HomeMy WebLinkAbout0825I rndrr', ++ntten agreentcnt t+r apphcahle Le++. liurne++er sh:dl pa+ the amount of :dl ttlWttaOc in,ut.utFi •p~~rttiunt, +n rhr
m:outer pn+v+tkd unda:r panegraph ? hereof.
:gym ;unount, di,huned M• I cndcr pur,u;utt to this p:-r.igraph ?. ++uh uttrre,t thereon. ,haN hec++nte additi.+n:tl
in+Irhrrdnr„ +.1 liutne++rr secured h~• this ~longage l~nlr„ R.+rn+++er :uul i rnJer :-grer to ++Ihrr recut, ~+f Lavment, such
:urn+rnti, ,hall ter pa~•ahle upon nr+tice Irone I rndrr h+ 13orre+++rr rryur,ting p:rvntrnt Ihereof.:ntd ,hall I+rar intrre,t from the
date of di,hur,ement at the rate p:n~ahle irrm time h+ time an t~~tstandine principal under the tote unlcs, pa)•mcnt of
intere,t at such r:de would F+e runtr;tn a+ appli.:ahle Lt+v. in ++hirh rvem ,uch an;aunts +h:-1! F+ear intcre~t at the hiehcst rate
ermissihlr under appli+:ahle la+*.. ?nothing e:ontaincd in this paragraph 7 +hall rcyuirc I cndcr to incur any c~pcmc or take
.rm• action hereunder.
8. Inspection. 1 ender may ma{.e ++r:au.c to t+e m:uk reasonable cntrie, upon and inspectieut, of the Pny.ert~•. pre++•idcd
that 1 cndcr shall give Rornewer notice prior Ue anv such inspectie+n specif)~ing reasonable rursr theref++r related to I endcr's
intcrc,t in the Pngeerty.
9. ('ondrmnation. The 1+r.+crcd, a+f :ut)• award of claim for damages, direct rr consequential. in ce+nncction +vith :-m•
condcmnati+at or other ta{,ing of the Pn+lterty. ++r part thereof. or for aan•e~•ance in lice of eeaulrnutation. arc hereby assigned
and ,h:dl he paid to Lcntler.
In the event of ;- total ta{.ing of the Troperty. the pnlceds ,hall Fxr applie.l to !hc sums secured h+• this \1e+rtgagc.
++ith the esress. if am'. paid m Reern+wer. In the c+•cnt a+f a partial ta{,ine of the Pmperty. unless Rc.rn+++rr and I.cnder
++therivisc agree in +vritin~•. them shall F+e applied to the ,ums secured hr Ihi, \leuteage wch pmpe+rtion ref the prttceedc
ac is cyu;el to that pngx+rtion ++hich the amount of the ,ums secured by this \k+rtga~_e immediatek pricer to the date of
taking tte,trs to the fair market value of the Property immetliateh prior to the .late of taking, with the balance t-f the procre.k
paid to Borrower.
If the Pmperty is ah;utdoncd he Re+rn+wer. or if. after m+tice by 1 cndcr to Re+rr+++cer that the condemnor otTers to make
+n awanl .+; settle a claim ft+r d:uuage,. Rorrt+wer fait, t.+ rrsp+atJ t+~ I cndcr ++ithin tt- days after the date ,uch notice is
mailed. !.cndcr is authori~cd tt• collect and apply the pnecceek. at I ender', option. either to restoratiun ~+r repair of the
P-oRn~ or to the cum, secured he this Mortgage.
Unles+ Lender :utd Rorne++er othcn+•is+ agree in ++ritin~,. an+• w.•h r-pplic etit+n of prt+cecds to principal .hall not cvcnd
or pt+stptatc the due date of the monthly installment, referred to in 1•'tflgraphs 1 and '' hereof ++r change the ameautt ref
,t:c!: installments. ~:. =+~
10. Borrower lot Released. h~tcnsion of the tints fur p:-vment ~•rtratlificatii-n d~artJbl~'bitirth ref the sums secured
by Ihi, \1.+rtrage scanted M• I ender he a0\' tiUCI'CS~e+r in interest of Rormw•cr sh:dl not operate Io release. in any m:uutcr.
the liability of the original Rorm+rcr and Rorrowcr's succesors in interest. I.cnder shall not he required h+ ctemmencc
pnkeedings against wch successor ter refu,c tt+ c~tcnd tints for payment or othcruisc mt•dih• amortisation ++f the sums
,ecured h+• this ~lttrtgagc M' reason of am' demand made h+ the original Rurn++ver ..uxl R.+rrow•cr's succrsse+rs in interest.
Il. Forbearance by Lender \ol a Waiver. •\nv forhearutce h+ 1 cndcr in c~er,ising anc right or rcmcd+• hereunder. or
e~therwise :elTorded by applicable law. sh:dl not t+e a waiter of ++r preclude the esercisc of ant ,etch right or ren-cdv~.
"fhr procurcmcnt of insurance or the payment of rase, or other liens w charge h+• Lender ,hall not Fxr :e w:ei+•er rf I cn.kr's
right tee accelerate the maturih• of the indebtedness secured he Ihi, \lortgaee.
12. Remedies ('umulativr. All remedies pmvided in this ~tortgagc arc distinct and runutlative to any other right or
rcme.h under thi, Mortgage or atTe+rded b+• law .+r rquitc. and m:n Fee everri,e+l concurrenth•- indcpcndcntlc t+r ,uccessivele
1i. Successors and :~~signs Bound; Joint and Se+errl I.iahilih; ('apliom. The covcnanh and :egreentrnts herein
containe+l ,hall hind.:utd the rights hereunder ,hall inure to. the: resleective successor, :utd as,igns a+f 1 cneler .end Borrower.
subject tt• Ihr pre+cisions of paragraph 17 hereof. All covenant, and agreements of Borrower shall lee j.+int :utd sevcrai.
