HomeMy WebLinkAbout1523Lender's wntten a~reement ot applicable law Borrt+v-er shall pay the amount of all monga~e insuranct prcmiumt in the
maaner p~ovided unde~ pa~a~raph 3 hereof.
Aey ~mounts disbursed by Lender pursu~nt to ~his paragraph 8, wnh ~nlercsl thereon, shall become sdditiona)
indeQ~edne:s of Bor~owe~ securod by ~his Mortgage. lJnlesc Borruwer and I.enJer agrce to other terms of payment, such
amounts shall bt payabk upcm nalice from l ender ~o Borrowrr rcyue~ting payment thereof. snd thall bear interest from the
date of disbunement at the rate payahle f~om timr to time wn oulslanding principal under the Note unlecs payment ot
intercst at such rate would !+e cont~ary ~o applicable law, in which event cuch amounts sha11 hear ioterest at the highest rate
permiuibk unde~ appucable law. Nothing conlained in .~his paragraph 8 shall require I.ende~ to incur any expense or talce
any action hercunder.
9• laspeclbn. Lende~ may make or cause to be made reaconable entriec upon and incpecti~nc of tht Propehy. prov?ded
fl~~~ i ~nei~. ~1.~11 ~~w A.........~~ ....~:..~ ' ... L ' ~ :t. ~ ..41~ ~{.~ ..i... ~1.~..1 ~.. i ~nA~r~e
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interest in the•Propetty.
1Q. Co~dtmwtbe. The proceedc of any aw~ard or claim for damages, direct or concequential, in connection with at~y
condemnation or other taking of the Propeny, or part thereof. or tor conveyance in lieu o( condemnation, are hercby assigned
and shall be paid to Lender.
In the event of a lotal taking of the ProF+erty. ~he proceeds chall he applird m the ~ums xcured by th~s Mortgaae.
w•ith the excus, if any, paid to Borrower. In the event of a partia! taking of the Property, unlcss Sorrower and Lendet
otherwise agree in writing. th~rc shall t~e applied t~ the ~umc cecured b~• thic M~rtgage su~h proportion of the proeteds
as is equal to that proportion which the am~.unt ~( ihe sumc ~ecured hy ~hie \1c.rtgage immediately pri~r to the date ot
taking bears to the fair market value of ~he Propertv ~mmed~ately pn~~r t~ the Jate o( taking. wi~h the halance of the proceeds
paid to Borrower. .
lf tht Property ic ahandoned hy Borrower. or if. after nc~~ice M• 1 ender t~ Borr~.K~er thal the condemnor otfers to make
an awa~d or setNe a claim fnr dam~ee.. B~~rmw~r tail. t~~ re~pt~nd t~ I Cndf~ K•ithin i0 da}•s after the datt such notice is
mailed, l.ender is authorized to rnllert a~d apply ~he proceeds. at l.ender'c option. either to rc~toration or r+epair of lhe
Propeny or to the sums secured b~~ ~hic Mc.rlgage
Unless Lende~ and Borrower otherwice agrer in Nritinc. am cuch appl~cati~n ot prnceedc to principal shall not extend
or postpone the dut dale of Ihe monthl~~ enstallmcnts rcferrrd to in para¢ra~+hc 2~nd 3 hereof or chanqe the amount o[
such installments.
I1. Bormwer Not Reltased. Euencion ~f ihe t~mc fi~r pavment or m~difi~ati~~n i~f ~mortization of the sums secured
by this Mo~t~age granted h~~ 1_ender t~• am• cucce«~~r in imerr~t of B~rro~er chall n~t c•rerate to rclease. in any manner.
the liability of the originat Borrower and R~~rrowe~'ti su~ce.«~rs in interect 1 cn~ler ~hall not hc required to commence
protetdings against st~eh sircecsor rr rtfu~e ti+ Sttend ume f~r pa~meM ~.r Mheruice me~dify amortization of tht sums
secured by thi~ Mongage by reau~n of .,m~ dem~nd made h~ the ~~rieinal Bnrn~wer und R~-rmwer's cuccescors in interest.
12. Forbearance by Lender'~ot a Wae.er. Am f~~rFrarancr h~~ 1 cnder in erercisine :~m• ri~tnt c,r remedy hercunder_ or
otherwise aRorded by applicahle law•. ch:~tl n.~t he :~ w~ai~er of ~~r ~reclude the exercise ~~t am such right or remedy.
