HomeMy WebLinkAbout0061 t.endr~'s wriltcu _ m.nt or applirahle Iww. Bor~owe~ shai~ pa~• the aniuunt o[ .,r• :norteage inwra~ce prcmiums in tho
mariner p~oviJcJ u~:dc~ perag~aph 2 hereof. '
Any amounts disbursed by I.cnder pursuan~ t~~ ~his par~g~aph 7, wi~h inteR•~ tfierron, shall become additiana:
imlebtedness of Harrowcr secured hy this Murl~;age. Unlec~ Borrower anJ (.enJer agrce to Mhcr tcrtns ri payment, such
amounts xhall be payablc upon noticc from I.ender ~o B~~rruwrr rey~rcsling payment therc~~f, and :?t.~ll ~nlrrest from the
date of dicbursrment at Ihe ntc payahlc from timc to timc un oulstanding printipa) under the No~e unlesc payment of
interest a~ such rate wauld !+e rnmrary to applicable law, in wh~ch event such amounts shall bea~ ~nterect at the highest nte
permissible under applicabie law. Ni~Ihing a~ntained ~n thi~ paraRraph 7 shall require Lendet to incur any exjxnse or take
any action hcrcunder. '
8. laspecfion. LenJcr may m:ikc ~~r ~•amc to I~c madc rcau~nahk cnlriec upon and inspectiom ot the Prope?ty, provided
that l ender chall give Rorrower notice pri~~r to any such inspection ~pecifying rcasonable cause therefor related to l_endt~'s
intercu in the Property.
9. Cundemaafion. The pnxredc of am• award ~r claim for damages. di~ec~ or rnncequential, in rnnnection with any
condemna~i~~n or other takin~ of the Property. ur pah thercof. ~~r for r~~meyance in lieu ot ccxidemnation, are hercby assigned
and s~all t+c paid t~ I.cndc~.
l,i the event of a total takine ~f the Pro~r~y~. thc pnkrcds ~hall he applied ~o the sums xcured by thic M~rtgage.
with the erce~s. if any. p~id to HorroH•er. ln thc evcnt ~~f a par~ial iakin~ of the Properly, unless Rorrower and i_ender
OIFICfwise agree in Writing. therc chall be applied tn the ~um~ cecum~l hy thic Mortgage soch proportion of ~he procteds
as is equal to that pr~{x~rtion v?hich thr ~m~~u~a ~~f thc tium. ~rceired by thic Mongage immediately prior ~o the date of
taking bears to thc fair market valuc of thc Pro{xrt~• immc~liatcl~~ prior to the Jatc of ~aking, with the balance of the proceeds
paid to Berrower.
If the ProE+ert~' ie abandc~ne~l h~ H~,r,~~.crr. ~~r if :+flrr n~~tice hv l ender lo Bormwer that the rnndemnor oBers to make
an aw•ard ~r ~e~tle a claim f~r ~lant:r_~,. R~~~r,~~•cr f.~;1. tr rr~~~•nd t~ I ender within ~0 days after the date such notice is
ma~led. t.rndcr i~ authoriicd t~ c~llc:~ aed :~~~~I~ ~h~ ~r.~•ecd~. al I.ender'~ ~ption, cither to restotation or rcpair of ihe
Pn.~~rty or t~: thc sum..ccured h~ thi. ~1~•riL:i_~r.
Unles. t.endr~ and Borrower otherw~~r agrrc in ~~ri~imz_ am• .u.h appliration of pnxeedc to principa) shall nM extend
or ~?c~pon~ the duc datc of thc mon~hh in.t.illmcnt, rrf~rrrd to in ragraph~ 1 and 2 hercof or change the amaunt of
wch ~ns~albrent~
10. Borrower Nol Rtleased. t'~tcn~ic.n ~f thc tinu f.~r pa~~ment rn modificatiim ~f .~mc•rtization of the sumc secured
by th?s M~~rteace granted hy I en~er t~~ anr ~ucce«.u in intrr~~t ~~f Rorrou•er .hall n~t o~x~atr to release. in any manner.
thc liability of thc original Borr~wcr and 8:~rrot~'rr i surrcc~<.r~ in inrerest. l.cniier chall not bc rcyuircd t~~ rnmmcncc
pr~~ceedings against such sucre~s~r or reiu.c ti. e~tert~l timr f~r {~?~mem or othen+i.e mc~dih~ amc?rtizat~o~i of ~hr ~ums
cecured b~~ Ihic Mortgage hy rcacim ~~f .~m- d~mand mxdr h~ the ~~ricmal Rorr~~wer and B~•rrox~er's suece~ci~rc in imerect.
