HomeMy WebLinkAbout0017 ! cnJ~r ~~~nu~iz .~grc~mcnt ~~r app1~:.~Me L«~ Iiurr~~Hir ~hall ~hr amrunt ~~i :~11 mi~rlgag~• ~mur.~n.c ~~rrnuum, ~n Ihc
inannrr pr~~viilr~l unJ~r par,~gr;~ph h~rro(
:~m :tnt~~unit ~li,hur~~J b~' (~n.l~f punuant i~~ ~hls par.~~t.~~iii '~~itii utir[R~~ t1t~t~pA. ~h:ill F+~•~i~ni~ :~dtl~ii~ut:il
~n~l~i~t~Jnr.~ ~~t R~~rru~~~r c~~urcd h~ thi~ \1iutL.~~~ l;nlc.~ Ri~tt~,~~cr .~n~t ! rn,l~r .~gr~t t~~ ~~Ih~r lcrm~ .~f pa~mrn~. .uch
:ut~~~~ei~tc ~l~all F+r p:nahlc ~q?nn ?w~~~~~nt L~h~d~r a~F~rr~.H~r r~.~ur•~in~ ~~.~~mrut Ihrrr:+L and ~h:ill tx;~r imrr~~1 fr.•m thr
.I.~tc c~f .fi.bur~emcnl ~1 thc ratc n c frrm timc t~me ~m iuUct:mding pnn~ipal u~dcr Ihc !\i.te unle~~ payment of
interr:t :?t ~ach rat~ ~~oul~) bc r~mt~:~r~ i~~ :~~?ph~ahle laa. in ~~hi~h c~~~nt ~uch ~mounls clr~ll hear intere~~ :~t Ihe highect rate
permissihk und~r appl~cable I3K'. ~'~,thing ~untairtc~! in thic p~r;~graph 7 shal) require 1 ender M incur am~ r~{kn~e or take
action hcrcundcr.
8. 1~spection. I.rn~le~ may m,~kt or rausc to he made « a~onahle cntric~ upon a~d impecti~~ne of thc Pm~xrty. pm~•ided
that LenJer ~hall give Burrow•c~ nutire prior ta ;~ny such ins{xction tiEx:cif}•ing r.asonabte ~auce theref.~r rclatcd to I ender's
~n~cr~~l in thc Propcrtt'.
9. Condemnation. The prc•credc of an~• aW ard or claim for damages, direct or c.•nce.~uential, in connecti~~n N~ith am•
:undcmnatiun or othrr laking of thc Propcr~y, or pan thereof, or for a~nvcyancc in licu of c~~ndcmnation. arn c~rrh~• aaigncd
:inJ shall hc r~id to I.cndcr_ '
In the e~•ent of a total (3I:tRG O~ fI1C Proprrty, the prcxceds ~hall hc applied ti~ ihe ~umc cecurcd M• thi. ~1~~ng:?gc.
~~ith the et~-ecs, if an~, paid to Borr~~w•er. In the eveM ~~f a partial IakinF e~f ~he Prope~~c. unlrcc Borrow~er and i.ender
utherwicc agree in writi~~. them shall tx~ applied to the ~um~ .ecurcd M• th~. ~ic~rt~agc such pmpe.rtion ~~f the prc~ceeds
as is equat to that pro~x~rti~~n which ~he :imounl of the sumc srcured hr thi~ ~tortga~c immrdiatel~• E~ri~~r t.~ thc date of
t;~king hears to ti+e fair R~arket valur ot the PropK:rh• immediateh• pri~r lo thc ~latc of takine. ~ith the balan~e of the pr~x~eds
paid to Borrowcr.
If the Properry ic abandaneJ h~• BorroWer, or if. after notice M• (.rnde~ ro R~,rr~~u•rr that the candemnor offers to make
:~n award ~~r settle a ctaim for Jamage~. Bc+rrower fa~l+ tc~ rr.pc~n~! ti~ 1 ender within ~0 da~. ;~fler Ihe ~i:ite ~urh n~~tire is
mailed. I_ender ic a~ithorized to coUect and apply thc pmereds. at 1 enJer'~ e.ption, rither to r~~toration c.r mpair of the
Proprr~~~ or ~o the sum~ scrured M• thic ~tortgagc. -
Unlcs~ l.cndcr and BorruHCr olhcrv?~i>i: agrcc in ~~ritin~_. an~ ci+,h aprli~.~tii>n rf prc•rr~dt t~~ ~r~??~~~:d .h:~l! nc~t c~tcnd
ur p~x~~x,ne ~he due da~e of the monthh• installmrnts rcirrr~d tr in r~ra~rarh. 1 ~nd ? hcR~~f i~r ~hanLC thr amount of
.uch installments. >
10. Borr~wer'.~of Relea+ed. E~tenaion of the time for pa}mrnt c•r moclifi~~ti~~n of amrrti~ation ~f the ~umc securcd
hv thic Mottgagr granted by l.cn~icr t~~ anv cuccc~wr in intcrc.t ~~f Borr~HCr ~h;dl n~t o~rs~c to rclcasc. in an~• manncr_
thr liabiliry of the original 8orroKCr and BorroWer'c suc~es.~~r~ in intercct. I.en~ler ~hall not 1x. requircd t~• commence '
E~nxeedings •rgainst such successor or refuu to ertend.timc for pa~~ment or otherw•isr m~•c1if~~ amc.rtirati~~n af the sums
~~_ured b}- thic 111ongaRe h~• reason of ~n~• demand made b~ thr ~•riainal Rorr.~~~er ,,nd Borm~•er's succe.~e~rs in interect.
