HomeMy WebLinkAbout0647 1 ~•n~irr'. ~~riurn .~~;~~riarn~ ~~i appl,.~lzl~ I:~H. lirnv~.rr ~ha~l ~~,?y ih~ am~~~nit ut .~U`nWrt~gQ~~i,ur.~n:~ QR~i~u, in thr
in.~un~r ~••n~~i~cil und~r ~~:u.ig~.~ph _ hcrcol i~ V
:~m~ am~uini~ ~li.hu~~«I b~' I cn.i~r F~u~.u.~nt t~~ tiu~ r.~r.~_t.~{.h 7. uith int~rr~t flTt'ft'~~R. ~Fl,~!! Fx~unic a~l~litintial
~n~l~'htr~ln~.~ ~~f H~~rr.,~~rr ~r~ur~d M ~hi~ 11~~r1a.,~r ( nli.~ B~~rru~~cr .~nil 1 rn.irt ~L~rr t~~ i~ihr~ lernl~ ~~f paymcnt. ~uch
:un~~un~. ,hall Fk pacahk uE~rn :~r~i:r fc,~m 1 rndr~ R~,rr~~~~~i r~yu~~iine p.~~nunt thrn.~f, an.l .h:Jl tk.u imrr~~t fmm thc
.I;~tc ~~f tiich,~r~cmciri :U ih~ rat~ ~~.~~•:ihlr fr~~m timc t~~ time ~,n c~utclanding pri~irip~l ur,der thc ti~.te unle« payment of
int~rr,t at such ratr ~~oul.! he «~mran~ t~• ;~ppG.:ahle i:~~v. in ~hirh r~~ent ~uch am~~imt, ~lt~l! t~ar ir~~erett at the highe~t rate
~ernr'scitil~ un~lcr a~~plicablr lau. I~ulhing cim~ained in ~hi~ p:?ragraph 7~hall rcyu~r~ I cndcr ta inrur am~ ~rpcnce or take
.~m• acti.,n hrrcund~~,
S. Impectioo. I.cn~lcr ma~• mal~c ~,r ~au.c to hc madc rra.onaMr ~ntric: u~x~n and inc~cti~.m of thc Pru{+~rty. pm~~iJcd
thal (.cndc~ ~hall,gi~•~ H~~rraHCr noticc'priar tu ant• ~uch incpcttii~n ~~xc~f)ir.g r.:~so~~abl~ c:iu.c thcrcfi~r rcl;HCd to I.cndcr's
~m~r<<t in thc Pmpcrt)•.
9. Condemualbn. The ~rw~ed. uf :~n}~ aKard or claim fur .Iam~LCS, direcl ar i~~nc~yurntial. in ronneclion w•i1h an~~
condemnadon or e•ther takin~ ~f the Pro~rty, .~r pari therrnf. ar for conve~•ance in licu c~f c«ndemnation. arc hercb}~ sscigned
and xhall t?e paid to i.cndcr.
ln ~hc c~•rn1 of a trn31 t~king of thc Pm~rty. tfir rrc•~ceds chall hc applic.i t~. thc cum~ cccured b~ thi~ I?i~~rtgagc.
~vith thc c~ccss, if any. p.++d tci f3nrraw•er In the rvem ~~f a partiat ta~.ing of thc Propcrt}•. untc:c Aor~ou~cr and [.ender
~therwic~ agree in writing. th~rc ~hall he applied to the wmc ~ecur.d h~ thi~ ~t~rt~age ~u~h pmportion ~f the pri~ceeds
as ie eyua( to that pro~.rti~~n ahich thc :~muunt of the sumc crcurcd hv thi, ~Inrtgagc immedi~tcl~~ priur t.? th• dale of
~aking hears to the fair market valuc of thc Pro~xrh~ immediateh• rri~•r to the datc of t.+king. .~•iih tlx balAnse of,the~r~cerds =
paid ro Bo~mwer. .
