HomeMy WebLinkAbout0038 ! ~n~lrr', ticnttcn a~trcr~i~c~:t ~~r apE~hrahlc I ~,+~u~~Ji`/~hal1 ~hr am~~nnt .~f .ill m~~rtga~r in.u~ ~n:~ prrmium~ in 1hc ~
m:~miLr ~~r~~~~i~.~l undcr pa~:~~:raph 2 hefcQ~
.~ii:' amuuniti di,hur~~d l~~ 1 ~n~lcr uant thi~ r:~r~e~aph 7. w~~h int~~~~t ih~r~.~n. ~hall t+i~unu att~tin.~~tal
in~lrh:..tn~',~ .~I It~~~ru~~~r «curr~ h`. ihi~ \}urtg:~ti~ l'nl~.. R~~rr.~~~er .utcl i~'n~l~r .~~(c~ Ii~ i~lh~r t~'~m~ u( pa~~mcnt. .uch
anirunl, .hali }x ,~avablc u+a~n nn~i.r frrm I rm}rr l~~ I3~~rrrurr r..iue~~in~ r.?~ m.•ni ~hrrruf. anJ ~h:~ll h~ar intrr~.t fmnt Ihc
.lalc nf ~li.harxm~nt at Ihc r.~tr ra~:iFlc tn•m timc to Ume i~n ~ut~tanding ~+rinri~l ~u~'lh~ ~~~tc unlce. pa~'ment of
interr~t at cucl~ ra~r ti~~~ul~t M- c~•~~tran t~~ a~rli~able la~v, in ~vhirh e~~rnt euch :+m.~untc tihall hear inlerc~t ~t the highest rate
~xrmissihlc nnJcr appticahic I.~H. N~~thing rc?nt~ioc<f in thie paraer:~ph 7 ch~ll rcq~~erc I.cndcr to incur an~• c.~Mncc or takc
.~ny ci:~io~ hcrcundcr. . .
~ 8. Insperlion. l.cndcr mav ma{.c or:au~r 1~ be madc rca~onal•le ~Mriec up,?n and in~~xcti~~n. of the Pn.pcc~y'. pmviJc~l
~h:~l 1 ende~ ~hall giv~ U~•~n.wer noti~~ prior ta am• ~uch ine~xcti~~n ~~x~~tying rr:~sonable r:~uu theref~•r rclated to I.ende~ c
interc~t in thc P~apcrl)'.
9. Candemnatiun. Thr pr~.cerdc of am• award ar rlaim for <lamages, .lirec~ ~~r c~ncequcntial, in connection W~ith an}~
_ :o~demn~tion or nth~r takinc of thc Propcrty, ~~r part thcrcof. ~~r for c,~m•c}~ancc in licu rf condcmnation. arc hcn;hc accigncd
:~n~ ,hall F+c paid to I.ende~.
In thc e~~ent af a t~tal t~kin~ rf t?k Pm~er~~•, thc prcxcrdc .ha11 hc applicJ t~Y ~he .??mt cccured by thic Mortgagc.
wi~h thc c~cecs. if ao~~. p:?id i~• Aorr.~wcr ln the c~~ent ~~f a p:ulial taking .~f thc Pmperl~•. unlc~c RorroN•er and i.endcr
uiherw•isc agree in wri~ing. them chall he applied to ~h~ cums secure~l M~ thi. ~1~rtgage surh rroporlion ~~f the prckeeds
as is ~qua1 to that pr~~~?orti~.n which the amc~unt af the sum. .ecured hc Ihic \ic~:tg:~ee imnhdi~tel~• prior. tc~ tte~ date of
taking he~n to the fair markei valu.c ot the Propcrt~~ immediately pric,r to thr ~latc af ~akin~, ~~i1h Ihc halancc of thc pttxccds
paid to BorroWcr.
