HomeMy WebLinkAbout2715LenJer's written agrerment or appli:ablc law•. Horruwcr shall pa~ thc amoum ut all mortgage insurance prcmiums in the
m•rnner prcwidcd unde~ paragraph 2 hereot. ~ ~
Any amuunts dichursed by Lender pur~uan~ tu this pa~ag~~ph 7, wnh intercct thereon, ch:il) 1+ecome additional
in~lchtednrs~ uf Burrowr~ ucured b~• thi~ Mortgagc l'nl~.. BorruHrr and I.rnd~r agrcc to othcr termc of pa}•ment, wch
amountc ehall he payable u{+on n.aicc from 1 cndcr ta B~~rn~wrr r~yue~ting pa~•mcnt thcrc~~f, and ~h:ill hcar intrrect fr~m the
Jate of dicbursement at the rate pati•ahle tmm lime to time on outstanding principal under the Note unlecc payment of
interest at such rate would t+e conlrar~• li~ applirable law, in ~hich event cuch amounts :hall F+ear interect at the highect rate
permissihle under applicable law. N~~thing rontained in ~hi~ parag~aph 7 ~hall require Lender to incur any expense or take
any actian hcreunder.
8. Inspecdon. Lcnder may n~a~,c or cau~e to hc madr rca~c.nahlr rmric~ u~~n and incpecti~~n~ of the Pr~perty, prc~~~idcd
th~t I.ender ~hall give Borrow~r nMir~ priur to ~n~ ~uch inspectiun ~~cift~~ng rras~~nable rauce theref<.r related to I.ender's
intc~ict in the Property_
9. Condemnation. The pr~.ceed< <~f an}~ :,Hard .•r claim for damacec, direct ~~r c~~mequential, in connzction v-~ith an}~
rondemnation or other taking of ~he Pronerry. ~~r part there~,(, e.r for conv~~•ance in lieu of condemnatiun, are herehy ascigned
and .hall hc paid to I.endcr.
in the event oi a tota) taking c-f Ihe Pm~xrty. thr pror~edc ~hall he :~pplieJ t~~ ~he tum~ secured hy Ihic 111~rtgage.
with thc crrecs. if am•. paid tc. Bi~rr~~u~rr In the c~•rn~ <.P a par~ial takin~ i~t the Pmpcrl}•. unle« R~rmNCr and l.ender
utherwi~~ agree in wriUn~:. Ihen chall he applicd ti~ Ihr ~umti ucurcd h~ thi. M~~rtc:~-;e wch proporti~~n ~f the proceedc
as i~ cyual to that pmEx~rti~+n which thc am~~unt ~~f thc ~i~m~ .~ri~rcd h~~ ~h~~ \1~~rtga~c immcdiatel~• pri~r ti~ thc datc of
taking Fxarc to the fair market ~~alue of the Pru}x~r~~ immr~tiatel~• pricu to the .I;~te of ta~.ing. w~th the h~lancc ~f the prckeedt
paid t~, Borrow~cr.
1f the Pmperh~ ic ,ihandnneil bv Rorr~.w•rr, c•r if. after n~,licc h~• I cnder ti• B~~rr~~w~er that the c~ndemne.r ~fTers to make
:~n au~aFd c•r ~eUlc a claim f~r dama~;r., R~~rmwrr faih t~~ rc.~md t~~ 1 cndcr a•ithin Zf) ~:i~. a(tcr Ihc date wrh nrnicc i~
mailed, l.en~ler i. authori7ed to a~llect and aprh• thr pn.reed~. at l.ender'~ optic-n. either to re~toration ~~r repair of the
Pro~xri~ ~~r t~~ thc sumti ,rcurcd M~ thi, :11~~rlFagc
l'nlcs. LenJer and Borrotier othen~i.r agrer in ~~~itine. am~ ~urh ap~lirati~~n ~f proceedc k~ {~rinripal ~hall nrn ertend
~~r pe~~tp<~ne ~hc duc ~ia~c i~f thc monthly inslallm~n~t rrfcrrrd to in p:~ragraph~ 1 and 2 hercof or chanee thc atnc-unt c~f
wch inctallmeMc.
10. Borrower Not Releaced. Er~en~ion ~f the time f~~r pa~ment or modific~ti~.n ~f ;~mortiratic.n ~f the wm~ cerured
h~~ thi~ Murtiaee granted hv 1 ender ta am• ~uccec~ur in inl~re~t of Borrower ~h;ill not o~-erate to releate. in any manner,
thr liability af the ori~inal Burrowcr :~nd A~~rrou•cr'. cu~crcu~r~ in interect. I.ende~ ~hall n~t he rcquired t~~ rnmmence ~'
~roceedingc against cuch ~ucre~sor ix refuce ta erten~i timr f~r payment ~~r other~itir mexli(p am~~rti~atic.n uf the sumc
sc~ured h~ ~hic Mortgagc h}• rca~~~n c.f am~ demand madr M thr ~~ricinal B~~rrc.wcr and Bi~rmN•cr'< <nccc~~~~r~ in intcrcct.
