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HomeMy WebLinkAbout0938 ' ~ 1 1~ ! rn.i:i'. ~~nUrn a.~rciu~~~t ~~r ap{~li..ihl~ L~~~. Il,~rru~~~r ~hall ;hr am~~~iii~ ~~f .ill nu~r3t;~~•~in.w.~n~~ jir niium~ in ihr n:.,nn~~ ~~~,~~~~IrJ i;ntlr~ {~:~r.~t~.~ph hcrr~~~ • :~n~ am,~~in~~ :I..hui:rd M' i rn~irr {,u~.i~.~nt t,~ ~!;i, ~.~s.~.,.~~~h '~~:ih :nt~•rr.t ihrrr~,n .h.~ll t+r~~~rnr :~d.t~~i~~n.~l !il.~t'h`l'1~11C,? .~1 ~~1~ff~~Nl't" ~~•~Utl'l~ ~1\ Ifll\ ~~Uft~.ll~ ~ tl~l'~? ~~l~ft~~t~l't .~Ili~ ~ t'!1t~C1 .I~II'C' I~~ ~~I~iC1 ~l'flll? ~~:1\Illl'tll. ~U~ft .~m.~ui~t..hall Fk• ~~,,~:~hlr u~,~,r, n.~i~.~• rr~~m I rndrr t,~ Il,~rr,~~~c~ ~~.~ih•.(in~,~~m.•nt th~~~r~~f an~i .h:~ll Fk:~~ intr~~.t fr~mt th~ ~l.~~~ rf .ii.hu~.rmrnt at ~hc r.~tr ~+;~c.~hl~ tnan ~imr t~~ timr ~ n~~ut~riridinQ pr~n~ir:~l i+ndc~ thr \~,tr unlc.. ~,a)'ment of intcr~.t a~ ~u~h r,~< <~:,iilJ ~ c~•ntra+~• t~~ :~~p1i:~Mc I:~~~. ~n ~~h~:h tvrn~ .uch am~,um. ~h;~ll Fxar intcrr~~ :it th~ hi~hc~t ratc _ p~rmis~ihlr undrr :i~~~li.aMc la~~. \~~tliing r~~ntained in ~hi. p~rag~aph 7~hall rcyuirc 1 rn.lcr t~, inci+r an}• ~~~xn.c ~r takc .~np a.u~n hrrcund~r. ~ ; ~ R. In~pcclion. I cn~lrr m:,v m:~l. i~r r:~u,c ti~ hc madc reau,nahlr rn~ricc n~.,n and in.~kr~i~~n. al thc Pm~r1~~. pm~•iJcil chat L~nacr .h;dl gi~r B:~rn»c~r iu~~irc pri~~r to an} ~u:h in,}xctiun .Fx~~(y~ng rra~unablr rau~r thcrrf~,r rrl.itcd t~. 1 ender's ~nt~rr•t in thr Pm~x~ty. 9. Condemna~ion. Thc ~~f~~Cl~d~ l1f :111Y :lKJfd rr claim f~~r darnaecs. dirert i~r r~~n.equ~ntial. in c<~nncrti~~n with ant• :und~mnation ~~r ulhcr taking vf th~ Prurcrty. ~~r part thcrc~•f. ur for c~,m~c~~ancc in licu ~~f c~~ndcmnatiun. :irr hrnhy :~~tiigncd .inJ .h:,i! Fk paid ~o I.cnd. r. _ In Ih~ c~cnt i~f a Ic~tal takin~ ~•f Ih~ Pm~xrly. Ih~ pnk~~.lc .hall hc :~E~{~lic.1 tr ~h~ cumc cccnr~d b}• Ihi~ M~rtFagc. wiih thc r~cr.s, if an)•. ,;~id t~. H:~rr.•Hrr In thc ~vcnl c~f a rarti:il ~:~line ~~f thc Propert~•. unlc.. R~rr~~~vcr :tnd 1.cndcr ~,thcrwi.~ :~grc~ in ~~ri~ii~g. thcrc .hall tx: applicd t~~ thc .um~ ~~cure.f hc th~. ~1~~rt~:?~e ~urh rrc.porti~~n ~~f ~hr prcxrcds - i~ cyua! tn that pr~~Fx~rtiuiz ~~hirh th~ am~.u~~t ~~f thc ,~~m~ ti~,urrd h~ ~hi~ ~1c~rtga<<r immrdi:ncl~ pri~~ t.~ thr d~tc ~f t.iki~g Ixar. to Ih~ fair mark~t ~•alu< <~f thc Pri~Ex:rh~ imme~li.Urh• ~ri~~r to the .I:,Ic ~~f ~akinL. ~~ith the balamr c?f thc prc?reeas {~aiil t~? Borr«wcr. . If thc Propcrt~• i~ ahandnnc~! h~• B~~rmwcr, ;x if. aftcr ~~~ticc h~- 1 cndcr t~~ Rorr~~ti~r that thc c~ndcmn~r ~~ITcrs to make an :+~~ard ~.r ,eltle :i rlaim f~~r d:~m:i~~~. R.