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HomeMy WebLinkAbout0797 ~ . ~ I.rn.kr'. ~~rnt~n a~r«mrnt ur ap~li..ihl~ 1:~~~ it~uru~~~i ~h:~ll pe) thr am~~un~ ~~f .~II m~,it~;a~r in.ur.in:~ prrmium. in th~ mannrr prr~ u1r.l un~cr par:~graph ' hcreuL ~ :~nv am~~um~ ~li.hnrx«I M 1 rn.1~r p~u.i~ant Ihi~ ~ar.i~r.~~~h 7. ~~uh ~n1~r«t th~r«m. .h:~ll h~c~~m~ ad~lihunal i ~n~l~ht~dn~~~ rt knrn~~~rr ~r~u~rJ h~ ihi. ~li~rtt.~~~ l'n~~.. H~~rt~~~~i•r .~n~l ( cn.1~t :~~R~ t~~ ~~Ih~r ICrttri p~~'n1c~1L ~U~h am~~unt..h.,ll Ix ~~a~~aMr n~.,,n n,,~irr fr~~m I rndrr Il~~r~~~.~rr ~ry~~r.tinc {•.~~m~nt ~hrrc~,f. and .hall Ikar intrrcct fmm th< i ,1.,tr ~~f .ii.hursrmrnt at ~hc r,~tr ~acahlc (mm timr Ir timc ~~n oi~lstanJine rnnripal undcr thc '~~IC unicc. pa)•ment of s intcrr~t :~t su~h r:itr ~vc~ul~l F+c ccmtr.ir~ t.~ appli:ahl~ I,~~c. in ~~hi:h r~cm ~uch amounic ~h:~ll F?~ur intcrcat at Ihc highcct ratc i ~ Mrmicsihlr undrr :~p~li~ahl~ la~v. ti~~~hing run~aine~i in It~i: pa~aeraph 7~hal) r~yuirc I cndrr t~~ incur am• c~~xn,c or ~~kc ! .~ny ~rt~on hcrcundcr. K. ImMction. I rn~fr~ ma~ ma{.r ~~r:au,~ to hc maJc ~ea~onahlr ~ntri~. u~x•n and in.~+cr~i~•n. ~~f thc Pm~xrty. ~m~•i~IrJ : ~hat I ender ~hall giv~ A~~rmH~er n~tirc pri~r to :inc ~uch incE~ctu~n ~~xcih•in~; rra~nnahlc r:~u.r Ihcrcf~•r rclatrJ t~. l endcr'~ :nt•_r~ct in thr ProExrt~'. ; ? + ! r ~ ; - ~ 9. Condcmn•rlion. Thc pm~ccd..~f am• a~.ard ~r:laim for damagcc. dirrct ur ~~~n.rqucnti:il. in ~annc:ti~~n ~~~ith am' :ondemnati~.n or ~~th~r takinL ~~f ~he PmEKrty. ~~r part ~her«~f. or for r~~nvrt~anre in licu of :~,ndemn:iti~~n. :~rr h~rcM• :~~ci~ncd ; .~n.i .haii i.c paid m i cncic~. ' In Ihc ~vcM i~f a t~~tal Iakinc ~•f ~hc Pr~~{xrl~•. thc pro~CC~lc ~h;?11 hc :~~rr«+ t~~ ~hc ~nmc cci~~r~d h~• thi~ \1~•rtc:~ee. ~ ~~ith thc c~~~.s. if am•. ~:~id tr Bi~rrr~crr In ~hc c~cm ~~f a partial taking ~~f th~ Prc?~+crl~•, unlt~c R~•rm~~~r :~nd I cndrr ! ~~thcrHi.~ :?grrr in ~~•ritin~. thrrc ,h:,ll tx ~prlicd ~c• thc ~um~ ~~eurr~l M• thi. \1„nc:icr .u~h ~n,p.~rti;~n r( thc prc~rccd. ; ac i. ryua) to ~ha~ pr~?p~~nian ~rhich ~he ami~unt ~f ihe cum. .