HomeMy WebLinkAbout1785, , r ~.
1 cndr~'~ v-nurn agtrrmr~it or apphcahk Iww. Harruwer ShaU pay Ihc anu~un~ of all m~~ttgage intiurance pnmiums in the
mannr~ p~~~wdc~l undrr paia};raph 2 herco(.
A~i}• am~,unh Ji~hiii.cd by 1 cn~lcr pur~uan~ t~~ this par,~graph 7, w~ih u~trrrti~ ~hcrc~~n. chall f+ecome additiunal
~nJrhtrdnr~~ .~( It~an~HC~ ~c~und h~• th~~ (11~~r~~.~kc 1!nlc~~ R~~rt~~wct and I rnJcr aKrcr tn Mhrr tcnnt ~~( paymcnt, tuch
am~•unl~ ~hal) (x ~~.~vahlc u~~n mHirr fn~m 1 rnJcr 1~~ Natr~~Nri ~ry~ic~tinR p:~Ymrnl ~hcrc~~l. and ~h~) hf~t, lnlrrFd from IF-e
J:Nr ~~f di~hurtam~nl at thc ratr pavahlr (rnm limc 1~~ limc ~m out~tandinR pnnc~~~~) undrr Ihc~ ofe unlM 'payment of
intcrest at siKh ratc w•ou1J F+c ci~nlran• ~~•:,~~i,,at-i~ I:iw, in ~+hinc ~vcnl ~uch am~~unt< <h:~U hcar ~nlere~l at the highett rate
{+ermissihk under applirablc law. N~~thin~ c~+nt.~incd in ~hi~ p:uaRraph 7~hall rcq~i~rc I cndc~ ~~. ~ncur aoy expence or takt
any artian hc~cuoder.
S. Inxpectioe. 1 endcr rnay ma1,c ~~t : an.r 1~• tr• madc rca~i~nahlc cnlr~ci u~r~n and in~~xction~ o( the Proptrty. providcd
thal 1 cnder shall givc Rurrawcr nu~~cr pri~~r 1~. an~• ~urh -m~+c~•~iun ~pcc~(y~ng rcaconabk cause there(or retatcd to I.ender's
mlere~t in the Propcrty.
9. Coedemnafbn. The pr~xeed~ o( any avvard ~-r claim fi~r damagrs. Jirecl or a~nuquential, in connoction rvith any
condemnalion o~ olher taking of the P~opetiy, or part IAereat, or for conveyance in I~eu o( cnndemoatic~n, are hereby assi6ned
and shall be paid to l.ende~.
In the event of a total taking of thc Pmper~y. thc pr~xccds ~hall hc applied t~ the ~ums ~ea~rcd by this Mortaase.
with the exttss, if any, paid to Bc~rrowcr. In 1hc cvent of a parlial taking ot the Property, unlecs Borrower and I.eoder
othe~wix agree in writing. lherr shall lx applied to the ~umc sec~~red by thic MorlRage cuch pro~rtion ot Ihe proceeds
as ic equa) to that pro~rti~n which ~hc amaunt ~~f the cum~ uc~ired hy thie M~r1Ra~c immediatcly prior lo Ihe datt of
taking hearc to the fair market value of ~he Pr~-~x r~r ~mme~l~ately pna~ t~ the dale ~( ~akin~t. vaith tht halanct ot the proeoeds
paid t~ Bormwer.
If the Praperly i~ ahand~ned h~• A+~rmKr~...r it aftcr n~~ti~c hv 1 c~dcr t~ R~~rr~~wer that the condemnor of~en to make
an aw~ard o~ tettle~a claim for. d~mace~. R~~rmwer (,~~I. 1~~ rc~~xmd te. 1 ender w~ilhin tn c1ay~ a(~er ~he da~e such notice is
ma~led. Lender i~ authoriird to a~llect and appl~~ ~he pr~.ceedti. at 1 ender'~ ~.ption. either to restcuvtion or repair ot the
Propcrt~• i~r 1~ thc cum~ ~rcurcd h~ Ihi~ ~1~•rtg:+Fr
i%nles. 1 ender and Borrower othen+-•i~r aFree in wrihnr am a~rh a~ph~:m~~n ~f prrxeedc to principal ,hall not extend
~r pe.ct~ne !he duc date ~~t 1he monthlv in~lallmrn~e rc~crrrd t~. in raraFra{+h~ 1 and 2 hereof ~~ ch.nRt Ihe amounl o~
cuch ~nslallment~
10. BoROwer Not Rek~scd. Extcncion ot thc ~~mc t~~r p~vmcn~ ~~r m~~lifirah~n nf amc-rti~ali~n ~f the tums securcd
hy Ihi~ Mc-rtgage grantcd hy 1 ender Io any aKCC~u~r in inlrrc.t ~.f R~•rr~.ac~ chall nM ~rerale In rckaie. in any manner.
