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HomeMy WebLinkAbout0554 I rnJ.•~\ ~~r~Ucn .~:i~r~urnt ~a aE~~~li..ihlr li,~rr~~~.rr ,liall ~h~ .~nt.~um u( .~II n5~~rt~.~tr ui,u~.~n,~ prrmium~ in ~hr ni.iiu~rr ~v,~~iilr.t t~nilrr ~~.~t.~~ra~~h h~•i~~~l ~ :\n~ :~ni.~~~n~~ ~I:.hu~.r~1 h~ I rn.lrr {au.n.inl t~~ thi~ ~~,~r ~ ~r.~~,ti ~ ~„th ui'rr~~t ti~rrr~m. ~hall hrcrnt~ add~ti~~~c~l iti~irh~~tln~.. .~I It,~rr~~~~ir ~~:urrd h: thi~ ~1.~~1,.~~!~ l nic.~ 1}~~~i~~~~r~ ,~nJ ( rn~t~•r .ii~r~• t~~ i~ih~•r lcr~11~ ~+1 ~~:~~•mrnt. wrh :~mrnnt..h.~ll tx {~.i~.~hlr ur.~n ~~,~ii,r fr~,r.i I rrdr~ i~~ li,~rr,~~~.~ r.•.iii~•tin~~ ~~.~~nirnt thrrr.~t. :~~i~i ~li:~ll hr.?r intrrr.t fr~,m thc ~I:~tr ~~f ~ti.twt~rmrnl at th~ r,tlr {~:~~.ihir Ir,~m timr 1~~ timr ,a? ~uu,l.in~line rr~n;~r:il und~r Ihc N~H~ unlcc~ pa)•mcnt of ~ntcr~.l .it sit:h r:~tr ~~~~ul~) hr c~~~ttr,in 1.~ :;E~~.I~:aMr i,~~.. ~n «hirh r~rnt ~t~~h am~~unt~ ~hall h.;~r int~r<<t al Ihr hiei~c~~ rai~ ~xrmi~sihl~ un~kr .i~~~•licahl~ I:n.. ~rihen~; c.~ntained ~n thi~ para~raph 7.hall rryuir~ I~mlcr it~ incur ~m• r~pcme ~r takc .in~• arti.+n h~rrundcr. 8. Intipcrlion. 1 rmlrr nia~ m.~~.r .~r ::~uuu t~~ tx ma~r rra~onaM~ rntrir. u~.~n :in~l im(~:ihi~n~ ~hc Pr.~~crh•. pmvidcd ~hat 1 cndcr ~h:~ll ~i~~r Borm~~~•r n~~hc~ pri~~r Iu :~m ,uch imEkct~~~n tilK~if~in~ rraci~nable c:w~~ Ih~rcf~+r t~I:Ntd Iu LCndCr's f ~nlrr~~1 in thr Pro~x;rh~. 9. Condrninaiion. Thc pn•cc~d. ot a+i~~ a«ard .~r rlaim fur ~IamaLCS. clir~rt .,r :~~n.~qucntial. in ccamccti~n «•ith am~ ~onJcmnation ur ~~Ihcr taking af ~hc Pr.~~x:rl~, i~r pan thrrr~~f. ~,r tor c~~m•ryan~r in hc~~ ~•f ~~mdcmn:di~,n. arn c~rch~- ati.igned iif:i~ 1ti:i~= ~ (1 :SL} iiT ~.CRdi:. In Ihe rveni nf I~~tal t:~{.iti~ .~f th~ Pn•E.~n)•. Ihc (~m~ec~k ~hall F.e .~pplie.l ti~ ~he ~umc c«urCd b~' thic M~~rt[~a~e. wilh thc c~~rc.. if am•. paid t~~ B~~rr.~wrr In Ihc e~•Cnl i~f a{?arti:~l ~:+kin~ af ~he Prc.~xrt~. unlr.~ BnrmH~r and l.cndcr ~.ihcrwi.~ agrcr in ~~ritin~. th~re .h~ll tic applicd ~hc ~um~ ~ecurc.l M thi. \1~,r~c~~~ wch rrc~~u~rti.~n ~•f Ihc prc~~cdc as i~ cyu.~l to that pr.~~x~rti~~n ~~hi~h thr am~~unt i~f ~hc sum~ .i:urcJ h~ thi~ \tiat~:~ec immr~liatclv rri~~r ta thc date of taking Fx~r. t~ ~hc fair markrt ~alur .•f thc Pro~xrt> ~mmc~liatrl~• pn~~r tu thc Jatc ~~1 t:~kin?~. ~~ith ttx hal:~n~c ~f thc pnx~c~ls paid t~~ Bo~ro~~•er. ' If thc Pr.~pert~~ ie ahandc.nc~i h~, Rurr~~~.cr. nr if. :~ilrr nc~tirr h~ 1 rnder t~~ R~~rn>>v~r that the r~ndcmn~~r ~fTcrc t~ make an ~ward ~,r .etll~ a~laim fi•r .iam:+~c.. R~~rr~.N~cr fail. t~~ rr.