half hind. .~nd thc riKhtti hcre~?rzdcr ,hal! ~nurr tu. thr rrtipectivc sucrc+~~~rc and a~cignc of I cndcr snd Bi~rrowcr.
cubjcct to thi pnni,iom i~f ~~r:~~r.~ph 17 hrrr~,f. AI! c~~~•ci;:~Ms an~l acrcrmrm. ~~f B~~rr~~~ccr shall tk j~.int and tc~'rral.
The raptions and hraJingc ~f thc ~.;~r:~~r.i~~h. ~~i ~hi~ M~.rtcagr arc fi~r r~~n~~cnicncr ~~nl~• .:~n.i ar~ n~t t~~ tx uccd t~
inlcrprct ~~r dcfinc thr ~rnvi.i~•m li~re~~f.
14. 1ulice. E~rert f~r a~t~~ n.~t,;r r~.~~~irr.i unilrr :i~.~~li~ahle la~~ t~, tk ei~~en in an~,ther manner. (:~1 am• n~,tice tc.
Barr..w•~r pr~~~idrd G,r in Ihiti \t~,rt,•a_-r .h:~ll ix Liv~n h~ m:~ilin,~ .urh n~,ticc h~ rrrtificd mail addret.ed ta B~.rn.~.cr at
~ thc Pn,Fxrt} A~Idre,~ „r :it .uch ~~thrr a~iJrr.. I~,~rr~~~~cr ~zi,n dc.ikn:U~ h~ n~,ti~c t~. t.cndcr :~s pro~•i.ird hrr~in. an~i
fhl am n~~tice t~~ Lcniier ~hall h~ L~~~n h~ :rrtifir.l nia~1. rrturn r~cript reyur.ted. t~T 1 ender'. ad~lrec~ titatrd hcrein c~r t~
~ c~erh utticr :~ddr~titi a, Lcnd~r m.» dr.iin:~tr h~ m~ti:r tr B~~rru~~cr ati ~r~~~idc.l h~rrin. :~m~ ni~ticc pr~,vidcd f~x in this
~ ~1i~rlgagr shall t.~ ~lecmrd t~, ha« hr~n ci~rn t~~ B~~rr~~«rr ~~r 1 rnJer ~~hrn gi~~en in thc manner dcci¢nateJ herein.
~ 15. ('niform MorlRa~e; Go.~erninK I.a~.; ~.er.~bili/~. ~Thi. f~~rm of mortgage a~mhines uniform co~~enanlc far national
i ~ usc amt n~~n-iH~ifurm ~rnant. µith timitr.! ~:~ria~i~~n. h~ j~+riati~ti~~n ta i<~nstitnte a uniforn~ securit~~ intlrumcnl c~vcring
! real propcr~}~_ "Thi~ !1;,:rt_~a_~c ~h~ll F~ c~~~~rnrd F~ thr la~~ rf thc iuris.licti~~n in ~•hich thc Propcrt}' i~ ickatrd In the
c~•ent that an)' pn~ri~i~~n ~.r clau~r ~,f thi, ~turt,a~sc ur thr \~,tr c~~nfli~h ~rith :ipplicahlc law~. ~u~h conflict tih;~ll n~~t aiTcct
uthcr pr„~i:i.,m uf thi~ ~1~~rt~a~r ~•r thr ~,~tr ~+hi:fi ~:~n hc gi~~~n cfTrct .vich~~ut thc ~~~nflirtin,~ pmri~ion. and i~ ihis
end [he pr~»i~ic~m .,f thc :11~~r~gagr :~nd thr \~>ie ,+rc .lc~l.urd ti~ he :everahlr.
16. Borruwer's (bp~. Borm~~~~ .h:~ll hr (~irni.h~.l .i :~mt~~rmcd c~~~•,• rf Ih~ tiot~ ,ind i~f lhi~ ~torteagc at thc timc
.~f c~ccution ar :~fter r~r~~rdation hrre~~f.
17. Transfer of the Propert~; :i~cumpliun. tf :~I~ ~~r anc ~,,~rt ~~f the Pr~~~xrt~• ur an interest th~rein is .~~ld ~~r lran~ferred
b} 8orrua~er Hith~~t~t (.etedrr'ti pn~,r ~~rin~r~ ,~,n.rnt. r~~ludi~zL ~.i~ the rr~ation ~~f a lien ~~r encumhran~c ~uFx~r~inate ti.
thi~ Morteage. Ih? the creatum ~~f riu:h:~.r m~,nr~ .r~urit~ mterrtt C~~r h~,u~ch~,ld appli.ince.. ~c! t~amf.n c~ de~~ise.
