HomeMy WebLinkAbout0460 Lrndcr's H•rittcn agrcrmcnt or applir.~blc law. liorrowrr snall pay thr amc~unt of all martgagt insurancc premiums in the
manncr pruvidcd undcr paragraph 2 hereof.
Any amuunlc di,hursed by I.ende~ punuant ~i~ this p~rag~aph 7. wi~h inlereu thereon, shal) become additional
in.l~htcdnr.ti of HorroHC~ srcurcd h~• thic Mor~~;agc l.'nle~~ Borro~~cr and L~ndcr agrec ta other tcrms of paymcnt, such
am~~um~ ~hall tx payahi~ uEx~n nuticc from I.rndcr tu B~~~ruwrr rryuc~tin~ prr•mrnt ~hcreof. and shall txar intertst from the
~fa~c nf dicbursement at thc ratc pa~•aMr from timc to time on autstandinR p~i~cipal under the Note unl~ss payment of
interc.q at such rate would F+e romrar~• to applicable I;~w, i~ which event such amouMs shall bear interest at the highest rate L.
perniissihle unde~ ~pplicablr law. N~~thing conr.ii~ed in ~hic paragraph 7 chall require [.ende~ to incur any expense or take
any artion hcreu~der. ~
8. lnspection. Lcnder ma~~ makr ur causr to he madr rra~onahlc rntriec uFx,n and in~pectionc of the Property, provided "
that 1 ender ~hall gire Rorrower nc?tic~ rrior to am• curh im~xctiun t~xci(ying rcasonable cauce therefor related to I.enders
inlcrc:t in the Propcrt)•. .
9. Condemnation, The pnk•redc ~.f ant• aN~:,rd ~~r claim for dama~es, direct or cc?ncequential, in cpnp~etie~n ~wi1h any
~ondemnati~~n ur other taking of ~hc PraEx;rt~~. ~~r part there.~f, or for ~unve~~:~nre in lieu of condemnatian, are F?Creby as~igned
an~l ~h~ll F?~ paid to I-cndcr. ~ ,
ln Ih~ evcnt of a I~•tal takin~ of Ih~ Pm~rt~•. thc pm~ccdc ~hall hc ap~licd the ~ums secured hy thic Mortgage. •
~ith the ctirccs, if an~•, paid to f3orrrurr. In the evrnt i.f a partial laking i~f the Pr~iperty, unlecc B~rmw•er and l.ender
~~ihcrM i<< agrer in writin~:, thcrc ~hall 1?~ applicd ~i? thc ~umti ~rcurcd hr th~~ Mort~age .uch pro~rtion o( ihe proceeds
ac ic ryu;,1 t~ that pm~x~ni~~n w•hich the amount o( the .um. ~rrured h)' Ihit '~iortgage immedi~teh~ prior to the dat~ of
taking Fkar~ to the fair market raiur uf thc Pru~rt~ immrJiateh~ prii.r to !he ilate of trking. wilh the halance of the prc~cceds
paed t~~ Borrow•cr.
if the Properly ic ahandnned M• B~~rr~u•er, c.r if_ after notice hv l.ender tc. Rormwer that the condemnor afiers to make
:~n aw:~rd ~~r ~eUk :t claim f~r dama~e.. B.~rre•H~rr fail, t~~ rr,{x~nd t~~ Lender H•ithin 3l1 dars after the date si~ch notice is
ma~led. I_cndcr i~ aiithorizcd to callert and appl~• the prcxecdc. at l.endcr't option, cither to restoration or repair .of the
ProExrt~• or m the sum~ .ccurcci hy thi~ M~rteagc.
L!nles. Lender and Rorn~wer otherw i~c agree in ritinL. ~m~ tiuch a~plicatic.n e.f proceedc ta principal shalf not extend
;~r p,..tprne thc Jue Ja~c of th~ mo~iihl~ inslallmrnts rcferred to in paragraphc 1 and 2 hereof or change the amount of
.~~ch imtallments.