11. Forbearance b}• I.ender \ot a N~'ai~er. An~ f~~rFx~aranrr h~ 1 rndcr in e~ercisin~ am right c~r nmedy here~mder. ~r
i~~hrrw•i~c afTurded hy applicahle law. ~h:~ll nM tx :~ u~:~i~~er ~~f ~~r preclude the e~ercise c~f am tiuch right ~r remed~•.
Thr procurcment of insuranre or the pa~•ment i~f t:~~c. ~~r ~~thrr li~m ~x charcrc M• 1 ender .h:~ll not he ~~aiver ~~f I.ender's
right t~~ arcrlrr;~tc thc maturit~• ~~f thr indchtcdnr~~ ~r~urrd h~ thi. 41i~rtca~~.
12. Remedies Cumulafive. All reme~hec prn~ id~d in thi. ~t~~rte:+¢e are di.:inct :~nd cum~ilati~'e t~ am• ~~ther riFht ~r
reme~l~• under thit Mnrtg~g~ :~r atT~~rdrd M• la~~ i~r ryuit~. ; nJ r.r~~ Fxx r~crci~rd c~•ncurrrnth. in.lependentl~~ ~r surre~si~~rlr.
i3. Suecessors and Atci~ns Bo~md: Joinl and Se~eral I.iabilih: ('aptionc. The ce~~~enantc and acr~ementc hcrein
con~ainc~l thalt hind. :~nd ~hr ri~ht~ hcrcundcr shal! mure tc~. thc rc.~nrti.c ~urcr.~~~n and a«ign~ ~~f I cn~lcr :~rd R~rmwcr.
cubject to thc pro~•i~ion~ ~.f paraeraph !7 hcreoC :111 i~ncn:+nt~ an~l :~~rrrmcnt. ~~f Rc-rr~~wcr ~h~ll hc i~~int :~nd ~cvctal.
The captium :~nJ heading. ~f the par.~~r:~ph~ c.f thi~ ~1~~r~c.~~e arr frr i~~m~enernc< <~nR• an~l are nrt i<~ tx ii~ed to
intcrpret or definc thc pro~ ici~~nc hcrc~~f.
14. \otict. Except fc~r an}~ notire reyiiirrd under :-ppliiahle la~ t~~ h~ ci~en in an~~ther manner. f:~1 :~nt n~tice tt-
Bnrr~~w•cr pr~.vided f~r in thiti ~1~~rtgacc ~hall tx g~~rn hc m;ulin~ ~u~h ni~tict M rcrtificd m:~it addre~~rd t~~ B<~rr~~«cr at
the Pn.perty Addreti~ i,r at ;uch uther aJdrr.. :~~ B~~rr~~uer mac dc.ien:ur h~ rn~tire t~~ 1 ender :ic pr...~i.icd herein. anJ
fb) ant notirc to Lender SF1J~I ~1l' ~:icrn h}~ certifi~.l mail. rcturn rrcrirt requc~teal. t~• I ender'~ ad~lrec~ sta~ed herein ~r to
~uch e~ther addretc as I.endcr ma~ de~ignate h~ rn~tiie t~~ B~~rr~~~er :~c pr.nideJ herein. :1m• rn.tirc pr~~~•idrJ f~~r in thi~
~1~~rtb~ge sh:~ll hr deemed ti. ha~e hecn gi~cn to Bc~rr~~~-cr rr I rnder ~+hcn g~~rr. in 1he manner Je~ienated herein.
15. Uniform ~tortkaKe: Co~-ernin~ I.aN; Se~ erabilih. This form oCmortgage combines unifam co~•enants for national use
and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security insvument covering real property. The
state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in w~hich the Propert}• is located. The foregoing
sentence shall not limit the applicability of federal law to this mortgage. In the event that any pro~~ision or clause of this Mortgage ~r the
Note conflicts with applicable law, such con0ict shall not afTect other pro~~isions of this Mortgage or the Note w•hich can be gi~~en efTect
w~thout the conflicting pror•ision, and to this end the previsions of the Mortgage and the Note are declared to be se~~erable.
16. Borrower's Copy. Borr~~HCr .hall hc furni,hrJ a ~~~nfrrmrd c~~}~ ~~f ~hc tii.tr anci ~f thi. ~lortc~~c at thc timc
e~f e~~cution ~~r afrer re~ordation herr~~f.
