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HomeMy WebLinkAbout0875 1 rn~lrr'~ ~~r~lt~n .~~;r~rm~~u ~~r :~p~~li..~hlr I.~~~ It~~~~~~~~rr ~i~:~ll p,~~ Ihr :~m,~t~nt f~.1~~~"~;~1? M~~~'?~.+?~~~Cr pn•miuni. in th~ mannrr ~r,,~ ~dr~l i~~idrr p:u.i~r.~ph ? hrrcuf 1 t7 r~m am~~unt. Ji.hnrc~il b~ I rnJe~ {~ui~ic~ut 1~~ thtc ~..~r.~c:.~~~li ~~~~~h :ntr~r~t tl~rrr~m ~h,~ll hr~~~n~~ ad~liU„n;~l inJrMr~lnr.. ut li~•rrr~~rr ~eci~rcJ h~ th;. ~I~at_.i~~ t'nir.. linn,~~~~~ :uiJ I rn.lr~ ae~rr t~. ~~Ihr~ ~~rm~ ~~f ~•.~~mrm. ,urh aiu~~unh.h.~t11n {~a~ahir u~~,~n rn,ii:~ fn~m I rn.}:r t~~ R~~rr,~~~~•r rr.;iir.tin~ {~a~mrut thrr:.~f. an~) .h.~tl h~:~r in~rr«t fr~•m thc datc ~~i Ji.hur~~mcnt :~t thc rat~• ~~..~I~1r (r.~m timc a~ ~~mr ~~n ru:~tandine {~rinr~pal undcr ihc \~ar unlr.. {+aymcnt of infcr~.l at +urh r.~tr «~~uIJ ~ i~~ntr:~n tr a{?ph:ahlc Li~~. in ~~hi:h ~~•rnl ~urh am~~wtl. ~h:ill txar intcrc.t at thr high~ct ralc ~xrmicsihlr ur~lrr :~~~~licahlc la~~ \~,thine.cc~tainal~~ Ihi. para~r~~h 1 ~hall rryuir~ I.rndcr to incur :+in• ~~~xn~c ~r take .in}' art~on hrrcund~r. ~ S. Insprc~ion. 1 riiJer ma)' mat.~ ~~r:au.r t~~ F?~ maJc rra~i,nahlr rntric~ u~,un and in.p~cti~~n. ~.f thc Pr~~~r~y. pro~•iJcd th.~t I endcr ~hall s:i~•r B~,rr~.~+~er nu~ice pri~,r to any ~in;h int~ti.tiun ~~rif~~ing r~as~~nable ~au.~ Ihrrrf~,r rclatrd t~~ I ender's in~crr.1 in th~ Pn,~rt~. 9, C~,nclc~rr~l~+++. The ••f ;~ward n~ claim fnr .t:~maecc. dire~~ .~r a~~~~~qucntial. in c~~nnc:lic~n ~~•ith am' :unJcninati~~n ar c•~hcr ~akin~ ~~f thc Pm~xrty, ~~r pa~t therc.~f. ~~r far c.~m~r~ancc in liru c~s a~nd~mnatiun. ar~ hrrch~ ac.i~ncd and ~hall h~ paid to I cndcr. ln Ihe <<•Cnt of a trlai taking of t}u Pro~xrly, tht pnw~edc chal) h~ :ipplictl t~~ IhC cumc S~curcd h~~ thic R1~~rtgaRC. Wi~h thr c~cc.s. if am~, paid tu B~~rmw~rr. In the evcnt ~~f a partial ~:~t,ing uf thc Prupert~~, unl~.c R~rr~~H~r ancl 1-endcr othcrHi.r agrec in H•ri~in~. thrrr shall tk applicd t~• thc •um~ ucurc~l h~ thi. Mi•r~ga~~ .~i~h ~rop;,rti~~n ~•f ±hc prcxecds ' as i. eyual to that proM•rti.~n ~~hi:h thc :imount of the cum~ .e:urrd h~ ~hi~ \t~rt~:iLr immrdiateh~ ~~ri~~r t~+ Ihe date ~f ~aking hrarc tu thc fair mark~t ~•.~lu~ of the Pn~(+~rt) immrdiatrl~ pri~+r to th< <L~te nf ~akinst. ~~ith ~hc h:il:mrr .~f thc pnk~c~(s paid t~~ Bormw•cr. (f thc Proper!)~ ic ~hand~ned h~• Rorrnwcr, c•r if. aftcr n~ticc M• I cndcr t~ R~~rr~~w•~r that thc rnndcmn~r ~~fTcrc to make an award ~~r +c~il~ a claim for ~lamagc._ Bnrr.w?•cr fail. t~~ rr.