HomeMy WebLinkAbout0471 ! r;:!_ r', ~+tittrn agrrtmrn[ ~~t api~li, .~hir I:~~v. Ii~~rn~~~rr ~hall p.i~' thc :u~n~:int u[ :~II tu~at~;a~;r imur.~u~e prrmiunt~ in thc
n~.~nu: ~ pt~~•idrd undcr par.~;,;r:~ph ? hcrro[.
~\n}• amountt dithurs~J by I cn~tr~ punua~t ta ihit p;~r.~gr.~ph 7. ~vith i~t~rrct tinre~~n. shall h~rc~mc adJitiunal
incl.•ti•:dn~sc of Kor~~~~~rr sccurcd h~• ihi~ l11u~~t~ag~. t~ntr.~ Rorr.~~~rr ;~nd Lrn~l~r .ic;r~r tc~ ~thcr Rrms i~f paymcnt. tuch
amc~u~t. .h.~l1 he payshlr up.*n nuti,-c fr~~nt 1~n~lrr t~~ (3i~rru~~cr rryt~e~ting pa~•mcnt thrrr.~f. and ~h:~U bc.~r intere:t fmm thc>
datc o; ~fi,hursement at the ratr papahte fr~m time t~• time on outxtanding princip~l undcr the 1`'MC unlccc pa)•ment'of
in;rrra~ ~t such ratc ~~•nu1J t+e contnrt• t~ :~pplicable I.~~v. in ~chich e~•e~t cueh amounts shatl txar interest at thc highect r~te
p~rmi;ciblc under app~ir;:btr la~~•. Kothing cont:~ined in thi~ para~;~aph 7~hall rcyuirr I ender to inci~r any exp~nse ar take
an}- .~;t~on hereunder.
8. Inspecfion. Lenser ma)• mak~ or cau~e to hr ma~r rea~~~nahlc entriec u{+on ~nd impeeti~~nc of thr Pmperty, pmvided
th:tt I ender sfiall giv~ B~~rra~~~er noti~e prio~ to am• such in,pectiun sp~cifyin~ reac~nabl~ c;~uce theref~~r rrlat~d t.~ Lender's
inte:~:~ in the Pro{+~rt~•.
9. Condemnalion. The pr.•ceedc of any a~~~~rd or claim ior d:~maies, elir~ci or Con.ce~ucnti:?I, in connection ~eith any
con.!c^inatic~n or other taki~g of the Pro~rty, or part th~rei~f. ~r for com~~~•ance in lieu of r~~ndemnation. :?rc herch~• as~igned
an~l .h_~II be paid to I.ender.
t~~ the e~~ent of a t~tal t~king of th~ Propertg, thr pro~ce~: chall hc~ applied to the a~ms securcd b~• thiti ~t~rtgage.
ti+ith tae ~~ccss, if any. pa;d to Rorm~vrr. Tn the cvcnt ~f a p:~rtial taling of the Property, unle~c Borrrn~~er ~red Lender
oth~r~.~~.r Z~ree in H•riting. th~rc shall tk applicd to thc sums secured b~~ thi: 1ltortia~c ~uch pmpurtion ~f thc procceds .
as i: ;~;~al to that pr~punion ~~•hich thc amount of the sumc ~c;nred b}• this i~iortgagc immedilteh• prior to the date of
tai:ir., re~rs to the fair markrt ~-alue of the Pru~nrt~• immcdiatel~~ prior to the dste of takin~, ~~ith the balance of the procecds
paid m Borro«~er.
ii the Property ic abandoned b}• Borro~~~er, or if, after notice bp i.ender to Bor~ower that the condemnor offers to make
an ;::•3rd o: setNt a claim for dam;~g~s, Bormwer fail~ to respond to Lender w•ithin 30 da}•s after the date such notice is
m:~:ted. 1_ender is authorized tc+ coHect and appl}~ the proceeds. ~t I.ender's option, e;iher to restoration or repair of the
ProFxr:~- or to the sums secured hr this ~fortgage.
