HomeMy WebLinkAbout1450 1 enter', ++riuen agreement ur ;tpplaahlc la+s. liarruwer shall pa) the anuantt of all mortgage imuran:e premium, m the
m:utner pr.+vule.l under paragraph hereof.
:any ant.au?ts Ji,hurud M• I.enJer purwant to this par.?gt;,ph 7, w,th uth«+t the«on. ,hall F+ec,+nx additi++n:d
inJeh?edne„ .+f k.+rru++er secured hs• this ~k+rtLage l'nle„ Burn+++rr :m.t I enter .?eree a+ outer term, .+f p;q•men1. +uch
:un;antt„hall F+e pas'ahk up,at nr+ti:e fnnn 1 enter u, Borra++er revue.ling pasntent thereof. ant ,Ertl {+e;u intere,t from the
date ++f Ji+hursement at the c:de parahle fr,+m time to time .+n aut+tandin~ principal under the Nate unlc+, payment of
interea at such rtte would I+e c,+ntr;us• t,+ ;?pplicahlc Lav. in sshich Brent +nch amounts shall roar iMerest,a1 the highest rate
permissihk ?uuier applirthle law,. Nothing cantaincJ in thi, paragraph ~ shall require I ender'tii' incur shy cspense ar take
:u»_• action hereunder. ~ _
tl. Inspection. I ender mar male .+r c:u„e to F+c made rcasonahk entries upon ant inspection, of the Property. prn•idcd
that 1 enter shall gis•c Barn++ser notice prior to any such imlxclian +pecifying reasonable cau,c therefor re1:UrJ to I ender's
into«,t in the Property.
9. ('ondemnrtion. The pr.+cecJ+ of any as+ard or claim far damages. dircet or rnnscgmcntial. in rnnncction with any
condcmn:,tiun ar other taking of the Property. ur part thereof, ar for cameyancc in lieu of condemnation. are hereby a„igncd
ant ,h:dl be paid to Lender.
In the cs•ent of a total ta{.ing of the Property. the procceJs ,hall he applied to the ,ums ,ecured h~• thi, ~lartgaec.
s+ith the esce~s. if any. pail t.+ Barr.+wer In the scent of a p:?rtial toting of the Prapert~•. nnle+, Borrower and Lender
ather++i,e agree in writin~•. Iherc shall Ix: applicJ to the ,t?m,. sccurc.l hr thi, \lortgage ,uch proportion of the pracecJs
as is equal to that proptrtion which the amount of the cum, ,e;u«d h} this \lortgace immediatclr prior to the Jate of '
taking hears to the fair market s•alue of the Pntpertr immediatelc prior to thu .late of taking, ++ith the balance of the procecJc
paid to Barmw•cr.
if the Propert~• is abandoned h~• Borrower. or if. after n,+tice hs• Center to B++rn+wer that the condemnor afters to make
:ut aw:ud or ,ettle a claim fnr d;unage,. Born+wer fail. t++ «+p?ax1 to I ender s+ithin 311 dac, after the .late ,uch notice is
mailed. Lender is authariied to collect and apply the proceeds. at I.enJer'+ ++ption. either to restoration or repair of the
Propert)• ar to the tom, secunYi hs• this ~larlgage.
~.'nles, I.endcr and Harrower athen+•i,e agree in scritinc. any w:h :?ppli.•:?ti?at of pmcecds to principal ,hall not estcnd
ar Ix+,tpanc the dttc J;dc of the manthh• installments referrcJ tt. in paragraph. 1 ant ? hereof or change the ami+unt of
such imtal4ncnts. :1 pq} - ttk
10. Borrower !Vol Released. hstensian of the time for payment ar mcxlifKati~+p;q(~~I~tr/.tht/,ihitl secured
M• thi, '.11,+rtragc gnnlcd by Lcndcr to ans• succcss.+r in interest of Harrower ah~?~pe~ftv,,r.aoafq, in. any +manncr.