(w~n~l ti~ I~ndcr within ~n d~~~ :+ftcr thr d:it~ t~i~h na,tirc ic mailed. Lendrr ic authorited to rollect and ap{+I~• thr pn•ceeJ~. a; 1 ender: ~~pti~n. rither m reatorati~~n c~r repait of the ; Pro~xrn or to thc ~umc sccurcd M~ this ~1ortFage t'nlcc, I.en~ier aac! Borru~~rr r.thrn~i.r agrer in ~~ritim~. am .u.•h :en~l~.•:~ti~~n ~•f rracred~ t~, ~rin~i;?:il .h:il~ n,zt r~tend ~.r Fx.ct~~ne the due ~~ate uf the mr•nthh~ in.tallm.nts rcfe~rcJ t~~ in t~.t;acrat~h. I:+nd henc~t ~,r rham~i the am~•unl ~~f ~ ~uch ~mtallmenlc. 10. Borrower Nat Relea~cd. l~~tcnsion of thc time f~~r ~:~~mcrt i~r n~cxlifi:atirn i~f ami~rii~ati~.n ~~f the wm. ~ecurcd M• th~, ~lurttagc ¢rantcd b~• 1 en~tcr to am• wcce~~ur in intrre~t .~f B~~rr~~~cr ~hall niu ~~Exr:?IC t~~ releasr. in am- manner. thc liahilitv .~f thc oripinal Burro~~cr and R~~rr~~wcr'c sucr«.ur~ in intcn,t. I.cndcr chall not hc rcyuired t~~ rommencc ~,n.c~e~dings againct such su:rccsi.r rr rcfu:r t~~ c~tcr~ tim~ frr p~~~mrnt ~~r othcn~ i.r m~~dif~~ amortirati~~n rf thc sunx .rrurrJ h~• thi~ rinrtiacc h~~ rracun of an: dcm:in.1 m;~dr h~ th~- ~~rizinal R~~rr.•~~~~ and R~•rrr~ccr'c cu~rr.•~~r~ in intcrcct. 11. Forbearance M I.ender ~ot a N'ai~er. ~~n~ f~~rFxaranrr h~ t rnder in c~crci~in_~ :inc rieht .~r rcmc~~• hrreundrr, or ~~thrrwi~e atT~~rJe.l by ~ppli~ahle 1:iN'. ~fl:~ll n~~t Fx ~v:ii~•er ~~f ~•r preclude th~ e~~rci~e .•f am• ~uch rigM c~r remed~•. ~Thr pr~.curcmcnt c~f in;uran.r or thr {~a~•mrnt ~~f ta~r..~r ~~tl~er li~n~ ..r :har;,r• h~ I~ndcr ,h:~ll nM Fx a~~.~iti•cr ~~f 1 cnJcr'~ ri~ht tr accclrr:~tc thr m,ituril}~ ~f thr ind~htcclnr.~ ...urrd fi~~ thi. \1..n~;ac~. 12. Remediec Cumulati~~e. All rcmr~i~a ~r.~~i~lyd in thi: \li~rtxace arr .iistinct :+r:.l :umula~i~~e tc. :~m• ~•ther rigM ~,r rcpic~i~ inedcr thi, M~~rt~~.i~~ ~~r afT~~rJr~1 i,~• la~. ~~r ~yuir~. an~l m:~i~ Fx r~rr:iti~~l ;:,ncurrrntl~•. indc~xndcnth• ~•r .u~:r•ti~•cl~~. 13. Succecsors and :\s.i~ns Boimd: Join1 and Se~era) (.iabilih: ('aptionc. 'Thr c~~~•cnant. and ag~~cm~m: h~rein ~~,nt:,inc.l tihall hind. :~nd thc riehh hcrctender .hall ~niire t~,. ~h~ rr.{k~ti~r ~:~c~~•.~~n anJ .~~~i?:n~ .~f 1 ~n~trr :~nd Rnrn,~~cr. .i~hj~ct Ihc pr~nitiion~ .~f paragr.~ph 17 hrrr.,f. ~\11 ~uc~n:~ntti :inJ aerr~mrnl. oi R~~rnncer tih:~ll Fk i~•?nt :ind :«•cr:tl. Thr :a~li~~n. :inJ '~eadi:i~. ot thc para~r.~ph. ~.f thi. \1~•rtgagc arr f~~r crm•crr.rnc~ «nlt• ,~n~l arr m~t t~~ t?c u~rd to imrri.rc~ ~~r dcfine thc ~rm~~+~~nc nere~~f. IJ. \otice. E~rert f~~r an~' rn~Iire rcuuir~d un.irr ;~npli~.il~l~ la~+ t.~ h~ gi~•~~i in an~,th~r manner. (:il :int• nc~lice to R~~r~,,~~er rm~ided f~~r in thi~ ~1c~rtinee sha!I tx ei~•rn h~ m:iili~•L •u:t~ !:rtir~ h~ ~rrtiFed m:+il :iddrrtic~d R~~rmti~cr at thc Pr~~Fxrt~ A.Wrr.. .