HomeMy WebLinkAbout0230 ! ra.l.•r'~ ~~rut~n ;~kn~ir.ant•ur apph:.ihlv la~r It~~~roH~r tihall ihr am:~unt .~i .~II m„rl~.~~r ir..u~.~nr~ E~r~rnii~m~ ~n Ih~
mannc~ ~~n~~•:.Ir.l und~•i ~~aia~ra~~fi ' hircof.
:~nt~ am~~unlc ~i:.hunrJ M I.rndrr ptu~~c~nt m Ihi~ ~.~r.irr_~ph 7. »,ih +~~~rr~~t thrre.m. ~hall kx~~an~• :idilih~•nal
in~l~h?~.In~.~ 13~~~ruti~rr ~C~urcd ht' thi~ ~tivl~.~g~. l'nlc~~ R~~rt.~•~~~r .~nJ 1 cn~lrr .~lr~L• ti~ ~~lhrr iCfn1~ ~~i ~~.~~•mcnt. .u~h
ani~~i~nta ~hali Ik t~:~hlr u{ti~n nru.r fr„m 1 rn~l~r l~ ~~r.,~~r? rryu~~•tinc {~.~}m~•nt ~hrr:~~l. ait~l .h:~ll Fx:~r intrr~.~ f~om thc
~latc •f .li.t~~:r~rmcnt a~ thc ~atr ~:~~•aht~ fr~•m timc t~ time ~~n outct:~ndinQ ~~rincipal unJcr thc ?~rnc u~l~c. pa)~men~ of
intcrrct ;:t curh r:ur ~~~~ulc~~~u?(l~t'~t lb arplic:?Mc f:n:, in ~~hich ~v~nl cuch amrunts ~h:~ll hcar intcr~c~ :d th~ highCct ratC
~•crmiicihlc undrr ap~li.ab c la~~. ?~i~tl~ini cc~m:iincd ~n thi~ par.~gr:~ph 7.hall rcyi~ir~ 1 cndcr to incu~ an~ c~pcn~c ~ir takc
.~n~ ~cl:~n h~reund^_r.
R. In+perlion. I.en~er nia~ mal,r or r.e~nr t~~ he madc rcaconahlc c~tric~ u{,.~n and in.{?~~tian~ i~f thc Pr~~pcrty• pro~•idcJ
~hat ! ender shall gire Borrowcr notice priur lo any ~uch inti~rctii~n ,Excif~•ing rrasonabt~ cau.~ Ihrrcf~~r rrlatcd to I ender's
im~r~ct in th~• Prupcrh'. ~ .
9. Condemnati~m. Thc pn.cccdc of am• award or claim for dama~es, dircct or ron.rqucnti:?I. in cc?nnc.~iion Wi~h an~•
:und~mn.~tion ar other taking af thc Propcrt~~, or pan thereof. or for conve~•anrc in lieu of rnndcmnati~m. arc i~erchy a«igncd
anJ ~hall tx: paid to Lcndsr.
ln thc cvcnt of a total laking of ~hc PruFx.rty. thc pruc~~:dc chall bc applicJ to the wms ccc~~rcd hy thi~ M~~rtg,ec.
wi~h the ercecc. it an~•. ~aid ~o Rorr~~wer. ln the eveM of a parlial ~aking ~~f the P~operty. unlece Rorr.?Her and I.enJcr
~.therwic~ aeree in writi~~g. ihcre th:ill be appGed to the wm~ ucurcJ by thi< M~~r~gage ~uch pm~r~ion e.f the proceedc
as ~c eyual to that pn~E?.~rti~.n which the amount of ~he sum. ~ecured h~ ~his ~torig:ig~ immrdiately pric.r ti~ th~ date of
t:~king hearc to the fair market vali?e of the Properh• immediately rri~~r to the ~I:itr of takim~. tii~h the halance ~f the prcxeedc
paid to B~rrower.
