HomeMy WebLinkAbout0646 1 cuJ~~'~ ~~~~u~n .i~~rriuc~u ~~r :~p~~la..~hl~ 1,~~~ li~~rru~~~r ~h.~U ~~a) Ihh am.~unt uf 11~ ~j1~i~;:r~r im~irui~VC ~rrniium~ ~n ~h~
iu.~nn;r p~,~~ulc.l un~kr ~~.~i.~~~aph ? h~rcof ~
:1m a~m~i!nt~ ~1:.hn~~r~i h)~ i rn.lcr put.u:~nt h+ Ihic p.~r.~ti.~{~I? ~~~~th i~trrr~l lh~?~~m. ~h.~ll tx•.~an~ additi~+nal
inJ~•hri'.~nc,~ ~~1 li.~rf~+~~~f u~urril h~ thi~ ~I~alc.ie~ l'nl~.~ B~~rn~.~rr .~n.i I cnJrr .~t;~~i• 1~~ c~ih~~ 1~•rm, ~~i ~~a~mrnt. wch
an~~~unt..hall tx• E~:~~:~hlc u~.,~n m~~i:r lr~an I rnd~r ~u R~~rn~~crr rr.~ur•tinL {~.~~mru~ ti~rn•.~t. :ui~) .h.ill tx:~r intrr~~t fr~~m Ihr
,latr .li.hur~rmcnr :i~ thr r.~t~ ~I,h lr~~m timr t~ umc ~~n ~~ui~t.~ndin~ pnn~ip::l und~r thc \~.tc unle.. pa}~mcnt of
intcrr.i :~t ,:i~h r.it: ~~~~ul~l hc r<~nr.ar~. t~.:,ppli~ahlc Li~v. in ~~hi.•h cvrnt surh am~~unts ~hall txar intcrccl :it Ihc highe~t ratc i
~rnzicsihk un~i~r ap{~lical?1~ la~~. \~~thing ~i~ntainr~l in Ihi~ p~ragraph 7 ~hal) r~~iirc 1 rndcr tu incur am• c~pcnac or take i
anv a:iiun h~rrund~r. ~ i
8. In~pection. I.rn~lcr m:~v m:i{.r ~•r.•aucc to hc maJr rca~onahlr rMrie~ u~+un and im{?x~ti~•n~ c~f thc Pr~~~xny. pn~vidc~l
ih:?t ( rnder ch:~ll gi~~ E3orr~•~rr noticr rri.~r to am~ .tich im~xc~i~,n .Ex~ifying rcasunahle cau~e Iherr(~~r related t~~ I.ender's
mi~rc~t in the Pro~rt~•. ~
9, Condemnatiun. Thc.I~c+Q~cd~~~-an~~ aH:~rd ar claim for clanl3L~s, difCCt ~~r cnmcqu~nli:~l, in ronnec~ie.n H'ith am• }
cond~mn:~ti~~n or ~ahrr takin~ M tRc Propc~ty. ur part ther~~•f. or for c~mvc}•anrc in lieu ~ondcmnatiuri. arr hrreM• a«igncd ;
anil .h:~ll F+~ paid ti~ L~ndcr. i
ln ihc c~rnt o( a total taking of thc AmEnrty. Ihc pru~ccJc ahall tx: ap{~licd t~~ ~hc eume ucurcd h~~ thic \t~~rtga~c.
v?ith thc c:rrc~s. if am~. r:~id to B~•rr~~w•cr. Tn Ihc c~'cnt of a parli~l takin~ rf ~he Pmpc~t~•. ~mlc~. Ko~ro«rr and 1.ender ~
~~ihcrwi.c agrcc in w'ritini. ~h~r~ shall hc applicd t~~ th< <umc ucurcd .M• thi. \1~~r~~~~c ~u~h rru~x•rli~m c.f thr prcx-ecdc
~s ic ~~yual t~ thal pn.Fx•rtirn ~vhich thc amuunt of thc cum~ .c.t~rcd h~ ~hi~ ~1rrtL.i~c immrJiatcl~~ E•ri~~r t~~ Ihc datc of
taking hcar~ to tli~ fair market valuc of the Property immcdiateh• pric.r to the date of takin~. ~~ith the bal:~nrc ~~f th~ prcx:~c~s ~
paid U, Borrowe~. '
If thc Pro rt~• is ahand ft't' oti~c h~~ LcnJer to Burr.~~~c~ that thc condemn~r ufTcrs to make
an :~ward or set
Ic a ~~~~•1~~~u1-tu I cndcr within 20 da~'~ attcr thc dat~ ~uch nuticc is
mailed. Lender ic autfiori~ed to c~llee~ a~d appl~~ thc pmceedc. at I.ender i opti~n. rither to rectoration ~r repair of t he
Prop.r~~• or to the tums k~iircd h~• thi. lUort~:~gc. .
