HomeMy WebLinkAbout0225 1~~t.kr'c written agrerment ur applicable luw- BurruwCr shall pay thr ~amount ot al) murtgage insurance premiums in the
m.~nnzr pr.?vukJ undrr pa~~graph 2 hereof.
_~ny am~~unls ~t~tihurs~d by I.rn~ler punu•rnt to this paragraph 7, with intercst Ihereun. chall become addilional
~n.kb~r~lnci~ .~f HorroH~r ~cured by thi~ Mungage i;nic~~ BorruNCr and I.~n.ler .~gree lo other terms of payment, such
am.k~ntc chaQ he pa~•ahle uFx~n nu~irr fram I.end~r ~u liurruwrr rcyuecting paym.nt thrreo(, and ~hall hear intere~t fmm the
.late of dicbursrment at the rate pa~•.~hlc f~~~m ~imr to time un oiustanding principal under thc Note unlecs payment of
interru at such rate woul.l be c«ntran• applirable la~~•. in Hhich event ~ueh amounta chatl hea~ intertct at the highest rate
p~crn?~uibk unde~ applicable law. N~~thing c~~n~ained ~n thi~ paragraph 7 chall requin~ Lender to incur any expense or take
an~ xtion hercunde~.
s. las~ectioa. I.enJct mav malr rr : au.r t~~ F+r maJc rca,onahlc cntric~ up~~n and impectic?ns of the Prc.perty. pmvidcd
that Le«Jer ch.?11 give Burrowrr n~~tirr pri~~r t~~ anj' uirh inti~xctiun ~~x:ci(~•ing rrasonable cause therefor related to I_ender's
mterc~+t in thr Propcrty.
9. Coodemaaliun. Thc pr~~:~cd. uf ;~nr a~.ard or rlaim f~.r ~lamaee.. direct ~.r comeyuential, in connec~ion wi~h any
:ondemnation or other takin~ uf ~h~ Pru~krt}~. ur part therrc~f, or f~•r r~mvr~•ancc in lieu of condemnatiun. are hereby as~igned
.,nJ ,h~ll he paid to I.cndcr.
ln the c~•ent of a ~~,t.d taling uf th~ Pri~~xr~)•. thr pnwcc.k chall hc aprlicJ t~, thc tium~ ccc?ircd by thic Mortgagc.
ui~h the etcc~s, if any_ paid to Bormtirr. In thr event uf a partial takin~ ~~f the Pmperty. unlesc Rorruw•er and I.ender
.•~hzrv?icr agrer in writin~. th~rc shall tx applfed t~~ ihr .um~ krurc.l b~• thi, M~rtg~Re cuch propo~lion of ~hc proeeeds
is ic equa) to that pr~~~•rtion ~+hich thr ami•u+it ~~I ~hc wmti ~rrured h~~ Ihi~ \1~~rtga~e immediateh• prior to the date of
takin¢ hrarc to the fair markct .~alur of ~hc Pru{krh immrdiatch• {?ri~,r to thc ~l:ite of taking, w~ith the balance of the proceeds
paid t.~ Borrower.
If the Property ic ahandi~ncd M• Bc.rm~~cr. ~~r if. :Jtrr noticc h~~ I ender tn Borrawer that the condemnor oPfers ta make
Jfl :lN:I~II nr uttle a rlaim fi~r dam:~kc~. Rurrr~err fail. t~~ rr.~xa~d I<. 1 riide~ ~cithin 30 da)'s after the date such notice is
ma~ted. I.rn~~ i~ authorizcd to c~~11cc1 and ap~~l~• ~he proc~Yds. at Lender'~ option. either to restoration or rcpair of the
Proprrt~ or t~ thc sum, .r~urcd h~~ thi. ~t~nLas;c.
l'nles, Len~ler and Borro~~rr Mhen~i.r a~rce in ~~rilinc. am• ti~nh applira~i~~n of prcxceds to principal shall not extend
or p.wtpone the du~ J.i~e of the monthh in.~allmcnt, rrferred to in p:~ragr:~ph. 1:~nd 2 hercof or change the amc?unt of
:uch mstallm~nts.
1A. Borro~rer ~iot Releaced. F?~tcncii.n ~~f thr time far p:~~~mem or m~~dificati~.n c~f am~rtizati~~n nf the ~umc secured
M• sh~s 1tort~a¢r QrantcJ h~~ 1 cndcr t~~ am~ .ucrrc.ur iit imrr~.t of R~rro~cr tihall n~~t a~xrat~ to rclcasc. in any manner. "
thr liabilit~• .~f thc oriein.~l B~~rro~~rr and R~~rn.~~rr'. ,uccr~~~~r. in interect. I.ender ~hall not he rcyuired t~• rnmmence
;.r.1~Jine~ againct such suc~ecs~u i?r rcfu~~ ~i~ c~~cn~l tim~ fi•r paym~nt ~.r othcn~i~c mixlif~~ amortizaUon of ~hr ~+~ms
,e:urecf bv thiti Mortgage b}' reawn ol am~ dcm:~nd madr bc thr ~~rieinal Borr.ncer and R~,rr~~w~cr s cucce~.~r~ in inicre~t.