~r~~rrd M Ihi. \1.Mcaee imm.di:~tch ~ri~~r t~~ the date ot iak~ng txarc to ~hc fair markrt valur oi thr Pro~xrly immediat~h• pri~~r to Ihc J:dc of takine. ~ith thc halancc of thc prc?~-cc~k paid t~~ Borm~ver. if the Pr..pert~• ic ~hand~ned h~- B~~rmw•cr. ~r if. :iftcr n~~tirc h~• 1 cndcr to B~~rmv?cr that thc rro~dcmn~?r ~?Berc tn make an aw.~rd•~~r ~ettlc a claim f~r dam:?cc.. BnrmH•cr f;iil. t~~ r~:{k~nd I rndrr ~+ithin tfl da~. aftrr ~hc d:~tc .urh n~airc i~ ~ mailcJ. Lendcr iti auth~ril~d to collrcl and ap~+h• ~hc prc~cecdc at 1 c~dcr's ~•rtic•n. cithcr to rc~torati~~n ~~r rcpair ~f thc ~ i Pro~rn' ~r 1~~ thc +um. ,c~urrd h~ ~hi~ ~lortgagr. l'n!es~ l.rnJcr and Borru~~rr ~thcn~i.r agrcc in ~~ritine. ~m• su~h a~~pliraairn i~f prc?cccd~ to priniipal .hall m•1 e~tcnd „r po.tp.~ne Ihc duc dat~ i~f ~hc mc•nthl~• installmcntc rctrrnd t~~ in ~ar.icra~+h~~.l~.andr 2;fitreof or chanee'!hc amc~mt ~f ,uch inst;~llaient:. M1~ : ~:.v : }?'tc+ . ~ . • , r 10. Borrow•er Vot Relea~ed. H~tenai~n ~~f the ~imr f~~r ~:?cment i•r m<•difjiati~?Kt-~f aa4~llizatian M tFx ~etm~ cerured h~' thi. M~~rtgage grante~l M• 1 en~ler t~~ am• tuceec~~~r in intrrr.t ~•f R~~rr.,~cer .hall n~t ~.~er:~tr te. rrlrace. in am• m:?nner. thc h:lhilit~ the oricin:+l R~~rr.~«er and Brrmwcr'. sucrrc~~•r~ in intereet. l ender shall n~~t he r~yuife~i t~~ cc.mmence F~r~.~rr.ling~ again~t ~uch ~urr~.~~~r ~~r rcfu.c t~. r~ttnJ timc fnr pa~•mcnt ur c~th~n~i.c m~•Ji(~~ am~,rtirati~,n ~~f thr sums .r~urcd h~ thic h1rrt~;age hc rea.~~n c~t .~m dem:?n~l madr h~ Ihr rrisinal K~~rm~.•er :~ni) R+,rm~v~r'c ~uc~r..~~r. in intrrett. 11. Forbear•rnce b~• I.endcr \of a N'aiver. A~~~ f~~rt+car.~n« h~ 1 rndrr in c~crcicinL :~n~ right c.r rem~d~~ hrr~nn~lcr. or ~~th~rH~i~c atTur~ed h~ applii:~hlc la~~~. ,h:~ll not tx :i ~vai~rr ~~I ~~r pre~ludc thc r~~r~icr ~•f anc ~uch rieht ~~r remed~. 1 hr prckurcmcnt c~f inwrancc or thr ra~~mcnt ~~t Ia~r~ ~~r ~~~h~r lirm .•r ~harccc h~• l.rndcr ~h~ll not Fx: a.~:u~~r rf 1 cn.ler'~ riehl t~~ a~~cl~ratc lh~ m:iturih• of thc indcM~•dnc.c .~_urrd h~ thi~ ~lorte:~~~- ` 12. Remediec Cumulati~•e. All remrdicc ~rc.~id~d in thi, ~t.