HomeMy WebLinkAbout1398 i
1
?{i`
1 rnd.•t', +?rtnen agreement ar applicable law. (i++rn,wer ,hall pad the amul:nt of all nu,rtgage insur.utce premiums in the
m,lnner i•lc`elde,l under p:+r.+graph • hereof.
-fin: .unuunts di,hursed M I cn+tcr pur,+ru+t tr rhtc par.+erll,h ++uh anrrest thereon, shall he.unu• additwnal
utdrhtedne„ of liurn,wer srcun•d by thl, \turtga~c l nle„ B,v!+`\+er .u+,l I rn+ier .Ig«\- to other terms ul p:+yntent. such
anuantts shall hr payable up.at nutiic fr,,m I ender to Burnn+er «yue~ting I+:+~nx•nt the«,+f. and shall hear inh•«st from the
,I,Ite ul dishurscment at the rate payable from time to tints un outstanding plincip:d under the Note unlrs, payment of
intercu at such rate wuul+l he Cur.tr:tn to apptl;ahle la+s. in which event wch :Imoums .hall 1?ear intcrest :?t the highest rate
perrnissihle under applit:ahlr law. M~titing Comained in this paragraph 7 shall require I ender to incur any expence or take
am' a:tion hereunder.
8. Impection. I ender nr,+v make or lause to t+c made rraatnahlr entries upon and inspeCti+,ns of the Pn,perty. prm•idrd
that 1 ender sh;+Il give Aormwer notice {,riot to any uteh inspection specifying rc:uonahlr Cause therefor related to Lender's
utterest in the Property.
9. Condemnation. The pn~crrds of .111\' award or claim for damages, direct or aatseyuential. in Connection with am•
:ondrmnatiun ur other taking l,f the Property, or part thereof, or for a,nveyanCr in lieu of Condemnation. are beech}, assigned
and .hall i,c paid to Lcndcr.
In the event of a total taking of the Property. the pro.xrdc shall he applied to the sums secured by this tilortgaee.
with the excess. if am•. paid to Borru++rr. In the event a~f a partial taking of the Property. unksc Rormwer and 1_endcr
,,thenvisr agree in txriting_ there ,hall he :+pplird to the some secure) by this AMrtgagr such proportion of the proceeds
as is ryual to that prup+,rtion ++hich the amount of the some secured M this 1lortga~e imntcdiatrly prior to the date of
taking hears to the fair market valor of Ihr Properq~ immediately prior to the date of taking. with the balance of the proCCCdc !
paid to Harrower.
if the Property is abandoned by Borrower. ur if. after notice by 1 ender to &,rru+crr that the condemnor offers to make
:ut awanl or settle a claim for damages. Rurru+ver fail, to «sp:atd to 1 cndcr within ~(1 days after the date atch notice is
m;,fled. lender is authori-red to collect and :+pph• the proceeds. at Lender's option. either to restoration ur repair of the
Pmper,; or to the sums secured by this Nortgagc.
l;n?esa 1 cndcr :md Born+++er othensise agree in ++ritinc. any su.'h appli:.+tiun of pn.Ceeds to principal shall not extend ~
+`r po,tp.ntr ;he due date of the monthh• installments referred to in t,aracraphs 1 :+nd 'hereof or change the amount of
,uch ins!allmcnts.
10. llorrnw~er Not Released. Extrusion of the time for pa+•ment or modification +.f ;tmorti~ation of the sums secured
h~• this \tortgacc granted hv_ Lcndcr to ;uty wcccsu,r in intcrcst of Burrower shall not operttr to reisace, in any m:+nnrr,
the liah lit,: of the ori>'in:+I &trrowcr and Bormwer's su.Cessurs in interest. Lcndcr shall not he reyuircd to a,mmencc
pr+,CCedings against such su:Crssor or refuse to extend time for payment or otherwise mollify amorti7alian of the sums
se~u«d M_• thi. ?4ortgage h+' reason of am demand made h\ the uri~_inal Born+wet: and Borrower's atc+:cssrrs in interest.