If the Pmpe~1~~ ic aband~ne~l hv B~irroH~er. ~~r if. after n~tic~ h~• i rnder to Borr~~w•cr Ihat the condemnnr ofTers to make
an :IN':!f(I or ~cltlc a claim fo~ dama?~cti. B,~r~owcr fail: t~~ rc.{x~nJ h~ I andcr w'ithin i(1 da~. ~ftcr th~ da~~ wch notirc ic.
m.~iled. I.rndc~ i~ authorind to co11~G and apply thc pnx:ccd~. at I ender'c o~tion. ~ither tc. rcctoration ~~r rcpair of the
Pro~xrt~• or the sum. sccurcd M thi. \lort¢agc.
l'nl~c. l.endcr :ind B~xru~~~r ~~thcr~~i.c agrec in ~~riting. :~m ~urh :i~~{~lic.~tum vf pn•cccd~ ti~ princi~:il .h.~ll not c~tcnd
~~r pixtFx.rx: the di.r date c~f thr mo+~±hl~~ in~lallment: ~rferr~d :n ~:uaera~~hc !:,nd hercof or ch:u~~:e thc amount of .
.uch inslallmentc. ' ~
~10. Bor~owcr \ol Releated. l~~tensinn e~f ~he timr fc~r pa~m~nt ur m~•eiific:?ti~n c~f :?m~~rti~ation of the ~umt ~ecured
h~• Ih~~ ~1rtt~.igr er~nt~i) h~• I cn.!cr ta an)• ~nc~c~x~r in intrr~~t af B~rmHrr .hall n~t ~~xratr Io relrazc. in an~• manncr.
thc liahilit~• uf ;he c+rikin.~l Borr~~~~rr and Aarro~cr'. w:cr~.~~r. in ~ntere;~. I cn~icr chal) n.~t hc rcy~iirrd t~~ commenrc
~r,~cce.tin~~ a~ainct tu:,h ~uc~ecx~.r o~ refuce to r~tenJ timc f~r pa~~ment ar othen~ik m~~dif}• am~~rtizatian i~f the sums
•e.ured M~ thi~ Mortxage M• rcati~~n of .~m~ dCm1nd m:?dc b~ the ~~ricinal B~.rr~~«rr :~nd B~.rrm?•crt suci~t•~~r~ in inicreat.
11. Forbear~nce bv I.cnder ~ot a R'ai~er. :~m C~•rlxaranc~ h~ ( rndcr in c~rrii~ing .~m- ri~ht ~r remrd~~ h~r~~mdcr. ~~r
.~then~•itic; aR~.rded .by applicahle law•. ~fi:~ll n~t hc a H•ai~er ,,r prcclude the r~e~~i~e of :im• ~uch right ~,r remed~~.
"i hc procurcmcnt of~ insurancc or thc ~aymrm of ta~~~ ~~r crtfirr lirnti ur charg~s h~• Lct~der .hal1 not tx: a~~ aivrr ~~f Lcn~cr'~ .
ri¢M tu acrcl~ratc thc maturit~• ~?f thc indehtrdnr~c .c:i~rrd h} thi. ttc~rlg:?~r. ~
~s~g~£~ _A~11 ~.+n~.ti_lip~ ~ r~~~i~i~•t1 in Ihi~ ~~n[tu1n~• :~M ~~ictIRC1 :~ltC~ l'11fI111~811Y1` :111\' t~l~ll`f ri~ht
r4mcd~~ under thi. ~t~,r!ca~r ur atT~~rdrd h~• la~~ or cquit}- and ma~ hc ~~erciud r~~n:urrenN)•. independcnth c,r cu.~e.~i~•cl~~.
13. SoccezsoR and Actii~;nc Bound: Joint :md Se~eral I.iabilit}~: ('aptio~n. The rn~~enantc and aerrrmrm. herein
:~~n~.iine.i chail hind, and the riQhtc hereundcr ~h;~ll murc t~~. Ihe rc~perti~e w~r~~tivrti anJ as~ignc ~?f l en~ler anJ Rorro~~er,
~uhj~ct t.~ thc ~+r~~~i.ion~ .~f paraen~ph 17 hcreof. r~ll cu~'~;~.~nlc :inJ agrrcn~rnh uf R~~truwcr sh:~ll tx i~~int :ind s~vcr~l.
