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HomeMy WebLinkAbout0207 Lender's wtil~en a~rcement or appl~.rblo Isw. Ii.~~r~~Nr, ~hall pay ~hr un.,unt .~i .~ii mu~t~.~gr in.w.~n.c p~cs~i~~ni~s the msoner p~ovidcJ under puag~aph 2 hereof. Any ~mounls disbursed by I.c~Jer punuant t~~ ~his par.~graph 7, w•~ih wtrrr.t ~fKrcun, ~hall t+r:i~mr additi::n~l inJeb~edness of Borrov?~tr securcd by this MortK:~gr 1'nir.. B~~rr.~Nrr :uxl 1~ndc~ .~~rrc o~her tcrmc ~~f +~rvmenl, ~thh amc~unts shall be psytbk upcin notice from I.rndcr t~• B.~rn.wrr rryur.ting paymrnt ~hrrcof. and ~h.~ll h.•ar intrrtct fr~•m the date of disburseme~t at tht rate payabk (rum timr tn ~inx un a~ucianding prin.•~pal undrr the Notc unlc~c payment ot intercst at such nte wouW be contnry to applicable law, in wh~rh rvent ~uch amnu~t~ .hail hrar interect at the hi~hect nte pennissible u~der applicabk law. Nc~thing contained in thi~ par:~~~~~h ~ shall rryu~rr !~nJe? t~~ incur an~ c~penxe ~r takr any act+on hereunder. d. liq'ecl{e~. 1.ender may make.•r rau.c ~o F+r m.,,lr rra.anahtr .ntri~~. up.,n .u~d ~r~.~~.:t~~•n~ .~f thc Pn•~rh•. pn,.iJr~i . that l.ender sha11 aive Bnrrower noti.e pri~~r tu any .u:h imprrt~un .rcci(y~ng ~r.+.,mahtr :.~,i.. Ihcrc(~~r rclatcd t~~ I.ender's ~~terest irt the Propetty. 9. Conitnt~sflpa. 'Tht procetdc af an~• a~?a~d ~~r claim f~.r ~lamagrs. dirr:~ ,n r~~n.ry~Knnal. io c~mncclion with am• con~lem~~ation or othe~ taking of Ihe Praperty..a pan ~hc~c,•f. ur f~~~ c~~mryanre o~ h~•u .~~n.l~•n?nalion. .ur hrn h~• a..i~;nrd anJ shalf t+e paid to T.ender. ln the event of s to~al ~aking ot ~he Pra~r~~•. ~h~ pmicr.lt ~hal) t~c appl~c~l ~he .~~~n~ ~~„rcJ M• ~h~~ M~?rtg:~~;r. with tht etcess, it any..paid to &ur~~w•c~ ln ~F?r evrnt a p.uti:~l I~kinK ~~f ~tK Pm~x~t~, unlccc R,.~r~~urr and 1~~dcr ~ uthc~vvi.r agrec in writing. ~hrrc shall In applic~l h~ Ih~ ~um~ k~'~ur.l M• Ih~~ 111~nt}.~rr ~.•r.h pru~xa~i~~n ~~I th~ ~~r~r'c~dc as ie tyual lo Ihal pr~qx?Ni~m w•hich Ihr amuunt ~d Ihc ,um~ .ri~!~r~l h~ thi~ ~}~~i~?.~r.• ie~m~e•di:UCl~• ~•~u•r t~~ thr d:Ur ~•f i~k~nR tKa~s ~i~ ~he fair m:~rkct v:~h~r o( Ihi• Pi~y+.•~1~ in~n~~vha2ch' ptaa 1~~ IIx ~I.~IC nl ~.~Aui~. ~~uh tlt~ h.~l:inir ~~1 Ih~ ~~r~k~~d. paid t~~ Borrower. I( Ihc Pruperty i~:~h.~nd~+i~rJ b~ R~•~i.~wrt. ~~t il .:I~r~ m~li~r I.v ( rndrt 1.~ It..~,,.~~i•, Ih.~1 Ihr :an~lrntn~~r .dfr~. la mak~ an award or ~tldc a~I:~im (ur dama~r~. I;.~~n~~cr? f.~~l. t~• rr.~~u~l h• 1 a+Hlrr ~~~th~n U? ~I.~~. :el~rr thr ~1:~ta ~i~?h n~d~ir m•rit~d. I.ender is authoriTCd to collect and ap~ly thr ~-i,.:~c~i., at 1 ci?drr'c ..