The procurement of insurance or the pa~mcnt ~~/ t.~~« <~r ~ahcr I~cnc ~~r rharer• h~ lc~dcr .fiall n~i he a~a~ver oi Lender's
right to accelerate the maturt~ ot thr indrMrdnr.~ •~;~~red h~ thi. \1ortFa~r
13. Remedirs Cumulati~•e. All remr~l~e~ rr,.~,~kd m th~~ ~i~•rt~:~~c .,rc di~tinct .~nil ~um~~la~ivc t~ am• ~ther right or
remedy ~inder th~s :N~rtgage ~u aff~~rdi~1 h~ la~~ ~~r cy~~it}. .~nJ m~~ 1+~ r~~r~n~,t ~rnrurrcnth. ~~de(+endenth• or succetsively.
!~. Soccessors and AcsiRnt Bound: Joint and Se~e~l 1 iafiilit~: ('aption.. Thr c~~cenants and ~grremems herein
con~ained chall hind, and the riehtc hrrcunder .h:,ll ,nnre t~ thc rr,~r:t~~~ .u:~e~,~~r. and a~siYns c.f 1 ender :,nd Borrower.
subject to the provisions of para¢raFh 17 hereoC . All covenants and agreements of Borrow•cr shall be ~~int and several.
Thc ea~tions and heading~ of the par~er:~~+h. ~~( thi~ ~1.,rte.:Lr arr fur ~c•nven~ence ~~nle and ~re n~t tc. he uud to
mterpret or define the prrn ici~n~ hercnf. ~'~ ~~"'- ="
1S. '.\otiet. Etcept for am ~otice rey~~ir~d und~r .~p~ti~.~hlc la~ t.~ hr ¢icen ~n ane~iner manner. fal ant• notiCt t0
Borrower pm~~ided for ~n thi~ !11ort~tage chall hc e~~rn ~~ m.~~li~~e •u.h n~~nr~ h: ,crt~fied m.iil :tddree.td to Borrower it
ihe Property Addrecc or at ~uch othrr ~ddrr.. .~• 8~~r,-~,~cr n,.~. de~~en:~i~ h~ n,~~ice <<~ 1 ~nder :,s provided hercin, ard
(bl am• notice to Lender shall F+~ g~.rn h~ ccrt~fir~i m.,~t rr~~~n, rerr~~t rryu:.te.i ~r 1 en.ler'~ adJre~s stated herein or to
such other address as Lrnder ma~ drtienate h~ n~~t~.r tn Hurn~.ter as ~m~~iieJ hrrern 1nc nc.ti~e pr~~v~ded for in this
Aiongage shall he deemed to ha.c been ~~.~n i~. Bc~rr.~wrr ~~r I rndcr ~.hen g~.en in the manner de~iRnated herein.
16. Go•erning l,aw; Se~eraisilitv. The state and local laws apphcable to this Mort~a~c shall br the faws of the ~urisdicUOn
where the property ic Icxated. The foregomg sentence shall not lim~t the appl~cab~lit~ of frderal I~a tu th~ti Murtg~~te. In the event
that am pro~isi~m or clausc ~f this '.~lortgagt or the i~iote confllcts with ap~+hcablr law, wch cur.fl~ct ,hall not affu:t othcr
pr.~~ i,ions of :!u. ~1on~:~¢e or the 1~ote which can be given effect without thc conflictin~ pru. ~+iun. and to this cnd the pro~~isions
of the Mortga~e .ind thc tiote are declared to be severable.
17. Tnnsfer of tMe Propert~; Aswmptioo. If all or am• ;~er: ot tht Pro(-rrt~ ~~r .~r. ,r ~cr«; :nc;r:r; .. .,~f~1 ~~r ~rnr~.trrrr~l h~
H~uruwer u~~hi~lll LCrI~C~ ~}•(li~r ~~fltltft c~~nsent. trcludinR ial the rrea.lU11 ii~ .1 ~iCll ~~f Cf:iUflihr.,n~c. .~;hrr ih.~r, .,n \e:rrmrne
I~~r Drrd. .uh~~rd~n~tr t~~ ttt+~ ~1«ri.etit. ~hi the crcatfon ot ;l (1L'fif13~C m~,nr~ •eiurl~ :rtrrr-.i ?,~r i;~~...:1;~~iii .s;~~i;.tn~e~ !~1 ~
tren,f~r hti ~1eti :.r. de,~rnt „r h~ urera~i~m ~~i law upun thr de~th ~~i e;~~m; irnsnt ~•r i~+.: ;hr :~r.r~~ ~~~ .~:~~. !~_.~,~h~~i~i i;itrrr,t ~~f [hrrr
tCdf~ ~~P :C~• (l~.~I ~~~l1:.liP.l'lY :ISI .~~)UUfI Icl ~lUfCf1~~C. ~_Cfl(~C! !ild~. 3I ~_C(1ljC( ~ i~(1i1~~11. l~l'~I.t[C ...~ !fl; ~.~.~~ :.u(C1~ h\ t~l~ t~Ut1~.1L1'
~~~ t„ hr immediatrl~ ~1ur .~nd r:it;ihle I.end:r th~l! hace wai.rd ,uch opt~un t~, sc~r!::.,tr :t ~n~~r t„ t~i:' .\~Ir ,~r t;.:r;.te~. l endrr a~id
-thr ~rrti•-~n t.~ ~.h•~r? :hr ~ ru~rrt~ ~~ :~~ hr .~~Id ur tr:~n.terred re~ch ecrrenzrr:? ir Hr~;~nz ;h.~! ih~ .rr.ii: .~t w~n pcr.~~r. ~~
-'%u - sansfact~~r~ to Lender and that the intercst pa~abk on the sums secured b~ this ~lrrtg~ge ~h:ill he at ~u~h rate as Lender shnll
-rryue.~ Such r:itr,hsl~ he~~~me the nr~ 1\ITI:~L ItiTEREST RATf In .~dd~h~~n, ihrrr•h,~i! hc;i nr•-. I\I i I~\t. 1O~~: "TF-R~t.
