HomeMy WebLinkAbout0486 I riiJcr'~ ~~r~Urn .~~;icct?l~n~ ap~~h~.thlr I:~u. k~~t~r~~~~ ~i~:ill pay thc .~u~~•~mt vl ::I) rm~nga~~. in~u~.u~:c prrmium~ ~n thc
ntaitn.r ~`..,v~~k~l undrr ~~ar.~g~.~plt ~ hcrrc~f.
:Ztt~ .~rr~~~unlc ~li~bur,rd bt• ! rnilcr pur.uanl t~~ ~1y~ ~r.~~;ra~~h ;i t+i{h int~re~~ ~h~t~un. ~h,~ll hc~~~mc ad~iiu„nal
in~IrhtcJnr.. .~f B~~r~in~rr ~«ur~d hv Ih:. \l:~rl,_.~~~ `flh~+~.li~~rn~~ret .i~~~t'nJi'i :~trrr t~~ ~•thc~ ~c~m. of j~a~•mcnt. ~u~h
:ull~~~tllh ~h.~l~ Ft~' ~i:t~ah~C ujh~n tUHi~~ l~~+itl ~~~li~c~ 1~~ {~~+Yf~~~~ii ti•.1~~t~U1~, (~~i~~il; ~l !hi'f~•.•1 :uliF'~h:~~~ ~har inirrr~t tmm thr
~latr ~,f ili.hurulllcM at th~ r,~t~ p:~~•:~hi~ ir~~m timr t~ Nmc ~~n ctiutcr.~nJine ~!~nc~pa! «?td~r thc tinir unlec. payment of ;
euterc,t :el cu~•h ratr ~~o~~l~l F+~ r.~n~r,tr~~ i~~ :iprli~able 1.~~~•. in ~~hich event ~uch am~~um~ ~h:~l) F?~ar iMCrect :~I ih~ highect rate
~xr~nisxihlr un.lcr ar~li~abl~ I:~H. Nuthing a~nt:iined in Ihic paragraph 7~hall rcyuire I rndrr tc. incur an~~ ~rpcme or takc
:~ny action hrrcundcr.
8. Inspcclion. I cndcr ma~• m.~{.c .~r cauu to he madc rc:i<onaMc c•ntriec u~k~n and ins}kc~~rm ~?f thc Pro~x;r~~~. p~ovi.lcd
that I ender ch.~l! gi.~e Bt~rr~,u~r nutice ~~ri~~r to am• such inc~x:tion .jxcif~•ing re,uonable cau~e therefar related t~. I.ender's ~
~nt•:rr~t in th~ 1'ropcrt~•.
9. Condemnalian. Thr prckceda i,f an~• a~.~~d or claim for ~l~mae~s. dirert ~r am.cqucntial. i~ connec~ion with any
~ondcmnation rr ,ither takinc of the Propcrty, ar part there.~f, or for conver.incc in licu of ci~ndemnation, arc h~rch~• as~igncd
an.l ,hall F.c paid ti~ T.cnder.
In ~he e~ent of a total !akin~ af the Pm~rt~, the prcker~ic .hall tx :tnpli~~1 t~ ~he ~umc cecured b~• thic l1t~~rtgage, ;
uith the ~_~cecs. it am~. paid t~ Fiurrrwrr In ~he event ~~f a p~rUal tal.ing o( tt~e Pr~prrt~•. ~mlecc Ae.rmwer and I.ender
c~therwi,r agrec in writin~. ~there ~h:,ll he applied to thc ~umc kcurcd M thi~ \1~+rtgaKe ~urh pmp~.rtion c.f thr rrc?ceeds
:?s ~c ~qual !o that pr.i~~niun ~~hich thr am~,unt o( thr tium. .cc~ircd hv thi~ '11.~rtga~c immrdi:?~ch rri~.r h, thc date of
taking txart tu the fair markrt value of the Pmpertv immediately ~ri~,r to the .late ~~f t:~king, w ith the hatanre of the prckceds
paid t~ Borrowcr. .
