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HomeMy WebLinkAbout0800 . ~ j ~ . i~ ' 1 rnJr~~~ ~~nltrn .~~frCn;e~lr~ll~p~~l~..ihl~tl:~~ k~~tr~~~~~i ~hall ~~ay ~ti~ .~nn~;int .~II m~~rtg.~Z~~• ii~~u~ ~n:r prrnuuni, ~n Ih~ ni:u~nrr ~~~,,~~idr~l und~r E~ai.i~i.?ph hrr~ut r ~n~ :~n~~~unh ~Ii.fiiu.rJ bc 1 rnJri ~~ur,u:int t.~ ih~~ ~.u.~;~i.~i,h ~~;;h inlrrc~l ~ihrrr„n. .h.~li hr.~,tnr aJ.1ili.~n:~l in~l.•h<<'~Inr•~ ~~1 li~~t~u~~r~ ~riur~d h~ Ihi~ \1~u1i'.~~r 1 nir~. li~~~i~~~~ri er.~t 1:n,i~i .i_rr~ tr ~~ihr~ Irrnl~ ~~i ~~:~~m~nL ~uih .~n~~~t~nh.h:~il Fk ~~.~~ahl~ ~;~~ai m~ti:r f~,~~n 1:n~1~r tr N.~~i~~~~rr ir.~ur~~inc {~.~~nirnt Ihrt~rl. ~n~l .h.Jl h~•.~r intrrr.t fr~~m Ihe ,1:~~r ~~f .1i.ht~r,rmrnl at Ih; ratr r.~~.~hlr (r~+m ?imr 1~~ ~irne ~~n uui.~.indine prin.ipa) iinder ~h~ ~„te ienh., pa~•mcnt oi intrrrcl :u ~uih r:itr ~~i.ul~l hr c~~nlr.~n t.~ :q~j.liiahlc I,i~~. nt ~~hi,•h r~rnt ~n.h ant~~unt. ~hall ?kar intrre~l at thr hiEhc~l ratc pcrmissihlr undrr .~~~~+liwhlr la~~. ?~~,thin~ c~•n~ained in thi. p:~ra~ra~•h 7 ~hall r~yu~re Lcndcr t~. incur am• r~{kntc ~r t~kc .inv a;tion hrr~unJcr. 8. Intiprclion. I.rn~lcr m:t~• m.~?.r .~r c,~u,~ t~~ hc maJe rra.onahk cntric~ ~~pun and in~pect~.~n. ~~f thc Pr~~~•crt~~. prr~•i~lcd that ! cndcr ~h:~ll ~;i~•r AV(fUN~f n~~l~:r pri.~r to .u~~~ ~uch in,{xcti„n ~r«~f~~ng rcaso~ahle ~auk IhcrrG,r rrlaird t~. 1 cndcr's in!~~r•t in ~hr Nmperty. 9. Co~dcmnati~io. Thr rr~~:c~d. ~,f am~ aN:+rJ u? rlaim fo? Jamacrc. direri ~~r r~~n.~yu~nti:il. in i~nncrti~•n with am• ~und~mnatii~n ~,r ~~thrr takine c~f ~hc Pro~.rny. ~tir rart ~hcrc~•f. ~•r f~,r c~~nrc~•:?nrc in li~u ~~i c~•ndcmn:~t+un. arr h~rrh~• :~c~icncd an.l ~haN F+c paid to 1_enJer. ln the tt~nl of a Ir(al takin~ ~~f th~ Pru~rt). thr pnkcc.la ~hall ix :~rplie.l tu Ihe ~~~m~ ceiur~d h~• thi~ ~1i~rt~:iQC. ~~ith th~ e~:~.~. i( ~m'• ~+;;id ti. Bi~rr~~wrr. In Ihe cvrnt ~•f a partial tal.in~ ,,f thc Pm~krt~•. unlc~. K~~rn~~vrr :md Len~rr ~,iherwi~c agrcc in ~~ritin};. thrrr chall hc appli~J to ihr wm~ ~ccuri~i hc Ihi~ ~1~~ngagc w.•h rro~•~•rti~~n .~i thr ~•n.cccdc ac i~ cyual t~ thal pr..~~rti~~n .~hich Ih~ amuunt of thc ~um, ~~:nr~d h~ thi~ \l~~rlt.~~r immrdi:itcl~ {xi~~r t„ thr dalc of takin~ ikar~ to thc fair markrt ~a~iir of thc Pro~rt~ immc.li:~tcl~~ pri~~r tu Ihc .latc af t:~kin~. ~~+ih thc h.~l:~ncr thr pnkce.ls paid t.? Bormw•cr. If thc Pr~.pcn}• ic ahandoncd h~~ R~~rmw•cr. ~~r if. aflcr rn~ti~r h~• 1 cnilrr tn Ri~rr~nv~r that thc c~ndcmn~r ~ffcr~ to make an award i~r ~cUlc a ~laim f~r ~I.iniat.