HomeMy WebLinkAbout1410[.e~dcr's written agrcement or appl~cable law. Bo~~ow~er shall pay the amount ot all mongage insurance prcmiums in the
manncr providcd undt~ pa~agnph 2 hereo(.
Any amaunts dicbuned by Len.ler punuant to ~his paragraph 7, with intercct therean, thall become additional
~ndeb~tdnes~ of Borrower securcd by ~h~c Mongage t?nle~e Borrawer and l.ende~ agree ta ather terms of payment, such
amoun~c ~hall Me pa~~ahk u~n n~~tice from ! rader to Bormwer req~Kcting payment thereot, and shall hear interest irom the
date of dicburt~.:~tnt at th~ ~a~e pa}•ahle from time to ~ime c-n oulstanding principal undtr the Note unkst psyment of
interect at such rate w•ould be cont~an• t~ applicahle taw•, in wF.ich event cuch amounts s~all hear interest at the hiahest rate
permissihle under applicable law. Nothing contained ~n thic parag~aph 7 chall require I.ender lo incut any txpense or take
:,ny acteon hereunder.
8• Inspettion. 1 ender ma~• ma{,e or r,~~~~e t~ 1+e m~de rea«nahle ~Mrie~ u~x~~ ~nd ~ncpeclic-nti oi Ihe Property, provided
th~t 1 e~der ~hall g~~•e A~rrower n~.tice pri~~r to am ~uch incpectu~n ~Fxc~h~~ng rcaconahle cause therefor ~elated to I.ender's
~ntrrcct in thc Pmpcrl~•.
9. Condemnalioo. The pr.~.ee~< <~f :111~' :lM3fd ~~i rla~m i~r Jamaee~. direct or c~~ncequential. in conn~ction with any
:ondemnation ar ~~thcr t~kmg of Ihc Pro~-crty. .+r part ~hcrc~~(. „r for r~m•r~•anrc in heu .~f condemnation. are herchy acsigned
.~nd ~hall 1.~ paid tc- 1 endcr.
In Ihe e.ent ~f a t~tal takine ~f ~hc Pmrcr~y. Ihe prrtieedt chall he applied to Ihe ~umt secured by Ihi~ MoAgage.
wi~h the e~cr~c. if am•. paid t~ Borr~~w~r In ~he even~ ~~f a p~rtial ~almg ~f the Properly, unlecc Borrower and Lender
,~therwice ag~ee in writing. ~here ~hall he appl~ed t~• the .um~ ucuret! h~• th~. ~v{nrt~tage wch proportion ~f Ihe proceeds
•ic ic ey~e~l 1~ thal pm~~nion ~hich thr ~mrunt i~f ~he ~-~m. .e:~ued hv thit Alortgage immediateh~ pnor !o Ihe date of
t.~king hearc M Ihe fair market ~~alur of the Pru~xrt~ ~mmed~atelc pn~r ~o the datt of tak~ng. with the balance ot the procteds
{~aid t~~ Bormw•er.
If Ihe Proper~~• ic ~hand~ned h~ R~rn•ucr. ~.r i( ;~f~cr n~ticc h~~ i cndcr t~ A~rn~wer that the condemnor afitn to makt
.u~ :,w:ird ~•~ ~ente a claim f~~~ dapi.~~~_ &xrc•wer f:nl. rt~ r~.~~nd t~ 1 ender uithin i(1 da~~ti aher Ihe date cuch notice is
m.uled. LenJer i. authorircd t~ ~lle~;t and,apply the prc.ceeda. at 1 ender'~ ~~p~ion. either to rectoration or rcpair of the
Pro~n} „r tc. thc ~om..r:urcd hi' Ihis !11o~t 1~il~. .t !
L • ~~
l'nlec. 1 enJcr :~nd B~rmwer~+Ih~kC ~ tel~ ~n «nhnr am ~ti;h arpl~.:~ti~n ~f prcxeed~ to principal ~hall not erlend
~~r ~~.t{-~~ne thc duc datc .~f Ihr monthl~ inctallmrnt~ rcirrrcd to in paragraph. I and '_ he-rc.f or change the am~unl of
-u~h ,n~tallmentt
10. Bor~owtr Vot Rekaccd. I~~tcnci~n ~f thc t~mc f~~r pavmcnt or modificauc~~ ~f amorti~ation of thc c:imc ucurcd
h~' thi. ~1~~rt~~ec graMcd hy I enJrr tr am wice.~.~r ~n imrre~t ot Borrower ~hall n~t o~+erate m releate. in any manner.
t~e h~hilitt ~~( ~hr nriCin:~l Borrc.uer .~nd R~~rrc~w~r'. cu.rcce~•r~ in interect 1 enJer chall nM he rcyuired to commence
;~r~.~crdinc+ aeain~t wch ~.~cre.c~ir ~r refu~ t~. c~ten.l hmc f~r pavmcnt or c.~herv-i~e mc~dify amc-rti~ati~n o( the sums
.c.urrd h~ thic !N~n¢age M rcak~n ~f .,m drm.md made h~ the ~~rie~na) Bormwer .ind B~rrower's succec«r~ in interest.
