HomeMy WebLinkAbout1633I.cnJer's H~ritten ag~erment or applirahle law. Horruwer shall pay the :~m~~iint ot all mortgage incurance premiums in thc
manne~ p~uvidc~l under ~aragraph 2 hetcaf.
Any amounts di~hurscd hy (.r~~lcr pur.uant ~u ~his par.~graph 7, H•~th intcrcct thereun, ch:~ll hcc~mc additi~~n;~l
in~lrb-rdnesc o( Bi~rroNr~ cecured b~~ thi~ \1«rtgage t'nle,. Ri~rn,wrr arnl ! rn.lrr aRrre t~, o~hrr termc ot paymeM. curh
amount< <hall be pa~•ahlc u{x~n n~airc fmm !~ndrr t~~ B~~rru~~rr -ryue.ting pa}•mem thcrr~~L and .hall Fxar iMrrcct fmm the
date of ditbursement at thc rate p~yahle (mm timr lo ~ime ~~n outttandinR princip.~l under thc Notc unle~. payment at
interect at such rate w~oulii ~e a~ntran• t~~ applirable 1::.~•, ~n Hhich cvent ~uch amounts chall hear intcrect at the highe~t rate
{~~missihle un~er applicable iaw. Nothing rnmained in thi~ para~raph 7 chall reyuire I.ender to incur any expen~e or take
any action hcreunder.
8. Inspeetion. !_er.Jer ma}• mal,e ar ~au~e to he made rea~c~nahlr rmrie. upun and in~peetii~nc of the Property, provided
that t ende~ chall give Aurrow~er rn~ti~e pri~~r ~o anc w~h in~per~ii~n .~xritying «at~•nahle ~:u~~c thcre(or rclatcd to 1_ender's
inlrr<<t in thc Pmperty.
9. Condemnatbn. The pnxeed~ c•f :ifl~' JN.1fd .~r rlaint for ~famaee+. ilirec~ i~r c~~r:.rquential, in connection with an}~
...i'u"' ...u .v~~ • : "'i:S~t i.~wii~K ~.~ i~~. i~iG~~it). ~ .- ~.aTi i~iC:~~.~, ~ i i~ ~ ~. n. u.~~ ~R i:i~. : ~ ~..iC~.:••...w:::.i:. ....' ~::::~:~ .°..`.:i,.^.°ri
an~1 ,hall hc ~•aid`t~ I.endcr.
ln ~hc e~•ent of a t~tal taking of the PmFxrt~~. !he pn.reedc .hatl he :~~~r«t t~• the .um~ .ecured h}• thic MortRaRe.
with ~he e~cecs, if an~~, paid ti~ Harn~..rr. In the evrnl ~~f a partial takin~ a( ~he Pn-per~~•, nnte« Rorruwrr and l.ender
rtherwi~c agree in writing. thrrc ch•rll he applirJ ti~ the ~um~ .rcure.l h~~ thi. M~~rt~a~;e ~uch p~opurti~n i~f the proceedt
;~c ic cyual to that pn.p~~rti.~n Hhirh thc ami~unt c~f the tium~ .c.urcd h~ thi~ ~ti~rtgaec immrdiatel~~ pri~r t~~ ~hc date of
taking bears to thc fair marlct valuc of the Pr~~Exr~~ ~mmr.liateh priar to ihr Jatc ~f ~aAing. ~ith the halancc of the praceeJc
paid !~~ Borro~ccr.
If the Propert}• i~ :~handoncd b~~ B~~rrr+HCr. ~~r if. aftrr n~~ticc h~• I ender tc• R~~rmw•cr that thc rnndemnnr ofTers to make
:~n aw•ard ~~r ~rttle :~ rlaim fcv dama~r~. R~,rm~scr (ail. t~. rr~Mmd t~• I cndcr within in d:~~~ a(tcr Ihc datc wch n~ti~c ic
me~led. 1_rnder i~ authorilyd to ee~llect and appl~~ th~ pr~-rerdc. a~ I.ender'c c.ption. ritfier M rectoration ~r repa~r of the
Pro~xrlc or t~~ Ihc titim, ,c~,ircd h~ thi~ Mc~rlti~gc
Unlec~ I rnJer and Borr~~HCr other~~.r aerc~ in :.ritinr. an~ wrh applir,~~inn ~f pr<~ctedc t~• prin~ipal tihall ~~t e~tend
~~r pu.tp~~r~r the duc ~1a;c ~•f the monthh ins1a11mrn1~ rcicrrcd to in p:uaeraph~ 1 and 2 here~,f ~r ch~nKe Ihe amnunt of
cuch inst~llmcnts.
