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HomeMy WebLinkAbout0986 1 rn.fci'. ~~n~trn .~cr«^,~~~~i ~,r .~~,~•li:.~hlc I.,~~ k.~n~,~~~i ,h.~il ~~;,~•thr .~ni.~unt uf ai~ na~tt,.;a~r ~r~:N,,n~y )~~~n~iun~, in thr m.~nnrr p~,~v~J~.l un~lti ~~ar.~gr.~ph = h~~rot i . ~S ' ' j~ .~ti~~ :~n~.~itnh ~I~.hur.c.i M• 1 rn.i~r {~w.i~.~nt i~~ tiii~ ~~.~r.~~r.i~~h ~~~tFi tnirrrct~ Il~~r~~~n. ~hai~~~.~mc :~J~lilu,nal {Il.l~•h~r~ln~'.• ~~1 ~~~~•(f~~Na'1 ~C~~!f~'l~ h\ 1~1~~ ~~uft_,~~i' ~'i~l'~~ ~~~Vt.~1~1'1 .111~~ ~ Cll~~lf .ILfCt' I~~ ~~IFIi'f Il'flll~ ~~:!\Illl'i1L ~ll~~l J111~~1111~? ~~lA~~ ~1l' r:l~':1f1~1' U~~~~11 I1JIt~~' }1~~111 ~ i1ll~li 1.~ Hi~lf~~\\iI Il'~711i~lllll ~~.I~Illl'ill ~~1CIC~~~. .Ul~~ ~fl.l~~ ~ll':If Illlt'(~\~ fr~,m thc ,I.it~ ~H' ~li.hi~r.rmrnl :i1 ihr r:,lc {~~~.~t~ir (n~ni timr t~~ t~mc ~~n uu ~t,~rld~ng p(in:ip:~l undcr Ihc \~,IC unlc.. pa)'ment of intcre~t a~ ,u:h r.~ic ~+~~ul,l he c,~nt:a~~• t~~ :~~~~+ti~ablr l.i:~. in ~~hi~i~~~eqi cuCh ~Tii~~unl~ ~h~l) h~ar inter~~! al th~ highest ratC pcrmiscihh :~~~r~ahl~ la~~. ':~~~thin~ ~~~ntainc~f ~n Ihic paragra~h 7 chall rryuire 1~ndrr ~u inru~ am• c~~x.n~c or takc j am• a~tion hrrcundcr. ~ S. In+pcclion. 1~n~1rr m:i~ m:~l.,~ ~~r..~u.~ Io Fx maJ~ rca~nnaM~ entri~~ ~iron :~nd in.~xrt~.~n. ~I thc Pn.~xrty. ~~.,~~~i~~i ~hat 1 en~er ~h.ill >:ive Avrr.,~re~ nutiir ; ri~•r tu am ,u~h inspectiu~a ~{x.ii}•ing rcasc,naMe rau~c Ih~rrl~~r rclateJ t~? 1 ender'c ~mr~rct in thc AroEx:rh•. 9. Condemn•rtioo. Thc ~~r~~.crd. rf :~m• aNard or cla~m for ~famag~s. ~lircct or c~~n.rac~rnt~:?I. in c~nnc:ti~n ~~•ith am~ ~undemnatii,n c,r.uhcr takine ~,f th~ Propcrt}, ur part thrret•f, or for e.~me~:~ncc in lieu of cc.nd~mnation. :~rr h~rrM• a«ig~ied .~n~l ~hall hc pa~d to I.endcr. ~ In Ihe rvent of a t~~t:il ta~.in~_ ~~f ti~e Pr~,~rt~'. the pn?ceeJc ~hall tx ap~lied t~~ Ihe cum~ ~cured h}• thic 1lortga~e. 3 ~ith thc c~cccs. if am•. ~~aid H~?rr~~w~•r In Ihc e~•cnt i~f a p:?rtial ~alinL u( thc Prorer~~•. unlc~. B~rrc~wcr and l cndcr uthcn~i~r agrcc in ~vrilin~. thrrr ,hall Fx :~pplird t~~ th~ .umt .rcnrc~l h~• thi. ;~I~~rt~:~~c ~~ich ~ro~~~rti~,n th~ pr~kecdc JT ic cyual to that pmpc~rti.•n Hh~,h th~ arn„un1 nf thc sum~ ,r.urrd h~~ thi. \I~~r1~a~c immr~li:nrlc {~ri~~r t~, th~ datc ~f . takinQ F.r.irs t~• thc fair mari~rt valu~ ~~f thc ProEx rt~ immcJaaich pri~u t~ ~hr ~l:itc c~f taking. ~~ith ~hc halanrc :~f thc prckccds . paid t.? Borr~~w•cr. lf the Propert~~ ic abandone~l h~~ Be~rm~~~er, c+r if. :iflrr n~~tice hv 1 rndcr r~~ Re~rr~~~~rr that thr c.~ndemm~r ~~fiers tc? make :?n :~a:~rd i~r ~e~tle a rlaim f.~r Jamae~c. B~~rrc.