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HomeMy WebLinkAbout0105 ~ ~ I~~ulrt'. t~nllrn :iLrrintr~u ur a~~E~li.ahir Li~~ fi~vr~~~~~r ,hall ~~a~ thr :um~unl ul ,dltm~itg:~tc inSyfallu: ~~r~intunlti ~n Ihc n~:~nerr ^r,~~~~~lr,t un~irr F~aracra}~h ~ hrr~ut. 1n~ .~m~~unt~ ~1i.hur~r~1 b~' I ~mkr ~~u~.~r.+i~t h~ thi~ ~ .~r.~~r.~;~h ~ih inlrrr.t Ihrr~~~n. ,hail hr~.~nt~• :~~l~liUi~tial . in.lrh~~.liir.. .~f li~~rr+~~~rr ~~:urrd h~ thi. \t~~it,atir t nlr.. il,~rr,~~,~~~ .~n,1 I rn~l~r .~!_r~•~• t~~ ~~ihri hrm~ ~~I ~~:itnunt cuch am~~nnt. ~h:ill Ix• {~a~aMr u~n~n nuti;r fr~~m 1 rndrr t~~ R~~rr~~.~rr rr.iur~~in~ {~;~~n~rnt !hrrr~~f. :~~i~l .h:~ll h.•ar intrrr~t fr~~m thc ~i.itr ~~f ~fi~hui~rmcnt at Ihi r.~tr ~a~:~hl~ fn~m timc ti~ ~~nte ~~n nut~tandinc nrini+p:~) undcr thr ~~•t~ unl«. pa~'mcnt of int~rc~t at tiu:h r.i1r ~~i~ul,l F+~ r.~ntrar~ ~r a~~pl~iahlr la~~. ~n ~~hiih r~rm w~h am~~unt~ ~hali Fkar intcrc.t :it Ihr hight~t ratc p~rnucsihl~ und~r :~F~~I~cahlc {a~~. N~,thin~ a~ntaincd in thi~ p:~ra~raph 7 chall rcyuir~ 1 rnd~r to inrur ~n~• c~Exn~e ~r takc :ui}' artion hr~rundcr. 8. Impcction. Lcn~lrr ma~• makc c~r:uu~c to hc madc rca.~naMc ~ntric~ i+~,on :~nd im~xcti~~nc i~l' thc Pr~+{•rrtt•. pm~•i~lc~l ;hat 1~nder ~hall ~i~~ B~vto~v~r notice prior to am~ ~uch in~~xr~ti~+n ~~~if~~ing reasonable ~•au:e thrrrf~~r irLitrd ti, I.ender's iMert•.~ in thr Pm{kriy. 9. Condemnatiun. The pr~•:crd~ i~f .ui>• a~+•ard or ~laim far ~lamae~s. .iire:i ~~r ~~~n.equemial. in c~~nne~ti~n ~~i~h an}• - :ondcmn:+tian~ ~~r ~~thrr ~akin~ of tht Pr~,pe~~~•. ur pxrt thcrr~~f. ~~r for r~~:~~~~anir in licu ~~f r~~ntkmnati~,n. :~rr hrreh~• :~«igncd :inJ ih:~ll F+c paid ti~ l cndrr. ln Ihc c~~nt of I~~ta) t:ikin~ of th~ Pr~~pcr~}'. Ihe pnkerJc .fi:~ll Fk applic.l tu th~ ~~~m~ ~cnrrd h~• ~hi. ~1~~rte:~LC. ~~ith th~ c~.c.ti. if am~. p.ud R~~rt+~v~r~ i~e,~hacvcM „f a partial ~al.inc ~~f ~hc Pm~?er~~•. ~ml~.. R~•rn~~~cr :?nd l.~ndcr uthcnci.~ a~rcc in writini. Ih~rr .hall bc :q,~licd to thc wm~ ~c~urrJ M thi. ~1~.rlraLr w:h pro~x•r1i~~n ~~f Ihc rrc.~ccdc .~s i? cyu:~l t~ that pt~~~.~rti~~n ~~hi;h Ihc :~mc~unt c~f the ~um~ ~r:~ir~d h~ thi~ \1rrtLa~~c immrdiatrl~~ ~ri~~r t~, ~hc datc of taking hc:?r. t~• thc fair markrt valuc ~~f thc ProExrt)• immrdi:~teh• pn~~r to thc ~lat~ i?f r.tking. ~~ith thc hal:~n.r ~f thc pro:crJs paiJ tc~ Bnrrowcr. If the Propert~• ic ahand~ne~l h~ B~~rm~ccr. ~~r if. :~fter ni~tire h~• 1 end~r t~~ Rorr~~~~rr that thr condemn~~r ~fiere to make an :~ward ~~r tiettlr rl:iim f~•r dam:~er.. B~~rmw~rr fail~ t„ r~.M.n~l t~~ 1 cndrr ~~~thin ;Il d:i~. ::flrr thc d:~ti .u~h ni,tir~ is mailcd. I.cndc~ i~ authori<<d to collcct ~nd apph• thc pra~ccdc. at I rn~lrr'. ~~~,ti~~n. rithcr tc. rcctoration i•r rep~ir of the Pr~~rt~• ~~r tc. the ~um. ~i:ured h~• thi. \tortgacc. t'nlcs: I.cndrr :ind Rorru.