HomeMy WebLinkAbout1456 1 illdit•? wrttlt'll allrt'1lll'lll I1r .Ipl`Il~.lhll 1,1\+ I{ ••I.~wll \h:111 pa\ Ihf :11?NHI111 Jf .111 Inc+ftga:;C tllilll.Inle PrC~111Un1+ Ill Ihl
manner i•l,•euh•J under p:u.lgraph ' hrrcrt.
\n\ :nn,alats di,hur+ld by (fr..ilr Iuu,u.ult It• Ihl+ It.Ir,~_rr;Iph \\Ith uttrrc,t thlnt\n. ,h.Ill hritanr addiutlnal
Ill.li hull Ill',. ..t It~~rIJ\\lr +l;ltft'd h\ t111? \l~l!I>•:111• t !Ill'~? IhHf.~\\fr .Irl.l 1 l'll~ll'1 .I,L•rt't• t~l t+lhif terltn ill p.l\mlllt. .Itch
anl.~;uth ,hall hr ;l:IVahlr ut\•`n n,•ri:f fn`m 1 indfl t.~ It,anlt\lr rr.fuf~tinc {+.l+lnrnt thrrl.•t. anti ,h.tll Ll.ll inR•Ir+t from Ihr
tl.Itf t.f tli,hur+rmint :It Ihl rats pa\aMr Imm time to tines taI tult,tanding pnn;ipal under the Kcal antes. payment of
intrrrst a1 sll.h rlh• .utuld F+r contrar\ nl apl\Il:ahlr la\+. in \+hich r\lnt such amt`unts .hall hear intrrl+t at the highest rate
pt•rmiscihlr under applit:ahlr la\+ Nethin~ cltntainrd ut this paragraph 7 shall rryuirr 1 ender to incur any lspen+e er take
.Im~ a. tiltn hereunder.
tt. In+prction. I lnJrr may m;Ilr er t::nnr to he mad. rca+enahlr rntric. ul..at and in+plchuns of the Preplrty. pres:dcd
that 1 ender .hall gis•c Berrewrr Holier prior to anv such inslxctiun slxcif~•ing n•asenahlc c:ul;r thrrrftlr rel:Itrd to I cndcr's
imrrlst in the Propcrtc.
9, Condemnation. The pnkrld+ rf yny( award of claim for damages. direct er cen+rquential. in conncrtien s+•ith any
condrmnatioli or ether takine ttf the Property. er part thercef. ur for cllan•rpance in lira t\f condemnation, are hlrrM• assigned
and .hall F.r paid to l.cndrr.
In the event of a total taking of the Properly. the proceeds .hall Fx applied to the ;umc secured M• this 1lertgage.
\+ith the r~cr+s. if any. paid to Btlrn•w'rr In the event of a partial t;+kin~ of the Pmpert+•. ante++ Iterrt\wrr and Linder
athrn+i+r agree in s+ritin~. Ihlrr shall he applied to the wmc +ecurcd h\ thi, '.Nertgagl wih prepartien Lf the proceeds
as is equal to that prt\pt>,rtit.n which the amount t\f the sum. +r:urrd hs this ~lo?tgagr imntrtliatrls prier to the date of
taking hears to the fair market valor ttf the Pnlprrty imntcdtatrlr prier to the .1;Ice of taking. \+ith the halancc of the proceeds
paid M Borrower.
If the Property is abandoned M' &umwrr. er if. after Helier by Llndrr ttt Rorrewlr that the condemner offers to make
an ward or +ettle a claim for damages. Bnrrewrr fail. to re+ptaut tt\ 1 ender within in Jac. after the date such notice is
mailed: l.en_der ii' autheriicd to collect and apph• the prea'llds. ~t I ender'. option. tither to restoration to repair of the
Property or h\ the sum. +lt:urrd h+' thi+ ~h\rteat•c.
l'nkc+ Lcrtdlr..Ind Borrrwlr olhlr\+i;l agrcl in \+riNre~~. ans• +li.h :IppGi.Iti~at t\f pn•t•red+ tt\ principal .hall net rstend
er pt++tperm the due date of Ihr menthlc instullmrnti rlflrn•d to ill p:uagraph+ I and ' hereof or ch:utgl the amount of
such Imtallmrnts.
