HomeMy WebLinkAbout2485 I.cndrr'~ ~~rittcn agrcemrnt o~ appL~abfc la~. Burrov?cr shall pay thr amouM of all mortgagr in.ur.~n.c prcmiums in th~
mann~r pr.~vid~.l undcr paragraph 2 herco[.
Any' amount~ di.hu~scd by I rnJer pur~uant ~his paragr.~ph 7. H•ith ?nten:~t thrrc~~n. ~hall FK~omc additi~~nal •
in„htcdn~,~ ~,f Hurru~~rr cccurcd M thi~ lUorltagc. l'nk.. Ao~r~~~~~r :~nJ 1 rn~l~r aer~c ti~ c?th~r tcrmc of paymrnt. ~uch •
amuunt..h:?11 hc pa>~ahlc uEx?~~?c~ticc f~„m 1 rnd~r t.? 8~~rr.~~rr rryuc.tine p:~~mrnt thcrc~•L and ~h:Jl Fkar in~rrcct from thc ~
~I;qc of di~hurccmcnt at thc ratc p~)•aMc fr~~m ~imc Io timc on rnitctandine pnncipal undcr thc ".~o~c unlc~. payment of
intcrc~t at such ratc ~roolJ l?e contran• t~ applicablc la~v. in whinc ~~~cnt cuch amounlc ~hall hcar intcred at thr highc~t ratc
~xrmissiblc undrr applicable IaW. Nothing rnn~ained in thi~ paraeraph 7 shall rrquire 1_ender t~. incur any e~pense or take
:~ny action hcrcundcr.
8. lnspection. 1-cndcr may makc ar rausc to hc madc rraconahlr rn~~icc uFx~n and int}xctinnc of ~hc P~a~xrt~•. providcd
~hat I ender ~hall give Borrower notice ~+rior to am~ wrh incpectiun ~~xcif~•ing n~asonablc cau~e theref~~r related to I ender's
im~r~c~ in Ihc Pmpcrt).
9, Condemnalion. The pnkeedc of any a~vard or rlaim for dac:~ages, direc~ or c~~n.rquential. in connectinn wi~h an)'
<<~ndemnati~~n ~~r olhcr taking ~~f th~ ProFx rty, or part therc.~f, or for conv~yanre i~ lieu ~~f condemnatic~n. arr hercM• a«igned
•rnd .hall hc paid to l.cndc~.
In ~he event of a t~~tal takine uf ihc Pro{w:~ly. Ihe pre.ceeds chall he applird to ~he wmt ~.cured h~• ~hie MortFage.
wilh the e~ce~s, if an)•. paid to Borr~~M•cr. ln Ih~ cvent uf a partial taking of the Pmperh•. unlc<c Rc~rr~~H•cr :?nd 1.ender
othcrwik agr~Y in writi~g. ~hrrc shall bc applicd tp thc ~ums cctiurcd M' lhi. Mi~rt~a~c ~t~ch rmp.~rtion ~•f thc procecds ~
as ic equal to ihat pre~~xxti~•n which Ihe amount o( the sumc ucured b} thic ~tortg:~~e 'smmrdiatel~~ pri~•r Ihe date of
taking hearc to the fair market valuc ~~f thc Pra{~:rty immcJiately pric.r t~• thc ~lafe of taking, ~~ith thr hal:mcc of the prc~cccJs
paid a~ Bor~ower. ~
If the Pmpert~• ic aband~ned h~• Borrow•er. or if. after notice M• 1 cndrr m R~•rr~~w•er that the cc?ndemnor ~fiers to make F
an aw-a~d or seltle a claim for damage~. Borrower fail~ 1i~ r~~{x~nd H~ 1 ender a•ithin Z(1 da~~+ aft~r the date cuch ne.tice is ~
mailed. Lender is authorizcd to collect and apply the proc~tids. at I.ender'c o~tion. rither t~ re~toration ~r rcpair of ihe ~
x
Pro~xrl~• or tc? Ihc sum~ .ccurctil M• ~hi. •A4ortgagc. -
l.'nles, Lcndcr and BorruHCrothcrH~i.c agrec in ~.ritim,. am' wrh :~ppli~ati~~n af prcxecd~ t~~ prin:iral .h;!! r.~~t c~tcnd
or Fxxt~mc thc duc date of ~~~c monthh~ inztallmcntc rcfcrrcd to in p:ua~r.~~hti 1 and 2 hcn:~~f or rh:?ng~ th~ amount ~f ~
wch installmcntc.