~ir othcn~i~r aercc in ~.ritin^. am .u:h a~,4,tir:~tn~n ~~t {~r~krcdc rt~ prin~i{~al .hall nnt ~~tcnd ur Ex.~tp~,nc thc d?ir J:i~c ~•f th~ m~~nthlc in,tallmcnh r~f~r~cd t~~ i;i r:+ra~ay~fi, 1;~nd ~ hcr«•f ~~r ch:im~~ thr am~•unl ~~f u!ch ir.clalln;:m~. !Q. Borrnwer NM Releaced. I~~tensi~~n „f the timr f.~r p:~~mrnt c,r m~,difi~ati„n „f :unnrtizalion of thc i~~~c crcured , h~• thic \i~~rtr.as:r eranteu M~ I en~ier t~~ am• .urce«ur in in!rrr.t of B~~rniwer ,hall nc.t ~~~ratr to rrlea~c. in an'l• m:inner. thr liahilnv i~f thc ~rieinal B~,rro~~rr and Barmu~cr'. su.cr..~~r: in int~re~1. 1 rn~irr .hall nc~t Fx rcyuirr.i t~, ~~~mmcncc i,n•~ct.ling~ :igaimt ~uch ~ucrc~a~r ar rcfu~c t~. c~tcn~1 timr f~~r pa~•mrn! i~r ~~thcrti i.~ modif~• ~mortiiati~~n rf thr sums cccured h~• Ihi~ '.41~~rigage h~• rca,~~n ~•f an~- dcm:~nd m:~dr M tht ~~rieinal Ri~rr~,~.er :~nd B~~rm~rer't ~u.rc~.~~r. in inlcriat. il. Forbea~ance M• Lcnder \ot R'ai~er. Aie~ fe~rt.~ar.,r,~c h~ 1 rndrr in r~cr~icinL :~n~~ rigM ~~r r~mcd~• hrrenn~ler. i~r .~~herH~iu atTurde~l hv ~p~liraMc la~+•. ~h:~ll n~~t !~r a~~:+i~~cr ~~t ~~r pre.lude ihe r~rrii~e ~~f am~ ~urh richt ~~r rcmed~•. "~hr pro~urrmcnt i~f in~ur,?ncc or thc p:~t~mrnt ~,f ta~r, ~a ~~th~r f~~~~ ~~r ;h:ir_•r. h~ l ~nd~r .h:ill n~t tk ":~i~•rr ~~t I cn.tcr'c riiht a~ .~cc~l~r,~t~ Ihc maturi~~~ i~f thc inJ~ht~dnr.~ ~a'_urrd h~~ thi. \1~~rt~:+i~. . t2. Remediet ('omulali~•e. All rcme~lirs rn,~id~d in lhi, ~lrrttiag~ c:m eiistinrt :~nd c~imul:~ti~•e 1~~ .~m~ ~,thri rieM ~r r~mc~l~• ~indrr thi. \1„rtt~.~~!r ~~r a(T~~rdr~l h~• la~~ ~~r cyuit~. .~n.l ma~ h~ ~~rrci.c~l i~~nrurrcrtl~'. indC(kndCntl~' ~,r ,n::r.~i~•ch 13. Successu~ and :~c~iRn~ Bound: Juin1 and Se~eral I.iabilih: ('aplion.. (hr <<~~rn.int~ :~nd :icr~rmrr.t. hcrein c.~mainr~l ~h:ill I•in~l. .n~d th~ ri~_ht. hcrrundcr .h:i11 ~ni~rr t~,. th~ rc.{~~cticc ~~«:~.•~,n an~i :~„igm rf I rn.irr :~n~t R~~rr~n~cr. .uhjrct t~, !},r ~n~~i,i~,n. „f E,aragr,iph 17 h~r~.~t. :\i! ~~~~rn.:s:t, :~nJ a_~rrrmrrt~ ~~f R,~rr~~~~ir ~haH he j~,int :,nd .r~•~ra~. Thr ::+~~ti~,n, ::»~I h~a~'.in ,~I thr paraLr:~ph. ~,f thi~ \t~ate:~_r arr f~~r ~i~mr~icmr ~~nl~ :in~1 :~rc n~~t t„ F~ u~cd to ~nttrt~r~t ~,r d~fi~~r thr rn.