+. Rurmw~r f:~il~ tr r~~{~•n.1 t~~ I rnii~r «ithin i11 il:i~. ~ftr: thr ~!:~tr ~u:h nrti~c ie ma~led. l.cndcr i~ authori~rd t., cc~Ikrt :~nd ap~l~• thc prc~rr~1~, at I.cndrr'. u~~tion. rithcr t~~ restorati~~n ~~r repair of thc Pr~,~xn~ i,r t~~ 1he wm..«urc~l h~ ~hi. \1~•rleag~. l?nl~s. Lrndcr and B.~rruurr ~~thcn+i.r acret in ~~rilin~~. ar:~`stirh a{•(+li~:iti~~n ~d pr~.~ce~l~ t~~ priie:ip.~l ~h:ill n~~t c~tcnd ur p.~.lp~,nc thc due ~t:~~c ~~f !hr m~•izthh isistallmrnn r~~~-rc~) tc~ in ~.araEra~~h. 1;~nd hcrc~~i rr ~h:~n~~r ~h~ ami,unt ~~f ~urh m~tallmcntc 10. Be?rmNer ~iot Relea~ed. f?~te~i~i~n ~f the time f~~r m~nt c.r m~~dific:~ti.~n rf ;sm~~rtiiati~~n rf the cumc cecurcd hy th~, \tortgaer gr.~ntc~l ht~ I.rn.l~r c~~ am ,u:cc~u,r in intrr~.t c,f R~~rmucr .hall n~~t ~~~~.r:~tr rrlra~~. in an~• manncr. thr liahilit~ i•i th< <.ri~,in.+l Burr~~.~rr and B~~rr~w~r'. s~~c~r,,.~r. in int~r~,t Lrn~lcr ~hall n~,t hc rrynirr~l commencc • ~-n~,~c.tin~.:~iaimt w:h .u~~c..cv ~~r rcfin~ tc~ c~tin.i timr frr p~~m~nl ur ~,thcrai~c m~~1if~• am~~riiratirn ~~f Ihc sums ~c~!irc~ M• thi~ ~1~~rteag~ h~ rca~.~n ~~f aii~ dcman~l madr h~ thr ~~ricinal R~~rrr~~rr :~nd Bnrru~~•cr'e tiucc~.•~~r. in inicrect. 11. Forbearance b~• l.endcr \ut a~~'ai~er. ~n~ f++rF.~ar.~n;n c~ 1 rndcr in e~rr~i<'sr.i am rieht ~~r rcmrd~~ hrrcnrnler. ~~r ~,th~rw•i.~ atT~~r.lyd h~• ~~plicaMr I:~ti. .h:~ll n~,t tx a H:~i~rr .+t ,,r ~rcrlttde the c~cr.i~e ~•f am ,urh n~~ht ~•r rcmed~~ Thr ~rcxiucment oi in~urancr or thc ~a~•mcnt ~,f ta~r. rr ~~ti~~r li~ii..~r ;h:~rcc. h~ I.cndcr .hall nM hc ~~.~i.rr ~~t I cndcr's ri~ht t.~ ar:rleratc thr m:~turit~• c~f th~ ind~ht~dnr..•r:t~rr.t h~ thi. \t~~rt~atir. 12. Remediec ('umulati~•c. All reme.iir. pn,~i.trd m thi, \li,rteage arr di,linrt :~nJ rumul:~tive t~~ .~~i~ ~~ther rieht ~r remr~h• undcr thi, ~~l~It,L'.~gc ~~r a(T~ad:~l h~~ la~+ ~~r ~yuil). :~nJ ma~ he ~~crci.r.i ~~mcurrentl~~. indcpcn~i~ntl~ ~~r ~n:~t.ci~•rl~. 13. Sueeescon and Ac~i~ns Bound; Joinl and Se~eral 1 iabilih~; ('aptionc. Thr cr~rnantc and aerr~mrnt. herein :~~ni.un~J .hall hind. :~nd ~h~ richt. hcr~undcr .hall inim Ic,. thr rr.~x~ti~~r ~urcc...~r. and a~tigns ~~f 1 cn~lcr and B.~rr.,~~cr. .uhle~t to !h~ pmci.i~mc ~~f par:igr:tph 17 hcreof. :111 ~o<<n:~nt. ami :~grcrm~nt. Burn~~~•rr sh:ill hr j~~inl :~nd ~r~cral. (7?c ~apti~•n. anJ t~eauin~. c,f tnr paraLr:~ph. ~~f ~hi~ M~~~tc:i~~ arr f~~r ~i~nvrnicncr ~~nl~• arnl :~rc m•t t~~ t.~ u.rJ m mt~rE.rrt c,r definc thc pm~icirn~ hcrr~f. l~i. \uticc. E~rcrt f~~r an~• no~i~c rryuir~J un,lcr arnticahl~ 1:~:~ t~~ h~ ~irrn in :in,,thrr manncr. am• notirc to {3~+rmw~cr pr~•~idcd f~~r in thi. ~1c~rt~agc xhall Fx gi~~n h~ ri;iilin_~ ~u:h n~~tirc h~ ~rrtificd m:~il aJJr~ti.~d t~~ Borm~~cr at th~ Pn,~xrt~ :1:ldre.. „r at ~u:h ~~ih~•: :uldr~.. K~•rn,~~~r m.