HomeMy WebLinkAbout0704 l.e~ckr`s wriucn agrecme~~ or applkal+le Lw. Sarrowar idui4 ~ dtr a~m.~unt uf al! mortg:ysr ~murance premiums in the
ma~ner p~uviJcd under pa~as~spi~ 2 bened.
A~y amouots disMused by l.ender pur.+u~rw te~ ~ths qua~r.-.ipfn T• ~elc1+ ~triest thrrc.x?, shall become additional
imiebtedness ~~t Bc~rrawrr socurod by thn 1?lang,~e i=nkw ~rec~wa~ .+n.t ltn+jrr a8ree to ahrr terms of payment, such
ama~nts chall be payahk apcui ootice f~om 1 cndcr ~c• le+rfx~war n~auur~cing p-..vmrnc chereaf. and chal) txa~ ir?terest from the
date at disbursement at the nte payahk irc.m tmie ae~ saar ~~w .w~~ prt~u:i~t u~der ~he Nott unlecc payment ot
intercst at such rate would be contran• to a~+plicat~ie LM . m x~~ iwenn wirA ar~wuncs .h.ill t+~ar interest at the highest rata
permissible under applicabk law. Nothir~ u•m~ino~d m shn. a?rr.~r.~pil: .b~1 n~ce t.ernf¢r to incur any expense or take
any action Fxrcunde~. ~ _
8. laspectioa. t.ender ma~• melc c~r :ain~c u~ 1+c madr TsrwnrhAr ~cnttic+ ~ipvn .?nd in,pectionc of the Property, provickd
tha! l.enckr shall give Borrow~er ncxire ~+rinr to um +i~.~? n~a.awn~ :~aaix~n~t re.iwnaMe cause therefor related to I_ender's
interes! in the Pmperty.
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condemnation o~ olher tai:ing of the Prc~+ertti~. c.r ~an t~arct.ll. ,re Rer ,.~~n~CV:in..-c in lieu of cundemnation_ are hereby assigned
and shall be paid to I.ender. ~
Tn the event of a total takine of the Prn;+crn. tfir rx.v.sw8~. ~'t:dt ~e .Wpfie~t to ~lie cums secu~ed by thic Mortgage.
with the ercess, if any, ~+aid to Borrow•er fn ihc e~a ~~?+x-n++r c~~e~ of ~hr Pn~aenv, unlect Borr~we~ and I_ender
athe~w•ise agree in writing. there sh~U l.c a~+l~d i~ ihr ~,mx xr.;:~r~.t t~ rfu, ~Qorcg;?~re wch proportio~ of the proceeds '
as is equal to ihat proportic•n vrhicfi the smcvim ~f nc~ .~m,. ~r_ur~ ~ chi~? ~ion~a,ze imrrk~di~tel} prior to ~he date of
- taking bears to the fair market ~•alue c~f tfie Arcq+crr~ ~mmc3uiw.b ~r.~ar ct• d~e .t~te vf t:dcing, with the balance af the proceeds
paid to Borrower. ~ .
if the Propeny ic al~andoned b~~ Bnrrow~er. r+r if. ,~firn TMm~c ! ~».hr t..~ Burrvwer that the condemnor offers to make
an award or setde a claim fo~ damaeeti, &~rrcw?~er fs+i1. xr,T~n~ nr ~~ncfKr within 3n eiays after ihe date such notice is
mailed. I.c~de~ is authorixd to rnlleat a~d a~h- Tk ~.€.v.mnlM. x+ l~+~r's z~pcion_ e+ther to restoration or repair of the
Propert} or to the sums ccrurod M• tha 1Nor.pnge.
Unlesc I.ender and Borrow•er otherv?~i.c arr«~ ~n +~rain~ m~ +c~ .ipptic:~rirn of pro~eed~ to principal shall not eYtend
or poslpone the due date of the ~»anthl~ installm4-nri .rc~a~ oa in p~ar.u~rsph. 1:u~d hereof or change Ihe. amount of
such instaUments:
10. Borrower Not Reieicsi. Fxtencic.n c~i tfir t~mr ~s~+!~tenc modifnation of artx~rtization of the sumc secur~d
by this Mortgsge granted b~• 1_enekr 1~ am ~u:s,rcw-a ,n, nn:r_ c~as= !?.~m.~ce:r ,6.?ti n.w .~Exrate to rrlease. in any manner.
the fiability of the original Borrow~r and Barrc~wrr: iu~.-~.~n ~s? iatx~cr- E tnJer cfia!{ not he req4iireJ to commence
proceedings against such suceessor or rcfu~e t.~ racn6 smu na~r ~u+~~= ~x ~~cfxn+~~k: m~cfif~~ amortization oF thr sums
secured by this Martgage by rrason of :~m demnnd mr3c 3u fir .:~nc~ Bum~.~er and &~r~ow~r s~ucce«orc in interect.