~rtcagc :?re dictinet :in~l ~umulati~•e tc~ .~m' ~~thrr richt ~~r ;cm<<I~~ un.l~r thi~ ~1<~rt~.~cr ~~r aiT~~rdrd I,~• la~~ .~r ~y?ih:. and m:it hc ~~~r~i,r.l c~~ncurr~nth•. inJcp~ndrntlr ,~i:c..,i~~~l~~ 13. Succeccor~ and A<ci~n~ Bound; Joint and Se~eral I.iabilih: ('aptionc. The ri~~cnanh and :~irrcmrn~. hrrein ~~~nta~nc~l chall hin~l. :uid ihr richl~ hrrcunder sh~ll innre t~~. thr r~.~krtivc ~ucr~...~r. an:1 as~ign~ of I cn~lrr anJ B~~rr~~w•cr. .ubj~~t tu Ihe pr~~~i.i~~m v( para~r.~ph 17 here~•f. ~ll ~u~'~n:u~l~ an~) agre~ment~ of Bi~rr~~~~er sh:~ll Fx i~~int :ind ~~~er~1. fhc ra~tirn, :~nJ hra~iinc~ ~~f Ihc rara~~ra~?h. <,f th'i~ \turtc::~r art f~~r rc~m•rnirnir ~•nlc an.l arc n~~t t~, hr uccd to ~ uittr~rrt ~~r drfinr Ihr ~nni~i~~nc h~reaf. 13. ~oticc. E~.c~~ f~,r am~ nutiic rryuired un~lcr :~~E~li::~htc I:n~ t~, hc gi~~n ii~ :in~,thcr manncr. f:u :~nc natirc t~ 8~~~?~~~~~r nr.~~i~1cd t~~r m thi~ ~1rrl~t+gc ~h:~ll Ik gie~n hc m.~ili~ii .u:h n,~ti~i :rrt:fic~l m:+il .iddre~.i~l t~~ Ri~rrr~~cr at +hr Pr~~~,~rtc :\~IJrr,. ~,r at ~nch ~,thcr addrc~. ac B~,rr~•~~er m,~~ Jr.iin:~~r h~ n,~~i:r t~• 1 cn~lcr ac pr~~vi.lr~l h~r~in. :inJ rh) :in~ n~~ti~r t~• I rn~tcr ,h.~ll F+~ zi~rn h~ icrlifi~J m:~il. rrturn r.rr~{,t :~yu~.tc~l. t~~ 1 en~ler'~ adJr~~c st:a~J hrr~in ~•r to ,i~~h ~,ther :?ddre~. 1 rndcr m~~ dr~ien~tr h~ nntirr t~~ H~~rr~~~~~r a. ,,r~•~iiir;l }trrcm. ~~n}' nuti:r pn~vid~.i f~~r in thic ~turt~agr ~h:~ll F,;• dcrmcd h:i~e bern eicen to B~,rrr~.cr ~~r 1 rn~lrr •.+!~~_n Lr.cn it~ thc menner de~ignatrd hrrein. ; 1S. I"nitorm ~1ortK•r~r: Cocernin~ 1.•rw: Se.rrabilih. (h~, t~~rm ~,t m~~n_~:~~_r •_c•mhinrc unif~um «~~•rn:~nt. f~~r nati~mal ;I~C :lf)(~ ?~~Il'Ulll~~~fill ii~\Ctl:lfli. .~ith limit~.l C.1~I:IIIOIh h\ Itlff~e~i~1li~fl li~ i~~ll~lllllll :l unifrrm ~crnrin~ in.trnmrnt l~~~Lfl(le ; r~al prv~rt}. -fhi. ~1~a~t!.~~_i ~~.~ll hC ~u<<rn~d h~ Ih~ I:i~~ .~1 th~ iuri..tiiti.~n in ~.hi~h Ih~ Pr~~(kr1~ i. I~~:atcd. In 1hC , ~~~nt th:;t :~m• rr~~~'i~i~~n ~,r itai~.c ~~f Ihi. ~Inrtg.~_i ~~r thr \,ar :rnl'.i.~. .~iih .