HomeMy WebLinkAbout1227l.rnder c written agrcement or applicahle IaH•. BorroNrr shall pay Ihr amounl ~~f all mortgage incuran~e prcmiums in thc
manner pmvidcd undcr paragraph 2 hcreof.
Any amounts dishurscd by Lrndcr pun~~ant to ~his paragraph 7, with intcrest thcreon, shall t-ca~mc addilional
in~lchtednese of Borrower secumd by thic Mc~ngagr. Unle.c Bor~oNCr a~d Lender agrce to other termc of payment, such
amounlc zhall he pa~~ahle u~~ notire from I.ender la liorm~~~rr rey~retiling paymenl thereoL and ch:~ll Fkar interect from the
~late of di~burscment at the rate pa}•ahle fram ~ime to ~ime on outztanding principa! under ~he Note unlesc payment ot
interect at u~ch r.~te would be contrar~• to applicable I:~w•, in ~~hich rvent auch amounts thall hea~ interect at the highect rate
permissihle under :~pplicable law. N~~thing contained in ~hi. p:uagraph 7 chall require l.ender to incur any expense or take
any action hcrcunder.
S. Inspeetion. I.enJer mar m:~kr ~~r rau,e lo I+e madc reaconahle cntriec u~.c.n and int~li~nc of the Pmperty, pm~•ided
that 1 e~der ~hall gi~~e BorroH•er notire prior to an}• ~urh impect~«n ~Fxcif)'ing reas~~nable cauce thercfur relatcd to i.ender s
m~erc~t in Ihc Pmpcrty.
9. Condemaation. Thc pr~•rcrd. of :~m• :~~ard ~n claim for dama~cc. ~lircrt or run,rqucnlial. in cc-nnection K•i1h any
condemnatio~ e~r other taking of tht Property, ur part thereof, i.r for r~~n~•~yance in lieu of condemnati~-n, :~rr l~ercby aceigned
:~n~i .hall h~ paid to I.cndcr.
ln ~he c~~ent of a total ~akine ~.f thr Pro~xrty. thc pnkcrJc ~hall hc :~~~i~~a to the ~umc scrured hy thic MortgaRe.
Nith thc r~recs, if any, paid to Borm~~er. ln ~hc cvrnl ~~f a par~ial taking i~f thc Pmpert~•. unlr« Rorr~~wcr and l.ender
~ahcrwi~~ ;~grcc in writin~. thcre shall hc :~~~r«i ~~• ~hr .um~ ururc~l h}• thic Mort;~a~;c ~i~ch pmportion ~! thc prc~cccds
:~c ic cyual to Ihat pr~Ex~rtii~n ~~hich thc :~m~~unt ~~f thr cum: ~~iurtd b~• Ihiti \ic~rtF:i~c immcdiatrh• prii~r ta thc datc of
taking txar~ to lhc fair m~rkct valuc of thc Pro~xrt} immrdiatcl~• prior to thc ~latc of taking. with thc balancc c.f thc prc~cccdc
paiJ t~ Borroacr.
If thc Pruper~~• i~ abandonc~l b~• $~.r~~~wcr. c~r if. aft~r noticc hv I.cndcr t~ Rormwcr that the rnndemn~r oBcrs to make
an :~w;ird c~r tieUlc a claim (~r danzacc~, Bc~rrow•~r fail~ t~~ rc.{w+nd t~~ 1 rndcr within in cia~~ ~ftcr thc datc ~urh noticc is
m:~iicd. I.cndcr ic authori7id to rollrc~ :+nd apph~ thc pn.cccd~. at Lendcr'ti opti~~n. cithcr to rc~toration ~~r rcp:+ir of the
Propcrl~• c~r to Ihe ~um, ,crured M~ ~hi, Morle:~gc.
Unlrs. 1 endcr and Borra~~rr c.thcrNiu aQmc in ~~riline. .~m• .urh ap~lireli„n i~f prc.crcd~ to ~rinrip:~l ~h.ill nM c~tcnd
<~r M..tM,nc thc duc dale i•f thc monthl~~ i~~tallnicnt~ rcfcrrcd m in ~:ua~raphti I and 2 hcn:of ~~r rhanQC thc am~~unt of
.uch inctallmc~tc.
