HomeMy WebLinkAbout2436I ~nJrr's NnUtn agre~mrnt ur appl~r;~ble luw. Hor~ower shal) pay Ihr am~~unt uf all muhgage in~urance premiums in tht
mannrr pruv~dr.l unJer ~Jfdt;f:l~1~1 2 hercof.
An~• amuunh ~li~hurscii by I rn~ler pur.uant ~u ~his par.,gr:,ph 7. ~~th u~~crrc~ thrreon, sl~all t+ecume additional
imirh~rdnr~~ uf Iiurn~H~r ~~~urrd h~ ih~~ ~1~~r'gagr l'nl~t~ Ri~rri~w~r an~1 1~n~l~r .~gr~'t' to.o~he~ terma of payment. suCh
amuunl. ~h~l! hc pa~aMr u~~~n m~~irc ~~. ,~; ! rndcr t~~ Horruwrr rryuc.tinR pa~~mrm thrrra(, and chall hcar iMerect from the
~late of di,burkmcnt a~ the ratc ~a~•aMc tr~-m timc to time ;~n ~u~itandinR pnnci~al ~mder thc Note unletc payment of
interest at surh rate would he runtrar~• i~~ ~ppliraMe law. in whirh event tuch am~~unlc ~hall hear interect at the highest rate
permissible under apphcable law•. N~~thing rim~aine~l ~n thic parag-aph 7.hall requ~re I ender to incur any e+~p~:nce or take
any actio~ hereunder.
S. Iaspection. 1 en~ler ma~~ m:~l,r ~~r .:iu,r ta hc m:~dr rc:,.~~nablc cntrir~ u~~n :~nd in~peN~pnc of the Property, provi~led
that I ende~ ~hall give Aurr~~wer r,~~~~•_r priur ~u am ~i~ch imExchun tipeci(ying rcau~nable cause therefor relattd to l.ender's
inlcrest in thc P~opcrly.
9. Condemnafion. The pr~xrrd~ uf any award or cla~m fo~ damaqrs, direct or consrquential, in connoction with any
condemnation or other laking of the Property, or pan thercaf. or fo~ co~veyance in lieu of condemnation, are hereby assigned
and shall be paid ta I_ender. ' ~
in the event of a total taking af the P~operry, the prcxeeds ~hall tx applied t~~ the cums secured by tfii~ Morigage,
with the etcess, if any. paid to Bo~rower In thc evcnt ot a partial takinR o( ~he Properry. !mle~t Borr~wer and L.ender
otherwice agree in writing. therc shall he applied ~o the eum~ securcd b~• thi~ MortRage wch pmportion of the proceeds
as ic equal tc- Ihat proFx~rtion which thc ~muunt ot me sum< <crnred by ~hic Mc.rtga~e immrdiately prior to the datt of
takinR t-ear~ M the tair market ~~aluc uf thr Pr~~~x~ri~ ~mmr~i~ateR pric,r to the datc ~~f ~a~,ing with the hafanre of the proceeds
paid M Horrowc~. ~
If the Propert~• i~ ahapcl~ineJ h~ Burn.Hrr. ~~r if .~f~rr n~~ticc h~• i cr~der t~ R~.rmw•er Ihat the condcmnor oBen to make
an award c.r setlle a claim (or damazr.. fl~~rn~w~rr (:~~I. t~• ;c~~,nd t~, ! ender w•ithin 30 da~~c a(ter Ihe date such notice is
ma~led. I.enJer i. a~ithoriTrd t~ c~~llect anJ :,p~l~ rhr prc~ceedti. a~ I.ender'< <~pti~n. either ~~ reatoration or repair of the
Propcrty ar ~c. thc ~um, .ccure~i h~ ihi~ M~~rt~:;~cr
Unles~ I ender and R~~r~awcr Mherw~~r agrec ir. ~.rit~ne. an~~ w~h ap~hr.~h.~n ~f prc.ceedc to principal sha11 not extend
or pc•~t~x~ne the due date ~~f the m~~nthh imtallmentc referrrd t~~ ir~ paracra~h. I:,nd ? herrof or change the amoiint of
wch installmenK
10. Bortaw~er Not Releaud. t?xtcn~ion of thc ~ime fo~ ~a~~mem or mc~clifirati~n of amorti7ation of the tums ucured
by Ih~~ M~nFage granted by 1 ender Io am~ aucce~u~r m isitrre,t ~~f R~~rr~~wer ~h~li n~t o~ra~e to release. +n any manner.
the liabil~iy ~~f Ihe oriein~l Borrower and Borrower'~ su.crt~~•rti in intere~~ 1 ender thall nut }+c rcquired to rnmmence
pn.ceedings again~t ~uch wccecsor or ref.ice to erter~J t~mr fc~r pa}•ment or ~~therui~r m~ify am<~rti7at~on ot thr ~ums
~erured by ~hic MoriKage hy reacon of any demand made h~ Ihe rricinal B~rn+wer and R~~rre~w•er's succeti«rt in interett.