I1. Forbeannce by I.ender \M a N'ai~er. Am f~~rFxaranrc h~~ Lcnder in r~ercicinc am• right or remcdy hercundrr. or
.~thervvise afi~~rdeJ hy ~ppli~aMr law_ ,h:~ll n~~t !x w•ai~~er c.f ~~r preclude the e~ercise of am• such right or remedy°.
Thr procurement ~f insuranee or the pa~•ment ~.f t:~~r. ~~r other lien~ or charges b~~ Lcnder ~hall not be a~~:?iver ~f I.ender's
right t~~ ac~rleratc the m~turity of thc indeMrdnr.c ~rrurrd h~~ thi~ ~lorigagc. -
12. Remedies Cumulative. .411 r~mc:lic~ rro~ idcd in thi~ !1lortgage are distinct and rumulati~~e t~ a~}' ~~thcr right or
rrrnr.h under thi~ N~,rtc:?.~ or afT.~rdrd M• la~~ ~~r ~yuit)~. an~ ma~~ lx eserricrd a•nc~rcrenth•. independentl~• or sncre~ci~~elp
13. Srectsors and AssiRnc Bound: Joint and Se~eral l.iability: Captions. "Thc cm'cnants and agrrements herein
contair~rd chall hind, and thr riehtc hcrcunder +hall iniirr t~~. thr rccpcctivc succc+.ar~ and at~ignc of I_cndcr and Borr.zx•r:.
~ubjert to tt~ provician. of paraera~h 17 hcrcof. All ro.~cn:~nts an~l agrcemcnt~ ~f Borro~~•er shall be: j~~int :?nd se~~cral.
The captions and heading. of thr ~~araera~h~ ~~t thic ~t~~n~eage are f~~r ci~n~•enience ~~nl~• anJ are n~~t t~~ he uced to
~ntrrprct or define the pro~~iaium hercnf.
ti. \otice. Exrept fc~r am m~~i:r r.yieir~d un~lcr applic:~Me laN• tu tx: gi~~en in another manner. (a? ant~ notice m
Borrrwer pro~•ided for in thi~ ~ti~rtgaee ~hal! Fx gi~'rn hc mailinc ~urh nc~tice by ceriified nr.~il addresti~d 1~~ Borm~cer a1
tlx Property Addre~~ ar at ~uch ~~th~r a~idrr.. R~~rr~n+rr ma~~ de~iena~e h~• ii~~tice t~~ Lender ac pr~~vided herrin, and
Ih? am nc~Eicc to Len~ier ,h~ll hc ~i~~n t.c ~rrtifir~! mail..rrturn rrccipt rcyue~ted. t~ I.enderti ad~ress statcJ herein c~r to
such ueher addresc ~s Lender ma~ dreienate M nnticr t~~ B~~rr~~Her as pm~ided herein. .Am notiee pr~~videJ for in this
~ivrtgsge sh:;Y, tx deemrd ta ha.~ hrrn encn to H~•rr~~Hrr ~~r l.rndrr Hhcn gi~~en in thc m:~nner designated hercin.
IS. Uniform ~1ort~~e: Go~~ernin~ IaM: Se~errbilil~-. Thic form of mortcace combines uniform rnvenants f~r national
~ use and n.m-uniform a..cnant. ~.ith limitc.f ~ariati~~n. h~ ji~ri..li~tion t~~ c~~nstitutc a uniform securit~~ inctrumcnt covering
' real pr~~rt)'. Th~c !~lurtgacc shall tk gu~~rned M thr I8N ~~f the jurisdicti~m in w•hich the Property it Ickated. In the
~ e~-~nt th~t am~ pr~~visi~•n nr ciauce of thi. '.11~~rtt~gr ~~r th~ :'~~~te ronflirt. with appli~ahle law~. such conflict shall not aBect
..ther Qr~.v~sionc of thi~ I~tortkage ~~r thr ti~~tr .~hich ~:u~ tx ~ivin efTcct witho~~t the conflirtine pm~~iti~n, and to this
~ end tt~ pr~nisians of the Mortgagr and ih~ tiutc arc .Ircl:~red tr he ~everahle.
16. BoROwers Cop~. Bcxro~~~r ,h:+ll hr f:~rni.hc~l a.:~~nf~~rmcd rop}- of the Note and of thic Mortgage at the time
~ .~f e~ecuiion or after rctiurd:?tion hereaf.
