HomeMy WebLinkAbout0872 _ . . .
1 cn.lr~'c ~~ritlcn a~re~turnt or apphrable law. 13~~rruw~r shall pa}~ ~h~ am.~unt uf all mortba~~ in,ur.~n~~ premiums in thc
mannrr pr.,vid~.l und~r pafagraph h~rcof.
:~n~' am~nin~~ ~ii~hurscJ b)• Lcmlcr punuatu t~~ this ~+:~r.~s~r.~{,h 7. with ui~rrc~t therc~un. ~~fh, ` hccomc '~ldiliQnal
in.l~ht«Inc.. rl 13~~rroNC~ sucur~d h~' thi~ \lurtcagc. l'nlr.. Rr~ru~.cr :~nJ 1 cn~lrr :~,sr~r to ~~Ihcl~ tc~c i?f pa~•MCnl.~•dt~ch
am~~unt. ~h:~ll hc ~~~ahlc ur.,n n~~~i:r fr~•m .~~~tr ti~ li~~rru~r~ r~yu~,~ing p:~~m~nt ~hLr«~L aml .hall h~:u intcrc~t fmm the
.latc of ~li.hurcrmcnt at thc ratr p~v:tj~lt! f~~xn limc to ~imc i~n ~inctandinR principal under thc N~~tc u~lccti paymenl of
intere~t at surh ratr ~~•oul~l t?~ c~ntrar~~ to applirablc la~v. in ~~hich cvent euch amounts ~hatl hear interect at the highect rate
permissihle undrr applicahlc law. N~~thing con~ained in thic paragraph 7~hall requin: l cnder to incur am~ ex~x~u or take
:in}• action hrrcundcr. ~
8. Inspection. Lender may makr or ~ause to he made reaconaMr ~m~icc upon and impecti~.ne of the Pro~xrly, pmviJed
that t.endcr ahall give Borm~~•er nMice pric?r to any ~urh impection ~~xcifying rrasc~nable caucr theref~~r rc1a~eJ to I.ender's
intrreci in Ihr Propcrt~•. .
9. Co~demnation. The proc~tidc of an)• award i~r claim for damag~s, airect ur con~rquential. in connection ~~~ith any
cundcmnalion othcr taking of thc Pro~yty, ur p~t therrnf; ~~r for c~mvcyancc in li~u ~~f ~ondcmnation, arn c~rcM~ aceigncd .
and shall f?c paid to 1.cndcr.
1~ the e~ent ~i a t~~tal takine of the Pro~rt}~. the pr~~;eeJs ahall he :?pplied to ~he ~umc secared M• thic Tlortgage.
N~ith the ecce~c, if an}~, paid to B~~rr~~wer. In Ih~: event of a partial la~ing ~f the Property, nnlecc Rorr~~u•er and I.ender
.~therwic~ agrce in w•riting. therc shall be applieei to the wms cecurc.l hv thi. I~1~.rtgage ~uch pm~~nion ~•F the prcx;eeds
as is equal to that pm~~rtion Hhieh thc amount of the sum. ~~rur~-d by Ihic ~lortcage immr~li;?telc rri:v u~ the date of
taking hears fo the fair marke~ valuc of the Prope~ty immediately pri~r ~o the date of taking. ~~ith the halance ~~f the proceeds ~
paid t~~ Borrower. ~
if the Pmpeny is abandone~l bY BOffAwer. or if. after notice hv Lender to B~~~row•er ~hat the condemnor ofiers to make
an aH~ard c.r setllc a ~laim f~r damageti. $~~rmw•cr fail~ k~ r~.~x.nd t~~ I cndcr ~~•ithin ~f1 Ja~~~ a(tcr thc datc ~uch notirc is
m.iiled. I.ender is authariz~d to rnllect and apply the pnkced~. at i.ender c option. either te? restoration or repair of the
Propeny or to the sum~ secured b~• this ~lortgage.