' 11. Fo~bearance bp I.ender Not a Wai~~er. Am~ f~•nc~arar..c h~• 1 cnder in ercrciainQ snt• right ~r remedy here;+nder, or
~therwise afTarded h}• applicahle taw. shall n~t he a w~~iver ~( ~~r precli:de the ceerci~e af am• wch rigM or remedy.
The procurement ~f insurance or the payment of tatec or e~ther li:nc ~~r charge~ h~• 1 ender .halt ~ot he a x:,iver of l.ender s
righr to acceterate the maturiry of the indehtedness ce~-e+red h~ thi~ ~1on~aKe
12. Remedies ('umulative. All remcdics prm•ided m thic M~•rtgaRc are ~!ittinct anu ium~~lativc to any~ ather right or
remeJy under Ih~c M~rtcage u~ affordrd hy law or eyuily. :ind mar he eierciud c~~nrurrrmly. inde~ndenth~ os succecsively
~ 13. Successors and Assi~ns Bound: Joint ~nd Se~eral I.iabilih: Capteonc. The covenants aud agrcements herein
comained shall hind, and the riRhtc hercunder shafl inure te,. the r_-~pective succetiti~~r~ and at~ignc ~f t ender ~d Borrower.
cubject to the provisionc e~f paragraph 17 hereof. All ec-ven:mts and aqreementc ~f Borrov~~er shall tx j~~irtj arid ceveral.
The captions and headingc of the para¢raphe ~f this Mnrtgage are f~r rn~venienre only anJ are m~t t~ be uced t~
~nterpret or define the pravi~ion~ hereof. ~
14. Notice. Except for any n~tire reyuired under :ip~licanl~ law t~~ be g~ven ~n another manner, (al any notice to
Borrower provided fo~ in this M~~tgaee cha11 be given h~• ma~li~F te;~h n~RCe h} certified mail addre~ced to Bormwer at
the Property Addresa or at such othe~ :,ddre~. as R~~rrc~~+tr ma~ ~1et~qnate h~• nrr~ce tn 1 ender as provided herein. and
(h1 am notice to Lender shall he givcn M certificd meil. retum rere~~t :eyueered. to t ender's addrect stated herem or to
~uch uther addrec~ as I.ereder mav deci¢nate b} n~~~ice t~~ B~~rr~~.:rr as ~n~~~ded herein Any notice pr~vided for in this
~i~~rtgage shall tx deemed t~ ha.~ hern c~~~n to R~~rr~~:.rr ~.r 1 ender uhen g~.en vn the manner de~ignated herein.
15. Unitorm Mort~~~;e: Governin~ I.a:~; E,e.erabilit~. Th~~ (~~rm of mortgaRe r~mbi~ec nniform covenar.ts for national
utt and nc~n-uriCi.rm co~e~antti ~+ith IimitrJ ~ariat~<<n~ h~ ~~~n.ti;;h~m to c~ntt~tute a uniform secunty inslrument rnvering
real properl}•. Thi~ Mortgage sh~li hc Fo~crncd M• thc I;,v~ r+( the ~un~d~ction in which the Property ic lorated. In the
event that any provisiun or ciau~e o( thn ~1~~rtgaer ~~r thr ti~~t~ ~i~nflictc u i~h applicablt law. such conflict shall nM affeet
othtr pn.v~sion~ of thic Morteage ~r thr N~~tr wh~.h c:+n he g~vcn efiect ~i!hrnit the c~~nflictin¢ pmvi~ian, at?d to this
end the prmi~iu:z< <~f thc ;~1~rtgage and the ti~~te are ~ircl.,red t~~ ne .cverahte
16. Borrower's Copy. Borri~wer tih~ll h~ fiun~~heil ;, c~•n(~rmed c~~p~ of the Note and of thit Mor!gage at the timt
of e~eiutii,n nr after rec~~rdatir,R here~~(.
