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HomeMy WebLinkAbout0350 1 rn~lrr', ~.r~Itrn .~~i~rm~nt .~r .~j,~,li..~hic 1.~u IS~~rr~,~~c~ .fi,~ll ~hr .~un~u~it ul .~il mrnE.~,r in.u~.~n:~ prrmium~ ~n thr m.~nnci ;~~,,~~i!.•,1 und~r {~.u.~~~.~~ih ' hr~~of :\m :~n~~~~:nl. ~t;.hur~r~l by Len~l~~• {~u~~uanl 1~+ Ihi. ~.~r,ic~.~{~h ~ti:ih uUrrc~i IhrR•,~n. .h.~H hr~~~rtir :~tl~l~tiui~:~) inJ~•h~rdnr.. „t It~~rr~~ai•~ ~e~Ure*tl hy thi~} ~1~,ri~~.+e~. ltir.. R~~ir~,t~r? .~ml 1 rnJri ~Lte•r~,.t~~_ ~~ih~r irrm~ ~~j ~,a~•mrm. .urh .Ifll~lllill~ ~~f:t~~ hl ~l:l\.Ih~l U(~~~f1 I~~~U~l' ~f~~Ill ~~illl~if l~~ ~;t~?f~~\\l'1 IC~1Ul'~IIIIL (~.1\!lll'iYN ~~Il'fl'~?R ~1~~ ~~~1C~f intrrr.t fr~•m thc ~la~r ~~f .ti~hur~rm~m at th~• rat~ p:~~;~hlr fn~m timr Ic~ time ~~~i i~ut~t.indinc pnn:i~al under IhC~TOtt unlr~~ ~•aymcnt of i~ter«t :u ~u~h rat~ ~~~~ul.l 1.< <•~intrar~• t~, ,~~pli~aMc I.~~~. in ~~hi.li c~'cnt ~t~~h :~m~~unt< <h:~N hrar inter~q :~t the highect rate ~rmictiihl~ unclcr :i{~pli:ahli l:~~~. N~~thi~i~; r~,nlaine~l in lhi~ p.irazraph 7 chaU rcyuire 1 rnder t~. incur am~ ~y+eme or take .,ny ac~~~~n h~rrunJcr. 8. laxpecti~~n. 1 ender m:~v malr ar ~auu t~~ F.~ ma.lr rc:i~i~nahle rntrie~ ey~~m and in.~x:cli~~rt. c.f the Pn~~~rtt~. pru~~idCd tha~ LrnJcr ~h.~ll s~i~•c B~•rn~~c~r nutic~ {~ri~~r tu :~ny ~u~h im~x~t~.,n .~xr~f~•ing rrasunabl~ cau~ thrrrf~~r rrlaird t~~ ! endrr's intc~c~t in thc Pr~~pcrty. 9, Condemnalion, Thc prr~rcd~ ~~f a~e~• ;~~~ard or claim foi damaccc. Jircc~ or camcaucntial. in aa~~ceti~n ~ith am• ~.,nd~mnation e~r u~h~r takin~ of ~hr Pra~rty. or part Ihere~•f. ~x [or c~m•c~'anct +n liru of c.•ndemnali~~n. .~rn c~reh4• a~.iened an.l ,h:~tl ~ paid to t cndrr. In ~hr'r~en1 of a lutal t:~kin~ c~f the PruExr~~•. the rrek«J~ chall tx :ip~•lieJ t~• ihe ~umc kci~red hy thi: 11~,hga~e. with thr c~~~.c. if am•. t~.~i.l t~. Rurr,~wrr In thc c~•cnt ~~f a p:?rti:~l t:~~in ~~~f ti~r Pr~ipcrt~•. nnlcc. R~~rn,~a•cr and t.cndcr ;~thcrwi.r a4r~`~ in w~iti~ii. thrrr chall hc applird t~ Ih~ tiume .~cu~~.l hc th~. ;it~•r1~:~g~ .urh ~ra~~,rli~,n «f th~ ~•nxreds a~ ic cqurl ti~ that pr.~M~rti.~n ~chi.h thr :~m~~unt i~f the surn~ ~creired h~ thi. ~forlg:~ie immrJiatrh• ~ri~.r ~u thc d5tc ~f takine txar, to the fair markct vah~~ of thc Pro~;rty immrdiatch• pr;~~r to 1hc .latc of r.~kin~. ~~iih thc hal;~n~c ~•f ~hc pr~k~cds ~ paid t~~ Bormwcr. If the ProF?ert)~ i~ ah~ndonrd h~~ Aorr~~~cr. ~~r if. at~rr n~ti~r hv I rnder t~~ Burr~~~rrr Ihat thr r~ndemnnr ~~licrs to make an aaard or ~ettlc a rl~im f~r d:ti:~;~L~.. B~~rr<~N•er fail. n. rr•~x~nd i~~ 1~ndrr wi~hin ~fl da>> aftcr thc d:ne .urh ni~tice is mailed. l.end~r i, authnriT~d t~ collect and apply Ih~ pro;r~d~. at I ~nd~r'. c•~+~i~n_ cither t~• recloration ~.r n;pair ~f the Pm~xn~ or t~• thc ,um. .