HomeMy WebLinkAbout0319 l ender's ariuen agrr.a~rnt or appli~aMc ldw~ ~x~~N~~ull ~ • am.lunt ~~f ,,II;Ai~rtga;c iinur.~n~~ pr~mium~ ~n thc
mannrr pn~~•~drd tmJer paragraph ? hereof~ ~ • ' • -
:1n)' anu~~u~K ~i:.hurscd b~ I.rn.lcr pur.uant t~~ Ihis para~r.~p 7. «•uh ,mr~c~t ihcr~,~n. ehall tn~umc additi~~nal
i~~~khirJnr;. uf 13urr~,w.~ ~erur~d M• ~h~c \1ortLage l'nl~~. B~,rn~•ticr :~n~f 1 rm!cr .~~r~e t~ ~~th~r tcrnt~ ~,f pa~•mcnt. ~uch
antc?um~ ~hall t~ pa~ahlc u{~~~~ n~.~i:~ fri~m I cndcr t~~ tiurr~~~rr ~~yur,tin~; j~a~mrull~y ~ d~~1~.ha11 h~:~r intcr~ct fr~~m the
~iatc of ditihur~cmcnt at nc~ ratc ~a~:ihlc frc~m timc t~ +imc ~~n c,uKt:utdin~ pnnc~ 1 ti - ~bt Notc unlc~c. payment of
int~r~st a1 such rate ~+aul.l ik contrary tu applirablc la~~•, in ~~hich ~~cnt ~uch am~•unts shall hcar in~ereq at iM: highe~t rate
pcr~iisciMe imdcr arplicablc ~a~•. N~~tl~ing containt~i in thic parag~aph 7 shall ~equin: Lende~ to incur an~ expense or takc
any artion hrreundcr.
8. tnspecfioa. t_rn<!er ma~~ makr ~~r cause to F+e made rcaconable rn~riec uEi.>n and impectinnc c~f thoAm~x:rty, pmviJed
ihat Lcnder sh~ll give Borro~~•er ne?lice priar tu an~•~+uch inspection cpccifying rcasonable rau:e Rhsref~~r rrlated t~~ I.ender's
intcrest in thc Propcrtr. . -
9. Condemnalbn. The proceedc of any :~w~ard or rlaim fur ~iamagrs, direet c~~ concequential. irt conneetion with any
condemnalion or ather taking of the 1'ropeny. or patt ihereof. or for ci+rvey~nce it?:lieu of cc~ndemnatipn, are herchy acsigncd
and shall be paid q~ I.ender. •
In the cvent of a total taking of Ihe Pm~ny, the rraceedc chall he applied to ~he cums seeured by thic Mvrtgage.
with ~he e~cess, if any_ p;iid to BorroN~er. in the event of a partiai taking uf the Property. imlccc BormK~er and I.eoder
o~hera~ice agree in wre~ing. therc shall bc applied to the sums securcd h~• ~hi~ MortkaR~ cuch pm}+orteon of ~he proceeds
as ic rqual to that proF+ortinn which thc amount o( the sumc ~c~ur~-d by this M~rt~age immediatch• prior ~~he date of
taking lxars to thc fair markr~ valuc of ~he Pmpcrty immediately prior «~the ~la1e of taking, w•ith thc batan~r ~f the procccds
paid to 8orrowcr. -
If the Property is ahandoncel M~ BorraWer. or if. aftcr notin h~~ l.cndcr to Borrowcr that thc condemnor ofiicrs to make
an aua~d or setde a claim f.~r damagc+, B~~rrower tails t~ re~~~nd t<. 1 rnder wethin :t0 da~~s after the date such nutice is
mailed. i:ender is authorizcd to collect and appl~~ the pmceeds. :~t l.ender'e option. eilher to resroration or nepair of the
Propcn~• or t~ the sums scrurecl h~• thi~ Mortgagc.
Ualcsc l.cndcr and Born•v?•cr athcr.~•isc agrec in ~rritinL. am~ ,u~h aprGration o( prtkccda to principal chall not extend
~r po.tFx~ne thc due date .~f the monthl~~ installments r~fer•cd to in raragraph~ [ and_ 2'hercof c~r rhangc the amnunt of .
cuch installmentc. " ~
i0. Bormw~er ~1of Released. Extcn~ion of the time for pa~•mcnt or modificatinn of amortization of ~hc ~um~ secirccd
hy thi. \irrtgagr graMed b~ l.e~dcr tr any succe~cwr in intcrc~t of Borroaer ~hall not operate !o n.lease. in any manner.
th~ tiahilit)• c~f the ~rieina) Burro~er and Bormw~cr's success~.ra in inrerest. t_cnder shall not he mquired t~~ c~mmenee
pn~:eedines aeainst cuch sucrecsor or refuce to estCnd time for payment or othenri~e mc?difp amortizati~~n. of the sums
+ecu~ed by this Martgage M• re:asnn of am• demand madc M• the orieinal A~~rr~~wer and Borrawer s stteceKOrs in interect.