10. - BorroN•er Not Released. 1=.~tenci~~n of Ihr i~mr f~~r payment ~~r m~~dificati~~n c~f am~~rli~alion c.f the wm< <ecured
h)' thi> >iorttagc gnnlcd b~~ I.cn.l~r t~. am• ~ucre~~ur in imrrc~t uf R~rrowct ~hall not ~~~ratc ta rclracc. in anp m~nncr.
the liabilit)• a~f the original Borm~~~r :~nd R~~rr~~w~r'. ~u.i~~~~~r~ in int~rec~. I.rnder ~hall nt~t he reyuirrd t~~ cnmmence
~n.cc~ding~ again~t ~uch ~urrccs~~r or rcfu.r t~~ c~~c~.l limc f~~r pa~•mcnt i~r othcrw~i.c m~~dih amorti~alii~n i~f Ihe sums
~crurcd h~ thit ~1~rteagc b~~ r~ac~.n i.( ,~m• d~m:~nd madr h~ thr ~•rie~nal N~xr~,w•er :~nd R~.rn~w•cr's ~ucrc~.~~n in intcrecr.
11. Forbe•rrance by i.ender \ot a Wai~er. •~n~ f.~rFxar.~nrr h~ 1 rnder in c~crri.int~ .~m• ri~ht ~.r rcmed~• hrreunder. ar
.~therv-•i~c afT~~rdcd h~ applic:~hlc I.~w~. ,h;~ll nc.t tk .~ u•:~i~•cr rf ~~r prec~ude thr r~erci~c ~~f am wch rieM ~r rcmedt'-
"~hr prc-~urrmcnt of imuranc~ ~~r thc ~+aymrnt ~~f t.~~r, nr .~th~r lirm ~~r charg,rt b) t cnc;cr .h:~ll nM Fx a.~.~iver ~~f Lcn.fcr'~
richt t~• arcrlcr.~tc thc maturit~• c.f thr indchtrdnr.~ .r_urrd M• Ihi~ \1i~rt~a~c.
12. Remediec ('umulalive. All reme.lie~ ~+r:~~~drd ~n thi. ~1~.rtu;~ge :ire dititinit :~nd cumnlati~•e t~~ :~m• i~ther riFht ~r
remc~ly und~r thic ~lcutgagc ~~r af~rrJrd h~• la~~ ~,• ryuit~. .in~l ma~ Fx ~~cr~i~e~l r~,ncurrrntl~. indc~xndcnlh• ~~r sii~crtisi~•rlt~-
13. Suecessors and A~.siRns Bound: Join1 and Se~era) I.iabilih; ('apliom. Thr c~~~-enanlc :md agrremem~ herein
rantaincd ~hall hinJ, and th~ richtt hcrcundcr ~hall m~ire t~~. thr rr~~x~ticr tiuccr~.,+r~ and a~.i~nti of t.cn~icr :ind A~rmwcr.
.uhject to thc pn,~•i~iom ~•f ~~ar:-eraph 17 her«~1 :VI cu~en.~nts :~n~i :~~rrrment~ c~f R~~rnntier ~h:~ll txt j„int :~nd ~e~•eral.
Thc captiunc :~nd hcacling~ ~;f thc ~:~r.~kr.~~h. ~.f thi~ ~t~~rtg.~~r arc f~,r :~,nrcniencc ~~nlq and arr n~~t t~- hc ~iccd to
imrrprrt ~-r dcfinc thc pmvi~i~~ns hcrec~f.