~curcd M thi~ ~i~~rtea~;c. , Unl~s. I~ndrr and Rurm~~rr olhrt~i.r agri~ in ~~ritin~~. a~n~ ~uch :i{~~lu-;iti~tin ~~f prc.;r~dc t~~ ~~~R,~r:~~ ~h:~ll m,t c~ICnJ or p.~.t(x~ne the dur .l:ue ~~i thr m~~+~~hl~~ in~tallntrnt, r~frrr.d tc~ in ~:~r.~gr:i~,h~ !:~nd ' herc„f rr ~h;~i~~:~ thc •?mrn+nt ~~f wch mctaUmem.. I 10. $orruMer ~i~it Rele:~crd. F~tcn~i~n of Ihr timc f.~r ~a~mrnt or mi~difi~ati~~n rf am~~rtiiatiun ~~f thc .um< <ccurcJ b)• Ihi~ i1~•n_~:iic grantrd Fr ( cnJcr f~~ an~ .ticcc~tur in intcrc.i rf Brrro~ccr ~h:~N rtrt ~~txrale la r~lracc. in an~• m:inncr. thr li:~h;)it~ a~f thr rri~i~,:~l B~~rrr»~rr and B~~rm~+cr', succr,.~~r~ in int~rc:i. 1~nJcr thall n:.t t,r rcyuirrJ t~~ c~~mmcncc rn~;~c.iin~. ag:~in~t ~tich wc.~tis~+r ~~r retu~c ti~ r~tcnJ timc frr ~a~•ment ~~r .~thcrni~c m~•dif~~ am~~rtvation ~.f th~ cnms ~~rured h~ Ihi~ ~t~,rteagc M r~a,~~n ~,f am dcm:~rid ma.l~ h~ thc arik~nal Rurn~~~cr .~nd Rurnn~•er's cucc~~~~,r~ in intcrcct. If. Forl~earance M~ Lrnder `ot a N'ai~er. •in~ f~~rFxar;~n~•r ht I rnder in ciercicinL .~m riLht ,~r n~mcd~• hrr~im~lrr, c.r „~h~ruicr at)~~~rdccl hi~ ,ipplirahlc lak. ,h:~l1 nnt t.r .i ~~•.~i~cr i~t ~•r precludc thc c~rrci~c anc .uch rit~ht c,r rcm~d~•. Thr pro;urrmcnt of insiir~ncr .,r thc rnvmrnt ~.f te~~~. ~v uthrr li~m ~~r :harg~~ M• I.~nd~r .hall n~~t 1+r ~+ai~•er ~•f 1 enJer's rikht h. acerlerat~ thc maturitc .~f the indrhi~dn.+~ .r:~~rr~l hc thi. ~i~~rtc:~ee. 12. Remedie~ ('umutati~•e. ~ill rcrnrcliec pm~ i~l~d rn th~~ \t~rtg:rre~ :~n +li~tinc! and .•u~nulalive t~? :~m~ ~~thrr richt ~~r remr~h undcr thi.'.11c~rte.~kr ~,r atT~•rded hc l:~~c ~~r eyuitc. .~nJ m:~~ F?~ r~cr:i~ed ~oncurrrntl~•. independe~th~ rr ,~ii~r.~i~~rlc. 13. Succeswrs and Actii~nc Bound: Joint ~nd Se~era) I.iahilih•; ('aptions. The a•vcnants and :~cr~cm~nl~ h~rein ~„n!:uii~.l tih:itl hinJ. :~nal thc rieh~, hrrrundcr ~hall inurc t.~. th~ rc.~•crliv~ ~u~c~.~~~r~ and astiignc ~~E 1 rn<Irr ar1J Burn~HCr. .uhj~~t ti~ ~~ic p~t~ci.irn~ ~~f par.~graph !7 hcrco?. r~l! «»cn.~iit~ .E~t~! akrermrnt, nf Ri~rru~~ir tih:~ll hat i~~int :~nd ~c~•~rsl. Thr capti~~n, .~rn! hca~l~nL. „i ~hc r.ua~r.~rh. i•f thi~ \trrte:~gc arr fc,r r~~m~~nirn:~ „nl~~ :~nJ :~r~ n~~t t~~ Fx: uacd to inlrrF~rrt ~•r dcfinr !hc nmri,i.,~~ hcrc~f. 14. ~ofice. E~cr~~t f~~r am• n~ti~e myuirrd un~}~r :~~i•iirahl~ t:r.. t~~ be ei~•.n ~n anutlicr msnner. :em• notice to Borr~,ucr pr~~~~ded (~,r ir, thiti ~1t~+ti•»c sh:~l! he .,i~ria h~ ma~lin~ ,u;h n:,ti~r h~ ,-~rtlfic~l m:~ii :~ddre~,~d t~, Rorrowcr at th~ Pr~,~xn~ :~.ii1re.. ~u at .u~h i~th~r :uldr~~~ a, B~,rr~~~~ir m.,~ clr~~iit:~tc h~ rn,ti~r tr I cndcr rr„~idr~ her~in. and nuticr t~, I rn.l~r .h.