HomeMy WebLinkAbout1300 .1 'r
1 inJrr•c wr+ttrn :Igreiutrnt or appll:.+h!e law. lion,n+er ,hall pad the .unount .+t .dl InoA~;Mlt nt.ul.ur,r prcAtirlrll+ m the
nlannrr 1+rt•vuird unJer paragraph hrreuf.
~~ny antounh Ji,hurcrd M• I ender pur,+lant the, par.ll aph w lth unrre,t therrrn. ,h.lll ht•it+nlr :uldiunna)
inaihreJni„ l+t Borrower yriun•d h\ th+, \tortpal;r t•nlr„ Born+wrr .old I l:narr ecru to other trrtnc .+t Lament. cuih
.1111.+Ullt, ,11:111 l.a' pa\,Ihle 1114H1 11.+1ht• Ir+Nll I rlldrr 1;+V R•w if II ti 11C~t111L j+a\Ilh•Ilt IttrrCt+t. :Ittll ,1.111 I,QIr 1'11rfr,l fn+m the
• t+f dichurcrmrnr at the r.ltr payahlr fn+m time a+ tlmr tat autct.ulding Lriniipal undir the \otr unle,c payment of
alter ,t at ,uih rdr would Fx iomran• to allliiahk I;LC. in which event ,uih :Imountc ,hall hear interc,~the highrd rate
pint scihlr undir appliiablr la\v. Nrthing contained in this p:Irarr:qth 7 shall reyuirr 1 rndcr to iniur am ryprnce or take
am• aitiun hereunder.
A. Inspection. l.rntter Wray make or sauce to he made rea,onahh entree, ~pt.n :Ind inclla.•cti++n, of the Pn+j,rrty. provided
that I cnJer ,hall give Burrower notiie prior to am• wih inyprctia+n ,peilfying rr:uonahle i •ul,e therelt+r related to l ender's
Interest in the Property.
9• Condemtyti4rt 'Gtr p~ttieed, of am• award ar ilairn fur damages, direct or itat,rquential. in ionneation with am•
condemnation ur other ~aking of the Pro{arty. or part thereof, or for conveyance in lieu of rnndrmnatiun. are hrrrhy .?c,igned
anal shall he paid to Lender.
In the went of a total taking of the Property. the procrrds shall he alllird to the ,umc ceiurrd by the, !1lortgagc.
with the e~iecs. if any. p:+id to Borrrw•er In the event of a partial takme of the Property. unlecc Rorrowrr and lender
otherwise agree in writing. them shall he applied to the ,umy urured M thl, I4tortgagr ,uih proportion 1+( the proccedc
as is cyual to that proprnitat which the amount of the sum, ,riurrd h~ the, \lunga~e imntrdi:aely prior n+ the date of
taking brace to the fair market +aluc of the Property imme.liatrly prior to the date of taking, ith the halanic of the prawrcds
paid to Borrower.
if the Property is abandoned M• Borrower. or if. after notiie by Lender to Burnwvrr that the rnndcmnor aficrs to make
an aw•arJ or cettlr a claim for damage,. Borrower fail, to re,pond to I end:r within ZO day, after the date ,nih notiie is
mailed. lender is authorized to collect and apph• the pra+ieedc. at I.endrr'c option. Tither to restoration or repair of the
Propcrn• or to the sums ceiured by this ?llortgare. • • 3• , • - •
l'nlcs, I cndcf and Borrower othcrwi,e agrrc in .yriting. am ,rl.hwppla•atic?rr pf proica;ds to prin:i~~al ,hall nat c~tend
or pucl[xale the due tl;rte of the monthh• installmenh referred to .n •.:uagrllh~, l . y~d,'~] h~n;of or change the amount t•f
wch irl,tallmcntc.
l0. Borrower Not Released. E~trmion of the time fl+r payment or modification of amortizatii+n of the cum, secured
by the, Mortgage gr:+nted by 1 rndcr to any ,uicc,u+r in interrct t+f Borrower ,hall not olerate tl• release. in am• manner.
the (iahilit~ .of the original Brrrowrr :rod Rorrow•er', sucirs,l.rc in interc,t. Lender shall not he rryuireJ to iammenic
pr+lcrr.iingc against such cucieccor ar refu,e m eytentl time for payment or othen:ice modify amortization of Ihr sums
,iiured by the, Mortgage by traaat of ;Inp demand made by the original Burrower :Ind Borrower's wiirc,or, in interest.