~•li~~n. r~lhcr tr rrctorahan .~r mpair ~~f tnc Pmprny ar lo thc sum}~? u rd b~• thic M~,n~a~c _ Unlesc 1-ender and Hor~v?~cr otfierw•i.c agrcr iu ~~ri~in~. am .urh ~pphi:~~~~~n ~,1 ~a~kr~iic 1~• ~~~~,~~:~i .h.Jt n~~f r~tend or po~t~xme ~1u dut~aa~t d~ t~rtMiAh?y e+~st.~!lntrnh ?~frrrrd ti~ in paragra~h~ 1:uu1 ' hcrr~~l ~~r :h.~n~r ~hr ~mou.~t ~•f wch ~ns~allme~It!! ~ 1 a! . 10. $orrowe~ Not Rekased. f'~trntion .~f ~hr iunr f.~r ~+a~•ment or m~xiifi;.~ti.~n ~+f ,~m..rtirat:..n «f thr .;~ma ~~urcd by this Mortgage granted by t.cnder ~o anv wr;c.w~r in in~rrc.t ~~f Borroucr .h~ll ra~t ~rcratr tc rclcasc. in an~~ manncr, thr liahilit~• af the origina) Bo~rowrr and H~~rr~~wrr'. ,n::r,.,•r. in in~erc.t I.n.lc~ .h;~ll n.~t hc rc.~uirr~l t~• iommrn:c procc¢Jingc againtt ~uch successo~ ur refu~c h~ r~!cmi tnnc for prymcM .~r ~.thcru?.r m~Klih am~~rli~ati~.n ~~t thc sums ~e.urrd hy this Mortgage h~• reau~n n( ~ny d~m~n~l m:~~k h~ thc uri~inal liurr~~wrr .in.t R~ar.~w~r'c car:e~~~~n in intcre~l. 1 t. Forbea~s~ce by I.ender ?~01 s Wai~er. :\~i~ f~~~F+earan~r ht• 1 rnder in c~rrr~.iri~ anr right ~~r rcme~lti• he~c~~nder, ~~r utherwist aSiirded by applicaMe law, shall nrt tr a w~ai~rr or preclude ~hc r~rrciuu r( am .ii~h ~ieht or rcn~ed~~. The procurement of insuranee or the payment nf ta~r. ,~r .,ther lienc or chargrc h~ t rnder .hall nnt he a~~:~~ver ~~f l.en~kr'c right ac~cleralr the malurity o( ~he indeh~rdnr.. .«„r~•d fi~ thi. \1c.riga~;r. 1I. Ren+edies f~w~alsti~e. All remcdirc ~+n» ~~kd in thi: 11.+rtgage arc ~li.~inc! .~n~! : u~~~ulali~r tn :~ui• ~.th~r right ~r ' remeJy under this Mortgage or aBurdrd hv taw eyuit~~, ,,nd m:~~ tx eterc~k.l c~?ncurrrnUc. inde~xnJenlh ~•r succeccivel~• 13. Srccessors ~ed AssiRes duund: loint ~nd Ce~eral I.i+~F~ilih: ('aplionc. Thc :~~~rnanK and .~F~rrmcnlc hcrcin contained shall bind, and thc riRhts hereundcr .h:,ll ~ni~re to, ;hr n-.pe~uve ~u::r..~~r. :~n~l a«igu~ of I rndrr ar~d Borrowcr. subject to theprovtsionc of paragraph i7 hrrr~~( qll ia~•rn.~nn :u~d agnti•mrnt. rf Rs~rrre.cr shall !k j~.int and urcral The captions and headin~ nt thr paragr~ph. ~~f thi~ Alartga~;r are for c~~m•rnicncr .~rih• ~nd are ni~t tv he used tc~ interpret or define tht provici~ms hercof. 1~. Nofict. Except for any nolice rcyuirrd un.irr appli:ahlr (aN t.~ F+c ~~~•rn ~n an~~thrr manner. (al :uiti• noti~•c to &~rr~~wer pruvidtd for in Ihi~ Mar~gage ~h:il) h~ ~;~vrn h~ m.~ilinc .u.h n~~ti:r h~ .rit~lir.l ~n.~il .~~Idrr~.r~l a~ R~,rr~~~~rr :~t tht Pru~+cny AJdrc.