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HomeMy WebLinkAbout0044 • 1 rn,t:i'. ~.nitri~ .~~;i~r~ncnt ~~r .y~~~h..~hl~ 1.,~~ I?.vn~«rr ~h.~N p.~~ ;hr .ini,~uru uf .tll rrt~~rt~;arr ir~.u?.u~.r ~~rr~ni~mi, i~~ ~b~ ' ~tr:~t~r~.. ~.r.~~.ilrJ i~rnlr~ =~.~t.~itaph hrrc~~l '~~~t .~::i.~:::ih ~~.~~+Iii~t'~~ h1 ~ l'IIt~Ct (~U~.~t.~11t ~i~ r~~1. ~~,~1.~~'t.~~~!~ ~ \\,1f1 lfllift'~t I~tl`fi~al~. l~l:~~~ Elt'C~~I11C :Il~l~~fl~~ll:l~ Itli!C~1'C~~tIC•. Ii~~tl~~\\it ~l'~U~C.~ h\ lt:~~ ~~~~1t~,11:~' ~~•1~~'•. ~~~~~:.••,~.it .~tt~~ ~ 1'It.~~'1 .~!R'~• t~~ ~~t~1C! tl'flll? ~~1 ~t:lYllll`III. ~Ili~l :~n;,~iuit..l,.~~:' hr ~~,~~:~hir u~~.~i n~~!i.r (r~~nt i ri~ l.i 1„ R~~rr,,~.:i rc~tiir,tinc i~.~~n~.•t~t thrr_~~t a~~d .h;~l1 Ik•:u inirta,l fr~~~n ih~ ~l.~!a' ~+t .~1.1•:i~~~'ry;i•n! ;N ttu• ~:~fi• ~.~1'.~~~~r J?~vn t1I11~• 1~~ UI11C ~+~1 ~~i~l.t.~ndinc ~i~t1~~~~:11 ut~l~~~ Ih~ \~~ll` UI1~C~. (1~\'OlCf1l Of int~i~•.t .~t ~~z:h r.:tc •.~~•ui:l tk• ..~mr:~t~ t,~ :~i~y~li:1M~ ~a~~. in ~~hi.h c~tin~ ~urh :mtnsinl~ ,h:iU h~:~r inlc«~I ;~t thc highc~t r:de ~+.rnii;cihlr un~lrr :~~,~li:.~hlr~l:~~. !~,~thin~ rrnr.iincd in thi. p:,r.~tr.~{~h 7.hall rryuir~ 1 rndrr t~~ ~n~ur am• rr~xncc ~r takc .r~~ :~,~i~~i~ hr~rundrr. 8. In.p~clion. 1 rn~l~•r ~u-~~ m.~l,r :~r c.i~i.~ t~. Fx mad~ rra~onahlr rn~ri~. uP~,n .~nc1 ~n.~x•:t„~n. ~~t thr Pm{.~rh•. pmriJcJ !hal 1:ndcr .Ir.~l~ cv~r R~~nu~~r n~•t~~. pri~~r ~~;~~t~ u~h im ktiti~~i~ yx•~itying rr:~ti~.ztablc rau.~ thcrcG•r irlatrJ t.~ 1 rnd~r'c . ~ ~ t i ~ ~ , .9. ('andcmnalion. Thr E~r~+r~cd. ~~f :~n~ a~a:~rd c~~ c•laim f~a .la?na~cc. ~lin•c~ rr r~~n.ryurntial. in ci~nnccli~~n with am~ :onJ~mn:di.~n ar uthrr takin~ ~.f ~h~ Proprrry. u~ pan thcrc~~f. ~r f~?F c~~wvr~~ancc in liru ol ~~,ndemnatiuti, arr h~rch~• a~cigncd an~l .hall tti p:~id k• Lrndcr. In ~hc r~•rnt ~f a trtal ~:~lin~ ~hc Pro~xrly. Ihc pr~xc~ds .hatl fic :~~~~~~,i t~~ thc ~~im~ cr~urcd bt• thi. ~1~~rtg:eRc. Kith thr r~ct~c, if ;~a)•. p.~id f~+ Ri~rr~~u~cr In ttit c~•ent i~f a parliat tal,mt ,~f thi Prt?ncn~. unl~.~ Rt~ff~~Nl`f and l.tndcr ~~thcrHi.e a~r~c in writing. thctc .hati iu Ji~~{i~~I TO thc ~t~m~ ~rr::n.! hE ~hi. M~~n~raec .u~h ~ropc~rti~•n ~hc pi~•~cccls ac ~yii.