11. Forbearance by I.ender 1ot a R"ai~•er. :im f~~rfxaraii~~ h~ l rnder in c~ercising an~ right ~~r mmrdv hrrcundcr. c.r
.~therW~i~e a(Torded hy applicahle I:?tr, ~hall n~t he a~~~.~i~~er ~~f ~~r preclude thc e~erci5r ~f am• .~~ch rieht ~r rcmed)~.
Thr procuremcnt of insurancc or thc pa}~mcnl of ta~c~ ~~r uth~n c~n~ ~~r char~:~~ h~• l.cndcr .hall not hc a~+:in•rr ~~f 1 cn~lrr'~
richt t~~ acrrl~ratc thc maturit~' nf thc indehtrdnecs .ctorcd h~ thi~ ~tortgagr.
12. Remedies Cumulati~e. All rcmediec pmrided in thi~ ~tort¢age are d'+ctirtet ane! cumulativr t~ :~m• ~~~he~ right ~r
rcmed~• under th+. M~~rtgage ar afford~d h~• !ax nr equit~•. and ma~• tk e~erciud concurr~ntly. independenth• or .u«c~~i~~cl~~.
13. Succetwrs and Aui~ns Bound; .loinl and Se~ersd l.iabilih~; ('aptions. '1~ ~o~coants and agrcemcntti hcrein
r~~ntained ~hall hind. and the rieht~ heRUnder ~hall inurc tc•. th~ n~{xcti~•e succe.wn and asciens ~~f t.cn~rr anc! Aormwer. - -
.ubjcct to the pr~~vi.iom of parag~aph 17 hcrcof. AN ruvers:~rlts a«d agreement. of $orrow•cr sh:~ll hc j~~int :ind ~c~~eral.
The raptiun+ ;~~t~! hcadine~ ~f jhe paras~raph~ c•f thi~ \1or~~:i~:c arc for rnnvenirncc ~ol}• .m~l ara: nnt t~~ F~ u~ed to
i~~tcrprrt or define thr pmvi~ic.n~ hercof.
1~. \otice. Execpt f~~r am• noti~e reyuir~d unJcr ap~lic:~hlc 1~~+ to be eirrn :n anc~ther manner. ;~m• notice to
Burmw•cr provided for ~n thi~ ~1!vteage shalt tx; gi~~en bt• mailine ca~h notirc M crrtificd mail addrc~~rJ t~. Rorrouer at
the Pru~m• A~dre.~ or at such other addrec~ as R.~rr~~wcr m:i~ de.ien:~te M• n.~tice t~, 1 en.ler as prc~vi~lyd hercin. and ,
ih) am notirc to Lrn~lcr sh~ll tx civrn h~~ ccrtific~l mail. rct~~rn iccr~rt rruuc~trd. t~~ 1 rndcr'~ adJrres stat~d hcrcin or to
~uch .,ther addre~, ac I.rnder ma~ dccignate b~ ne~tiLe B~,rr~.~~er a; pn•~ide~i hcr~in. :~m• nc.ti~r prorided f~~r in thit
\turtgagr shail bc decmed t~~ ha~•c Ixxn cicrn to Born~uer ~~r ! endcr ~ahrn ~iscn in thc manncr dc~ig~~atcd hrrcin. .
15. 1'nifurm'.11ort~a~e: Cm•ernin~ i.aw: Se.•erabilih. Thi. (~~rm ~~f mon~agc _omhincs uniform ~.n•cnant~ f~r natic?n~l
~.~,e and m~n-unifrrm ro~cnantc ~.ith limite.l ~~ariatiom M luri~il~ction ti• cunstitute a unif~rni ~e:uril}• imtnim~m rn~ering
real proFx~t~•. Thi, Mortgagr sh;?II Ix govcrncd hc thc law rf tFk iuri.iliction in which thr Propcrl~' i. l~x:atcd. In the
e~•e~f thal a~~r pre~visi.•n c.r ~lau~e of thi. !1~orit;~L< <~r the \.~+r ci~nfli~t. .+ith ap~+licc~h!e law~, su~h c~nflirt ~hall not affect
~~thcr ~n?~~tiitim of thic !11c?rteage or the i~~it~ ~~hi~h r;?n he gi~en cli~ct ~~ithc~ut th~ rnnflicline prrni.ion, and to ihts •
,nd thc pruci~iom of thc ~t„rteati~ :~r.d the ~~~tr :~rc ~lr~l.~rcd hc k~•~raMr. '
16. $orro~er's Cop}~. Borr.,~.er ~h:~ll be furni.hr~i ,i r~~nG~rm~d c~~~~ uf thr \c~te ani! uf Ihi~ A}ortt;agc ai the time ,
~~f execution or after recurdatiort herec~f.
