HomeMy WebLinkAbout0721 aKrecment ~x aP(~licabl~ IaN•. Burn~wrr ~hall ~?av ~hr amoun~ i~l all monK:~Re ~u~ur.uur ~,rrmium~ in thr mannrr prnrided
unde~ paraRra~~h 2 hrtrnf.
:\uy amounts d~+bu~uY1 bv Lc~~drt ~~ur+uau~ this pua~;~aph 7. Nith intrrr.t tlirrron. .hall I~rcumr a~lditional in•
drbtcYlnru u( Norrowr~ ~ccurcyl by ~hi. ~I~~r~~.~Kr. l'ulrsti R~~rruN•c~ auil lxndrr axtcr tu ~,~hrr tcnn< <?i pa}m~nt. such
ain~~unt~ sl~all I~e ~~a~~ablc u~r?u nuti~r U~»n l.eiuler tu Burruwrr requr~tink ~,a~mr~u thercul. aud .haU I~rar iutrretit from
thc date of ditLurxment a~ thr r.~te ~~.~~ablr (rotn time ~o ti~nc un uut~tandii~k prin~ip:~l uudrr ~he \~~te unlr~, ~?a~ment
iute~r~t at eudi rate ~.~~uld ler ~~~ntrar~ a. ap~?li~able 1:?w. iu M•hi~h e~rnt ~uch arnow~t. +hall lx•:~r iutcrr~t at thr hiRhe.t
r.~tc (K•rmicaiblr undrr ap~ilicablr (aw•. \uthiuK ~uiitaiucd in ihi+ ~~araRr:y,h 7+l?rU cr~{uirr l.cudcr to incur au~• cx~?ensc ur
takc auv rction hereun~ter.
R. Ins~xetion. l.~nder mav make ~?r cau~r to Ik• made reaw,n~ble entri~~ u~x~n and iritipe~tiun. o( the• Pn~perty. E~rrs
~ided ~hat I_ruder +t~aU Rive Rorrnwer i~utiu• ~,rior tu au~ such ii~~~x•rtiun ,peci(}•inK rr:~w,~~able cauu• thrrrf~r related to
I.ender a intrrest in the Pco~trty.
9. (:ondemnation. The ~?«xraiti ot am• arcard nr claim 1nr damaRes, dirat ~r co~~.rquential, in connection with any
cundrmnation or othe~ takinR ot U~c Iho~,crt~•. ~?r pan ~hercuL ~~r tor <onvr~•ancr in liru o( cuudciunati~~ii. a~e herel,y aY
.iKi~ecl ancl ,hall be paid u~ I.euder.
In the event ~~i a total takin~ ~~~f the i'ro~?ert~~. ehe prrrceedc shal) be appliai to thr eumti ~ecured 1»• this ~Iot~RaRe,
w~th the ea:cetiti, i( am•, paid to Borruwer_ lu the e~ent ot a ~,artia! takinR u( the Nru}Krtv, unlcsti A~~~mwrr aud I.ender
~~tl~err.•i+e aRree in M~itinR. ~herc +hall I,e applird tu the ,um. u•~unYl b~ thi. ~i~u~kaKr wch ~~ru~H,rtio~~ ol ~he pr~xeeds
a, ic equal to that pm},or~ion hhieh thr amount u( thr sum. ~rcuretil b~• thie ~lortKa~;r immedia~rlv ~?rir~r tn thr date o!
takinR tira~~ to the [aii market ~alue o( the 1`ro~~ert~ immcdiatel~ ~?rior u~ the date ~?1 takinR, with thr bal:uice the pra
cccd~ paid to BorroMer.