I1. Forbtamnce by ixnder Aot a N'ai~er. Am• f~~rtxar.ui~c b~° l.rnder in c~crcising am• right or rcmedy hcrcundcr. or
~uhcnvise atTordeel hy applicahle law. ~fiall n~t be a w~i~•er e~f .~r predude the e~ercise of am~ such right cir remedy.
Thr prck.urement of insurancc or the payment of taxes or aher lien< <~r chargcc by~ T.ende~ shall not he a w~aiver of f_ender's
right tu accelerate ~he maturit~• ot thr indebtednecs aerumd M~ thic ~fortgake.
12. Remedies Cumulatise. All remeJics prc»idcd in thiti•'.Nortgage arc dis~inct and cumulativc to am• other right or
remed}• ~inder'thi~ A4ortgagc or alior~leJ M• I:~w• or cquit~..;~nd ma)• be c~:erci~e~l cuncurrcntly, independenth• ~r succecsivei}•.
13. Snccecsors and :1ss'ry;~s Bound; Joinf and Se~crat i.iability; Captio~. Thc• covenanis and agrremcnts hcrein
rontained chalt bind, and the rights hercunder shaU ;nurc t~~. the rrcpecti~•e zuccec~c~rs an~l assign~ of Leoder and Borm~~~er.
subject to titic pri~~i,ionc af paragraph 17 hereof. Ail ~o~~~nanh an~1 agrcements of Bo~rou•er shall hc j~•int and cevcral.
The raptions a~ci hcadingc of the paraeraphc of this Alortgage arc for rnnven~ence ~nty and are nat to h~: used to
interpr~t or define thr prr-ei~ionc hereof. .
I4. lotice. Escep! fur any noticc required under applic:~bl~ la~~• to be gi~~en in another manner. (al any notice to
Rurr.~wer providcd (or in thi~ titort¢aec shall he gi~~rn h}- mailing ,urh noti~c h~~ ~rrtificd mail addresc~J ~o Borrow•cr at
thc ProFx,rt~• A~Idr~c~ or at .uch ~~thcr aJdres, as Borrowcr ma~ dc.ienatc b~• n~~ticc to I.cndcr as providrJ hcrcin, and
Ihl ;~nj• n.~ticr to t.cn~t~r shalt he gi~•cn hy ccrNftr~ m.~il. retcrrn recri~t rcq~icstcd. ti~ l en~ler c ad~ress statcd hcrcin or to
.~ieh ~~Iber addrisc LcnJcr ma•• dcsienate bp nMice ta Brrr~~~~er ;~c prm•ided hcrein. Any notice nmvided for in this
Ji~~rtgage shall Ix decmcd t~~ ha~~c becn gi~~en to Borru~~er or 1 cn~l~r u~hcn girrn in lhr manne~ Je~ienated herein.
IS. L'niform linrtKake; Cn~•erninR iaN; Se~erabilit~~. Thi• fc~rm of mortcaee :~~mhines uniform covenant~ for national
!isc and n~~n-unifarn~ c~~vcs~:~nt< <.-ith IimitrJ rariat~vnc h~- j~:ri«ii~tiun ti~ cnnsiiiulc a w~iform sccurit}° inxtrumcat rnvering
real propert}~. Thiti ;~tongagc sh:?11 be guverned M• the law ~~f thc juri.~iiction in whi~h the Propert~• ic lckated. Tn the
event lhat :+ny provisian i~r clau~c of thic ~lortga~c ~~r the ':~.•tc ci~nttirn ~cith :~~?~tic.+h~e.law•_ such conflict ~h~ll not affect
othcr pr~.~i~ian~ of thi~ Mon~,agc or thc `~t~ ~rhinc ~an <,i~~~n .r(Tcct ~~•ithc~ut the conflirting prc?visioo, and to this
end thc pro~i~ions ~f the !?i~~rtgagc arrd the \<~tc arc .lecl:~rcd t~• hc urtrahlc_ -
16. Borrowe~s Cop~. Borr~~~~~cr ,hall bi furnitihc~ rontormed co{~~• of the Ni.tc and of thic Morteagc at the time
.~f exec~~tion ~r rfter rccordation hercof.