If ihe Pruper!~• ic :?handoned h~• Brrmw•er, or if. after n~ficr M• I.rndrr to Bc~~r~~wrr that the ce?ndemnor ~ffers to make
an award or ,cttle a claim for d:~m:~ec~. 8~~rrowcr fait. !i~ rc,M~i~d 1~~ 1 rnJcr ithin ZO da~~, :~ft~r thc datc wch n~~ticc is
mailed. l.~nJer i~ authotized to collrct and appl~• thr prckeeds. ut 1 ender; opti~n, either tc? resto~atian e.r rcp:~ir ~f the
Pm~xnc <.r to Ihe ~um~ .~rur~~1 hv thi~ \ior~gae~:.
Unles~ I cndcr and Bo~ni~~er o~hcrwi.~ agrcc in •.~riti~~~ am- .~~~h :~r~li::~tian ~~t ~+rc~;ccd~ t~, prinri~+:,! ,hall n~~t r~icnd
ur pci~tpone lhe due ~tatt uf the moitthl}~ ins1a11mrnt± r~ferr~•d tu in ~~~:a~r.~rh. 1:~nd hen,.~l ~~r rhange !h~ amaunt of !
~urh installmcnts. .
10, ltorrower ~iol Reiea~ed. 1:~tencio~~ of the tim~ for pa~mrnt or m~•difi,ati~~n of amorti~afii~n ~~f the ~um~ cecured
b~- thi. 114ortg~ce grantcJ b~~ i.~nJcr to any .i~rcettur in intrrrct ~d l;ormu•er .ha!! i~ot ~~~rratr to rclcasc. in an~• mannrr.
thr fiabilitt• i~t thc origir~al Borro+ticr and R~~rrrn+cr'ti sucr«..~r. in intcrc.t. L~n~~cr ~hall not hc rtyuircd t~~ commcncc
~nlee.lingc againse ~~~ch tuc~•e~s~~r or refu~e t~. e~IcnJ time fi~r payment ur othen.i.c mc~lify amortizatian ~~f thc sums
•~:urrJ hv thi~ ?11c?rtgagc hv rra~~~n of .~m dcm:u~J m:~dr h~ th. ~~ri~~inal (tormwrr and E~~~rrc~w~crs cucr<a~~r~ in intcrcat.
11. Fnrbearance by I.ender \ot a 1ti'ni~~er. .1n~ f~~rl.~a~r;t~i~r h~ L~r~cirr in c~crciein~ .:rt~~ right nr r~m~d~• hrrct~ndcr, ~r
,•thrrwik aflurded h~~ :~pp)i~ahle law. .h:~li m•~ hc a w.+i~cr ot ,•r ~rcrlude the e~erri.~ c.f :~n~• .uch right c.r remed}~-
fht pro~urcment of insurancc or thc p:.~•mrid i~f ta~c. ~~r ~~thcr licn~ ~~r ch:~rgr~ h}• l.cndcr .hall not hc a~~:ii~~~r ~~f I cn.tcr ~
ri~ht t.. arcrl~ratc th~ maturity of thc indrht~dnr:c .c~.:ured h~• thi. ~ivrtcagr.
i2. Rentediec Cumulati~~e. All remedie~ pr~~ided in Ntic !~l~~rtc.+~e are distinet a~;J cumulative t~ am• c~ther richt ~r ~
rrmcth• :~nJcr thiti M~.r~,•.?gr or afTi~rJ.d h~' I:~w nr cquit}~. ..n~ ntac ix c~crcisc.l ci~ncurrrntl~•. inJepcndcntl~ ~,r succr.~i~•rls.
13. Succecsor~ and :1~~iRnc B~~ond: )oint •rnd Se~cral I.iabilih: ('aptionc. The cc•~•enants and aFrccment. hcrein
:~~nt:~~ne.l ~hall hind. and ihc ri~ht, hercunder .hatl ~nure t.~. thc r~~p~cti~•~ s~:cce.uvs anJ atsigns c?f t.endrr :~i~d 8~~rmHer.
•~~hiect to rh~ pru~•i,ionc .~t ~~ar:~era~h 17 hcreoL :1lI coti~tnanh aii~l airc~mrnh :~f Rrrn,~~rr ,halt tk I<.int a~id ce~•rral.
l~r ~apti..•i. .,n.1 hradi~i,, c,t thc par.~grapin c•f Ihi~ 111~•nga~:~~ are f~~r ~unven~en~~ ~~nl}~ :~nd ar~ ni~i t~, tx u~ed to
~nt~rprct or definc thr pm.;ci~~~~.'~ercof.
