HomeMy WebLinkAbout0180 l.emlrr's writtci: L_m~nt ar applicable law. Ei~rrower shai~ pa~ he aa~~un~ .nurtt.,ge in,urance prrmiums ~n the
manner pravidr.! u~~dcr paragraph 2 herco(.
Any amounts dishuruJ by I.enJer pu~~uant w ihis par.~g~aph 7, wnh uuerc~' therec~n, ~hall t+rc~?me adJiliona!
inJehiedness Borrower secured by thic Mon~;age Unlr~c Borruwet anJ I.en.ler agree lo Mhrr ~crm~ payment, cuch
amounts shal) be payahle t~{x~n n~~~icr fmm I.cndcr ti~ I3orruwrr rcyue~ling payment thcrruf, and ~h.~ll 1ti• ~nlcrCCl f~om lht
Jale of dicburcrment at the ratc pavaMc fr~~m ~ime to time ,m ou~standing pr~n;ipal u~der ~hc Nnte unlesc payme~t of
interest a~ such rate would be coMrarv to applicable IaH•, in whirh event auch am~onts ~hall 1+e~~ ~nterect .~t the highect ~ate
permissiblr under applicable law. N~~thing cuntained m ~h~s pa~agraph T zhall reyuire t.e~der ~o ~ncur any e~penu or take
any action hcreundcr. .
8. lacnection. LenJer may makc r~ r:u~.c t~~ Ix madc rca~onahlr cntric. u{xm and in~pertiom ot thc Pmperly, provided
Ihat I ender shal) give 13~xrower t~otire p~i~r t~• :~ny ~urh in~pec~ic~n .peci(ying masonable cauce therefur related to l.ender's
intcrccl in the Propcrty.
9. Condemnatbn. The pnxecJ. ~.f am• award ~•r .la~m f~~r drmaees. direc~ or concequential, in connoction with any ,
condcmnation or other taking of the Property. .~r part there~~f; ~r tor r~mveyanre in lieu o( condemnation, are hercby assigned
and s~all hc paid t~ I.codcr.
1 i the event of a tc?trl laking of thr Pm~xrt~•. thr E~n•.crd~ ~hall tx :~r~~~e~t tc. ~he zums seci~red by thic M~rtgage.
witF the eticecs, if any, paid tr ROffi~NCf In thc evrnt ~~t a partial tal.inK the Praperry, unleca Rorrower and I.ender
o~hcrwice agrrc in writing Ihcrc ~hall hc applicd ~hc wm~ utiurcd hv ~hi. Mortgage cuch pmpi~rtion ot ~hc proreeds
as is equat to that pr~~x~rtic~n which thc amuu~~~ ~~t ~?~r ,am. ~r.•~~rcd h~• ~hic Mortgage immediately prior to the date of
taking bears to the fair market valuc of thc Prr~xr~~ ~mtnr~li:~tch• pri:.r to the d~te of ~aking.+~•ith the balance af tht proceeds
paid to Borrower. •
lf the PropertY ic ~hand~~ne~l h~ B~ ~.~~.~rr. ~f :~ftrr m~tice hy l rnder ti~ 6~rrower that the rnndemnor of~en to makt
an award ~.r ~enle a rl~im f~~r ~I:~n,:~_r.. R,•rr .wrr L~.1. t,~ rr~~~~nd t~~ I ender within i0 days aher the date tiurh noticc is
mailed. I.e:~Jer i. authorir~d to a~lle.t :~rd a~F~h rh.• rr~.rc'rdc. at I.ender'e ~ption. either to rcstoration or repair of the
Pronrt~• ~r t~• Ihc ~um. .rrured h. fh~. \1„rt~•atr
Unies. I cndrr and Borr.~NCr othrr~i~r acrer in ~~n!in~~ w;h applirati„n of prcxeed~ to principal chall not ertend
or po.tponc thc duc darc ~f th~ m~nihl~ ~n.t.~llmrntc r:!rrrid Ii~ in paragraph~ 1 and 2 hercof or change the amoun! of
cuch insl~l!ment~
10. Borrower Nof Released. F~trnci~~n ~•f thr nmc f.~r pavmcnt o~ mc~dificati~~n ~f .~m~rti~atian ~f the cumc secured
by this MorlgaFe cranted h~• 1 enJcr t~~ :~m• wccr.~ur ~n intrr~.t ~~f Rnrmw•er .h:~ll n<~t ~.pe~atc t~ release. in any manner.
the liability af the origin:~l RormHCr ;md R~~rmWCr'. suc~r..~~r. m intcrrst i.ender ~hall not be nyuircd t~~ r~mmcn;c
pr~~ceedingti againct such sucre~sc.r ~~r refu.r t~• e~tenJ I~mr (~~r i~ n mrnt ~,r othrr.. i.~ mixfifv am~,rtirat~.,n „f ~hr .umc
tierurcd b~ thic Martgagc by rcaa,n .~I .~m drman~+ maJr h~ ~it..^-,1 R~.rn~~~i and R~~rn~w~cr~ surcr~~~r~ in in~cre~t.