I1. Forbearance by I.ender \M a N'ai~er. •1m f~~nc~aran~~ ht 1 rnder in e~crcicin~ am• right or remed~~ hercunder. or
,~therw~,.r :~tT~~rdeJ M ~pplir:ihle lau. ~h:~ll nc~t h,~ w•.+~~er ~t .~r preclude the erercice of am• wch right or remedy
Thr ~roii~rrment ~f incuran:c ~r thc ~acment ~~f t.~~~. ~~r ~~thcr I~em ~~r charge. h~ 1 cnder tihall ~ot he a v~aiver ~f 1 ender's
riQht tr acrclcr~tc thc maturih- ~~f thc indehtcdnr.~ k.nrrd M th~~ ~~c-:lgaec
12. Remediec ('umulati~e. All reme~he: ~r~~.~d•_d in thiti ~I~,rt~age are diclinct and cumulative ro am• ~Iher right or
~emetlt nr.der thi~ M~rt~~gr ~~r aff~.rded M• law ~•r rqwt~ .~nJ m~~ h~ c~erciK:t ci~ncurrenll~•. independentl~ or succe~siveh~
13. Sueeectors and 4csiRM Bound: Jnint and Se~eral I.iaF~ilih: ('aptionc. The covenant~ and :~greementc herein
<<~ntaine.l chalt hind. and the riehl~ hercunder ~hall ~nnic t~~ thc rc~pect~~e tincrr.«~re and atcignc ~f 1 ende~ and Bormwer.
~ub}ect to the pmri~~on~ ~( pa~agraph 17 herri•f ~!i ~uven.~m~ ~nd aereement~ ~f Bonuwef~hall be jc~,nt and ceveral.
Tz~e caphun+ :~nJ head~ng~ ~f Ihe par.~er:,ph. ,•! thi~ ~1~•rtga~ee arr f~~r ~~•nvemencc~ c~nly ~nd are nc~t t~~ be uced to
~nterprel or definr thc ~n~.~ci~~n~ here~f.
14. \otice. Ftcept for am• nMirc rcynircd ~m~kr ~r~+licahle laH !~• t~e g~~'en ~n another manner. (al any notice to
R~~rr~.w-er pri~~•~ded for in thic ~i~~rtg-see ~hall Fk gnrn h~ mailinc ~~s~h nohcc h~ rcrt~fied mail addrec~cd to Borrower at
th~ Pn,pert~ AJdre~~ E•r at ~uch ~~ther :,ddrr.. :,~ B~~rr~~uer ma~ de~~enatr bc n~~tice t~ 1 ender as prc~vided herein. and
~h- am ~~t~~~ t.~ 1 enJer chall F-i ~i~cn h~ ~crt~fir~l m;nl. rrturn reccipt rcquc~t:d. tc~ 1 cnder ~ addrttt Slated herein or to
~nch .+ther addrr« a. I rnder ma~ dr~itin~te h~ n~~~i;e i~~ B~~rn~uer at prrn•~ded here~n Am~ notice pn.vided f~r in thic
~1~~r~gagc Sfiell tx ~eemcd u~ h.~.r fxen ¢~~rn i~. &~rr~~wer ~~r 1 rnder Khen Rc~cn in the manner designated herein.
15. l~niform !-1nrlRa~e; Cm•ernin~! I.aw; Se.er~Mlit~. "fh~. f~~rm ~~f mongaFe c~•mhinec ~~~iform r~venant~ fc.* national
~~u and n~•n-unif.~rm ~~~~~nani. uith limitr.i ~~r~atu~m M i+~n~~i~~t~,~n tr c~•n~titntc a uniform serun~~• in~trumem covering
real pn.~xrt. Th~~ tlortgat~e ~hall Fk e~~~rrrzed h: thc 1.~~ ~~f th~ ~ur~~Jc.ti~~n in w~hich Ihe Proper~y ~~ lexated In the
r~ent ~h~t an} ~+r~+v~ca~n ~~r rl;-n.~ ~~f thi. ~1~rtLa~r ~~r th~ \~~te r~~nfli.t~ ..ith ~pplicahle lav~~ cuch c~nflict thall nnt afitet
,~thcr pr~~~~,~~~m ~~f th~. +~~.n~aic ~~r thr ti~ar uh~~h ~an hr ~~.rn clTcct ~i~h~i~t thc cc~nflirting pmvi~ion. and !a this
rr•d th~ pr.~~i.i~,n, ~f thr ~1~rtga¢r .~nd thr ti~,tr .~rr Jr".~rrd t~~ t,c .rvcrahic
16. M~rrowers Cop~. BormMrr ~hall h~ furn~.hr.i .< <<m(~~rmrd ~on~ ~~f Ihr tic.tc and nf th~c Mortgage at the time
~~f e~ecution ~r after rrc~~rda~ion hrre~f
17_ Trancfer nf tht Properf~: Acsumplion_ If ~II ~~r an: ~.~rt c.f the Pr~~perr~• nr an mterett therem ic ti~ld ar trancferred
h~ Borrr•wrr Krth~~:it Lender'~ pnn! wnttrn <<~cnenr_ ~~~Iiidin¢ I;~~ thi rr~ati~m e~f .~ I~Cn e~r encumbrance subordinalt to
+h~. ~1~rteage: (h- the creatinn ~~f .~ purihe.r m~.nc~ .c~:int. ~r~terett f~~r h~u~eh~-Id applicmce~ (ci a lranc(er b}• devise.