~~nd tr 1 rn.lrr ~rith~n ifl d:~~. :?ftcr thc d:itc ~uch rn,ticc ia mailcd. l.rn~trr ic authoriicd t~~ c~~llrtt and :~~~i>~ ~n~ pmccrdc. at 1 cnder'. ~~~ti~~n. rithcr tn rectorati~,n or rcp:?ir of thc Pru~xr~~' c,r t~~ ~hc ~um..~curcd h~• thi~ ;~tar~gace. l.'nl~s~ { rn~l~r and Borr.,~«r ~•thcn~i~~ ~grcc in ~~rilin~•. :~n~ ~u:h :i,~{~lic.~tirn ~~f pri~i~rd~ t~~ rrinri~:i) .h.~il n~~t e~tcnd ~~r Ex,.tp~me ~hr dur .late i•f the munthh• in,tallnt~m. rrfcrrcJ tc~ in ~~:ira~rarii, 1:md ' here~•f ~.r ,han_~r the am~•unt nf .uch ~n5tallmentc. 10. Rorrower \ul Relca~cd. 1=~trn.i~.n ~f thc timc f~~r E~a~mrnt c~r nu~difi~au~~n ~~f :im~~rtiiati~~n ~~f thc wm~ ~ccurcd h~• thi. \1~~nL:~gr grantcJ b~• I.cnJrr t.~ :im~ .u~cc.~~,r in intrrc•t ~~f R~,rr~.~~~r ~hall m,t ~~r~r:~tc h, r~lcas~. in am• manmr. thr liahil~!~ the arigine) B~~rr~~~~cr and B~~rm~crr'~ ~uirr..~~r, in iMtrc.t Lrn~ler shall n~,t I.e rcyuirr.l t~~ r~•mmence pr.k~c.fint. :ieain:t w~h c~~ccc~.ur ~,r rcfu,~ t~ c~tcn~l timr f„r ~a~mrnt ur othcruic~ nu~dift amortizaU~~n ~,f the sumz teri~r._~1 hv thi~ ~i~~ri~agc h~• rca.~+n ~~t anc dcm.~n.} madr M th< «rieinal Born~~~rr .,n~ R~•rn,a•~r's ~uic~~~.~rc in intcrest. I1. Forbearance b}~ (.ender \ot a R'ai~rr. ~~m f~~rf.r:~r:~n:r h~ I rnd~r in c~cr~i~imt an~ richt ~~r rrm~d~• hrrr~mder. or ~ .~th~rwi.~ :~tTorJed h~~ applic:~Mr L~w•. .h:~ll n~,t tx w:~i~cr u! ~~r preclud~ the c~crcisc ~~f am• ~urh ritht ~~r remed~•. Thr procurrm~nt of in~uranrr ~~r the pa~•mcnt ~~(~t:~~r. ur ~~ther li~m ur ~hargr. h~ I.rnd~r .h~ll not he :i ~~.u~'er ~+f 1 cnder'e ri~hi t~~ a:cclrratc ~hr maturit~~ ~~f th~ indrhicdnr~, ~~_~rcrd h~ thi. ~1~lneaLr. 12. Remediec ('umulali~•e. :111 remei!ic~ ~,-~~~i.lyd in thi, ~t~~rteac~ arr .ii.tin,t an~l u~mulati~~e to .~m~ ~~thri rieht nr rCtne~l~' tindCf Ihi< ~1~~n~_.~c~ rr atT~,rJr.1 l~~ 1:~« ,+r ryuit~. .~n.l m.~ti he e~erri~r.1 c~~ncutrrml~. ituir{xnJ~mh ~~r ,u~ce.ci~•cl~~. 13. Sucreswrs and :~.siKnc Bound: Join~ and tie~cr~l I.iabilitc: ('aptiom. l~hr ra.~nant~ anJ :ic~rrm~nt. hcrein ~~~nt:unr.i ~h:~ll hin.i. .~nd thr rieht. hrrr~~ndcr ~h;~ll ~n~ir~ t.~. ~h~ .rt.F~i~ti~~ ~~t:.•~.~~~rti an~ a»ignc ~~f 1 ~n~ier .~nJ B~,rro~.cr. .uhj~ct to th~ pr.~~i~i.~m ~~f {i:~r,~gr.~ph 17 h~rc~~l. r\U .:~~~rn:~nt. :tin~l :~crr~mrnl. ~~f Bc~rr~~«rr ;h:~ll hc ~<~int :~nd ~cvcral. "Th: c.~~~ti~,n: ,,n~i hiaii:n~~ th~ par:~~r.~~h~ thi~ ~t~~rti.,_~. arc f~~r c~~nv~ni:ni~ ~,nlc an~t are nrI t~~ hr ucrd to intrr;rres ~~r dcfinc ttic pr~~~i.ic~n. herei~l. 14. \otice. F~rcnt f.~r am• noti,c rcyiiired ur~hr ap~lirahlr la•.+ t~~ hc ci~'r~i :n :+nuthcr manncr. (a1 .im• noticc to B~~r~~~~~~r pn~.id~d f~~i in thi. ~1c~rtga~c ~h.ill FH: ~;i~~ii hc m:ulinL .u:h n~~ticr h~ rcni~c~ m:~il :~ddrr,~rcl t~~ R~~rm~~cr at Ch~ Pr.,~xrt~ 1ddr~.. .