It the Property is at.ancioncd b~• Bormwcr, or if, a[tcr n~~ticc 1,~• l.ender to RorroNCr that ~he condemnor o(ters to
make an aN•ard or ~ettle a ciaim Ior damaRes. RurroH•er failc tu re+~wud [o I.ende~ witt?in 3~~ davs attrr thr date uuh ~iotice
is mailcd. l.eader i~ authorirect t~ collcct and •appl~ the prcxreYl+, at I.cnder'. uption, either to re~toration ur repair ot the
Pro~~ert}• ur to the sum~ ~ecured b~• this \lortRaRe.
l'nlets Lend~r and A~rro~er ~~therwe~e aR~ee in NritinR. a~~y such a~~~,lication proccecls to priucipal shall not extend
~~r ~w.t~nr the due dau of the mouthh• installmrnts refcrTed a~ in paraRr:~phc 1 and Q herco( ~~r chan~c ihe amount o(
.uch in~taUment~.
10. Borrower 1\ot Relea~ect. Exten~ion the time tor pa~mei» or m~fitication of am~rtintion ~i the wmc secureci
b~ thi~ \IortqaKe Rranted b~• l.ender to an~• succc.sor iu intercct Rorn~wrr tih:~ll ~int ~~4xrate tu celca.c. in any manner.
~hr liabilit~- nF thc oriKiual Borruw•cr and AurruNi•r'. .uccc+s~~r~ in intcrc.~. l.cndcr ~hall not br rc•~~uirrd tn commcncc
~~r~xeedinK~ aRaiu.t sucli ~uccrswr ~?r reiu.e to rxtend ~ime tor p:~~ment or ~therh•iu• m~~li(~• amorti~ati~~n tl~r +ums se-
iurc•d bv thi~ ~t~~rt~aR~• b~• reavin u( a~~~• drm:u?d ntad~• b~ the nrit;itti:?1 R~~rr~~Her and R~~tt~~Her'. wcte;uu~ in intcrect.
1 I. F~rtxannce bv 4eoder ~oc a\Yaiver. :~n~ (orhear:u~cr b.• Lendcr in r~en i.iii~ anr rikhc ~r rcmcch• hereunder.
r?r otherwise a!(orded bc applicable law. ~hall n~~t I?e a wai~er ~d ur pre~ludr the e~ereiu• ~,f au~ such ri~{ht .~r rrmed~~. "I~he
procurrmrnt ot in+~rance or the p:~~ment of taxes ~?r other li~•~n nr charKe+ b~ Lendrr ~h.,ll nnt tN~ a H~aicrr uf l.eucler's
riKht tn acceler~te thr maturitv ~~f ~he• i~~drbtrdne~, +ecured I,c thi~ ~I~?rtKa{;e.
12. Remeciies Cumulati~~e. .UI remrdic~ pr~~~ided in thi. ~I~~rty;aKc arc di.tinc~ and cumulati~e a, :u~~ ~,the•r riRht or
rcmr~l~ undcr thit ~1~rtKaqc or affnrdtYl b~ (aN ~?r r~~uitv. aucl mac bc r~rniu•d c~»uutrcn~l~. ind~•zx~n~lr~~d~ .~r .uccr~sicel~•.
13. Successon and A~siRn~ Bouad: J~int and Se~enl L'+al~ilit~: (:ap~ions. ~1'he c~~.cnanis an~t aKreements herein
i~~utainrd tihall bind. and thc riKhtc hcrruudcr .b:+ll inurc to. ~hc rc•,~~ccti~•r .u~c<•+w~rti aud a++iy;n+ uf Lcndcr and Rnrrc~wcr.
subje~t to thc pr~?~isiunc of para~ra~~h 19 hcrcr~L :\tl u~~e~u~~u. aud aJ;reemrntc nf R~?rr~~h-cr ~hall tx• j~~in~ :+nd tic~eral. The
capti~a~. a~~d hradiu~~ oi the paraRraphc of this ~torcRaKe arc t~~r ~~~me~nicn~r nuh a?ul are nut to br u~cd a~ intcrpret or
detine thr procisionc hereof.
