HomeMy WebLinkAbout0405 I.rnJ~r'ti writtcn agn~~m~nt or apph.aMc I:IN'. ROffllNCi shall pay ~hc anwunt of all mortbagc insur.~nr~ pr~mium~ in ~hc
manncr pr.,vidc.l undcr paragraph 2 hcreol.
An~• anmiutts disburseJ by l.endrr pun~?ant ihis paragr~~ph 7. ~v~th int~rc~t thereon. shall Fx~con?e aSditional
imlcbtednesa of Ror~~iHC~ securcd b~• ~hic !~longa~r. t'nle., BurruHer :inJ 1 en~ler :~grre t~ othrr terni~ of pa~•ment. such
am~~unts ~hall Fx pa~~aMc u~k.n nc~~ir.: fmm I cndcr t~~ R~~rr~~~~~r r«~urcting pa~•mcnt thcrcoL ~md ~hall lxar int~rest from thc
date of dishurscment at thc rate pa~•ahlr fr~m time t~~ time ~~n outst~nding ~rincip:~! undcr the i~ote unles~ payment of
interest at such rate a•ould !~e cootrar~• to ap~liiable l:,tiv. in which cveat such amotints ~h~ll hear interest at the highe~t rate '
perniissible undcr applirable la~?~. Nothinc containcd in this paragraph 7 shall requirc l.cnder to incur any expense or take
an~• action hcrcundct.
8. I~spcction. Lcndcr may r.~akc ~r cau~c to bc maJc rr,~tionaMc cntricc u~~n and in~pccti~~nc of the Pro~rty, pmvidc~l
th~t l.cnder ~h:el1 give 8orrower nolicc ~ri~~r tu am~ tiu~h intiFxcti~~n ~pccif~~ing rc:is~~nable r.+use theref~~r rclated t~~ i_ender's
interect in thc Propcrty.
9. Condemnation. The pn.reed< <•f an}• :t.~ard or claim r~~ ~iamag~s, direet or c~~ncequential, in con~ee~ion ~~•ith any
condemnation or o1h~r taking of thc Pro~rty, c~r part thereuf, or fi~r ronveyance in lieu nf condemnatio~, :?re herchy astigned
an~i shall Ix paid tn ]_endcr.
ln the c~•ent of a total lal,ing of ~hc Pmpc: t~•. thc pn?e-ceds ~hall hc ap~lie~l ~o thc ~ums ~ecurcd by thie Alortgage.
H•ith ihe e~cecs. ii am~, p:~id ti• Borr~~«e~. In thr event ~.f a partial ~akin~ of the Property, unlecc Borrou•er and I.ender
.~~herwi~e agree in writing. there sh:+ll he applied t<~ thc cumc ~ecurc~l b~~ thic 1ltortgage such proportion of the praceeds
:~s it cyual to that pr~~(x~rti~~n which thc amount ot thc .sumc ~rcurcd h~• thit ~tortgagc immcdialely prior to thc datc of
taking txars to thc fair m~rket value of thc Propcrty imm~di;~tel~• pri~~r to the Jatc o( ~:+king, with ~he batanre of the prcx~eeds
paid t~ Bormwer.
if thc Propert~~ is abartdortcd h~• Rorrow•cr, or if. aftcr noli.c hy 1 cndcr t~ R~~rrow~cr that thc cj?ndemnor offen to makc
an :~w•ard ~r eettle a rlaim f~r damag~+, B~~rrower fail. to res~x•nd to Lender v?•ithin 3~l da}•s after the date such notice is
mailed. I.ender is authori~rd to collect and apply thr proceede, at l rnder'. option, either to re~toration or rcpair of the
Pro~xrt~• or tv thc sums ~ecured M• thi~ titortgagc.