19. Eorrower Yol Rek~ced. F~tenci~n ~~f the ~imc f~~r p~yment or mixlificati~zn c-f amortiiatic-n ~f the .iim~ cecured
h~• thi~ Morteaee granteJ M• Len~kr t~~ am~ ~urceti~.~r ~n intere.t c.f B~rmwer ~hall nc-t o~xrate !c~ relea~c. in any manner.
the liahilit~ o( Ihe orieinal Borrower and B~~rrow•er'. suices~~~r. in interect 1 ender thal) not he rcyuired ta cnmmence
pn.ree.tingc ~~~inct cueh tuececsor ~.r refu.e t~~ ertenJ timc f~~r pa~~ment ~~r othen+i~e m~.clih~ am~~rtirati~~n i~f !he sumc
uiured b~ thi~ Mortgage M• rca~~~n i~f .~nc demand mad~ h~ thr i~rieinal Borr~~H~er and R~~rmweri ~ecce~~~~r~ i~ intere~t.
11. Forbearance by I.ender ~M a VIYai~er. :1m f~~rF.rarancr h~ I rndcr in c~crrisu~~ :~m• riFht ~~r remcdv hrreundcr. ~r
~~therWise afTurUed h~• applirahle law~, ~hall not tx a w•:+i~•er ~~f ~~r preclude the e~erci~e i~f anc ,uch rieht ~r remed~•_
Thr ~rcxurcment c~f inauranre r~r thc paymcnt o( tarr. ~~r ~+ther lienti ~~r charc« h~• i.cnder ~hall not he a waieer ~~f I.ender's
right t~~ ~c~rlrrate ~he maturih• c.f the indeht~dne.t .r~urrd h~ thi~ ~1ort~a~c
12. Remedies Cumulative. :1lI reme~iie~ pr~~~ idrd in Ihi~ \fi,rt~age are distinct and cumulati~•e t~ an•,• ~Hhe: right ~r
remeJ~• under thi~ M„rtK.-gc ur atT~~rd~d hc la~~ ~,: ~~ui~~. .~nd m~~ h~ ~~erri~rJ re~nci~:rrntl~. independentl~• or succesci~~rlt•
13. Succescors nnd Acsi~ns Bound; Joiol and Se~eral I.iahilih; ('aptionc. Th~ c~n~enants and agrermcnt~ herein
rontaine~i ~hall hind. an~ thr ri~ht~ herrunder ~h.~ll ln~ire t~~. thr rr~~rcti~e tiurcr~~~~rti an~1 .~ccign~ c.f 1 cn~ler and B~~rr~uer.
~ubject to thr pmvi.ion. c.f paragraph 17 hrre.~f. :111 r~~~~rn:mt~ anJ a~re~mrnl~ c~f Bc~rmwer ~hall F-e i~~int and ce~~eral.
The captiunc :inJ headin~:~ ~~f the para~raph. ~~f thi~ ~1~•rtga~r are f~~r r~~m•~•n~encr ~~nh• an~i are nrt 1~~ he u~ed to
interprrt or define the pm.•~cii.n~ hcre~~f.
14. \olice. Except f~~r an}~ notire rey~~irrd un~ier :~p{~li:;~hlr ia.~ t~~ tx gi~•en in an~~ther manner. (al ant~ n~tice tc.
B~~rmwer pro~•ided fnr ~n thi~ \1~~rtga~e tihall he g~.~n M m:uline ~uih rn~h~~ h) ~~rtified mail addrr~~cd t~~ Bc~rn,Hrr at
the Property Addre~ti or 3t wch ~~ther addre~~ :i~ B~~rr.~~er m.~~ de.ign:~te ht~ nutice t~~ 1 enJer as pri~~•i~ed herein. and
(hl am notice to 1_enJer shall tx gi~•rn h~ rert~fird mail. retum recri~t rrque.l~d. t~~ 1 en~ler'~ addre~c stated herein c~r to
cu~h ~~ther addrec~ as I.ender ma~ drtiignate hc nc~ti:e t~~ Rrrr.~wrr as pr.~~~Je~f herein. Am• n~•tice pruvided f~~r in thic
tit~~rtgage shall F-c Jeemed t~~ ha~c bren ei~en t~ Bc.r~~~wcr ur 1 rndrr ++hen c~~en in thr manner de~ignrted hcrcin.
15. l'niform ~toARaRe; Go~~erninR I.aN; Se.erabilit~. This form of mortgage combines uniform covenants (or national use
and non-nniform co~•enants with limited variations by jurisdiction to constitute a uniform security inswment cor•ering real property. The
state and local laws applicable to this liortgage shall be the laws of the jurisdic[ion in which the Property is located. The foregoing
sentence shall not limit the applicability of federa: law to this mortgage. In the event that any pro~•ision or clause of this Mortgage or the
Note conilicts w7th applicable law, such conflict shall n~t affect ather provisions of this Mortgage or the Note which can be gi~~en effect
without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be sererable.
16. Borrowers Cop~. Borruwcr ~h:~ll t+c furni.hrJ .~ :~~nf.~rmcd cc~p~ ~~f thr '~~~tr anJ ~~f thi~ ~t~rteagc at ~hc timc
i~f execution ~r after rer~~rdation herec~f.
