HomeMy WebLinkAbout0997 I.en~rr'c wntlen agreemen~ or appli~able law B~~rruwer shall Pay the amuum uf all mortgagr inwr.~nce premiums in the
m~nner pruvide~i under paragraph 2 hereof.
Any~ am~~unts di~bursed b~• l.eniler pur~uant t~~ this paragraph 7, ~•ith uitere~t thercun, ahall Mecnme additic~nal
inJ~Medness ot BorroHCr secured b}• thiti Mortgage t'nle~~ Bt•rruHCr an~1 1 rn.ler agrc~ to other term~ of payment, cuch
amount~ shall be payable uFx~n nuticr fmm I rnder t~~ B~~rruwrr reyue.ting pa~me~t there~~(. and ~hall he:+r inlerect fmm the
date of dishursement at the rate payahle fn.m time tc+ time ~~n outstanding principal under Ihe Note unlecc payment of
interest ~t such rate would be contrar~~ li~ applicable la~~•, in wh~rh event cuch amounts shall bear interest at the highect rate
permissible under applicahle law. Nothing conlained in thi~ paragraph 7 chall reqi~ire i.ender ta incur any expense or take
any action t~ereunder.
8. lnspection. I.ender ma~• m:~ke ~.r cause to be made reationahle ~ntriec u~+on and inspectinna of the Property, pmvided
that [ ender chall give Borrower ni~hre pri~r to am• ~uch insE.ectiim ~Mcifying reasonable c3ute theref~~r related to Lender's
int~rett in the Property.
9. Condemnatbn. The pr~keedc af any aHard ~~r rlaim tor dama¢es. ~lirect ~r c~~n~equential, in c~nnection with any
~ondemnation or other taking of the Pmperty, e~r part tfiere~•f. ~r for c~~nveyanre in lieu of condemnation, are hereby ascigned
an.i .hall t+e paid to I.ender.
in the event of a total taking of the Pr~pert~•. the pmcced~ thall be applie~i tc. the ~umc cecured by thit MortgaRe.
Hith the e~cecs, if any, paid to B~~rmw•er. In the e~~ent c+f a partial taling i•( the Propert~~, unle~c Rorrower and l.ender
~~therwi~c agree in w~riting. there shall he appli~d tc~ thr ~um~ tirrurc~t h~~ thi. M~~rtkage ~uch proporlion ~f tht;~'roceedc
aa ic equal t~ that pro~ortii~n tihich the am~~unt ~~f thr cumti tierured h}• thit \lortgage immediateh• ~+rie~r t~. t~ date of
taking bears to the fair market valur of the Pro~rt~ ~mme~fiatel~ prii•r to the Jate i~f ta{.ing. with the balance ~f the prckee.lc
paid t~~ Borrower.
if the Propert}~ ie aband~ned hv R~~rn.H~r, c.r if. after nMi~r h}~ 1 ender t~ Bormw~cr ihat the c~ndemnor ofiers t~ make
an award c~r settle a claim f~r damage,. B~~rmwer f:iil. t~~ re~~x~nd ti~ 1 ender w~ithin zn da~~ after the date wrh n~iice is
ma~led. I_ender ic aiithoriTrd to cnllect and ap~h~ the proceeds, at I.ender'< <~ptinn. r6ther to re~toration ~,r repair :~f the
Properl} ~r to Ihe sum~ ,ecurcd h~ this Morteage. ~
Llnles~ Lender and Borro~er atherN i.r agre~ in riline. an~• tuch ap~lir:itii~n e.f prckeedc t~~ princip:~l tihall n~t ertend
or p~~~tp~~ne thc duc ~iate of the monthl~ intt:~llmcntti rcfrrrrd t~~ in r:iragraphc I and 2 hereof or rhangc thc am~unt of
such installments.
10. Borrower Vot Releaced. E~tensi~n ~f the time f~~r pa~~meni or modificati~n o( amc~rti~ation ~f the sumc ~ecured
hp thic MortEage grant~d h~• l en~ler tn ans ~uccec~~~r in intere~t llf B:111UM'~f ,hall n~1 nExrate to releacc. in any m;?nner,
the liabilit~ ~~f Ihe c~ri~inal B~~rrc~Her :+nd B~~rre~Ker'~ su~rr~«~rt in intereit l rnder ~hall not he rey~iire~t t~~ rnmmencr
pn.cee~fingti againct ~uch surce~sor or re(u~r t~. e~ICn~i time f~~r pa}•ment i~r otherwice m~~dif~ am~~rtiiati~~n ~~f Ihe sums
secured h~ thit Mortgagc h~• re~u~n u( :~m' dem~n~1 madr h~ thr ~~ricinal Rorn~uer :~nd R~~rr~~wrr's ~ur~rti~~•r~ in interett.