Unlcss I.cndcr and Borrowcr othcntiis~ agrcc in ~~ritinL~ sn:h ar~.li~:ni~~n i•f prc.rrcde t~• princiha) ~hall nc~t e~tcnd
or ~cl~nc thc duc date of thc m~~nthl~• installmcnts rcfcrred 1~~ in p:~ra~ra~~h~ I:md ? hcn~~f ~~r changc thc amount of
such inclallmentc. ~
10. Bonower Yot Relea~ed. F~~rnsion of the timr f~~r pa~ment ~~r m~~ciificati~~n i~f amc.rlization ~f the cnm< <ecured ~
by this Mortgaec gnnted b~~ Lcndcr t~~ am• ~ucce~tor in intrre~t .,f B~rrowcr ~ha!! not ~pcr:ntc to rrlcace. in anv manncr.
thc liability af thc ori~inal Borrowcr and [3c?rrow~cr'< succ~s~~~re in iMCrc:t. l.cndcr ~hall not hc rcy~iircd t~~ r~~mmencc
pn,creJines aeainct such cucretsor or refute to e~tenJ timr for pa)'mcnt i~r otheraicr mcxlify ~mo~tization ~~f ihe sums
sccurcd b~~ thi~ htortgagc b~~ rcason of am' dCmand mad~ b~ thc oriKinal Borrr~~~cr :ind Bi~rrou~rr t su:rc~~~~r~ in intercct.
11. Forbearance by I.ender ~~i/ a K'ai~~er. Am f<~~hcarar.rc hi I rnder in c~crcitiin~ :~m• right i,r remrd~~ hrr~undcr. or
~~thcrW~ise affordeJ b}• appli~ahle law. ~hali not hc a~~~ai~•er nr preclude the e~erci~e of am• .ach rieM ~r remed~•.
Th~ procurcmcnt of incurancc or thc pa~•m~nt of t:~~c~ or uthcr licm or ~hargrc h~• I.rndcr .hal) nat hc a~~ai~'~r id t.cnder'~
right t~• accclcr:?tc the maturit~• of thr indcbtcdnc.. ~rrurrd h~- thi~ ~longaxr.
12. Remedie~ ('nmulative. A!I rcmrdies pro.ided in thic ?11c~rtgaFe arc di~titict and c~m~dative tc? :~n}• ~~ther rigM ~r
reme~i~' under thic M~rti~ke or at~~x~cd h~• law• ar cyuit~. and ma} he r~erciud rnncurrenll}•. inde~xndentl~~ ~~r ~nr~e~ci~•elv.
13. Successo?s and AcciRns Bound: Joint and Se~eral I.iaAilih; ('aptions. Th~ a•vrnants and agrccment~ hcrcin
rnntain~~l chali hind, ;ind the rieht. hrrrunder .hall ~nnre t~•. ~he r~.~xeti~•e suece~~rn and a~5igns of Len~ler and Bc~rm~er_
,ublcct to ~hc pr.+~~i~iom ~~f paragraph hcrcoC :~ll co~•~n:r.itc :isid agrermcntc of B~~rr~.~~cr shall hc jnim :~nd ~c~•cral.
Thc capti~•n. :~n.i hraili;ig. c•( thc par.:~;raph; ~~f thi, ~1~•rte:~gc arc far rnnvcnicnc~ ~~nl~~ a~d arc nnt tu tx: u~ed ro
intcrnrrt or dcfinr thr ~mvici~,n~ hcrc~f.
