HomeMy WebLinkAbout2527.. ,.
~ . .
~ . , ~M ' ~ ~
I_ende~'.s v-•riiten agrecment ot a~l~rable faw. Bo~rowc~ shall pay thc amount of all moNgagc insu~ance premiums in the
manne~r providcJ under pa~agraph 2 hereof.
A~y amounts dis~ursed by I.ende~ pursuant to this paragraph 7, wi~h intercst thercon, shalt become additions)
in~chtednesc ~~i Borrower secured by thic Mor~gage. Unle~c Barrov-er anJ l.ender agrce to other lertns of payment, such
amountt chall Mc payable u{x~n nc•tice from I.endcr to Borrower reyuesting payment thereof, and shall hear interest hom the
date of dicburcement at the ratc payahle f~am time to time on outstanding principal under the Note unless payment ot
interest at such rate would t+e cont~ary to applicable law. in ~hich evrnt cuch amounts ~hall bear interest at the highest rate
permissible under applicable law. Nothing comained in Ihis parag~aph 7 chall requirc 1.ende~ to incur any expense or take
any action hereunder.
8. Inspecfion. I.enJer may mal~e or cauu to he made reaconaMe en~riec upon and inspectionc of the Property, provided
~hat Lender chall ~ive Burrow~e~ n~~~ice prior to an}• ~uch in~pection c~cifying rcasonable cauu theretor related to I.ender's
~mcrcct in thc Pr~pert~~.
9. Condemnatbn. The pmcee~e of an}• award oi claim for damaees, direc~ ur concequenlial, in conneclion wilh any
condemnation c.r ather ~ak~ng of the Prope~ty. or part thereof, or for rom•eyance in lieu of candemnation, are herchy ascigned
:ind ~hall F.~ paid to I.ender.
ln ~he rveot of a tMal taking af the Pmpen}•. the prckeeJc chall he applied ro ~he ~ums secored by thic Mortgage,
Hith thc etirecs, if any. paid t~ Barr~~wcr. In the cvent ~( 1 partial taking of the Proper~y, unka Borrower and I.ender
~aherwi~r agree in writin~. there chall he applieJ tc- the wm~ K':::CL'LI tS•j !h:z !vtn~tgsge such proportion o( the proceeds
a. ~. cyual to Ihat pmpurtion which ~hr amo~~m af ~he sum. .ec~~rcd b~ thit Mongage immediatei~ prior to the date of
~aking hcarc lo the fair ma~ket valuc of thc Pro~xrt}• imnzcdiateh~ prior to the Jatr o( taking. aith thc balance of the proceeds
paid ~~~ Borrow•er. . ~
If Ihe Property ic aband~ned b~• Bormw~er. ~~r if. after notice by I.ender to Borrower ~hat the condemnor offers to makt
~n award ~.r .ettle a claim for dam:~ge~, Borrovve~ (a~l~ t~- rc~~x~nd to 1 e~der v-~ithin i0 days after Ihe date such notice is
maikd. I.rnder i. authorited to collect and apply the prc.ceeds. al I.ender'~ option. either to restoration or repair of the
Pro~x-~~ i~r ti- Ihe tium~ ~ccurcd M• Ihis Alorlgagc.
l'nlec+ I ender anJ Borruwer otherwiK agree in ..ritine. am• cuch application of proceedc to principal shall not extend
c~r ~~~t~me the due dale of the monthl~ installmrnts referred to in paragraphc 1 and 2 hereof or change the amotmt of
w~h ~nctallmentc
10. Borrower Nol Releaced. Frtencion of the ~ime for payment or mc.dification of amorti~a~ion of the sums secared
h~• ~h~~ 111artlaec grantcd b~~ I.cnJer tc. am• Ruccesu~r in inlere~t of Borrower ~hall not opcrate to releau, in any manner,
thc liah~li~~~ .~f ~he orieinal Bormv-er and Brrrowc~ c suc~rssorc in interect. 'I.ender shall not he required to commenct
pr~.~ce~fing. ag:un~t cuch ~ucrecso~ o~ refuce to ~~tend time for payment or otherv-•ite mc~dify amortization of the sums
~e:ureJ h~~ rhi~ M~,rtgage hy rea«~n of ~n~~ demand made b~• the ~~rieinal Bormwer and Borrower's succeccors in intercst.
I1. Forbtar~nce by Lender Nof a Waiver. An}• f~rhearancr h~• I ender in erercising any right or remedy hereunde~. or
~ahrrw~,r .ifT~.rdeJ h~~ applicahlc law. ~hall not he a waiver ~~( or preclude the e+cercise ot any such right or remedy.
