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HomeMy WebLinkAbout0504 ~3~.. . . 1~. • ~ ~ ' I.cn~k~'s wriucn agr~cn?cn~ ~x ~ppbcabk luw. liorrowe~ ah~ll psy Ihe arnuunt ot •rli mortgrgr inwrancc premiums m the manncr pr~w~Jcd und~r par;~gr•rph 2 hcru~f. Any umuuut~ di~hursr~l by 1 rn~ler punuanl w thi~ ~~~;,~~~~n 7. wi~h Illll`f~1) lI1CfCU11. S~I:III hecome additional ~ndeMcJnc„ uf liurruwer ~ecureJ hy ~h~~ Mu~t~age L'nlc+~ Hurruwrr and 1 ~n~kr agree In ~?iher Icrms of p~ymtnl. tuch amnunt> >Fiall hc payaMc ii~w~n nu~icc frum I.rnJrr 1~? li~?rruwr~ rryuciting p.~ymcnt Ihcrruf. and ~h:~ll F~r•rr intrrcal tram Ihe ~I:~le nf di~bursrmrM a1 Ihe rutc pay~hlc frum limc to Ume ~?n out~trnding principal under Ihe N~ite unlex+ payment of intrrrs~ al s~K;h ratc would br cuntrrry t~~ :~pplirablc law, in which cvrnl ~uch •rmounll ~hall hr•rr intcrecl at tF?~ highe~t rate ~rmissiblr undrr appGcabk~ I~w. N~~~hinK c~+n~ained m thic parag~aph ~ thaii ~rywr~ i.en~ier ~o incur any expenx or take any action hcrcundcr. ~ • 8. Inspeclioe. I rn~lrr nu~y ur~lc ~~r ~ a~~.r Ic~ Fx made rca~unabk cnl?ie~ u~m and imprcl~un~ of Ihe Pr~~perly. provided ~hat 1 cndcr ~hall K~vr R~~rivwcr n~~~i.r pii~~i tu any ~uch m,~xcti~~n ~~cily~ng «•awnablc cautir Iherrtor rrlalyd to I.ender'1 in~c~c.t i~ Ihc Pro~xrly. 9. ('ondemnstlun. "fhc pnK~rrd, ~~f any- awa~d ~~r cl:um Ga dama~cs. direr~ ur cunu~yucn~i~l, in connttlion with ~ny u,ndemnali~m ur ~.thrr ~:~king i?t Ihe Pn~~xrly. ~~r parl Ihcre~~f. ur t~?r cunvcyancc in liru of cunekmnatiun, arc hercby a~.igr~d :~nd ,hall t?~ paid ~o Lendcr. In Ihc eve~t of •r lulal t:~king ~~f thc I'r~qxrly thc pn?~ccdt +h:~ll Fx :~pplie~l t~~ thC ti~imt tciurcd by Ihis Mi~ngage. with Ihr ctcr~s, it ;,~?y. ~:~iil 1~~ N~~n~~wcr In tFK cvcn~ ~~t a pa~li:il t.~~.inE~ ~~1 thc ProExrly. nnleti~ I~~rn~wrr anJ (.endrr utherwix agrer in wn~i~~E. th~re ~hall ~x :~pplicd ~he wm~ ucumJ hy ~h~~ M~~rt~:iKr ,uch pro~u?r~iun ~~f Ihe prexeeds a~ i~ cyual to Ihat pru~x~ni~m Nhich ~hc :irn~~u~it ~~t ~h~• ,~~m. ,cciucd hy ~hi~ !Nurt~:~{te immrdialrly pri~~r t~~ ~h~ date .of (:II(Ifl~ FkJf~ (0 IFIC ~8fi t~iai~iri V:i~lfl:01 I~iC ~'iU(1CtI~" [f111iiCllY:~lt'i}' (~iii:i i(3 ~11C si.11C t=I` f:iFlti}(, ullf! iI C i+iil:+ttCi Cri i,i£ ~riirtiif,ii ~Y,flli f11 ~ffOWCf. (t the Pruperly i~ ahand<med bv H~~~r~~wrr. ~~r i!. :~ficr n„~irc hy I cndrr t~~ Hurr~~wer that the condemnt~r ~?(fers to make :u~ :~waid i~r ~rtllc rl:um f~~r ~I:~n~.~?r~. B~~rn~wr~ t:ul. Iu ~r.{wrnd-1„ I cndcr ailhin lll d:~yi :~(trr Ihr da?r ~uch n~~ticc i~ m:uled. t.en~lrr iti au1h~?rircd a? cullcc~ :~nd :~pph• ~hr pnkcrd~. 