the liability of the original &?rrosser :utd Harrower', ,ucce++ar+ in inters+t. ~en? er'''sTa1I Hat he rcyui«J to commence
pn+cec+lings against such atcccss,+r ar refu,e to esten+l time far pas•ment ar othcrs+i+e m?xlih• amartiiati,+n ,+f the sums
secured hs• Ihi, Mortgage he reason of am Jem:uui mate hs~ the arieinal Borrower ant Harn+seers susses,.+r, in interest.
l 1. Forbearance by Lender \ot a Waiver. Am frrF+earance hr 1 ender in eserci+ing am right or «med~• here?tnJer. ar
otherwise atTarJeJ by appliathlc law. ,hall not tx a waiver rt ++r preclude the eserci,e of ant ,uch rieht or remedy.
Thc procurement of insurance ar the pa~•mcnt bf trio, ++r .+Ihcr liens .+r charges M~ Lender ,hall Hat F+e a s+ais•rr ++f I cndcr's
right t,+ acceler.?te the maturitc of the indehtedne„ ,e:n«d hs thi+ !1loneaee.
12. Remedies ('emulative. All remedies pn+sided in U?i, \I.+rtgage arc di,tinit and rumulatis•e U. ant +yher ri_~ht ar
remedy under thi, ~iorh_age ar atT.+rJcJ he or eyuit} ..ut.l m:,r l+e escrcise+l concur«nUr_ indcpendcmlc .+r ,n~ce.,iceh~.
1.1. Successor and Assigns Bound: ]oint and Se+eral Liabilih•; ('options. The curenanh :utJ agreentenh herein
comaineJ shall hint. and the riehh hereunder ,hall inure a+. the «~.p~ctive succc,u+rs ant as+ign, .+f Lender :utd Borrower.
,object to the pn++i,ion, of paragraph 17 hereof. :VI cucenanh ;uul agreement, of Born+~+rr shall he j++im and sercral.
The caption, :,n.l heading. of the paragraph. of this ~lortg:,ge arc for c++m'enience ants, :tn+l arc not t,+ F+e nscd to
,nterprct ur define the prosi+ion, hereof.
IJ. \etice. Fsccpt f.+r any notice rcyuireJ under applicahle.L•o+ t++ he given in an++ther manncr_ fa? :uts• notice to
Barr.nser pn+viJeJ f.+r m Ihi+ \lartgagc shall he gn•en he mailing ,uch rn+t?ce hs certified m:,il :uWrc,sed to Horroti+er at
the Properts• :~Jdre,, .or ar ,nth .+ther addre„ a, B++rr,+~+er m:,r de,ignatr hr n.+ti:e a+ I ender as pr,+vidcd herein. and
thl am notice d+ Lender ,hall he given h~• certified mail. rcu,n? recr,pt reyue,ted. t.+ I ender', ad.1«„ ,toted herein ar to
,uch .+ther aJJ«„ Lender mac dcsicnatc hs notice to B+ar++s+cr as pr++sideJ herein. :~nr n+uice pr++s•ide.l for in this
fit.+rtgage sh:dl he decmeJ tt+ ha+C been given to Barnn+er or I enter ..hen gisen im the manncr de,icn::!eJ herein.
IS. l'niform ~lortgakc; CoverninR Law: SrterabiliN. 1 h,. f++rm .+f m,+rga~,e ~omhines nmifarm ccnenant, for national
use and nrn-unif,am cuscn:uth s+ith limite.l s•ariatu+n+ M t??n~+li,ti+at t+• :+mstitute uniform ,e:+,rits• instn,ment c,+s•cring
real pmpem. Thi, Mortgage ,h:dl F+e gosermed hr the 1.?++ .+f the iuri,dicti++n n? which the Pmpertc i, lu:ated. In the
~ Brent that arc prarisiun or clau,e of thi, \lortgaLC ++r the \.+tc :~+ntli:t, ~+ith :gtplicahle law. ,uch conllict .hall Hat a6cct
other pn»?,ion+ of thi, ~1.+rteage or the \++te ~+hich c:,n he ~?+en clTcct ~:i.boat the a+nllicting pn.ri,ion. and la this
enJ the pmci,iam of the ~1,+rtgage anti the \++te arc ~IecL,red F+e +ererahle.