la. tiotice. Except tor an~ n~~tice te<~uired uuder applicat,le IaN to f~e Rive~~ in anuther mannc•r. (a) :~n~ untite to
Bort~,v.er pro~ided tor in ~hic ~(~,rtRa~r chall be Ri~•en by mail:nK .uch u~~tice t,~ certified mail :,ddrr.sed tn B~,r~oNCr at
thc Prn~~crt~• .\ddre+s or a[ +uch othcr :~ddrru a~ ROfIONCf m:~~ dc,iK~~a[c b~• u~~ticr t~, Lcnder a~ (,rucidcd hcrcin. aud (b)
am noticc t., I.euder ~hall be Ri.en b~ crrtitied mail, return rrerip~ reyurs~ctil. i~ I.rnd~•r's addrec~ .t:~trd hrrein nr to such
other addres. a. l.ender ma~• deciRnate b~ n~~tice t~ BorroNer 4~rmide~i hereiiti. :~n. i«~eice pr~»idrd (.~t in ~hi. ~t+?r~RaRe
tihall I~e dccmcd tn ha~c Freen xi~~en u, Burr~,r.er or l.ender ~.hr~~ Kicen in the manocr de.iRnated hercin.
15. Uniform ~toret{ap,e: Go~~erninR l.aw: Se~erabilih. "Thi~ turm ~~f m~rtRaRe combiues e~nifurm cncenan[~ for ua-
tioual ucr and u~?n•uni(~rm c~~~rnants with limitrd cari.~ti~~n. h~ juri.clictinn tn ~rni+titutr uniluTiD ~ccuritc inctrament
iu~etinR rral pru}?ertc. ~II~i~ \I~?rt~age ~ha11 Ix~ ~nverned b~• thr lar~• nf thc juriviicti~~n in N-1?ich the Pt~pert~ it I~cated.
~ In thc• e~~cnt that am• ~?rmi.i~,n nr ~lauk• u( thic \Inrt~;aic or tl~c \~~ce «~~~flict. ~.ich apptic:+l,l~• L~~. tiuci~ c~++itlict sl~a{! t~ot
' a(fcct othcr pruciaionc o( thic \I~~rtkaKc ot thr \ute H•hich c:u~ !~c };i~rn rf(cct H•ith~,iu thr ~~~nfli~ti~~~; pn,ci.i~ni. and ro
~ thi~ end ~hr prrn i~ions oi the \Inrt~a~;r and ~hr ~nte :~rc de~ I:~rrd t~~ be ce~crable.
~ 16. BorroMers Copc. Rnrrow•er .haU be (urni~heel a c~m(~rmed cop~~ ~~f the ~.~~c aud .~f zhic \1~~rtKa~e at the time
esecuti.»~ or :~fter recordati~~n here~~f.
17. Transfer of ~he Propert~: Aswimptirni. {i alf ~r an~- p:~rt r~f the Propert~ ur an intrrcct th~~rcin i~_ u~ld or tranc-
ferred b~~ A.~rrr,w•er Mi~h~ut Lendrr'c ~?rinr ~.rinen conseut, ex~ludinK f.~l the creati~~~~ a lien ~r e~+cumbrance ~ut>nrdinatr
~ to thic \t~irt~aRe. /b) thr ereation o( a ~~urcha,e• rn~~ne~ sreuritc interr.t for h~~useh~~ld :ippli.~ucr,. Ie~ trau•(cr b~ <tecece.