~if the Property ie lhandoned h~~ Borr~w•e~. o~ if. ;sfter notice hv l.ender Ic. Borrnw•er that the condemnor oBers to make ~
aii aveard nr sctNc a ctaim fc~r d;~ma~c~, 8orrowcr fail. t~~ rc.Ex+n~i t~~ l.rndcr w•ithin ~O dars aftcr the datc cuch noticr is
mailcd_ Lcn.i:r ic authori7cd to collec~ and apply thc prurrcds. at Lcndcr'< or~ion. rithcr to rcctoration or repair of thc
Pro~r~~ or to thc s?imti .c~urcd h~• thi: Mongage.. yV~ i,u,,,>,,,, r~t.,
Unlcsa I cndcr :ind B~~rro~~•rr uthcrwict agrcr in aritin!~. am~ w:h M~y~litation ~~f pr~ccdt to prin~i~:d .hail nc.t c~tend
~~r posfp~~ne ~hc dur ~la~c ~f the m.~»thl}• imtaHmrnts ~rfrr~cd to in ~+:+ragranc~_i ij~d 2 hcmut ~~r chan~e Ihc amc.unt ~f
wrh installments. ' '
10. BorroH•er \01 Releaced. F~Iemion of the timr f.~~ p~vmcnt or m~difiratinn .•f :~m~~rti7atian ~f the wmc ~ecured
h~ thiti i~i.~~tr~~c g~antcJ hy I.cnJrr t~~ am~ .ucccssur in intcr~:t of {i~r~u~ccr ~hall not c,reratc to relrasc. in an~• manncr.
thr liahiti~t~ c•f Ihe cxiain;J Rorro~cer .vnd Be~~roa•er'~ su~ccs~~~,-. in intere~t. l.enJer ~hail~ nut he requirrJ tn commence
~r~xeedi#igs against si~ch suc~e~s~~r rr refu~c t~ ~~ten.l timc for pa~•ment i.r othen~i.~ m~dif~~ :?m~rtizati~~n the sums
urured h~• thic !liortgage h~~ maec•n of an}• d~m.~nd maifr. h~~ thr .vi~i~h~l Borr~~wer :~nd Borra~~~rr'~ aucce~c~.r: in interest.
11. Forbearanre by Ixnder'~ot a R'ai~~er. .~nt fc?the.~ranr~ h~ Lrnder in e~ercicint am• right or remrdy~ hrre+inder. or
~~thcrK•ice afi.?rd~-ct hy applicahle I:iw•. ch:ilt nat he w•aieer c~( c?r pre~lude the r~ercise of an~~ ,uch ris!ht ~r rcmecl)~.~
Thr pr~kurcmcnt ~f i~~urancc u~ thc pat~ment oj ta~rs .~r .~thcr Grnti ~~r :hargcs by I.cndcr ~hall not tx: a.~ai~~cr ~~f I.cn.lcr c
rieht t~. acr~lerate thr maturit~• of shc indehtednr<..cc±~red h~• thi. ~1~~rt~age.
12. Remedies Cumulative. All r~mediec pro~•ided in thi. iturt~a~e are disNnct an~t cumulati~~r to :in)' ~~th~r rieht or
rcmecly~ tmeicr thi• ~tOT(l"JLC or aft~~rdcd h~• !aw• ~,r eyuii~. .ind mar }x ~~rrrisr~l r~nrurrcn~h•. independentl~• or sn~:r.ci~•ch•.
13. Succeccors and AsSiRnc Bouml; Joinl and Se.eral I.iabilih~; Caplions. The ~ovcnants and agr~cmrnt~ herein
,:~~maineJ shall hind, and the riehtt her~under tih~!I +nure te~. the rec~cticr sucr..~crr. an:l ascignc ~,f I.ender and Bormw~er.
,ubjcct to ~he proviciom ~f {~araec;?ph 17 hcrcc~f. :lli ro~•cn:~ntc :uiJ agrrcmcnt. :+f Bc~rtoa~r shall tx: j~tint and sc~~cra1.
The rapti~m ;~~z~t hea~lin~~ ~~f thc ~~~ragr;,phs ~~f thiti !?1„r~gugc are f~~r c~~nveniince rni~~ :md arr n~~t t~~ Fk used to
int~rpret or ~efinc the pro~ i~iun; herenf.