~ or ai ~uch ~~Ihcr .~~td~r.. .i. li~~tr.~~ci•~ n?.~t ~k.~~;n.itc 1.~ n.~ti:~ 1~• 1 ruJri ac ~•r~~~-idrd hr~rin. .iml Ib) am~ n~~tice to I.eo~kr ,h:~ll Fx ~~~en h~' crrt~lti•d m.uL ?rtneu ir:cy,t ~ry~n.~r~l t., 1 ru,l.•~~, :~d.hr~. .~:~~r.t hrtrin ur In such ulher addrcsc a~ ~ cndc~ nta~• d~~iEi~:~lc h~ uat~~r f~~ B~•rt.~wrr as pr.~~iJr.~ hrrcm n~~1i~r pr~~~ulc•.! fnr m lhi. Mortg~g~ SFI~I) ~ I~CC(!ll'l~ IO ~I;11'l' lkYn ki.rn t~~ l3~ar~~wcr 1 rndrr whcn g~~rn in thc nianncr d~.i~,natcJ hrrcin. 15. Uniform MorlRa~r, GorerninR I ar?; Sever~bilil~~, fh,~ (orm of monFa~r :umh+m. i~mf~~rm :~~vcnaM. f~r natinnal use and n„n-unifurm r~•.•enant~ with lin~i~rd ~~~ri.~n„n. h~ ~i~ri~.l~rtirn I.. ~i~nclituf~ a,~nif~u~n .c:unt~- imtrumrnt :~~~rrinF . 'n.:- as L..~~ t ..1:.~....: aah~_h ~ti,~ P~~~h•?1 R81 ~IP~CfIy. ~ m~ nniPi a c Snau ~~c i%~:::::'~ ~'Y 1;`a~ ;.f .i " F K~ I~ . _ , _ ~ !.w•.~Ird In thr event !h'rt any prc~visi~i» ~?I l'IJII~ Ihi+ ~1~at~.~{ec thc !~~~1~ c~~tdli~t~ Mith .~~•Jdi:.~}•Ic I.~u. .c~:l~ :~~tilli~t .i;.~il n~~t :d<<it uther pn.vuiun~ of ~hic MorlgagC or thc i\i.[r uhi:h r;~~ t+i t;i~~n c(T~cl ~~ith.•nt ihr .,,nR~: tin~ ~tr~•i~i.~n. and i~~ lhic end the pra~•isions of ~hc MortRagc and thr :irr .fr.l.s~rd t+~ u~eraM~. " f6. eorrower's ('op~•. Bornnccr ~h:dl Fx• furn~.hcJ iun(~•rrr~~•d cop) ~hc 1~~ta .~n.! ,~f ~h~. 11~~rt~.i~;c at t!ir limr uf rxe.utivn nr aftcr rcc~~rd~iiun hcre~~f. 17. Tnasfer ot fht Properi}; Aswmplion. If ~II .~r .u~~ p.~rt ~.f thc Prn{?rr~c ~ir a~~ intrrc~t thcrcin i~ .uld ar trandcr:c•d by Borruw•cr withuu~ Lender't pri~~r wriucn ~„~~.~~et. r~.'uJing ~.u thr ~rcati~•n .~f ~irn „t r~ir~mihran:.• .uh~:r.im:~tr t.~ ~ th~s Mor[g~gc. (hl ti~c ctcaticm t+f a purch:~u• rnunr~ •.•.ur~1~ mtcr~~t f~~r hnu,rh~~!.! .,~~y~1i.~n:r~. 1~1 tran~tri h~ ~kviu. dekent or hy opcration af law u~m Ihr Jra1h ~,f i,ant ~•:nant rr IJ~ thc granl of .,m I~.~~rh~~id intcrrst ~~~f thrcr :rar~ r~ Iccc not co~laining an optian to purchesr. 1 cnJcr ma~~. ~t I.ndrr'. ~~pi~~m. de~la~c ~II th~ .um. .c~urcd h~ thiz \1.~rtgacc m h~ immcdiately due and payablc. Lcnder ~hall hatic NJfYI'(I .:~:h ~.ptirn a• acccler.~te ~f. ,~rirr tu thc .ate ~+r transfe~. 1_rnder and tht person ro whc~m the P~oE?rr~~~ i~ ti~ F~e ~+?!.1 ~~r tra~~(rrr,•d rr~ch ag~eement in uritiug that thr rredit r( ~u;h per~i.n is satisfacton' to I.enJer and th•r~ thc inlcre.t pa)~ablr ,~n thc .um. .rrured fi~ thi. ~I~~rtea~c .hall be a1 cnrh ratc a~ Lender ~ shaU reyuest. If I.ender has waived the opti~~n to arcrlrr.