Th~ c~ptii.~~ :ueel headin,. .~f thr ~~r.~~r:~rh~ ~f lhic \1ort~z:~g~ arc f~,r cc~i~~•rnicncc rnil~• anJ arc r.c.t "t~: hc u~cd to
imcrpr~t or dcfnr thr prm~i.n~m hcr«~f. .
la. Nnticc. E~ccpt fr: an~• nrtirc rry~iircd undcr :~prlic:~Mr la.. t„ ~ ~i~•~n ~n anc~thcr manner_ tal an~• nMicc to
Burrou•cr pro~idcd for in thic \1i+rlLatic shaH Fti ei~~n h~ m.~ii~i~e w.h n~~ti~e h~ crrtifi~d mail ~addre~~cd t~~ Rorm~~cr at
thc Pr~~~xrt}• A.Idre.. ~~r :it .uch oth~r :i~ldre.. :a; B~~rr~~"cr m:~~ d~,i!_natr h~ rn,tice tn 1 cn~lcr az pr~n~idcd hcrcin. and
~h) ~n~ notirr ~u l en.ter clt:?11 hr gi~en h}• cert+fcd rn:+iL rrt~~rsi r~cri~~t ~rqur.tr.i. t~~ 1 ender'. ad~lr~cs stated hercin or to
.n.h uthcr ad.1n.. :ic Lrnd~r niac d<<icnate b~ na;i.•~ t~~ B~~rn,~?cr a; pr~,~idc~l hcrcin. Any ni,li~c pr~~vid~.t f~,r in thi~
\t~~rtgage shall fx Jerm~d m fia=•c bcen Li~rn_i~~ R~~rn~~c~r c~r I rndrr ~+ficn ri~cn ir thr manncr de~ignated hcrcin. '
~ 15. C>nifi~rm ~iortR•r~e: Gocernin~ f.aw~: Se~er•rbilih. 'I-Fi, cn ~~f m~rtga~_e ~~mhincc unif~~rm ,~~•enant~ f~,r national
IISC af1l~ in~n-unif~~rm i~,~~cnant.~~~~ith IimitrJ L':1fIHilUO~ f/~' ~Ilfl:~ll~:lOfl i~~ i~~fLtihllllC a lttt:fami sc;:urit~~ in.irfnmmnt rrn~ering
~ r~al pm~xrt)~. "1~hi, ~lorttacc ~hall tx ic,vcrned M thr IaN ~~f thc j.~riulicti~~n in u~hi.h Ihc Pro~rt~• ic likatcd. In the
~ r~•cnt thas am• rrov~s~i~n ~,r rl~u~c ~~f ihi. '.11~rt~acr ~~r thr \,,tr r~~nfli:t. ~~ith apnlic.~~1c law•. ~unc ~~nflict .h:~ll n~t afiect
~~Ihcr. rm~i~u~n. of thi~ ~1Mt~:ttc u~ thc ~~~t~ t~hiih i:~r. h~ ~~t~~n cIT«t tvilhcntt Shc c~~nFli~lim~ prmi~iim. a~id t0 thts
~ rnd thr ~r~~.i~iunti ~~f thr !1lortgat~ and thc \rtr arr Jcrl.~rccf t~~ Ix uc~rahl~.
16. BorroNerc Cop~. Rorr~.~~cr ~h:il; h~ furni.he.i a;.ailurm~d «,p~- thc \~tc :+nJ of thi~ ~turttiag~ at thc timc
~ ~~f c~ccution ~~r aftcr rc:.~rdation hcreaf. ~ .
17. Transfer of the Pmpert~; As~umption. If all ur.an~ {~.irt of the Pn~~x:rtt~ ~.r an interecl thrrein i~ s~~ld ~~r trancferred
~ hc~ Borruwrr «ithuut I.ender's pri~sr uriur~i :~~ment. ~~cludinc !a? thc crratinn .,f a lirn ~•r encumhrancc wtxir~lin~te to
~ thi~ Mort~.igr. Ih1 the rreation nf a purchax numr~ •rrurit~ ~ntr:est f.~r househul~ appliancec. Icl a tran•~(er h}• de~~ise.