1 rndCr', upti~m. either to re~toratie?n ~~r repair uf the I'rn~x•~ty ur t~, ~hr ~un~~ .cc~ur~) h~ thn M~~r~yt:~}r lfnlc~ti I cn~lc~ :~~id Ro~r~~urr ~~IhcrHi.~• :~~~r.• ~n Uriti~r_~ :mi~ ~u~h :~~~t~,atiun ~~I pr~xcc~1+ I~i princip~l ~h•rll nM crtend ia ~x~~~M~~~r Ihr ~~ue: d:~~c u( Ihc m~~ntl~lt n~.~.~Umcnh r.(i•rrcd in ~,:~r:~~traph~ I:u~d 2 hcrc~?f ~~r ch:~nKc Ihc amnunt ~~f ~u. h n?~lallmrnt~ , 10. Burro~re~ !\ol Relestied. 1~~rn,i~~n ~~1 Ihc Innr I~a paqmcnl nuKlifii:~lu~n nf :~mi~rt~i:~Iwn ~~f ihe ~um~ urrurcd hV It~n Muil4a~r ~r:~ntcd hV I cndc~ 1~~ :~n~• ~uecr~u~i ~n it~tr~c~t B~~nuNrr ~h:~il niH ~~~Kr:~tc t~~ relc:~tc iie :uiy ~n:~nncr Ih~• li:~hililc .~f Ii?c u~iE~~n:~l H~~rruwcr :~nd l4~~n~~wr?', ~u:cc•~~nr~ m inlcrc~t I rndrr ~h:~ll nnl Ik r~yulrril t~~ ~~~in:ni•n~c ~,~~xrcdiu~~ ,,}~~~m1 ~~ich +~icec~~~~r ~~r ~c~~iu• 1~~ retcml iunr f~~r p:~y'~ncnl ur ~Nhc~v~~~c m~Klify :im~~rt~ial~un ~~f ~hc ,;~m+ ~c. u~cd h} Ihi~ M~~ntia};c hy ?ra~~m ~~I ~nt dcnianJ m:~~lc h~ Ihr ~~rieui:~l If~~rr~~ari enJ fi~~rrnwi•r'> >u«c~~~~r: in ii~ICrcti1 11. 1%~~rbryr•rnee by I.rndrr '~ul a N'•ri~rr. .~n~ I~,~fx•:~~:in~r h~ I cndcr in r~rr~~~ing :mt• ri~ht ur ren?edv hcrcumler ~~r nlhr~w~~c elt~~tdr~t ht ap~lic:~hk I:~w tih:~ll n~~t Ix• w:~rvrt ~~1 ~~r prccludr Ihc rtr~ciu nl an~• ~uch rikM ur rc~ncdy 'Ihc pnkurrmcnl ~t( in~urancc ur Ihc pavrncnl ~~I r.~u•, ~~i ~~Ihcr I~rm ~n ~h~rE;r~ hy I cndrr .h:~l) n~it Ix• H:uvrr ~~f I.cndrr'~ rikht 1~~ ac~rlrr:ilc the n~aturi~y ~~f Ihc ~ndrhtrdnr~~ .rc~urd h~ th~~ M~~r1K:~}c. 12. Rr~nedie+ ('umulalive. All rcmr~hc~ ~~n~~,dcd ~n Ihi~ ~1~~rtKa~c :~rc di~lincl :~n~l ~ umiil~livr t~~ :~n;• ~~~hrr riKht ~~r ~r~nc~i} unJcr th~~ M~~fl~:~gr u~ alfurtl~•d I,~ 'au ~~t ryuil~~. .~nd n?a~ ?x cxc« ~iu•J r~mcurrenllt• indr~xnJcntl~ nr ~nccr~~iv~~ly 13. Succt~son and A*~iy~m &n~nd: Jninl and Se~e~l I.is~bilify: ('yplium. 'Ihr cuvcnanlti :tnd :~~;t.•cment~ hcrcin iunu~incd ~h.Jl hind. .~nd Ihc ~ikhl~ hcrr,iudrr tih.~ll !~uuc tu. thc ir~~t«tivc wccc~~.~~~~ and ~»i~m ~~f 1 cnJct :~nd liurn~wt•r wbject t~~ Ihc p~~~vi+ium ~~f p:u:i~r.~ph I"/ hcic~~l All iu~•r~cinlti an~l :~~!rrrmcnh ~if 8~~~~~~wcr ~h:~ll Ix~ p~inl :~nd ~c~•cr.~) ~f?~e capUum :~nd hradin~+ ~if Ihe ~~c~r:it~r:~rh~ ~hi~ M~~rlKa~te are tnr cunven~rnce ~~nly :~nJ ;~rc nnt t~~ ix ~i~ed Ie~ mlrtprrl ~~r dcfinc Ih~ pr~~w~i~m~ hcrenl. 14. Nulice. Except f~~r any ri.