HomeMy WebLinkAbout0683 1 endcr's wnltcn agrcentent +*r apphrahle law. Burrower shall pay the amount of all nuatgage in,u?.utce pentiums m the
nruutcr pre+vided under paragraph 2 hcreal.
:1ny area+unts dishnrscd by 1 ender pursu:uN to this paragraph 7. wrth imerest thrreun sh:+ll F+eccnne additi++nal
indch?edne,s ++f Rr+rruwer secured M• this Mr+ng.tge l'nlrss Rc+rru:ser and I ender •rs:rce to other term, c+f pac•ment. such
antcanHs ,hall he p,tyahk uprat nt+ti.c frran I cndrr n+ Rorn+wrr reyucsting p.csnx•nt there++I.:uul ,hall I+e.rr intrrect frr+m the
date e+( di,hurcemcnt al the talc payable fnnn time to time un rnrlctandinc principal under thrr liMt unlCts payment of
inteust at such rate would t+c t:ontr;tn• to apphcahle la:v. in which even curb amount stall ttcar'interect at the highest rate
pcrmiccihle under applicahk (a:~. Nr+thing contained in This paragraph 7 shall rcyurre I ender to incur am• espence or take
sm• action hereunder.
8. Inspection. 1 enter may mal.r or cau,c to he made reasonable cntricc upon and impectiuns of the Property. provided
that I ender shall Bice Rurnuvcr notice prior h~ am• w:h inspection specifying reaconahlc c:urcc theufor related to 1 endcr'c
interest tat the Pralx;rt}'.
9. Condemnation. The prose^ds c+f :rely ward of claim for damaec. direct or craneyuential. in connection with any
rundcmnation .+r other Ial.ing of the I'rapcrty, ur part thereof. c+r for convcv:utce in lira of aaulemnatiun. arc hcrcM• as,igncd
and ,hall Lc paid to I ender.
In the event of a tr+tal ta{.ing of the Tmperty. the prr+cceds shall F+e applieJ h+ IhC same « rnrcd by this \iortgagc.
with the c~ccsc. if any. paid to Burrower In the event ~+f a partial tahrn~ of the Property'. ante<, Rnrn+:ver and Tender
rahenyi,e agree in w•ritrnL~. there shall he applied a+ the same secure) by this \lnrtzagr ,uch per+purti~+n ++f the proceeds
ac is cyual to that proor+nie+n uhrch the amount of the sum, ,e:uud hy' this qtr+rtg.?gr immedi:rtek prn+r a+ the date of
taking tzars to the fair market value of the Pntpertc immediateh• pnur to the .late of tal.ing. with the h.dan~e of the prc+cccds
paid to Borntwcr.
if the Properh• is ah:utdonecl M' Borrower, or if. after notice by 1 cndrr h+ Rorn+w•er that the condemnor o(Terc to make
an aytanl ur settle a claim for damages. Borrower fail, to rr.(>,aul u+ 1 ender within t(t clay, after the d,rsr su_:h nr+Ncc is
m:ulcd. l.cnckr is :urthorized to cr+Ilrct and apply the prr+cecds. at I ender', option. either to resroration c+r repair of the
Progeny or h+ the cunt, are-aced by this Morteaec.
Unless 1 ender and Rorn+wrr othcrw•ise agrrc in w ritine. any .uch application of pn•recdc to principal sh;dl n.+t cvcnd
or Ix+stprnte the due date of the momhl}• installments uferud to in parrgrrphs 1 and hereof or change Ihr ame+unt of
wch imtallmcntc.
10. Borrower blot Released. Fstencion of the time for payment or mc+dification of amortization c:f the sums secured
by Ihi, Moniage granted by 1 cndrr ~h+ any successor in interest c+f Borrower ,hall not opentte to retrace. in any manner.
the liability of the original Burrower and Rc+rrowcr's currr„c+r, in interest 1 ender shall nM tte rcynirrd to commence
prr+cecdings sg,un,t such arcressor ur rcfu,e U+ cslrnJ tintr f.+r pavmrnt c+r othcrwi,c modih• amortisation c+f the came
sccurrd hc• this Mortgage by reason of ant dcm:urd made he the c+rieinal Born+wer :end R.+rn+wer c suc~es,rvc in interest.