~rmw•~r fa~l. rc,~x~inl tr I ender aithin 3(1 ~i:i}. :~fter thr d:itr ,uch n,,ti~c ic ma~led. Lrnder i~ auth~ri7rd tc• c~•llr:t and :?pph ~he-pnk~~dc, ;~t 1 ender'c u~ti~n, either t~~ reetoratirn ~~r rcp;iir ~~f the Propcr~~ or ti~ the cum. ,~cured h~ thi, \1~rt~aRC- Ut:lts. 1 cndcr :~nd Rorn,~?rr <~thcn~i.r agrc~ in ~~ritin~~. an: .u:h :q~~li~:~ti~,n ~f rrckecd: t~~ ~+rinri{~.il :1»II n~~t c~tcnd ,~r ~.:truac Ihc du~ .i:itr of~lhc munthl~• in~t:~llmrnt. rrfrrrrd tc~ in r:rr.~~r:~;~h, 1:mc! ' hcrr.~( rr rhan~~c th~ am~,unt ~~f .uch in~talim~nh ' 10. Rorrower ~i~tt Released. I'.~temi~.n ~~f the tin!~ f.~r F~a~m~•tt i~r m~~difi.:,t~~~!~ .~f .:m.~rti~ati~.n ~•f thc ~umc ~c:~ired M• thi, \1.~nc.?c_ er.~ntcd h~~ 1 cnJcr tc. :~m• tiu:~c.~~~r ~n int~rc.t rf R~~rrm~rr :h.ill nrt c~~cratc ti~ rclcasr. in am• manncr. thr liahilitr „f thc ori~_in:tl Rurro~+rr and R~~rr~~w~r'. t~~c.~s.~,r~ ir. in!cre.t_ 1 enclcr ~h~ll n~•! h~ rcynirr~l t~• cn~imcncc ~,r~.;-cc~iin~~ a~ainct ~i;ch ~trc~c~~~tr or rrfu~c t~, ~~ten.l timr f~~r ra~izicnt ~,r othcn~i~~ m~kfif~• :?m~,nir:iti~,n ~~f thr aunic .rcurcd h~• thi.'~1~~rtgage h~ r~~.un uf .~m drmanil maJr b~ th< <~ri~_i~ial H~,rr~•~.rr .~nJ R~,rr~~w~crc air:r.,~,r. in inicrcet. I1. Forbearance b~ I.ender 1~~t a Wai•er: f~~rF~ar.~n~c h~ 1 rndrr in e~crci.inz :~m rieht ~~r rrm~d~• h~rci~n~lrr. ~~r ~~th~ncise .~ffrrd~J h~.a{+pticaMr I:i~~. •.h:~l~ n~~t h~ .i ~~:+i~~r .~r rrerludr the c~e~ci~e ~~f :~nc .tt:h ri~~ht ~~r rrmed~~- Thc pro.urement of in,uranr~ or Ihe pa~•m~nt ~~f ~a~r.:,r ~~thcr lirm rherg~~ hj I endrr ,hall nM Fk a~~ai~•~r ~~f 1 en~lcr'~ =i~ht t~~ accclcr~tc thr macurit~~ of thc indchtrJnc.. ~~_:~r~d h~ thi. \1~rlLact. 12. Remedies ('umulati~~r. :~II remediec ~n•~idcd in thi, \t~~rtgaee arr ~li.~inrt aiid ~umulative tc~ am ~~thcr rieht ~~r r~mr.lt un~lcr thi~'?~~~rteas;c or atTorde~l h~~ I:~w ~~r rquity. .~n.i ma~ tk ~~crriu~l i~,nciirrrntl~•. indrp.ndcnth• ~•r ,~~:~~.tii.•~h. • li. Surcessors and 1ttii~ns B~~ond: ]oin! and Se~eral I.iabilih; ('aption~. Thc r.•~cnantc :~nd :icrrr~iir~it, hrrciii :~~i~~aine.i shall hi~d. :~n~ thr richt~ h~r~undcr sl~ali ~nur~ t.~. th~ r~.~k:ti~c suci~,u,r~ .~~d as~igns ~•f L~n.ir? .~nd R~~rr.•~~`cr. .uhject to th~ pn~~icii~n. ,,f par.~gr:~ph 17 hcrr~~f. :~~I ~.~~~nant. an~l ac:r~rmcnh of Brrm~+cr ~hall Fk j~~int .~nd ~c~cr:d. Tlttt ~aptinm :~r~.! hra~li~,. ~~f ~hr ~:~r:t~_ra~~h~ .~f thi~ ~t.•rtzek~ arr f„r c.•m•cnienre „nl~~ :in~i arc rn~t i,~ h~ uccd to ~nt~rrrrt or defi~~c Ihc pr~~•i~i~•n~ hcrei~f. 14. lotiee. E~~e~t f~~r ain• n~tice rcyuired ~inJer :+r~~lic:~h;c l:n~ tr h~ ei~•rn in :in„ther m~nner. I:il :im• notice to It~~rr~?wcr pr~n~ided f~~r in thi, ~t~~rt~age sh~ll tx gi~•cn t,~ r~:?~G,~i .u:h ~i~~tirc h~ c~r~ificd m:~il :iddrc~.r~l i~, R~~rn~.a~r at thr ProExrtt A~1~re,. „r at .