If fhe Pre~perit• ic ahae~d~ned b~• Bormw•cr, ~r if. aftcr nnticc h~• 1 cnd~r Ic• R~~rr~.wrr that the condemnor ~Bers to make ~
:~n JN:~rd or SeUlc a~laim f~~r dam;,g~~. BormH•cr fail. tr rr~{x~nd U~ I cndcr Hithin i(1 da~~ attcr thr datr .uch nMicc is
m,~iled. i.endrr i~ authori~rd ~o c~~llrct and applp thc pnxrcds. at 1 ender'. o{~ti~n. rither to re~toration c•r n;pair ~f the +
Prc~Exri~ or tc. ~hc sumti t~rurcd h~ th~. \tortgagc. ~
1'nle~. ! e+~Jcr :tnJ Burr:~urr ~~rh,r~+i+r agret in ~~ritiua. :~m ~~::h ::r~.li~.~~i~~n ~~f pn~c~cdc t~• rrin:ip:~) .hall m,t e~tend
~,r pa~.tpc~nc thc duc d:~1c ~.f thc mrnihl~ in,tallmcntc r~lirrcd t~~ r;,ragrarh~ 1:,n~l ' hcrr~•f ~~r rhang~ thc am~•unt ~F
.uch ir:.~;.ll~t~cnts.
10. Borrowe~ 1of Releaccd. F~tcn.4~n ~f thc tim~ for p~~~t~r,i~ ar m~~difi~at~r~~ ~~f am~~rti~atinn ~f thc wmc ~ccurcd '
h}• !hi: !11n~i?~.e~r gr:,ntrd hy 1.c~rJrr Ir am ,uc.:csso~ in intrre.t .~f B~~rruwcr .hall not ~~Fxratc to rclra~r. in an~• manncr.
thc ~::~hili~~ thc ~~ri?~in;~1 Burmwrr ~nd Borro~~cr'~ su;r~;~~~r. in intcr~.t. I..~i~lcr ~hall n.~t hc r~yuirr~l t~~ rnmmcnc~
~;~~..~r~e~lingc a~;.timt ~ueh ~uc:r.~ur c~r refc,r u, r~ten~l tim~ (c•r pa~mrnt ~~r ~~Ihen~i~r mo.lif~• am.,rtizati~~n rf the snms
~r:urrd h~ ~hic ~ic~rtgagc h~ rrac~~n of anr J~tn:~n~f made h~• thr ~•ri;~~+ial B~rr~»+cr :~nil Bnrrow~r'~ ~n:cr,~~~r. in intcre~t.
I1. Forbeuance b}• I.ender 1M a~Vai.cr. ~~m f~~rFx:i~anrr 1~~ 1 rnd~r in.r~~rri~ine sm• rigM ~~r remrJ~• h•,rcnndcr_ or
~~t!•etK•i.c :itT~~rdetii 6)' aFPlicahic law. ~ir:l1 n~~l he a H~:~i~•cr .,f ~~r preclu~i~ thc r~~r~i~~ ~~f :~m ~urh nght or rrm~d~.
Thr ~rocurcment of insuranc~ or the ~+a~•ment ~~f ta~e. ~~r uther li~nc ~x .-hargc~ h~~ t ender ,ha11 not tx: ~+ai~~er ~~f ! ender'~ f
rirht t~. acc~lrr,,tc thr maturit}~ of tF~e ind~ht~dnr~+.c~.trrid hti thi~ ~lnnga~t~~. t
12. Remcdies Cumolalive. .AU rcmr.li~. ~en•~idrd in thi; \1..rt~=age arc cii~cin;t :ind :umulati~•e t~ :uic ~~thrr right ~r ;
~rmc~h• undcr Ihi~ M~~rtc:?gc or afT~~rde.l h~ la~~ ~~r ~yuit~•. .~n:l n;a~~ tx c~crci~c.t i~,n.:i~rr~nth•_ indc{kndcntf~• ~~r ~u:.-r.~i~rt~.
13. Succeswrc and A~~iRns Bennd: Joinl a~xt Se~rraT 1.iabilih; Capfions. The co~~enants and aFr~•emrnt. hcrcin
;.~nt;~inc.! chall hind, ar.d tF~c rieht+ hrr~e~nder ah:~ll ~nurr•t~~, thc rr.~~cti~~e ~ur:c~,~~r, .~nd as~iens uf 1 en~lrr :uiJ B.~rr.~N•er_
.ubjcct te, :he pn,~i~i~~ri. ~~a~.,graph 17 hereof. :111 ~u~~rn:~n~. anJ agrcrmrn~. .,f Borr~~HCr sh:?I{ br j~~im :uid ~e~•eral.
