HomeMy WebLinkAbout0436 ~ ~ i~
I.~nJrr'~ w~ittcn agr~rmrnt ur appl~~.~hlc Liu. Rorro~rr ~hall pay ~h~ amuunt of all mc~ti~i'~~mur.~nrc ~ireJrt~yms in thc ~
m:,nn~r ~r~.vid~~l uiidcr ~a~a~r,~ph ? hcr~ol.
An} amcitr~t~ diih~~rccct by 1 cnclcr pur.tt.:n: t~~ this pa~.igr:~~h 7. ~vith intcre~t thctcon, thall Fk~c~m~ additionTl f
in~lrhrcdn~.+ „f R~•rroarr a;cund M~ thi~ rt~~n~agc. l'nlr.. B~~rru~~rr an.l I cn~lc~ agrec to othcr tcrmc of paymcnt. cuch ~
anu~unt. ,hall hc ~~a~•aMc u~~n nutirc fn~m L~nd~t t~~ Ii~~rru~~cr reyur.tine p:~)m~nt Ihrre~~L and ~hall Fkar intirect fmm thc ~
~late of ~li~hur~ment a1 ~he rate pa~•ahlc fr~•m time t~~ time un outctandi~e principal under the Note unlec~ payment of i
intcrect at such ratc wo~il~l hc con~~an• to applicablr law, in ~~hich c~rnt auch amountc tihall hear intcrcct at thc highcct rate 1
permistiblr undrr :~ppli~able law~. I~~~thing conlained in lhic paragraph 7 shall require Lrnder to incur any expence or take ~
any action hcrcundcr.
8. Inspection. I.enJer ma~~ make or cai~se to be made reaconahle emrie~ iipon and inc~xctionc of the Property~, pm~ided
that 1 ender ~hall Rive B.~rre?w~r noiice pric~r to any such ins{xction ~{x::ifying reasonahle cauce theref~~r related to I.endcr's
~ntc~cci in thc Pm~x:rty. ;
9. Condemnation. The proceedc of an~• award or claim for damaees, direct or con.equcntisl. in connection with an)~
condemnation or i~thcr taking of the Prape~ty, or part thereof, or fe~r conveyance in lieu of condemnation. are hercM• ac~igned ~
anJ tihall hc paid t~~ I.ender. t~•~ '
In ~he event of a ~rnal taking of the ~mpe~ty. the prckeeds ahall he applied to the cumc cecured b~•.thi~ Alortgage.
uitfi the e~cccs. if am, p.iid to B~~rr«u~er_ 1n the cti•ent of a pastia! t::king of the Propert~~, t+~tka~ Borr~~wer and I_ender
otherwice agrce in w~ritin~. therc shall be applied to the wms sn:urc~l M- thi, Mc.rtRaee ~uch pm~x,rti~n of thr proceeds
as ic ~qua) to that pm~,rtirn which Ihe amount of the sumc tecured ht• thit :~i~rlgaee immediatel~• pri~?r tn the date of F
taki~g txars to the fair markct s~alur of the Property immedi•rtely pric~r ~o the .late of takin~, w ith the halance of the proceeds
paid ~o Borrow•er. . ~
if the Propertt• i~ abandc?ned b~~ B~.rrower, or if_ aher notice hv l.ender to BormH•cr that Ihe condemnor offers to make .
an awa~d or settle a claim for damavc+. Bormwer faik t~~ rrs{x~nd t~~ l.cnJcr w ithin i0 Ja)'s aflcr Ihe Jate .uch noticc is _
mailed. I.enJer is authori7ed to rnllect and apply the procceds. at Lender ~ orti~n. eilher M restoration ~r rcpair of the
Pro~rt~• ~r tn the ~um. ~ccured h~• thic Mortgage.
l!nless : cnder and Borro~~rr othenci~ agrcc in writinc. anr w;h ap~li~a~i~~n ~~f prcxecdc t~~ principal tih:?11 n~~t e~tend
or p.x;~,ne the due dale of thc monthl~• instnllment~ rcfcrfrd t.~ i~.~~ a~a~.~raphti 1•rnd hcrcof or changc Ihc am~unt ~f
wch inslal~meotc.
w~ ~ ;,-.n,. ~ -
10. &irruN~er Not Releaced. F~teasion of the time f~~r pa~ m~~p~R, ur mc~~ficaUon of :imorti~ation ,Qf the ~umc cecured
by thi~ \1~~n~.~ag~ granted h~• l cn~lcr to am• ~uccescor i~? imrrc•t ~3orroH•cr ~h:~ll not opcratc to rclcasc. in any manncr.
the liabili~~~ ~~f the ori~in:,l Borro~~er and Rormu•er'~ su:rescorc in intcrect. Len.ler sfiall not he reyuirrd tc. rommenee
pr.xeedings againct arch cucressor ~,r refuce t~, etitend ~ime for pavment or othera•ise mcxlify amor~izati~~n ~~f the sums
~ecureJ h~• thi: 1ltortgage h~~ rcacnn af am• demand made h~ ~hc .~rieinal Bormwer and R~~rmw•er s cucce~«~rc iii interest.
