HomeMy WebLinkAbout1099I rndr~'. ~~rittcn ag~~rntcnt u~ apphrablc L~H. tiurr~n~rr ~hall pay ihr umiwnt-o~f :~II murtga~c imur:~nce p~rmiums in thc
niann~r pr~~vidril und~r par.igr,~ph 2 hrreot.
Am' .~muuntc di~h~u<«I bp I rnJrr pur.uant tu ~his ~:~r.~gr.~~h 7. ~ai~h iotrr~N thcreun. ~hall hcc~~mc adJitional
in~l~htcJnr.~ uf Borruw~r srcurrd M• Ihi~ 1lania~;c. l'nlc~~ f3~~rru~~rr an~l I rnJcr akrrr to othcr tcrnn uf paymr~t. tiuch
am~~nnh ~h:~ll hc pa~•ahtc u~m nutir~ fmm 1 rndcr a~ Burn~~~rr rryur.~ing p;~}•mrnt thrrc~~f, and .hall Fkar intcrc~t from thc
.iat~ of ~li.hursemenl at the rate p:~~•ahle tr.~m timr t~. tinie ~•n ~~utcl:~ntlln~ ~rinci~+al ++nder the tiote unle« payment of
intcrect at such rate woul~l be rontr~n• t~~ arpli~ahle la~~. in ~~hi~h event ~urh am~unlc ~hall tx~ar inte~eet at the highect rate
pcrmissiblr under :-~~i~~:~hi~ iaw. T~~,thing c;~,nt:~ined in Ihi~ rara~;raph 7 ehall rcquire Lcnder to incur any expence or take
any ;~rtic~n hrrcundcr.
8. Inspcclion. I.~ndrr mav make ~~r:.iu,c t~i F.r ma~lc rra~anahlc ~nlric, u~un :~nd im~xctii•n~ „f thc Pr~~~xny. pro~•idccl
t!~at Lender ,hall ~;i~•e Burro~ser nali:r rri~~r t~, :~m .urh in~~r~i~,n ~~xcify~ng rr:~.unable c:uitic therrf~~r related to 1-ender's
intrr<<I in thr Pmpcrt)•.
9. Condemnafion. Thc pr~~rrcd~ ~,f am• ;~H:ird ~a cl:nm fi~r il:~maccs, ~lircrt ~~r c~~n~cyu~ntial, in conncction with ~m
~undemnati~~n i~r other takin~ ~,f Ih~ i'ru~xrh'. nr ~art Ihc~c~,f. ~,r G,r a~nvr~~:~nce in liru ~~f rnndcmnati~~n, c~rc hcmht~ a~~igned
an.i .iiaii h~ paid t~~ Lcnd~r. ~
ln ~hc ~vcnt i~f a t~~tal t:~kink of ~hc Pn•Exr~~. thc pru.ccJe ~hall Fx a~,~,ii«I t~, thc ~um~ ce~urcd hy thi~ Mnrlgagc.
~~ith the e~recs. if am'• paid ~~. Rorn~Hrr Li ~hc cvcm i~f a p:~rtial t:~kine ~~f ~he Pmpert~•. unlecc Rormwer and 1_cnder
„ihcnvi~r aerec in w•ritinc. thcre shall tx a~plic~i ti• thr .um~ .rcurr~l h~~ thi. M„n~a~c wch pm~,rtion c•f thc procceds
as iti ~yual t~ that prc~p~.ni~~n ~+hich thr am~.unt i~1 thr cum. .r,urrd h~• thi. \1~~rtga~c immcdiatcl~• prior tc~ thc datc of
taking Fxare to thr fair markrt ~•aluc c~f thc Pro~xrt~ immrdi:~trl~~ pri~~r ti~ thr ~latc ~~f taking. with th~ halancc of thc prcx-ecdc
p~id a~ BormK•cr.