10. BorroN•rr !~ot Released. E~lension of th~ hme for payment or mc~difi'catii~n of amortixation of the sum~ tecured
h;• th~~ !~1~~-teaur grantcd M• 1 en~ler tr am• «~c~ea.ur in intrrect of Borro~er ~hall not operate to retease, in any manner,
the- I~ahili~c ~~i the orieinal SnrmWCr and R~~rmw•tr'. succrs~i.rc in interest. I.ender shall not he required tn commence
~~nkccJingc a~;ainct ar~h suececc~r or refi~sr t~, c~lrnd timr t~r pa)~menl c?r athen~•i~e mcxlify amortization of the sums
.erured hy thi. 11i~rtgage h~~ reaeun of any demand made b~ thr orieinal Borraw~er :ind B~rrow•er's ~uccess~~rs in interest.
11. Forbearance by I.ender 1ot a~Vai~•er. :~n~• f~~rhearan~r h~~ l.rnder in e~ercising ant• right or remedy hereunder, or
~ahrn+•i~c ;,tT.,rded h~~ applirahlc law_ ~hatl ni~~ tx a wairer ~f or precludc the exercise of any such right ar remedy.
Th~ p~cxurement ~f i~suramr or the pa~~mem i~f ta~e~ ~~r uther liens ~~r charg~c bt• I.ender shall not he a waiver of I.ender s
richt ti~ acrclcratc Ihe maturi~y of thc indchhdnres crrurcd h~• thi~ Morteagc.
12. Remedies Cumulative. All remedies pravided in thi+ M~,rtgage are distinct and cum?dative to any~ other right or
remcil~• unJer thi~ M~~rtgagc ~r affordcd h~~ law or eyuit}•, and ma~• hr etierc+eed rnnci2rrentlr. independently or successively.
13. Suecessors and Assit;ns Bound: Joint ~nd Se~eral I.iabiiity; Cap6ons. The covenants and agreements herein
«~niainc~l thall hind. and thr ri¢ht~ hercunder shall ini~rr to, the n~pective sucrr~a~rs and assig~s of I_ender and Borrow~er,
ti~~bject t~• thc p~~~~~i~ionc c.f paraeraph 17 hcrrof. :~II ro~•cnants anJ aerecmem~ of Bcyrow~er Shall he ji~int artd several.
The captian~ anJ heading~ of the (1ilf:lQfJ(1~1C ~•f thic !~i~rleage are fnr rnnvenience c?nl~• and are not to he used to
interprct or define ihe pm~•ici~~nc hereof.
14. ~otice. Exrept for any notice rey~~ired under applicahle law to be given in another manoer. (a) any notice ta
Hrrr~~wcr pr~~vided for in Ihic \lortgaee zhall tx gi~~en hc mailinc ~uch notice b}• certi6ed mail addrested to Borrower at
th~ Pr.~~xrt~• Addre~. ~~r at a~ch .~thcr ;~ddrr., :~c H~.rr~~uer ma~ dc~ignate hy n~~iice to l.cnder as provided herein, and
Ih1 :~m notic~ tn 1_emler shall Fx gi~cn h}~ ccrtifi~d mail. retum receipt requected. to 1 ende~s adJress stated herein or to
.uch uther addrec~ as.Lender ma~ d~~ignate ~h~ noti;e t~~ Bormwer as pro~~ided herein. Any notice pr~~vided for in this
~~~lfl~,':lQl SFlal) tk decmcd ti, ha~~c Ix:en ~ivcn to Borr~wcr ~u Lcnder H~hcn given in thc manner designated herein.
15. L'niform ~torf~age; GorerninR I.aw; Se~~erabilit~•. Thic fnrm nf mortgage combines uniform covenants for national
usr and n~m-unifurm ci.~enant. with limit~~et ~•ariat~on~ h~ jurixh~ti~.n t~~ c~nstitute a uniform security instrument rnvering
rral pro~xrtj~. Thi, Mort~ace shall hc c~~~~~rnrd h~ th~ law ~•f thc turi~Jirtion in whi~h the Propert)' ic tocated. In the
e~~ent that am~ provision or rlauk oi thi. Atongaer ~•r th~ \~.tc conllicts ~ ith appticahle law, sienc ~onflict shall nnt affect
«ther pruchiom of thic Alortga~e or the N~t~ ~~h~nc ~an he gi~•en etfect ~cith~ut the eonflicting pmviaion. and to this
end th~ pm~i~ions o( th~ Mortgage and the \~~tr are ~Irclared to he ceverahle.
