HomeMy WebLinkAbout2695l rn~cr's written agrccmem o~ apphrahlc law. tiorruwcr shall pay thr amuunt af all mortgagc insurance premiums in thc
m~nn~r p~rvidc+l under paragraph 2 hcreo(.
An~• amuunts dichursrd b}• I.en~irr punuant tu this p:-r~~raph 7. w~i~h intercct ihere.m. ~h:~ll hecome additic~nal
in~iibtcdnes~ uf Bormwrr secured by thi~ 111~,n~;aKr l'nle.~ Rc,rruwrr an~l Lrn.tcr agrre to o~he~ ternie ~if paymenl. such
~mount+.hall be payahle u~x~~ no~ire fr~m I~oder h~ R~~rn~Nrr teyue.ting p:~~•mcnt Ihere~~f. and chal) Fk:-r intrrecl fr~~m the
date of ~li.burument at the ratr payahlr fn•m time t~ time un outclandinR principal under the Note unlecc payment of
interect at such rate w•ould he c~~n~rar~• t~• applirable la~+. in uhirh rvent ~uch am~ums ~hall hea~ interecl at Ihe highect rate
~xrmissihle under applicable law. N~~~hing ~~~ntained ~n Ihic par.~graph 7~hall reyuire I.ender to incur any expence or take
any action i~crcunder. .
8. Inspeclion. I.enJer ma}• makr i~r rautie Ie. hc madr rcau~n~hlr rmrir. u~~~n and in<<xrti~~n~ ~f thc Pmpeny, pmvidcd
that 1 ender ~hall give Borrowcr n~~Urr pri~~r ti~ am tiu~h incperhi~n ~~xci(~•ing rca~~~nable cauce therefor related to I.ender's
in~~rrt~ in thc Propert~•.
9. Condemnation. Thc pn•cccd. ~~f :~m award .~r rlaim for damaec~. dircct i~r c.~mcqucntial, in connection with any
rondemna~ion ~-r othe~ taking of Ihe Property. .~r rarl thcrrc~f. i~r fc•r cunvc~~anrc in licu ~~f condcmnation, arc herehy :~tcigncd
an~i .hall hc paid to Lcndcr.
In Ihc c~~c~t of a total taking ~~f Ihc Pn~~xrt~•. Ihc ~+r~~icrJc ~hall Fk :~~~r«~ t~~ thc ~umc cccured M• thi~ I~i~rtgaRc.
~ith the c~rccs, if an~~. paid t~. Barruw•rr In thr rvrm ~~f a p:~rti:il taking i~( the Pmrert~~, unlc« R~rmwrr and I.ender
~~therwi.r agrce in ~+•ritin~. th~re shall he ap~lir~1 t~~ Ihr wm~ ~rcure~t h~~ thi. M~~rl~a~:e .uch prope~rti~~n ~~( the prc~ceeda
ac i~ cyual to th:it pmM~rti~~n which thc ;im~~uri1 ~~f thr cum. ~.r:~ired h~ thic ~t~~rt~:i~c immcdiateh• pri~~r t:~ thi datc of
taking Fxare to the fair markrt value of the Pru~xrt~ ~mnx~liateh pri~~r m thr ~fate c-f u~~,~ng. with the halance c~f the pre.ceed~
paid t~~ Borr~w•cr.
If Ihe Pmperl~• iti ahand~neJ h~• Bc~rn~wer, c.r if. af~rr m•tice h~• 1 rndrr t~~ B~~rmK•er Ihat the c~ndemnor oliers t~ makt
;~n :~u•:~rd c~r ictUc a~laim f~r d:~m;i~~.. R~~rrc+w~~ f:iil. t~~ rr~p~nd tc~ I endcr K•ithin Zn d:i~~ :~itcr thc d:~tc ~uch ni~ticc i~
m:iilcd. l.rndcr i~ awhorilcd to c~~llrrt and appl~• thr pnkrrdti. at 1 cndcr'~ c~pti~n. cithcr M rectoratiun i.r rcpair ~f thc
Pro~rt~ or t~~ thc ~um~ ~rrurcd h~ thi. 11~,rtcagc
l?nlec~ Len~l~r :~nd B~~rrower ~~then~i~~ agrc~ in ~~ritine. am ~urh :s~~i~~ali~,n ~f prexeedc t~, principa) ~hai) not ertend
ur ExxlExmc thc duc d:~tc ~~f Ihc monthl} in,tallm~nh rrfrrrcd ti~ in ~~aragr:~ph~ 1:~nd 2 hcre~~f ~~r chancc thc am~unt of
cuch in~tatlmcntc.