I1. Forbearance bv l.ender Not r VVai~~er. An~~ ft~rtkaran:~ h~ I.rndcr in e~crcicine am• ricM ar rcmed~• hereunder. or
~~th~rwitic atTorded h~ applicai~lc law, .hali nnl tk a u•aivcr ~~f ~~r prerludc the c~rrcisc of am• .arh ri;ht or remedr.
'fhc prckurcment of insurance or Ihe E~aymcnt ~~f ta~~w ~~r i.ther licm or chargc~ hy I.endcr ~hall not hc a«ai~'er ~+f l.cnder's
rieht t~. acc~lcr,~tc tFc maturity of Ih~ indchtcdnc~..rcur~d hy thi. 11ortLage.
12. Remrdies Cumutati~e. .111 remedies ~rm ided in thi: \lortgaee are distinct and cumulative tc• :?m• <•ther ri~ht ~r
rcme~h• under Ihi. Mortgagc or afTardrd t•~• law~ i.r rquit~•. and m:+~~ he r~ercicrd conci~rrentlr. independemh• i~r suc~ecsively.
13. Succecsors and 1ssi~ns Bound: ]oint and Seceral i.iabilitv; Capfions. Th~ cc•venants .ind agrccmeM~ hcrein
~~~r,tainc~l ~hall hind, and thr riehtc hcrcundcr xhall inure tc~. th~ rc~pccti.-e succc.wrc and a~~ignc of Len~lrr and Rorr~w•cr.
,ubjcct to th~ ~+r~~~i,ion~ ~~f ~arag~aph 17 hrrcof. All co~~~n:~~tls anJ agrccmcnfti of Rorn~N~cr Shall Fx i~~int :~nd .c.cral.
Thc ~:~ptirn: :~n~l headin~. r~ thc ~aragr:i~h, i~f thi~ ~tortg:~~r ar~ f~~r com•cricncc unl~~ anJ arr nr! t~~ h. uccd to
int~rs~r~t i~r define thc pr~~~~i~i~.n~ hcrec?f. .
l~i. '\otire. Exrept for ~nv noti~r rcunired under :~nrr~aMi la~~ t.~ be ei~'cn in an~~ther manner. /a) :~m• notice to
B~~rmw~cr pr.~~idcd fur-m thiti ~lortgage shall hc gi~~~n M• m:~iline cu:h nnticc h~ rrnificd mail addre..rd t.. Rorrowcr at
thc ProExrt~• :~~idre.. cr, :~t wch ~.ther addr~., as R~~rr~wcr mav dc.ien:nr h~• nt~tic~ t~. 1 cndrr ac pr.~~~idrd hcrcin. and
~h) ;~n~ nati;~ t~~ Lrndrr .h:ill Fx ~iven h~~ certihcd mail. rcturn rr~ri~~t rcyi~r~tc~L 1 ~rs~ler'~ ad~lr~~~ siated h~rcin or to
.uch ~~thcr addrec. :i~ l endrr m:~~ dr~ignate h~ ni~tire t„ R~~rr~~«rr a, ~mtidc~l L•rrcin. \m• n~~tice pr~~vide~i f~~r in this
~1~~rtgagc shall tk dccmed t<< ha~~ htcn ei~~cn t.~ B~rn•u•cr rr ! rnd:r .~hrn ^~•rn in Ihc mxnncr Jc.icnat~d hcrrin.
~ 15. Unifocm ~torl~aKe; Go~erninE I.aN; Se~erabilih. ih~~ !~~rr~ r( m~~rlLaic ~~~mhinrt nnit~rm e~~~~~n:~nt~ f.~r national
~ice and n~~n-unil~.rm c~,~rnant. with limit~.l ~~ariati~m. hc iuri.~tirti~~n t„ r~,nshtute a uniform cc.itril~• imtrum~nt ~~.~~ering
~ real propert~•. Thu ~tortgagc ~hall tk e~~~~crned h~~ Ih~ laN nf th~ juri.~licti~~n m uhi~h th~ Pro(xrit' i. I~~ated. In the
~ r~•cnt th:~t an~• pm~~sion nr rlau~c c~f thi. ~~t)fll'JL'C ~~r thc ~'~ar a~nfli.t. ..i~h annlicahlc Ici~~. such c~~nflict ~hall not a(Tect
~ ~,thcr pru~i.i~~m uf thi~ 1~1~rte:?gr or thc \',.tr ~.fi~~h ~an h~ eic~n clTrrt ~+ithuul thc ~onfli.tine prm~iai~~n. :~n~l to this
~nd thc pru~i,i~,n~ of ~h~ !~1:~rILa!~e and thr \i~tc .~r~ ~IrcLucd t~z hc ti«•rraM~.
i 16. BurroKe~s Cop~. Borr~~NCr ~h:~ll tk furni.hc.t ;.mf.~rmrd :i~{~~ ~~f th. \i~tr .m~} ~~f thi. \I.~rttiagc at the timc
ut cxcc~~tion ~r aftcr re~ord:,tion hercuf.
