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HomeMy WebLinkAbout0785 1 rmlrr'. ~~nurn a~:~~c:nc:~~ ~~r :~ppli:.~Mc t:~~~. Ii.~rt~~N~r ~haN {~a} th~ a~tt~~eim ;.r ~n.ur.~n:~ nr~mium, ~n thr ~n.~nn~r ;'r.~~ulr.l uculri {~:~ra,.;r:~~~h ' hrrrof ' .1n~ :u~u,u~~h ~I.h~~r~e.l h) 1 rn.lr~ ~au,~~.uit t~. t!u. ~•.~~•~::~.,~~h ~~~!h ~nt~rc~t th~r~.~n. ~hall tx~~~m~ :tdtlitioi~al ~n.i~h~c~lrir.. ~~i Ii~~rr.n~~r urur~.) ht ih~. \1~xle.~r l n~~~. R~~rr~~~~ci :~n~l 1: n.1~r .~irrr I~~ oth~r t~rm~ rf ~+a~•ntcn~. ~urh ,~nu~unt..t~.dl h: ti~.~~ahlr u{w,n n.~t:;r ir+~r:t t rtui~~ R.~rn~~~rr r~.~~~~.Hr:~r p.~~rm•,it th;r.•rf. an~l ~hail hca~ int.•r.ct frc.m thc ,i.~tr ~•f .fi.hnr.rmrnt at thc r.nr p.~~;~hl~~ f:~~m t;m~ tt. t:mc rn ~~u~~t.~~u+.ine ~r~n~ipal undcr thc N~~tc unlc:~ payment of ~r~icrr.~ al ~u.h rat: ~.~~ul~l i.r:,~mran t.~ .irpi~:abl~ 1.~.~. in ~~hi:h ~~rnt ~urh am~~imt~ ~h:ill hcar intcrc~l a1'thc highe~t ratc ti~crniissiMc undrr ap{~li~ablr la~.~ ^~•thin~ ~.ai~aincd in thic p:irakraph 7.hal) reyi~~r~ 1 ~ndcr ~o incur ani• c~pcntic or take .,nt• :~:t~~~n hcrcundcr. ' 8. lmpecfian. 1 cn.lrr ma~ n~al~r ~~r .:~u,c to M madc rc:~.~~naht< <mric: u~~~n and im~xcti~•m c,f thc Pr~~}xrty, pmvi~led ih:~t 1~iidcr ~hal! ~iv~ Borr.~~~cr n~~ti:r pri:~r tu am• .uch i~n~~tc~i~,i~ ~~•~ifyink r~asonablc ~ ll~rcf~r rsletec#,ti~ iAndcr's i . , ~ ~ntrrc•t in ~hr Pru~xrt}•. y. Condemnation. Thc ~r~~c~d~ of ~ny' au:~rd or rla~m f~~r ~L•~m:~~cs. dir~ti~ ~u c~,n.cqucntial, in ronn«)io~_v?'iui any :undrmn:~te.?~t or ~;hcr taking ~~f thc Pn•pcrty. ~~r pan thcre~~f, ar for r~•nvc~ancc in liru of .~ndcmnation, arc hcrcb~• ascigncd an~l <hall hc paid t.~ l.cndcr. . ln ~h~ e~~ent af a t~•tal ~akinr ,•r ~h~ r~~~~~.~_ ~h~ pr~~ee.ls chatl he :~nplie~! t.. the a+mc se~;ured b~ thic ~?lortgage_ ~ith the r~cccc. if an~•, p.i;.l ~r B~~rruw•er. ln the e~~ent ~~f a particil takinc ~.f th~ Propert~•. onle~c f3~rrower and I.ender ~~therwi.c agrcc in ~+•ri:in~. thrrc shall he appiicd to the ~um~ .~currd h~ tlii. \~i.rts:a~c ~u~h ~~m{x~rtion c~( the prcx:eeds .~c i~ cqu.~l to that prr~~rtic,n whi~h th~• amc~unt thc sumc .~:urcJ by thic \lu~tea~c immrdiatct~• pri~~r tu thr datc of i taking h~arc to thc fair markct v11uc ~~f ~hc Pr.~~x:rt} immcdiatel~• nri~~r ~o thc ~larc of t:~kin,•. ~~ith ~hc halanrr ~f thc pn~crds ~aid t~, Borm~~~cr. lf !he Property i~ :~hand~ned h~~ Borrrnecr. or if. afR:r nati,c f.}• Lendcr t~. Rorr~.N•cr tha! the condemnar offers to make :,n aw•ard ar ~etUe a claim t~•r dam:iir~. BarroW.r f~i!. ?:.~w.r•d tr 1 enJr~ ~rithin ~:i~', after the d:~te ,it.h n.