-a nrN BASI I\OE\ R•1TE.:-nd n~N liti_ ~rr.ent (5 ~ 1 m~~imum ~~;u.tmrnt t„r thr ncN ~~unrr It I ~r,~irr h.,. tia.~~~.rd thc ~~~+tiun
:~~ :lilClCfdlC 1f11\II~Ci~ :R !F~. ~ara¢r~pF I',, Lender thall relr~tie Burrower trum ali ~~hl~e.~t~~n~. ~u~~irr ih~. \1~~rtz.i~r:~nd thr `otr.
B~~rruwrr .h:~ll ~a~ all c~~.t. ~~f recordatiun ar,d taxe~ ;hereon ' ~
(f Lrndrr r~erci~r~ w.h o~U~in tu accelerate. l_endrr ~hall maii Burr~~~rr nucicr ut : ~.rier,~t~~~n ~n .:„~~r~l,~~:~ Hnh P:,ragr,sph
{~ hrre~~f. Such n~iUrr ~h:~ll pn~~idr a persud u! not le~~ thaa thir(~ 1~(-i da•.. trum thr ~.~le• ?hr r~~;;~c i. rieilr~3 NIIf11:1 NI11CFl
BurruMrr me~ ~.i~ thr .um, .ircla~ed due. If B~ur~~urr fa~l~ tu ~a} ~uch ,um. pnrr t~~ ?hr r~~~:.it~~ ~n ~~t w~i r~n,,:1. I.ender ms~.
H~;`;uut fur;her n~~tice or drmand un Bum~wer, im.~Ae am remc~ir~ pern.ittrd h~ p~ragra~h 1'~ nrrc~~!
1R. Bor.oHer's ('op}. Bort~?wrr ,hell hr furnnhed a ~~~ni~~rrr,r~i cup~ ~~t :hr \,~tc .~n~i ,•; ;tz~. \t.~rt..i~r .it thr time ut
e~r~uunn ~~r after re~urdatinn herruf
19. •~cceleration; Remedies. F:tcept as pro~eded in paragrrph 17 hereof, upr,n Borrower', bmach of am emenant ur aRreement of
&~rro.+er in thic ~1ortQaRe, includin~ the co~enants to pa~ Mhen dne an~ wms tiecured 4),thi~ ~lurtkaRe. l.ender prior to acceleration
~hall mail notice to Fiorrower at pro~ided in paraR~aph 1S hereo( specih inR: l I ~ the breach; ~ 2~ iix ~clion reyuired to cure wch breach;
~~! a date, not less than 3(1 da~s from the date the notice is mailed to Borrov-er, b~ which wch brrach mu~t be cured; and ~4~ th't fsilure
Io cure wch breach on or before the date specifitd in the nolice ma} rewlt in acceleration of thr wm+ +ecurrd b~ this ~tortgagc,
foreclowre b~ judicial proceedinR and sale of the Propert~. The notice tihall further inform Iturrov-er of the riRht to assert in the
(oreclowre prnceedinR the non-eti~tence of a default or am other defense of Burrower la accelerotion and foreclowre. I( the breach is
nut cvred on or befort the date cpecified in the notice, Ixnder at Ixnder'~ opliun ma~ declarr yU ~-f the wm> >rcurrd b~ this ~lorlqage
to 1-e immediateh due and ps~able ..ithout further demand and mr~ forec{o~ thi~ 11~~rIKyKr b. judicial prucerdinR. I.rnder shall be
rn1i11rd tu collect in wch proceedinR ~II e~penties of forectowre, includinR, bu~ nut limi~rd tu, rey+un~blr atlurne~'s fee+, and costs of
ducumrnt~n r.idence, aA~tractc and tiUe reportti.
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