~l t~~ Ihal pn,~x~rtiun ~~h~~h th~ :~mri~nt the cumti .rciucd h~ ~hi+ ~t,~rt~!:ic~ immrdi:~telv {•n~~r t~~ Ih. dale nf taking t+rar. ~o thc fair market valur ~.f Ihc Pro~x rty ~mmc~iiatcl~~ ~n~~r tc• thc ~I:~tr ~~f ~akint. «i;h ~hr hal;en~c ~t Ihc pmcccd~ n:iid t~~ S~rrou•c~. If thc Pmpcrty ie ahandc.n~.l ht Rurro~~~rr. ~~r i(. aflrr n~,ticc h~~ 1 rndcr to B~~rr~~~~•rr that tfic rondcmn~~r ~.fTcrc t~ make :~n .:ward ~~r .ctNe a'~laim t~~r Jam.,RC.. R~~rrowrr f:uh ~u rr,{+~~n~l ti+ I rndrr ~~ith~n z(1 da~. aflcr thr Jatc wch nuticr ic - m:~iled, Lender i. ;~iithorirrd r~~llr~~ and appl~• the pr~xr:~ic. ;~t f en~trrL ~~4uic~n. rithrr tc. re.toratiun ~.r rcpair nf the Pro~x•n± ~~r ~c~ ~hc ~um. ,,:urcd h~ Ihic ~Mrtra~~c. i3nlcs~ I cn~kr :~ud i3~irr~~~~rr rttirr.~i.r acrcc in ~~ritim• :~m .u,h .yy,ll:.~ti~~n ~~f pr~.,ccd. t~~ ~rin:ip.il .hall n~,~ ~~tcnd ;~r ~..Ipunc th~ duc J:~IC uf ~hr nu•ntl~l~ in.1a11mrnt. r~frrrrd rt~ in ~.:ir:~er;~~~h~ I,,n.i ~ hrre,~f ~hanLr 1hr am;u~nt ~f Y,~.h inctaUmcnlc. 10. f3orrn+Fer'\ol Relca.cd. 1{~tcn,~on ~f ~hc timc f~~r ~~.~.nicnt c,r ms~clifi~a~i~~n „f :~m~~rlizatiun ot thc ~iim. ~r~urrd hr !h~. ~!c~n~~~er urantcd h~~ 1~n~lci t,• am~ .u~cc.«•r in in~rrr.t .~C R~>>rc~.~~r ~h:ill ,u~t ~prralr t~ rclcacr. in am• mannc~. if1C ~l:I~ll~ll\~ l~: lf1C O(I~Illa~ ~~`ff(i".~f :ItlO ~tKMNYI'~? \U~l'l'~~~N~ :I~ IOII'fl~l. ~ CI1~~Cf ~hall n.~t hl` ('C1111tft'~~ f~~ r~~mmrncc pro:ecdin~;. againct ~uch wc.•c~i~+r ~~r rcfuk t~, cctcncl tim~ !nr pa~nirnt ~,r ~thrn,i.~ mndifv ams,rti~aiica~ ~•f thc cums u.•und h~ tfii~ M~~nea,•r h~ n•ac~~n am dcman.t madr M thr ~,rie~~i:~l Rurr~,~~•cr :~nct linrr~nver't wccr~~„r. in intcrcct. I1. Futbca~ancc by I.endcr \ut a Rai~cr. •\i~} f~~rhra~anc~• h~ I rr.~kr in r~crci~in~, ;~m~ right ~~r r~m~d~• hrrrun~lcr. ~~r ~~!h;rwi.r :dTurdcJ h~• applicaMc 1:~~~•. ,h.~ll n~,t Ik :i ~~•.ii~~r :~f ~~r prcctudc thc r~rrri~. ~~f anr ~~ich rieht „r rrmedt• l h~ procurem~nt af imuranrr u~ thc ~~~~•mcr,t ~~f tatr. ~~r u~hrr licr~~ ~~r ~har~r~ f~~• l.cndrr ~hall not Fx a~+:u~•~r ~•f 1 cn~lcr's ri~hl t~~ :~c,zlir.