16. Born,Mers ('opt. Harrower ,hall hr furni,hed c,v?t++rned ~.q+s' of the \ote .?nd of thi, Mortgage :d the time
++f esecutiun ar after rccarda!i.m hr«af.
17. Transfer of the Properta: Assumption. If ;JI ,•r :u?s p.,rt a( the Pr,.pert), or an intcre,t therein i+ ,++Id ar transferred
hr Burr.+wer .+ith.a?t Lender', prior ssrittcn con,ent. escluding tat the crcati.at of a lice or cncnmhr:utce suhardinatc to
thi, Mortgage. Ih? the creation of a purchase nu+ncc ,ccnrin rrttere,t f++r h++useholJ appliance,. (cl a tr;enter hr devisC.
Je,cent ++r h~ ,+pcratiun of ia++ up.+n the Death +d ,r j+ant truant ++r 1.1? the grant ++f am leasehold into«st of three rear, or Ices
not ~.mtaining an option to purrh:ne. I ender mos. at I enter', ,+ptn+n. decl:,re all the strm, ucurcd hr this \lortgagc to F+e
unme.li:rteh' due :?nd pacahle. 1 enter ,hall base ~s:r,sed ,uch option t+• accelerate if. prior t,+ the ,ale ar transfer. I.enJer
ant the pcnon u• sham the 1'ropertr i, tr h< ,ul.f .+r tr.unfer«J reach .?,+rcement in s+riting that the :«dit of such pcrsari
satisfacp.rc to I.enJer :utd that the interc.t pacahle nn the ,?,m, +ecu«d hr thi, ~lortg:tgc shall F?e at u?ch rate as Lender
.hall «yue,1. If 1 ender ha, w;+ircJ the ,+pti,a? n+ arceler.?tc pr,n•iJrJ in this paragraph 17. ant if Harmwer's successor in
interest h;n esccutcd a .critter assumption :,greement accepted in ..citing hr 1 enter. I.cnJcr ,hall release Borrower from all
obligations under this tifarlgage and the \iatc.
If 1 ender c~crci,e, such option to accelerae. I ender ,hall mail Horra++er notice of acceleration in acrnrdance with
paragraph 14 hereof. Such notice ,h;dl proviJe a perird of n.+t Its, than 311 Ja}•, fn+m the dale the Halite is mailed within
which Bo?r.+sscr mar pay the wms JccL?rcd dne. If B++rro++er fail. to pa~• such •.um, prior to the erpirati,.n .+f such pcrittd.
Lcndcr may. •sithaut further notirc ar demand on Itornn+er. nn.+he :u» remedies permitted hr_ paragraph IK hereof.
Noti-Uvtrotest ('ovt-~sxTS. Borrower and I enter further covenant and agree as follows: ,
18. Acceleration; Remedies. Except ac provided in paragraph 17 hereof. upon Borrower's breach of any covenant or
agreement of Borrower in Ibis ~torfgage, including the covenants to pa}• when due any sums secured by this Mortgage. Lender
f prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; l2) the action
required to cure such breach; (3? a date, not lest than 30 days from the date the notice is mailed to Borrower. by which such
breach must be cnred; and (4) that failure to cure such breach on or before the date specified in the notice may result in
j acceleration of the sums secured by this ~lortgaRe. foreclosure by judicial proceeding and sale of the Property. 77te notice
shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure procteding
the non-existence of a default or an~• other defense of Borrower to acceleration and foreclosure. If the breach is not cnred on
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
immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall
' be entitled to collect in such proceeding all expenses of foreclosure. including. but not limited toy reasonable attorney's fees.
and costs of documentary evidence. abstracts and title reports.
19. Borrower's Right to Reinstate. Notwithuanding Lcndcr', acceleration of the sums secure) by this Mortgage.
Borrower shall have the right to have an)• prcxeetlings begun by Lcndcr Ia enfoer~ce
this ~lartgage discontinued at any time
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