The caption, :uxl headings of the paraeraphs of this Mortgage arc for convenience onh~ and arc ne+t to t+e used to
utterprrt or define` the: pmvi,iom hereof.
14. \olice. F~cept ft+r ant- notice required under applicable la++ h+ Fte given in an.+ther manner. fat .en)• notice to
Born+wer pre•cidcd for in this Mortgage shall he given by mailing such n.eUce M certified mail addrrs,ed t++ Rornnver at
the Prapxrtc Address or at such other address ac Rrrr.+wer m:-v desi,m.rtr M m~ti..• tr I cndcr as pnn•i+led herein. and
tht an• notice to I rndrr .hall F-e given by certified mail. return receipt rcyueved. t.+ I ender s adJrrss stated herein or to
,uch ++ther :uldress as lender mac designate M notice to K++r r++++er a, pr.++ide+l hercnt. Any notice pr++videa for in this
Mortgage ,hall Le deemed to have been given to Re+rn+++er or I rndrr ++hen gr+en in the m:mncr designated herein.
IS. I•nifornt ~iorikage; Governing T.aw; Severrhilih. ~Ihis 1.+rm .~! nn+rteate r++mhinrs uniform covenants for national
use and ne+n-uniform covenants with iimiled variation, by j~rr+s.lrcti+~n t~~ ;.+nstinne a unifornt se~nnty instrument covering
real pn+peny. -Thi, ~turtgage shall Fee guvented h+ the Ltvv of the iuris+li,tn~r rn which Ihr Property is L+cated. in the
even! that :ut)• provision eer clause of Ihi, ~lortg:r~e .+r the \ote contliits •.+ith applicable L•tv+. such conflict .hall not aRcct
other pnwr,tort, of chi, Mortgage or Ihr \ot.• ++hr:h ::ur he given elTr:t ++i!h++ut the conflicting pmvision. and to Ibis
end Ihr pre+visieats of the ~lrrtgage :uul the \e~tc ,err ~leclarrd h~ Le severable.
16. Borro+ver's ('ups. Rorrov+er ,hall he funushr:l .+ :~+ttfrnrted iopc of the \ote :utd of this \lorteage at the time
of evrcutian or after recordation hereof.
17. Transfer of the Properly; :~ssungttion. If :ell or :ntv pert of the Property or an interest therein is ,.+Id or transferred
M~ Rornnver v+ithonl Ixnder's prior v+rittrn ~.+nsenr. es.luding +ar Ihr creation a+f alien or cncumhrance sulxirdinatc to
this ~tortgagc- 1M the creation of :- purihase nu+nev security nttrrr,t le+r household appliances. (c- a transfer by devise.
descent or M• operation of lav+ upe+n Ihr death of .- ionrt truant rr t+fr Ihr gran) of :utv leasehold interest of three years or 1000
not conL•tining an option to purchase. I rndrr nr.rv. at I rndrr', rption. declare all the sums secured by this \I:+rtgagc te. he
unntediateh due and payable. 1 rndrr sh:dl have v+.uved s+rch option m accelerate if. prior to the ,ale or transfer. Lender
and the person to whom the Pmperty i. tv. he +01.1 or traansferred teach a_~rcement in wntrng that the credit of such (ecnon
is satisfarton to Lender :and that the interest pay:+hle on the sums secured he this Mortgage shall hC at such rate ac I-cndcr
,hall request. If I ender has w•;tivcd the option to accclrr.ate provided in thi, paragraph 17- and if Borrower', successor in
imere,t ha, c~ccutcd a written assumption agreement accepted in v+ritine ht_• I cndcr- Lender .hall release Rormwer from all
obligations under this Mortgage and the Vote.
If I ender evercius such option to accekratr. I rndrr sh:dl mail Rorntwrr notice of acceleration in accordance with
paragraph IJ hereof. Such notice shall provide a period e+f not less than i(1 days from the date the nMice is mailed within
v+hich Borrower mac pa) the ,runs de:I:ueJ due. It Bonov+er fail. to pay such sums prior to the cvpiration of such pcritttl.
Lender may. without further notice or demand on liorrrwrr. mvokc am remedies permitted by paragraph IR hereof.
N~~-LNIFOR\1 Covt•~~~7s. Rorrow•er and I cndcr further covenant and agree as follows:
18. Acceleration; Remedies. Fxcept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or
agreement of Borrower in this ortgage, including the covenants to pa} when due ant sums secured by this Mortgage. Lender
prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; 12) the action
required to cure such breach; (3) a date. not less Than 30 days from the date the notice is mailed to Borrower, by which such
breach must be cured; and (4) 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
shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the force{osurc proceeding
the non-existence of a default or any other defence of Borrower to acceleration and foreclosure. If the breach is not cured on
or before the date specified in the notice, Lender at Lender's option may declare all of the stems 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 to, reasonable attorney's fees,
and costs of documentary evidence, abstracLS and title reports.
19. $orrower's Right to Reinstate. Notwithstanding I.cnde:r's accclerthon of the wms secured by this Mortgage.
Borrower shall have the right to have any proceeding, hettrn M• Lender to enh-rce this Mortgage discontinued at any time
X344 P~ 825