the fiahilitv of Ihe oriqinal Aorrower and A~~rrowrr'. a~rcee~~x~ m intere~l I e~d~r chall n~~l he reyuircd t~~ rnmmenct
pr~.ceedingc againcl such sucreaor or rc/uce t~ ertend nme !~r pavment or i~~herv-iu mcxfi/v amnrti~ah~in ~.f ~hr ~~~mt
t~~ured hy thi~ Mortgage hV rease~n of aRy dem~nd made h~ !he ~~riemal R~rmwer :md Hnrmwer'c aicc~a~~~ i~ i~terec~
' 11. Forbearance by I.ender NM ~ W~i~•er. An~ fc.rFxaranrc h~ 1 c~der in eten~~i~K am~ ri~M ~~r remedy heteunekr, ot
~therwice afiordctil hy applicable law. shall m~t he a waiver ~.f ~~r preclutte the ererri~e ~~f ~m' wch riRh~ ~r remedy.
Thc procurcment ~f insurancc nr the payment ~( ~a~c. ~~r ~~then c~m ~.r charQec h~• I cnder ~ha!! n~~l Fw_ a wa~ver ~f I.eoder's
right t~ accrlerate the maturity of the indehtednecs cecumd hv th~~ '1~c-rtRaKe
12. Remedies ('nmulative. All remediec provided in th~~ MortgaRe ar~ dictinct and curm~lativr ta any olher rigM or
remedy unde~ thic M~rtg~Re or aHorded h~• law ~r equity. :~nd mav f,e ererc~uJ c~•ncu~rently. independen~ly or succecsively
~ 13. Successors and As~wt donnd; ,loief sad Se~•eral i.iabilit~; ('aptbns. Th~ covenaMt ~nd agreementc hcrein
rnnlained shall bind, and the riRhlc hereunder shall mure t~. the re~peclive soccetc~~r~ and actignc ~f I ender :u~d Rorrower.
tubject to tht provicion~ of paragraph 17 hereof. All crncnante and aRreemenl~ ~f Horma~r chall hc j~iry and uveral
The captions and headingc ot the paraRraphc ~f Ihic MnrtgaRc are f~~r r~nvcn~cnce ~nly ~~d are n~1 t~~ he uad to
interprct or define the prov~cionc hereof.
1d. Notk~. Et~ept far any notice rcyuired unJer :~ppliraMe !aw a. F+e R~ven ~n anuther manner. (a) any notict to
Borrow•er provided fo~ m thic M~rtgaer ~hall he g~ven h~ ma~linF wch n~~1~ce hy rertified matl addrea~ed 1~ R~rmwer al
the ProFxAy Address or at such othcr addre~. as R~~rmwcr mav dc~~gnate hy n~~ucr ta 1 rndcr :+s pmvid~d herein. and
ib) am• notice to Lender shall he given hy cenified me~L ~eturn rece~~t reyue~ted t~ 1 ender'c addrelc stated herein or to
tuch other address ac ieader may de~i¢nate b~ n~a~:e i~~ H~~rr~~wer ac pr~~~ided herem Am~ nMice pmvided (or in this
~1~~rtgage shall he dtemed t~ havc heen ~~vcn to R~+r~~~cr ~a I rndcr ~hen R~vcn in the man~er de~iRnated hertin.
1S. Unitorm MorlRa~e: GoverninR i.aw; Se~erabilil~. Th~~ f~rm of m~rtRaRe ;~mh~nea i~niform covenantt for nalional
nse and non-uniform crnenant~ with IimiteJ variaU~~m M ~~m«tich~n M c~~nchture a unilorm secunry inctrument crntrina
rcal property. Thic Mortgage shall be ~~~verned M the law ~f the ~uncd~cti~n m w~hich the Property ~c located. In tht
event that any provision nr clau~e of Ihi. ltl~n6aKr ~~r the N«ie r~nflich with applicable law, such confl~et ~hall not affect
o~her prowsions of th~c M~riRage or tfie N~~tr Mh~nc ~an be grven efiect wiihout tht conflicting pmvieion, and to this
end the provicions of the M~~rtgagc an i the V,~1e are Jcrl~red ~~. he ~everable
16. Eorrower's Copy. Borrow~er ~hall be lurn~~hed a cc~nf~xmed cop~• of ~ht Note and of thn Mortgagt at Ihe time
of execution or at~er recordation heree.f.