~lt tx tir~n h~~ ccrhfi~:l mail, rct~~rn rrc.•it•t ;ru~~~.t~d. t~~ 1 end~r'~ ad~lrc,s st:U~d hcrein ~r to ~urh ~,thcr adJr«. ;i~ (.rndcr n~a~ d~.igr,ate h~ ~t~+ticc tr R~ tr.~:~~r rr~~~idcJ hcr~ii~. ~Znt~ rt~~ti~e pr~~vi~lci! f~~r in thic \1~~rtgaKe ~h:~l! hc• .lermrd h,e~r tKYn ~;tirrt to B~~rruwci nr 1 rn~fc~ ~+hrn girrn in the m:u~ner de~ienated hcrein. . 1;. l'nifurm ~1ort~a~r; Go~ernin~ i.•rN: Se.cr•rbilit~. I hi. t~~rm ~~f m~~rt~_acc ~~~mhinc~ unifr.rrn ~u~•ena~it. f~~r nati~nal ~IN an~i fl~~fl-Uf)11t~i~11 •;~`:Cf~.itll? :~~ith timitr.~ 1:I~I:IU~N). h\~ ~l~f~.l~!:h~M! I~~ ~t~Ili(liltll' :i IIIL~~~~Ill ~ciurit~~ in~tn~ment c~•~~er~ng rral prr~rt). Thi, \1~:rt,age ~hail F.~ ti.~~~rned h~ th~ 1:~« ~~f th~ iuri..lict~un in uhi;h the Pmperlr i, luiatcd In ihe r~•eni th.~~ :u» nr.nici~~i~ rr clau.e ~~1 lhi, ~1c~r1,•aer ~~r Ihe \,~1~ :~~n11i.t. ~~ilh api~iicahle laa, .ii,h conflirt ~hall n~~l afTCCt ~~th~r pr~~~i~i~~n~ ~•f thi. ~1.~r[~a<,~ ~,r th~ '~rtr ~.~t~iih ian i,e ~i~i~n ~ITr~t ~~i!h~~t!l thc ~.u~!?i~ti~_' t+m~i.i~,n. an.i ic~ lhic cr.d Ihi {~m~s.i~~nc rt th~ ~Il~f(_':1f_'l' :~I1tI 4~]C \„R: .~r< <tc:l.~r~d i" tx~ ~~~~~rahl~. , 16. B~trroMCr'S C~~p~. Borrrn~~r .h:~N hc furni.~i•~1 :i i.~nh~rm~cl <<,~n .i( the \t•i~ :tt~ii i~f thi~ ~1~~14~:~i'~ .~t th~ time .~t c~rcution ~.r :~Itrr r~rurd.ilipn herc~~f. 17. Trrnder of thc Propert~: :~.tiurnption. If ,~II ,~r ;,n. ~~;~ri ,~t ~h~ Pm~rrn~ ~~r an intrre~t thrrcin i~ +~~Id iu trantferrcd h~ B~irr~,~~rr ~~i~h~~nt Lrndrr'~ pri.~r writtr;i :un.cnt. r~clu~linL thr rrc:~ti~~n ~~f ti~~~ ~~r cn~~imhrancr ~uhorJin:itc tn !hi. ~irrt~:~ee. ~hi the ,rrahc~n ~~f .i pi~r~h:~~r mvn~t .~•~~~rit~ i~ttcrc,t fnr h~~ti~ch~,li! apl~li:inrr,. Ir~ tran,frr h~ d~~•isc. ~e~c~nt ~~r h~ u+,~ratic~n uf I.~~~ u~~n thr air:uh ~,t i~.~~3t Irn:~~t~ ~~r I~i~ th< erant ~,f .iii~ irakhe~ld inter.,t nf Ihr~r ~~~arti ~~r I~~s n~~t ,:i~nlainin~ :~n ~~~Ii~~n t~~ ~ur~ftatit. I cniiir nt:n. at I rn~l~r~. ~q~tic~n, dcct_~rr :~li th~ wm, ~e~ur~d h~• Ih~~ 1lurtgagc tn hc ~:mnn~hatrl~ du~ and pa~.+h]r. I~ndrr .h:~ll ha~c «:u~r.1 .~«h ~~~tiuc t~~ :ic.rt~rat_~ if. ~rinr ttrc ,atc c,r trancfcr. T cnder .,n.t the Enr.un t~~ uh:+m thr Pn~~~~rtr i, t~r he ~~~IJ ~•r tr:tr~.lrrrrJ rea.•h :,,reemrnt in Nr;t~ni th:it thc ~re~iit ~~f ~urh ~xrson ~:~titifactrn t~~ 1 en~lrr :~nd th:,t the ir.trrr.t r~~:~Mc ~~n thc +um•.crured h~ thi~ ~1~•rtz:i?;e ~hall hc at su.h rate a~ I.ender ~h.,!! reyur5t_ If I cnder hac w•ai~cil fhr ~•pti~~,i t~• ar~~lrr:~~r pr;~~•idcd in thi, p:~r.iLraph 17_ and if R~,rmwrr'~ lucccs~or in interc+t hs. e~ecutc~l a writt~n as~umpti~.n agrernter.t a~~r~tcd in ~~ritin~_ h~• 1 en~ier. I.