11. Forbearance by I.ender tiM a Wai~cr. :1m f~~rhrar:~n~r 1~^cler in ~~crci~ing anv riFht or remed~~ hercunder. or
othenvise afforded b}~ applicahle law. ~hall n~•t Fx a w~ai~'cr e•t rr pr~riud.r ttx; e~ercise of am~ such right or remedy.
The procurement of insurance or the payment ~f ta~e. ~~r c~ther lient ~~r ~h;~rgr~ h}• I endrr .hal1 not i~e a Haiver ~f I.ender'~
right t~. accrleratc the matu~ity of the indehtcdnecs cccurrd hv thi~ '~1~•neaec.
12. Remedies Cum~datire. All mmecliec pm~ided in thic A1c.rte,~Fe am dictinrt :~nd cumulative to ~m• other right c?r
remeJy under Ihis Mortgage or affordeJ h~• law c.r eyuit~~. and ma~ }x c~jrci:ed concurrcmly. independently or suc .e~sively.
' 13. Successors and Assi~ns Bound: .Ioint and S'?e~eral l.iahilih; C'aptionc. The covenants and agrcemen s herein
con~ained shall hind, artd the riRhts hereunder ~hall mure to. the rr.pecti~•e succe~tiors and acsigns of I_ender :?od B~~rrower_
subject to the pmvisionc of paragraph 17 hereof. All a~ernamc and acrcrmcnt~ o~ Borrow~cr shall be IniN and ~everal.
The captions and heading~ of the ~:?raer:~~h. ~,f _ thic 114~rtg:~g~ are f~r convenicnce oniy and am aot to hc uccd to
interpret or define the pro~ ieionc herc~(.
14. Notiee. Except fc.r an~~ n~t~.r rryuirrd un~irr applic:~hlr law t~~ tx given in annther manner, fa1 ant• nMice t~
Burmwer pmvidcd for in thi~ ~1~~rtcaer .h:~li Fx Giv~n h~ m:~ilin~: .uch noticc M~ rrrtificd mail addreti.~d !o B~rr~wcr at
the Property Addretis or at cu:h ~~thr~ .~ddr~.. ac Rt~rr~~NCr m:i~ de~ignate b)• n~~tice t~~ l.ender ac provided hercin, a~d
(b) am~ notice to (_ender xhall F.~ ¢~~~n hc ~ertific~l mail. rcturn receipt requested. to I.enJer'c addrees stated herein or to
such ather address as l.ender may dr~ienatc h~ n~~tire t~•-Bnemv~er as pm~~ided herein. Any nMi_c provided for in this
' titortgage shall be deemed to ha~c txcn Ln~en to B~rm~.er ur Lender ahen given in the manner decignated herein.
1S. Uniform MoriRa~e; Gm•ernin~ I.aN: Se.er~bifih. Thi~ fnrm of mongage combincs uniform rnvenants for national
use and non-uniform co~enantc ..~ith limitr.l .anati~~n. h~ juri.~fiiti~~n to constitute a uniform securit~~ instrument rnvering
real propert~•. Thic Mor~gaee shsll tx eo~crnrd h~ thr I:iw .~f the i~ri~.iicti.~n in w~hich th~ Propeny is located. in the
event that any prrnision i~r clauu ~,f thi. ~1i~rt~:~LC ~~r the \~•ie c~~nflicts with applicable law. such confliet shall not aiiect
~ other provisions of thia M~rtgage ~~r Ihe `~~tr .+h~rh ~:~n F+r given efiect wilho~;; the conflicting provi~ion. and to this
~ end the pmvisionc of thc Mortgagr and ~hr arr .ircl:ircd tu he aeverable.
16. Borrower s Cop}. BorroN~er ~hall h~• furn~.h~~t :i c~~nf~~rmed cop} of the N~te ~nd of thic Mortgage at the time
~ of execution ar af~er recordation herec.f.