11. Forbearance by I.ender'.\ot a Wai~er. :1n~ f~~rtxarancr h~ 1 rndcr in e~ercitiine am right c~r remed~• hrreunder. c.r
~~theru~ise :~(TurJed hc applicahle law, tihall nc.t t.~ :i w:~i.rr rf nr preclude the e~erci~c ~f am .uch ri~ht ~r remed~• ~
The prcxurement of insuranrc ~r the pa~~ment i~( ta~r~ ~~r ~~thrr lienti ur char~eti h} I-ender tihall not hc a waiver ~~f T.ender't
right tu acrrlrrate the maturit} ~~f thc indeMrdne~s ~r,:urrd h~ thi. !11c,rtgage. I
12. Remedies Comolative. A!I reme~liea ~,rc~~ided ~n thi. !11~~rt~age are dittinct aml rumul:;tivc t~~ am• rther richt ~r '
reme.lq under thiti Mi~rtfage i~r afT~~rdrd h}~ !aw ~~r ryui~}. .,nJ ma~ tx ~~er~i~r.1 r~m~urrenth. inde~endentl~~ ~~r surce~si~•elc
l3. Succecwrs and AssiRnc Bound: loint and Se~eral Liahilih; ('aptionc. "T~hr ce~~~nants and a~rcemem~ herein
ron(aine~i tihall hind, and thc rieht~ hcrcunder tihall iriure t~~. the rrtipr~li~e wrcc,.~~r~ anif a~tii~nt ~,f I cn~lcr :uid Bi~rrnwer.
tubject to thr prin~itiion~ i,( paragraph 17 herc~( :~II :~n~n:~nl+ :+n~l a~rcrmrnt~ i~f B~rmuer th:~l) Fx i~~int :~nd ~c~~erat
The ~ap~iurn and hea~ing~ i~( the par:~cra~h. ~~f thi~ ~1~~rt~e~~ arr f~~r c~~n~~rnienre ~~nh• :~n~i are n~~l t~~ he u~cd tn
interpret c~r definc the pm~•icii~n~ hrrcof.
14. \otiee. Erce~t f~~r am• nc.Iiie rryuirrd uniirr :i~nli~:~hl~ I~~ <<~ h~ cicen in .?n~~ther manner. fa1 am• n~tire t~
Bormwrr pruvided fc~r in thi~ ;t~~rt~ace ~h~ll tx gnrn h~ m:~ilinc .ii~h ~~~~ti~r h~ r~rtified mail addre~~rd m B~~rmµcr at
the Propert}~ Addre« c~r at ~urh ~~Iher addre.~ a. B~~rr~~~~r ~n;i~ d~.ign:~t~ ht~ n~~ti~r tii i en~ler :~c ~r~~~i.ie~f hereire. :~n~l
(h) am n~~ti~c ro Lcn~ier sh~ll h~ ~~~'~n ht rertifi~J meil. rrturn rccei~t rcyu~.cteJ. ti~ 1 cncier'~ ad~lrct~ stated hercin nr to
~uch ~~ther addres~ ~ti Lender ma~ de~ignate h~ nrti:r t~~ B~~rr~~wer at ~r.~~ide~1 herrin. Am n~~tice ~r~~~ide.i f~x in thi~
\t~utgage shail he deemed t~~ ha~e bren ~~~rn to B~~rr~~wrr ur 1 rnder uhcn gi~en in the manner dc~ignatcu herein.
1S. Uniform :~to~tRaAe; Governin~: i.a..; Se~crabilil~. This form of mortgage combines uniform co~•enants for national use
and non-uniform co~•enants with limited variauons by jurisdiction to constitute a uniform security inswment covering real property. The
state and lxal laws applicable to this Mortgage shall be the law~s of the jurisdiclion in w•hich the Property is located. The foregoing
sentence shall not limit the applicability of federal law• to this mortgage. In the event that any provision or clause of this Mortgage or the
' Note conflicts with applicable law, such conflict shali not affect other provisions of this Mortgage or the Note w•hich can be gi~•en effect
~ without the conflicting provision, and to this end the pro~~isions of the Mortgage and tl~e Note are declared to be severable.
~ 16. Borrower's Cop~. Borro~cr tihall hc furm.h«I :~~n(~~rm~d ~~~p~ ~~t thr tiotc .in~l thi~ ~1~~rte.+ge at the Iimc
i ~~f erecution or after rerurdation here~~f.
17. Transfer of the Property: :lcwmption. If aU ur :~n~ ~~.~rt ~~f thc Pr~~prrn ~~r an intcrett thercin ic ,~~Id ~r tran~fcrrcd
hr Borrowcr without I.e~der't prii~r writtrn ~~~ment. c~.lu~iin~ thr rrr:,ti~~n ~~f :i lirn ~r en~umhrance tiuhc.niinate t~~
~ th~~ Mortgage. Ihl the c~eati~n ~~f a purrha~r m~~ne~ ~ecurit~ ~ntrrett f~~r h~~u.eh~~l~l applianrr~. ~cl a tran~fer hv devisr.