~ver f:~i~c t~• rr~{w~~~.l t~~ L~n~lrr ~+ithin ;(1 d:~~~ lftrr thr ~I:i~e ~uch n~,tire ic mailed. l.cnder iti au~hori~ed to a•llcc~ and appl~~ thc pnwcrd~, st I.endcr'. .~r~i~n. rither to rectoration ~~r rcp:~ir of the -Pro~n~ ~•r t~~ thc sum~ .r~urr~l b~• thi. vlrrtcagc. Unlr.: 1 rndcr and Borr~~~~rr ~~Ih~.n~i.~ aQrcc in "riticc. an~ w.h :~{~~li:ati~.n c,f pr.~:rcds t~~ prin:i~.al .hall rn•t c~tcnd .,r p..titpunc thc du~ .t:itc uf thc mi~nthl~• in.tallm~nt, rcfrrr.~1 t~~ in ~ara~~ra{,h. 1 and ? hcrc<,1 or ~h:u~L~ thc am~~unt ~f tiuch intitallments. 10. Barrower \ol Relea+ed. 1'~temic.n of the time t.~r p:~~~mem c.r m~~dific:,ti~~n e~f :~m~~rti~ati~in e~f the .~~m< <ecured h;: thn ~turt~~:~e~ eranted h~ 1 en~kr t~~ am wrcc~~ur ~n iiHrrc.t .,f Bi~rrcn~er ,hall m~i o~xratc t~~ rchase. in an~• manner. th~ ti:ihitit< <~f tF~ osieina) Burrrn~.rr and R.~rrowtr'. siiccc,~~~r. in_ intcrc~t. . 1.n.1cr ~hall n~1 hc rryuirc.i t~~ commenrc F~r.~rcr.iine. :i~ainu wch ,u:~c~e~,r ref~i.~ t~~ ~~tcn.l timc fc~r pavm~nt nr athcrni.c m~~cfify am~rtiiati~~n uf thc s«ms .~~urcd M' Ihi. ~1~~rtgagc hv rcac~~n ~•f :im dcmancl madr h~ Ih< <~ri~~~nal Rnrr~~~~rr and R~~rmw•cr'. cu.:~.•,~r. in intcrcst. 11. Forbearance b~~ Lender ~of a R'aiver. >~n~ f~~rF.~a~:in:r h~ 1 rnd~r in c~cr~i~in~ :i+?~~ rieht ~~r rem~d~• hrr~~mdcr. <~r ,~!hrrw•i~~ atT~~rJeef ht~ applicahk l:~~~•. .h:~~l not Ix ~~:~i:er ~~f .~r preclude thc ~~erci~e <~f anc .urh ris!ht c~r remed~•. Th~ ~nxurcmcnt of imuranrr ur th~ {~a~mrnt ~~f ta~r, ~~r ~~tfirr 1ien, .~r ~har~r~ h~ L~n~lrr .h:?1! not tx: :i ~,:~i~rr rf 1 cn.lcr'~ richt t~~ arcelcratc th~ maturit~• c.f thr indcMrdnr.ti ~r:eirrd h~ thi. ~1.+rt,~aLr. - 12. Remedicc Cumutati~•e. All remc~lics pr~~~id~d in thi~ ~1~~rtkaK~ arr di,tinrt :u~d rumulati~'c t~~ :im• rther rit:M ~~r r~mr~l~• undcr thi:'N„nc.~cr ~•r a1T~~rd«i h~• la« ~u cyuii}•. and ma~ Fx c~crciud ~~•ncurrcntly. indcpcndenth ~~r ,u;c~.;i.•rl~~. 13. Succecwrs aod A~ciRns Bound: Join1 and Se~eral I.iabilih: ('aptions. "Thr u~vcnants a~~d agrrrmcnt~ hcrein :ontain~~ .hall hin~l. and the ri~ht. hrr~under .hall ~nnri t~.. ~h~ rc.~r.•ti~e ~ni~r»~~r. ar.1 a~~ignti ~~f 1 ~n.irr .~n~) B~uro~+er. ,uhject t~, thi ~+r~~~~iri~~n~ ~~f paragraph 17 hcr~oL :~il iu~~c~t.~nt~ an~! agrcrmcnl~ ~~f Burr..~~•c- shall hc juint ar.d ~c~'cral. Th~ ca~ti~~m :uiJ hra~ in~,, nf thr par.i~r.~~h, nf thi~ ~I.~rlca,~ arc fc~r c~~nv~nicncc onl~• :~nd arc n.~f t~~ Fk titicd to intrr}~rct ~~r definc thc pri~~ici,~m h~rc~f. 14. \otice. E~ce~~ f~~~ r~o~~ce rru~~ircd uncler a{~~li~:~hlr la~~ t~~ he ei~:n in ~n~~ther manner. (~l :im• notice to f3~ar~,wcr pr:•~•idcd f<~r ~n thi: 11~~rtgaee sh.~li hc gisrn h~ m.