HomeMy WebLinkAbout1612Lendcr's H•riuen agrcrmcnt or appticahlc lu~. Hurru«c~ sh;~ll pa~ thr am~~unt af all mortgsgc insurancc prcmiums in ihc
m~nner pruvidc~l undcr par.-graph 2 hcrcoL '
Any amounis dicbursed by Lender pur.uaM tu ~his p:~r.~~;raph 7, ~vith i~terc~t Ihereon, shall txa~mc additional
in~kMrdnc~s uf Borrowcr sccurcd hy thi~ A1or~gagc. l'nlc.+ Hurr~~~~cr :~n.l 1 rn.lcr :~grec t~ othcr tcrm< <~f payment, cuch
amo~mtc +hall hc pa~~ahlc u~~n nuticc fmm 1 rndcr ~~- B~~rroH~~ reyuc~tin~; paymrnt thcreof. and ehall Fxar intcrcat fmm thc
date of di~burscment at thc ratr payahlc fram timc lo time on oulslanding principal undcr thc Nolc unlec< payment of
interest at such rate ~~oul~l he contran~ to applicable la~~•, in ~rhich event cuch am~~untc ~hall bear interect at the highect rate
pc~missiblc undcr applicablc law. ,N~~thing conlained in thie paragraph 7~hall require I.cadcr to incur any cxpense or take
an~~ action hcrcunder.
8. I~spection. Lcndcr ma)• m:~kc or can,c Ic- bc m.~dc rraconahlr cnlricc u~~m and in.pcrtic.nc of thc Pmp~:~ty, prrn~iJcd
that 1 r~idcr ehall gi~~c Hi~rrowcr notirc priur to am~ ~uch in~~x;cti~~n ti~x:rih ing rcas~~nablc r:~ucc thcrcf~~r relatcd to I.endcr's
in~rrc~t in thc Propcrty.
9. Condemnalbn. Thc pr~xcrdc uf an~• award ~~r claim for damaccc, dircct or a~n~cqucntial, in conncction with any
~ondemnation or othcr takin~t of thc Pro~x rty, ~~~ ~art thcrei~f. ~.r for c~~nvcy~ancc in licu of rnndcmnation, arc hcrehy a.~igncd
and ,hall tx paid to I.cndcr. ,
In Ihe event of a total taking of ~hc Pre,~xr~y. thr pm,cedc ehall tk a~plie~l tc• ~he ~ums cecured b~ thic MortgaRe.
aith the e+ccecs, if any, paid to Bormw•cr. In thr e~~en~ ~~f a partial t:iking .~f the Pmpert}•. ~mlecc Rorrov-•er and I.ender
atheraik agr!ti in w•riling. thcrc shall hc applicd 1a thc wmc ~ecum~l b~~ !fiic M~rt~aue ~urh proE+orli.:n of thc proceeds
ac i~ eyu:~l t~ that prc~~x~rtion which the amount ~~f Ihc sum. ,rcured h~• thi~ ~1orlRa~e immediately prior to the date of
taking txars to thc fai~ markct valuc ot thc Pru~xrt~• immrdiatcl~• pri~~r t~ thc .latc o( t:iking, with thc balancc of thc proccedc
paid tu Borrow~cr.
If the Properly ie aband~ncd b~• Borm~~•~r, c.r if. aflrr rn~tirc M 1 endcr Io Ri~rri~w•cr that thc candemnor offers to make
an :~w•ard ~~r ~etHc a claim f~~r damac~~. R~~rrc•~~~cr ~ail. t~~ rr.p.~nd t~~ 1 cndcr wi~hin in Ja~•~ aftcr thc datc such n~tirc ix
m:~iled. Lrncier i~ authorized to collrc~ ar.d apph• the pmcred~. at 1 ender ~ option. rither to re~toration or repair of the
Propi;n~• or to !hc tum~ .ccurai h~• thi. \i~r~eagc.
Unlesti LenJer and Borruwrr o~hen~i.r agree in ~~rHinL. am• ~u.h ap~+lic:~ti~n c.f prnceed: t~~ principal ~h.~ll not ertend
~~r ~xtEx~nc thc duc datc at thc monthh in~tallmrm. rcfrrrrd t~~ in ~aragraphti 1 and 2 hercof or changc thc amount of
wch inclallmente.