If the Froperh• i~ ;ihandnne~) h~ R~~rn.~rcr. ~.r if. aficr n~~tice M• Lrn~er te~ Rc~rn~~ver that the condemnor ofiers to make
:~n aw:~nl ~~r ~ettle a rlaim f~~r damat~~. Bi~rmw~rr L~ih t~~ rr.~~nd t~~ 1 rnd~r ~cilhin l(1 d;~cc alter the dale cuch notice i~
mailed. Lrndcr i~ auth~~riTCd t~~ rnllrct and a~~h• ~he rr~k~rd~. ;~t 1 ender'. ~~~tion. either to rectoration c.r rcpair af the
Pr~~~xrr; .~r ti~ Ihc uimti ~~~ure~l ~~~ thi~ \1~~rt~at~c.
l.'n?cs~ 1 cncicr anJ Ri~rru.+cr c~thcr~~ i.r aercc in ~~ rtin,~. am w~h a~~li::~ti~.n ~•f pr~keed~ h~ principal chall nM c~tcnd
ur Ex~~tpi~nc thc du< <I:~ic ~~f thc monthh in~tallmrnt, r~fcrrrd t~- in r:~ragrarh. I and ? hcrc~f iu changc ~hc amc~unt of
~uch ~n~tallmentc
10. Borro~rer Noi Relea~ed. F~tenci~n i.f the timr f~~r pa~•mcm c.r mc~ificati~~n i~( ;im~rtization ~~f the cum~ secured
h~•~th~~ Mortiagc ~rantril b~• Lcndcr t~~ am• w~crtiu~r in intcrr.t ~~f R~rro«cr ,halt no~ o~xratc to relcase. in any manncr.
th~ liahilit} ~~1 th~ orieinal Burro~~cr :~nd B~~rmH~r'. ,ii~c~„~,r~ in intercct. Lindcr tihall not hc rcyuirrd ti~ commencc
~nxcc.iinc;c a~;ainu wc~ wc~c~~or ~~r refu,c t~~ c~tcn.i tim~ fc.r p~vmcnt ~~r ~~thcnci~r m.:di(c amurtirati~~n ~~t thc sums
~rrured h~ thic \1~~rtgagc hv rcau}n ~.f :~m• drm;in~l madr h~ thc ~~rieinal Borr~~~+~cr and B~,rrow~cr't succ«tt•n in intcre~t.
I1. Forbearance b~• I.ender ?~ot •r R'aiver. ~~n~ f~~rt.~aranrr h~ 1 rndcr in r~ercitine am• right c~r remrdy hercunder, ar
~~thrrw•itie :~tTurded h~ applicahle I:iw•, tih:~ll n~a he :~ ~s•:~i~~er ~.f ~~r preclude the e~ercice c.f am• tiuch rieht c-r remed}•.
Thr procurement ~f in~urancr or the pc~~•mcnt i•f ta~r. e~r ~.ther licnc ~~r char~ec h~• Lender ~hall not he a u:,iver ~f l.ender's
rieht t~~ ac~rlcr.~te the maturih• of thr indchtedne.t ~~:_iired h~ thi. ~tortgaKC.
12. Remedies Cumulative. .All rcmcdice ~nniilyd in thi, \1c.rtga~e arc ~ii,tinrt :~nd c;~mulati~~c to ;~m• ~.thcr right ~r
rcme~i~• under this Morttagr or aff~,~drd hr laK ~,r ryuit~. .~nd m:~~ Fk r~erri.~~{ ~~~ncurrrml~~. inJr~xndenU}• or sucretsi~~el~•.
13. Suececsors and AtsiRnc Bound; Joint und Se~eral I.i•rbilih; ('aptions Thr cc~~~enant; and agr~emenle herein
c~~ntaincd ~h~ll hind. and thr ,-ieht~ hcr~undcr ~hall inurc t~~. thr rc~;.zcti~c wccr"~~r~ and atsignc of Lcndcr and Bormk-cr.
~ubject t~~ thr pm~~i,iom c,f p.~raer:~ph I? herr~,f. All r~»~rn:~nt, anJ a~rrrment. „f Rorr~,w•er ~hail he t~,iM and ~eceral.