10. Borrower Not Releaced. F~trncic~n ~~f thc hmc f~~r pa~~ment ~~ mc~difirati~m ~f am~~rti~ation ~~f the ~umc tecured
by thi~ M~.rtgage erantcd h~• Lender t~~ am• ~ucccti<<~r in interc~t ~~f Borrowcr ~hall not o~x:ratc t~ relca~c. in any manner,
thc liahilit~• ~~f Ihe ori~inal B~~rr~,wcr :111(I R~KMN~r~ti ~u~rc+,t~r~ in intcrc.t I cndcr ehall n~,t tx: rcyuirrd n~ rnmmencc
pr~.ccc~fing~ :~gaimt ~uch sucrc~~i.~ ~~r rr(u.r t~~ i~tcnJ timr fc~r pa~•mcnt ~~r o~hcrwi~c m~xlifv am~~rtirali~~n ~~f the sumc
ururcd hc thi. Mc~rtgagc h~• rca~~m ~~f am drm.ind madr h~ thr rrici~ia) R~~rn~wcr :~nd R~~rmwcr', ~~icrc~~„r~ it~ intcrect.
11. Forbearaoce b}• I.ender \ot a~ti'ai~•er. •1n~ f~~rFk:uan~r h~ 1 rnder in c~crci~inL :~n~ right ~•r rrmrd~• hrreundcr, e.r
ulhrrw•itic :~ITi~rded h}• applirahlr law•. ~h:ill n~u hr a w•:~i~•cr ~~( ~~r pre.lude Ihe r~crci~c nf an~~ ~uch rieht ~r rcmed)'.
Thr ~rekurrm~nt of inturance i-r thr ~aymrnt c~f t:~~e~ c~r ~~thrr lien~ ur chargeti h}• 1 ender ~h:ill n~t 1xx :+ wanrer ~~f 1.enJer's
right t~~ acrrkratc ihr maturit} c.f thr indchtrdnrtic .~:ured h~ ~hi. ~lurtgagc.
12. Remedies Cumulalive. All remc~lirs pn~.idrd in thi. !~1~~rte:+~c arc dititinct :in~l ~~umulativc t~ .,nr nthcr.right ~r
rcmcJ~• undcr thiti M„rt~;cigr ~•r :~~i~,rd~~ h~• law ur ryuit~. nn~l ma~ Fx r~crci.r.1 i~~ncurrrntlt. indc{xndc~th c~r ~urcr~si~•:h•
13. Succescors and :11+ikns Buund: loinl •rnd Se~eral I.iabilih; ('aptiom. ~Ilir c~~crnanic and :~errement~ herein
ci,niaincd tihall hind. and thr riLht~ hcreundcr ~h:~ll ~nnrc t~,. thc rr.~+cr~~~c tinr,r,~~~r~ :,n~i a.cikm ~,f 1 cn~icr :~red Re~rr~~HCr.
wbject Io thr ~+r~~vitiii,m i~f para~raph i7 F:rcaf. •~11 cucrn:~nt~ an~l :~Yrrrmrnt. „f Ri~rmwcr chall F-~ j„int :~nd ~e~cral.
The captiun. :inJ heading~ i,f Ihr par:~~r.~~h. „f thi~ ~t~,r~~:~~;~ :~rr f„r ~~~m-enience ~~nlt• :~nJ are n~~t t~~ tk uced to
intcrpret or definc thc prc.~ ici~~~~ hrrcof.