~Thr ~apti.~m..:,n~i hcading. ~,I thc ~:,~.,~~:~rn, of thi. '~1ort,_:~!,.• arc fur c~~m•~oicncc ~~nh• anJ :~rc n~~t t~, t?c u~rd to !
im~! M~t ~~r defin~ th~ rri~ti ici~~m herc~~f. ;
1-t. \oticc. E~rept tur :er~~• notire rcyuirrJ unilcr :i~~~lic:~Mr l:i~. t.~ br given in an~~thcr manner. (a) an)' noticc t~ ~
R~~rri~r~•er pn•~~idrd trn in thi~ ~ti~rt,~a~e tihall he Ri~:n h~ m:~;lin_: .u~h rn•ti:~ h~ :crt;fied ni:~il addrr~.~d t~, Rc•rr<,~~~r at ;
thr Prc~~rt}• :1J:~rc.. ur at ~uch rthrr :uldn~.ti ac B;~rr.~~.rr ma~ d,~•~_.natr h~• :n~tirc a~ t rndcr :?s pr~,.•i~ic.t hrrein. and ;
~i;l :ir.•: nuUrc tu t_cnitrr ,h.~(I F?~• ~~i~~~n h~• ~crtificd ntaii. rcrnrn rrcci~t r~c{t:r~tr.l. t~, I crule?'. ad~lrctiti slatrd hcrcin ~~r to (
~t~~h ~~ther add:e.c 1 ender nt.~~ deciknate h~ n~~ti._~ tr $rrr ~~~~~r as pro~idC~l her~i~i. .1m• n.~ti~e pr~~~•id~J fnr in Ihi~
\1~~rtLSgc shall F,< <i~cn.rd in h:?~c ikcn gi~cn t:? B~rn~w.~r I rr~drr ..hcn ~~~~cn ;n th~ m~smcr dctignatcd hcrcin.
ta. (:nilorm ~tunkaKr: GovcrninQ i.aw: Severabilit~. "1 i~ , t;, +:i ~~i m:~n~~ase ermhines s~nifc•rm rc,~•en~nt~ f~,r n:~tic,nal
~I~C :~tll~ n„m~inifurn~ :•wr;~a~+F. .~ith timitc~t ~".iriah.~m h•.- jur;~~~~iP~c~It ;c~ ~t~3t<it(IttC :t Utll~i~fl11 cC~~lT!l~• inclrun~ent ~o.•cring
rr:3! properls. Thi. ~1urt_~ai. ShaU bc co.•cnxd h~~ chc la~~ .~f th~ iuri.~!~:;~,m in ~~hi~h thc Propcrl~• i~ lika~c~. In thc
.~rnt th:~[ :ui~' rr~n•itii~,n cl;tt!.~ ~~f Ihi> >ti~rtk:~,'c ~~r th~ \~+tr :~~ntli~l. ~~iti~ :i~r'.i~.ihlc I:t~~, ;~i.h cnNlict ~h:~ll ni~t alTCCt .
~~th~r rn~~i.i~~n, of thr~ \1~~rltagc ~~r the ~irti• ~ihicl~ c:in h~ _i~~n etic:? uithi~t:t Ihe a,Mliiling ~+r~~•i~i~~n. :~ncl to thit
~_r2~ 1hC p~~~~i~ii~nc o( t}1~ \(~~~t~_:t;~c• :~nit' thi \~i(~' .~ic• J«I.~rCd Iu h~ ,~~cr:~hE~•
16. Born,..rr c('~~pti. Sorr.~c~~r .h:il! hr furni.h«I nf.~rmrJ ;~~{~c ~,i thr \~~t~ ar~.l i~f thi. \i~~rt~!age at the timc
e~c~ulic~n ~r a;tcr rc~vrdation heri~,f.
17. Transfer of lhe Propeti~: Accomplion. If :~II ~~r an~ ~,,,rt ~.f tiu I'r~~prrt~• ~~r :m intere.t therrin is ~rid nr tran~ferred ~
hc t3.,rmwrr ti~ith~~ut Lrnder's pri~,r ~rittr<< c~~ir.~nt. r~~lueii~~e !.u the rr~:~~i~~n nf a lien ..r cnrumhrance •utx,rdinate to
thi~ ~~,~rte.,~t. Ih) thc crcaticm c~f purcha.r numr~• •cri~rit. intr:r,t f~v h~~u,~h„1.1 appli.incr:. Ir1 a tram(er h~• devise.