11. Forbearance b~• Lender \ot a N'aiyer. ~\ny forhearanie by 1 rndcr in cyrrii,ing :Iny~ right or remedy hrrelmdrr. a,r
otherwicc alfordc~.i by applir.+hlc law. ,hall nut lx a waiver n; or p:rclude Ihr ryrrii,c of any wih right or remlxly.
The~praxuremcnt of incuranie or the Layment rave, rr other lien, or ihargrc h~ Lender ,h:?II not he \+:+iver l+f I endcr'y
right to aiielrratr the maurrih~ of the indrhtrdnr" ,i _ tired by the, ~tofteage. _
12. Remedies Cumulative. :~11 remedies pro\ided in the, ~lortgagc arr di,tinit :uxl cumulative to any t+ther right or
renulh' under the, \lortg.+gi orafTt•rded M• LIw or eyuitc. anJ may he eyerri,rtl iuniurrrntlc•. imlcpendently or ,uiie„iyrk
13. Successors and :1+cigns Bnund: Joint and tic+cral Liabilih•; ('aptions. l~he iovrnants and agreentrnh herein
contained shall hint, and the right, hcramdcr ,hall inure to. Ihr rr,leitiyc cucie„on and accignc of I rntlrr •utd Bnrrowcr.
urhjeit to the proti,ion, of paragraph 17 hereof. :111 ioyrn:uttc and :Igrerment, of Borrower shall tle joint :utd ,eyeral.
"Lhr caption, :InJ headir;g, of the paragraph, of Ihi, '~iortcagi ;Ire for conyenirnie only and arr not n+ tx aced to
intrr(.ret ur define the pmyl,ion, hereof.
14. \otire. E~iept for am••notice reyaired under applii;lhh tau to hr given in ;mother manner. L11 stir, notice to
Borrower pro\Idcd for in the, ~1++rtgatic shall he given by mailim_ ,uih notice h\ .rrt~fied mail ;Iddre„ed tr Borrower at
the PloLerlC -~lldfc" l+r :II ,llch lgher :Iddre„ ac Bl+rft,wl.`f itt+t di,lin:+i t` h\ 'i++Ilir to I cndcf :IC LfNC'Idrd hrrrln. :Ind
Ih1 :ut\ notiie to Lender ,h:dl hr ~_iyen by certified mall. return r~ielt+t rratui,ted. to I rnaer'c :+ddrr,c stated herein or to
,uih other adder„ I.rnder ma\ Jrcignate h\ nrtiir rr Borr+~\+er ac pro\idea hrriin. •~nc notiie prryidr.l for in this
\tortgagr shall he deernrd to h:+yc hrrn given to Born+wer or 1 ru.!er whin gitrn in the m:ulncr dcciinated hcrrin.
15. l~niform 3lurter>;c; Goyernine i.aw; Se+crabitih• "I'li, tornt t+f mort,•a_•r _omhinec uniform iovcnant, for national
ace .roll !ion-unify+rm .o?en;utn with limited :anahon, by it:r?,tjiintat to ionctitute a uniiurnt uiurity in,tnlment caycrmg
real property. Thi, \lurtgagc shall he euyented by the I•Iw of the iuric.hition .n which the Property i, k+iated. In the
event that any pnwi,ion rr clau,e of the, \torteaer .+r the ~++tr iontliit, with ap, licahlc law. such cuntliit ,h:dl not aficct
.+ther Lroci,iun, uf- thl, 1lorlgage ur the \ot: which :an hr ~_icin rlie_t wi+ht~ut the ionfliiting pmyicion. attd tlt this
end the proriciom of the \lortea!•c and the \,,te :Ire .Ie~:l::red to Fie cevrrahle.