~ti lhr maturet~• ~.f thc ind~htrdn:.~ .~:!irr~t h~ thi. ~t~~rti:?~c- 12. Remedics ('umulaN~•e. All rcmc~iiis pr~~~~d~d ~n Ihi. \tort~±agr arr ~li,tinrt anJ cur.~ulati~•c t~ :isi~ .~thcr ri~lit ~.r rcmc~i~•iiredcr thi. 11~~r1!•:~ti~ nr atTrrdr~l i•~ la~~ ryuit~. ::nJ r.~:s~ ix• .~cr~i~:if--,~~~ciur~•ntJc. inelc~nelcnNe ~,r ~e~::c•.i~~rlt 13. Succ•e~a~rs and 1~~i~nc Br~und: .loinl and tie~cra) l.iabilih: ('aptiou~. 7~hr cu~•rnants :u~d acrc~mrnt~ hrrein .:~nt~~n~~l ~hall i~ind :~n~i Ihr ri~ht~ hrrrundcr ~h;~ll ~nnr~ Ic•. th~ rr~{•~rti~e ~~~~rr..rr~ :~nt{ a~~iQn: ~~f 1 cn~lrr :~nd B~~rmKC~_ .uhj~~1 t~~ th~ ~~r~~ei~ir.m para~r.~~h 17 hcrri,f_ ~\II :u~~cn:~n~, :~:~.i :~grccmrni. B~~~ru.~cr ~h:ill F+c j,,int :ind ~c~cr:?1. ' (li: :aptirn. an.1 i~c:?~i:n~_. ihe ~~~t.~~r:~rh•. ~~t 1l~i~ ~1url~aLC :~rr f~~r r~~m'~nirncr ~~nit :~n~i are ~n~i h~ !k' ~;:~.i i~i ;!ifc+~trt ~~t llcfit~e• thr (~r~»itlrn~ h~t~~~f. 14. \oticc. E~rc~t t,~r am• nuticc r~.luir~d unckr :ii~~•?i:ah+t I:~~~ ta+ t+c ui~•c•r, in :~nnth~r manncr. 1a1 :~nt• nulicc tt, 13~~rr~~wrr ~r~,.iJrJ f~,r ~r thi. ~1~~rt~:~~c tihall he ~i~•i•~~ h~ Rl:~:iin.• .u.l; :n~~~c~ '~t :~rhfi~-d meil aJdrr,~~~t t~~ Ri~rr~n~rr al ti~~ Pro~m• r1~_tdre~. rr .u~h ,~thcr aJdr~.. a~ B~~rr~,«rr m:~~ c~r~~~zn:i!r ht n.,ri~c I~~~r.icr .~c pr~~viJrd hrr~in :~n~! Ih? :+r+~ p,~~~ic I~n~~rr ,h:~ll ht ~~~.rn h?• crrt~tirJ nt:iil. rrtiim rc•~iiF~t r~ytc_•~t:~{. t~~ 1 ~n~ier, ad~lt~~~ st:it~J herci~i ~r to ~uch ~~tlirr :id~'r~ti. .i~ 1~nJe~ m:~~ dr.ignat~ h~ n.~~icc g~,rr~,~:cr :i~ ~,rc.ei~lr.l hrr~:n. .1m• _n.•tic~ pr~~~~id~J f~~r in thic ~1~+rtgagr tih.~ll tx dr~m~•_! h.~~ - hcrn i~~~n t.~ ii~~rn~~~~r ~,c 1 rndrr ~.h~n t~~r~i i,i th~ m:.nncr .Tc.i~naf~d hcrein. It• 1'nifurm ~lort~a~!c: Gu~crnink I aK: Sr~cr,~bilif~. 1 F.:• i,~rrti ur nt~~rtc:~ec ;~~mherir~ ~inif~~rt:~ ~i»~cn:int+ f~~r n:~ti~~nal ii+r .~n~i n~ n-uni:„~iu i~~~in;~n~- ~~iih imiil~J ~en:~ii~~r• f.~ ~u~,._L•:1i.~~ In :~•n.lili~t~ a ur.~f~~rm ~ccurit~~ imlrumriit r~~enng real prr~r~~. ~Ihi~ ~1i~n!,aL. .h.~ll tx c~•scrncd h~ thi I:i~~ rf th~ iuri.Jicln~n i• ~?hirh th~ Pro~xrt~• i. I~katcd. In the ~r~nt Ih.~! .