11. Forlxrrance bt• i.ender Not a ~~-ai?er. .fit:\ furt,sar;utur by 1 cndcr in exercising an+• right or remedy herrunrkr. or
otherwise afforded hr anpli~ahlc law. sh:+H nut t,e a w•ai+er rf ur preclude the exercise of any such right or remedy. '
"The prlxurement of insurance or the pa}•ntent of taxi, c,r other liens ur :barges h+• I.cndrr ,hall not F,e a waiver of I endcr's
right a, accelerate the maturity of the inliehtedne,s ,c:n«d by thi, ~Mrtgaec.
12. Remedies ('umulatire. :111 remedies pro+idrd in This 11.+rtgage arc distinct and cumulative to .uty ++thrr right or t
r~meJy undrr this 11•`rtg.u•c ur ;t]Turded by law ur eyuit~. and may he r+e«iseJ :uncurrentls•. indrltrndrntl} or ,ncce,siyely.
13. Successors •rnd :assigns Bound: Joint and Seleral Liability: ('•rptions. "fhr Cosrnantc and agrrentrnt, herein
:unrlined shall hind. and the rights he«under ,hall inure tu. the rcspectiye snc:e,s+,rs and as,igns .,f Lender. ,utd Burrow~cr: }
,object to the pr:`~i,iun, +•f paragraph I? hereut. :VI coycn:utt, and :+greentcnh of Bl,rnn+cr shall t,e joint and several.
The r.+pti+`ns aad hcadim_, of the par.+craph, of this \lortgage arc for cunyenienCe onh• :md arc not to F?r used M ~
intert,«t or define the nmy+si++ns hereof.
14. \otice. Except for any notice rcyuired under applicable law ;r hr given in and+thcr manner. fat any notice M
burn»+cr pn+yided for .n thi, \lartgagc shall he given by m:+IiinL ,uch n+`tiee M certified mail add«ssed to P,urruaer at
the Prulxrty Addre„ ur at ,uch other add«s, ai Burrower ma` de~lsn:+te h+ nuti.•c to I ender a: pruvi+ted herein. and,
tht an+ no;i:c to I cn.ter ,hall he L•i:rn h\ Crnified mail. rcn}rn r:cr~rt « yuc,ted. to I cndcr', addreec st:urd herein or to 1
,uch other ;iddre„ .IS I.rnder m:++ d:,ienate h\ rn•tl,r Rrrn•uer as pru\ided hccnm. :\nx• notice provided fur in this
~turt>;at;e shall t,e +ieenud to hays been •_+elt nt Rurr~•\+er ur 1 rndcl ++hen Li+rn in the manner desicnated hcrcin.
1S. l'niform ~1nrtLattie: Govcrninti La+s: Se~crahilih. l iu, t.`r:n rt m+~rtea~_e conthincs uniform :u+•cr.anls fur n;+tional
I .,e and nc`n llnltcVnt l.~\ettan+, \+Itb Ilntlte.t \:IrLltt+,rti b\' tllfl,.t::11Jn 1+~ ~+,nilllt+le 8 Ultllorltt \t'.Ufll+' Intilrllnlent Coyermg ~
real prupert~ 1-his 11un_.+__r shall he eucerned by the la:+ r( the iu~i,+!ictiun in which the PropCrty (oCatcd. In the
went that any t,ruvisiun ur clau,e of thi, \trrt:;a•_e +`r the \~ve cunt?i.h ++ith applicable law. such conflict ,,hall not affect
,`thee pru+:,i+`r, of Utls !11urt•_a!•e ur the \c,tc which c:ul t.e ~•t+cn etfec; \+i!Ftutlt the cunf!icting pm+isiun. and M this
er..t the pru+l,irm +•f the \lrrt_a~~r :out the \.,le .1'l• ~Ir~l:ucd to hr ,~:rrah}r.