~frh ~uhcr ;tddr~.. at R~~rrcnccr m:~~ dr.izn:it~• h~~ n~~tic~ t~~ 1 en~trr ac pr~,vi~tcd hrrrin. and ~h~ am noti:r t~? 1 rtzJer ,h:~ll tk :iv~n h~~ crrt~fir.l mc~il. rrturn r~c~~t~t rLuu~.tr.l. t~~ I tn.l~:r'~ ~dJrc.ti staird_hcrcin c~r to ~;t~h nthcr adJre•t a, I endrr ma~ dreien:,re h~ nc~ti~e tn l3~,;r~~~~~r as E~r~~.+deJ h~rcin \~i~~ n~,ti~r rr,~~•idr~l f.~r in this \t~~~te.~e~ +h.ill tn ~ccmrd t,• h:~rc h«n ei.cn t~~ Bc~rr,,L~rr .~r I ~r.~t~r ~~hrn ~i~cn in thr m:inrecr dc.ien:~ted hrr~_in. i 15. L'niform 11oh~;~~c: Gm•crninQ I.a..: Sc~er:~bilit~. ~Thi; f~~rm ,•t mortea~r ~i~n:hinc~ ~~n~fc?rm c~•~~cnant~ f~,r natic.nal ~~.r :ind iU~fl-Ullif~~ifll L~~CIRJit(~ ~~ith limitrd ..eriati~,n. h~ j,~ri.~l~,ti~~n t~~ ~~•n~!itut~ a imife~rni :rinritt• ir,~trurnrnt co~~ering i ;~al pro~xrt~'. Thi. ~1vrt~'a_~c ~h:~ll h~ ~r~tr:ied h~ thr l;iti~ ~~f th~ luri~~hcti~~n i~~ «•hi:h the Propert~ i. I~ti:~ted. In the i ercnt th:~t :~nc pt~.via~i~n ~~r clau~c ~~f thi. ~1~,rtLaic ~~r :tic \,,tr ~~~ntli.t. ~~ith ::rn!ir.ihlc I.,n. .ti.h contliii ,h:~ll n~,i a(icct s ~~thrr ~.nn~.i~~m rf thi. Aturi!,ae~ ~~r thr \rt~ ~~hi~h r.ui h_ _•iv~n r!Tr~t ui!h~~t~[ th~ c~,nt7~:tin_ ~r~~~i~i~,n. :~nt1 tc~ this ; ~ ~nJ th~ rtrn~~~i~atc ~~f thr :11~rtiatir :~nd cltr ~~~t~ .~rc ~ircl.~r~d tr Fk ~<<~rafili. ~ Bormwcr's ('up~. [3JffU~~if ~fl'rf~~ h~ f~~flli~~~C.~ .~~~11i~ttllil~ ••1 I~li ~~~IC ~.fll.j ~~f thi. ~~c~flL:1lC :li lFlt 11fAC i ? ,t c~rru~ion ~~r astcr rL~.~rdatiun hcrrof. ~ 17. Transfer of Ihe Pmperly; :~stiumption. tf a!I .~r :~n~ i~.~rt ~~i thc Pr,~rrrt~~ ~~r an mterc~t thercin i~ .~+Id ~r Iran~ferred i h~ Iiorruwcr ~~ith~,ut Lrndrr'~ pn~•~ Nrittr;T ..~ii.~nt. r~.lu.finL +.~t thr :rr.iti~~ti ~~f lirn ~,r cnrumhrai~c~ ,ubc~r.iinatc to ~ thi~ ~t~~rt!,:~~e. Ih) the ~reatirn ~.f a eur:ha.r m~,n~~ .~:nrit~ mtc:~.: frv h~~ti.eh~~!.~ ap~~li:~n.r.. Ici a sr~n,frr h~~ devise. ~It`~C~t?! i~r h)' ~~{~t'~au~~n i~f I:iu up~m ~he ~i.atL :r i.~~nt I~nant .~r thr ~~ranl ~~f :~n~ I~:~xh~•ld iMCrect ~~t thre~ ~•earti nr less ~ r:~~t c~ntaining an opti~,n t~~ pur:ha;r. 1 ri~~lrr m.,~. .~t !~nd~•r'. ~~~.;~~~n. ~k:l:~rr ,~If thc cum. cc~urcd h~~ ?hic \lortgaec t~ bc ; :~nmc~ii:~trh• due and pc~yaMr. Lrndrr tih:~ll h.i~r ~~ai~rd .u:h ~,rti~~n r~~ :~~:~Irr:~tr iL pri~r t~, thr ~ale or transfer. I.ender ~ :~n.t thc pcn~~n ~~h~~m ihr Pm~crtv i, t~~ hc ,~~iJ rr tr.~n~t~rrr.1 rr:i~h ;~~rcrm~nt in ~~riti~ie that th~ crcdit ~~f tiuch ~xrsc~n ~ i. s:iUtifacl~~n~ ti~ LenJrr ;md th::t thr intrrr.t r,~~ahte uit th~ ~um. .c:ured h~~ thi~ ~1c~rtga~e chall t?e at tnrh rate at L~nder ~ ,h:Jl reyucst. If 1 rniler ha~ w•ai~•ed thc o~ti~~n :i.rr~~r;~tr pr~~~idrJ in thiti ~.