~tice ic mailcd. t.rnder ic authorind to rnllec~ and ~p~t~~ thc prcwrcd~. at Lcn:lcr', opti~n. rithcr to r:ctoration e•r rcpair ~~f ihe - Pro~xrt~ rr to the cum~ ~c:u•ed hr ~hi~ Tlorte~ec. t'nl~s~ l.cndcr ancl B~~rr~~~~•~r rthcnci.~ agr« in ~~ritim,, am~ •~::h .?p}~lir:~ti~•n ~~f pnw~ccdc t~~ ~rin:iral .ha!1 ni,t c~tcnd ~~r Ex•.tpc•nr thc duc .1.?tr .~i th. mrathl~• inctallmrnu refcrr.d tu i:, ~,.,ra~r:~pF?~ t;u~d ? hcrc~~f ..r rh:~nce thc a~~auns ~i `uch inctallmentc. - i0. Borro~~er Nof Relea+ed. I:~trncion of the t~n~~ f.+r pa~~m~i:t or m~~dificati~.n c~f ;~murtirati~.~ .~f the .umc cecured by thi~ \i~.rtg_igc grantcd M 1 cnclcr t~~ any ~urccscor in intrrc.t of R~~rro~+cr .hall not o{.~:ra~c to relcasc. in am• mann~r, thc liahilit~~ r~ thc uricinal Rrrr.~~~cr and Rorro~.~rr'< surr~+.~~r: in intrrr.l. 1 cn~icr chall not hc rcy«ired ta~ rnmmencc rroceedingti agrinst wrh tiu:c~..~~r ~r refuk to e~1~nc1 tirne f~~r p~~'mrnt i?r ahen~i<< mo:lify amortization ~~t the cums .~.:urcd hr thi:',lfarteage M• rcawn ~~f am• dcman.l madr h~• th~ rri~i~iaf B~~rro~~•cr .inil R~~rrc.~~•crs succr«~~rc in intcrest. 11. Forbearance by I.ender \ot a~Vaiver. Am~ l~~rlxra~:~n.c h~~ l.rnd. r in r~cr.•icir, an~~ right or rcmed~~ licrr~mdcr. ~.r .•tn~r~•isr atTorded h~• arplicahic L•~~v, .h.ill not l~ ~a ~vai~er i~: ~~r prectudc thc r~crcit~ o; anr .uch rieht ~r mmed~'. T'~r procurcmcnt of incuranc~ or thc ~aymcnt of ta~c. ~~r ~nhrr lic+ic ur char~~e~ M I.cndcr ~h.ill not tx: a~~ai~'rr ~~f 1 cndcr's rieht 1i? arcclrr:~Fc thc niaturit~ nf th~ indcbt~dnc~. k.umd h: thi: ~1~~rttaec. - 12. Remediec Cumulatire. :111 rcmcdiec pn~~idcd in thi. \lo+~eaee arc .lictin:t :~r,~i cumulatire ta :~m• ~,thrr siglit ~r ; r~me~h• ur.der ~hi. 1f;•rt~~ag_• :,r atT.•rded h~• L•~~~ .•r eyuit~. ~nii ma~ i.e c~~rrisr.i cc~ncurrenNr.~inde{kndemh t~r ;u~~r,~i~•ch~. ; 13. Succeszon anei Actii~nc 8ouod: Joint and Sr~cral I.iabilih~: ('aptions. The ro~•enants and aer.•cmcnth herein s :.~~taieei~i ~hall !~in.l. .~nd ~hc richtc herrunder ~haU inure te~, thi rc~p~cti~•e +ucce.~or~ anJ ac~ignt ~~f Lender .ind R~~rro~~~er. .uh}cct t~+ thr pro~i;ior.~ ~,t parc~eraph I' hcrco(_ .~II cuvrnant. an~f :ierr~mcnt. uf Borru~vcr shalt hc I~,int a~:d ~c~•eral. ' 'Tl~~ ::~ption. ae.i hca.~iug. c~f ~hc {~ara~raph: c•f thi, llii~neagc :~rc (.rr a~nrenience ~~n!}• :inil are nrt t~~ hu u~ed to nterpr~[ ~~r definc ~iir ~ro~:~ic~~s~ hcrcnf. 14. '~ntirc. E~ccpt f~~r :~m• noti~c rcyuircd im~irr :~~~rli~ahlr 1:~.~ t.~ h~ gi~•cn in an.~thcr mannM. lal anv noticc to Rr~mw~r pn~~•id~d for in thi~ ~t~rt,aee ~hall hc gi~~n h~ n~ailim_ w.h n~,ticc h: :rn::icd maii adJrc..rd r~~ Rc?rr~•aer at th. Pr..