HomeMy WebLinkAbout1547. _ .! ., ;
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I.rnJ~r'c ~~rittrn agrcrmcnt or :~pplirablc law. Borro~~cr shaU pa~• thr :-m~,unl uf all mortgag~ imur:~n~e prrmiumc in thc
mann~r pr~~vidr.l undrr parag~aph ~ hcrco(.
An~• anzuunt~ di.hurscd b>' Lrn~lr~ pur.uant ~u thic par.~graph 7. ~~nh imrncl thcre~,n. ~h:ill I,~a,mc addili~,nal
in.l~h-cdn~.. ~~f B~~rrn~~~r s~YUrcd h~• Ihic ~lungacr. l'nlc.~ R~~rr~~~~c~ an.l 1 ~nJ~r a~r~~ ~~~ othrr tcrm< <-f pa>•mcm. ~uch
am.,unt..hall hc pacahk u~x~n nt-~i~c fr~•m 1 cndcr tu B~~rn~w~r rryuc.lin~ pa~•mrnt Ihcrraf. and ch:~ll tkar intcrc~t fmm ihc
~latc of di.hu~~cmcnt at thc ratL parahlc tr~~m limc to timr ~~n iiutctandinc principal undcr thc !~~~tc unlccc pa)~ment of
interest at such ratr ~~•oul~l he conlran• ~~~ appliwble la~v. in ~~hich c~•em cuch am~unts chall hear interect at the highect rate
~xrmissihtr undrr applicable la~~•. Nothing rontained in thi~ paragraph 7 chall require I.ender to incur any expense or take
,n~• action hcrcundcr.
8. Inspectio~. I.cnd~r ma~• makr or ransc to t+c madc reaconafilc entricc u~xm and impcctic•nc of thc Pro{+~:rty, prrn•idcd
that 1 cndcr ~hall gi~•c Bormw~cr noticc p~ior to any ~uch int~xctiun ~~xtiifying r~asonablc cautc thcrcfu~ rclalcd 1~~ 1_cndcr's
~nt~r~ct in Ihc Am{x:rty.
9, Condemnation. Thc pr~•rrcd~ ~~f am• a~~ard or rlaim fo~ ~lamaecs, dircci or amccqucntial, in ronnection v-~ith an~~
.ondemnatiun ~~r other takine of ~he Prc~perty, or pan thereof, or f~u amvr~~ance in lieu of rnnckp~ atjc~n, are hereM ac~igned
an~l ,hall t+r paid to l.cndcr. ' ~ = ~ ~ : ~
ln thc c~•ent of a Io1al takin~ of thc Pro~xr~y. the pnxecds chall hc applic~l ti. ~hc •~:mc cccurcd by thie Mortgagc.
with thc r~cca, it an~•. paid to R~~rr.~we~. In Ihc e~•cnt oF a p:utial Ia1.inF .~f ~hc Pmpert~~, unlccc R~rr~w~er and 1_endc~
utherwik agree in w•ritin~.•. thcre sh~ll hc. applied to the ~umc ~ecurc.l h~• thic I11i~rtecige ~u~h pri~pc.rlion ~~f ~he proceeds
ac it eyual to that pmponi~~n -~hich thc amount of thc sumc .rcured 1-~• ~hic ~lorteaec immcdiatcl~• rri~~r ta thr datc of
wking hcars to thc fair mark~t valu~ of thc Propc~t~~ immeJiatrh• prii~r ~o thc .latc of takin~. H ith Ihc' balancc of thc prcxccJs
paid t~. Bormwcr.
if the Propert~• ic :-handoned b~• 8nrmw•er, or if. atter n~~ice h~• I.ender t~~ Rnrr~.H•er that the condemnor ofiers to make
an aw•arJ or cctNc a rlaim tnr damagrti. Bormwcr fail. tu r~.~x~nd tr I.cndcr within ?0 da~~~ aftcr thc d;~tc cu~h noticc ic
mailed. I_ender ic authariud to rnllect and appl~~ thr proceeds. at 1 ender'c option. either to rectaration or rcp~ir of the
Pro~x ny or to Ihc sum~ cecumd b~• Ihis ~torlgagc.