~r:~Lra~+h 17. and if B~+rmw•er; ~uccessor in ~nterc:t h:iti r~ect~ted a:~rilten ~sti~im~ti~+n agrremrnt a<<c~~tcd in ~?ririni hc t cn~ler. 1 cnder .haU reie.ite Bnrm~+er from all ~ ~~blication~ undcr ~hiti ;1i~~rteac~c and thr N~~tc. . ~ If t ender e~crci:c~ turh upti~n ti~ acrrler, tc. I rn~irr ~h.~ll m:~il B~~?rc~~~~r n~~tire ~~f a~relcrati~~n in :ic~~rclance H~ith ~ aaragr:~ph 14 hcrc~f. Snch nuticc ~hall ~rovidc a}kri~~.l ~~f m~t tcc~ than ?(1 d:n~ fmm thc datc thc n~~ticc e~ mailed within ` ~.~hich 8„rr„µer ma~• ~.a•~ the wmt Je.L~red ~lue It B~,rr~..~?~r fail~ t~~ pa~. tinrh .um. pri~,r 1~~ the e~pirati~n .~f wch F?eriod. I rnder mae. ~~ith~n~t (urther nou~r ~~r .fcmand un li~~rm~~cr. in~;~l.r c~m rrmedies ~~crmitted h~• ~aragraph I!t hereof. Now-U~~FORti~ ('oveti.,~TS. Borruwer and I.enJer furth~r co~•enant and a~ree as follows ~ 18. Acceler~tion: Remedies. Fxcept as pm~-ided in paraRraph 17 hereof, upon BorroNers breach of ~nv co~•enant or agreement of Borrow~er in this ~tort~a~e. includinR the co~enants to pa} when due an}~ sums secured by tbes ~tortRage. i.ender prior to acceleration shall mail notice to Borrower as pro~ided in para~;raph 14 hereof sptcif}~in~;: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not lecs than 30 da~c frnm the date the notice is mailed to Borrower, by whieh such - breach must be cured: and 14) that failure to cure such breach on or before the dale specified io the notice may resulf in ' acceleration oE tbe sums secnred by this ~1ortRa~e. foreclosure b~~ judicial pmceedinR and sale of the Property. 'Il~e notice ~j shall Eurther inform Borrower of thc ri~h! to reinstate after acceleration and the right to zcsert in the foreclosurc proceedir~ the non-existence of a def~ult or anv other defense of Rorrow~er to acceleration and foreclosure. If the breach is not cured on ~ ~ or before the dale specified in the notice. Lender at I.ender's option ma~• declare all of the sums secured by this Mortg9q;e to be ` immediatel} due and payabfe without further demand and ma~~ foreclose this ~torfRa~e by judicial proceedin~. Cender shall - be entitled to collect in wch proceedin~ all expenses of foreclo~urc, includiog. but not (imited to, reasonable attorney's fees, and costs of documentary evidence. abctracts and title reports. 19. Borrower's Rfght to Reinstate. N~t~+~ithstanding I.enJer's acceleraU~~n of the sums securecl by this Mortgage. ~ Borrower shall have the right to have an~ pro~eedinRs Fxgun hv Lcnder ta enforre th~s Mortgage discontinued at any time P~. ~ eo~~ 294 ~~~E ~37 ~ ~ - ~ - - - - . . - ; _ _ - - - ~ ~ ~5r.~ . _ ~ ~.Y „ _ , i , ' f ~ ~~-,r"._'^i ~~"r ~ a ~ t 5- _ A : ' .~,=FF ~ y., ~ , . . . t ~ .Y ~ «'N. . . ~u~