16. BoROw•ers Cop}-. Borrowcr shall t+c furni.hcJ a c~nformed ropy of thc ~totc and of thi~ 1liortgage at the time
~.f cxcriition or aftcr rccordation hereof. .
l7. Transier of the Propert~; Ac~umplion. If all t•r am• part of thc Pmpcrt}• or an interest therein is sold or trancferred
hv Borrc,w•rr v?•ithout l.rnder's prior w~rittrn runcrnt. c~ctuding (:~1 thr creati~n of a licn or encumbrance subordinate to
thi. Mortgage. thl the creation e.f :i purcha~c mone~~ ~eruril~ interest for household appliances. (c) a transfer hy devise.
dc~rcnt ~~r h}• opcration of law upc+n the ~cath c~f a j~•int tenant or (cU thc grant of am• Icasehold interest of threc years or less
not cont:~ining an optiun to ~urchase. Lender m~~~. at Lender's optiun, declare all the cums secured h~~ this 1~lortgage to be
immcdiatel~~ due and payab)e. l.ender ~hall ha~e ~aned wch opti~m tr. accelerate if. prior to the tiale or transfer. Lender
and the perz~ to w•h~.m Ihe Pr~~xrt~~ i~ a, be sol~l i~r transferred reach agreement in writing that the credit af such person
i~ saticfactor~~ to i.endrr a~d tha[ the intere.t payaMe c?n the sum~ secured b}• thi~ :?Tortgage shall be at such rate at Lender
shall reyuest. If l.ender has waieeJ.the opti~.n to accelrrate prm~ided in this para¢~aph 17, and if Borrower's successor in
interest hac executed a w•ritten ass~mption agreement accepted in writing by I.enJer. (.ender shaU release $orrower from all
~~bligati~ns under this Mongage and the Note.
1t I.ender e~ercisrs such uption to acceler~tr. I.ender ~hall mai! Borrower notice ~f acceleration in accordance with
paragraph 14 hereof_ Such notice tihall provide a period ~~f not tess than 30 days from the date the notice is mailed within
~hich Bormw•er may pa}~ the siim~ declared due. If BorroHCr failc to pa~~ such tums prior to the expiration of such period.
l.cnJcr may, without furthcr no~icc or demand on Fiorrawcr. ~nvoke an}~ rcmedies permitted by paragraph 1R hereof. •
Non~-UN~FOR!?t CoveN~tvrs. Borrower and I.ender further rnvenant and agrce as follows:
18. Acceleration; Remedies. Except as pro~~ided in pa~raph 17 hereof. upon Borrower's breach of any covenant or
agreement of Borrower in this Moriga~e. incladinR the co~•enants to pay when due sn3• sums secured by thts Mortgage. Leader
prior to acceleration shall mail notice to Borrower as pro~~ided in paragraph l4 hereof specifyin~: (1) tbe breach; (2) t6e action
nquind to cun such breach; (3) a date, not {ess ihan 30 days from the date the notice is mailed fo Borrower. by ~+hich sucb
brtach must be cured: and (4) that failure fo cure such brcach on or before the date specified ia the notice tnsy resdt in
acccleration of tbe su~ns secured by this Mortg~e. foreclosure by judicial proceedi~ and salt of the .Ptopertr. 71~e nMice
shall furthtr inform Barrower of the ri~ht to reirutafe after accelerotion and ihe right to assert in fhe ioreclosure proceedin=
tht non-existtnce of a defauN or any other defense of Borrower to acceleration and foreclosure. If the breach is oot cnred on
or before the date speci6ed in the notice. Lender at Lender s option may declare all of the sn~ns securcd by thb Mortaa~e to be
immediately due and payable. wilhout further demand and may forrclose thk MortRage by judicial proceedhe~. Lender shaU
be entiHtd to caltcct in surh proceedire~ al! e:penses of foreclosure. including, but itat 4mited to, reasoasbk attomey's fees,
~nd costs of documentary evidence. abstracts and titk reports.
19. Borrowe~s Ri~ht to Reinstate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage,
Borrow~r shall have the right ta have an~ proceedings hegun hy I_ender to enforce this Mortgage discontinued at any time
a -
, OR
a~284 P~ 4~~
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