~r :H w~:h ~,thrr .~.1dr~~~ ac &~rr.•~+~r m.i~. d~••~•'n:+tr fit muiir t~~ I cn~kr :ts ~rr~•i.tr~ hrrcin. and Ih~ :im n~~ti~~~ t~~ f cn.tcr ,h:~ll h.• ~~ccn hc ~rr~ific~l m:ul. rrturn rrr.~, t rrqn~,t~.i. t~, I cn.i~r'. ad,lrrce stated hcrcin c.r to wrh ~~th~r addm« L~ndrr m.~< <t~cien:~tc h~ n~~ts~c n~ Brrn,.~rr as ~,n,~~dc~l 'irrc~n ~m~ n~,ti:. ~r,,~•idc,l for in this ~lortgagc sh.ill h~ tle~mid t., ha~e hren ei~rn 1~~ Bc,rr,,~~~r ~~r ! rnclrt ~~fi~n ~_i~rn in thr m:+nner iie.ien:~t~d h~rein. 15. i'niform ~tort~kc: Go~rrnin~ t.aw: Sc~cr•rbilit~. ~('ri~. tr~rn ~•f mc,ne:+ec ~c~mhinr~ ~inif~~rm c~•een:~nt. G~r nati~nal !I~C :lill) IH~q'lltll:~lffli :1~~ •Il:llll~ ~~ith limit~.~ ~'.IflJ11~`f1~ h\ ~:III~~~li~li~f1 1~~ i~~12~~IlUll' 8 Itl11fAf111 ~r~nritc ine~rumr,~?t r~~vcring ' real proExrl~•. ~~hi~ ~1or cc ~h:~ll F.~ c.~r•crned h~ thc f.~~~ .~f thr ~un~.li;n~,n iti ~~hic!~ thc Pmpcrt?.~~ l~~atcd. In the ; event th.it am rn~~•ivrn u lau.c ~+f thic ~ic,n~•.~cr ~~r ihr ~,~tr :~~nili~t. ~~ith :~~nli:.~hk law. .n:h tiinflict ~hal) n~t afTCCt uther ~+r•~~!;i~~n~ .~f Ihi. !~1~,rtta_c ~~r th~ ~~h~~h :.~n hc ~i~in ~ITr,t ti~i±h~,~i1 Ihc ii~rot?irtinz ~m~•i.i~~n. ~nci^to this cnd thc pnnni„nti ~,f thr \lrrte.?te and thr \~q~ .,rc .tr~l.~rrd t~~ hc ,r~•craMc. j ~ - 16. Bormwcr's ('~~p}. Borr~n~cr ,h:~il h~ furr.~.he~l .,~nf~~rmed :,~c~~- ~,f t?~t \~~tr .~n~i ~~f thi. ~t~~rteae~ at lhe, time I~ Uf C\C~IttlO(1 Of :~ll~f [Y~i~f(~d11Uh ~l~[~t~~. • - ' 17. Tramfer uf Ihe Propert~: .1ti+umplio~~. I} all ~~r ;~m t~.+.t ~~f the Pn~~rtr c~r an inter~tt therein ic .~,ld or trancferred E h~ 13orr~~~?~r Hith,~~n I.rndrr'. rri.~r ~~rinrn ~t~n.<<it. r~.'.~.fin~ thr :rr:~ti~,n nf a lir« ~•r cncumhr:if7~C suhc~r.linate to ~ th~. ~1~~rt~:te Ih) ihc ~rcati~~n ~~f nttr~ha.L m~~n~. .r~~,ri+~ ~ntcr~,t f~~r h„u.eh„~~I ap~li:inic.. (r? a tran~icr h~~ devise. ~ de.rrnt ~~r h~• r~xr.~U~n .~f I:r., u~~,n tht J~ash i,~~~•r t~n:mt ~~r i.ti ~hc Lrc~n! „f :~m tra,rh~•td.int~rest ~•f threr crare i~r lcct ~ nut ~ontainine an r~ti.~n tc• rnr:h:~.~. 1 rn~lrr m.i~. :~t 1 rnclrr'~ ~~~,ti.~n. J«I.~rc :ill thr tium. urured h~ this ~1i~rtgaee t~ be ~ imm~~liatcl~ duc and ~.~~:~hlr. 1~n~l~r .ti.~ll h:,~~ ~~:n~~.1 ~u:h ,~F,ti~,r a~.rlrr.~te if. pri~•r t.• the .ale rr transfer. Lender f an.i Ihe Fxr.on t<~ ~sh~~m thr Pr~~rrrn i. t~~ he ~.~I:! .~r tr~n~(rrr..1 rr:ich .ikr~rmrnt in ~~ritinc th:~t thc cre~iit ~~f such pcrson i ic sati~fari~~n tc~ LenJ~r .~nd that thr inlrrr.t r:~tahlc «n th~ .~im. ,~•~ured h~• thi. \1~,rt:ake ~h:~ll F+e at ~nrh rate ac I.ender ~ ~h.~ll reyucst_ If I~n~l~r h~~ wai~•e.f thc i~Fti,,n t,, a~~~!