Thr prckiirement ~f incurance ur the payment ot ta~e~ or other liens or chargec by I.ender tihall not be a waivtr of l.ender s
right t~~ ar~rkr~tc Ihc maturily ~~f Ihc indcMcdnr~c ~trurcd h~~ thi~ MongaRc.
12. Remedies Cumul~live. All remediec pn.~ idcd ~n thi. !~tortgage are distinct and cumulative to any othrr right or
remrJ~~ under thi~ M~•rtgagr ur atT~~rdcd h~• law i~r eyw~}. and ma~~ he ererciteJ concurrend}•. independentl} or successivelp.
13. Suececcorc and Assi~nc Bound: Joint and Se.enl Li~bilih~; ('aptions. The covenants and agreementt herein
conia~ne.1 ~hall hind. and the rieht~ hereunder tihall m~ire to. tne re.pective succe.corc and atcigns of t_ender and Borrower.
~ubject t~~ th~ pn.~•i~iom e~( paragraph 17 hereot All ~ovri~antti ancl ~greement~ of Borrower ~hall he joint and cevet:.l
The caph~~m ,~nJ head~ng~ ~f the paraer~ph~ i~f thiti '.N~rtg:ige ~re h~r convenience only and are not ~o be used to
~nlcrprrt o: definc thr provi~ium hcrcof.
14. ~otice. Errep~ f~.r a~y nolire rcy~~irrd under applicahlr law t~~ be gi~•en in another manner. (al any notice to
R~+rr~~ker pr~~v~ded f~~~ m thic ~lartgage ~h~ll Fx givrn hv niailin~ wch :ioUCC hy certified mail addresced to Borrower at
thr Pn~F-erty~ Addre.ti i.r at .urh ~~ther addre.. i~~ H~~rr~~wer mav dc~ign:~tr hy nc~~ice to I ender as pruvided herein. and
(hl am n~hce tu Len~ler tihall h~ gn~n h~• rerhficd mail. ret~irn receipt reque~ted. t~~ 1 ender'c address stated herein or to
wrh ~~ther addrrc~ :~~ I rnder ma~ dr~ignate h~ nnticr R~ R~~rn~..er ac prov~deJ here~n. Am~ notice provided for in lhis
\!„rtg,~gc ~hell Fk deemrd t~~ h,nr bccn Ki~rn t~~ H~~rr~~NCr ur I rndcr~uhen grven in thc manner detignated herein.
IS. I'niform 11or1Ra~e: Go~•erninR L~w; Se~e~aAilih. ~Ih~. f~•rm uf mortgaec c~mhines uniform cavenant~ f~r national
~~~r and n~~n-iirif~~rm cmcnani...ith limiic.i ~anatum. h~ ~ur~ti~hrti„n tr r~,nct~.i~lc a unifo~ uc.~~~t~ i~~;.r.::^~:t! rnvtring
rral pr~~~xrh~ Thi. Mort~,~ge th.~ll he g~~~rrnrd h~• ~he law ~~f Ihe iuri~.l~cti~~n in which Ihe Properly i~ located. ln the
c~~nt Ih:~t :~n) ~n~v~cu~n ~~r ilaii~r i~f 1hi~ \1i~rtgagr ~•r Ih~ \~HC ri~nfli~h ~+ith ~pplic:+hlc law•. such cunflic! tihall not aHect
~~ther pn~~:~i~~m ~.f th~~ 11tc+nc~gc ~~r thr ~i„t~ ..h~ch r:~n hr g~vrn c(Tc~_t ~ith~ut the conflicting pmvition. and to Ihis
cnd thr ~r~~~ i.i~,n~ ~.( thr ~t~~rtgagc and th~ \~~te are ~1«I:u~d ti~ hc ~c.•craMc.
16. Borrowe~'S Cop~. Borr~~~er ;hall F+e furm.heJ :~ c~~nf.~rrned rop}~ of ahe N~te and c•f thic Mortgage at the time
„f r~rr ion ~~r a(tcr rcr~,rdation hcrcc,f.