17. Tr~nsfer of fhc Properl~: A~umption. if aU rr am~ part of the i'mpertt~ or an interest thcrein is sold ~r transferred
h}~ Borrcrwer with~•ut L~ndcr ~ prior ~tiritten ri~i~se~~t, e~rludi?~g ~:,1 thc creati~~n of ~ lien or encumhrance subordinate to
thi~ ~1i~rtgage. Ibi the creation of purrha~ mane~• .ecurih imerest fi~r househoW appliances. (c) a tramfer ht~ devise,
dexent ur h~~ o~xration of laH upon the dcath ~~f ii j.~int trnant ~~r (~1? the gram of am• leasehold interest of.thrcc ~cars or Iess
not containing an option ~+urcflase. Len.ier ma~~, at 1 rnder'~ ~~ption_ dertare atf Ihe. sums secured b}~ this Mortgage to be
iri~mrdiate~}' due and-pa)~ahk. l.endes shall h.~~e ~1ai~ed a~ch uption t~~ accelera!e if_ prior to the ,ale or transfer. I.ender
and the pcru•n to ~~h~~m thc ProExrt~• i~ to be s~~lci or transfrrr~d rra~h agrccmcnt in w~riting that thc credit of such person
ic satisfactun- to I_ender and that ~he intcre.t pa~able ~m the ~um~ x:rured b}~ thic titortgage ShaTl be at such ~ate as Lender
shaH reyuest. If I.enJer itas waived the aption te. acccier:~te pm~~iJ~d in this par•rgraph 17, and if Borrower's successor in
interest has executed a wri~ten assumption agrremcnt acccpteJ in ~~riting b}• I.en~er. I_cnder shall relea~e Borrower from al)
ubligations undcr this Mortgage and thc Notc.
1( [_ender exereites cuch option to accelerate. Len~ler th~ll "mai) Borro~c~r notice of acrelerati~~n in accordanee with
paragraph i4.hereof. Such n~tice shaU provide a peri.x! ~.f not fess than ~0 da~•c from the date the notice is mailed within
Khich 8orru~cer ma~• pa~• the ~ums decl~reJ du~. If Borro~~er fai{s t~~ pay such eums prior to the expiration of such period,
Lender ma}~, without furthrr noticc or dcm:+nd on Borrawer. in4~~ke an~ rcmedies permitted by paragraph 1R hereof. _
Notv-UtvtfoRM Cov~nA~.TS. Borrower and Lender funher covenant and agree as follows:
18. Acceleration; Remedks. Except as pro~idcd in paragraph 17 hereof. upoa Borrowe~s breach of any corenant or
agreement of Borrower in this ?ltortgage, incladinR the co~~enantc to pay when due an}• sums secnred by this Mortgage, Leeder
prior to accekrs~tiop sha11 mail notice to Borrower as pmtlded in paragr~ph 14 hereof "specifying: (i) the breach; (2) t6e actloa
requind to cure sucb breach; (3) a date. not less than 30 days from the d~tte the notice k mailed to Borror?er, br whic6 snch
brrac6 must be cured; ~nd (4) that failure to cure such breach on or beforc the date specified in ihe notice may resnlt in
acceleration of 16e snms secured by this Mortga~e, forrclosurc by judiciat proccedi~ and sale of t6e Property. 'I7~e qotice
shall further irtform Borro~ser of the right to reinstate sifter accelentan and the right to asset[ in the fareciostrrc pmceedieq
t6e non-existeacL of a default or an}~ other defertse of Borrower to accelention aod fnreclosure. If the breach is not cured on
or beforc tht date specified in tbe noticerLender at I.ender's option may dcclue all of the sums secarcd bry thi~ Mortga~e to be f
immsdlately dae and payabk without further d'emand and may forcclose this Nortgage by judkial procecdjng. i.eoder sLa!!
be eatitled to collect in such proeceding aq expenses of foreclosure. including. but not limited to, reasonabk aftoroey's tees.
and cosRs ot documentary e~ideace, abshacts and titk reporls.
l9. Borrower's R1g6t to Reiastate. Notwithstanding Lender c acceleration of the sums secured by ihis Mortgagt; -
Borroarer shall have the right to have any proceedin~ts hegun by l.ender to eoforce this Mortgage discontinued at any time
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