10. Borrow~er Not Reltased. F:~ten~ion of ~he time for pa~•men~ or mcxfificati~~n of amorli~atio~ ~•f the ~umc ~ccured
n~~ this Morti~agc granted b~• i.en~er t~ am~ cueceskx in interec~ of Borrower tihall no~ o~xrate to r~leacc. in any man~er.
thc liahilit~~ ~~f thc orieinal Borro~~er and Rormvecr'. sur~~s.orc in intcrc+t. I.cnder chall n~•t he rcyuireil t~~ rommencc
pnkccdings againct such wccccsor ~x rc(u.c to crtcn~l timc for paymcnt i~r Mhcr.~icr m~xlit~• amortizati~~n ~~f the sums
~e.urrd b~• Ihi~ Mortgage h~• reau.n ~~f :~m• dem•rnil madr h~ ihe i~rieinal Borrc,w•~r and B~~rr~,~rcrs wcc~..~,r. in intcre~t.
1l. Forbearance b~~ I.ender \ot a V~'aiver. Anc f~~rF+raranrr h~ I rnder in c~erritiint :?m~ rigM rr rem~J~~ hrrcunder. or
~~thcM~i~c aff~+rded h~~ applicaMr law•. .h:~l! not he a wai~•er i~f .~r prectude the e~ercisc c.f am~ ~uch rieht ~~r remed}•.
Thc procurcment of insuranre or the payment of ta~r~ or ath~r licnti ~~r char~c~ bt~ l.cnder .hall nM tx: a~+ai~'~r ~~f I enJer's ;
right t~~ :?ccclcr:~tc thc maturi~~• uf thc indchicdnctis cr_urcd M• thi. rlortcage- s
12. Remedies Cumulafi~•e. .All remc~lirs. pm~ ided in thi. \lorigagc arc distinrt and cumulati~'r t~ :~m ~~thrr richt ~r ~
remed~• under thi~ Mortgaee or afT~~rdrd h~• law or eyuit~•. :~n~ ma)' h:r e~erci~~J c~incurrcnth~. inde{xndentl~ ~~r ~arce~s~~'c1>'. _
13. Successors and AssiRns Bound: Joinl and Se~eral i.iabilih~: ('aplions. Thr rnvrnanls and acrccmcnt~ hcrcin
ci~ntain~.! ~hall hind. ;~nd thr richtti hcr~under tihall inurc t~. thc rrcpecti~-c ~u~cc..or~ an~l ati.ign~'~~f Lcn~l~r .~nd R~~rroWCr.
wbjcct to th~ pro~•i~ion, af paraeraph 17 hcr~oL All co~•cnant~ ~nd :~ercrmrnh of Bi,rro~ccr shall hc j~•im and .c~'cral.