L'nl~s: LenJer and Borr.~~er c~thenvi.~ agree in ~+ritine. am .u:h a~lirati~~n ~~f n~eedS ti• rinci ~I ~ d! not c~tend
. PI [t ~ a, - .[~t
or ~x„tExme thc duc Jatc uf thc m~,nthh• installmcnh mfrrrcd t~• in {~araSr~ph` 1. a:td ~~~rc~r ~:~h~= ' ~ amount of
cuch in+tallmcnl~
r: t rc'~ ~~~r`f~ir~~~s
10. Bormwer Nof Relcased. F~tcnci~n o( thc timc f~~r i~ mcn~ or mi•di~ic:ili~~~i nm< <ccurcd
hy thi. Mort,~aer eranted hv Lender tr an~' succCS~ur in intrrc~t ~~f Rorro~cer .hall not c.~:rate to rclease. in am• ma~ner.
the liahil:t~ ~~t the oricinal Rorr~,~~er ;md R~~rmw~cr'~ su~c~c..•r. in intcrest. I.ender ~hal! m~t he reyuir~d t~? c~mmence
pr.~r~.lingc against ~uch wccrsc~~r or refu~c t~~ c~tcnJ ti~rn~ for paymcnt ix Mhcrtii~c mcxlif}' amortizati~n ~~f the sums
.c~~iri.l b~• thic Murtgage b~• r~a~an of :~n~' demanil mad~ h~ ~he ~~rieinll Bufri~wCr anJ I3~~rro~~~er's ~ucce~~~~r~ in inttrect.
I1. For1?earance A~• I.eader \ot a K'ai~er. :1nc f~~rhearan~~ hc 1 rnder in ~~erci~int :im• riLht or «mrd~• hrrcunder. or
~~thrr~~~i~~ ~atTordcJ hv applicahlc law•. .hall n~~t tx a~~~ai~~r c~i ~~r prccludc thc c~crci+c of am ~urh rieht ~r rcmcde. .
~fhr prcx;urcm~nt of ineurancc or ~hc pa}'mcnt i~f ta~c~ ~~r ~~th~r licm .~r charg~. M~ I endcr ~h;~ll not hc a~~:ii~'rr c~f I.cmlcr's
rieht ti~ arrelcr:~te the matenit~- ~~f thc indcMednr.~ ~c,ur~d hr thic \loneaer.
12. Remrdicc Cumula~ive. All rcmcdics pn•~idcd in thi. \torteagc arc distinct :ind cumuiativc to ~m~ ~~th~r riclu .~r
rrmc~i~• ~inJcr Ihi~ Morti.~gr ~x afi.~rdrd h~• la~ i~r cyuit~•. :~n~ ru~~ Fx r~cr~itir.i r.~ncurrrnU}•. indr~nden~h• ~~r .n~~~.~ivcl~•.
13. Succe~wrs :~nd :1c~iRns Bound: Joint and Se~eral l.iabilih•; ('aptions. The co~•rnants :~nd :~erccmrnt. herein
<<~ntaia~.l tih:ili hind. anJ thr riehh hcrcunder ~hall inurr t.~. the rc~pe~ti~~e succe,~or~ and a~tiigns c,f 1 cnder :ind Borro~+•er.
,ubjrrt to thr pr.~.i,+um ,,f 1~ar:~graph 17 hcrr~f. :~II ~u~•rn:~nlc :,:iJ~:icrecmcnt; c~f Bc,rr.~~~•cr shall tx j~~int :,nd tic~•cral.