~xrt)~ A~Idre.. ur at .uch othcr a~d~c.~ ac Rrrr.n?~cr ma~ de~~~natr h~ ;i~~ti~r t+, ! cntlcr .?s rr+•~•iJcd hcrein. and lhl ar,~ m•lirr tt~ l.cn~ler ~h::ll hc =i~en M' iCrtifiid m.~~l. r~turn re~~~E~t ny:te.lrc!. t~~ 1 cn~lcr+ addrc~: ~tatr~i hercin ~~r to .i:rh uthcr .~ddre« ati l.r~.ler m:n~ d~cignate b~• noticc t,• B~~rn~•...:r a, pr~~~iJc.l '~cr~i~i. ~m~ n~,ticc pro~•idc.l frr in thiti ~ V~,rtg:~ge sh:~ll Fx dccmed t: ha~~c hccn e+~cn to F3~r;•..?+cr ~,r 1~i~~lrr ~~h~n gi.•c+~ in thr manncr dc.ienatcd h~rcin. ~ 1=. t;niform ~torl~•rKc: ('~~~erninP La~~: Sr~er•rbitih. 7hi~ '~~rm ~~f m.~rtgaec <rmhin~; nnifnrm rc~~•enant~ f~~r national ~ :~.c anJ n~~n-unif~~rm ~.~ti~n::nt, ~~ith limitcci ~•ariali~~n. h~ j~~ri.~iirti~~n i~~ ,~n.tituh a uniforni cc~urit~• imtnnncnt rn~~ering rcal psapcrt)'. ~hi~ \turttia~e shall Ix euvcrned h~ the L~~~ ~~f Ihc luri..ii.u.m in «•hi:h Ihe Pmpcrh~ i~ I~katcd. In the t~~cnt ihat :in~' ~~r~,visi~~n rr rlau~r ~•f thi. \lort~a~r .,r tfir \~.t~ c~~n!L~t. •aitfl ar-~ii.ahlr F.~~~. ;uch conilirt ~?~sll -n~t affect ~~~hcr prr•~i~i~.n~ «f thi. 1lortea~r c~r th. tirt~ •.~hi:h c:~n hr ~~i~~r~ ~Iir~t ~.i!hr:~r thc ~~~n1li;ting pro~i.i~~n. and to this ~nd tt~~ pru~i.i~m. nf ~h~ ~ii~rt!~se~ .lnd Ihe ~nt~~ :~rr .1«Lirrd t~~ t~ ~~~'crahlc. 16. $orrowcrs Cop~. Borr:~~~~r .h:li hc fu;n~.hr.l ~~~ntrrnzr~l ~c.p~- ~,I th; \„lc ancl of lhic ~t~~n~,age at thc time .~f e~ecution ~.r a',[~r r~r.~rJation here.•f. 17. Trancfer of thc Pmpert~: :l~tiumption. If a11 rr :u~~ p:ut ~f th~ Pr~~pcrtr ~r an iNrn~t thcrein ic ~~~ld ~.r trancferred h~• Borruwcr ~~itFv~rt l.cr?d~r'~ ~?rior ~+ritt~n ~~,nc~nt. ~~cli~Jini ~.~1 thc rrrati,~n a lien ~~r rncumhrancr ~uhurdinatc to thi. tit~rt,~:?~r_ Ih? thc rrrat+on ~~f a rur.ha.~ m~~nr~ .e.uri~~ intrrest f~.r hru.~h.•l~f aprli:~n:.c. Ir) a tran~fer M• devise. de~cent or M~ ~~~?~r.~tion ~~f la~~ up.~n the .ie:ith i.~int trnant ~~r !~I~ the e~ant of .~n.~ t~:~cchuld interest c~f thrrc ~~rarc ~~r IcSs . ...:'~:^:n.. - nnli.in fa~ nnr: }1:iiC T L`tl~Cf (111~. :1( ~ l'fl(}tT ~ a}j~11~~fT_ (~l'it-Ifl' :1~~ 1}l~ iUtll~ tiCiUFCd f1\' tF115 '~tortgage ~tl , . . . _ ~ . •=nm~.liatrl~.duc and pz~•ahlr_ ! rnder .hall ha~r ~~ai~c~s ~~r~h rpti~~n t~~ acr~lcratc if. pni~r to thc ~:+ic or iramiri. i.c~~:[~ - : nJ Ihe ~r~on tu ~~hom thr Pr~~prrtc i. t~~ tx .~~l~I rr tr:~~~,ferrrd re:+ch aerc~mrnt in ~~ritinc th:~t iht c~edit of tiuch person i: saticfacton~ t,~'Lendrr :ind that tht inRrr.t pac;:hir the .um~ :rcured h~• thi, ~f.~rts~age ~t~al! be at si?ih rate as i.ender .h:,ll reyu<<t, If 1.enJcr ha~ H~ai~~cd the ~~pti~~n t,~ :~c~~ler.