cle~~ent ~~r h~~ r~rr:ition ~~i la~? upvn the t~rath e~t .i ~~+~ii! t~nant rr 1~1~ the ir:?nt uf :im le.~~ehi~ld inter~st ~.f threr ~•rare ~,r fes~
n~,t rontainim, an rpti~~n t~. ~ur:hacr. I en.frr m,,~. ,~t Lrndrr'. ~~pt~,m. d~ci:~rr all thr .um. s~cur~d b~~ this ~fortcagc tn bc
~mm~~iiatel~~ duc and ~~}~ahFc. Irnder ,h:~l! h.t~r i~:~i.rd .,e,h i.ptiun acrclcr:~~c if. prinr t~~ the .ale nr transfcr. L~nder =
:,n~l thc ~r.~+n ~~h~~m thc Pm~rrtr i. t~~ br ,r1.1 ur tr;~n,(~~rrJ rcarh :igrccm~m in writing th:it thc credit .~f such pc~on
~ati,fart.~n t~~ Lcn.lr? and th:~t thr intrrr.t racahlc ~~n thc ,um. ,~:ured h~~ thi; \trrtgage ehalt be at such rate ae I.ender
~h.,ll reyur,t. If 1 ender hac w•ai~~~d thr ~~pli.~n t~~ ac.tlrralr pr<~~•iti~~i in thix para~raph 17. and if B~~rrow•er's ~uc~essur in
mtrre+t ha. cxecutcd a wri~tcn :eseumpti~n agn~cmcnt arrr~~ed in ~+riiing M Lcn~k:r. I.rnder, ehall relea~e Borrow•cr from all =
~~bligations undcr this ;1T~~rt~;age and thc ti„tc. +
If t.enJer ~xerci~eti such ~~piii•n ti~ arrclrr.~te. 1 rmler .h:ill mail B~~rrn~~er notice of acceleration in acrnrdanee Hith
paragraph !4 hcrcof. Such n~~tice ~F~atl rruvidr a p~ri~~.l ~~f n~~t tc., than 311 d.i~~. fr+~m the date the notice ic mailed within
~hich Born~uer ma~~ pa}~ !he cumti decl.~reil du~. I! Bnrrn~+rr ;ail. ti• p:t~ ,uch .nms prior tc~ the erpirati~n +~f ~uch ~riud. `
I.cndcr ma~•...~ithc~ut furthrr n~ticr ~r.iemand ~~n li~~rru~~rr, i,~.~~i.c am ~crnedics ~xxrmiued h~~ paragraph 1~ hereof. i
Noti-Ut~iFOrc~t CovEtiati-rs. 8orrower and Lender further rnvenant and agrce as follows~ -
18. Accelerltion; Remedies. Fxcept as pro.ided in para~raph 17 hereof. upon Borrowe~s breach of any co~~enant or F
a~reement of Borrower in this ~lortgaRe. indudinR the co~enants lo p~~~ when due an}~ sums secured by this MortRage. I.eader
prior to acceleration shall mail notice to Borrower as pro~•ided in para~raph 14 hereof specif}~in~: (1) the 6reach: (2) Ihe action
rcquired to curc such 6reach; (3) a date. not iess than 30 d~ts from the date the notice is mailed to Borrower, by whicb such
bre~ch must be cared; ~end (4) that failun to cure sucb brrach un or beEorc the date specified in the notice m~y result in
acceieration of the sums secured by this ~tortgage. foreclosure b~~ judici~l proceedin~ ~nd sale of the Property. 'Il~e notice
shall further iaform BorroNer of the righi to reinstate after acceleration and the riRhl fo assert in the foreclosurc pnacetdi~
the non•existence of a default or any Mher detense of Borrowe~ to acceleratan and foreclose~re. If the breach is not cured on
or before the date speci6ed in the nofice. I_ender at [.ender's option ma~• dcclarc all of the sums secured by thi~ Morigsge to be
immediately due and pa}able without furiher demand and ma} foreclose this !ltort~a~e b~ judicial proceedinR. Lender shall
be enNUed to collect in such proceedin~ all expenses of foreclosure, including. 6ut not limited to, rcasona6le attorney's fees. ;
and costs of documentary evidence, abstracts and titte reports. ~
19. Bornower's Right to Reinstate. Notwithstanding l.ender'~ accclerat~on of the sums secured by ihis Mortgage.
Botrower st?all have the right to have any proceedings hegun b} I.ender to enforce this Mortgage discontinued at any time
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