~r :~t ,uch ~~th.~ addrr.. ac B+~rr„~~cr m:~~ d~,e~~n:~t~ M rn~ti;r 1 rn~lrr a; rr~~~•i.1r~l hcr~in. :~n~l _ Ih~ :im nutirc• :is 1 rn~l~r ~h~l! ti:• zi~rn h~ c~rtifi«i in.+iL rrturn rr~rint ~~u~:c.1~.1. t~~ 1 cit~tcr'. ad~lrc~, cta~~d hcr~ii~ ~x to ~n:h ~,thrr addr~ti~ :t~ Lrndc~ m.~~ dr.i~n:~te h~ nnti~r B~~rn•.«r ~,r,~~idcJ h~rrin. ~~m• n~~tir~ pnwidc.l for in tfii~ I ~1~~rteaec sh:~ll Fx ~I~cm~d t.~ h:~~c fxrn ei~~n to l3~,rr.,~~~r ~a I ~ncter ~~hrn ti~~rn in thc manncr decienatcd hcrein. i 15. l'niform ~i~rl~~uc: t:u~crnine T ~N: Sa.crabilit~. ~r!u. t:,rc,s ~,f m~~rtt~aLe ~,~~mhin~c uniform rrv~n:?nh f~,r n:,t~~n:~l i !iti~ an~l m~n-u:tiif,~rtn ~i~<<n:+~~l•. ~~ith lin~itr.l ~.fri:~I~.~n~ h~ ~un~~l::h~~n tr .~n;U~u!C c~ lini~tl~tll ~CiUfil~"IlttifnltlCOt co~'enng ~ r~al.pra~+crt~~. T~hi. ~1urt~a~~~ ~h:~ll Fk c~,~crn~•d h~ ih~• I:iw ~~f thr i~~ri~~t~~tn,n ~~hi.?? thc Pmpcrt~• i. I~x:~tcd. In ihe - ; <<•ent ~hat am~ rr~,~isii~n ~~r rl~u~r .~f thi. \1~,rtL:ier ,~r thr 1,~tr <<,ntli:t. ~.ith arr}i~:+Me law. ;~~ch rnnflirt ~hall nc.t :~ffect ~ ~~th~r pri•~i~i~~n~ .~f thi~ !~lrrlgaL~ .~r thc \r~~ :+h:rh hi _i•.rn iElic: «i1h;~til lh~ ~vn~~:~tinz pM~'i.iun. ~nd tc? ihiS ~ Cnd th~ (~m~~~li~U~ ~~l ~h~ ~1~~~1_a~,e ancl thi ~~~I~ :~n• ,Ii~L~ri~1 i~~ f~e ~et'it.~M~ ~ 16. Bormwrr's ('opy. Bc~rr~~~a~r .h.~l! `.•r iurti~.i~r~l :,~nt:~rtiicd ~~~n~ .,f thc \c~tr .+n~1 ~f thi. ~1~~rieaCe at thc timc ; t .~t cxc~tuiun c~r alt~r rr:ordatiun hcrr~~f. ' , 17. Tr•rnsfer of thc Propert): :~~~umplion. 1( ;~i: .~r .u~~ ~•.~n .~C ~hc Pr~~~xrt~~ ~~r :~n imcric~ thcrcin i. .,~ld ~~r tran~fer~cd s ~ M Borruu~r ..ith~.ut l_•ndrr', pri~~r uri~t~n :~m:rnt. ~~.?~:.lin~ ~:,i thr ~rc:~ti~~n ~~f a li~n ~~r cnciimhran.c ~uhor.lin:~tc t~~ ~ Ih~, ~1~~rt~:~ce. (hl the crcatu~n c.f ~ ~urci~.~.r m;~n~t .r:unt~ mtrre,t f.~r h~+~~,ch~,l:i ~~r!~ance~. (~1 a tran~fcr h~• de~•ise. ~ de.ccm ~~r h~ <.~kr.~ciot~ .~f la~~ ~ip~~n thr .ir:~tti ~~~~nt trnant rr ~~1~ the erant ~rf am Ie:~uh~ld interest rt thrcc ~'rar~ ~x lecc ~ n~~t c~~ntaining :m ortion ti. ~ur:h:~.,r. I rn.i~r ma~. .~t 1 rndr~'. ~~~,ti~•n. dr~iarc ali ~h~ ,um. scrurcd h~ this \tortgaYe to bc ~ ~mm~Jiahh- duc :~nd payahlr. 1 rndcr ~hall h:~~~ ~•:~i...i .u~h r~tiun a~celrr.~tr if. pri~~r to thc ~ale nr transfer. Lender an~l the Exrs.•n t~~ wh~~m thr Pru~e~n• t~~ he ~~~1.! .~r tr:+n~ferrc.l rca:h agmrmrnt in ~~r~hng that th~ crc.lit ~f wch person i. tati~fact.~n- t~~ I.cn~lcr a:~d tha~ thr intrrc,~ E•:i~:~hlr rn th~ .um. .ccured hc thi~ \t~rtgag< <hall hc at snch ratc a~ l.cnder ~ ~h.