14. lotice. Except f~~r an~ notire :eyuirrd ~m~1rr :~~~lii.ihlr I:~~c t~~ hr ei~~en in an~~thrr manner. (a1 :~n}• nc~t+re t~
B„rmwcr pn,vid~J fi~r in thi~ ~1~~rt~~ec tihall Ix gi~rn h~ ni.~iling .uih n~~ticr h- crrtificd m:~il :~Jdrrti.td t„ R~,rm«rr at
th~ Pr~,~rtp Addre.. ~.r a1 wrh ~ahcr ~~Idre.~ a. B,,rr~~~cr me~ d~.i~n:~tr h~• m,tirc t« I cn~cr~:~c ~ru~•iil~d h~r~in. ~nd
Ih- :im n~~tice to I enJer ~hall t.~ gi~rn h} cert~fir.1 rn:ul. ;rtiirn re,e~~+t rryue,tcil. tu 1 en~ler'~ addre~c slatrd herrin ~~r to
such ~~ther ~ddrei~ at I.rndcr ma~ dr~i~natc h~ nnticc t~~ B~~rn~~+rr a~ pr.nidrJ hrrciri. An~~ nc+ti~c pr~~~~idr~l fur in thi~
~tnrtg:~ge shall Fx dccmcd t~~ h:~~r bccn ~i<<n t~+ B~~rr.~~.cr „r I cndrr ~~hrn gi~rn in tt-c manncr dc~ign:~tcd hcrcin.
1S. tiniform MorlRake: Go~•ernink L•rK; tie~rrabilih. This form of mortgage combines uniform co~enants for national use
and non-uniform co~•enants w•ith limited variations by jurisdiction to constitute a uniform security inswment co~•ering real property. The
state and locai laws applicable to this Mortgage shali be the laws of the jurisdiction in which the Property is located. The foregoing
sentence shall not limit the applicability of federal law• to this mortgage. In the e~•ent that any provision or clause of this Mortgage or the
Note conilicts w~ith appiicable law, such conflict shall not affect other provisions of this Mortgage or the Note w~hich can be gi~•en effect
without the conflicting provision, an.d to this end the pro~•isions of the Mortgage and the Note are declared to be se~•erable.
16. Borrower's Copy. Bo~r.~~rr ~h:~ll h~ furnnhr~l .~ ~~~nfurm~~ ~~~r~ ~~t thc \~~tr :m.1 ~•f ~hi~ !~1txt~:~~r :+t~thc timc
~~f e~rcntion c~r aRcr rerorda~iun hcre~~f.
17. Transfer ot the Propert~: Actiumption. If :~II ~~r :~n~ F,.,rt ~~f thc Pr~~~crt~ ~~r an intcrc~t ~hrrcin i~ .rld ~~r trancfcrrcd
M• Born~wrr ~+ithout Lendrr'c pri~+r ~rittc;i ~~~n~rnt. e~:lu~fin~ ~.~i thr cr~:~tinn ~~f :+ I~rn ~~r rncumhrar.cr ~uh~~r.t~n.itr t~~
thi~ til~,rt~;age. (hl the creati~~n .,f a pur~ha« rn~;ne~ ~ecunt~ +ntrr~tit fur h~~uuh~~l.l a~pli:~nre~. 1~1 a tran~frr ht~ de~'ise.
d~~cent ~~n c~ e,peration ~~f I:~w up.m th:- Jr:~th ~~f .~ i~,•nt ten:u~t ~,r ~~~i the er,~nt ~~f :~nt Ir:~~ch~dd ~ntcrest i~f thrr~ ~•ear~ ~~r lesc
ri~.t c~,ntaining an i.plion t„ rurchasc. I cn~icr m.i~. .~~ I rndcr'. ~~pti~~n. drrl:~rc :~11 thr ~um~ ~ccurcd h~ th~c ~1„rteacc t~ bc
~mme.li~trh• due and pa}•ahle. 1 ender ~hall ha~c «.~i~rd ~urh „~ticm a~ :~r~rlcr:~te ~f. {~ri~~r t~~ thc ~:~Ie „r trander. I en~er
an~l the person m wh~~m the Pmpcrt~ i. t:= he ~uIJ ~~r tr:~n~frrrr.l rrnrh .icrrrmrnt in wri~~n~: that thr crr~lit ~~f ,uch ~n~~n
i~ saticfarton t~ I.en~i~r and that thc imrrr.t E~a~ahlr ~~n thc <<nm •.r~urcc; M~ ~hi, ~1~~rteage ~hall he at su.h ratc c~~ 1 endcr
thall reyue~t. If 1 ender ha~ w•ai~•ed thc e~pti~~n t~~ :~.cel~r.~Ir prntiide~ ~n thi~ p:~r.~~:r:irh 17. and if Ri~rrc~wcr'~ tiu.~e~~~~r in
mtrrect ha~ cxceutcd a wr~tten assuniptu~~ a~rcc-iZrnt :~,crE~trd in Hnung h~ (.~n.ki. (.~n~lcr tih:ill rclra~~ R~+rr~~~er fr~~m all
~~Migah~~m unJcr ihi~ M~rtg:i~.c and thc Nc~lc.