~~~li~.ihl~ law. ~n~fi crntlirl .hall nt~! afTe:t ! ~;her rr:~~„i~~n, ~~f !h~. \1~~rti:~Li ~~r thr ~~~t~ ~+hi~h ~a~~ hr ~_i~rn r1lc.t ~~i~h~~t+t thc ci,ntli~tine {~r~~~i~i~~tt anil t~~ lhi~ . . ~ :I?~~ Iti~ ~~fi~~i~l~~lh l•1 ;f1C ~~~~ffL`:IL'C :1I1~~ 1~1C ~~~lC .tiC ~~Ci~.~il'(~ r~~ }•C ~<<'~f:1h~C. - ~ 16. Burm..rr'~ ('op~. Bi~rr,,~~cr ~h.~ll hr furn~.h.~t ~,~n'~~nn;~l ~~i th~ \~~tr .~n.l ~,f th6. ~tort~_acr at tnc timc s ~f C~~i uti~~tt :ttlcf ~at~i~~da~i~m hrrc~~f. ; ~ 17. Tran+fer uf the Prupert~: :1~tiumptiun. If al! ~~r an~ +~f thc Pn~Fxrt~ ~~r an intrrect th~rein i.:,~ld rr trancferred = 3 B<.rr~~~~~r ~~ithuiit Lr~:~rr'~ pri~,r ~~rit~rn :.•mrnt. c~;l:idinti thr rrcati~~n ~~f li~n ~~r cn~umhrancc .uhurJm:~tc t~~ _ ~ tti~. \1~~rt~;:~L~ ~h1 ~hc crrati~~n „1 nur.h:~.r m~~nr~ .c~urit~. mtcrt:t f~~r h~~u~rh~~IJ :?p~li:~n.~~. Iri :i tran.fen c~ de~•is~. . ~ el~,i~nt ~~r h~ ~~}~rr.uirr. rf l.~ti~ ~ip,~n thi• Jeatf~ ~~t i,•~nt trn:~n~ ~~r 1~l~ Ihr ~zrant ~•f anc {~akh~~ld intrre~t ~~f threr ~rar, ~x Iecc ~ n~u ~c~ntainin!, an ~~~tiun tr ~ur~h:icc. 1 ~n,}rr ma~...it 1~n~1rr~- ,~Enn+n. d~.I::r~ :~II ch~ wm~ sccurrd hv Ihis ~t~~rt~ag~ tc~ hc _ ~ ~n~m<<t~atel~ du~ ar.d ra~:+hlr I iR(IC~ ,h:~ll h.~~.c ~~.,~~rd .~rt!~~n i+~ aci~l~n~tc if. rrii~r ti~ thc ~alc ~•r tran~fer. !~_nclcr ~ in,i i!~c ~rr,:~n t~~ :~h~~m thc Pr~~E~~•rt~ t,~ hc .~~I.I ~~r tr.~n~!rrr.,f ria:4i .~~,rcrntrnt in ~?r:tin~ th.~t th~ :rc.lit r~f .u:h ~xn~~n ,ati~fa:t~~n tu i rn.trr and th.~t thr intrr: ~t ~.~~.~hl~ thr ~~in~• .~.urcd 4,c thi. ~1~~rh~:+ec ~hall hc su.h rate a: 1 ~ndcr ~ ,h.~ll re~{ur,t. If I cn~irr h:i~ ~~,+~~~.i thr r,~t;.~n a;~~irr.~tc ~~^•~i.ir.l iit ~hi~ F.~r.~~_r.~~+h 17. and if B~~rrcn~~r'. ~ucrc~sc,r in ; ~ntrr~,t h.~. r~«utei) a t+rittrn .~»um~~inrt .ier~ent~nt a::~'~~t~d in «ritin~ h~ I rnJ~r. 1 en~ier tihall rele.,~e R~~rn.H~r ir~,m all ~ ,~hli_~:iti.,m un~iir thi~ ~i~~rtz:ikc and thr \ntc. a - If f~ndcr ~~erri.r~ .!i:h ~,~ti~m in :i~~i~lir:~t~ I rnJ~r ~h.~ll m.iil B~~rr~~~~er n~~~i~< <~f accclcrati~,n in ~~a•rdancc tiilh ~ }~.ira:ra~h I1 hrre~~f. ~~~.h n~~ilcc ~h:+l! ~~i~~vid~• {~eri~~~l ~~t n~~~ t~c. th:~n Z(1 .lar. (rrm thc dat~ thc n~~tiii i~ nt.iilcd «ithin ' ~ .