I.Tnles. I ender and Borrouer alhen+isc agrce in ~?ritir.c. am• tiurh appliratii~n of proceedc to principal shall not extend
or ~ct~nc thc duc .latc of thc mo~~thl~• installmcntc refcrr~d to in ~aragraphe 1 and 2 hercof or changc thc amount af
such installmentt. ~
ld. Borrower Not Relea~ed. I~~ten~ion ~f the tim~ for ra}~meni or modification of am~rtizalion ~f the tumc securcd
b~• this Mort~aee granted by I.ender ti~ am~ ~uceestiur in interc.t of Bormw•er shall not opc:rafe to release. in an~ manner,
the liabilit~• of the original Borrrn~er and Rorm~~•er'1 surcrs«~n in interes~. [_ender shall not he rcqoired tc? commeoce
pmceedings against siieh ~uc~ecs~r or refu:e to e~ten~f time for payment c?r athen.ice modifv amortizatic?n of the sums
tecured h~ thi~ Mohgagc hy reacon of am• demand madr b~ the or~gina) Aorruwer and Borrower s succestors in interest.
! 1. Forbearance b~~ I,ender tiot a K'ai~~er. Am~ fe.ri•rarancr M~ I_cnder in rrercicine am• rigM or remed}~ hereunder, or .
otherwise affordeci h}~ applicaMe law_ shall n~t he a aai~•er c?t ur preNude thc e!cercise of am• sueh rieht or remedy.
The procurement of insurance or the payment of ta~es or other tien~ .,r chargec hy t.ender chall not be a u•aiver of I_ender s
right to aecelcrate the maturit}• of the indchtedrte~s c~rcurrd h~• thi~ '1~ortgage_
12. Remedies Cumulatia•e. All reme~licc prm idcd in thi~ '?lortgaee are dis~inct and rumulati~•c to an~• other right or
remr~i~~ undcr this Mortg~gc or aff~~rdcd h~~ laH~ ~~r ryuit~•. and ma~ tx c~crci~cd rnncurrcntl~~. indcpcndc~tl~• or succccsivci}'.
13. 5uccessors and AssiRns Bound: Joinl and Se.erat (.iabilit~; ('aptions. 7hc ro~~enants and agrcemcnts hcrcin
contained shall hinci, artd the ri¢htc hereunder ~hall im~rc to, the re~pecti~•e succe~tiur~ and astign~ of l.ender and Borrow•er.
subject to the pmvision~ of paraeraph I7 hcrc~f. All roven:ints an~l aereemenls of Borr~H•er shall be j~int and ~e~~eral.
'il~e captions an~l headings of the paracraph~ of this ~lortgag~ an for convenience only and an n~~t to he used to
interpret or define fhe pro~~icianc herec?f.
14. Notice. Except for an)• noticc reyuired under applicahle la~~ to he given in another manner. (a) an~ notice to
Borrow•er provided for in this ~t~rigaee shall Fx: eiven h~• mailin~; ~uch n~~tice b}• certified mail addressed to Borrnwer at ~
the Pro~rt}• Addresc or ~t wch othcr addre~t as B~urrnrer ma~• detignate b~• notice to t.ender as provided herein. ~nd
(bl am~ notice to Lendrr shall hc gi~'en h~~ certified mail. rcturn receipt requested. to Lender s address stated herein or to
such other addresc as I_ender ma}• designate b~- n~ticr t~• BorruH•er as pro~•ided hcrein. An~~ notice prrnided for in this
Mortgage shall hc deemcd to ha.•c been ¢i~•en to BormH~r ~,r l.rnder when given in the manner decignated herein_
1S. L'niform liort~aRe; Co~•ernin~ i.ax; Severabilih•. Thi~ fc.rm ~f mortgage combines uniform cavenants for national
use and nrn-unifurm c~~~enantc Hith IimiteJ ~~ariation~ h~~ juric~liction to constitute a uniform securit~• instrument rnvering
mal pmpert}• Thi, :1lortgage shall t,e govenied h~~ the law .•f the jurisdi~ti~~n in w•hich the Propert}• is located. In the
event th:,t ~ny provisi~m ar cla~~se ot this !~f~n~a~e ~~r the ':`~.te c~~nflictti ith applicahle law•. such conflict ~hall not afTect
other pre•~~isionc of thic 1ltortg:~ge ~~r the \c,te ~~hi~h can hr gi.•rn efTect .vithoiit the ~onflirting provi~ian, and to this
end the pru~ iti~~n~ of thc ~forigage :~nd the \i.te are tkcl:ercd t~~ Fx :e~•crab]e. '
16. BorroKer's Cop~•. Borroti•er tihall hc furni.hed a conformed copy of thc Note and of this M~rtgagc at the time -
of execution or atter recordation hereof. -
17. Transfer of the Properi}; Acsumplion. If all ~~r am part of the Pr~~perty or an interest therein ic s~~ld or trancferred
by~ 8ormw~r without Lender'S prior urittcn cuncent, exrluding ~a~ the crcatinn of a lien or encumhrance suhorJinate to
thi< titnrtgage. (b1 the creation ~f a purcha~e money ce~urit~ interest for household appliances. (c) a tran~fer bt devise.