10. Borrower Not Releaced. l~~trncion of the limc f~~r payment~r m~dificati~~n of amortiTation of the ~umc ~ecared
hy thi~ Murteage grantcd by 1 cnder t~~ am• ~ucceticor in in~cre.t of R~rmHCr ~hall not opcratc to releasc, in any manner.
the liahility of the orieinal Borrower and BarmH•cr'. ~nrrcc.~~rc in interect. l.en~ier ~hall not he reuuired to commence
pnxeeJin~s :~gainct tuch ~ucce~si~r or refuce t~ c~tenJ time for paYment or athen+~itie me.difp amortizati~•n i~f the sums
~ecured h}• thi~ Mortgage hv mat~~n af am• dcmand m~dr hv thr ~~rieinal Born~w•er and RormH~er c~ucce~.orc in interect.
11. Forbearance by i.ender NM a R'aiver. Am f~.rtxrarancr h~• 1 rnder in c~erci~inK am• rigM ar remcdt• hercunder, or
utherveise afTi-rded b~~ applirahlc law~, tihall n~~t tx :i w;~irer c.f ar preclude the e~ercice of am~ tuch rieM or remed}•.
The procurement of insuranee or the pa}'ment ~.f ta~r. ~v ~~ther lien. ar charg.c hy I.ender ctiall not he :~ ~aiver c~f Lender's
right t~~ accclcratc thc maturity of thc indch~cdnc.+ .rri+red h~• thic M~~ngagc.
12. Remedies Cumulative. All remediec pm~idrd in thic 111i~rtgage arc diainct and cumulative to am~ ~,ther right or
reme~iy under thiti Ma~tgagc or atTordcd h~~ law~ ~~r eyui~~~. :~n~l ma~ Fx r~erci~c~l r~~ncurrentl~•, independeMh• or ~uceetsivelp
13. Sueceswrs and Assi~ns Boond; Joint and St~eral I.ial-ilit~•; ('aptionc. 'il~e covenants and agreemcM~ herein
romaincd shall hind, and thc riRM~ hcrcundcr tihall inurc t~~. thc rc~Ex~ti~•c ~uc~c~«~rc and acsign~ of I.endcr and Bormu-cr_
cubjrct to thc pro~~icion~ ~f paragraph 17 hcrcc.f. .All co~•cn:~nts and aerccmcmc of RorroN•cr shall bc jc~int and ~c~•eral.
The captions ~nd headingc of the paraeraph. c•f thi~ ~ie•rteag~ are fc~r e~•nvcnience onl~• anJ arc ni~t lo he used ta
intcrpret or dcfinc•thc pm~~icic-n~ hercof.
14. lotice. Except tor any notice reyuired ~mder applirahlr law t~• be ¢iven in an~~ther manner. /a) an~• notice to
Rurruw~er provided for in thi~ ~inrlgaKe tihall t-e giv~n h~~ maiiine ~uch n~~tice h~ ~erti6ed mail :iddre~kd to Borrower at
the Property Addrc~s or at aach other addrc.. ac B~~rr~~N•er ma~~ detii~n:~tr M• no~ire to 1 ender as pm~~ided herein and
Ib1 am~ notice ta I.enJer +hall tx gi~'en h~- certificd mail. rrturn receirt reque~ted. ti~ 1 ender's addre~e s~ated herei~ or to
~uch c~thcr addrest as I_cndcr ma}• dc~ienatc h~ n~~ticc t~~ B~~rruwcr as pro~~idcd hcrcin. :~ny~ ~~tirc providcJ for in this
~iortgage shall be deemed t~, ha~•c txcn gircn M B~rr.~~cr ~~r I.rnder Hhen gh~cn in the manner de~ignated hcrein.
I5. Uniform Mort~a~;e; Governin~ I.aw; Se~erabilih~. Thic form ..f morteacc rnmbincs uniform covenaM~ f~r national
nce and n.~n-unifarm co~~enant~ H~ith IimiteJ ~~ariation. h~• juri~Jirti~.n ti~ c~~n~titute a unifortn securit~~ inttrumem rnvering
rcal propcrt~•. Thic Mortg:igc shall Fx go~crncd h~• thr l:~w ~~f thc juri~dictiun in ~•hich thc Propc~t} ic I~xatcd. In thc
eeent that any provisiiin ~•r clau~e of thi. ;11or1gacr ~~r the \~,te c~~nflirt, ~+ith applicahle law•, such c~nflict ~hall not affect
othcr pn-vision~ of this Martgagc ~~r thc N~.tc ~hich ~.~n hr ei~en ctTccl ~~ithout thc conflirtin¢ pm~~icion. and to this
cnd the provi~ions of the ~(ortgagc and thc \~,tr arr .kcL~rcd t~. he kverable.