Thc ca~tii~n, anJ hca~iine~ ~,f thr par:?graph~ ~f thi~ ~t~~rtc:~gc arc f~•r c~znvcnien~c ~•nlt• and arc n~~t t~, Fx: uccd to
inlrrprrl ~~r dcfine thc prc~~ ici~mti hcrc~f. _
14. \otice. E~rept f~~r an~• notire reyuircd tmJcr :~ppticahle I:~~. tu t+e g~~~en m~nother manner. /at :~m' noticC lo
Borro~~cr provided f..r in thi, ~tortgage shall he gi~~cn h~~ mailin~_ w~h mnice h~ ~cnificd m:iil addrr~.~d t~• B~~rr~,wcr at
th~ PmExrt~~ :~~Idre~~ ~v at tittch uthcr addrc~~ ac B.•rr~~~ccr ma~• dr.i~n:~tr h~• n~,~i.c t~• 1 cndcr. a~ pn~~•id~J hcrein. an~l
thl am nulicr t~• LcnJcr ,hall Fx~ gi~•cn h~~ ccrtific~l n~:iil. rc~urn rcrri~t r~qur.trd. ~r I cn.irr'. ad~lre~t statrd hcrein ~r to
wch ~,thcr addresc a~ 1 rnder mac dc~icnatc h~• n~.ticc t~+ B«rm~+rr :~c ~r~~~ idcJ hrrcin. r~m• n~~tirr pr.~~~idr.1 f~•r in thi~ -
~t~~rtgagc shall tk Jccm~d tc, h:~~•~ t+crn ei~•cn to Borrowrr ~~r 1 rnJrr .•hrn e~.cii in thc manncr dc~ignatcd hrrcin. -
I5. L'niform ~1orl~aRe: Go~•erninR i.aN: Se~erabilifc. "Ihi. f~~rm u! m„rtea~_c ~c.mhines ~miform ~~~~•enant~ f~.r nati~nal
~ u~r and n~~munifi,rm r~~~cnam~ «ith limitr.l ~~ariati~~n. h~ juri~.li~ti~.n t.~ ~~~mtitutc a uniform tir:urit~• invrnmcnt rn~°cring
rcal pr~~pcrt~~. Thiti \tarteage chal! Ix guvcrned M~ thr la~~ ~~f ~hr juri..ficti.~n in ~chich the Pr~~xn~- i. I.kated. In the
` ~~~cnt ~hat as~~• pn~visi~m nr clau~a ~~f thi, '~1~~rt~aer ~•r thr \~.tc c~~nllict. ith :~p{~lirahle la«. ,~~ch r~~nfli~~ .hall nM atiert
~ ~~thcr rr~~~i.i~,n. .~f thi~ 1i~rte~gc ~,r thr \~.tr ~~hich ran hc ~_i~rn ctfr.t ~ri~h~~ut Ihc r~,ntlirtinc pm~i~i~~n. anJ to this
E rnd thr [+ri~~i~i~m~ i~( Ihe ~~~~ff_L•:1_L•C an~l thr \iHr :ir~ J~cLirrd t~• h~ .~~•eraMi.
16. Borm..ers Cop~. Borri~~~~r ~h:~ll h~ furni~h~~l i.•nfrmtrd ~~~p)~ th~ ~ole .~nd i~f thi. \lurtgagi at th~ time
` uf c~ccution ur :?(tcr rc:~,rd:~ii~~n hcrc~f. -
~ 17. Transfer of Ihc Prupert~: :~~~umption. If :~II ~~r :~m ~~.~rt af thc Pr~~~rtJ' ~~r an imcresl th~rcin i~ +~~Id ~~r transfcrred
E M~ Rorr„~?rr ~~ithi,i~t l.~nd~r'~ pri„r ~~ritt~,i c.,n~rnt_ r~~luding 1:~? thr ~r~~livn i~i li~n c•r cncumhran~r ~utx~rdinate t~~
~ thi. ~1~•rt~:~,~c. Ih? thc rr~ati~~n ~,f a ~ur.h:~.r nn~nr~ •r~unn ~n~rre:t frr hrucch~~l~l applianrr~. (cl :i Iran~fcr h~• dc~~iu.