+hi~h R~~rr~nti~r r.t:+~ {•.i•. Fl~c ~unt. ~1c:l.sr:.1 ~1nr I! 13 ~r:~~.+rt t.lcl. t~~ p:~: ~~~~h ~unt: rri~~r 1~~ Ihc ~~(+ir:~tinn ~•f w~h ~xrird. , I rn~lrr cn.~c. ti.~th~~~i; (unf:rr n,,r~~~ ~,r it~m:~nd ~~n R~~rr~,"~r. ~i~~~,l.r :~m rrmrdiec ~x~rmittc~~ h~~ ~,raerarh ~R here~f. i . - ~ tii~~-L ~~~~~H~t ( u.t ~~~1~ R~~rr~wrr and 1 en.ler further ci~~~enant and aQrce a~ follows: ` 1 S. :lcceleration: Remedies. F.xcept ac prn~ ided in para~raph 17 hereof. upon Borrower s bre~ch of an~• co~~enant or a~reement of Borrow~er in thic ~torlRage. includinK ~he co~enanh to pay when due am~ sums secured by this ~?tortRaRe, T.ender ~ prior to acceleration shall mail nnlice to Borro.scr a~ pro~ided in paraRraph 14 hereof specif~inR: (1) the breach: (2) the action ti required to cure such breach; (31 a date, not lecc Ihan 30 da~s from the date the notice is mailed to Borro~er. by vrhich such breach must be cured: and (4) that failure to cure such breach on or 1?efore the date specified in the notice mav result in i acceleration af the sums cecured b~ thi. ~1orlRa~e, foreclo~ure b) judici~) pmceedinq and sale of the P~operty. The nolice shall further inform Borrower of the ri~M to rcinstate afler acceler~tiun and the ri~ht to assert in /he foreclosure proceedin~ the nun-e~ictence ot a defaolt or am other defeme of Bo~roNer to acceleration and foreclosure. If the breach is not cured on x; ~ or before Ihe date specified in the notice, I.ender at I.ender's option ma~ declare all of the sums secured b~• this ~tortRa~;e fo be immediatel~- due and pa}able without (urther demand and ma~• foreclose this 11ortRa~;e b~• judicial proceedin~. [,ender shall ~ be entitled to collect in cuch proceedin~; all expences of foreclosure, includin~. but not limited to, reasonable attorney's fees. and costs of documentan~ e~idence. alrslr~cts and IiUe reportc. ~ 19. Borrowers Ri~hf to Reinstate. N~~twith~tandinc Lrnilcr'. acrclerati~~i~ of thc ~ums ucurecl by this Mortgagc. ~ Horrower sh:ill have the riKht t~ ha~~e am rrcx:ecdine, txgun h. Lrnder tc. rnf~~rr~ thi, ~lortg:+ge di~continued at an}• time ' U k Q ~ B~Gr tJllS F~UE 7V~ ~ ~ _ . r. . ~