14. \oticc. E~rc~t for an~• nMirc rcyuircd undcr a~?, lic;ih~~ la~~ t.~ hc ei.•cn ~n ac~athcr manncr. /al :~m~ noticc to
Rurr~~~ti•er pr~nidcd for ~n thi~ !ltort,rr~e shail-hc gi~•~n hc mailii~~ ~uah n~~ti~r hti• ~•rrtifrccl mail addre~~rd ta Rorr~wer at
th~ Pru~xrl~~ Ar1Jre.~ ~~r ::t tittch othr~ add~c.+ ~s Rrrn.wer m:+. ~~.~_•n:itc h~~ n.~+.i:r t~~ I rndcr :~s pmvidcd hcrcin. and
(h) :u:•. n~~tirc t~? Lcn.ler ,h~ll hc giren M ccrtifird m:~il. rrturn r~ceirt rryi~c.li.l. ( cn~lcr'. ad~irese st~itrd hcrcin ~r to
,i~rh ~,ther ad~irctic .i. l.rnder ma~ dreignate b~ rn~!icr t,, &,rr.,titr ac ~,ro~iJei( herrin_ .!m• nofice pre~vid«I for in thic ~
\turtxagc shatl hc dccm~d ~a ha~•c bccn s:i~~cn to R~rn+ucr or 1 rnclrr whcn ~_i~rr~ i:i thc ~n:,nner dt.ien~t~d hcrrin.
1~. L'niFnrm ~1ortRa~e: G~»er.~in~ Law: Se~~cra6ilih-. Tl,;. )~~rm ~,f m~rtcaec •.~~mhincs uniform cc~~•~iixnt~ G,r national
<«e anci n~~n-unitonn ~,,ccn:int. ~.ith limitc~l ~arialirm h~• juri~.i~ition t~. cc~nstitnt~ ~ i:niforn~ s~rurit~~ in~trumrnt co~~ering
r~al pmpert}•. Thic ~1lortgacr shall Fx; gov~rned M• thr l.~u ~~f the juri.di~ti~~i~ i:~ .~1~i,F~ the Propert~• ic tu~ated. In the ~
e~'ent thal ;int~ provisiun ~r ciau~r ~~f thic ;1lortcae~ rr the ~.~te ri~nt~i: t. n ith ;~~~~lir,~hle lax. ~uch contlict ~ha0 n~t atieet
~~thrr ~+r~~~i~innti ~~f thi~ \for?zazc .~r thr '~~t. ~+•hi~h ran hr ~_i~rn rlTc~t «irh~~ut thc ~untliciini prmici~m, and M this
cn~i thr ~~o~ i~irnc .~f !hr ~1~~rtet:t,er :,ntf lhr ~~ur urr .I«larcd 1~~ ix ccvcrahlr. .
16. BorroNCrs (op~. Borro~~cr .h:~ll h~ furni~hr~l ~~~nfrrmrd ~~~p.~ ~~t ihc '~ot~ .in~l ~•f thi~ ~ltort~agc at th~ timc
uf exccuti~n ~~r astrr rr.•ordation hcreof_
17. Transfer ~f the Propertc; :1s~umptiun. If :~I~ ~~r an~ ~~.,rt ~~f the Pr~~~ rt~~ or ~n interest therein ie .~~Id ~~r uancferred
hy Horr.~ucr ~~ith.~ut I_rndcr'~ rrior writ~rn ~.?mrnt. r~rlr.ding i;~l the cr~ati~~n of a_ licn i~r cncumhranre sutwr.linatc to
thi~ ~1~~rtgage. (h) the crratien ~~f a~urrha.e in~~ne~ .r:uri~~ ~nter~.t f~~r h~~u:ch,~l.t .~~ptianres, (ct a tramfer_ h}~ devise.