11. Forbearance by i,ender \of a Wai.er. :\m f~~rh~;,r:~~~.:r ir: ~~.crcit~n~; am rieht or.remcd~• hrreundcr. or
otherwise afTordetil h}~ applirable IaN~. ~h~ll n~.t t+r w:+i~cr rr prrc~u.i.• sh~ e~rrci~e of am• ~uch ri~ht i~r reniedy.
The procurement of insurance ~~r the paymrm uf t.i~c. ~v ~~iher Gem ur ~~har~r. h~ 1~nder ~hall not he «;u~'er c~f 1_ender's
right t~• acrrlcrate thc maturity of thc indchtcdncc~ .r~urcd h~ thi~ ~i,~n~:~~c.
12. Remedits Cumulatire. All rcmc~liea pn.~i~1~_d ~n ~hi, ~I,~r~~.~rr arc ~ii~linrt :ind ~umulativc to am~ i~thcr rieht nr
remeJy under this Mortg~gr ~~r afiordcJ h~• law ~.r cyu~t~•. ,u~J ma~ hr ~~rr:f.~.i ronrurreml}', indeExndentl~• ~r suc ecsi~~ch•
~ 13. Successors and Assi~ns Bound; Jainl and Se~errl l.i•rbilit}; ('aptiom. Thc ro~•rnants and agr~emcn ~ herein
contained shall bind, and the riRhts het~under .h~ll ~nure t~~. thr rr.pecti.~e ~ucce~.c~rti and at~igns of 1_ender :?nd R~~rrovrer.
subject to the provision~ of paraRraph 17 hcrc~f. All ~orcnant~ ~nJ agr~rmcnt~ i~f Borre~w~er shal! hc j~~erU and ~e~eral. '
The captions and headings of the ~+ara~r:~ph< <.f thic M~rtgaLC are f~~r com~enience ~nly and are nM tc~ he need to
interpret or define the pro~•icion~ here~~f.
14. Noliee. Except f~~r am• n~t~:e rrynirrd un~lrr :~ppli::ihlr I:~w tr tk given in another manner. (a1 am• notice to
Borrow•er provided for ~n thic 41~•rt~aer .h;,ll tx e,.~ri f•. ~na~iin~ .u:h notice M• .rrtified mait addr«.rd !c. B~rr~~u~er at
the Propertp Addrecc or at ~u:h ~~ihc; :~~i~lrr.. R,vn~wcr m:~~ deciknatn c~ nn?i~e ~u Lender as pro~•ided herein. :ind
Ib) an}• notice to t_ender sh~l) F+c ~i~cn t~~ crn~fir~l m:,il. rrtnrn rereipt reyue~ted. ti~ ! enJer'c addret~ slated hercin ~~r to
su~h other address as l.ender ma~~ dr.ienate hv n~~ti~r t~~ B~~rmHer as ~rocided herein. Any not~_;: provided for in this
tilortgage shatl he deemed to ha.~ ~xrn c~~rn to Hnrr~~~~rr .~r I c~der when given in the manner deaignated herein.
i 15. Uniform Mort~a~e: Governin~ LaM; Se~erabilih. Ihi. form ot mortgagc rnmbines uniform rnvenant~ for national
~ use and non-unifurm cu~enantc with limitr.l :ar~at~~~ns h~ ~nr~..l~rtu•n tr c~nstiti~te a uniform serurity inctrument covering
4 real prapetty. This Morlg:~ge ~hall Fk ~uvcrnrd hc thr I:~w ~~f th~ juntidictiun in which thr Property ic located. In the
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event that any provis~on ~~r clau~e ~~f Ihi. ~1~~rtg:,Lr ~~r thr \~~tr r~~flictc with a{~plicahle law-_ such conflict ~hall not afiect -
` ather pre~vi:ions of Ihiti Ati~rtgage ur the ti~~tc Nh~.h c:sn h~ e;,•en efie~t ~ithrn:i the conflicting pm~•icion. and to this
~ end the provisic~ns of thr ~1lortgagr and thr ~utr ,,rz• ~!«L~rcd to he severahle.