~ilim; ~u:h nnticr h~ r~n•fi~d m:~il addrr~~cd t~~ Ftorrc,.~cr at thc Pru{xrt~' A~dre,s i~r at .uch uthrr addre~~ a~ Borr~~urr m.~~ de.ien:~t~ h~ n~,iir~ t~~ [ ~nJer ac pr~•vidr~! he«i~i, and Ih) ;im n~~ti~c t~~ I cn.l~r :h~l) Fx: _~i~~rn h~ ~ertiftc~l m:iil. r~t~irn r~cei{~t muuc.trJ. r<~ 1 cn~ler', adJr~~t slalcd hcr~in ~~r to •uch ~~th~r adJr~~: I.riider hia~ drtii~nate h~ n~~Urt t~+ H~~rr~~ti+cr a~ {~r.niJr~l h~rcin_ .\n~ n~•ti~e rr~~vi~«I f~,r in this ~fort~:~,c shall Fx ~1ecm~J h:t~•e tx,n ~i~~n t~ Bnrr~~~.ri .,r 1~n~rr ~,hen !~~~rn iii th~ manner de~iin:iteJ hrrein. ' 15. L'nifurm ~iorti~aKc: GovrrninQ i.•r..: Se~crabilit}. ~(hi. frrn~ ~~f m~,rtLa~_r <<~mhincs ~init~~rm ~~•~~enant, f~•r naUunal I 7tC 7f11I n.~n-unif~~nn l'I~~l!13111? "ith limitr.{ \".~ri~ti~~n. hc ~uri.~t~~;i~~n t.~ i~~Il~I11lt(l) a IIIIIfOtfT1 <<ci~rit~• imtrum~nt a~~•enng ; re:?I pn,Jkrt~. Thi. ~1urt,_aKC sh~ll tx ~~,~~rncd h~ thc Ic~~+ ~~f th~ iuri..lirti~~n in ~hich thc Pm~xrt~• i. I~k.itcd. In thc ! ~v~nt th.~l am rmvici~~n i,r :IauK uf Ihi. ~1~~r1Lati~ ~~r thr ~.utfliit. ~+iih a~nlic:~hlc la~a•. i~~.h c~~nflict ~hall r.~~t a(Tcct ° ~,thrr rrr.~.i,~m uf ihi. \1~ulk~tc :~r th~ \~~tr ~+hich ~.~n hr Li~~n rli«t ~+'ith<~ut thc ~unRiclin~* pr<~~•i~i~~n. and to lhis ' ~nd thc ~+n~~i~i~at~ t~f 'h~ \1~~rt~~:r~r an.l Ih~ \~,tr .~rc J«l.~rcd I,~ ti~ti•craM~. ~ 16. Borniwer's Cop~. Borr:nccr ~hall h~ Ii~rni.heJ r~~nf~~nnrd ;~q~~ ~u !h~ \~.t~ :~nJ <~f Ihiti ~1~~rt~~aK~ at the time ~ ~~~~r~rtton ~~r ;tft~r rc~~xdatlon h~:r:~f. ~ 17. Trancfer of thc Propert~: :~~~umption. If ait ~~r :~n~ ~~.~rt ~~f thr Pm~xnti ur an inter~~t thercin i. u~lil ~~r tran~ferred ~ ht• Born~~~~r ~~ith.~ut L~nd~r'~ pru~r ~~rittrn ~~~n~~nt. ~~:':u~iinL~~.,i th~ ~reati~~n i,f a lirn ~,r cnr~imhran~r ~uhor.linatC to ~ thi. ~1~~rt~acc. +ht thr crcati~,n i~f nurrh:n~ m~~nr~ •~run~~ int~ri,t fi~r h~~ituh~~i~1 a~plianrr~. (cl tramfer h~' dcvisc. ~ de~c~nt ;,r h~ ~~~sation of L~~~ u~~.m th~ Jr:~th a i~~~nl Irn::nt ~.r I~I~ th~ cram ~•f ,~m~ Icauh~ld intcrect ~f thrce ~•r:irs ur ICSs ~ nut rc,ntainin~ an ~•ptirn t~• piir.hs~r. I rn~lcr ?n.~~. .~t 1 r~iJ~r'~ ,~~~t~~~n. drelarr ail thc ~um, securrd h~• thfs \lortgagc to bc ~ aim~Jiatrh duc and patahlr. 1 rnder shall h:~~c ~~:,,~~d •u~h ~~pti~~n a~ :~r~eler:~te if_ pri~r 1~ lhe .al~ ar transfer. I.rn~ler ~ anJ thc ~xr«n t~~ wh~~m thc Pr~~~~rt~• i. t~~ hc ,~~l~f ~~r tr.m~lcrrcd re:i~h :r,rrrm~nt in ~~riting that the trcifit of ~uch pcrson ~ s:sti~lact~~n t~~ I.cn.lcr anil tha~ thr intcrr.t r~)ahlr ~~n thc ~um. K~urcd ht~ thi~ ~f~•rt~~agc Shall bc at surh ratc ae Lcnder tih.~ll reyucsl. If Lender ha~ w•ai~•e~l the i~~ti~•n ac~ci~r.