I 16. Borrowers ('ups. Borrower ,hall hr lurni,hai ;1 ;.mh•rnteal c++t•\ the ~otr .Ina of the, ~trrta,•e at the time
.+f c~ecution or attrr recordation hrreaf.
17. Transfer of the Properly,: Actiumption. 1(.111 or any n.lrt of the Property or an interest therein i, ,oW or trancfcrred
M• Borrower without Lender's prior written con,rnt. r~cludinL t.:i the ireatirn of a lien or encumhranie ,uhorthnatr to
the, Mortgage. Ih1 the creation ld a ;turih:+ce nt.ati\ ,e,l.rit\ intrre,t for houcehoid appliance,. (il transfer ht• dryise.
decent air by operation of law upon the dalth t+t .I ;,ant tenant or I~11 the tram of any Iracrhold interest of three year, ur lees
g nut containing an option to purchase. 1 rndcr m,l\. at 1 ender', olti,+rt. dr;lare all the cum, cciured M this Mortgage to Its
g immediatel:• doe and payable. Lender ,hall hays waived ,n:h option tr aiirlcrate if. prior to the ,ale or transfer. Lender
I and the prr,on ;o whim the Proprrt~• i, to he ,o'ti or tr:ln,frrrrtl n;l.h a_•rrrmrnt In wnting that the irrllit of ,uih Person
i, sari,factory- to Lcntlrr and that the intere,t Lac:+hk on the ,ant, secured h\ the, Mortgage shall he at such rate as Lender
,hall reyuet. If Lender ha. w•aiyed -the option to aiiekr•Itr Lmyidrd ilt the, paragraph 17. and if Borrower', wccessor in
intere,t ha, rxecutrd a written assumption aenennnt sees,; red in writing by 1 rndcr. Linder ,hall retrace Borrower from all
t+bligationc undir the, Mnrtgagc and the Nate.
If 1 rndcr eyercice, ,nih option to acielrratc. I anliir ,it:Jl mail Borrower notiie of aiielcratian in airnrdancc with
paragraph 1~3 hereof. Such notice shall provide a perioJ r•f not lee, than days from the date the notice is mailed within
which Borrower may pay the ,umc dcclareJ due. If Brrruwer t.+il, to pay ,uih ,time pnor Ix+ Ihr cyltiratu+n I+f ,uih period.
~ I.rndcr may. without further notice ar demand nn horn+wer.:nyt+kc :Inc rrmedics Lermrttc.t hy~ paracraph Its hereof.
NON-UNIFOR~1 COVFNaNTS. Borrower and Lender further rnvenant and serge as follows:
18. Acceleration; Remedies. Except as pro+ided in paragraph 17 hereof, upon Borrower's breach of an~• covenant or
agreement of Borrower in this 3ortgage, including the covenants to pay when due any sums secured by this Mortgage. Lender
pnor
fO acceieration shale mail notice to Borrower as provided in paragraph 14 hereof specifyin8: (1) the breach; (2) the action
required to cure such breach; (3) a date. not less than 30 day+ 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 by this 3lortgaRe. foreclosure by judicial proceeding and sale of the Property. 71re 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 s default or any, other defense of Borrower to acceleration and foreclosure. If the breach is not curled on ~
ik or before the date specified in the notice, Lender at Lender's option may, declare all of the sums secured by this :Mortgage to be
t~ immediately due and payable without further demand and may foreclose this ~1ortRage 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. BorrowePs Right to Reinstate. Notwithstanding Lcndcr'c accclcration of the sums secured by this Mortgage. I
Borrower shall have the right to have am proceedings begun h} Lender t/. enfor.e this Mortgage discontinued at any time
goer oacE~~
r.
.y~ ~ /i
Y" x _