L'nlzsc Lender and Borro~.er othe~~ise agree in ~vriting, an~• such application of proceeds to principal shall not extend
or p.~stpone the due date of the monthly installments referred to in parag~aphs 1 and 2 hereof or change the amount of
such installments. .
l0. Borrower Not Released. Ertension of the time for payment or modification of amortization of the sums secured
by tha; ~iortgage granted by I.ender to any successor in intcrest of Barrower shall not o{~rate to release, in any manner,
thc liabilit~• of the onginal Borro~~er and Bormw•er's succes,ors in interest. I.ender shall not be required to commence
prckze.lings a¢ainst such successor or reftise to extenJ time for pa}ment or other~•ice mcxfify amartization of the sums
securcd h.~ this \tortgage by rcason of an~• demand madr by the or:einal Rorrower and Borraw~ers successors in interest.
11. Forbearance by I.ende~ \ot a~Yai~•er. An}• fortx:arance b~' i.ender in e~ercising an~• right or remedy hereunder, or
othcr.ti~ise atiorded h~• applicable la~v, shall not he a waiver of or preclud~ the exercise of any such right or remedy.
The procurernent of in;urartce or the pa~~ment of taxes or other liens or charges by I_endzr shall not be a~•aiver of Lender s
rieht to accelerate the maturity of the indehtedne~c cecured hy thit ~lortgage_
l2. Remedies Cumulati~e. All remecties pro.ided in this 1~lortgage a~c distinct anJ curtudative to any other right or
remed~ ?inder this titort,age or afforded hy la~v o~ equit~•. and ma~• he exercised concurn:ndy, independentl~• or surcessively.
13. Successors ~nd Assigns Bound; Joint and Se.eral I.iability; Captions. The co~•enants and agreements herein
contained shal! bind, and the riEhts hereunder shall inure to. the respecti~-e successors and assigns of Lender and Borrower,
subj~ct to the pro~•ision: of paraoraph 17 hercof. All covei~ants and a~reements of Borrower shall bc joint and severai.
The c:eptions and headings of the parag~aphs of this Mortgage are for conve~ience onlq and are not to be osed to
i interrrrt oc define the provisions hereof.
~ l4. \otice. Except for any notice reyuired undcr applicable law~ to be given in another manner, (a) any notice to
f Borr.~t~er pr~vided for in this ~fort,age shall be gi~•en b~• mailing such notice by certified mail addressed to Borrower at
f the Pr.~p~rty Address or at su:h other addrecs as Borro~~~er ma}• desienate by notice to i.endcr as provided hercin, and
! (b) ar.} notice to Lender shall he e;ven bp certificd mail. return reccipt requested, to l.ender s address stated herein or to
` cuch ocher address as Lender ma~~ designate by notice to Borro~cer as pro~•ideJ herein. Any notice provided for in this ~
~ ~tortpaoe shall hz deemed to ha~•e been gi~~en to Borm~ver or Lender «hen siven in the manner designated he-ein.
E I5. L:niForm t~tortRage; Cocernin~ I.aw; Severability. Thic form of mortgage combines imiform covenants for national
! e~se and non-aniform co?enants H•ith limited variatiuns b~~ jurisdiction to constitute a uniform security instrument covering
~ real propertt-. This Atortgage shall be governzd h~ the law• of the jurisdictian in which the Property is located. in the
i e~~ent th~t an~ provisic.n or clause of this l~tortgage ~r the Note conflicts ~~~ith applicable law, sucF~ conflict shall not aF~ect
~ other provisions of thic bfortKage or the Note «•hich can be gi~~en eftect withoe~t the conflicting provision, and ta this
end the ~ro~~isions of the ~fortgage and the ~Iote are drelared to he severahle.
i 16. Borro?.er's Copy. Borro«~er shall be furniched a conformed copy of the Note and of this htortgage at the time
of e~ec~rtion or after recordation hereof.