Thc r:+~ti~,n. .~n.l hea~l;ng< <~i the p:traser.~ph~ of tl:is '11„rleag~ arr for r~,m•enicncr ~•nh~ .in~l arc rn•t t~~ Fx ?i~cd to
~nterprrt .•r definr th~ pm~~ician~ hereof.
14. ~ntice..E~cc~+t tor anv n~tic~ r~yuired un~lcr :~rrn~ahlr 1;;ti~ t~~ he gi~~rn in an~~thcr manncr. fa1 am• n~ticc to
Burr~•~~•rr pr~.vide~ f~•r ,n thi. ~ti~rtg,iee shall hc ei~cn b~ m:~ilin~~ .u:h nuticr h~ rrnified m:~i1 :iddre.:cd t~~ Rorn.~~er at
th~ Pr.,~rt~ A~Idr~.. c,r at wrh ~~ther addr~.. a~ B~~rn,~~rr m:~~ dr.+~~nat~ hc rnuicr t~, l.rnilcr ~r~~~~i~lyd hercin. and
?hi am ni~ti~~ t~~ Ll't1~Ilf tif1:1II Fll' civen h~•.~ertifirJ mail. rrturn re~rirt rrun~.tc~l. tr I en~ler', ad~lr~c~ St:Ned h~r~in ~r t~
~uch vlhec addres~ a~ 1 cnd~r m:~~ cf•_,i~natc h~ nrti~r B~~rru.~rr ac rr~~~idc~l hrr~in. \nc n,,ticc pr.~~•idrd fi~r in thit
~1.,rtgagc sh:~ll 1x drrmr.l t~. ha~. bccc civcn tu Bnrr=,~~~r ~,r I;nd~r ~ah~n gi~cn in the ntanncr dc~ienalcd hrrcln-
15. l'niform liurl~aKe: G~~~•erninE i.aH; Sc~crabilih. Thi. s~~rm mnnea~e ~:rmbin~c unifc•rm rrn•cnant~ fc~r natinnal
i~~c anJ t~~m-unii~~nn c~~~~•;e:~nt. ~~ith limitrJ ~anati~~n. h~ ~:~ri~~l~rnun tu cunslitust a unifornt ccrurit~• imtri:menf rc~.•enng
r~a; pro~xrt). Th~> >]urtg.~~~ tih.~ll h~ s~u~~~rned h~ thc la~~ ~~f ~hc iuri~.lirtirn in ~ci~i~h thc Pro~rt~• i. l~k:itrd. (n thc
cvcnt th~t :m~~ rruvisiun i~r ~L-ui,< <~f Ihi: \1~~rIL:+_c ~~r thr \,,te c+~ntlicr ~~ith apnlicahle laH. ~~~~h conflict ~hall n~t :?(Tect
i ~~th~r Pr.,~.E,i~~n. uf thi~ ~1artk:te~ ~~r !h~ \t~~r ~~hiih ~:~n I.c eit~n clTcct ~~i1h~~ut thC ~~?nnictinL pm~•icit~n. attd Io this
~ rncl tti~ nn~~i.i~.m c•f the ~trrlta~_~ an~~ ~hr \„R arc ~i~rlarrd t~~ t.c u~•~rahlr
j 16. Borro~ser's Cop~. Born~.~~r .hai! h~ furni.hr~; i~,nt.~rmed c~,~~ v( thr \~te an,1 ~*f thic \lortc:i~c at thr t'sme
uf e~rcution ~~r :~ttrr r~:~~rdation hcre~~f.
i 17. Transier of thc Pmperl}: :~«umption. li all ~~r ;~m i~.~n ~~f thc Pr~~~rr~~~ c~r an interc~t thrrein i~ ..~ld ur trancfcrred
i M' Borr~~w~r ~+ith~~ut I.~ndcr's pn~~r «rittrn :i~n~~~et. ~~:lu.ling 1:+~ ihc ~r~:~ti~~n ~~f a li~n ~~r cncumhrancc ~ubonlinate to
~ thi~ ~trrt~aec. (hl thc rrcati~n rf a purrha.~ mun~~ ~r:urit~~ imerc;t t,,r h~~u,rh~~1J appli:~nrc~. Ir1 a tramfcr h~• dc~~ise.