E deticent ~~r h}~ operation uf lati up~~n the .lc:tth ~~f ~ j~~~nt tenanl i~r 1~1i the Rrant ~~f :~m lca~ehidd interc~t ~~f thr« ~e.~r, i~r lets
~ ni~t ~ontaining an oplion ti~ purchase. i ender m;». ,~t 1 ender'. r~tiun, dcclarr all th~ sum~ ~ecured h~ this \ic~rtgage t~ he
~ imme~iatelt~ due and pa~~ahle. I ender ~hall ha~e ...+~~ed ~urh ~~pt~c~n t~~ ac~eler:~te if. ~ric~r ti~ the ~:~le nr trancfer. I en~ler
~ ~n~i the person tn µfic~m the Pr~pert}~ i~ ti~ he ~~,1~1 i~r tr.in~(rrrr~l rr:~rh a~;recmrm in Hriting th~t thr cre~lil ~~f ~urh perc~,n
~ is satis(a~tor~ to l.en~ler and that the interr.t pa}nhic ~~n thc sum~ ~rrured hc thi, ~1~~rttiagc shal! he at su~h ratc ac i cr,der
shall reyuest. lf l ender hat wai~•eJ the i~pti~~n t~~ ac~rler,~tr pnnidrd ~n thi~ p~racrarh 17. and if B~•rr~~wer', ~uece~se~r in
~ interest ha~ executed a w•ritten ascumption .~greement a~rr~ted in Hritir~g h}• LenJer. I encler Sha11 relea~e Bc~rn•wer fram all
~
~~biigahons under thi~ 111~rtgage and the N~te.
(f I ender eKercices tuch ~~pti~~n t~~ atcelrr:ite. 1 ~ci~itr ~h:~ll mai! Bc~rm~~r n~~tice ~~f ac.elcrati~m in a~ce~rdance with
~ ~ara¢raph 14 hereof. Such notice ~hall pnwide ~erir~ r( nc~t Irc~ than ?(1 Ja:~ (rc~m the date the nntic~ ic mailed µithin
~~hich Be~rr~~wer ma} pa}~ thc ti,ms de~L,reJ due If B~~rr~~..cr fail~ ti~ ~:i} w~h .nm. pri~~r ir the c~pirati~~n ~~f ~urh penud.
; Lender ma~~, µithc.ut further n~tice ~~r ~lemand rr. ti~~rn~~rr. ~n~~~,e .im remrdies ~rmittr:l h~ ~ara¢raph IK hcre~f.
- tio~v-L.'NIFOR~i CO~'FN~\TS Borrower an~i t ender furth~r crncnant and agrce as foll~ws
18. Accelention; Remedies. Except as pro~ided in paraRroph 17 hereof, upon Borrower's breach of ~ny covenant or
a~reement of Borrower in this 11ortRat;e, includin~ the co~enants to pay when due ~ny~ sums secured by this :Nort~a~e, Lender
- prior to acceleration shall mail notice to Borrower zc pro~ided in paraRraph 14 hereof specifyinR: (1) the b~each; (2) Ihe ~ction
e required to cure such breach; (3) a date, not less than 30 da~s from the date the notice is mailed to Borrowtr, by whech such
~ breach must be cured: and f4) that failure to cure such breach on or before the datt specified in the notice may result in
acceleration of the sums secured b~ this 11or1RaRe, foreclosure b~ judicial proceedin~{ and sale of the Property. "Il~e notice
€ shall further inform Borrower of the ri~ht to reinState after acceleration and the riRht to assert in the foreclosure proctedin~
~
the non-existence of ~ default or an~ other defence of Borrower to acrelerafion and foreclosure. If the brtarh is not cured on
~ or brfore the date specified io fhe notice, I.ender at I.ender's option m~~ declare all of tht sums secured by this vtortA~e to be
~ immediatel~• due and pa~able wilhout further demand and m~r foreclnse this ~tortQa~e by judicial proctedin~. Lender sh~ll
~ be entitled to collect in such proctedin~ all expensec of foreclowre, inclodinQ, buf not limited to, reasonablt s~ttorney's fres.
~ and costs of documentary evidence, ~bstrocls ~nd titie reports.
~ 19. Borrower's Ri~ht lo Reinst~te. \c~twilhttanding Leri~irr~, .icc~leraU~~n ~~f the wm< <ecu[ed h~ th~~ '.~1~~rtgage.
Bormwer shall h:~~~e the nght t~~ ha~e an~ pre~;ee.ling~ hccun h~ 1 rn~er t~~ ~nfc~rce thi~ ~1c.rtgage d~scontinueJ at an}~ time
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