11. Forbearsnct 6y i.en~e* :~at a R`aa~s. ~rn i:,~cu*~n:r 50 ~~rr~i~r in e~ercising rm• right or remedy hereonder, or
otherwise afforded by applicaMt law•. shall n~t !+r a w~~,ar ::r. ~m p~-itn~e tiK e~ercise of am• such right or remedy.
The procurement of insurance or thc }w~~mert i.f taai. a+r au~mt +i~us n~fi::rs,~s br [-rn~r tihall not be a~aiver of I.ender's
right to accelerate the maturity of tt~c mdehsc~ne.f. ~:ura8'~a ~ha ~
12. Remedles Cawala~t. All remediec ~+r.~+~idad m~in 1a.~ att ~!"i+timt ~nd cumulative to am• other rigM or
remr.ly iinder this Mortgage cx afic.rded ?n• laM c.z e.quQS _,m~7 mu.a ~r ~~.w~.f .~-mcurrentty. inekpendently or uKCCCSivel).
13. Successors and A~ isr~ !i~ si ~in.+sai lioi$; C~. The ~ovenants and agrcement~ herein
cantained shall bind, and the riRhts hereunder ~hail snuxr a.+_ ~:~~~ce.~unr ,u~~Y+~u~s anc! asci¢nc of LenJer and Bairrow•er.
subject ta the provisions of paragra~+h 1? hcreof ~11 .:~;:arts ~n,F a~~em~ntti ~~f Bon~~wer shall he juint and cc~•eral.
The captions and headings c~f the paracraphc .~f :hi. ?Srr, ~a~+c .c~ ~i~r cunvtn~:ncY ~~nly ~nJ are n~~t .t~~ he u~ed to
interpret or define the pmvisions txrrnf.
14. Nofice. Except for ao}• notice rcyiiirrd uniicr ~uq?~u~++r Ike+? c~* E~ eiven in :u~other manner. (a) am• notice to
Borrower provided for in Ihis Wortgare thall }r rrrcr, ia maiims ~xu:ft ix~o« t+` ~ertified m~il .,ddreti~ed to $ormwer at
ihe Property Addres; or ai ~uch ~~tber addm. sx ~:.r.:.w~ rtr-.~ ~:tiurutr inr no~ice to ! eacier as pmvidrd herein. and _
(b) any notiee to Lenckr shaII he gi~en h~ ~rrt~fieii mail. ~:~~ir_r~ ~-r~pc ce+~t~~'ed. to [ en.krc adJreci s~atcd herein ar to
~uch o~he~ addresc as Ixnder ma~ dcti~na~e fi~ n.-rt4r ~:~.^~rw.~- as prvvi~.f herein_ Any notice pmvided for in this
' Mortgage shali be deemed tn havc lx~n enen tn Bcsrs.v~r cr fls:n8tr. ~h~s ~~en in tf~ manner detiignated herein. ~
~ 15. Uniform Mort~a~e; f,osessi~ i.a~w; Sntisa~t... 2f'~t~r~ `~:r'?f ar m.mL~s~ ~rmbines uniform c~venants for national
~ use and non-uniform co~•enant. with limned ~yr~tum~ tc +~rr.5~r.~•n a: .urrs~tute a unifonn sc~urity instrument covering
{ real properiy. This Martgage stuil hc gc+vcrnrd tn ihc iu~. ~ tiir iurn.~i~nuo ~rt .which thr Propem• ia lorated. In the
~ e~ent that any provision ar cla?rie of the. l~fc+ntarr nr t~,r ~cnt _e.~nfiLt~ 'xid? aRD~K~hie law_ se~eh ~onflict ~h•rll not afTect
~ other provisions of this Mortgagt or thc `c+tr N}~u'h ::u*t ~r ~~ar- ~ffi'zc withcwt the conflirting pmviaion. and to this
end the provEsions of the Mc?rtgagc and thr ~~nr ezc cie~.•~afi ~z ^~r ~i~. .
' 16. Eorrower's Copy. Borrow~cr ~hall t+c furnnt~ed ~.:::~m:r~mnt ~vpu ~f tfie ~etr and of thi< Mortgage at the time
of execution or after recordation hera+f.