17. Transfer of the Propert~•; Acwmplion. If all ~r an} part of Ihe Pmpeny or an mterett Iherem i~ cold or tnntftrred
by Borrower w~th~~ut I_e~der's pn~r v-r~u:n ~~~ncen~ etcluding 1a- the crcati~n of a hen or encumbrance ~ubord~nate to
th~c Morigagt. (h- Iht c~reatu+n af a pur.h,~.r mrn« <ecuritc interest f~r h~u~the-ld applunctt_ (c) a trancter hv devise.
deuent or hy o{xration of law upon_ thc ~Ica~h ~f a i~a~t tenant ~r ld ~ the Rrant of am leauhc-Id imerest ot ~hrcc ycars or kts
not con!aimng an option to purchase. 1 end~r ma~. at I ender'. opt~i~n. de:l.,re all the cumt secured by Ih:s Mortgage to be
~mmed~ately due and payahle 1 ende< <hall h:~~e w.~~.•ed ~nch opt~on tc~ a::rlrrate ~f. prior to the eak nr tronsfer. Lendet
and tht persan t~ wh~m the Propertv i. ~~~ tx .~IJ ~x ~r~nsferred reach ~grcrmcnt r~ writ~ng that tht crcJit ~f euch percon
it satisfactor}• to I ender and Ihat the ~mrrr.l pa}ahle ~~n the sumt ucured by this `~ortgage chall be at such nte ac Lender
shall request If Lender has wa~ved the op;,~n t~ accelerete pmvided ~n th~s par,~sraph 17, and if Bortower's ~uccessor in
iRterest ha~ eKecuted a wntten ascumpuon agrcement accepted in ..rit~ng Ay Lender. Lender shall releace Borrower from al1
obligat~onc under thic Mortgage and the No~e. '
1f [ ender exercius cuch optinn 1~ ac~eterrte. ( enJer tihall mail Borrower notict o( accelerat~on in accordan~r ~• ~:h
paragraph 14 hercof Such not~ce ~hall prov~de a pericxi o( no~ less than 30 days (rom the date the notice is mailed wich~n
whrch Borrower may pay the sumc decfared due 11 Borrower (ailc to pay such sums pnor to tht expint:on ~~f euch peru~d.
Lender may, w~thout further natice ~r dcmand on Borrower. invoke an~• remediu perm~tted hy pangraph IR hercof.
I~iON-(JNIFORM CnVENAIVTS Borrower and l.ender turther covenant and agree as follows:
ls. AccelcMan: Rcmedks. E:cept as provided ia ps~npA 17 Aereof. ~pe for*ow'er's Srcac~ ~( ~ay co~ew~1 or
asrcement ot sorrowcr in thtc tiforfRa~e, includin~ the covensnts to psr wAen due any snms xcured yy tbk MortR~e, l.ewder
prbr to ~ccekntion sball mail noticc lo eorro.-er as provided ia para~rsph 14 hereot specNyinR: (1) the Me~ch: 12/ ~Ae sclfow
required to cnre sucb breach;l3) s date. wo1 kss IAan 30 dsys trom the dste the nolicc t~ maikd lo dorror•cr, sy Mhich sYCA
brcach mwt be cared: ind (1) Ibat fail~re lo core srcA Arescw oa or ~etore Ihe dMe specified i~ tAe notice iaiy resrlt i~
accckration ot tbe soms sccuted Sy this MortRa~e. torecbsure by judicial Proceedi~ mA sak of tAe Propcrry. 71~e wolke
shall furtber inforn~ dorrower ot the riRh! to reinstsle a-ter sccekntioa and 1be ri~bt to as~eA iw the forecbsurt ~ocee~
tbe ~soe-eaistence ot s defauN or any o1he~ defen~e of donor-~r to accekrstion and toreclowre. 1/ 1be breacM is ~ot cnM ow
or be(ore the dste speci6ed is tht notice. I.endtr af 1 ender's o'fioA w1~y dechrt sA o~ Ihe sYw~ sec~red b~' tAis Mor1R~e to be
immedistdr due ind p~ysble without fanher demand and n~ay twrclwe M1s Mort~a~e by jrdicW ~rocecdia~. f.~nde. cAall
Ae eotitkd fo cdleet iA srcl~ pr~ceed~oR ~11 e;P~n~es of foreclos~re, focludin~. -ut wW Umited to. :e~sonsbk sn.~rnr;•s fees.
and costs o( doce~neatary t~idence. sbstrscts ~nd lille npoAs.
19. dorro~+t~s R~M fo ReinstNe. ti~ztw~Ih.l~nd~nF 1 ender'ti acceleratH~n ot the wme u~~rc~ ey ~h~c ~1..rtgage
Borrowtr shall havt tht ngh~ ~~ havt ~m prckcrd~n.• h~~~~~~ 1>> Lcndcr t~~ cnt~~r~t th~. ~1~~rig..~c d~~.~~nhnurd a~ an} nme
: ~~'~ 349 ~~~E1785
4
~
`y~
E~ .
~.'~F "" " ` . ~ ._ . _ ~• ..
`• ~,.. . .. ,. . . ~. .._ . . ~ ~ Y
~
. '?~