14. \otice. E<rept f~~r am• n~~tirc rryuirrd ~~~d~r .~r~i~;ahlc I;n. t~~ h~ gi~•en in an~~ther manner. (al t~m• n~~tice to
B~~rri~~cer pnnidCd for ~n Ihit 11~~rt~a~r ~hall tx ~ncn M ma~line ~uch ~euUC~ h~ crrtificd m:~il addrr~~~d ti~ Borr~~wCr ~l
Ihe Pr~,F,~rt}~ Addret+ „r :~t `~~ch ~,Iher aJdrr.~ ;~, B„rr~~.~rr m.~c deven:~t~ h~ n„ticr t~, I cn~ler a~ pn~~•i~led herein. and
Ih) anc nolicc to Lendrr ~h:~ll Fk ,•i~~n h~ rrr~itirJ m:~il. rrturn rr~c~pt rcyur~trd. t~• 1 rmlcr', aJ~lrr~~ clatrJ hcrcin i~r to
wch ~,thcr addret~ ati I rndrr mat dr~iKnatc h~ n~~h,c ~~~ Bi,rn~urr a~ pm~idc.l ficre~n. An~• n~Hirr pn,~~ad~d for in this
\tortgagc shall tx dermrd t~• ha:r h«n ci~~n t~~ B~~rr~~~~rr ~~r I cn~lrr ~~hcn g~~rn in thc m~~~nCr dc~ign:dcd hcrcin.
I5. t'niform ~1~~~1k•rKe: Goa•rrnin~; I.•rN; Sc~erabilih. Ih~< f~~rm ~~f m~~rt~a~c ~_~,mhinrc iinifurm c~~~•cnanh f~~r n:itianal
u~c :~n~l ni~n-unif~.rm r~,~~cn:~nr. ~~ith limitr~l ~.~nati~m. t,~~ ~iiri,~i~rti~,r. t„ c„n,titntc a unif~~rm cc:ur~t~• iminimcM c~~~cring
rral pre~pert}~ Thi. ~lorleage ~h:~ll Fx gu~ernrd ht thr I.~u ~~f the ~uri~.lirtirn in which Ihe Pm~:rr~~• i. I~~cated In Ihe
event that :~nt• rrovisi~m ~~r clantie ~,f Ihi. ~1~rIL.~,~~ ~~r th~ '~~,te r~~nfli~t. ~~ith .~~~i~~ahk I:~w. ~uih rnntlict ~hall ne~t atTect
nthcr ~n~cnium uf thi~ 4i~•rtgat;c ur ih~ \~~ii uhi~h ~•.u~ h~ ~i~rn rtT~rt ~~ith~~ul the ~~~nfli:tinti pr~,~i~iun. and tt~ this
cnd thc pru~ i~iuns ~f thc ~lortgake and Ihc ti,~tr :~rr ~l~cL+rrd t~• F.~ .c~~rrahl~.
16. Borro~+er's ('op~. Borru~er tihall F+c f~~rni~hr~l .~ ru~if~~rmrd ~cq~)~ ~~~ Ih~ 1i,t~ and ~~f Ihi~ ?~tort~ag~ ~t thC timc
uf crrrutio~~ ~r aftrr rc~urdation herr~~f.
17. Transfer of Ihe Prnpeti~; A~tiumption. If :JI ~~r .~n~ {~.~n ~~f ~hc PmExr~} ~~r :~n imcrctit thrrcin i. ,~~Id or Iran~ferred
h} Horrc,~cr ~+ilhout I.cridcr'~ pn~~r ~+rittrn ~t~n.rr,t r~.luding r.u th~~ ~rc:~ti~,n ~~f a lirri ~~r encumhranrc ~uFx~rJinatc t~~
thi, ~1~.rt~agc. Ihl the crcati~n ~~f .~ ~_ircha~r rm~nr~ :r~urit; intcrr~t f~•r h„u~rh~dd :~ppli:inr«. Ir- a ~ran.fcn c~ dc~•isc.