de~cent ~~r by o~ration of law upon the death rf a j~•int tcnant or (~1~ thc grant of an~• Icasehald interest ~f threc years or tess
not containing an option to purchase. I.ender ma~~. :,t i.ender'c c,pti~•n. decfare all the s~m~ secured b~~ this :lfortgaee to bt:
inTmediateh• due and pa~•ahle. I.ender shall ha.•e uai~•ed such nptian t~~ accelerate i[. prior to the tale or transfer. I.ender
and the prrton to whom the Propert~~ iti to be sol~ ~~r transferred reach agreement in writing that the creJit of such person
ia satisfactor~• to I.ender and that Ihe intere,t pa)~able c.n the sum~ secured hy thi~ Mortgage s6all be at such rate as Lender
sh~ll reyuest. tf I ender has wai~•ed the opti~~n tc• arceler;~te pro~•ided in this paragraph 17. and if Borrower's successor in
interctt ha~ executed a written assumption agreement a~ceptcd in writing by Lcndcr, Lender shall relea~e Borrowcr from all
obligations undcr this Mortgagc and the Nolc.
If Lender exercices cuch option to accelcrate_ Lender ,hall mail Borrow~er notice ~f acceleration in accordance with
paragraph i4 hercof. Such notice shalt provide a peri~ul of not Iess than l0 dayc from ihe da~e the notice is mailed within
uhich Borrower ma}~ pa)~ the sums derlared due. I( Borm~er fail~ ~o pa~• such sum~ prior t~ the espiration of such period,
I.cnder mat~. w•ithout further notice ~r dcmand nn HorroH~cr, im•oke am~ remedics permitted M• paragraph I R hcrcof.
No~-UhtFOR:?t Co~•F~.~tvTS. Borrower and Lender further covenant and agree as follows:
18. Acceleration; Remedies. Except as provided in para~raph 17 hereof, upon Borrower's breach of any covensat or
a~reement of Borrower in this Mortga~e, includinR the co~~enants to pay when due pny sums secured by t6is Mortgage, [xndet
prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) t6e aetion
rcquired to curc such breach; (3) a date. not less than 30 day~s from the date the notice k mailed to Borrower, by whkh such
bnach must be cured; and (4) that failure to cure such breach on or before the date specified ia the notice may resWt in
accektation of the sums secured by this Mortg~e. foreclosure by judicial proceeding and sale of the Property. 'il~e ~eotice
shall further inform Borrower of the right to rei~tate after acceieration and the right to assert in the foreclosure prnceeding
the non-existence of a default or seny other defense of Borrovrer to acceleratioa and foreclosure. If the breach Is oot cured on
or before the date specified in t6e notice. Lender at Lende~s option may declare all of the soms secured by this Martga6e to be
immediately due and payable without further demand and may foreclose th~s Mortgage by judicinl proceediag. Lender s6att
be entitled to collect in such proceeding aU expeases of forectosurr. including. but not timited to, rcasonable attorney's fees,
and casts of documentary eridence, abstracts and titk nports.
19. Borrower's Rfgl~t to Reinstate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage,
Borrower shall have the right to have any proceedings hegun by 1_ender to enforce this Mortgage discontinued at any time
ISlJ•
~ ~'~R~~ r`~`
'~`F - "
~v~ ~ J }."y7 ~ '
f,/'*,"''"at~` ~-~'2'r`r`-n _ 'a Sa ~~~~y~ .