~ dc.~rnt rr h~ ~.~xr.~tion ~~t l.i~~ up~~n thc .Icath i.•~n~ trnant ~,r 1~1~ thr s:rant ~,f :m~ I~auhi~ld intcrest ~~f thrcr ~carti ~~r lc~t
~~ot :~•ntairung :~n ~~pti~.n t~• ~ur~hacr. I cn.lrr n~.,~. .~t l cnJrr'~ ~~~,i~rn. drelare all th~ ,umti sccurcd h~~ this ~1~~rteaee tc, hc
~ ~mm~~fi:drl~• da~ artd ~+a~~hlc. .Lrndcr ,hall ha.r .•.u.rJ ~u:h .,pti~m acirl~r:~tr if. rrii~r to Ihc ~alc ~~r tramfcr. LcnJer
~ :in~i the ~xr~~~n t~• ~+h~,m th~ Pr~~~xrt~ i. 1,~ Fx .ul:l ~~r Ir:imfrrrr.t r~arh :~~srrrmrnt ~n ~+nung Ihat th~ crc.lit ~~f ~urh pcr.i,n
i< <ati~fart~~n t~. Lcn~trr .~nd th:~i thr interr~t ra~:~hlc ~•n thc .nm. .~.ured h~ thi~ ~I<•n~ag~ ~hall hc at si~~h ratc a~ l.ender
~ ~h.~ll rcyue~t. If 1 rn.irr hati w:~it~~~l thr ~~pti~ai t~~ :i~i~lcr.~ r(+r~~~i~1tJ i~~ Ihi~ p:~ra~_ra{~h 17. anJ if B~~rr~~H~cr~> >urcess<~r in
~ intrre.t ha~ e~ecutrd a~~rittrn as~um~+tinn agrcrm~nt :+c~•crtrJ in ~~riting h~~ Lemlrr. l.~n~ler ~hall r~lca~e Borrou~rr from all
~ ~~Mieatic~n~ un~l~r thi~ ~1~~rtL:~tic and thc ~~~t~. . _
If I cnd~r c~erci.r~ tin~h „rti~~n t~~ a~~clrr.~tr. 1 rn~lcr .h.~ll m:~il R~~rnnt~r ~H*tirr rf ac~clcrati~•n in :ncordancc with
~ ~an~gr:~ph 1-i h~rr~~f_ Si~ch n:~ticc •h:+ll ~r~~~•idr ~ri,,J ~~~~i Icc~, than 2(1 .I:+}. fmm thc datr thc n~ticc ic m:~ilcd w~ithin
' •..hi:h B~•rr.~~.cr m:~~ thr ,um~ Jcrl:~rc.l diir It li„nr~~rr t:~il. t~, p,.~ ~u~h tium; pri~,r t~~ thc ~~pirasi~m rf ~u~h ~xrii?d.
0
~ 1_cn.lcr ma~•. ~•ith~~~~l tiirth~r m,ti~r ~~r ~i~m:~nd ~~n R~,rm~~~r. rn~~~1.r am rcmrdics ~xrntittc:l h~- paragraph 1K hcrcof.
~ \~~-t'~it~??c~~ (~~i~1 v~~T>. Borrov?rr and I cnJcr furthcr ci~vcnant and agrce as follows:
~ 18. Acceleration: Remedies. Fxcept as provided in para~r+ph 17 hereof, upun Borrowe~s breach of any co~•enant or
s
3 a~reement of BorroNer in thic ~1ortRa~e, includinR Ihe cocenants to pay v?hen due any sums seeured by thic titort~aRe, I.ender
~ prior to acceleration shall mail notice to Borrower ac provided in para~raph 1•1 hereof specif~inR: (1) the breach; (21 the aNion
~ required ta cure such breach; (31 a date, not less th~n 30 da~-s from the date the notice is mailed fo Borrower. by which such
breach must be cured: and 14) that failure to cure sach breach an or before the dale specified in the notice may result in
> acceleration oi the sums secured b}- this ~tort~a~e. forecloture by judicial proceedin~; and sale of the Property. 'il~e notice ~
~ shall further inform Borrow•er of the ri~ht to reinslate afler ~cceleratio~ and the ri~ht to assert in the foreclosurc proceeding
~ the non-existence of a default or am• other defense of Borrower to ~ccelerotion and foreclosure. If the breach is nof curcd on
~ or before the date specified in the notice, t.ender at I.ender's option may declare all of the cums secured b}- this'.?1ort~~e to 6e
immediatel}• due and payable ~+ithout turlher demand and ma}• foreclose this ~tort~a~;e b~• judicial proceedinR. Lender shall
~ be entitled to collect in such proceedin~ all expenses of foreclosure. including. but not limited to. reasonable attorney's fees.
~ and costs of documentan• eaidence, abstracts and tiUe reports.
~ 19. Borrower's Ri~ht to Reinstate. Nc.tw~ith~tanding 1_en~12r'. accelerah~~n of th~ sums ~ecureJ b}• this Mortgage.
; Borrower shall have the rieht to ha~•e :~m prckcedine~ F.r~un h~• Lcnder tr cnforcc thi~ ~1c•rtga~r di~c~ntmueJ at an~ time
~ a~o~ 311 oA~t 2483
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