ctr~ccnt ar h~• c~~xr.,tion of I:~~ti upon the eleaih irini ~cn;ent ~~r 1~f~ thr gr:?nt uf am leciscnold interest of ihre~ ~•ears or IeSc
not rontaining an npti.~n to pur~hasr. 1 rnd~r m:~t. .it !-cn~rr'~ ~~rti~~n, drel.uc at{ Ihe ~um~ sr~ured h)~ this \tortgage lo be
;mm~~iiatch• d~~c and pa~~ahlr. l.rndcr citall ha•:c ~.:~i~~d .i~~h rpti~~n t~~ ar~clcr:~tc iC ~+rior to thc .ale or transfer. I.ender
and thc ~r~~~n tci ~?h~~nt Ihc Pr~•~rt~~ i~ t~~ Fx .~•(~i ~~r tr.m,ferrid rrach ::grcrmrnt in ~rritiiig that th~ rrcdit of such pcrson
i: sc~tizfactor}~ t<~ l.en.trr :ind th:+t Ihe inter~'.l p~c:~Mc r» thr •um. ~rrtlred h~• Ihic \ti~rlga¢e shall be at such rate ac I_ender
.hall reyu~st. If I.en~3er has wai~•ed the ~•pii~~n t~~ arcrter:~tr pr~•~•i~lyd in ihis paraeraph 17. and if Borrc~w~cr'c successor in ~
~nterect hs~ e~ecuteJ a writtrn assumption agreenient arccptrd in ~~riting h~~ I.en~ier. I.ende~ ~hall relcaee Borrow~er from all
.~bligation~ unJcr this M~rteagc and ~hc Note. '
If I.endcr eiercises such i~ptii~n to arrelrralr. ! ri~cler .h:df mail B~rm~cer n~.tice .~f acceleration in acrnrdance w~ith
paragraph 14 hcrcof. Such n~~ticc shall providc rc ri~~.l ~~f not Ics. than ?0 da~•c fr~~m thc datc thc noticc is mailed v?~ithin
~~hich Borros~-cr ma~• pa~• thc sums dcclare.i dur. I! B~,rr~n~rr fails tc~ p:~~• surh Sum. prior to thc cxpiration of surh pcriod.
Len.ler m:~~•, wit6out further noti~e ur dcm~nd ~~n K~~rrower. ~m~t•1e anc r~medies ~.ermittecl b}• paragraph 1R hereof.
Nov-Utv~FOR+t CovE~r~tiTS. Borrower and l.ender jurther co~enant and agree as follows:
18. Acceleration; Remedies. Except ac pro.~ided in para~raph 17 he~eof, upon Bor~~w~e~'s breach of any co.•enant or '
agreement of Borrower in this !~tortgage. includin~ the co~enants to pai• when due sn}~ sums serurra by this Mortgage. Lender
prior to accelerltion shal! mai) ootice-to Borrower as procided in paraRraph 14 hereof specifying: (1) the breach; (2) tbe action
required to cure such bresch; (3) a date. not less than 30 da~s from the date the notice is mailed to Bormwer, by which suc6
breach must be cured; and (A) that failure to cure such breach on or before the date specified in the notice mny resatt ia
accetemtion of the sams stcured by this NortgaRe. foreclosure b~• judicial proceeding and salt of the Properfy. ?he nMice
sha11 fur~her inform Borrow~er of the right to reimtate after acceleration and the righf fo assert in the foreclosure proceeding
the non-existenc•: of a default or any other defe~r of Borrower to acceleration aud foreclosure. If the breach is oot cured on
or before the dale specified in the notice. Lender at I.ender's option ma~• declare all of the sums securcd by this Mortgage to bt
immediately due aad payabie without turther demand and may foreclose thEs MortRage by judicial proeeeding. Lender shall •
be eutitled to collect in such proceedinR aJl expenses of foreclosure. incl~ding. bul not limited to, reasonable attorney'a fees,
and costs of documentary evidence, abstracts and title reports. • ~ '
19. Borrower's Right to Reinstate. Notwithstanding I.ender c acceleration of the sums secured - by this Mortgage.
Borrower shall have the right to have an~~ proceedings he¢un by l.ender to enforce this ;1lortgage discontinued at any time
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