[Jnlesc I.cndcr and Borrow~cr othen~•iu; agrcc in ~vritine. am• ~ii~h aprti~:~ti~~n of prckcecia to prinrip:+l tihall not c~tend
or Exx~pone Ihe duc da~e nJ the monthly installmeots refrrred to in p:ira~raph~ 1 and 2 herrof or change Ihe amount of
cuch installme~te.
l0. Borrower Aiol Rekased. f'.~tencion of the time for pacment or modification of amorti~ation of the tumc secured
h~• thi~ Morteacc gnntcd h~• I.cnJrr io am~ cuccc~wr in intcrr~t .~f BorroH~cr tihall not oEx:ratc to rclcasc. in am~ manncr,
th~ Gahilit~~ of the original Borro~~-cr and Borrow•cr'~ tiu~crc~c•rc in interest. Lender ,hall not he myuired t~. commence
pr~xa;din~c aeaimt ~uch suc~ecs~r or refuce to e~ten.l tink fc.r payment c-r ~therw•ik modify amorti~ati~~n ~~f the sums
secured h~• thia riorigage hr rcau-n of :in~• demand madr b~~ thr ~~ricinal BorruH~er and R~rmWCrs cucce~~nn in interest.
ll. Fort~earance by [xnder \ot a~Vai~•er. :1m• f~•rhearanrn c~ l.rnder in e~erciain~ an~• right ~~r remedy hcreunder. or
otherwi.e afTordcYi b~ applicahle law•, chall not he a aai~•er ~( ~~r preclude the e~ercise of am~ such righ! or remed~•.
Thr procurement of insurancr or the pa~•mcnt uf ta~~~ or ~~ther liem ur chargec b~~ i.rnder ~hall not tx a~~aiver e~f I.enders
rieM t~~ accclcrate thc maturit~~ of thc indchtcdhc~~ ~r_•umd h~~ thi~ ~lortgatic.
12. Remediec Cumulali~e. All rcmediez nr~•~idcd in thic !11c~rtgage arc distinct :~nd cumulati~e t~ am~ ~~thcr right c-r
remeJ~• und~r this Mc-rtgag~ or atT~~rdeJ h~• law• ar eyui~p. :~nJ ma~~ ix c~erci~cd ci~ncurrenth'. independeml~• or tiu~re.si+^elt•.
13. Succeccors and Assi~ns Bo~md: Joint •rnd Se~eral I.iabilit~•; Captions. The cm•cnants and acr~timrnt~ herein
cont~ined ~hall hinJ, :~nd ~hc riehtc hereunder shall inurc to. th~ rr~~:rti~•e wree~cc.rc and a~signc of I.endcr :~nd BormH~er.
.~~bject to the pro~~i.ionc c.f paragraph 17 hereof_ All cu~•enants and a¢rcemen~~ of Borro~ver chall he j~~int :~nd ~e~~eral.
The caption. :~nJ hcadin~a of thc paragraph~ ~•i thi~ ~iortg:~gc arc for rom~cnicncc i~nlt• and arc not t~~ tx used to
intrrprct or definc thc pro~~i~ionc hcrcof.
14. Votiee. Except for an~• notire reyuirrJ ~mder ~rrr~:~Me la~. t~• tx given in anc~ther manner. fa) ;~n~~ notice to
Borraw•er provided f~ir in thi~ Mortgaee sh~ll tk gi~•cn M- mailine .uch notice M ccrtified mail :~ddre~ced to BorroHCr at
thc Pm~x:rty Addres~.i~r at ~uch othcr addrec. ac R~-rr~~wcr m:~~• dr.icn:~~c h~- n~~tirr a- 1 cndcr as pri.vidcJ hcrcin, and
/bl am• noticc to Lcndcr shall hc givcn h}• ccrlificd mail. rcturn reccipt rcyur.ICJ. t~- I cnder ~ addre~s statrd hcrcin or to
~uch ~~Ihcr addrcc~ as I.cndcr may dc~ienatc b~- notirc t~• B.~rr~~w~r as pr.~~•idcd hc~tin. .\m~ notirc pruvidc.i for in thic
~tortgagc shall hc clecmed tc. have bcen gi~•cn to I3orm~~~r or 1 cndrr whcn gi~~n in the manncr dc:iFnated herein.
15. Unifurm ~1orl~a~r, Governin~ i.a~+; Secerabilih•. Thi. f~um ~~f moneaee rnmbines uniform c~~enanlc for national
usc and non-unif~~rm c~•~~cnant. with IimitcJ ~•ariati~.m h~- juri.J~~ti~.n t~~ a~n,!itutc a uniform ucu~it~~ instri~mcnt covering
real propcrt~•. Thiti ~t~~ngaec ~hall tk guvcrncd h~~ thc I.~w c-f thc juri,~ficti~~n in w•hich the Pro~x:rt}• i~ I~x;:~ted. in ihe
c~•ent that am• provisi~.n or clauk of thi. '.1i~rtgagr ~~r the \~~te r~•ntlirt~ .~ ith applir.~hle la~.~. such rnntlict chall nM atTect
other pr~•~•itiii•m of thi~ Morteagc ~~r thc N~lc which ran F+r ci~rn cllrct ~~ith~•ut thc conllictin~ pro~i~ion_ and to this
cnd thc pri-~i~iunc c.f (hr'~tortga¢c an~ thc \~~Ir :irc ~Ircl:~rcd t~~ hc k~~craMr.