14. tiotice. E~rept f~~r am• n~,tice requir~d un~ler a~~,1ic.~hle I~~~• t~~ he givcn in anuther manner. (al :u~~• notice to
Rurrinvrr pri~~•idcd for in thi; ~4c~rt~:aec shall tx ¢~~~~n h~• nt:~ilin,~ .u:h n~~lirr h~~ cr•Uficd mail addrrti.rd m Rorm«cr at
thr Pr~~~xrt~ Addr~.. ur ::t s~tch othrr ~ddre.. :ic B~~rm~rer m:r de.ienat~ ht• n~~ticr tu I ~n.lrr a~ pruvi.ird herein. an~i
Ibl am~ notirr tu Leniler tih~lt txr e~~•en M cer~ific~ m:~il. rrturn :rc~i~~t rrunr~t~~l. t.~ I cnder'~ ad~lres~ ctcU~d her1in ~r to
~urh othcr addre.. ac I rn~~cr mal dc~ienate h} :iotirr f~~ B,•rr~,~~•rr ac rr~..~idc~l hcrcin. :~m• n~~ticc pr~.~•idril f~•r in thic
~1ur~g~gc shall fx~ deemcJ to h:~~•c hccn i~~rn to R~rr.~u~r ~~r I rnd~r ~~hrn ci~•cn_in ihe manner desi¢naled hcrcin.
15. t'niform Jlortk~Ke; Governin~ t.aN; Se~er•rbilih. 'ihi, f~~rm rf mc~rte;~!_e rc~mhinec unif~rm r~we+~.int~ f~r natic.nal
u~e anJ n~~n-unif.~rm ~i.~c~~:u~t~ ~?ith limitr.i eanati~~m. b~ ~nn.~ii~tii~n ti~ c~~n.titu.c uniform ururit~~ intitrumcnt r.~~'cring
' real pro~xrty. lhi~ :~lortiagc shall tk e~,~rrnrd h~~ th~ 1:~~~ <•f thc juri~.li:ti~~n in ~rhirh the Pro~xrt)• i~ loratcd. In thc
f event ~h:~t :in}• prvvision ~,r rlauk af thi~ 1lortgaLr ~~r ~he \,~t~ rnnlii.t. ~~ith ap~licahte lati. ~~~ch ce~nllict ~hall n~t afiect
i ~~thcr pr~.~itiion, of thi~ ~1~~rigaL~ ur thc \c~t~ ~~hinc ~an h~ z~<<n ~ITrrt ~~i!h~~nt the cnn(!i.~in~_ prc.~i:i~m. and tc? this
~ cnd thr pr.~~itii~m, ~•f chr ~1~rteagr ancl thr \~,tr ,~r~ .fc~l.irrd t,, tk uvrrahlr.
~ 16. Bormw~er s Cop~. Borr~,~crr ~h:~ll hr furni,hcd "~nti~rnud i~,r~ ~~t thr ~~tr .~re.t ~f Ihi. A1~rt~_age at the time
ut execution or after rrrnrdation hercc.L
~ 17. Transfer of the Pmpert~: :1~~umption. lf all ~~r am i~a;t of thc Pr~~~xrt~• i~r an interc.t therein i: «~Id or trancferrcd
~ hy Borro~ccr withi•ut Lrndcr'~ pri~~r ~~rittrn :un.rnt. r~~ft;din~ thr rr~ati~+n i~f a li~n nr cncumhran~c wFx~r.linate to
€ thi. tit+.rlLagc. (h1 the rrcati~n ~•f ~ur.ha<r numt~ .~rurit~ intr~<<t f~,r h~,~~.ch~,l.l .~pplian~eti. (~l a tramfen c~ devise.