10. Borrower \ot Released. 1'strrnictn of the time ft~r p:I\ntlnt er nu\tlifirrti:ae of amerti7ation of the <ums crrured
h~• thi+ Morteaer ¢nnted h\_ 1 ender to an\• wcccsutr in intl:l;t tlf Barro\ser shall net operate to rckase. in any manner.
the Ii:Ihilly of the eriein:Il Bornl\+cr :Ind R.\rrewlr•+ Slli:lc+ur+ in intrre;t. 1 lndcr shall net he rcynircd tt. cemmencc
pm,redings against such su:crscor er refuu to rstend time ft+r pavntent er otherw i+r modify amartiiatittn ttf the sums
,riured by chi: ~1t+rtgage by m:ntat of anv demand made h1 the rririnal Boat\wer anti Bt+rrm+'er's .accts+c+n in interest.
I1. Forbearance M• Lender \ot a ~Yai+er. \m fltrhfaren;f by 1 ender in r~crci+ing any right er remrds• hereunder. or
llthlncisr atTurdcd by applicable law. ,hall net Lr a \vai\rr t`t nr preclude the esrrcisr t+f am such right er remedy.
Thl pri<wuremcnt of imurance or the pa+ntlnt of ta~rc er t~thrr limn t•r ch:trgfs by 1 ender .hall not Fte a waiver rf I.cndrr's
right rte accrlfrate the maturity of the indlhhdrtl,s +r_llrrd h\ chi, ~lortgagl.
12. Remedies ('umulatice. All remrdir+ prtl\ided ill thi,'?1~•rlgage ail distinct anti cumulative to :,nt: Daher right er
remedy Intdlr thi+ ~tertg.Igl er atTonlld by law t+r equity. and m;n 1?e l~frcicfd ctlncurrlnth•. independently er +nccl,+ivrly.
13. Successors and :~csi~ns Bound: Joint and Se+eral I.iabilih: ('aptions. l hl covenants and agrclntlnt+ herein
cttntainld .half hind, and the ri~ht+ hereunder .hall inure ttt. the rc,plcU+•c +IIC.•l++tlr, and ac+igns ei 1 lnJlr anti Borrower.
,abject tt. the pmci,ion+ ,lf paragraph I' herltlf. Ali cacln:utt, ;ulti agreement, t•f RI!rmwer shall hl jtlinl :Ind +lvrral.
~fhl cal•tirn, anti heading, ttf the par,ILr;Iph, of thi+ \1urlLagl air for certvrrait•ncl rally and are n:It ttl he used to
inilrnrct er ttlfine the ertlcl;it`ns hurt\f
1J. notice. E~crpt ftlr :m•: noUic riyuirfd untllr apt~licahIi la•.\ tr hf Ci` lu nt anl`ther manner. cal :un• notice to
Htlrnnscr pmsidtd for in this \ltatg:Iec .hall F`e given h~ m.+iline `u:h ntaicl h\ clrt~fird mail addrc++id to Bornnser at
the Prupfrts .\tldrc,+ ter at ,nth tlthr: adder„ as R.`rrt•wlr m.l\ di,icnati h\ n.`:ice t.I 1 emcee ae prtl\i.ird hlrrin. anti
Ihr :tm. ntltl:r to 1 lndlr ,h.Ill Ix• etch by clrtifird mail. rrtllrn tilfli`t rlyuf,tftl. 1•` 1 entire', adJresc stated hlrrin rr to
,uch ether adtlrf„ .I+ Lrndfr m I\ dlsignatr h\ neti:f Rrrr t~+fr a, pnnidltl hfrlin. \ns- Holier pntvidf.l Ittr in this
\tt.rtl:agr shall hr dllnted ttl ha\e been glvln tl+ Bllrrt•wlr t•s I indrr \.hen ghfn in the mannrr de,ign:Ited hlrcin.
1S. 1'nifunn ~lurtL•rsrc: C:u+erninL l.aw; Secrrabilit+. 1?::~ !.`Im „f mt~rtca•_f :.tmhine+ nniferm cl\\rn:utt+ ft\r national
u+l and ntm-unif~vm cr+r;t.lla` \\ith limitltl cariatitm, by ~uri,ttl.tl,.n tr c:at;titlltl a uniform +ecuritc instrument ctlcenng
real proprrt).. -hhi+ \1tlrtgagl ;h:Ill he guvrnted h\• the la\+ rf the ~uristhchttn in which the Pmplrt\• i, It.catld. In the
lvcnt that :un pet+vlsitat t`r clau,r of this ~lertcat~r t•r the \tlll ct`ntliih with aprtic.Ihlc law. altih conflict shall net aficct
uthfr pnl\nien, tlf the. \1t+rtcaLl t+r the ~t~tl \\hich r.fln hr ei\ln etTlcl wi!ht•Ia the ctlntlictinL prmi,ien. and to this
f lr'd (Ill nrtltl,irn, t•1 !ItC ~II`ft,°ael :Ilttl the ~tHl".IIr tlC~l.lrfd Gt hl ,f\'frahll.