~~n~• r~yn~ir~l undcr a~~plicahlr Irw lu tx ~~vcn ~n :~nulht'f manncr l:~l :~ny ~tuti~•C In liu~n~wct pnrvidcJ tnr in Ihi~ M~~rt~aer ~I~all Fx E~~~~cn h~~ m:uli~~~t tiurh mNicc hy ~crUfird m:~il :iddrr~+cd 1~~ H~~rn~wer at Ihr Yru~x~rly AJdre» ~~r :~t w~h uthcr addre» li~~nuwer ?n:~~ de~~En:~tc h~~ n~Hiir t~~ I rniirr :~S pr~~vidcd herrin. :ued /h1 an~ n~d~cr lu I cn~ler tih:ill tx kr.c~~ hv ui~dird m:ul ~r~urn rccc~rt rcyur~lc~l. 1~~ I cn~lcr'~ ~ddrr~ti zla~ed hcrrin ~~r tu . .uch ~~thct :~dJrc~ti r~ Lrnder nr~~ dc~ien:~Ic h~ n~~ti.c t~~ li~~rr~~wcr :i~ pru~~drd hcrrin Any n~~~icc pr~~v~dc~l (~~r in thi~ ~t~~i~g~gc ,h:~ll Ik Jccmcd t~, h:r.c Fxrn ~~vcn a~ I~~~r~„uci 1 rndcr v?hrn g~vcn in ~hr m~~incr Jc~ign:,tcJ hcrcin. 15. l!niturm MnrlXaKr: Cu~ernink 1.•rw; $r~er~bilit~. lh~. ~„rm mi~rlg~~r c~~mhine+ ~inif~~~rn awcn~nt~ fur n~ti~~n~l nu• and n~nr:wi(~~tm ~~wcnanl~ wilh hlnilr~l v:~r~:~ti~m. h~ ~in~tid~~liun t~~ c~m~lit~itc n unifufm xrufify imlrulr?cnl c~+verin~• ' rcal prn~x:rly "(h~~ M~u~~agc th~l) Ix }t~w.•inrd hv thr L~N ~~f Ihc junuh~Uun ~n which thc Pr~~pc~tY i~ 1~?catrd. In lhc ~ cvcnl thal :~ny pruvi~~un itt claiiur ul Ihi, !~1nrt~:~Lr ~,r ~hc ti~~tc a~nllich with :~p[~lir:~hlc I~w. w~h cun(lica ~h~ll n~~t :~flc~t I ~~~hrr pnwi,ium ~~f ~hi? M~~r1~:~Er ~~r Ih~~ ti~~Ic ~h~~b ~:~n h•_~ '~vcn c(Tcct with~ait Ihr run(licting pnwi~i~~n. :~nd tu thi~ ' ciiil Ih~ pnn•~tii~~m of thc M~~rlga~c :~nd Ih~ ti~~tr .~tc ~Ic~Lucd t~~ he w:vcrahlc. f 16. &~m~wer'x G~py. Bnrruwr~ ,h:~ll IK• (~~nu~hcJ am(urmcd a~p~ Ihc N~~t~ .~nd Ih~~ M~~rtg:~gc al the timt uf cx~•culiun ~~r :,(tcr rccurda~i~~n hcrc~~(. ~ 17. Tran~ter n( the Pn?pert~; A+~umplion. 11 :~L' ~u :u?~ p.~r~ uf ~hc Pr~~prr~y ~~r :~n intrrc~t ~hcrcin i~ ~~dd ~~r tramfcrred { hy No~iuwcr w~lfuiut I.cnd~r'~ pn~n w~u~~~n ~un~cnt culuding !:u Ihr ctc.~li~~n ul :i licn ~~r cnciin?hrancc ~ulH~~~hn:~te In ~ Ihi~. Murlgngr. (h? ~hr crc~t~~~t? :s ~,ui.l~.~,,, iu~~nc~ u•cunit ~rNcrr~t (nr h~~~~khuld :~pri~ancc~. (cl Ir:iu~li•r M• d~vitc. dcucM ur hy ~~~xraUon uf L•~w u~x,n thc ~Ic:ith ~~t ~~~~n~ trnant ur ldi ~hc grar?1 ~~f :~ny Ic:~xh~~ld inlrrctil ~hrrc ~,c.,r~ Ic» ~ nu1 cunlui~ung ~n iiptiun t~? purehatr. 1 enJcr may. .~I I rnJcr'~ i~piu~n. ilcclarc all Ihc ~um~ u~ured hy Ihiti Murl~a}c lu Fx unn?~dialrly dix ~nd pay•rhlc I cndcr ~IiaU havr ti.uv~d ~~ich upliun ~n accrlcr:~lc ~t. pri~?r t~~ Ihc ,:dc u~ tr.~mfcr. I rnJcr ~n~i Ihr pcrum t~? wh~~m Ihc Pnr~xrlv i, i~~ IK• .~~IJ ~~r tr.~mtcrrrd rea~h agrccmrnt in writing ~h:~1 thc cre~iir ~~I ~.iich ~xn~m i~ saU~farlury t~~ I.cn~lcr and Ih:~~ `~hc i~~~er~•,t p~y:,blc un ~hc ,nn~~ .ccurcd hy thi~ M~~rtK:~gc ~h~ll 1x al tiuch ratc :i. I cndcr ~h:~ll rcyuc~t. If I cnJcr ha, w~wcd thc ~~ptiun t~~ :~ccrlcr.~~r prnvidcd in 1hi~ p~r.