If Lender e~erci~e~ ~uch i~pUi~n I~~ acrrler.~tc. 1 en~ier ~h.ill meil $~tirn,uer ni~hic ~~f :~iirlerati~~n in :~ic~~nlanc~ uith
n.+ragr:iph 11 heree~( Such nulice .hall rru~~~.k .~ ~rr~r.l ~~t n„t Ir~. tharr Z(1 .l:i~. fn,m ~he dc~t~ thr n~.tic~ i, m:~iled ~ithin
~h~ch Bnrru..er ma~~ {~~~ the ~um~ derL~r~~l ~1nr I! F3~~rr~~~~rr t.iil. ti+ E,.~~ `u.h .~im. pn~~r t~, thr ~r~ir.ih~~n ~~f ~uih prn~,J.
i en~lrr ma}•. «~th~~ut furthrr ni~tice ~,r Jcmc~nd ~~ri H~~rn~wir. in~v~~,r :~m rrmedie, rermitteJ h~~ ~:iragraph 1~ hereof.
\Oti-~'!~IF~)R~1 C~U~'FV~vTS B~:rmwcr and ( rn~er further r~~~cnanl and agrcc a~ foll~~ws:
18. Acceleration: Remedies. Fxcept as pmrided in para~reph 17 hereof. upon Borrowers breach of ~m co~~enanf or
aRreement of Borrower in this ~1orf~aRt, includinQ the co.enants to pay when due ~m sums secured by this ~inrtRa~e, Lender
prior fo acceleralion shal) mail nolice to Bnrrower a~ pro~ided in para~raph 14 hereof specifyin~: (1) the b~each; (2) Ihe ~ction
required fo cure such breach; (3) a date. not less th~n 30 da~c from Ihe dale the ootice is m~iled to Borrower. by which such
breach mu+1 be cured; ~nd (4) Ihat failure lo cure wch breach on or f-efore the date specified in the nolic~ may resulf in
acceleration of the sums secured b~ Ihi~ 11ortKa~e, foreclocure b~ judicial proceedin~ and sale of the Properh~. The notict
tihal) further inform Borrower of Ihc ri~;ht to rcintitate afler accelcratinn and the riRhl to acsert in the foreclosun proceedin~;
ihe non-etislence of a default or am other defence oi Rorru..er !o accekration and foreclosure. If the bre~ch is not cured on
or before Ihe date specified in Ihe notice, I.ender at I.ender's opli~n ma~ decl~re all of the sums cecured b~• this Mort~a~t to be
immedialeh• due and paJable wilhoot further demand and may foreclo+e thiti ~1orlRaRe b} judici~l proceedin~. I.ender shall
be entitled to collect in such proceedin~ all exPemes oi loreclo+ure, includinR, bot not limited to. reasonable altorne~'s fees.
and costs of docum2ntan• e~idence, ab~tractti and litle reports.
19. BorroNer's Ri~hl to Reinstate. \,+~with~iariiin~ I rn~irr~~ ,~~.clcr.~t~~~n ~~f thc ~um. .c~ured h~ ~hi~ ~i~~rtg.~gc.
Horruwcr rh.il~t~vc thc r~ght tn h.~~~ .~n~ pr~~~r~.lini~ hciun tn I rniirr t~, ~nt~~r.r thi~ ~ti~rt~ta~:c Jitii~~ntinuc~l sI ~n~ timc
b'.~K •
''~ 351 Fd~E 2~91