14. \olice. F.tie~t i~~r anv notice reyuirr~ imdrr :~prlicah!r la~. a, b~ ei~~en in an.~ther maoner. (a) :~m• n~tice to
f3c,rr~~u~er ~+mvided f.~r ~n ~hi~ 11~~rtL~~Ye ~ha!! be ~nrr, h~ m:~~liug wrh natict hc ~rrl~fied mail :~ddres~cd Iu Rorr.~~.rr at
thr Pn~pxm• ~1ddre,. c,r at w~h .~th~r adclrc.. a. B;~rmucr in;~~~ dc•;tinat~ h~ mui~r t~~ f cn~lcr ac pm~~i~kd hcrrin. and
~r~ an~ ni~tiic ti~ I rn~icr ;h.~ll tx en•rn h~ rcrUfir~l m:eii. return rr~~i~t rcui~r.te.1. tr 1 ~n~ter'. ad.lrc« stated hcrcii~ c,r to ,
,uih ,~th~r adJrcti~ .?ti Lender ~~ia~ desiena!e b. nc~ticr Brrn+•.~:r ac r~~.~,~i~,l 'n~•rciri. •~m• rt~~ti~e pr~~viil~_J f~~r in thic
tit~~rt~;ag~ sha!! I;r deemrd t~~ h~tic hcrn g~~~n tu 13nr,-nw~r rr I rn~~r ~~hcn ~~nrn in th~ nrumer .le.icn:itcd hcrein.
I5. l'niform .\tortK•rKe: (:o~•ernine (.aw: Se~erabilih. ~tl:. ~~~r•n ~~f m.•rt~~a~~• ;~~mhincc ~+nif~~rm r~,.~enant~ f~,r natrc~nal
i.e a~~! n~~n-unifurm ru~c:~::nt. ~~ith limitc~i ~ariahi~m jiin,~i~:tr~~n tn r~•n~titute a imif~rm securit~- iri~trum~~~t ro~~ering
r~;~l pre.pcrt~~. Tf~i. ~Toetg:~gc tihall tk ~~?ventcd h~- th~ 1au ~~f tlir iuri,ili~tian i•~ u•hich the Propcrt}• ic lika~rd. In the
e~•eni th.N an~' prc~visi~~n or clau~r o1 thi, M~~rtgagr ~,r ttir \.~ir c~mfli~t. Hilh appiic.+hle lati•. ~i~rh r~~ntl;cl ~h:l) n~t affect
~,thir pn~~~~i~~nti ~~f thi. ~1~~rt~aer c~r thr \~~t~ •,.i~iih ian F•~ gi~~n ciT~.•t .~i!h~~t~t thc ~~~n`li:~ing rr~~ci.ii~n, a~id ro this
rnd thc p:~» i~i~~n~ ~i( thr '.1ti?rtiac~ :?nd thr \utc arc .I~ilsrrd t~. hc ~r~~crat.~c.
16. $orro..er'.s Cop~'. B~rr.~ti.cr ~hall h~ ferrni.hrJ a c.mt~~rrnrd :r~~ ~ u! !h~ ~~~tr ancl ~•f Ihi~ ~Ti~rtgage a[ thc time
=~f e.~erution .~r aft~r rccordation hcre~~f.
17. Tramfer of the Propert~: :~ctiumption. If .~1! ~~r ;~m ~..~n i~f thc Pr~~~rt)~ ~~r an intcreet thercin it «~Id ~r tran~ferred
h~• Borr.~,~~r ~.ith~.ui I_endcP~ prior w~itirn .~,n.~m. ~~,luJinz thc cr~ati„n uf a ticn ~,r cncumhran.r ~ubor~inate t~~
thi, ~1~•rt~:zgc. (ht thc creatic~n pi:r~ha« m~~ne~ .e~urit~ inlrre:t l~~r honsrh~~?~i apnlian~c:. Ir) a tramfer h~• de~~ise.