~graph 17. :~nd i( li~~rn~wcr', ~u~cr~~~~r ir? _ ~ntcrc~t hn~ caecutcJ ~ wn~~rn as~umpn~rn :~~recm~n~ ~cccptcd in wriung hy (.rndrr. Lcnder tih:~U ret~:+uu Bnrruwcr (rnm :~II ~ ubligat~um un~icr ~hiti Murtg:~gc •rnd thc Nn~r. . 1f I ender exercix~ wch ~~pt,nn t~~ a~celer:,te. I enJer ~h:,ll ntail Fiorfowef nulice ~~t ncceleratiun in :i~cunl:~n~.• ~~ih ~ pnragraph 14 hc~co(. Such nulicc tihall pruvidc ~xri~Kl ~~t n~~~ Ic» Ih~n 3f) day~ fr~~m thc ~latc ihc n~Nicc i~ rn:~ilcd with~n which Rurr~~wer may pay Ihr ~um~ decLne~l Jnr II lisrn~w?er I:uh lu pay ~uch ti~~mt pnur In ~he expir:,l~~m ~~f tiucf~ ~x-~uKt. ~ I.en~ler may. whhn~et Iurther n~~ucc ~~r drmand ~m H~~rruucr. ~m~~~,r :~ny remediex {?rrmhlc:l hy paragraph IK hrrc~~f. NON-UNIIOMM C~OVf NAIJ7S. H!?ffOWl'f :~tt~J I rt1~ICf lurthrr cnvcn~ni anJ agree ati folluws~ ~ IS. Accelerslion; Kemedfee~. F.:cep1 pr~?~ided in psra~rapb 17 hereof~ upun aorrower'x breuh of any cnveoant or 3 ~rcrment of Borrower in this MortgaRe. incfudinR Ihr c~ivensnls lo psy when dut any sums stcured by fhk Mort~sRe. I.ender prbr to accekntbn ~hall maii notlce to Borrower ~s pn?vided in psrs~raph 14 hereot specNyiaR: (l) fNt bnsch; (21 the action ~ «qufred to cure sach brcsch;/3) a date. no1 lez~ fhsn 30 days irom /he da/e tt~e nolke is mafkd to Borrower. by whkh sucb ~ bresch must be cnred; and (4) Ihaf (ailure lo cure such bresch on or bctoro tbe dsfe speci(ied fa the n~~lke m~y recult In i accekrstbo of the sums recured by thb MorlRa~e, forcclmwre by judicisl prnceedir~ and sale o/ Ibe Proptrty. 'Il~e nMke ~ shall furtber infn~m Ibrrower o/ Ihe ~hl to rrfir.?lale atler accdcratbn and tlx ri~hf to a+,ser1 fn the toreclosun proceedl~ ~ fhe nun-~aiatence d a defauh ~r any dher dd~n~e ~~f M~rrower to accelerstbn and /urectowre. It Ihe breach b not cured on s or before Ihe dste specifkd in tbe nMice, I.ender :~t I.rnder's oplbn may declsre all of ti~e wn~ secured by th{s MorfRs~e to be ~ immed'ulely due snd payibk wifhnW tuAher drrnrnd und m~y foreciost /hfr Mort~t by judicW proceedin~. I.ender ~hWl . t' be eofiNed lo coqtct in wch proceeding r+p e:pcn+c~ o( tnreclwure, Includin~, but aot Umited to, re~sonabk stlurnry's fees. and costs ut docurnenfary evfdence, sbdtrscls and Iilk npurLs. 19. Borrower's RiRbf lo Reirotde. Nr~IwilhtitandinK I cnJe~ s accelerab~?n nf the sume secured by ~hix M~>ngagr. Borrower shall have the right ~n havr any pnxrc~iu~gti IxKun hy I.ender ~c? enfc?rce th~~ Mor~gage discontinued a~ .ny time ~ ~ ~ ~ t, p ~ n~ ~ eoox2,~u ~GE 5vv ~ . . ~ ' . T"~~ ~ N''.Y~~"~.<-s` ,L" ~y~/'n.r` ~ .r " _ a. . _ ~ ~ . ~ _ ~ . - _ ~ - ~ ~G~~ "C-'"`,y-