+~. d~•~_n:ur h~ in~ti~~ 1 ~n.lrr .ie pr~~~•i~l.~l hcecin. :?n~l Ih) an~ n~~t~.-~ t~~ I cn~l~r .hall h; ~i<<r. h~ crrtihr.l m:iil. rrturn rccr~n! rruc:..tc~l. tr I rn~lcr. :id.lrc~s ,i:~t~d hcr~in ~r to ~urh rthcr :~ddrc~~ :c~ I cnd:r ma< <Ir~itn:~tc h~ nrti:e t~, B~•~r~~.~r~ a; ~•r,,~idrel hrr~in. .\m~ nolirr pm~•id~~i f~~r in thi~ ~1~~rlLagr shell tk ~le~mcd a~ h.~~r bcrrz Ei<<n t~. B~~rn~~~~r ur ! r~~:i~r ~.h~n gn~cn in thc m:umcr d«i~natcd hrrcin. I5. [~nifnrm 1lortt;•r~c: Co~•ernine I.ah: Sr~erahilih. Tti;. t~,: m;.f nu,rt~~a!~c _~~mhinrs uniform crvenant. f.,r nati~nal !I~l' :!(1~~ I?~.~(l~Ut71~~~t(11 ~~~\~C:7:~~~1~ ~~ith Iimit~J t':1(18hhI7~• f~\~ ~ilfl~~j`i~IJfl h' ~~~fitiS~lUli :l UI11fOR11 Cl'itlflll' I~1~ITIIt11CI!( i11C~f1(1~; rcal pr~~~xrt~ Thi. ~1c~rt,',i~r ~h;~11 h~ guc~rn~d M Ih~ Li~~ rf th~ iuri..li~ti~,n ~n :~hi:h th~ Pro~rt~ i. I.kalcd. In thc ; ~vcnt that :?n~ , ruvis~rti i~r clau.c.~,f thi. ~Inn~a~~ ~~r thr \,~;c ~~~ntlirt, ~~ith :~rnlicahlc la~~. ;~~.h <<~nfli:t ~hell n;~r :~(iect j ~,;hrr ~r~,~~.i~~m ~~f thi. ~1~~rt~:te~• ur Ihr \~~It «hi.Fi :.u~ l,~. ~_:~~n ~1Tc.I ~+i!h~~~it Ih~ i~~ntli.tin'_ rr~~~i.i~~n. :~n~l tt~ this ~n~1 tt~r pr~~~i~i~m~ ~•f tht ~1~~rt^aec :md th~ \rt~ :~r.• Jr~l.~;c.i i~+ h~ .rvcr:ihlr. ! 16. Borrowers Cop~. Born•~+c: .h:t!! h~ f~Ernf.h~~i .~mt~~rrnr~ ~,f ~h~ \i~?~ .~n.i ~~f thi, \1~~~t_~a_~ :it thr timc ~ ~~I c~r~utiun ~~r :~ttrr rc,~udatiun hcrc.~f. ~ 17. "~ramicr ~f thc Propert~: :~~~umplion. tf :~II ~~r :,~r~ ~~art ~~f th~ Pn~Exn~• ~~r an interr~t ih~rein i..~~ld ~~r trancfcrrcd ~ h~ Borruw~r ~~rth~,ut i~ndcr'ti pri~~r «rittrn ~un.~nt. r~:tu.linL th~ ircati+~n ~~f lirn ~•r rnc~~mhran:c suhor.iin:itc t~~ ~ thi. ~1~~rtkaic. Ihl thc crcati~n ~~f t~~if:ha.r mrnrc .r~urit~ in~rr~,t f~~r hru.ch~+1~i appli:~n:«. ir1 :i tran,frr h~~ dcvisc. ~ Jc.rrnt ~~r h~ i.~r.it~on I.iu ~i~.~n ih~ .iiath rt j~~~nt trn:~nt ~~r ~~i~ :h~ erum c.f :im I~.~~h~~ld inl~~est ~~f threr ~-t:?rn „r lets ~ n~~t ~on!aining an i~rti.,n t~~ ~+urcha;c. 1 rnclrr m:~~. :it Lrn~rr'~•~~~t~,,n. ~ir~larr :ui ih~ tium. ~erurcd h~ th~ti ~t~~rtg:?gc t., bc fl immcili:ttrl~~ duc :~rd pa)•ahl~. 1 ~ndrr ~h:ill h:~~i ~+:~i~r.t .u:h ~•ptu,r~ t~~ acrrlcr.,te i(. ~ri~r t.~ th~ ~:~Ic ~~r trancfer. Lrn~ler ~ :~nd thc {xr~on tc~ whi~m the Pmp~r1~• i. h~ .ul,l ~~r tr:~n,t~rs~d rrarh acrc~mrnt in ~+ri~iuc th:~t th~ crcdit c~f such pcr~i~n sati~fact~~n t~~ 1 cn~lcr .~nd that tnr imcrr~t ~+ac:+hlc ~~n th~ .um. ~erurcd h~~ thi. ~1ortLacc ~hall hc at snch ratc ac Lcnder ~ ,hall rcyuc~t. If 1 cnilcr ha~ ~~•ai~•cd thr n~+ti~~n t~~ a::rlcr.