17 ransfer of Ihe Propert~: :1«umption. (f all r•r an~ p.+rt c.f the Pmperty~ <~r an interest therein is se~ld or trancferred
h~~ orr.~wrr ~rth.~ut I rndrr'~ pn~~r writtrn c~~nccnt. c~~luding ~a- ~hc ~reati~~n of a lirn c~r cncumbrancc suFx~rdinate to
thi. ti1~~rtgage. Ihl the crrati~n ~~f e purcha~e m~~net~ ~crurit~ ~nterrst f~r h~~ucehc~ld applian~ea. (c1 a tran~fer by devise.
de.rem ~~r bv o~ration of la~ up~~n the Jcath ~~f a j~~~nt tcnant ar (~1i thc grant of :,m leauhold int~rest of three years or less
n~•t r~ntaining an ~~ptian t~~ purchace. 1 ender may. at 1 rnder'e uptu~r.. de~lare all the tumc secured by this Morigage to be
~nune.h:+teh• due and pa}~abtr I.rnder ~hall ha.e ~~i~ed ~i~rh opt~on ~r. accelerate it. prior to the tiale or ~rans.`er. Lender
anii Ihc Fxr~un tc~ ~h,,,,, ~~~-~%~,~~~-;.~,~~,~'~~~~d;~9%~`,~~rJ~;~d`,~r~~~~~d~r`~,~~;~,`;1~~.~~t~~'~~`1,~
~~ cati~(art~~n t~- I.C~~kf a
~~~/lypyt~l~fr( If I endcr has w•a~~•ed t e c.ptu~n tu accelerate pro~•ide~i in this paragraph 17, and if Borrower's succusor in
interesl }ia~ eYecuted a wriUCn asSUmphon agreemem ac.epted in wriung b~• I.ender, l.ender chall releace Borrower from all
~~hligat:~~nt unJcr thic M~rtgage ~nd thc N~,tc.
If 1 ender e~erci~e. 1«ch ~~p1u~n i~~ acielerate. 1 enJrr ~hall mai~ B~rrower notice ~f acceleration in arcordance with
paragr.iph la here~~( Such nohce ~hall rrav~dr a pen~~d ~~( m~t Ics+ than ?(1 Jay~ fmm the date the notice is mailed withm
uhich B~~rr~~~er ma~ pa~ the wmti decl.~re~l due I( H~rr~~wer f,ul~ u~ pa} wih snmc prior to Ihe expiration of such F+eriod.
1 c~dcr ma~•. with~+ut furthrr n~~tic~ ~~r Jcmand ~~n H~~rmwcr. imrle an~ reme~3iec pcrm~tted hy paragraph IR hereaf.
No`-1,-!v~r~~k.~ (':~ct "~r~ R~~rn~wer and 1 cnder (urther covenant and agret as follows:
18. Acceler~ti~-n; Remedieti. F:xcept as pro~ided in paraRraph 17 hereof~ upon Borrower's bresch of any co~•enant or
~reement of Borrower in thic ~forlq~~e, includinR the corenants fo pay when dut an)• sums secu~ed by this MortgaRe. I.eeder
prior to acceler~lion +hall mvil nulicr to 8~rro~acr ~c prmided in paraRraph 14 hertof specifying: (1) tht breach; (2) tht acfion
required to eure such breach; (3- ~~1ate, r~t lesc than 30 days (ram the date the notice is mailed to Borrower. by which such
` breach must be cured: and 1a) tha~ failure to cure such breach on or before the dste specified in the notke m~y result in
i acceleralion of Ihe sums secured b~ thic ~torl~aRe. foreclocure by judicial proceeding ~nd sale ot fhe Pmperty. The notke
sAall further inform Borrower of Ihe riRht to reinstale afler acceleration and the right lo assert in fhe foreclosun pmceedi~
~he non-existence of a defaull nr an~ other defense of Bonower to accelerafioo and foreclosure. If Ihe brtoch is not cnred on
or betore the date speci6ed in the notice. I.ender at [.ender's oplion may declare sll of tbe snms secured by thts Mort`a6e to be
immediately due and payable without (urihe~ demand and may foreclose Ihis Mortgage by judfcial proeeedin~. Lender shall
be entitled to collect In such Procetdin~ ~11 e:prnses o( foreclosure. including. but not limiled lo, reasonabk attorney's tees.
and costs of documentary e~idence. ~bstrosts and titk rrports.
19. Borrower's RiRht to Reinstste. 1~olw•ilhslandinR t.enJtr's accelerat~on of the sums secured by this Mortgage.
Borrower shall have the right to have any prcxeedingc hegun by I.ender ~o enforce this Mortgage discontinued at any time
Addeod~~ to Para~raph 15. The state and local laws applkable to this mortgage shall be the laws o( ~he jurisdidion in
~ whith the property is located. The foreqoinq sentence shall not limit the aDplicabilitv nf (edera) law to Ihis mortqage_
3 an`o~3~9 ~~cE25~6 aooK3~s PdcE 826 ~
'y,~..- ~,Y~• Yr~1~ ~
a.A~_.-~_ ' , . ' _ . _' _ :. '. - . . . .... .:,-:',~''~~