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16. Borrovrers Cop~. Borruwcr tihall hr furni.hr~l :i ~rnf~~rmrd r~~p~. of the ~ot~ :+nd c~f Ihic MorlgagC 3[ the time
; of execution ~r aNer rrc~~rdation herec.f.
s 17. Tronsfer of the Properly: A~cumplion. It .~f ,~r .im p.~rt o( thc Pr~~F+ert~• or an inter~st thercin i< <~~ld or tranderred
~ by Borrower without [.endrr's prior ..nti;~i .~~n.~n~ ~~rludinc thr rrcatic.n ~.f a lie~ ~r encumhrance ~uhordinate t~•
~ thic Mortgage. (h) the creati~n of pui.h.~~.• in.•n.-. .r.i~rn~ imerest f~.r houceh~~l.l appliance~. Ic1 a tra~~fer h~~ devise.
¢ descent or hy operation of law upc~n the ~lr;ith ~~1 i~•~~~~ tcn.:m rr 1~1~ the crant ~~f am Icacehnld inlerest ~f Ihrre ~•rar~ ~u Iecs
~ not containing an option t~~ purchase. 1 eniler m:~~. :rt 1 cnder'. ~~pti~+n. declare all the ~ums secured h~• this Mortgage t~ he
~ ~mmediateh• due and pa~•ahle. 1~nder ~hal! ha~r .~.~~vrd .+rrh npti.+n arcclerate if. pri~r to thc .alc ~~r transfcr. LenJer
~ and the peru~n to whom the Pmpertc i. hr ~~~I.1 ~~r ~r.~mferrrd reach :~grerment in writing that the credit ~~f ~uch Fxrci~n
~ is satisfactory• to I.ender and that the intcrr.t pa~.+hle ~~n ~he ~um~ cccured b~• Ihis Mort¢age ahall be ai c~ich rate a~ Lender
~ shatl request. If 1 ender has waiveJ thr ~pu~~n t~~ acrr!er,tr pm~•iJrd in Ihis paracraph 17, and if Bormwer'. ~uccetsor in
~ interest hac executed a written asaum~~ion agreem~nt acceptrd in writing h~• I.enJe~. I.ender shall releace Barrow•er frc.m all
obligations under this Mortgage and the Not~.
If t.ender exercicec tuch option 1~~ acreterate. Lender .hall mail B~rrow~er notiee of acceleration in ace~rdancr ~~h
2 paragraph 14 hereof. Such notice ~h:+ll "pr~~v~de a Ex nsKl rf n~~t Ies~ than 30 dayt (mm the date Ihe notice is mailed within
~ which Borrouer may pay ihe sums Jeclaied due If B~rrower fail~ ro pay auch sums prior tn the expiration of ~urh ~x n~~el.
a Lender may, withc~ut furlher notice ~r demand ~~n Fi~~rn.w-rr. m.~ol~e any~ remedies permitted hy paragraph 13 hercof.
r's
~ Notv-Urv~F~R+t ('ovev~tvTS Borrower and I enJer further covenant and agree as follows:
18. Accderation; Remedies. Except ~s provided in pa~nph 17 hereof. upon Borrowe~s bnach of anY covenant or
~ aqreement of Borrower in this Mort~a~r. includin~; Ihe co~~ensnts to pay when due any sums secured by this MortRaRe, Lender
prior to acctleratbn shall mail notice to dorrower as providtd in para=raph 14 hereof specifyin~: (1) the breacb; (21 1he action
required to curc such breach; (3) a date. not lecs than 30 days trom the dste the notice is maikd to Borrower, by ..hich sucb
breach must be cnred: and (4) th9f failure lo cure such breach on or before Ihe date speci6ed in the notice may recult in
actekration of tbe sums secured by this Mort~a~e, foreclocure by judicial proceedin~ and sale of the Properly. The notict
shall further inform Borrower of the ri~M to rei~tate afler acceler~ation and tbe right b assert in Ihe foreclosurr proccedi~
the non-existence of a default or anv other defense of Borrower to accekration and foreclosurc. If the brexh is not cured on
or before the date specified in fhe notice, I.ender at ( cnder's option may declarc a0 of the sums securcd by this Mortga~,e to be ~
immediately due and payable witlx~W furiher dem~ind snd mav forcclose thtt MortRa~e by judicial proceediaR_ i.en~rr chall
be eatitled to collect in such proceedin~ ali expemes oi foreclocure, including. but oot limited to. reasonable : rt~~rne.'s fees,
~ and costs of .:ucomentary evidence, abstracts and title rcports.
r:~ 19. Borrowe~'s Right to Rei~tate. fvi~l~+ithtitand~ng Lender's acceleration of the ~umc ucured by th~~ ~t.~rtgage.
~ Borrower shall have ~he right to have am• pr~e~iim~, t.~ fun ~v I.ender ~o e~farce th~s M~rtga¢e d~sconhnued ~i am t~me i
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