d~.ccnl „r M' ~~pera:ion uf I:~w upc~n Ihe ~1r:~th ~,t ,~ i~~~nt trnani ~~r ~.i~ thr ~r,~nt ~~f :~n~ i~.~Kn~~ld interect ~+f Ihrcr c~ar~ ~~r Iet~
nut conlaining an i~ptiun ti~ purrhacc. I cndcr ma~. .it I ~nd~r'. ~~~,ii~:n. Jc~l:,re all thc tium. kcured h~• this_ ~i~,rtgagc to bc
~mm~.li:Ucl~~ due and pa~•ahlc. I rnder ,hall ha~r ~.:,nrd .nch ~~rl:~~n n~ accclcr.ne i(. ~+rinr n, thc .:~le ~~r trantfer. (.cnder
:mJ the Exr.~~n tc. w-h~~m thc Pr~~~n~• i. t~~ hc ~~~I~I „r tr.m.frrnJ r~:nh .~Lrermrnt ia Hntnic th:~t thr ~rr.lit ~~f .uch pcr~~~n
~. c.~titifart~~n t~~ !.e-xier and Ihat the inlerc.l ~.e~.~Mr ~•n the .um. tircureP ub thi. ~1~~rtt:~ge .hall he at ciich rate a~ Lender
tih:~ll reyue~t. If f ender ha~ waive~l Ihe ~pti,.n t~~ :~ic~lcr.~tr pre~~idrd in thiti para~r.~ph 17. and if B~~rrc~wrr'. tiucreS~or in
~ntrrc~t ha4 c~crutrd a w•rittrn ascum~tion :~~rccmcnt acrcE•trd in ~~ritine h~• I rn~lcr. 1 rnJcr ,h:~ll rrlca~c B~~rn.w•rr from all
~~hligah~~m un~lrr ihiti !~i~~rt~.~gc and thc NMe.
If I endtr c~crcik~ tiuch ::pU„n t~~ :~c~rlcr.~tc I rnJrr .h.Jl m;~il R~~rn,~+rr n~~hr~ ~•f arrrlcrati~~n in :~rci•rdanrc with
paragraph 14 hcrcof. Surh nulicc ,h.ill pn~vidc :~ ~rn~~l uf n~~t Ic~. than ~~I ~fa~. fr~~m Ihc d:~tc Ihc n~~ticc i. rn:~ilcd within
which Ilc,rr«NCr mac p:~~~ thc ~um~ dccLirc~1 ~iu~ II finrtu~rr t.ul~ t~. p:~t ~~i~h ~um~ pri~,r t~, thc c~(+ir.~ti~~~ ~~f ~urh pcri~.d.
I rndrr m:~c ~~ith~~ut further n~tirr i~r il~mand ~~n R~~rr~~Hrr. im~~~lr ;un rrmcdic~ pcrmittc:l M• ~aragraph I~i hcre~(.
N~v-U~.it-ore~t ('crvt`nHTS B~rrower and I cnder tunher rncenant :,nd agrce as follows~
IS. Acceleration; Remedies. Ficept as pro~ided in par~r~pb 17 hereof. upon BorroNer's breach of anr co~•enant or
y~reement of Borrower in Ihic ~tort~aRe, includin~ the co~~enants to pa~~ v`hen due an~• sums secur~ed b~• this 1~iortga~e~ i.ender
prior lo acceleralion shall mail nolice to Borrower as pro~ided in paraRraph 14 hereof specifyin~: (l) the breach: (2) the action
required fo cure such breach; (3) a datt. not less Ihan 30 da~s (rom the date Ihe notice is mailed to Borrower. by which such
breach must be cured; and (4) that failure lo cure such bre~ch on or before Ihe date specified in the notice may result in
acceleration of Ihe sums secured by Ihic ~tortR~e, forecbsure b~~ judicial proceedinR and sale of Ihe Property. 'il~e notice
~hall further inform Borrower of the riRht to reintitate afler acceleration ~nd the ri~hl to usert in the fonclosure proceedin~
1he non-existence of a default or any other defense of Borrower to acceleration and forecbsure. If the breach is not cund oa
ur before the date speci6ed in the notice. Lender at I.ender's option may declare ~11 of the sums secured by this Mortga~e to be
immediately due and payable without iurther demand and may toreclose Ihk 1Nort~sry~e by judicial proceedin~. [.ender shall
be entitled to collect in such proceedinq all e:penses of fareclosure. includin~. buf not Umited to. reasonabk attorney's fees.
and costs ot documentary evidence. abstracls and titk rcports. ~,
19. Borrower's Right to Reinstate. !~3~~with~tanding I.enJer'. acceleraU~-n of the wmc cecureJ by this Mortgage.
B~rrowrr shall have the right to have an}~ proceedin~rc Fxgun hv I.ender ro enforce th~s ~lortgage discontinued at any time
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-~~'~K 349 P~~F122~
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