deuent .~r hti~ c~~ration ~~f la~+ uEx~n the .i~;,th .~t irint ten:ent ~~r 1.1~ the erant rf am leascho;d interest of threr }~rare or less
n~.t containing an ~~pii~m t~• purchasc. 1~n~l~r ma~. at Lrndcr', ~~rtn~n. de:larr atl thc wmc sc.urcd h} this Vortgagc lo be
~mme~liatelc due~and pa)•ablr. l.cndrr .liall h:~~~ ~+:~i~~cl ,ti:h c~puun t~~ .~.•c~lrrate if. pric~r to thr ~ale ~~r transfer. t.ender
:?n~1 the ~xrt~~n to ~+h~m thc Pr~•Fx:~t~• i. t.~ h< <.~1~1 i~r tr.~mfcrrr~ rc:~ch aLrccmc~t in H~iting that lhc crcJit of tuch pcrson
i. sati~facton to I enJ~r and that the intrrr.t pa~aMe ~~n the wm~ ~rcured h~~ lhic ~iorl~age ~hall be at sn:h rate a~ I.ender
ch:~ll rc~~ucst. If I endcrfias ~cai~~c~l thr ~~pti.~n t~~ :i.~rlcr.n~ rr~~~•id~d in thiti paragraph 17. and if Bi.rrowcr's successor in
interett hac erecuted a Hriuen aswmption agrremcn~ accrpted in w:riting h~• I_en~ler. I.~nder shall release Borro~~•er from all
~~bligations undcr this Nortg:igc and thc !Vote.
If I.enJer exerritic~ ~uch optii~n tu accclcratr. Len~ler .h:~ll mail R~rrouer nutice ~~f accelerali~~n in accordance w•ith
par•rgraph 14 hcrcc•f. Such noticc ~hall providc a pcri~.~l .~f m~t Icc: than 30 Ja~~~ fmm thr datc thc noticc ic mailed within
~hirh Borni~er ma~ pa~~ thc .ums dccl:~red due. Ii Fi.~rrou~~r failc to pa~~ such sums pri~+r t~ thc cYpiralion ~~f wch pcriod.
Lcndcr m:~~'. w+thi~ut fiirthcr ni~ticc.~r ~l~mand c~n Itorro~rr. imoi,c am rrmcdics permittctl h}• paragraph IR hcreof.
~ No!v-lJ:viFOR~t Co~~e~v~?vrs. Borrow~er ani~ Lender furthcr covenant and agrce as fo1lows:
~
18. Aceeleration; Remedies. Fxcept as pro~~ided in paraRraph 17 hereof. upon Borrower's breach of ~nv co~•enant or
~ agreement of Borrow•er in this'.ltortRa~e. includinR the co~~enants to pay when due any sums securcd by this Mort~a~e. I.ender
~ prior to acceleration shall mail notice fo Borrower zc pro~~ided in para~;raph 14 hereof specifvin~: (11 the bresch; (2)the aMion
~ nquired to cure such brcach; (3) a d~te. nof less ths~n 30 d~}s from the date the notice is mailed to Borrower. by whic6 such
~ breach must be cured; and (4) that failurt to cure such bnach on or before the d~te specified in the notke may result in
acceleration of the sums secured by this 4lorlg~~e, foreclosure by judicial proceedinR and sak ot the Property. 'Il~e notice
shall fu~iher inform Borrower of the riRht to reinstate afler accelentiun ~nd the right to assert in the foreclosure proceeding _
~ the non-existence of a defauk or an~ other defense of Borrower to acceleration and forecbsure. If the breach is not cared on
or before the date spcctfied in the notice. Lender at [.ender's option ma~~ declare all of the sums secured by thic Mortgage to be
immedfately due and payabk without further demand and may foreclose ihts Mortgage by judirial proceedinR. Lender shall
be eoNtled to coilect iR wch proceeding all expenses of toreclosurc, including. but nof limited to, reasonable attomey's fees.
and costs of documentary evidence, abslractt and titk reports. ~
~ 19. Borrovr.e~s Rjgh! to Reinstate. Notwithstanding Lender ~ acceleration of the sums secured by this Mortgage.
~ Borrower shall have the rigM to have an~• proceedings hegun by Lender to cnforce this Mortgage discontin~ed at any time
r~ ~ r
~ ~ ~u~( f'At;: ~~.~7