HomeMy WebLinkAbout2179 4
l rn+!.r~s :+nttcn agrecntent or apph.ab!r L+++. ?iorn+++cr sh:+h p,t~ thr amount of all h~1rlc:~te in,ut,uxc .}~rtntiums nt the
ntenncr rdr,1 under paragraph ? hcrcot ? ~ r
:1ny anu•unh di,huned by I ender pur,trant to ~F:is p:u:fLraph 7. ++uh ~ntcrcct thereon shall herrnte additional
utd~h•edne,~ of liorro++er secured h+ the \1111IL'.ILI l'r,le„ Butl,•:+cr .ut.l 1 rn,lcr a>:ree to other !Bret, of p:+ymrnl, such
:umantt, shall he payahle upon notirc fn~nt I coder t.r Rorro++rr re,tue,tin~ p:r~m:nt Ihrrerl and ,h.tll he.tr interecl fmm the
dote of dishuncmcm :p the rate {?ayuhlc fmm time k+ time on outstanding principal under the ?s;ote unless payment of
intcrr,t at such rate ++ou!d F?e contrary to ;ylplirahle la+c, in ++hich event such amount, ,hall hear interest :+t the highest talc
prrmiscihle under :+pplirahk la++. !nothing rontaincd in this paragraph 7 chill revolts Lender to incur any .cypense or take
en) action hereunder.
8. inspection. Lender roue nt:tke or r.??rse to t+c midi reasonahle entries upon and ins{?crtions of the Property. pm+•ided
th.+t I.cndcr chill give Borro+er notirc pri+lr to any such ins{xchon s{xiil}ing reasonable eau<e thcrclor related to l.endcr's
interest in the Pmperttr. . $'7 ~ ~
9• ('ondemaation. The pt.~•cedc of ~n}t award or claim for damages. direct or consequential. in connection with any
condemnation or other taking of the Property. ++r part thereof. or for ronvcyance in lieu of condemnation, art perch}• assigned
and ,hall he paid to 1_cnder.
in the event of a total taking of the Propen)•. the pnxccds ,hall he applied to thc~sums secured by this Mortgage.
• +yith the excess. if any, p:+id to &xn+++er. In the event of a partial taking of the Aropert~~. unlc,s Born+wer and i.endcr
iuherwise agree in writing. there ,hall he applied to the sums secure.! by thi•: '~1++rtgage such proportion of the proceeds
as is equal to that pmprrtirn which the amount of the sums secured h} this Vortgage imm~diateh• prior to the date of
t.?king !kite to the fair market valor of the Property immediately prior to the date of taking. ++ith the h:?L•+nce of the proceeds
paid to Borrower.
if the Properly is abandoned by Borme+•er. or if. after notice by Lender to Borrower that the condemnor offers to make
an award or sMlle a claim for damages. Borrower fails to re~p+•nd to 1 ender within 3O da)•s after the date such notice is
mailed. lender is authorized to rnllect and apply the proceeds, at (.ender', option. either to restoration or repair of the
Pmpeny or to the sum, ,enured by this !~tortgace.
Unless Le~tdcr and Burrower athcnyice agree in writin~•. am• sr~ch applic.uirn c.f procecde to principal ,hall not +:vtend
or post{xlne the due date of the monthly installments referrrd to in {.aragraph, 1 and 2 hereof rr change the amount of
such installments.
10. Borrower mot Released. i~ytension of the time for payment or m~~difiration of amorUZatiiln of the some secured
by thi, Mortgage granted M I.cn+ler to am• succecs+lr in intcre,t of Borrower shall not operate to release, in anv manner.
the liability of the uricinal Born+wer and ItOrfOwef', s?rrce„ors in inters,!. Lender shall not he reynired to commence
pr.+rscdings against ,uch successor or refuse to ssren.t tiros for payment or otherwise modify amortization of the sums
,stored by this ~4urtgage by reason of am' dsman+l made h+ the .+rieinal Rorrrwrr and Borrower's ctrrrss,ors in interest.
I1. Forbearance by l.cnder':~ut a ~~'aiyer. Any forhear:utre by i ender in essrcicint am• right or remedy hereunder. or
uthenviss afforded by applirahls law.hall not hs a wai+er of ur preclude the ssercise of am• ,uch right rr remedy.
The pmcursmenl of imurance or the payment of !ayes or other hero ++r rharzes he (.ender sh:?II not he a ~+aiver of 1 ender's
right d~ acrslsrate the maturih of the indshtcd~tc,s ,e_ured h+' this ~1urt_•ags.
12. Remedies ('umulative. All remedies pnnidsd in this ?1lortgags arc distinct and cumulative to any rthsr right or
rsmedt• ender this Mongage or afforded M• la++• or syuity_ and may Fls s~crcissJ concurrenth~. indepcndcnth or succe,siyely.
13. Successors and lscignc Bound: Joint and tie+eral Liabilih; ('options. "Ihe cu+•utants and agrcsn?enh herein
:~+ntainsd shall hind, and the rich!. hereunder ,hall inure to. the r~spertiys surce,u+n anJ as.igns of I ender and Borrower.
,uh;cct to thr proyi,irm of paragraph 17 hereof. :111 coyen.ult: ;+n,l agreement, of Borrower shall hs joint and ,cvsral.