~m ~irc~~•it~~~t~ ~,r .I:ui.c ~~f thi~ \Ii~its::~L_ ,~r ?lir ~,~te .~~nt~i~t. ~~ith :~p~lii:~f~~c la~~. ;ti~h conflii[ ~h:~l! n~~t :~(Tcct .~;hrr pn~t~~i~m~ ~~f th;. ~1c~rti:i~c :~r thr ulzr~h :.~n f>c e~~rt~ ct1r~~ i~i±h~~tit !hc i~~n;~i:lin;.~ ~r,~~'itii~~n. and tc~ lhic ~ni) Ii~c ~~r~rti,i~m~.~f 'h_• ~1~~rf!,:r~~ ar~d th~ \„tr :lr~ ~ir:L~tcd r~~ hr ~rtCr:~h4 16. Borm~ccr's ('up~. B.~rm~~~r .hall hr fiirre~.hr,i ~~•!~t~~zmr~ ~~t t'~r \,~t~• :rn~f Ihi. ~1~~rt~~:iLr al thc timC .~f c~e~ntiun ~.r :i;tcr rr.~,~Jation hrrc~,f. . _ i7. Trandrr of fhe Pr~~pert~; ~~tiumptiun. !i .~li ~~r ,r.~~ ~.~rt ~~t the Pru~+rrtt ~v .~n imerc~~ thrrcin i~ .~•ld ~~r tran~ferred h~ Borrrwrt ~~uhr•u! Ixndrr'~ priur ~~ritt~•~~ :um~~it. r~.lu~iei?~ i.,~ thr rr~ati~•,r rt a!i~s• ~~r cncnmhr•uicr .uhonlinatc ta thi. \L~r~,::~r. Ih~ thc crc:~t~c~:~ „f ~;~rcha.r mc,m~~ .c:iisit~ ~n!~rr.r t,•r h~a;,rh~~1J a~~li.~n:~:. (cl .i tramfer he dc~•isc. dc,~~:n• ur h~ .~r~r.iti~.n nf 1,~~~ uF,~~n thr ~I~ath rt i.,~nt trn:~m ~~r :.i~ thr cr:?nt nf ~~m Ir:i~~te~dd int~r~st af tMr« <•~c~n ~~r tc~e nrr :c,nt:~inin~ arr c~pti~.r~ t~• ~•iir~h:~.r. I crf~l~r in:~~. :~t I rndrr'. „~,ti~,n. dr:l.~rc all thr ~um. ~c:urcd h~ thi~ ~lartgagc tc. hc :mm~ili:drh dur :~nd p~~•:~hlr. 1 rndr.* ,h:~l1 h.~~~ ..:,~.t~t ~~c:h ~~~U~m ~r• :~~rclcr.~i, if. rrii~r t~~ thr .alc ~•r trancfcr. L~n~lCr :~n~i thc {kn~~n t~. whrr.~ th~ Pn~prrtc i. t.~ F+r .i,1~1 rr tr.~;~~f~rrc~ n:i:h :~grrrntr~t in Hriti~~g th:~t th~ cr«lit ~~f such ~xrson ic c:,ti.tart~~n t~~ f.cn~ic~ :ind th.~~ thr intcrr.~ ~a~ahir ~~n thr .•im. tircured ht thi. ~1~rtti:~~c ~ha11 I•c at ~+~.•h rate ac t.cndcr ~hal! rey+ic•,t. If I cnJcr h:n w•airrd thc ~~(~ti~~:i si+ ar~~lcr.~tr pr~•~~idrJ in this p.~r.iLraph 1i. and if Borrowcr's +uccessor in intcrc,t h~. csecuted ~critir~ as~ump~ion ;~errrmrnt ac~ri•tcd in ~+rito~~~ h}~ Lrn.tcr. I.cnder ,hall relca~e B~~rrrn+•er from all ~~Migation~ umler thi. ~t~~rtg.~cc and thr'.`t~tc. If I ~nd~r e~erii~e~ .ueh ~,~tH~n t~~ ac.el~r.,te. 1 rn~lrr .iiail niai! B~•rr«:srr n~~tice ~~1 :ic~eteratie~n in :~ic~,rdan~~ u~eth par:~graph !J hrrc~,(. S~~ch nutic~ .h:~ll ~~ruvi~l~• a~,rri~,~! ~~l' n.v Irs, thaiti iO Jac~ fr~~m thc datc Ihc noticc i~ m:~ilcd within «hirh B~.rr~~uer ma~~ p:,~ It~e sum, declarcJ due If Brrn,~.