dr~cem ~.r h~~ e~peration ~f law up~~n the .ieath ~~t .~ w~r~t tenam ~~r i~1~ the grant ~,f am lea~eh~id interest of Ihree yearc or Itic
~~•t rontainin~ an epti~in te~ purchasc 1 endrr m~~. .~t I rnder'~ ~~pn~~n. declare all the wm~ seceired ht• this Mortgage to be
mme.l;ateh~ due and pa~•able 1 rnder chal! h~.e Na~.~d ~u~h i~ptu~n n accelerate if. prior to the ~ale ar transfer. Lender
~n~f Ihe perc.~n tc. v~h~~m the Pr~pert~ i. r.• he ~ul~i ~+r trem(crrrd reach :~greement ~n w~n!ing that the credit of cuch person
~~ t3titifact~~r~ to I.enJer and Ih~r the intere.t pa~.~hie ~~n the ~nm. k~urCd hy~ thi~ !~1~rteage ~halt be at such rate as Lender
~hell rcyue~t If I ender hac wa~~eJ the apu~~n t~. ac~rtrr.~te pm~•ided ~n thit paraeraph 17. and if B~rrower'~ successor in
mterett ha. erecuted a wrinen aswmption aercemem a~ce~ted in Nriting h}~ 1.enJer. I.ender chall releace Bo~rower from all
~~bligat~ont un~er th~~ M~rtg~ge and Ihe !`~Ie
If I ender e~eriice~ ;uch ~~~Iinn a. accelrr:~~~•. I rn.+.rr .ha{I mail R~rmwer not~r:e ~f accelerahon in accordance with
~araer.~ph !J here~f Snch nnuce ~hall ~mvide .~ rrr~~•.1 ~~f rn~t Iee. than 3n da~: (r~m the date the notice i+ mailed within
..h:;h Brrn~~cr ma~ p~~ Ihc wm~ dccl~rccl dnr It Bc~rr~~urr t:~+ic rn pa~ tiuch ~iimc pn~r tc. the cxpirah~•n ~~f such pcnod.
I cr~der ma~ u~th~~ut further n~t~.e ~~r ~i~mand ~~n Fi~+rn.wer. ~mc.~.r am remedies permrttecl b}• paragraph 1R hereof.
\!1'~-I~~IFnH~! C~MFti~tiT~ B~rmv-cr ~nd I ende~f (urther rn~•enant and agree as follov~~s~
18. Acceler~tion: Remcdies. Fxcept ati pro•ided in par~raph 1'I hereof. upon Borro.re~'s breach of any co~•enant or
~reemeot of BorroNer in /hi~ ~tortRa~e, includin~ the co~enantc to pa} ~hen due an~ sums secured by this MortRa~e. I.teder
prior to ~rcekralion chall mail rwtice to Borro.+er x pro~ided in para~nph 14 hereof specifying: (1) the bresch; (2) the action
nquired to cure such bresch: (31 a dste, not Irsc ~han 30 daps from the dste the notice is maikd to Borrower. by Khkh wch
breach must be cured; aad (01 that failurc to cure such breach on or before tt~e date specified in tbe aolice auy resdt ie
accekrstion of the snms securcd b}• this ~1ort~s~e, forerlosure b~ judicial proceedieq~ aad sale of the Property. 'Ibe oolice
chall furiAer inform eormwer of the ri~h~ to reinstatc at~er accekrslion snd tbc right to assert in ihe foreclosnre proceedi~
the non-e~istence of a detauk or anv olber defense of Borrower to sccelention snd forecbwn. If tht breach is oot cured oa
or bctore the date specified in the nolice, t.ender at Lrader's oplan ~sv declare aq of the mais stcored by this Mort~a~e b be
immediatelv due and pa~abk wilhout fuAher demand and may fonclose thk Mwt~a~e by j~dicial proceeding. Lender shall
be entitled to collect in wch proceedin~ all ezpeoses of foreclosurc, includi~. bet nof li~ailed to. reasonsblt attorney's fea,
and costs of docnmenlary e~idence. abstrscts and titk reports.
19. dorro..er's RiRht to Reioslate. Notw•ithstanding Lender'~ accelerat~on of the sums securcd by th~s Morlgage.
Borron•er shall ha~•e tht nRht t~ have ant proceedingc hegun hy Lender to e~force th~s Mongage disconUnutd at any time
; ~~'~349 ~~~f1410
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