16. Borrower's ('opt. &,rr~~++er ,h;;l; he fnrn!,hed c.mf.`nncd ~+`t~: ut +'n \ote ar:d of thi, \turt',:+gc at the time
f .`f execution ur :+;ter «curdation hereof.
17. Tr:tnsfcr of the Propert~:.~ssumplion. If a!' ~~r :In+ hart of the Prupertc ur an intcrest Ihrrein i+ ,old or transferred
t,y Born,wer ++itttu;u Lcndcr's pour wri:;e:t ~un,ent. ~~+:ulling +.+1 Ihr .«aUrn of a !inn nr eniumhran:r subordinate to f
th!~ 11urt,•a~_e. tht the Creation of purch;t,r nrale+ ,ecurit+ interc,t frr huu,yh++fd appliances. (C? a tran,fer by devise.
descent ur h+ +tpcratlon ut law open the .tenth i,~tnt tenant ;`r tell the Brant of :+m leasehold interest of thnx years or less
nut CuntaininL an option to p;+rchase. 1 cndcr nta+. at 1 ender•~ upttun. declare all the soot, sect:red M• this 1lortgagc M he
uumedt:+teh due and payable. 1 cndcr shall ha.e \+ai\ed s!ICh option t.• :+cc+~ler.+te if. prior M the.sale or transfer. lender
and the perscm to wh+~m the Pn,pe:tc i, n, Ix ,+`~,1 .•r Ir.u?,fee«d rcarh agreement in writing that the Credit of such person
is satisfactun- u` I ender and that the intere,t p:nahle tin the •!mt, ,ecnred h+' ihi, 1ortgage shall he at such talc ac Lender
,h:+ll reyuesl. If Lender has waiye.l the option aCCelera:e provided in this parrr;+ph 17, and if &,rrc•wer's successor in
intcrest ha, executed a written assuruption agreenunt accepted in :lriting by 1 cndcr. Lcndcr shall release Borrower from all
.,blieations under this Murtcaee and the \Tote.
t if I cndcr exercise, snch option tr acceler:+tc. 1 cndcr ,hall nt.+it Borrower notice of aCCCteration in accordance with
paragraph i3 hereof. Such notice shall pr,n•idr period ;`f nut IBC, than ifl day, from the date the notice is mailed within
which Burnncer may pay the snms decl:+re.l .tt:e. It Brrruwcr fail, to pal suih snm, prior to the rxpiratiun of such period.
Lender mac. +cithuut further notice ur demand tin Burn,wer. in+nkc :tin rcmedirs permitte:l M- paragraph ! 3 hereof.
Nrt~-l;!vtrot<xt ('ot.•r~>~TS. Borrower and Lcndcr further covenant and acres as follows:
18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrowers breach of any covenant or
- agreement of Borrower in this Mortgage, including the cotenants b pas when due any sums secured by this 1?1ortRage, i.ender
prior to acceleration shall mail notice to Borrower as prodded in paragraph 14 hereof specifying: (1) the breach; (2) the aMion
required to cure such breach; (3) a date, not less than 30 da~~s from the date the notice is mailed to Borrower. by which such
breach must be cured: and 141 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 Mortgage, foreclosure by judicial proceeding and sale of the Property. "Ilte notice
3 shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding
the non-existence of a default or am other defense of Borrower to acceleration and foreclosure. If the breach is not cured on
or before the date specified in the notice. Lender al Lender's option may declare all of the sums secured by this Mortgage to be
immediately due and payable without further demand and mad foreclose Chic Mortgage by judicial proceeding. Lender shall
be entitled to collets in such proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's fees.
and costs of documentary etidence. 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 any proceedings begun by Lender t~ enforce this Mortgage discontinued at any time
f ij(
K ~~~•}~3iV (wirt~~