~ de:.crm rr hy ~~~xration of 1:~:. upnn thr ~ieath ~~f i~~int trnant ~~r 1~1~ thr erant ~f am tr.~uh~ld interest. c~f thre~ viars ~r lets
~ nrt a~ntaining an opti«n t~~ pur~has~. 1 cndcr m:~}, .~I L~ndrr'~ ~~~c„~~,. ~i«iarc :~Il Ihr tium~ secured by this ~tortgaie to he
f irnmr.iiateh• due and ~~a~'ahle. I ender thall havr ~+.~i~~.i ~nrh artiim t~~ acceler:~te if. prior to the ~ale or transfer. Lender
~ :?n.l the percon t~~ w•hc~m the Prc~~xrl~• it he ~~,I~I ~.r tr,~m(errid rca~h a,_r~cm~nt in ~~~iting ihat thc credit of such person
~ i: sati~fart~~n• t~ I.ereclcr and that thc inlrrc.t ~a~ ahic ~~n thr wm. :~cured b~• thi~ itc.rttiage ~hall F?e at snch ra~e as i_ender
~ sh:+ll request. If 1 ender ha~ waiveJ the i~~ti<~n t~~ ar~rler.rtr pm~~idrd in thi. ~+ar:,~,raph 17. and if B~rrow•er's ~uccessor in
~ interest hac executed a~~ritten assumptibn agrcement a~ce~trd in tiritisig h~~ I.ender. I.ender shall relra~e Borrower from all
~ ubli~;ations unJcr thi~ MortkaGe and thc Notc.
If t_ender exerrik~ sorh optic•n to acceler:~te. I rn+lcr .hall mail B~rro~~er notire ~f accelerati~~n in a~corda~v~ith
~ paragraph 14 herrof. Such nutice ~hall pr~widr a~nri~~d ~~f nen les. than ?(1 dac~ fr~~m ~he date the notice ic mailed within
~ which B~.rr~~~~~er ma~• p:i~~ the tumc declare~l dur If Bc~rr.~~~rr f.?il: t~~ pa}~ ~~sch .nm. pri~~r t~ the e~piration rf wch period.
~ 1_enJer ma~•, w~ithi~ut furlher noticc c.r Jemand ~~n li~~rrvwcr. im~~l.c am rcmedics Fxrmiuecl by para¢raph 13 hereof.
~
~ Nov-Urr~FOxwf CoveN~vTS. Borrow~er and I.ender further crn~enant and agrce as follows:
~ 18. Acceleration; Remedies. Except as pm~~ided in para~raph 17 hereof. upon Borrower's breach of am co~•enanf or
agreement of Borrower ia this Mortga~e, includinR the corenants to pap w~hen due an}• sums securcd by this 111ortqa~e, i.ender
prior lo acceleration shal) mail notice to Borrow•er as provided in para~raph 14 hereof specif~ing: (1) the breach; (2) the aMion
~ required to curc such bresch; (3) a date. not lesc Ihan 30 da~s from the date the notice is mailed to Borrower. by Nhich such
` breach must be cured: and (4) that failure to cure such breach on or before the date specified in the notice may reSalt in
acceleration of Ihe snms cecnrcd bv Ihic 111ort~a~e. forcclosure by jadicial proceedin~ and sale of the Property. 'Il~e nMice
shall further inform Borrower of fhe ri~ht to reinstate afler acceleration and the right to assert in the foreclosurt procteding
the non-existe~ce of a default or anv other defense of Borro~rer to accelerotion and foreclosure. If the brcach is aot currd on
~ or beforc the date specified in the notice. I.ender at [.ender's oplion ma~• declare ~11 of the sums ucurcd by this NortgaRe to be
a immedlately dne and payable without further demand and may~ foreclose Ihic !11ort~~e by judicial proceedinR. Lender shall
~ be entiNed to collect in wch proceedinR all expenses of foreclosure, includin~. but not limited to, nasonable attorney's fees.
~ and costs of documentan• evidence. abstracls and title reports.
~ 19. Borrower's Right to Relnstate. Notwithstanding LenJer'c acreleration of the sumc secured by this Mortgage.
~ Borrower shall have the right to have any proceedings begun b}• t.ender to enforce this l~iortgage discontinued at any time
~
' . Boo~ 3U8 P~E g~
~
~
. - ~ ~
- _ ~
_ ..rt.?,iX ~--_,v.`F~f-.,'.`~, .x -.n-.~ . L a. ~ x,