~r.~r~ rr~~~idi_J i~t thi~ p.~r:is:raph 17. :~nd if B+~rro~•cr'~ successor in s imcrc~t ha~ cxecWc~ a urinrn astomptu~n a~rrrmcnt a:c.~~~cd in ..nung M~ I cn~lrr. 1 rnder shall relca,e Rorro~.er from all _ ~ ~~bligatiom un~tcr Ihic \i~rtgagc and thc 'v~~tr. ~ If I enJer ~~erriti~: ,urh ~~pli~,n 1~~ ac~el~r~tr. I rnJrr .h:~ll mail Bi•rrc?~~~r n~~tirr ~•f arrelerati~~n in arcordance w~ith ~ paragra~h 1-i h~re<~f. Such noucr tihall rr~~vidr ~c~ir~t ~~f rn~t I«. Ihan ~Il .i;~~~~ frnm the date the noti~e it mailed w~ithin y ~shich B~~rn,"rr ma~• ra~ thc ~um~ dc~l.~rc.! dic~ It Bt~n~~t.cr t.ul. t.~ .u~h .+im. prirr tc. thc c~{~ira~i~~n ~+f .uch pcriod. ~ I cnJcr m:i~~. ~.ith~~ut furiher n~~ii~r ~~r .lrm:ind ~~n li~~rn~.~rr. ~n<<~t,r :irn rrmcdics ~.crmittc:l h~• raracra{+h I!t hcreof_ ~ No~-Uti~tox~~ ('ovF~?v-rs. B~rrow~r and I.cndcr fiirthcr c~~~•cnant :~nd a¢rec as foll~~ws- 18. Acceleratinn: Remedies. Fxcept a~ pro.ided in parakraph 17 hereof, upon Borrower's breach of any~ cos•enant or : a~;reement of Borrow•er in this ~1ortRake, includin~: the co.enant~ to pa~ when due am~ sums secured b}• this Mort~a~e, i.ender ; prior lo acceleralion shall mail notice to Borrower as pro.ided in para~;raph 14 he~eof ~pecii~in~: (1) the breach; (2) the action t required to cure such breach; (3) a date, not lecs than 30 da~~+ fmm the date the notice ic mailed to Borrower, by which such ~ brcach mus! be cored: and (4) that failure to cure such breach on or before the date specified in ihe notice may result in ~ acceleration of the sums secured by Ihi~ ~1ort~a~e, foreclo+ure b}• judicial proceedin~ and sale of the Pmperty. 71~e nMice ' shall further inform Borrower of the ri~;ht to reinstate atler acceter~tiun and the ri~ht to acseH in the forcclosure proceeding ; the non-exislence of a default or am• othrr defencc of Rorro..•er to acceleration and foredosure. If the breach is not cured on or before the d~~e cpecified in the notice. I.ender at I.ende~'c option ma~ declare all of the sums ucured by thic MortRaRe fo be ' immediately due and pa~able w~ilhout furlher demand and ma} forecl~se this ~tortQa~e b~• judicial proceedinR. I,ender shall be entitled to collect in such proceedin~ all expencec of fnreclo~ure, inrtudin~, but not limited to. ns~u~nable attornty's fees. ~ and costs of documentan• e~~idence. abstrarts and IiNe reportc. ' /9. Borro~vers RiRhl to Reinst~te. `c~twith~tandine Lcn.ler'. at.cler.di~~n i,f the sums ~ecured by this Mortgage. ~ Borrower shall have !he right to have am procecdin~~ hceun h~ Lrnder t~ enfarce this -1lortgage discontinued at anY time ~ ~ ~ r ~ r F71G~ i~ ~ E- ~ ~~3 ~ ~ r - ~ ~ . ~ _ . . _