16. Borrower's Cop~~. Borrowcr ~hall F-c furm~hc~l ;~ ~~mf~~rmcd cor~• af thc Notr and c.f thic Mortgagc at the timc
uf execution or after rrcordation hereof.
17. Transfer of the Pmpert~•: Accumplion. If all ~~r am ~~ert of the Pmperi~~ c.r an intereat therein ic «.ld ~,r tranderred
h~~ Borrowrr without i.ender's prior ~+riurn runa:nt. e~cluding ~a- the crwtii~n of :i lirn ~r encumhranre sutx~rdinate ti~
thi~ Mortgage. (bl the creation ~~f a pur,ha~c monc~• .ecuri~~~ ~nterest f~~r h~~u~ehuld appliance~. Ir) :~ trantifer h~• devise.
deccent or hy operation of law ii~n the ~leath ~~f a j~~int trnant c~r l~fi the grant ~f am• Irauhold interest ~f three }~earc or Iect
not containing an optian t~ purrhasc. I.cndcr ma~•. at Lendcr'. ~.pu~~n. declare all thc ~ums scrurcd h~• this Murtgage to f-e
~mrticdiatcl}~ due and payable. 1_cndcr chall h:~.•c ~~~ai~•cd .urh ~~ption to accclcrate if. prior to thc ~ale or transfcr. I.ender
and the peru-n to w•hom the Propc:rty ic ro be sc~l~l or tr:ms(errcd reach agreement in K°riting thal the rreJit of tiuch percon
is sa~isfacron~ to I.ender and that the intere~~ pa~~able on the tii:;m ~ecured hy thi~ Mc-rtgage ~hall be at such rate a~ I_ender
~hall request. If I.enJer has waived the op~i~~n tc, arcelera~r provided m thi~ paragraph 17, and if Borrower t successor in
in~erest ha; executed a K•ritten assumption aKrcement accepted in writing h~• I_ender, i.ender shall releace Borrower from all
abligations under this Mortgage and the Note.
(f t.ender exercicet such opti~n tc• accelerate. 1 enJer .h:,ll mail BnrroHCr notice ~f acceleration in arcorJance u~ith
paragraph 14 hereof. Such notice ~hall pruvide a Exri~xl of ni.t Iess than ?0 da)~s fmm the date the nolice ic mailed within
~~hich Borr~~w•er ma~~ pa}• the sum~ declared due. If Borrower f:~ilti to pa}• tiurh ~ums prio~ ~~ the erpiration ~~f ~uch peri~xl.
1 ender may. a•ithout farther notice or demand ~~n N~~rra~•cr. ~nv~,kc ane rrmedies permit~ed b~~ paragraph IR hcreof.
'Votv-UrrtFOteM Cove~,-tvTS. Barrower and I.ender further covenant and agree as follows:
1S. Acceleration; Remedies. Except as providrd in para~raph 1'7 hereof. upon Bonowcr's breach of any co~•enant or
a~reement of Borrower in this MortRa~e. includir~ Ihe co~~enants fo pay when due any sums cecured by fhis Aiort~s~e. I.eader
prior to accelera~ion shaU mail notice to Bonower zc provided in paragraph 14 hereof specifying: (l) the breach; (2) the action
requircd to curc such breach; (3) a date. nof fess than 30 days from the dale the nofice is mafled to Borrower. by which such
breach must be cured; and (4) that failurc to cure such breach on or before Ihe date specH'ied in the nofke may rcsWt in
acceleration of t6e sums secured by this ~lortgage. forrclocure by judicial proceedin~ and sale of the Property. 'ILe notice
shall further inform Borrower of the ri~ht !o reinstate after acceleration and the right lo acxrt in ihe foreclosurt pmctediuq
the non-existence of a defauit or anv other defence of Borrower lo sreceleration and foreclosurc. If the breach ts aot cured on
or before the date specified in the notice. I,ender al I.ender's option ma}• declu! all of ihe sums secured by this Mortgage to be
immediately due and p~y~ble without further demand and may foreclose Ihis NortRa~e by judicial proceeding. Lsnder shall
be entitled to collect in such proccedin~ all expenses of fortclosure. including. but not limited to, reasonable attomey's fets,
and costs of documentxry evidence. abstracts a~d title reports.
19. Borrower's RiRht to Rei~tate. Notwithttanding I.ender', acceleratior~ of the sums ~ecureJ by this Mortgage.
Borrower shall have the right to have am prcx:eedingti heeun hy I.ender tu enf~rce this MortRage discontinued at any time
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