17. Transfer of tbe rro'et1); A~ If aL rr, ara surc m-t cfie Pn~perty ~r an interest tlx:rcin is sold or trancferred _
by Borrowcr without I.ender's prior wT~ttcn c:.nccm. c-a.:i~~simt tiK- .m.?nua of a hen or en~umbrance subord+nate t~~
this Mortgage. (b) the crtatam of a purcfi•r.c m:~nr. u-r.a ~rc~.~sr nT+' ~..~usei~.~J aFP~~an~~. 1c) a tran~fer M• devise.
descent or by operation of law upon tbr dcath cst a~.~:m. 1c:nair sr ~i; ~ xr.xit uf ~nv t~.isehold interest of threr t•cars or lc~s
not containing an opticxi to purchase. l.ender ma~ 3.Jn8c-~- •:ur..:n. ;~Irre :di chc wms se~ured hv this Mortgage to t?c
immediately due and pa}abk. 1_cnder shall fi:,~r N:fll~~ +~1~.~~ ~1i~1R. !i: :~~e3~:r-.zte if_ prior ~to the ~ale or transfer. I.ender
and the person to whem the Prc~+em~ i~ to he snt~ c.r irbtrv~nE c~u:Pr..~a~emrnc in uriting that the ~redit of such petxm
is satizfactory' to I.enckr and tfiat the imcrc:Z ~+a~~ai+k c.n t~t ~m~. ~a~e+f bv t;~is ~dortgaKe chall be at surh rate a~ i.eoder
shall request. If Lender has waived the ~}uH~n ~n a:~cicrxir ~utmt irs rfiois ~r-.utraph i7. and if Borrower; successc?r in
interest hac exeruted a wriitrn auum~?twn agrcemem ~M~am~ Fis Eeu.~*• CeRJer shall release Bc~rrow~er from all
obligations under this Mortgage and ttx `~cne_ . _ ~
if Lender exercises uxh opticm to sccelerax. ~~n~ +T.uii ~r.al' Hur+v++~ee' n~cice uf acceleration in accordancr w ith
paragraph 14 hereof. Such notice shall psovide a~cra-~d :n n+r, tft:ur 3O Jays fn•m the ciate the notice is mailed within
which Borrower may pay the wms declared di~e lf~~i,-,~~~ :.L?='w p-av w~ ;x~~ prior to the expiration of tuch pericxl.
Lender may, without further notice or demand c.n ~i:~~-~war. m~~ .tav ~n~fies pe?mitted by paragraph 14 hereof.
Norj-UN~Fae~?r Covertn~vrs. Barrcwvex and l.cndder s~ ~.vtcf a,g:ee as fotlows:
18. Accelerstbs: 1t~we~i~s. Eue~t as ~w'iiei ~ l~Rqi ~awE. Sornwer's breach of any co~enant or
a6reemeat of Eorrower ia 1~ MeA~a~a i~cY'i~ ir awa~~ s~s w~ ie a~ s~s sec~ by tl~ Mortg~e, Leoder
prior to sccderaNo~ sraA w~ Nti~e A M~~w+eraR~wnieii~o~po~~ W~~rf ~i~: (i) We breacb: (2) the actbn
reqaired b core ssc~ breac~ (3) a 8~e. s~t les b~ i~ i~ re i~ re Mee is ~7ei to Eorrower. by whicb sncb
bresc6 mmR be c~rs~ si (<1 IYat hie ~~se :i ~waa ~~r i~f~e lie i~e a~ediei p~ t6e ootke may resdt in
aCC!{t~~ Of 1~! fOi !l~~fl+ 1`G ~~E. S~ S~! ~ fb! PfOpl~. ~It DOffCt
shail furt~er infors Dorrower sf tie ~i~t M iswMr ~+ier ~ ai 1i~ ri~lt M as~sert i~ tre forcclosure proceedfnB
r e n
tbe ~os-esisteace d a iefa~lt er a:r ~8~er iefe~e ~f ~Q r a~i~a ai hieclssQe. lf ~e bresch Ls ~ot cared oe
or before tbe d~e s'aiid i tie ~iee. leaier ~ lsir~ ~~f".~ ~ aeel~e at ~t 1re sw~s ~ by this Mort~a~e to be
Imoediatd~ d~e s~i N~aYe wil~wR fwll~er ie¦~~i ai o~ t~~i~e I~is l1i~r b l~c~l ~oc~. Lender shall
be e~itled to co8eei L~M w~cee~ ai e4e~ras ~f f~ i~eri~ r~t i~ei M~ attorney's Eas.
a~d coqs of docs~ r.iieaee. a~ra~ ai ~ 4~t.
19. Sonvwer's Ri~it M~i~e. N~ l+~id~ ~ of the wms stcuMl by this Mortgage.
Borrower ahall bave the rig~ to havr am• pFOOC~odmp t+o~m ~x 1~ a? e~oc~ ~S M~S'+Br discontinued at any dme
. g~GA~;07 PAGE 70~.
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