+~r i.~il~ i~~ pa~• ~uch ~inns pri~•r tr the r~piratii~n ~~f .uch pericxl. Len.lcr m:~~•. uith~~ut furthcr nuticc ~~r ~irmand ~,n Ii„rnn~rr. ~n~~.1~c :im r~mcdi~t ~.ermiue:i hc pa~agraph IS hereof. ~ov-i'ti~rox~~ Co~t v~vTS. B~rruwer and I cmler furthcr co~enant ind a~ree ac foll~~ws: 18. Acceler~tion; Remedies. Frcept ac pm~ided in para~r~ph 17 hereof. upon BorroN~er's breach of an~ co~•enanf or agreement of Borro~cer in thic ~toriRa~;e. includin~ Ihe co~enants t~~ pa~ when due am~ sums secured hy this ~torlRage~ Lendtr prior to accNerati~m~sMl~m~il n~tice to Bormwer ac pro~•ided in para~r~pl~ 14 herenf specifyin~: (1) Ihe breacb; (2) the action rrquired to cure such breach: (3) a date. n~t less tban ;0 da}~~ from the dale the notice is mailed fo Borrower, by~ .+hich such breach must be cured: and (4) that failure lo cure sach breach on or before the date specified in the notice may result in acceleration of the sums secured b~~ Ihis ~tortRa~e, foreclo~ure by judirial pmceedin~ and salt of fhe Property. The notice shatl further inf~rm Borrower of the ri~ht fn reintt~te after acceleratiun and 1he riRht lo asse~t in Ihe foreclosure proceeding the non-existence of a default ~r any olher defe~e ~~f Burrawer lo acceleration and foreclosure. If the breach is nof cured on or before the date specified in the natice, Ixnder at [.ender s option ma~ declare all oi the sums secured b}~ thic 11ort~a~e to 6e immediatel~ due and payable without turther demand and ma} foreclose this SiortKa~e by judiciai proeeedinR. [.ender shall be entilted to cotlect in wch proceedin~ all expenses of foreclosure, includinR, but twt limifed to. reason~ble attorney's fees. and costs of documenlan• e~•idence. alntractc and title reports. l9. Bormwer's Ri~hl to Reinst~te. Nc~twithstandin~ Lrnd~r'. accelerat~i~n of the wm< <ecured by thic M~rtgage, Borrower shall have ~he right to have an~~ prc~:.cedi~¢, txgun h~ Lender to enforce ihis ~1~rtgage discnntinueJ at any time ~~~V~. f!iu~ ~ 44