~lc•rcnt ~v h}• ~~rrration of law upon thc ~irath .~f i~~int trnant ~~r I~t~ the grant ~if am Iraxhold interest ~f three ~•c:tr. ~x Iess
rn~t rontaining an ~~p~iun In ~urchatie. L~n~ler nt.~c. .~t 1 enJ~r'. ~~ru~.~~. dr,l:ir~ .~ll ihc Sunt~ se~ured b)' this \tortgage to be
~r:~m~Jiateh• due.anc! pa~•ahlr. LrnJrr tihail h:~ce w,~i~ed ~t;,h ~~ptirn tc. acrcier:rtr if. pri~r to thr ~ale ur trancfer, f.ender
.~nd the perum to «-hum thr Prr~xrt~~ iti t~~ hc rr tr.~~~~tcrrcd rrarh agrr~ment in wr+ting that the credit ~~f ~uch percor.
sa~i.fact~~n• to i.en.l~r and that the imrrc.t ra~able ~~n ~he ~um, ~rcured h~~ thi. vtort_age thall be at such rate a~ i_cnder
.h:,ll reyuc,t. !f Len~cr has w~ai~-rd thr ~~p!i.~n a;,rl~r;,te pm.•idcd in thi~ paraeraph 17. anJ if BorroW~er's successor in
~n~crest ha~ c~ecutcd a writ~cn as.umption acr~~t:mrnt accr~•tcd in ~~riting h~• Lrniicr. LcnJer shall rclcacc H~~rro~.•cr from al!
~~htigatic~ns tmctcr thi: 1ltortgagc and thc 1~otc.
If l.ender e~ercitrti such ~.ption tn acccteratr. 1 en~lrr ~h:ell n~ail Bc~rmw~r nvtice ~f acceleration in a~rordanee with
raragraph 14 hcre~f. Snch noiicc ,hall provi~lc.:i ~a ri~xl .~f nat Ics~ th~n i(1 da~~ti from thc dalc thc noticc is mailed within
uhich $nrmuer ma~• pa~~ the wm. de~L~rrd di:~. (f B~~rr~+~~rr f.~ilc tc~ pa~ tiirch v~ms prior t~ the erpira~i~n uf cuch period. '
f.ender mat•. «ithoi~t further n~~tice <~r Jemand ~~i~ li~~rri~ti?rr. im~~1,e am r~medies E~ermiueet h~• paragraph 1R hereof.
~iov-(,1,nFOk~t CovE~~?nTS. Borruwer and Lrnder further co~enant and agme as foflaws:
18. Acceleration: Remedies. Except as pro.ided in para~raph 17 hereof, upoa Borrower's breach of any covenant or
a~reemtnt ot Borrori•er in this 1loriga~e, includinR the cosenants to pay when due an}- sams secured by this. Mortgage. T.ender
prior to acceleration shall mail notice to Borrower as pro~•ided in para~;raph 14 hereof specify~ing: (1) the breach; (2) t6e action
requind to curc such breach; (3) a date. not less than 30 da}s from the d~te the notice is maited to Borrower, by which such
breach musi be cured; s?nd (4) t6at failure b cure such breach on or before the date specified io iht notke m9y result in
acceleration of the sntns secured by fhis ;~lortgage, foreclosure by judicial proceedinR and sale of the Property. 'Il~e notice
shali further inform BorroN•er of the riRht to reinctate after acceleratiun and the right to usert in the foreclosure proceedir~
the non-existence of a default or any other defenx of ftorrawer to acceleration And foreclosure. If the breach is not cured on
or before the date specified in t6e notice. I.ender at I.ender's option ma~~ declarc all of the sums secend by tbis ;4iort~age fo be
immediately dut ar~d p~yable without fuilher dcmand and ma} foreclose this MorlRage by judicial procetdinq. Lender shall
be entitled to collect in such proceedi~ry; all expenses of foreclosure. including. but not limited to, reasonabk attorney's iees,
and costs of documentary e~~idence, abstracts and tiHe reports.
19. Borrower's Right to Reinstate. Natwithstanding I.ender s acceleration of the sumc secured by this Mortgage,
Borrower shall have the right to have any proceedings hegun hy Lender to enforce this Mortgage discontinued at any time ;
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