~n~ler ShaU relea~e A~~rre~~•cr lrom al! oblieatic,m unclrr thi. ~1~~rt,~aec attd thc Vi~tc. ~ If Lender e~erci«< tiuch .~ptie~n 1~~ ;s~c~irrat~_ 1 ~n,icr .h.~lt mail Bi•rrmti~r nutire ~~f accelerati~~n in ~rcordanec ~+ith paraLraph I~ here~f. Such noticc .hali proviJr ~xri~..i ,~f ~i~•~ Icc. th~n ?n J:i~, fn.m thr datc the noticc is mai(cd within .~hirh B. rri~wer ma~ r:~~~ the wmc Je~lar~~l ~fu~ ft K~~rm~~~r t.i~i. s~ ~ac ~nch ~:rm pri<~r tc~ the erpiratiem ~~f ~~tch petiod. i en.tr~ m;~~•. uitht~ut lurther ne~tire ~~r J~nu~nd ~~n li~~rr~~~crr, ,n~~~l,~ am rrmedies ~rmitted h~• paragraph 13 hcreof. Vo~•l;~iFOK~~ Co~•r~a~-rs. Bc~rmwcr anJ l.cnder furthcr co~•cnant and aRrcc as foll~~ws: 18. Aceeleration; Remedies. Fxcept as pro.~ided in para~raph 17 hereof. upon Borrow•e~s breach of ~ny~ co.•enaal or agreement of Borrower in t~is ?~tortRa~e, indudin~ !he cnsenants to p~r when due am• sums secured by this :liortgage. I.ender prior to ~eceleralion sball mail notice to Borrower as provided in paraRraph 14 hereof specif~•in~: (1) the bre~ch; (2) the ~ction required to cure such breach; ~3) a date. not lesc tban 30 d~~•s from Ihe date the notice ic mailed to Borrower. by which such breac6 must be curtd: and (41 that faiture to cure such breach on or before tht date specified in the Rotice may resulf in accekrztion o! the sums secured b}~ Ihis titort~a~e, foreclosure bJ• judici~l proceedinR and sale of the Pmperty. 'il~e notice shall further inform 8onower of the ri~;ht to reiactate after acceleration and the riRht to asserl in the forcclosure proceedit~ the non•existence of a deiault or an~• other defense of $orrow•er to acceleration ~nd forectosure. tf tht breach is not cured on or before Ihe dafe specified in fhe notice. i.ender at I.ender's option mac declare all of the sums secured b)~ this Mort~~e to be imrned'eatel~• due and pa;~ble without further demand and ma~~ foreclose this ltortQaQe b}• judicial proceedin~. I,ender shall ~ bc entitled to collect in such proceedin~ all expenses of foreclosure, includin~, but not limiled to~ reasonable attornty's fees. and costs of documenta~ e~~idence. abstractt and litle reports. 19. Borrower's Right to. Reinstate. NotK•it~standing I.en~ler'c acieleration of ihe sums secured by this Mortgage. Borrower shall have the right ro have am proceedmg~ tx~~~n b~~ 1_cnder to enforce this titortgage discontinued at any t:me e~RK 2~3 P~:E 349 ~ . _ _ - - - - - - ~ s..~~