11. (Forbearance M• Lender \ot a Waiter. Ant f++rhear:urce h:• I cndrr in eycrcicine ant- right or remedy hereunder. or
r+thcrwisc alTurdcd M• applicable law. sh:dl not he a wniver• r+t r+r preclude the cscrcicc r+f am• such rieht .+r rentcdv.
The Lrctcurentrnt of insurance or the pac•mcnt of lase, c+r other lien, r+r .han.:c, h~• 1 cndrr ,hall not Fx a ~+.u:•cr ~+f 1 ender':
right to accelerate the maturih• of the indchtedness sr_uud by this \1urtLaee. •
12. Remedies Cumulative. All remeaiec prrnidet) nt tits, VurtLage are di,tinct :utd cumulative to :ut:.~thrr ri+,ht or
remedy, under this MurtLUge or afTorded by law- ~+r cyuu~ and m:n he eserci,eJ concurrently. indepe•ndcnth r+r ,•~;:r•,ic,h
13. Successors and Atsigm Bound: Joint and Seteral 7.iabilih; ('aptions. The covenants and aer~rnnnt. herein
contained) shall hind. and the richh hrrcundcr shall inure tu. the rcspccti:c ,uCccssors and assign ~+f 1 ender ,end R++rruwer.
,abject to the provision of paragraph t7 hereof. :III ~oven:rnts and agreements of Rurr++:ser ,h:ll Ix i+~~nt :end se: era)
The captiruts and headings r.f the paragraph, of this Mongage arc fc+r convenien:e onh• :end are m+t to F+e used to
interpret or define the pro: scions hereof.
14. \otire. F.siept for am' notice rcynirrd under appli~.rhle l:~:e t++ hr given in am~ther manner. ~:U any notice; to
Burn+wcr pn+vided for in this Mongagc shall t+c given he mailing ,uch m+trce h: cerrrficd mail :rddrrssed to Rorru•.+er at
the Pn+pem :lddres ur ;rt ,arch other address ac Rnrr+nser ma: dr~rgn.,r~ he n.+ti;e t.+ 1 ender ss pr.+vidrd heuin. and
Ihl am nodcr to Lcnler shall Ix- given M certified marl. rrnrrn rcirr{+t uque,trrl. t,+ I en,ler', address stated herein or to
such r+ther addres, as Lender mac dccignatr M notice to Rc+rn+:+er as pr.+:ide ,l herein. Am nrai:c• pr.+eilcd fr+r in this
die+rtgage ,hall Its deemed to have been given to Rr+rr.+wrr or i cndrr hen green in the manner ehsi_im;+ted hcrrin.
I5. I'niform ~lnrtgage; Covernint 1.•rts: Seterahilih. Ihr• m of mr+rrea~+e _++mhinec uniform ;++vrnants f~•r national
use and nrr-uniform coyen:utts with limited variatiors h: ~nn;;i~,;r,+n :.+n,trt:ue a uniform secnrte in,trument cr+cering
real pn•pertc. This Mon=age shall F+e~ s•usenred h: the Lcw ~~f the iuri.+ii:h.~n ;n :+hi:h the Pmpcrt: r~ io~atrd In the
es-ent that ane per+vnion .+r clause of this Mortgage .+r the \~+te ~ontli,t. ,ditlr :rppli~,,Me I:e:e. ,uch ~?+nthct shall not affect
~ ~+ther pre+yrsion of this Mortgage nr Ihr \oh• :shr,h ~:u+ hr _r.i•rt rtfr.t :.i+h.+nt the :onlli;tint pr.+:ision. and to this
~ rend the pru,isions of th.• ~lorrg;rge :end the ~utr arc :Ir.l.ucd t+~ 'ti ,r:•crahlr
16. Borrowers Copy. Borrower ,hall h: f?rnushrd c.~nf.•rrned c~+p: .+t the \c~tc .rnl ++f this \1on~,age at the time
++f c~ccution or alter recordation hereof.