17. Tr~nsfer of the Pmperfy: A~tiumption. If all ~~r an~ E.,~rt ~~f thc Pn~prrtc ~~r an intcrc~t thcrcin i~ .;~Id c~r tran~fcrred
hy BorroKrr HiSha:rt I.cndcr's pri~~r Krinrn r~smcnt. r~clu~li~i~ i.~i thr ir~.~ti~m ~~f :~ licn nr cnri~mhra~rc ~uticx.iin:~tc t~~
thiti Vtortgage. Ibl the creati~n ~~( a ptir~h:~~e munr~ .rciir~t~ intr:e~t .'nr hnu.ehuld appliancr~. ~~1 :~ tramfrr h~~ de~~ise.
de~cent ~~r b}• ~~peration of la~ up~~n the drath ~~f .: ~~~int trnant ~~r i~i~ the rram i~f :~m Ir:~uh~ld interetit ~~f threr }~ar~ e~r le~c
noI rnntaininc an optiun ti~ purrhase. 1 en~irr ma~. .~t ! rnder'. ~~ph~+r~. declarr all thr ~umc ~ecured h~ th~s 11~rtgaee te~ t+e
immediateh• due and pay'able. I rnder shall ha~e u,~~vrJ ,uch ~~pt~~~n t~~ acrcler.~te if. ~+ric~r t~~ thr ~ate ~~r transfer. l ender
and the ~ers~n to whe~m the Prc.pert~• i~ t~~ he «dJ .~r tram(~rr.~d rea:h acreemrnt in urihng that the cre~fit ~~f ~uch T+erti~~n
it satisfacton• tn I.en.ier and that the interr.t ~a~ahte ~~n the ~um. .ecured h}~ thi, ~1..rt~aRe ~hall he at s~~ch rate .~c Lender
~hall reyuetit. (f I ender has w•aived thr ~ptirn t~~ accrlcrate pm~•ided ne thi~ p~raeraph 17, and if Bormwer'~ ~uccess~•r in
interest ha~ executeJ a written ascumption agreement acce~trd in writ:ng h~~ Len~ler. Lender ~hail releace Born.wer from all
~~bligations un~lcr thic Mc.rtg~ge and the Ni~te. ,
(f 1_ender eretcicet cuch ~~ptic.n t~. acreleratr. f rn~irr .haU mail R~~rn~~er n~~tice ~~f ~creleraUon in ~ce~rdanre w~ith
paragraph I-i hereof. Such n~~tice ~hall pruvide ;~ ~rn~~J ~~f m~t Ies~ th:~n ?fl ~la~~ fmm the datr the n~~ti:t ic m:ciled within
~~hich Bc.rn~wer ma~~ pa~~ the ~um~ decl.lre~i dur If Bc~rr~~~~rr f.+il~ to pa~ ~iieh •,um~ pri~~r t~~ the rr~iratic~n ~~f ~u~h pen~Kl.
Lender ma~. ~~th~~ut further not~ce ~~r ~iemane~un lirrr~+w~r. :n~~~1.e am rrmedies E+rrmrtte:l hc ~aragraph 1~ heieof.
tiox-(;~v~FOre~t C~~~~F~n~:s Borrower and I ender furthcr rnvenant and agrce a~ follows~
I8. Acceleration; Remedies. Fxcept ~s pro~:ded in paraXraph 17 hereof, upon Borrowt~s breach of an}• covenant or
aR~eement of Borrov-er in this 11ort~aRe, includinR the co~enants to pay when due ~ny sums secured by this ~iort~a~e, I.ender
prior to acceleratiors ahdl mail nolice to Borrower ac pro~ided in para~raph 14 hereoi specifyinR: (1) the bceach; 12) the action
required fo cure such breach; 13) ~ date, not lecs th~n 30 days from the date Ihe notice is mailed to Borrower. by which such
breach must be cured; and (4) th~t f~ilure lo cure soch breach on or before the date speci6ed in the notke mav result in
acceler~tion of the sums secured by this ~tortRa~;e, foreclocure b~ judicial proceedin~ and sale of the Property. 'ilie notice
shall further inform Borrower of the ri~ht to reinctate afler acceleration and the riRht to acsert in the fo~eclosure proceedittQ
the non-exi~tence of ~ def~ult or ~m~ olher defence of BorroMer to ~cceleration ~nd foreclosure. If the breach is not curcd on
or before the date specified in the notice, I.ender at t.ender's optiun ma~ decl~re ~Il of the sums secured b~~ this Nort~s~e to be
immediatel~- due ~nd pavable withuut further demand and ma~ foreclose this ~tortQa~e by judicial proceedinR. Lender shall
be eniilled to collect in such proceedinR ~II expenses of foreclosore, includinR, but not limited to. reasonablt attorney's fees.
and costs of documentan• e~ldence. abslracts and title reports.
19. Borrowers RiRhl b Reinst~te. ~~~t~ith~tand~rie L~n~lcr', .~~ce~eratuat ~~( ihe ~um~ ~ecureJ bc th~ti 1~1i~rlgag~.
Bormw•er ~hafl ha~~e the ngnt t~~ ha~e am prckec~linL~ h«un h~ I rnJrr t~~ rnfur;e ,hi~ ~1~~rtga¢e di~contmued at anc t~me
{ L.'~~ 3 ~~. ~~~f 1629
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