~tr pm~ide.l in ~hic F1;fIJ~(:I~FI I?. :m~1 if B~,rn~wrr'x ~ucces~or in interest ha~ executed a wriuen as~ump~i~in agrremrnt ac.r~~rd in wri~~ng by~ I.rnckr. 1~n.icr chali releau Rurrou•er from ~11 ~ obligationc under this Mottgagt and the N~~tr. { If I.ender exercises such uption ti~ acceh'~.~tr. 1 rn.kr .h.sll ntail Borruwer nuticr .~i .ri:eleratiun in arcorJance w•ith ~ ara r.~ h 14 Fxreof. S h nvtict +haU ruviJc ~ P B' P ~ p ~ti~al ~~f m,i irc. th:ut ~(1 d.~~. fr~~m Ihr d:~tc Ihr n~.Iicr i. m:iilcd withm w•hirh Bc~rrov?•cr may pay the.~iitns dcri.,rr.l du~ It B~~ iv~~rr t.ul. t~~ pac ~trih .urn. ri~rr thc c:per.~Gan nf curh ~xri~xl. l.rnJer mry. wilhout flttlhe! Ae~lira ur Jrmand ~~n li~~~t,~~~ct. ~m~~li .~m trmrJ~~~ ~KiI11111~.I }n ~~:,ra~;raph 1K h~rrr.(. ~ N/HY•UNIFOItM ~ OYkNA•Y11. [~ff~~MYr .~n~I 1 c~plrl I~itlhc~ ru~cn.~ul .~nd .~~i~f i~~U~~w~- ? ; ti. Accekralbw; Rtq~t~its. Fscept ab pru~ided in pan~rsph 17 hereof. upon Borro~sera breach of any covenant or aRret~tat af ~orrowtr fa A~is Mo~a~t. lncludin~ tbe co~ennms lo psy wbcn due aa~ ~ums secured by this Mort~a~e. I.ender ; Prbt a sted~nlio~ ~ Notkt b~ dorrowe~ ac pro~ided in psn~raph 14 6erenf specii~inR: (1) tbe breach:l2) tl~t acfion 3 ~~i M crre s~ti weac~;,(31 a itt. wot less than 30 dayc from tbe date tbe nolice is majkd to Eorro..er. by which such ~ 6reatM ~w1 bt crred: a~:µj fi~s! fait~n to care wch bresch .~a or before ~be dale .pec~ied in Ibe nolke msr mult in ` ; ateekrat~ow d!!e frws iM~ltra bT tl~is Mort~a~e. torcclowrc b~~ jn~cial proceedin~ aui! sale of tbe Property. 'il~e notke ' ~ shaY t~rt~ ~jotw 1~1t~?Mf~ d tl~e riRl~t to reiwstate dler sccekration and tbe riRht lo acsert iw tbe torecbsore proeeedi~ ~ ~ tlfe ~o~hexiMe~ct ~t.~ ~U or a~y dber defeo~e of M?rrovre~ to sccekntioe and forecbsure. ft ~he bresch ~ aot cured on % ~ er wt~re M~t iie ~eMei is the eotice. I.ewder at I.e~der's optiae ~r+a~ declare a!10! Ibe so~ns cecured by Ibis Mortsa=c to be ; ~ L~s~lely 4~! a~i My~We witbont t~rtrer deman~ aad may foreclose thk Mo~a~e b~ judicial pmceediu~. Leoder shall ; be eN1de~ N e~el 1~ wc~'roceedinR ~N expeases ot turecb.ure. iacludin~. bYt aM liauted to, nasonsbk sttoraey`s [ees. ~ :c awd c~~b at i~e~~eMary erideace, sbst~acts and ~ilk reports. ; N 1~• Sorro~?trs R1~Mt to Reinstate. Natw~ilhclandirtg I.ender's acceltration ~~f ~he suma ticcureJ by this ;Nortgage. ' Borrower shall have the right to havc am• pnxccJin~. txgun h~ I cnJer to enfurec ~h~~ \tortgagc discantinutd at any time ~ ~ U R ~ ~R~K2$2 ~ACF 207 w~:_ _ : : - - _ _ _ -