' de~cent on c~ ~,p~,ration i~f L~H ~ipi~n th~ ~I~ath i~~int trn:~nt ~~r 1.1~ the crant ~~f :~nc ~t;~~eh~ld intcrest ~,f thrre ~rar~ or ie«
I -
ni,t c~nt:~inin~ an i~ptior, t~, purrhasr. i emi~r m:~~~. .~t t~ndrr'. «ptu~n. decl~rr a11 ih~ eern» seci~red hr this !11~~rtgage tc. t?e
immr~iiateh• due and pati•aMr. 1 rndrr ,hall h:~.r ~~..~~~rd ,urh ~~pti.~n t~. accelerate if. ~ri~~r tc~ the .ale nr transfer. I.~n~er
an~i the person ti, uh~~m the Pr~~~r1~ i. t,~ hr ,~dJ ~~r tr:~mferrcd reach :~grerment in wri~ing that thr cre~tit ~~f wch penon
i, satisfact~~r~~ t~~ I,cn~lrr and that ~hc imrrr.t ~;~~,,hlc ~•n thc ~um. ti~~urcd ht' tFtic liortgagc ~halt hc at sn.h ratc a~ I.rnder
shalt reyuest. ff I ender hac wa;.•eJ tf~r c~fit+~~n t~~ :~c~rlccJte pr~~~•iJeJ i~z lhiti par.igraph 17, and if Borrow•er'> >uccts«r in
interest ha. e~ecute~ a writ~en assum~tinn :~zrren?rnt 3c~c~tcd in ~+riting h~• I.en.ler. 1_ender shall relea~e Barro~~rr fmm all
ubli~;,tions under thiti Murtgaee and thc ~t~tr .
If Lender e~ercisct such .~pt~~~n tu a~~ce~~r:,~r. I en~t~r .hall m:~il Bi~rro~.er noti~e ~~f ac~eleratian in ara~nf;~nc~• u~th
paragraph 14 hereof. Such notice +hall pr~~v~de prri~~e) ~~f n~~t Irs, than ~n da~•s Imm the date the notice i. m.iiled tiithin
which Bormwer mat~ pa~~ the sum~ dectaie~l due. If Burm~tirr t:~ilt !o pat~ such ~ums prior tc. the e~pirati~~n rf .urh ~xr~.~.
Lender ma}•. withc~irt further noticr iicm:~nd rn It;~rr~+~r~r. ~n~•~ke am nmedies permitted h~• paragraph 1C hereof.
tio:v-[1N~toK~t CovF~~HTS. Borrowcr anJ I.ender further c~~venam and agree as follows:
18. Acceleratan; Remedies. Fxcept ac pro.ided in para~raph 17 hereof. upon Borrower'c breach of an~• co~•enant or
aRreement of Borrower in this ~lort~age, includin~; the co~enanls to pay w•hen due an~~ sums secuted by this blortga~e, i.ender
prior to acceleration shali mail notice to Borrower ac pro~•ided in para~;raph 14 hereof specNying: (1) the breach; (2) Ihe action
reqaired to cure soch breach; (3) a date. not less than 30 da~•s from the date the notice is msuled fo Borrower. b~ which such
breach must be cured; and (4) that failurc to cure such breach on or before the date speci6ed in the notice may result in
acceleration of t6e su~ns secured by this ,~tortqage, foreclosure b~• judicial proceeding and sate of the Property. 'Ihe notice
shall further inform Borrower of the ri~ht to reinstate after accelerateon and the right to usert in the foreclosure proctedi~
the non-existence of 9 default or any other deiense of Borrower to acceler~tion and foreclosurc. If the breach is not cured on
or before Ihe d~te specified in the notice, I.ender at Lende~ s option may declare all of the sums secured by this Mortgage to be
immediately due and payable µithout furiher demaod •rnd ma~~ foreclose this Mortgage by judicial QroceedinR. I.ender shall
be eotided to coltect in such proceedin~ al! expen.ses ~?f foreclosure, including. but not limited to, reasonable anurney's fees.
and cosRs of documentary evidence. abstracls and litle reporls.
19. Borro~er's Ri~ht to Reinstate. tiot~ithti~anding I cnder'~ acceleration of the sums secured by ~his Mortgage.
Borrower shall have the right to havc .in} prcxerdin~;, ?xucun h~ Lender ro enforce this Mortgage disco~tinued at any time
~'~eK~ FacE 15~
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