~tr rr~~~•i~t«i in ~hic ~ar~!,r.iph 17 and if B~~rr~~w~cr', ~uc~cssc.r in ; intcrc~t ha~ crccut«1 a Nriurn as~um~+tic~n a~rccmrnt a,crE~trd in uriting M• Lcndrr. I.rnJcr ~hall relca.c B~~rnx~er from all ~ .~bligati~m under thiti ~1~•rtgagc and the'~'c.tc. ~ (f Iender e~er~i~r. ~uch ~~pti~~n ti~ accrkratr. Lrn~icr Sh:ill m;~il B~~rroNrr notiee i~f ac~elerah~~n in acr~~rcianee uith par:~graph 1-i h~re~f. Such n~~ticc ~hall rro~•idr {kririi ~+1 n~~t lcsc ~h~n z(1 da~~~ fr~~m Ihc date th~ noticc ie mailcd ~~ithin ~ Hhich B~•rruHCr ma~' pa~ th~ wmti J_~L~rc~l ~1nr. It B~~n~~~~rr feil~ tu ~:i} ~tt:h ti:~m+ pri~~r t~~ Ih~ ~~~irali~~n e~f w~h ~xriud. ~ Lcn~lcr m:~~'. ~~ilh~~ut furlhcr n~ti~c ~r ~i~mand ~~n tt~~rr~~~+~r. ~n~~~kc .~m r~medics {•crmittcd h.• raraeraph I`t hcreof. - ~ No~-l~tvttuR~t CovF~~n~7s. Bnrmw•er and Lender furthcr ci~~cn.int and aRrre as follows: 18. Acceleration; Remedies. Fxcept as pro.ided in paraRraph 17 hereof. upon Borrower's breach of any co~enanl or a~reement of Borrow•er in this ~tort~a~;e, indudinR Ihe co~enants to pa~ .+hen due an~~ sums secured by this ltort~age, i.ender = prior to acceleration shall mail notice to BorroKer as pro~ided in para~;raph 14 hereof specif~•io~: (1) the breach; 12) the aMion required to cure such breach; (3) a date. not less Ihan 30 da~s fr~~m the date the notice is mailed to Borrower. by which such breach must be curcd: and (4) fhat failure to cure such breach on or before the date specified in the nofice may result in acceleralion of the sums secured b~• Ihiti ~torfga~;e, foreclocure b~~ judicial prnceedinR and sale of the Property. "Il~e notice - sh~ll further inform Borrower of thr ri~ht to reinstate after acceleration and the ri~ht to atserf in the foreclosure proceeding the non-ezictence of ~ default or am• other defense ~~f Borrow~er to ~ccderation and foreclosure. If the breach is not cured on ~ or before the date specified in the notice. [.ender at I.ender's option may declare a0 of the sums secured by this MortRa~e to be immediately due and payable without iurther demand and m~y forecloce thts :11ortRa~e by judicial proceedin~. Lender shall ~ be entitkd to collect in such proceedin~ ~U expeases of foreclosure, includinR, bul not limited to, reasonable attorney's fees. and cosls of documentarv e~idence. ~bstracts and litle reports. ~ 19. BorroNePs Righl to Reinstate. N~~twithstandine t_enelcr'. accelerat~on ~f the tiumc ~ecureJ by this :Nortgage. x Borrower shall have the right to have any proceedinRs tx~;un by Lender ti? enforce this Mortgage discontinued at any time ~ ~ ~ , L fc ~O~~c FaCf ~ _ _ - _ _ _ _ _ ~ _ - - Y ~ ~ ~ ~ ~ yn~ x ° . ...r+_ ..z.'~~'~-~'.~ ,35-~4'' ~ , . . . -r?-__$ ~c -e _ . _ ~ ~'W,.s°~s:' .