~ 17. ?ransfer of the Property: Assumpteon. If all or an}• part of the Prope~ly or an interest therein is sold or transferred
~ by Bnrr~«er ~~~ithout I.ender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to
E thic ~f~irt~age. (bl the creation of a purchace money security interest for hou;ehold appliances. (c) a t~ansfer b~ devise,
~ d~~.ent or bq operation of law upon the dcath of a joint tcnant or (d? the grant of any teaschold interest of thrce yrars or less
, not containing an option to purchase, I.ender may~. at Lender'ti option. declare al! 1he sums se:cured hy this b;ortgage to be
~ imm~diatelti' due and payable. Lender sh~ll ha~~e wai~~ed such option to accclerate if, prior to the sale ar transfer, I.ender
~ and the pzrson to w~hom the Pro~rt~~ ic to be sol~t or transferred reach arreement in ~~riting that the credit of such person
~ i~ satisfactory to I_end~r and that the interc~t payable on the sums secured by this Morteage shatl be at such rate as Lender
~ shatl r~quzst. tf i.ender has wais•ed the option to acceler;~tr pro~•ided in ihis paragraph 17, and if Borrower's successor in
' interest hat e~ecuted a w•ritten assumption a~reement accepted in «riting hy LenJer, Lender shall relea:e Borrower from all
~ obli_~ations under this ~tortgage and the Note. ~
~ If Lender exerci~ec such optic+n to accelerate. 1_enJcr ~h.~ll mail Borro~~~er notice of acceteration in arcordance w~ith
~ para_raph 1<i hereof. Such notice shall provide a perioct of n~~t Iess (Ft3R 30 days fmm the date the notice is maited within
~ uhi;h Borrc~uer ma}• ~a}• the sums decl:~red dur. If Borroµer failt to pa}~ such ~ums prior to the expiration of such ~riecl,
~ I_en~r- mac. ~~•ithout further notice or demand on K~,rro«~cr. invoke an}• remedies permittcd by paragraph IR hereof:
~
~ ~O~-L:~ilFOR~i CU~•exAxTS. Borrow•er and Lender further co~~enant and agree as follrnvs:
l8. Acceler~tion; Remedies. Except as pro~ided in paraRraph 17 hereof. upon Borrower's breach of any co~~enant or
aKrrement of Borro~r•er in this ~1ortRa~e. includin~ the co.enanls to par~ wheo due any sums secu~ed by this ~tortRage. I.ender
prior to acceleration shall mail notice to Borrower as pro~ided in para~rapb t4 hereof specif}inR: (1) the breach; (2) the action
required to cure such breach; (3) a date. nof less than 30 days from the date the nofice is mailed to Rorrower, by which such
breach must be cured; and (4) that failure to cure such breach on or befote the date specified in the notice may result in
accelerrtion of the sums secured by this ltortRage, foreclocure by judicial proceeding and sale of the Propert}'. The notice
shall further inform Borrower of the riKht to reinstate 3fter acceleration and the ri~ht to asserf in the foreciosurc proceedir~
the non-existence of a default or am• other defense of Borrower to acceleration and foreclosure. If the breach is not cured on
or befo~e the date specified in the notice. I.ender at i.ender
s option ma}~ declare all of ihe sums secured by this ~tortRa~e to be
immediateh• due and par~able ~+ithout further demand and may foreclose this ~tortgage by judicial proceedin~. I.ender sha11
be entitled tu collect in such proceedinR all expenses of foreclosare. inctuding. but not limited to, reasonabie aitorney's fees.
s and costs of documentary evidence. abstracts and title reporls.
! 19. Borro»er's Right to Reinstate. Notwithtitanding Lender's acceleration of the sumc secureJ by this Mortgagc,
, Borr,~uer shall have the right to ha~c an}• procaedings hecun by 1_ender to enforce this ~iortgage dis~ontinued at any time
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