17. Trensfer of Ihe Properl~•; :1~.cumption. If ;~R ~~r :u~~ ~~.~rt of the Pr~•p~:rt~• or :~n interest therein ic ~~~1.1 ~r trancferrecl ~
h~ Borrr~+rr ~ithout [.cnder'~ priur ~~riurn ~um~nt, r~.luding 1.+? thc creation of a li~~~ ~.r encnmhran.~ tutxuJ~na[e t~
thi. ti(c~rt~age. Ihl the creation ~~f a putcha>r mi~n~~~ .ecurit~ intcr~~st f~r h~~<<uhi~ld :~ppl~aneec. Ie1 a tramfer h~• devise,
Je~cent ar h}~ oprratio+i of I;n~ iipi.n thc .kath a i~~~nt trnan~ .~r (~I~ the erant of am le:,~h~ld interest of thrce ~~~arrc or less
ni~t cantaining an ~ptiun to purchasc.lcndcr m:~C, at LcnJcr'. rptiam. dc:l~rc all thc sumc scrurcd h~~ this \tortgage to bc
~mmediateh• duc and payaMr. l.ender ~hall h:i~e aai~rd .n~h opti~~n rt• acrcler.~te if. ~riar to the ~aic or transfer. I.ender
' ,~n~1 the peru~n t~ w•hc~m the Pmperty ic tc• he ~~~t~l ~ir tr:mcferrcd rra~h agrecment en writing that th~ creJit of such percon
~ iti s,~ti~facton~ to I.eneler and Ihat the intere.t pa~ahlc rn the sum~ ~~cured h~ thi, ~lortgage shall be at such rate as I.ender
! ~h:+ll reyucst. If I.cnder has wai~~cJ ~hc ~~ptirn to acrclcr;~tr pr~n~idcd in thic paragraph a~. and if Borm~•rr's successor in
mterest ha~ executed a w~ritten as~umption agr~ement acc~pt~d in writine ht' (.ender. t_ender ~haii reie~se B~rroa•er !rom all
; ubligations undcr thic Morte:~gc and the Notc.
If I.ender exercise~ vach opti~n ti~ acccleratc. I en.ler ~h~ll mail Aorro~~er n<~tice of aceeleration in accordanee ~~ith
~ naragraph 14 hereof. Such notice thall providc a~xri~•d ~~f n.•t Ies. th.u~ 3n darti fmm the date the notice is mailed within
•.~hirh Borrc.wcr ma~• pa~• the sums de:l:+re~l dur. II B~,rruwer (ailc to pa~~ ~uch ~um~ prior t~ the e~piration e~i such E+eriod.
I ender may. vrithi~ut furlher notice or dcmand c~n liurr.~ucr. inr~:ke ~h~ fC(11CdICS ~rmittcd b~• paragraph 1R hereof.
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Notv-UxiFOR~t Cove~~nTS. Borrower and I.rnder further covenant and a¢me as follows:
~ 18. Accelerntion: Remedies. Excepl as pro.ided in paraK~aph 17 hereof. upon Borrowe~'s breach of any coyenant or
agreement of Borrower in this !~lortgage. includin~ the corenanls to pa}- when due any sums secured by this Mo~tRa~e, i.ender
prior to a~celeration shal! maU notice to Borrower as provided in para~;raph 14 hereof specif}~ing: (1) the breach: (2) the adion
required to cure soch breach; (3) a date. not less than 30 da~s from the date the notice is mailed to Borrower. by vihich such
breach must 6e cored: and (4) that failurc to cure such breach on or beforc the date specified ia the notice rnay resWt in
acce[eraUon of f6e soms secured by ihis ~'NortRaqe, forcclosare by judicia! proccediiq; and sak of the Properfy. 77~e notice
shalt fnrther iaform Borrower of tbe righl to reinst~te after ncceleratio~ and the right to assert in the foreclosare proceediu~ ~
the non-existence of a detault or any Mher defense of BorroN•er to acceleration and foreclosure. if the breach is, not cured oo -
t or beforc the date specified in the ~otice. Lender at [.ender's option ma~~ dectare 911 of the sams secured by this Mort~age to be
immediately due and payabk withoot fnAher demaed and may loreclose Ihis MortRnt;e by judicial proceedin~. Lender shall p
' be entitled to coUtd fn sucb proceediry~ all expenses of foreclosurc, including, but ~rot limited to, reasonable attorney's fees.
! and costs of docamentarv evidence, abstracts and title reports. '
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i 19. BorrowePs Right to Rei~tate. Notwithstanding i_endcr's aa:ccleration of the sums secured by this Mortgage.
' Borrower shall have the righc to have any procecdings beeun by !_cnder to enforce this Mortgage discontinucd at any time ;
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