~ 17. Traester of the Properl~~: A~+umplion. If ali ~~r an~ ~~rt of the Pr~~pert~• or an interest thcrcin ic s~dd ~r tran~ferrcd
b~- Bo~ruwer wnhout Lcnder's pn~~r writlrn ~~~m~nt. r~cluding lat the creatie~n of a lien ~r encumbranre su~rdinate ti•
this liortcage. (M the creation .~f ~ur. h:~.c m~~r.c~ .rcuriic ~ntcrest f~r housch~~W appliances. Ic? a tram(er h}• devise.
dzscent .~r hy operation of lau uFx~n thc .lralh ~~f i~~~i~~ tcnam rr I~I~ ihc erant an~~ Irasch~ld inierest ~f thrrr ~c:~r~ ~.r Iccs
rxx :ont:~ining an option tc. purchax. 1 cndrr ma~. 1 rndrr'. i~pt~<~n. drelarc all thc tumc ~ccured h~• ~his ~lortgagc to hc
i ~mmed~ateh~ due and pa}~aMc. Lrnder .h~ll h:~~c .•:u.~d .u~h option to accelerate if. prior to Ihr .ale ~x trancfer. I.en~er
~ aiui the peru~n to whom the Pr~•~er~~~ i. t~~ tx .nIJ rr tr:,mf«rrd reach agreement in v?~riting that the crc~lit ~~f ~uch per~on
~c saticfacton tc+ 1.enJer and that the imerr~t pa~.~Me ~~n the cum~ ucured hy this Mortgage ~hall be at such rate at i.ender
s sha[t request. If Lender has waived thr .~pu~ai ti~ :~ccrler.~tc pm~•idrd in this paragraph 1?. and if Bormw~er'> >urcessor in
~ ~ntercst hac ececuted a writlen astumpti~n aereem~nt accepted in uriting by I.ender_ l.ender shall releace Bormw•er (rom all
~ obli¢ations unJer this Mortgage and the N~t~-
~ If Lender e~ercisec such option ti~ ar~r(er;~tr. I cnder ~h:d! mail Borrow~er notice of acceleration in acrnrdanc~ ~i~h
paragraph 14 hereof. Such notice lhall ~mviJe a~xri~~d ~+f ni•t Iesc than 30 da)'a fnem the date the notice is mailed ~•ithin
~ whKh Borrower may pa}• the tum~ decl:,red due. If R~rr~?~?cr fails to pay such sums prinr tc? the c~pirati~n ~~f .urh ~?cri~xl.
~ Len.f~r may. without further naticr oc Jemand i~n Fi~~rn~ae~. ~m•~~{,e am~ remedies permitled hc paragraph 13 herrof.
~
~ ,iO\-UNIFONM COVE~~*r75. Borrower and I.rnder furthcr crn~cnant and agree as follows~
~ 18. AKlIt~~00; Remedks. Fxcepl ac pro~ided in par~r~ph 17 hercof. upon Borrower's breach of any coreaant or
~ a~rcese~t of Borrower in this Mortga~e. includin~ the cocenants to pay when due any sams secured by thLS MortR~e. i.eader
~ ~rix 1o xcekratioa sbad mail notice to Borrower as pro~ided in par.~raph 14 hereof specifying: (1) the breach: (2) the action
~ re~ire~ N core snc6 Mtsch; (3) a date. not Icss than 30 days from t6e date the notice is mailed to Borrower. by which such
~ breac~ ~ast be c~red; aod (4) that failore to cure such breach on or beforc the dafe specified ia the notice may result in
~ sccderatioa of t6e sams secund by Ihis Mort~aRe. foreclosure by judicial proceedi~ and sale of Ihe Property. 'Il~e notice
~ s~ fnrtrer i~fore~ Borrower of the right to reinstate after ycceleration and the right to asseet in t6e forcclosure proceediog
t~e ~o~-e:istence of a defanlt or anv other defenu of Borrower to accelrratan and foreclosutr. If the breach is oot cnred on
or before the date speci6ed in the notice. I.ender at Lender's option may dcclarc all of the sn~ secured by this Mortga~e to be
~ i~sc~iatetJr d~te aad pa~sbk without further demand and ma~~ foreclose this Mortqage by judicial pmceedin~. Lender shall
~ be eaO~ed to co0ect iA sac~ proeeeding a~~ expenses of toreclosure, includiog, but aot limited to, reatooabk atturney's fees.
~ a~i cosls of doc~eetsry evidence. abstracts and litle reports.
~ 19. ~rower's Ri~bt to Reinstate. Notaithttanding Lender's aeceleration of the sums secured by this Mortgage,
~ iforrower shal) havt the right to have any proceedincti he~u~ hv Lender to entorce this Mongage dixcontinued at any time
~ ~~~x 28i f~ 224
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