17. Transfer of the Pmpert~::lssamptiun. If ;cl! ~~r an: t~.rrt of the Pr++pcrtr ++r an rntcu,t therein is ,.+Id or trancfcrred
by Borrower sshh:+ut Lcndcr's prior written runsrns. escludine ~.,r the cuati++n .+f :r fan or encrrnthrutre sutxxdinate tc+
thi, Mortgage. Ih1 the cuahon of a purrha,e nu+n c: ~rcunn ;nterrst f~+r h.~nseholl appli:rn~rs. li? :r trrn,ter by devise.
{ dcsrcm ur he operation of law upon the death ++t ,c i++m! R•nanr rr rcl~ the grant ++t .nt: Ie:rschrld intrust ++1 three vrar, or lets
~ not containing an option to purchase. I cndrr m:ry..ct I ~uder'~ .~(+tr,+r.. dreLcre :.II she sum, secured by this Mortgage to he
nnmerliatelc due and payahk 1 cndrr shall h:rcr :s .c;:ed ,n.h option t.+ accelerate if. prior to the s:,le .+r transfer. Lender
.rnJ the person to whom Ihr Propene is to fx ,old or trmsferrrd rca;h .c+_reemrnt rn wntsng that the .re;lie of ,uch person q
satisfacton to I.rnder and that the inteu•.t pay able un the sum, ,ecared M this Mortgage shall he at such rate ac Lender
,hall request. If 1 ender has waived the opts++n to acrelrrrte provided in this p:rrr~~rrph 1?. and if Borrower'; ,ucccssor in t
E ~nterrst has c~ccutcd a ycritten assumpnon agreement ai.-epted in :critmg by ! endler. I ender ,hall release &+rntytrr from all
.+hligatu+n andcr this Mortgage and the Note.
If 1 ender e~rriises such option to accelerate. I en_Ier shall mail Borrower notice of :uielcration in acconlance with
s naragraph I-i hereof. Such notice ,hall provide a penrd of n+n Its, than z(1 days fr•+m the date the notice is mailed within
•which Burrower may p:n the sums de~iareJ due. If Rrrnnser f.uls to pas ,urfi sums prior t:: the rspiration of ,uch period.
Lcndrr m:rv. withcnrt further notice or demand un Rr+rrower. rncr~he :rm remedies permrttr:l by paragraph IK hereof.
1
! tio~-l:tvttrtts~t Ccn•t xsx-rs. Borrower and 1 ender fonher covenant and agree as follows:
i
18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or
agreement of Borrower in this liosrtgage, including the covenants to pa} when due an}• sums secured by this Mortgage. Lender
prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (lithe breach; 121 the action •
~ required to cure such breach; (31 a dhte. not less than 30 dais from the date the notice is mailed to Borrower. by which such
breach must be cured: and 14) that failure to cure such breach on or before the date specified in the notice may result in
acceleration of the sums secured h}• This Mortgage. foreclosure by judicial proceeding and sale of the Property. 71re notice
shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the forecbsure proceeding
the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not enred o0
or before the date specified in the notice. Lender at Lender's option may declare all •of the sums secured by th's Mortgage to be
~ immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall j
be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to. reasonable attorney's fees,
and costs of docomentary evidence, abstracts and title reports.
19. Borrower's Right to Reinstate. Notwithstanding Lender's accelcratrcm of the sums secured by thrc Mortgage.
Borrower shall have the right to have any prctceedmgs begun by Lender to enforce thts Mortgage discontinued at any time
~~K 340 P~~ 68~ -
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