F Jc.c~nt on c~ ~,~kr:~sion of I:~~c uprii thr .ic:ith ut i~~int trnam ~~r f~l~ thc crant ~~f am iia~~hold interest thrc~ ~•~a~~ or lcts
~ not c.,nt:+ining an ~~~tic•n tc~ rur:hasr. 1 rndcr m:~c. ;~t 1 rndrr'. .~~,ti~~n. dt:l:irr :ill thr tiumc sc~urcd by Ihis '~tortgaec to be
~ ~rnme~ti:~trh due :~nd pa~•.~h!r. Lrnder .h:~ll h:i~c ~..~i~~d .utih i~pti~m t.~ :~rc~lerate if. pri~r to ihe ~ale c~r transfer. I-.en~le~
~ and the persi,n t~ ~~h~~m the Pr~~~ertr i, t~• he ,c~i~l ~~r tr.m~(rrr~d rrarh :~Lrirment in writing that the credit ~~f .uch person
~ ic sati~fact.~rc te~ Len.kr and that the imer,.t ~a~eMr ~•n th~ ,um~ ~r~urcd h~~ thi< <i~~n~aee ahall be at such rate ac Lender
~ shall rcaucct. If 1 en~ler ha~ w;?ived thc ~~pti~•n t~~ arrrler.~t~ pmvided in thi~ paragraph 17. and if BorroWer; s~ccessor in
~ interest ha~ cxecuted a~critten asciimptinn acrr~mrnt acce~tcd in ~sriting M• Lemler. I.ender chall release Bnrmw•er from all
~ ubli¢ationti umlcr thi~ ~i~~rt~;aee and thc `.\'cilr.
~ ~ If LenJer e~erri~e, such option t~~ acrclrrat~. 1 rn~i~r ~h:~ll mail Rc.rmwer notire c~f acreleration in arrnrdanee ~ti~ith
~ paragra~h 1-i here~f. Such nutice chall providc ~xriu~l .~f m~t les, than 3O ~a~•~ fmm the date the notice is mailed within
~ ~~hirh Barru~~er ma~~ r:i~ the sum~ declarc~l dur. li H~~n~~~~~r f:?ilti tu p:~~ ~uch tium. prior t~ the expiration ~~f tiuch perie~d.
~ -
F I.ender ma~~. ~~~i~h~~ui further nrnicc ~.r d~mand ~~n I~~•rr~~~er. ~m~?.e anc rcmedies E?ermrtlecl h~~ paragraph 1R hereof.
@ No!v-U!~iFORi?t Co~'t-~+tvrs. Borrov~er and I ender furthcr covenant and aeree as follows:
; 18. Acceleration; Remedies. Facept as pro~~ided in para~raph 17 hereof, upon Borrower's breach of ~ny covenant or
~ agreement of Borrovrer in this ~1ortga~;e. includin~ the covenants to pa~• when due an}• sums secured by thts Mortgage, ~.ender
prior to acceleralion shall mail notice to Borrow•er as pro~~ided in para~raph 14 hereof specifying: (1) the breach: (2) the ~etion
required to cure such breach: (3) a date. not less th~n 30 da~c from the date the notice is mailed to Bormwet. by which such
breach must be cared: and (4) that failure to cure such breach on or before the date specified in the notice may result in '
: acceleration of the sams secured by this liortgaRe. forcclosure by judicial proceedin~ and sale of the Property. '1Le notice ~
; shall further inform Borrower of the right to reinsfate after acceleration and the right to acsert in the foreclosure procetding ~
the non-existence of a default or am other defense of Borrower to acceleration and forecbsure. If the breach is not cured on
K' or before the date specified in the notice, I.ender at Lender's option mac declare all of the sums secured by this 1?iort~age to be ;
~ immediateh~ due and Pa}•able without further demand and ma} foreclose thts Mort~aRe b~ judicia! proceedinR. Lender shall '
~ be entided to collect in such proceedin~ all expenses of forerlosure, including. buf not limited to, reasonable attorney's fees. ~
~ and costs of documentary evidence. abctracts and tiUe reports. ~
19. Borrow~e~s Right to Reinstatr. tiotwithstanding l_enJer's acceleration of the sums secured by this Mortgage. '
Borrower shall have the right to have an} proceedings Fxgun by I.ender to enforce this Mortgage discontinued at any time '
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~ Bo~K 301 P~~~ 646
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