The raptian: and heading. of the para~_ra~+h. ;~f thiti ~1c~nt.~~~ are fi~r r~~nvcni~ncr onlt• anJ ~re nut t~~ be u~ed to
interpret or dehne the pro~~~ion. hereof.
14. \otire. Ercent for any notire reyiiired imder applic:~hlr la~ti tr be gi~•en in anc~ther manner. (al am• notice to
B~,rr~,wer pr~•vided iui in thi~ 41~~rt~a~e ~hail he gi~rn h} m.~ilinc ,u:t- n~+ti.~ h~ rrrtihe~ ntail addre~ced to Bc.r~ower at
the PruExrt~• Addre~. ~~r a! wch o[hrr addre.. a. 8urr~~t~er m:i~~ de~ienatc h~~ nutir~ t~~ Lender a~ pru~~ided herein. and
Ih~ am noticr to Lrn~ier ,h:~ll hr gi~en hc c~rtifictl m:-il. return r~cri{~t reyi~r~ted. tc~ 1 ender'. ad~hecc stated herein ~~r to
wch u~hcr addrecs ;~c I.rndcr ma~ dr~ienatc M n~~tice t~~ B~~rr~~~~cr ac pr~~~idc~l hcrrin. Am• n.~tirr pr.~vidcJ for in this
~ic~rtkage shall Fx deemed to ha~c t+~en gi~en to B~rr~~~+rr ~~r I~nder ~hen gi~rn in the manner designated herein.
15. C'niform ~iorlK:~e: Governin~ I.a~+; Se~crabilih. Ihi~ f~~rm of mortcaec cc~mbines uniform covcnant~ f~~r national
uce and n~~n-unif~~rm r~~~enanh ~~ith limit~.i ieriati~~n. h~ jnn~~liiti,~n te~ con~titute a unife~rm ~e~uritv instrumrnt cm•ering
reai prc•~rtc. Thi~ Mortkaee tihal) tx ~u~erned ht thr la:~ ~,f Ih~ iuri.ilicti~~n ii~ which the Pr~pert)~ i~ lo.:ated. In the
e~•ent that an}~ pmvisiun ~~r clauu .~f thi. ~t~~rtga~_r rr the \~~t~ runflir!, ~tiith :~~~!ic:~hle law. su~h ranflict tihall not affect
~~thcr pnnitii~inti uf thi~ ~lorteagc ~~r Ihc \„tr ~~hich ,.in hc ~i~rn rtTrcl ~~ith~~ut thc confli~ting pm~•i~iun. and t~ lhic
cnd ihe pr~~~ ici~~ns uf thr tli~rtga~e and thr \~+i~ ar~ .I~~ ~:ar~d t~~ he ~t`ver~hle.
16. Borro~rer's Copy. Borr~,wcr ~h:~ll h~ furn~~hrcl :~ <<+n(~•rrned co~~~ ~,f thr '1~~tc ~nd <,f !hi. ~t~~rteagc at the time
uf e~ecirtion or after r~.ordalion herc~~f.
17. Transfer of the Propert}: A~sumplion. If .~I! r~ :~n~ ~,.,n ~.f thc Pr~~pert~• ~.r an intcrest thcrein ic c~~ld ~r trantferred
h~• Borruw~r .~iih~~ut I.rnder'ti pne~r writtrn c.~n,rnt. e~;1,~ding ~;~~ thr creati~~n c.f :+ lirn <~r enrumhran~e tiuhor.iinate t~~
thiti viortgage. Ih- the creation i~f a purrh:i~r ~m~nc~ ~ecuri~~ ~n~rreu f~~r he~u~eh~~ld ap~+liancec, Ir- a tramfer h~• devise.