17. Tiansfer of the Propert~•: A~cumpliun. It :~I: ~~r an. ~.art of the Pmpem• or an interest therein is c~.ld or trancferred
by Borrower without I.ender's prior wnn:n .~~mvit. ~~cluding (ai thr crea~ion of a lien ~r encumbrance wtx~rdinate to
thic Mortgage. !h1 the creahon ~f ~ut.fi.nr m~~n~. ~r:urit~ interect f~~r hou~ehc~ld appliances. Icl ~ tranafer h~~ devise.
~ descent or b~~ operation of law upon the ~Icath ~~f i~~~+,t lrnam rr (d~ the grant ~f an} Iracehold interest ~f threc ~~rars or Iets
; not containing an option ti~ purchase. l.endcr m~}. at I rnder'. ~ptu~n, declare all the sum~ secured h~~ this Mortgage m be
~ imme~iateh• due and papahle. 1_cnder ~hall ha.r ~~:~~~rd .nrh ophon a• accelerate if. prior to ~he .ale or transfer. LenJer
and the peru~n t~ wh~~m the Propert~ i. F+~ .~~1.1 ~~r transferrrd reach ~greement in writmg that the credit ~~f ~urh per~on
~ is satisfactory to I.en~ter and ~ha~ ~hr intcrr.t ~a~ahle ~•n the ~um~ ecrured by' thic 1.11orteage ~hall be at such rate ac I.rnder
; shal) request. If 1 ender has w•aived ~hc ~ptir~ tc• acreler.ite pm~•iJeJ in ~his paragraph 17, and if Borrower'. ~ucressar in _
~ interest hac executed a written as~um~+tion :tgreement acce~ted in writing h}• LenJer. 1_ender ~hall releace Borrower fr~m all
' obligations under this Mortgage and the N~te.
If [_ender exercius ~uch option 1~~ accclerale. I endrr .hall mail Borrower notice of acceleration in acrnrd:?ncr ~ih
paragraph 14 hereof. Such notice shall provide a{xric.d ~~f not Iesc than 30 da)•c from the date the notice ic mailed within
~ which Borrow~er may pay the sumz Jeclared due. 1f Borrower fai{c ro pay such ~ums prior tc? the expiration ot tiuch per~..ci.
^ I.ende~ may. without further notice nr demand c~n H~rrower. ~nve,{,e an} remedies permitted hy paragraph 1 Q herc~f.
- Nor~-UtviFOR:?~ Cove~~rrTS. &irrower and l.ender further covenam and agree as follows:
- 18. Acceleration; Remedks. Except as pmvided in para~r~ph 17 hereof. upon Borrower's breach of any covenant or
- ~reement of Borrower in this 41ortRaRr. includin~ 1he covenanls to pay when due anY snms secured by this MortR~e, I.endrr
} prior to acctleration shall mail notice to Borrower as pro~•ided in pars~graph la hertoi specifyinR: (1) the breach: (21 the acfion
required to cure sucb breach; (3) a date. not less than 30 days from the dste the notice is mailed to Qorrower. by which such
breach must be cured; and (4) that failurc to cure such breach on or beforc the date specified in the notice may result in
" accekratan of t6e sums secured by thic Mort~a~e, foreclosure by judicial proceedi~ and sale of Ihe Propert~. 'ilrc notice
shall further inform Borrower of the ri~ht to reinctatc 9fter acceleration and the righl to asseA in the foreclosure proceedi~
- ' the non-existence of a defauk or any other defence of Borrower to acceleration and foreclosurc. If tAe bre~ch is nof cnred on
~ or before Ihe date specified in the notice, l.ender al I.ender's option may declare al) of the wms secnred by this 41ortRal,e to be
k immediattly due and pay~ble witbout further dem~,nd and ma}• foreclose thls MortRa~e by judicial proceedirtR. I,endrr chall
s be eatiNed to collect in such proceedin~ all expemes oi foreclosure, includiry~. but aot limited to. reasonable :+t•~rn~•.'s fees,
~ s~nd costs of .:uc~~nentary eridence, abstracts and litle repores.
; 19. Borrowe?'c Riq~ht to Rei~tate. tic.lw ithvrndin~ I.ender's acceleration of the sums ucured by ihr M.~rtgage.
~ Borrower shall have the right to have any proce~dinc, Fx~Eun ~v I,ender to enforce th~s M~nga¢e disconhnued an} t~me
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