+~r pn»i.1rd in thi~ para~raph l7. and if B~urow~cr's succcssor in in~erect ha. exeeuted a•~~r;drn assumpti~n acr«ntent arcr}~tcd in ~~ritistig b~~ 1_en.lcr. I.~nder ~hal) releace Bc.rrower trom all oblii~tions under this ~1lortgagc and thc `otc. 1( Lender e~ercicr: such ~•ptian tc~ ac~clerarr. 1 cn.l~r .hall m:?ii B~a~r.ti.crr ni.tire ~•f acceleration in acrnrdanre ~cith paragraph I-i hereof. Such nutice ~h:dl pr~.viJr a pcri~~.l :~f nrt les, than 3Q dav. fmm the datc the notice is mailed within ~?hich Bnrru~.er ma~- the ,ums de~~arcd dur. 1( B~~rrr~,er fail~ to pa~ sach ~um. prior tc. the e~pirati~~n ~~f <uch ~x~iod. Lender ma~•. ~~ithoirt further notice ~•r :1~ntand .m R~,rn~~~~r. in~~~l.~ am r~medics ~xrmitte:l b~• paragraph IR hcreof. h`o!~-Utv~FOte~t Cave~,~~TS. $orr~~w.er and 1_ender further rnvenant and agree as folfoa~s: 18. Acceleration; Remedies. Fxcept ac pro~ided in para~raph 17 hereof, upon Borrov+er's breach of an~ co~enant or ! aRreemtnt of Borrower in this ~tort~a~e. includin~ the co~enants to pa~ vrhen due anJ• sums secured 6y fhis ;~tort~sy;e. I.ertder ! prior lo acceleration shall mail notice to Borrower as pro~~ided in paraRrdph i4 hereof specifving: ll) the breach; 12) the action required fo cure surh bre~ch; (3) a date, not l~sc than 30 dat~4 froa~ the ~late the notice is mailed to Borrower. b~~ which sueh ; breach must be cured; 9nd (4) that failure lo cure such bresch on o~ before 16e d~te specified in the notice may result in i aceeleration of the sums secured by this ~tort~age. forcclosure bc judicial proceedin~ and sale of the Propert}•. 'Ii~e notiee ! shall further inform Borrower of the ri~;ht to reinstate afler acceleration and the right to assert in the foreclosure proceeding ; the aon-existenc_ of a default or an}• other defense of Ronoti+er b acceleration and foreclosure. 1f the breacl~ is not cured on ~ or before thr date speci6ed in tbe notice. I.ender a1 Lender's option ma~• declare all of the sums secured by thic ~iort~age to be ~ immediately due and pa~~able without further demand and ma~• foreclose this ~tortR~e b~• judiciat proceeding. Lender shal! ~ be entitled to co11eM in such proceedinR al) eapenses of foreclosure, including, but not limited to. reuonable attorney's fees. ` and costs of documentary e~~idence, abstractc aad title reports. ~ 19. Borrower's Right fo Reinstate. Notwithstanding (_ender': acccleration ot ihe sums secured b} this M~rtgage. Borrower shall have the right to have an~~ procecdings he~un hy Lender to enforce this ,tortgage discontinued at any time F,~, } r ~~U ~;1?:~ ~~J~