Je.cer.t ur h~• operation of la~- up.~n the ~ieath ~~f a;u~r~t trn.~m ~~r (~li the grant ~~f .im I~acehald interes[ rf thrce ~•e~rs or lec~
n~~~ cont:~ini~ig an optiun t~~ ~urchasc. Lcndrr ma~, at I rn~icr'. ~~phim. declarc all ~hc wmti sc~urcd hc this ~tortgagc tc~ bc
immr.ii;dcl~~ duc and payahlr. Lrnder thal! h:~~e ti;ii~ed .u~•h ~~pti~m t~. acrclerate if. p~i~r to the ,ale ~~r transfer. I.ender
and the ~xra~n to u•hc+m Ihe Pro~rt~• i~ t„ hr ti~~1~1 ~~r tram(errrJ rcach :~grerment in Hriting that ihe cre~iil c.f tiuch ~:-son
i~ tati~factor~ te• I.enJer and th:~t the imere.t ~a~;~ble ~~n the .~im, .e~urr~ h~~ this ~1ortKage chall be at such rate as l.ender
~h~ll reque.t. If Lender has w•aive.l tFw ~~ti.•n ti~ a~~cl~r.~tc pnn~ided in thiti paracraph 17, and if B~~rruv~er's wcccssor i^
mterest ha. cxecuted a w~ritlen as~umpti~r. agrremem accrrted in writing h~• I.en~ler. LenJer ~hall release Borrow~er from all
ublig~tiom un~cr this 1~1~rteagc and thc N~tc.
If Lender e~ercises ,uch uptic.n t~~ acceler;~te. 1 enJrr .hall mail Rc.rm~~er nc~t~ce i~f ac~elerati~m in accorilanee w~ith
paragraph IJ herec,f. Such noticr ~hall pruvid~ :, ~n~at ~,f n~~t Iesti than 3n da~, fre~m the date the ~~oticr is mailed w•ithin
which Bc~rruHCr mat• ~,~~ Ihc ~um~ dcrl.~re~l du~ If B~~rru~+rr f.~il~ to p~v tiu.•h .um~ pric~r t~+ thc cYrirati~~n c~f such pcnixl.
Ixn~lcr ma}~, w~th~~ut furthrr rzoticr ~,r ilrmand ~~n K~•rr~~~~cr, im~c~l.c an~ rrmedics Exrmrttc:l h~~ ~aragra~h 17~ h~reof_
`~~-l:vifoe~~ C'm~FV~`TS. B~rmwer ;,nd I.cnder further c~~~enr~nt and agrcc as follows:
18. Acceleration: Remedies. Fxcept as pro~~ided ire para~;raph 17 hereof. upon Bonower's breach of any co~•enan! or
a~reement of SorroKer in this 1fort~a~e, includin~ the co~enants to pa~~ Khen due any~ sums secured b~ this :~iort~nf;e. I.ender
prior to acceleratien shall maii notice to Borrower ac pro~ided in para~raph 14 hereof specifying: (1) fhe breach; (2) the action
~equired to cure such breach; (3) a date, not le~s Ihan 30 da~•s from the date the nofice ic mailed to Borrower. by N•hich such
breach musi be cured: and (4) that failure to cure such breach on or before the date specified in the notice may resulf in
acceleratioo of the sums secured by this ~tort~aRe, foreclosure by judici~l proceedinR ~nd sale of tbe Property. 'Il~e notice
shall furiher inform Borrower of ihe ri~;ht to reins~ate affer acceleration and the riRht to usert :n the foreclosure procredinR
the non-existence of a default or an}• other defence of Borrower to accelerafion and foreclosure. {f the breach is not cured on
or before the d~te specified in tfie notice. I.ender at I.ender's option ma~• declare ~11 of the sums securtd by this MortRage to be
immediately due and pa~able without furlher demand and ma~• forecloce this ~1ort(;a~e b~• judicial proceedin~. Lender shall
be entitled to collect in such proceedin~ all expenses of foreclosure, includinR, but not limited to. reasonable attorney's fees.
and costs of documentary er~idence. abstractc and title reports. .
19. Borrower's Right tn Reiactate. ti~~twith~zanding I Cr~11Cr'~ .~cccleraU~~n e~f the wms ~tcured by this Mortgage. ~
Bormw•er ~hall h,,~~e the nght t~• ha~e .~m prckrcd~ne. he~~un h~ I,rnder t~~ enfc~rre thiti ~lortgage diccontin~ed at am• time
~~:;x35z f~~~~1~s