~ 17. Transfer of thc Propert~: A~sumptiun. If all rr am ~art ~~f thc Pmpert~~ or an intcrett thcrein ic .old or trancferrcd
~ hy Bo~ruwcr Hhh.~ut I.cndcr's pri~~r ~+•ritlc,~ ~.Tm~nt. r~ilu.ting lal thr cr~atirn ut a lien ~r cncumbrancc ~uFx,r~inartc to
~hi. vic~rt:;~gc. (h) thc crcation ~•f a purchak m~m~~ .ec+~rit~ intrrest f<~r~ h~~ucchold applianccs, Icl a tran;fcr h~• dcvise.
~ dc~~ent ~•r h~~ c~~ration iif laH u~x~n thc ii~ath ~~f j~~int trnam ~~r I.i~ thc eranl ~~f am Icatchold intcrcst ~~f thrcc ~•rars or Iccs
zi~~t containine an optian t~, purchase. 1 rndrr m:~~. :~t 1 ~nder'. ~i~.l:ire all the sumc~`ecured bg this ~lortgage to t~e
~mm~Jiatelc duc and pa~~ahlr. I cnder thail ha~c ~~:~i.rd .i~ch ~~~+ti~~n a~ ac~rlerate if, prior to the ~ale or transfer. Lender
~ an.1 thc pcrcc~n t~~ wh~~m thc Pr~.~rt~• i. to hc ~~~I;f ~~r tr:imlcrrrd rearh agrccm~nt in Kr+tine that Ihc cre~i~ ~•f tiuch person
~ i. ~atitifart~~n• t~ Lendrr ;~nd that the imcrr.t ~ a).~Mr ~~n ~hr ~i~m. .r.ured h~ thi. ~tortiage thall be at such rate ac I.ender
~ ~hall requcst. If I_enJer has H•aived the op~i~.n t.~ ac.rler,~t~ pr~n~ideJ in this p.iracraph 17, and if Rorr~~wcr's :uccessor in
~ intrrest ha~ executed a w•riuen assump~ion air~emrnt acrepted in writing h~• Lender. LenJer chall releau Borrow~er from all
~~bligation~ unJcr thic M~rteagc and thc N~tc.
~ If Lender c~erci+~, such i~ptic.n t~~ arcekr:uc. I rndcr .h~ll m:~il B~,rrowrr notice ~~f a~celerati~~n in arcardance w•ith
f paragraph 14 hcrcof. Sii,h noticc ~hall ~n~vidc a~xrioJ ri nrt Ic;~ than i~ da~•~ fr~•m the datc thc noticc ia mailcd within
which B~~rn•wcr ma}• pa~• thc cums de~l.~re.1 dur. I( Brrru~~rr fail~ to pa~~ wch tiiim~ pri~~r to tfic cxpirah~n ~~f ~uch pcriod.
1_cn.lcr ma~'. ~~ithc~ut furthcr noticc ~~r dcmand ~~n It~.rr~~wcr. im~~{.c :in~ rrmcdics }+crmittcd h~• paragraph 1R hercof_
~ Noy-Urv~FOKrt Covt.rv.~~TS. Bnrr~~wer and I.enJer funher cc.venant and aeree as follows:
~ 18. Acederation; Remed'ees. Eacept as prorided in p~r~rapb 17 hereof. upon Borrower's breach of any covenant or
~ agreement of Borro~ser in this ~iortga~e. includin~ the co~en~nts to pa~• when due any sums secured by this Mortga~e, I.ender
~ prior fo accderation sbaU mail notice fo Borrower ac pro~~ided in para~raph 14 hereof specifyin~: (1) the breach; (2) the action
required fo cure such brcach; (3) a date, not less than 30 da~s fmm the date the notice is mailed to Borrower, by which such
bresch musi be cured; and (4) Ihat failurc Io cure such breach on or beforc the date specif'ied in the notice may resWt in
E acceleration of t6e snms securcd by thi~s ~tortRa~;e. foreclosurt bp judicial proceedinR and sale of the Property. 71~e nMice
~ shall furtber inform Borrower of the riRht to reinstate after'cceleration and the right to acsert in the foreclosuro proceedi~
~ the non-extstence of a default or any other defense of Borrower to acceleration and foncbsurc. lf the breach ~ not cured on
or before the date specified in the notice. Lender at [xader's option mav declare all of the sums secured by this MortAsge to be
immediately due and payable without further demand and may foreclose thts MortRage by judicial proceediug. Leoder shall
be enNded to colkct in such proceedin~ all expenses of foreclosure. including. but not limited to. reasonable attorney's fees,
and cosfs of documentary evidence. absiracts and title reports.
~ 19. Borro~ser's Rig6t to Reinstate. Notwiths~anding LenJer s acceleration of the sums secured by this Mortgage.
Borrower shall have the right to have any proceedings hegun by 1_ender to enforce thia Aionga~re discontinued at any time
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~ . BoaK 311 PacE 4:3!5