17. Transfer of the Property; :lctiumption. If all ~~r :~ii~ ~.~rt c.f thc Pn•~+ert}• ~~r an interctt thrrein i~ .~~Id rr tran.ferr~d
h~~ Borrourr wrthout l.ender's pri~~r Hrittrn r~~ncent. r~cluJing ~.~- thr cri:~ti~~n ~~f a lirn c~r encumhranie tiuhi~rJ~nate 1~~
th~. Mortgage. Ihl the rreari~n ~~f a p~:rcha~e rna~ne~ .ecurit~ intrrect f~~r h~~uteh~~ld appli:in~r~. (r1 a tran~(rr h~• devise.
de~cent ~~n c~ o~ration of lau upon the .ir:,th ~~f :i i~~~nt tcnant ~~r ~~f~ the ~:rant ~:f a~e~ Ira~eh~.ld interest ~~f three ~•~ar. ~~r Iccc
n~~t containing ~n option Ii, purchasr. 1 cn~lrr ~n:~~. .it I~ndcr'. ~~ph~,n. declarr a!1 thc ~umc tic~urrd h~~ this ~1~,rtgaec t~ t-c
immrdiatelc due and pa~~ahle. 1 rnder tFiJII F1J~t N,~n•eJ ~uch ~~pti~m a~ acreier.~te iL ~+ri~~r t~• the ~:~~e ~~r Irancier. t enJer
and the pers~~n to w•hc~m the Propert}~ i~ t~~ he eoi.1 ~•r trantferr~d r~arh :~~recmrnt in ~+ntin~ that the cre~lit ~~f ~uch E.er«~n
i~ sati~facton• to Lcnder and th:it thr intcrc.l pa~~hle ~~n thc .iim~ ,rrurcd h~ thi~ ~1an~age ~hall hc at suih rate ati l.ender
shall reyuest. If Lender ha~ w~aived the. ~pti~~n t~. arccler.~tr pn•~•idrd in thi~ para~ra{~h 17. and if B~~rrc~w•rr'. tiuccc,c~~r in
intere~t hati executed a~ritlen aswmption a~reemrnt acceptrd in ~riting ht• Lrn~ier. I.ender thall rele.~~e B~~rr~...cr fr~m all
c~bligatie~ns un.ler thic M~~rtgage and the tinte.
If I ender e~erciSrti tiuch i~pii~n li, ;~«~Irr,~tc. ( en~ier ~ii.~ll mail R~~rm~~cr ni~t~~e .~f arreleratirn in aic~.rdance uilh
paragraph i-3 hereof. Such nutice ~hall ~ru~ide a~+rn~~~l ~~f n~~t Ic~. th:in 3(1 ~I;i~~ fr~~m the date the n~~tic~ i~ mailed within
tihich Born~wer ma~~ pa~ the ~um~ de~l:ur~l dur It H~~rr„~.rr f.ulc te~ p:~c ~u~h .umc pri~~r tr thc e~~ir~tii~n ~~! ~uch ~n~xl.
I.rndcr ma~-. Hith~~u1 further n~ticc rr.lrmand ~tn K~~rn~~~r. im~~~.c :~m rrmedies ~rmitte.l h~~ ~+aragraph !`i hereof.
NO~-L~ti1FOR~i Cu~'F~~tiTS Borroaer and I rnJer further co~enant and artree as foll~~ws~
18. Acceler~tion; Remedies. Fxcept as pro.ided in paraRraph 17 hereof. upon Borrowe~s breach of am co~•enant or
aRreement of Borrower in this liortQa~e, includin~ the co~enants to pay when due ~n} sums xcured b~~ this 1tortRa~e, I.ender
prior to ~cceleration shall mail notice to BorroMer as pro~ided in pua~r~ph 14 herrof specif~inR: ll- tht bce~ch; (2) the action
required to cure such breach; (3) a d~te, not less than i0 da~s irom the date the notice is mailed to Borrower. by w•hich such
brc~ch must be cured: and 14) th~t failure lo cure xuch bre~ch nn or before Ihe d~tt speci6ed in the notict ma~ resull in
acceleration of the sums secured by Ihis ~1or1Ra~;e, foreclo~ure b~ judicial proceedinR ~nd sale of the Properh•. 77u nMice
~hall further inform Borrower of the ri~;ht to reintilate after acceleration ~nd the riRhl to a.ssetf in the foreclosurr pmctedinR
the non-existence ot a default or anv olher defence of Burrower to acceleration and foreclosurc. If the breach is not cured on
or before the d~1e specified in the notice, I.ender at I.ender'c option ma~~ decl~re all of the sums secured b~~ tbis ~tortRaRe to be
immediatels• due ~nd pa~~~ble without fu~ther demand and ma~ forecloce ~hic ~1ortRa~e b~• judici~l proceedinR. I,ender shall
be entitled to collect in such proceedin~ ~11 expenses of foreclo~nre. includinR, bu1 oot 6miled to, rea.•onable altorne~'s fees.
~nd costs of documentary e~idence, abstractc and tille reports.
19. Borrnwer's RiRht lo Reinslate. ti~~twrth.tandin~ I.cnJcr~. .~c~rt~r.~ti~~n ~~f thc .um. ~ccurccl h~ thi~ ~1~•rtR•~K~•
HormKCr ~hall h:;~'c the righl tr he~e .~n~ pmccc.l~n~. hceun h~ I ~nder t~~ rnfur:c Ihi~ ~1~~rlgaEc di~~~~ntinu~J al am time
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