The caption, an.l hs:tdin:, of the paraeraph, of this lfurtg.+ge arc for ronvsniencs only :rod arc not to Fls used to
interpret or define the pmyisio;ts hereof.
iJ. notice. Eyret~t frr any notice « ,tnirsd under applicah!s la:+ to he given in anrther manner, fat any notice to
Burrrwsr provided for ;rt this ~tc,rtgagc shall he zicen by m;nlim_ ,tr.h rl~,ttcc h+ rcrtifie+l mail addres,rd to Borrow sr al
the Prapem :1+!drr„ or at such other address a, Brrrr++rr m:++ de,~en:rte h: nrtire tr I en+ler as provided herein. ;rod
!h? ;it;c nohrs to I coder ,hell Fle eh~en by certified nt.til. return rerrrtlt reuue,tsd m I ender s address stated herein or to
,uch other addres a. Lender mad designate h+ notice t,+ Firrr•~:+sr a; pru+ids.l here+n. :1m• notice pn•vids;l (+.r in this
~ 11.rrtgagc shall hs deemed t+• h:+ys been given to Borrx+++er ,~r 1 coder :+hen ~,issn in the m:u?net Je,ignated herein.
~ IS. I'niform ~lnrtt;rKc: Gos~erning i_aw: Scycrahilily. ihi, !.+nm+~t morteags ,~~mhines uniform a.esnants for national
use and non-uniform rr+snanh with limited yanation, h: tFtri,.!~.tion h~ rr~n,tuut:~ a ?niform ssrunty instrtrment cc,ysnng
real property. This llartgagc ,hall Ix: governed h+' the Lo+ ~+f the juri,dirh.~n ~n which the Property is k+cated. in the
e+•snt that am' pn.visirn or chutes of thi, ?11ortaLr rr the \,•ts rontli:t, +sith apnlicahlr la+y. ,rich conflict ,hall not affect
E ether proci,iuns of this 11++r!Lags or the 'Vets whr~h ran he ~i+~n elTect :yithout the :onfli,tine pmcision. and to this
~ cr.d the prr:hlrn~ rt (ill' ~f,`fr_atil ;old the ~rl+' :Ire ~1Crl;tfed lr Le ,~\•erahlc.
1 16. Borrower's ('up}. Borrower ,hall hr fnrm,he~f c~nttrrnled ropy rf the \ntr .tnd of thi, ~f0lIL'a_L'C at the time
tit e~srution or after recordation hereof.
17. Transfer of the Property; .lssumption. If al! rr am tart of the Propern• or an rnterest therein is sold or tran.ferrcd
by Borrowr~ without Lender's prim written .un,snt. es~ludin~ rat the crr:+tirn rf lien rr enrumhranrs suhonlinatc to
thi, Storteags. !hl the creation ++f e purrha,e money ,riurit: interest frr hrusehold appliances. Irt a transfer by devise.
descent or by ++peratiorl of I:n+ upon the death ,•t :r i,~:nt truant rr r.lt the Brant rf any Ieacchold interest of three gran ur less
not containing an option to pur.:hase. 1 ender nra:..u 1 ender' optu•n. dr~l:+re all the ,tiros secured by this Mortgage to be
rmmediateh due and payahle. I ruder sh,+li pier :+ai:ed tench option t.~ acrelsratc if. prier to the ,;de or transfer. (.ender
€ an+l the person to whim the Property i, n~ hr ,rl.i rr tr.rnsterrrd reach .r_rcement m wntrne that the credit of such person
is catisiarton to I.en,ler :rod th.tt the interr,t p:t~ahlc ere the ,trot, se+;ured M thi, \lartgagc shall he at such rate ac lender
,hall revues!. If Lsndsr ha, w.tiysd the rptirn tr accclrr,rts prryided in thi, paragraph 17, and if Borrower's successor in
rntcreu has syecuted a +srittsn assumption agrecmrnt accepted in writin~• h+• Lsndsr. Lender shall release Borrrnycr from all
obligations under thi, Mortgage and the :Vols.
E If 1 ender sysrcisrs such uptron to arrrler.rre. 1 cndrr ,h;+II mail Borrower nuhce of acceleration in accordance with
par.+gr.+ph 1-t hereof. Such notice ,hall pnn•ids perir+l rf net less than 311 day_ , from the date the notice is mailed within
:?hich Brrrr:+er may p;n the sums declared due. If Brrro:+er tart, Fo pay snrh ,tiros parr to the aspiration of ,uch period.
Lender ma+•, without further notirc or demand on lirrmwer. in:oks any remedies permitted h+• paragraph IR hereof.
Nom-U'rtFOt+t.t Covt=s:a~TS. Borrcwcr and lender further covenant and a¢ree as follows:
_ 18. Acceleration: Remedies. Except as pro+•ided in paragraph 17 hereof. upon Borrower's breach of any covenant or
agreement of Borrower in this Mortgage. including the covenants to pay when due any sums secured by this Mortgage, (.ender
prior to acceleration shall mail notice to Borrower ac provided in paragraph 14 hereof specifying: (1) the breach; (21 the action
required to cure such breach; (3) a date, not less than 30 dies fmm the date the notice is mailed to Borrower. by which such
breach must be cured: and !fiat failure to cure such breach on or before the date .specified in the notice may result in
acceleration of the sums secured by this ltotrigage, foreclosure b}• judicial proceeding and sale of the Property. The notice
shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding
4he non-existence of a default or any other defense of Borrower to acceleration and foreclosure. if the breach is not cored on
or before the date specified in the notice. (.ender at t.ender's option ma} declare all of the sums secured by this Mortgage to be
_ immediatel~• due and payable without further demand and ma}• foreclose this Mortgage by judicial proceeding. Lender shall
be entitled to collect in such proceeding all expenses of foreclosure. including, but not limited to, reasonable attorney's fees.
and costs of documentary evidence. abstracts and title reports.
19. Borrower's Right to Reinstate. tiotwithstanding Lender's acceleration of the sums secured by this Mortgage.
? Borrower shall have the right to have an}• proceedings F?cgun by (.ender to enforce this Mortgage discontinued at -any time
BCGK ~V5 r4:~FZ~ 75
x