~t~ ~r~•~~ii1r.1 in this p;~ra~r:~ph 17. and if Borr~acr'~ successor in ~ intcrc~t hac c~ccutcd a~~riUCn :~s,umptic•n agr~cmrnt a.rr~t~J in ~~riting hc Lcn~irr. I.cn~cr sha!! rclcat~ Borro~+cr from all ~~bli~ah~n, unJcr Ihi. \t~rtc.~gc and thc Nc~tc. ~ i( 1 ender e~erri~r~ ~uch uptic~n i~~ :~c:~ler:ur. I cn~i~r ~h.ill mail Ri,rm~~er noUCC ~~f :i.crlerati„n in a:c~irdanee ~+ith ~ paragraph I~i here~~f. Such notice ~hall rrovidr a ~rriuJ .~f n~~t ie~. than 3(1 da~~~ fr~~m thc date the notice ic mailed within which Bc•rru~~cr ma~~ pa~ thr ,nm~ Jc~L~rr.l ~1~~e It B~~rr~•~~rr tail. tc~ pa~• ~u~h ~nm. priur t~ thc cspiratu~n ~~f aurh pcriad. Len~fer m:~}~. ~~ith~+ut furth~r n~•tirr ~•r ~irm;ind ~~n li~~rn~~+rr. ~n~~~ke cui~ r~medi~s rerm~tte.i h~~ paracraph IC herrof. ~ - - ~ ~lOti-(~N~pORM CO~~E~+sTS. Borr~~w•er and I enJer furthcr c~~~~enant and a¢ree as follc~ws: x' ~ 18. Acceleration; Remediec. Fxcept as pro~ided in para~raph 1'I hereof. upun 8orrower's breach of any co~enant or ° agreement of Sorrower in this ~torlRa~e, includinR the co~enants lo pa~~ when due an~• sums secured by this :~tortAagr. Ixnder prior to ~cceleralion shall mail notice to Borrower aS pro~ided in para~rlph 14 hereot specif}-in~: (1) tt~e breach; 12) tbe action required to curc such breach: (3) a date. not less than 30 days from the date the notice is mailed to Borrower~ by which such breach must be cured; and (4) that failure to cure such bre~ch on or before Ihe date specified in the notice may result i~ acceleration of the sums securcd b~• this 11ort~a~e, foreclosure by judicial proceeding and sale of the Property. 'iUe notice shall furfher inform Borrow~er of the ri~hi to reinstate aNer acceleration and the right to assert in the fomlosure pmceeding _ ~he non-existence of a default or an} other deiense uf Aorrow•er to acceleration and foreclosure. If the breach is nof curcd on or before the date specified in the notice, l.ender at I.ender s option ma~• declarc all of fhe snms secured by this :?tortgage to be - immediatdy due and Pa~•able without further demand and ma~ forcclose this :~tori~a~e br~ judicial proceedin~. I.ender shall be entitled to collect in such proceedinR all expenses of foreclosure, including. but not limited to. reasona6le attorne.y's fees. and costs of documentary evidence, abstracts and title rcports. . r~` 19. BorroMers Right to Reinstate. tiotw~ithstanding 1_ender'. accclerati~n of the sum~ secured by thic Mortgage. Borrower shall have the right io have am• proceedin~ts hegun hy I.ender to enforce this :?tortgage discontinued at am time ;l :,s $a~~~94 Y,~ 9~~ i ~ ~ w~: ~ _ w - - _ r 4 r~ ° , ; ~ j~~ : ~ _ r ~ ~ ~ f ~ ` _ _ ~ ~ ~ ~