16. Borrow~ers Cop}~. Borrrnv~r .hall h~ furni.hc~l a«~ref~~rm~d ri~p~• ~~t thc `otc and ~f thi~ Mortgagc at thc time
uf cxccution or ~ftcr r~rurdation hcrcuf.
17. Tr~nsier nf the Pmped~: :lscumplion. If aU ~~r am~ p.~rt c.f the Pr~.p. n~• ~.r ;~n interea therein ic so(d or trancferred
b}~ Borrow~cr ~~ith~~ut Lcndcr's pri~~r w~riurn ronknt. r~iludin~ I:~~. thr rrrati~m ~~f :i licn c~r cncumbrancc subordinate to
thi~ Nortgagc. tM thc crcation of a pt~rch:tk m~~ne~• :rcurit~• intcresl f~•r hi~ucchold a~ri~~~«s. ~~~ a trancfcr hy devisc.
dc~cent ~~r h~• aExration of laN u~n thc ~kath ~+I :~ i~~int tcnam ~~r 1J~ thc eran~ of am Icacchold intcrest of thrcc ~•carc or Ic~s
not containing an option tc- ~urcfiase. 1 endrr ma~. :i~ 1 rnder'. c~pti.+n. declare all Ihe tium~ secured b~~ this \tortgage to be
~mmcdiatrl~• duc and pa~•aMr. l.cndcr shall ha-r ~+:~i~cd ~urh rptic-n i~. acrclcrate iL prior to thc ~alc or transfer. I.ender
an.i the perum t~• w~h~m the Prc.pert~• i~ ~o tk c~~IJ rr tr;in~fcrrcJ rcach :~grerment in ~~•nting that the cre~lit of ~uch person
ic satisfarton~ t~ l.cmter and that thc intcrr.t pa)-ahlc i~n thc sum~ .ccurcd M~ ihiti Mortgage ~hall bc at such rate a~ I_ender
chall reyuest. If Lender has w•aivrd the ~~pti~a~ m acreler,~te pm~•ided in thic paragraph 17. and if Borrow~er's tiuccessor in
interest ha. cxecutcd a w•rit~cn ascumption aerecmcnt acceptcd in writing h~• I.cnder. Lendcr ~hall relcase Borrower from al)
vbligation~ under thi~ Morteacc and thc !~c,tc.
If I.ender e~errix~ soch option to arccleratr. I.enJer .hall mail Borm~er notice of acceleration in acrnrdance with
paragraph 14 hereof. Such notice ~hall proviJe a~ri~•~l ~~f not Ies. than ~n da~~~ fn•m ~he date the notice is maiied within
w•hich Borrow•er ma~• pa~• the ~ums Jeclare~l due. If Bi~rmuer fail~ to pa~• ~uch ~ums prior tii the expiratic-n of such period.
[.cndcr ma~~. a•ith:-ut furlhcr notice ~.r dcmand on B~rn-wrr. in.-~lc am• remcdics pcrmittccl bt~ paragraph IR hereof.
Nor-Ux~FOR~t Cove~r~N-rs_ Borrower and 1_cnJer further covenant and agrce as follows:
18. Accelention: Remedies. Except as provided in paraRraph 1'f hereof. upon Borrower's breach of any covenant or
agreement of Borrower in this \iortga~e. includin~ the co~•enants to pa~~ when due any sums securcd by this Mortgaqe, Lender
prior to accekration shall mail notice to Borrow~er aS provided in para~raph 14 hereof specifying: (1) the breach; (2) t6e action
requued to curc such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower, by ahkh snch
breach must be cnred; and (4) th~t failure to cure such breach on or beforc the date specified in the notkt may resWt in
accelerAtion of the sums secured by this Mortg~e. forcclosurc by judicial proceeding and sale of the Properfy. 7Le notjce
shall further inform Borrower of the ri~6t to reinstate after acceleration and the ri~ht to assert in the foreclowre proceedl~
the non-existence of a defauk or any ofher defense of Borro.~er to accelemfion and foreclosure. lf the breach is not cnred on
or before the date specified in the rwtice. Lender at Lender's option may decisre all of the snms securcd by this Mortgage to be
immediately dne a~d paya6k without further demand and may foreclose th[s Mort~age by jndicial proceedinR. Leader shall
be entitkd to colled in suc6 proceeding a0 expenses of foreclosurc. including. but not Umited to, rctsonabk sftorney's fees.
and costs of docnmentary eridenre. abstracts and title repo~ts. •
19. Borrower'a Right to Reinstate. Notwithslanding l_ender s acceleration of the sums secured by this Mortgage.
Borrower shal) have the right to have an}• proceedines txgun by I.ender to enforce this Mortgage discontinued at any time
so~x 345 F~~Ei545