~ deucnt ur b~ ~~~~erati~n r?t lah u~~n thc dc:~~h n( a joint tena~~~ ~~t (c[) th~• Rrant of :em Ir:~u•hnld intcrru u( threc ~cars or
Ic~s n~~t u?ntaininQ an option to parcha+c. Lcudi•r m:~~. at I.endcr's ~p~ion. dcclare a? tl~c ~umti ucurc~l thi. \fortRaRc to
I~e immcdiateh• duc and pa~able. Lrnder tihall ha~c ~+~ai~•cd surh ~ipti~u tn :~ccele~ate if. ~~~i~~r t~ thc ~ale ~~r eranttcr. 1_ender
and the ~~eru~n t~ w•h~?m the ProF,ert~~ i, ro he w~ld nr transferrrd reach aKrecment in ~.~~itiu~ that the irrdit r~f tuch person
iti saristactr,r~ t~ Lrnder and that the iut~•re,~ pi.able un thr .ums ~e•cured be ~his \(r,rtR.+y;e ~h:itt br :~t .uch rate as I.ender
~hall rcqtiest. If Lendcr t~a~ N•ai~•rc1 the ~~pti~~n t~ accclerate pr~~cidcd in ihi~ para~raph 1 i. an~t ii R~?rru~~•cr'ti suuctsor i~i
intere~t has execu~ed a~vritten atisum~~tinn :~~;reemem accePtre! i~i~ N-ritinR bc I~nder, Lender c1~a11 rele~u• Ror~orccr from
all obliRatiouc under this ~(nrtRaRe an~l the ~otc.
~ I( I.ender exerci.e~ such ~ptinn t~ accelerate. l.ender shall mail R~rr~k•er n~ti~e ~f acrelerati~~n in accordance Nith
~ j~aragraph l~i hcre~~L Such noticc clwl! ~~midr a f~cricxi ot nnt (~•t~ tha+~ 3~? da~•~ fr~>m ~tic ~1atc thc n~~ti~r is mailccl ~.•ithin
~ which RorruN•er ma~• pa} the sums ileclarrd dur. If BorroN•er fail~ u, pa. such sum~ prinr tn the expira~inn «ich pericxi.
€ Lender mac. Nithout (urther nntice or demaud ~u Rorrower. in.~nke an} remediec ~x•rm~tted bc par:+~;raph !8 herenf.
~ \OV-I~~IFOR~1 ~.O~FVA~TS. BOfiOWt'~ and Lender (urther cocrnant and aRree as (olloNS:
x
~ 18. Acceleration: Remedies. ExceJ?~ u pmcidtd in paraRraph 17 hereo(, u~?on Rorrower's breach o( anc co~•enant or
C agrtement o[ Borrower in this ~fur~gape, includinR the co~•enan~s to pav ~.•hen due an~~ sums srcurevl bv this ~tortRaRe.
~ Lender pri~~r ~o acc~lention shall mail notice to Rorrower as prmided in paraRra~?h 14 hertr?f s~xcif~in~: (t) the br~ach:
f (2) the action rcyuired ~o cure such brea~h: (9) a date, not lesa ~han 30 da~a from ~he date ihe no~ice is mailed to Borror.er,
~ by which such breach must be cured; and (4) that (ailure to cure such breach on or betore ~he da~e s~?cYitied in ~he notice ma~•
; result in accelesation oi th~ sums securecf b~~ this ~io~t~{aRe, torecl~surt bv judicial pr~?cecclin~ and sale o( the Pro~~ert~.-Thr
~ notice shall turther in(orm ~iro~crr o( the riRht en reinstate a(ter acceleration and the riRht ~o acsert in ~he iorcclnsure
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~ proceedinR th~ non-rxiuence of a detault nr am nther defense nf BorroMer to acc~leratinn and (orni~~re. It ehe hreach is
not curcrl nn or txfore the date s~.e~itied in ~he notice, Lender a~ L~nd~r's op~inn ma~~ de~lare all of the sums secured b~ tbis
~ llortRage t~ !~e immrdiate{v d~e and ~~a~ablc Nithout further dcmand and mav (orccl.?se ~his ~ior~Ra~c 1?v judicial procced-
inR. Lender shall Fx enti~IcY1 to cnll~~t in weh prrxeedinR all ex~~ensea nt [oreclosure, in~ludinR, but m~t limited to. reaaon-
R able attorne1's (ees, and cos~s ot documenlar~ c~idence, abstracts and ~iUe re~wrts.
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