~ 17. Transter of the Propert~: Actiumplion. If ali ~~r a~} {~art of the Pr~~pert~• or an ~ntcrest th~rcin it s~~ld or trancferred
by Borrower N~thuut Lender's pr~c.r wnrr,n ~i~menl etirl;~ding (a- the cre.~~~on o( a lien ~r encumbrance sohord~nate to
Ihic M~rtgage. !h1 the creah~n ~f a~::r.h.~~c m~~n~~ .ecuritv ~nterest f~r h~~uteh~~ld a,plianeec. (c1 ~ trancftr hv devist.
descent or hy ~~perat~on uf IaK up~.n the Jcath ,~f .~ ~~~~ril tcnant i~r r,1~ th~ ~tram .~f am Irasehold intertst ~f threc }carc or less
not contain~ng an ~~ption t~ purchase. 1 ender me~. :~t I ender'~ i~phi~n, de~I.~rr all the sums ucured b}~ th~s '~longage ~o bt
immed~ateh due ~nd pa~•ahle 1 cnder ~h:ill h;~~c w,~~~cd ti~~ch .~pt~un t,~ ,~,_rirr.,te if. ~+rinr to ~he ~ale c!r ~ransfer. l.ender
and the peru~n ~~~ Hh+~m the Pr.~pertv i. i~~ hr .~~!.1 ~~r tr~ncferreJ r~ach .~Prr~ment in wnting that the creli~~ e~f ~uch percon
~s satistacton t~~ I.en.ier and that thr imrrr.t pa~~hle un the sunt~ ~~ured h~ th~a Mortgagt ~hall bt at such rate ac 1_ender
shall request. If I ender has wa~ved thr ~•~~~~~n n• accrleraie pr~vided ~n th6c paragraph 17, and if Borrower'~ wccessor in
mtere~t ha~ executed a w~ntlen astumpuon ~grrem~nt accepted in writ~ng h~• LenJer. Lender shal) releace Borrower from all
oh6gat~ont unJer thic Mortgag~ and thc tica~
I! Lender e~erc~ces cuch opt~~~n ~~~ acc~lerate. I enJer ~hall ma~! Borrawer nohce of accelera!~nn in accordancL ~~~th
paragraph 14 hereof Such notice ~hall pmv~de a pen~xl i~f not Ies~ than l0 daJ~ from the date the notice is mailed within
wh~ch B~rru~er may pay ihe cumc de.I.,reJ uue I( Borruwer fa~lti to pay such sums pnor to the e~pvati~n ~~f surh per~~xl.
Lender may, w~thuut further not~ce ~~r ~iemand ~~n He~rrower. ~mc.le an~ remed~es permuted hy paragnph 1R here~(.
NoN-U2.iFORM C~~~~[-:v~tiis Borrowc: and l.endcr (urther covenant and agree as tollows: •
18. Acceleratan: Remedies. Excep~ as prn~ided in p~raRnph 17 hereof. upoa Eorrowers brcach of any coreeant or
agrecment o( Borrower in fhis ti1orlRaRe, includin~ ~he co~cn~nts to psy when due anY sums secured hy tbis MortRa~e. I.ender
prior to ~cceleration shdl msil notice to Borrower as pro•ided in para~raph 14 hereot specifyin~: (1) fhe brc~ch; (21 1he actbn
requircd to cure such breach; 13- s date. oot less than 30 d~ys irom the dote the notice is m~iled to Borrower. by wAich sucb
Dreach musf be cured; and (4) that foilure lo cure such bresch on or Sefore the date speci6ed in Ihe notice msv reiult in
acceleration ot I~e sums secured by Ihis MorlRa~e. fo~eclowre by judicid ptoceedin~ and sslt ot the Propt~ry. The nMict
shall turiher inform Eorrower of tbe riRh1 to rei~lale atter acctlentan and the riRht to atsert in fhe tonclosure pnxeedia~
thc non-exiclencc of a de(ault or anv other detence o( eonower to acceleration snd foretbsure. If the breach is nof enrtd on
or before ihe date speci6ed in Ihe nofice. 1_ender ~t I rnde~'s optton may detlart aq ot fhe sntm sec~red by Ihis NortRa~e to be
immediately dut snd pa~able withoul turther dem~nd and erav toreclost thEs MortRa~e by juditial proceedfn~. t.~n~ier cAdl
be eotitled to col{ect in such proctedinR all tapenset o( foretlosurt, includir~, but tat Umiled to. reasonaAlt ar~.~rnrti's fees.
and costs of documentary evidence, abstracts and litl~~ reportc.
19. dornower's Ri~hl lo Reinslate. ti~~tw'ilh~~.~ndinf 1 cn~ler'ti accelerat~~~n c-( Ihe wm< <ecured by th~t '.11c~ngage.
Borrower shal) have the nghl t~ have ~m pr~.~crd+ne• txr•un h> Lcnder ti~ cn(~.rct thi~ M~~rtg:~QC di~c~int~nucJ a~ am hme
: ~ ~ 35~ ~~~~ 243?