~ll reyae~t. If 1 ender hac aai~~J thr ~~~ti~~~i t~~ :~,rr~rr.nr pr~~~iJr~ in thi, paraLraph 17. and if B~~rr~~~~er's ~ucce~sor in ,ntrrest ha~ e~ecuted a~~riU~n as~umption a~rcrmrnt a~::F~tcd in «riting h~• 1 en~lcr_ Lender chall relr;~~e R~rr~~er from all obligationc tmdcr thi~ At~rtgacc and ihc N~tc. If l.ender e~er~icec ,uch ~~ptii.n ta a:rrkr:~te. I rnd~r ~hall mail R~~rro~~rr ni~hce ~~f accelrratii~n in :?ccordance H~ith ~ paraeraph Id herc~~f. Such n~~ticc .h:Jl ~?ruvidL a{~eri:~~t nf rn~! Ics. than ?n da~'~ fr~m ~hc date the notice i~ mailed within ~+hich B~•rri~wcr ma~~ ~a~• thc ~umti dc~l.~r~~! duc. 11 B~~nr,~~cr fail~ to pa} wch .+~rn~ pn~~r t~ thc e~pirati„n ~~f .urh pcricx~. ~ Len~1cr m:~~~_ N•ithnut further nc•tire rr drm:~nd ~~n It~~rr~n~rr. ~in~~l.e :~m rr~nedies E+ermit~e:l M~ raracraph 1R hereof. ~ Nox-C`!vtFOR!?t CovFx~~TS. Borrow~er and I rnder further covenant and acree as follows: ? IS. Acceleration; Remedies. Fxcept as pro~ided in parrRraph 17 hereof. upon BorroN•er's breach of any co~~enant or ` ~ at;reement of Borrower in this ~tort~a~e, includin~ the co~enants to pa}• when due am• sums secured by this MortRs~e~ i.ender i ~ prior to acceleration shall mail notice to Borrow•er zs pro~•ided in paragraph 14 hereof specif}inR: (1) the breach; (2) t6e aMion ; required to cure such breach; (3) a date, not lecs Ihan 30 da~c trom the date Ihe notice is mailed to Botrower. by which such breach must be cured: and (4) that failure to cure such bre~ch on or before the date speci6ed in the notice may resulf in ~ acceleration of t6e sur~ secured b~• this ~torlR~e. forcclosure bS• judicial p~oceedin~ and sale of the Properh'. 'ILe notice F sh~li further inform Borro.rer ot the right to reinst~te after acceleration and the ri~ht to ~tsett in the foreclosure proceeding ~ the non-exisfence of ~ defauM or any other defence of Borrow•er to acceleration and foreclosure. If tht breach is not cured on ~ or before the date specified in the notice, i.ender at Lender's option may declarc all of the sums secnred by this :Nortgage to be ~ immediatdy due and pavable without furiher demand and m~~• foreclose IhiS Mort~a~e by judicial proceedir~. I.ender shall ~ be entitled to colket in such proceedinR all expenses of foreclosure. including, but not limited to. reasonaMe atforney's fees. ; ~ and costs of documentary e~•ideoce, abstrncts and title reports. 2 ' 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums ~ecured by this Mortgage. ~ Borrower shall have the right to have any proceedings tx¢un by Lender to enforce this Mortgage discontinued at any time ~ ~ • ~ ~~2~ ~ 87~4 ~ ~ ~ ~ ~ . . - - ~ _ _ - . - ~ - _ - _Y~_ _