16. Borrowers ('op+. Borrttwrr ,h•III h. furni,hf.l .t•ni.`nned cttp\ alt the ~t\tr .unl ttf Ihi, \ltateael at the time
~•i eslcuiitln ttr atsfr rccrrdatien hlretlf.
17. Transfer of the Propert+•::~~sumptiun. If a1I t•r en\ tart at thf Pmpfrts- er an :ntrrlst thlrcin i, +tlld or transferred
by F3erruwfr wghtlut I.rndcr'+ grit\r writtfle cun,lnt. rs:ltulinc I:u Ihl crcatirn rf a lien ter encumhrancl +!rttt.rtlinatc to
I chi, ~tttrtgaer. Ihl the creatit`n t`f a purcha,l netntl•. ,fcurit~. mrlre;t fttr ht~n,ehrld apnliancl,. (cl a tran+frr by devise.
dl,cent er he rnlr.ttion of law !Iptm the dfath .a :1 it•~•u tenant to hi. tltl grant +tf am if:ICfht.ld intrrrst t~f thrcl +e:Irs er Ices
nn; containing an eptitm ht hurcha;l. I fndfr ma\. at 1 lydfr•` ,gtt:an. dreLlrl all the cum, secured by ttu, \lertgagc to hC
unmlthatll\ due and payahlf. I rndfr ,':ail ha\e \\:n\ed .+ICh tlpntm acclllratf if. prier to the +ak ter transfer. I ender
~ :InJ the pentln ttt wham the Prtlplrv i, ttl hl ,I~'a ..r tr.ntstlrrfd Hach egrclmrnt in writing that the credit tlf such person
Is cati,factrn to I.cmtrr and that the intrrc+t pa\.Ihll ttn the .elec. ,flared by chi; ~1t+rtg:+gl .hall he at such rate as Lender
I ,h:Jl reyufst If 1 ender has waived the t•ptlttn tt• accrllratl pet+\idltf in this paragraph 17. and if Bern,wer's successor in
€ Inslre,t ha+ececutetl a written i;umptien agrclneent accepted in \criting he Llndlr, I.rnder shall releau &trmwer from all
tlhligatiens :mdrr chi. Mertg:Igc and the etc. '
If Ler:der e~lrci,r, sucfi epti~n n\ acclllr:Ite. 1 fntilr ,h;Ill mail &.rrtn+er nericl t\f arcrleratit\n in accordance with
paragraph Id heralf. Such Holier ,hall provide :I plrit`d rf ma Ifs, than ?tl day: frt•m the date the notice is mailed within
which Berrtl\slr may p:I} the crams dcclareJ clot. If Kt•rrtl\\rr f.l;ls ru pay such sttm+ pritlr to the espiratitm tlf ,urh pcritxl.
Lcndlr mav• \cithllut further Helier rr demand ttn I{turtlt+lr. ,n\,tkl am rlntcdics prrmittc;i by paragraph 1't hereof.
( Nox-U~tFOttst COYE~i+~TS. Borrower and Lcndcr further ct\venant and aerce as follows:
i 18. Acceleration; Remedies. Except ac provided in paragraph 17 hereof, upon Borrower's breach of anv co~•enant or
agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured 6y this :lortgage. Lender
prior to acceleration shall mail notice to Borrower as pro+ided in paragraph 14 hereof specifying: (1) the breach; 12) the action
required to cure such breach; f3) a date, not less than 30 days from the date the notice is mailed to Borrower. by which such
breach must be cured: and 14) that failure to cure such breach on or before the date specified in the notice may result in
acceleration of the sums secured b} this Mortgage, foreclosure by judicial proceeding and sale of the Properh. The notice
shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding
the non-existence of a default or any other defense of Aorrower to acceleration and foreclosure. if tht breach is not cured on
or before the date specified in the notice, i_ender at Lender's option mad declare all of the sums secured by this Mortgage to be '
immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall
~ be entitled to collect in such proceeding all expenses of foreclosure, inrloding, but not limited to, reasonable attorney's fees.
~ and costs of documentary evidence, abstracts and title reports.
19. Borrowers Right to Reinstate. Notwith,tanding Lent(cr's acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have an}' ~procecdings begun h~• Lender to enforce this Mortgage disrnntinued at any time
t
B~~II 3U1 p~c~ 1451 .
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