•~ici~v~~ hrrc~,f. l~t. \oticc. E~rr~~t f~~r :im~ nc.ticc rryuirrd un~lr~ .~{~~•li~:~h'c 1:~~~ t~, hc Li....~ in :~m,~hrr manncr. 1:~~ :~m• ni.ti~c t~~ B~~rr~,~+cr rn~~idcd f~~r i:? thi+ \t~~rtgaec ~hal) he t!i~rn l,~ n~:~il~n_~ .u:h n,~tic~ h~ rt~fii;l m.~il .~ddr~ti.~d t~, Burn,~~cr at lh~ Prn~xrl~ -~~Iclr~.. ~,r at ~uih «Ihrr a~1dr~.~ a. R~~rn~air m.a•, tlr.~~~n.it:• 1.~. n,~n:c Ir 1~~n~lrr :i. ~~n~~•i~lr~t hcr~in. and Ii~? :in~ n~~ti:r t~~ I rn.lcr .h.~ll h~ !•itcn h~~ crrtificJ m:i~i. rrturn ~_•c~•,t~t i~u~,:.t:~'. t,, I cr.~ier'~ :id,lrr~~ +r,~tr~1 h~r~in rr to ~ .uch ~~thcr addr«~ :i~ I ~ndrr m.i~ ~1z.i~n:~t~ h~ n~~tirr B~~~t~,~~rr a, nrr'.nk~l hr~r•n ~~m n,~Ii;r {~r.•~'id~.1 f~~r in thiti ' ~1~~rt,~:i~r sh:~fl h~ itcrmrJ t~~ ha~c brcn sicrn tr li„rn~~~cr rr 1 L•n~lrr ~~hrn ~iti~n in thr m.~nnrr dc.i•_~n:dc~l herein. ~ - I5. t'niform ~lonk:+~c: Go~crnine Ca~.: Sc.~rabilih. l'~~. ~„im ~~f mnrt~~~~~~ _,~inhincc ~=nrf~~rm ~~~~•~nant, f~•r ri:iti~,n:il u,~• an~1 nrn unif.,,•n r~~.~nt. •.~ith limit~_.1 c.~~iati~~n. hc ~:ir+.~i:~u~~n tr .~,n,t•tulr .i ur.ifi~rm «.uritt• in~trum~nt ~~•~Cring ~ r~al pmprn~ lh~. ~1~~rt,azr tih:~ll Fx zi~~~rnrd h~ thr I.,u rf thr i~:ri.~!i;t~~~:i in ~~hi:h Ihr Pr~pert~ i, i.katcd. In lhc ~~•cnt th:it .~nc nr~~~isu~n „r ~i:tti~r ~~i thi. ~i~~rt~~:r_~• ~~r r~,r \ :~~ntli.~. ~..i~h :~nrii~ahlc laH. .u:h r~•nfli.t .h:~ll nrt afic~t i i~Ihcr n~~,~i,i„n~ uf thi. '11~~rt_'.r,i ~~r th~ ~rtr ~~h:h :.in h.~ ,_~c~n rllr~~ ~~i~h~,ut thc ~unllictine ~+m~i~i„~~. an~l I:~ ihic ' rnd thr ~•~~~m .~t Ilt~ ~1rrt1:~~_r :it~t1 fhi '~~~tr :irr ~li.L,rc~! I~~ t~c .r~~raMe. . x ~ . 16. BorruNCr's ('up~. B~rn,~~~~ .h:~11 !•c fi~rn~.hr.' .,,nt~~nn<<1 .v,i,~ ~~I t'~r ~~~tr .,n,{ ~~f ihi. \1nrt=.~k~ :it th~ Umr v! c~e:ntt~~n rr :~:trr rc~~~rd:~tl~~r. hriz~~f. ; 17. Tramfcr uf thc Prupert~: :~~tiumptiun. If .;li ~,r :~n~ t~.~rt rt th~ Pr.,~t•rlc ,,r :~n intrr~.; thcrein i~ .~d~1 ~,r tran~ferred > h) Rrrr„«<r ~~i1h.~ut 1.~•iidrr'. prirr ~~ritti•n ~rn,~nt. c~.i:i~iin~ !h~ :r~.iti.~n ~~f :i lirn ~~r cn:~~mhr~n~•_ cuh~r.lin:ilc t~~ ~ th~~ ~1,~tteaee. Ih~ t1~r crr:rti~~n t~~ {•u~~ha.c m~,nrt .r~u~it~ ;ntcn•.t i~~r h~~ii.~h,,!.1 a: {~li::n..~. l~? e Ir:in~fer h~~ de~~ise. ~ dr..ent ~~r h~' c~~xr.~ti..r ~~t Ln~ up~,n Ihr ~ir:~Ih ~.~~~~I I~n:int rr (~1~ thr Lr:int ~~f :ui~ I~:l.ih~~ld irtcres! ~~t thrr~ ~ran ~~r lect ti nut r~~ntaining :~n ~~pti~~n tr ~ur~h.~cr. 1 c•n~1rr m:~c. .it I rnJ~•r'. ~~~,u~,r. ~Ir.l:~r~ :~~1 ~h~ ~u~~,• ~criirrd h~ thi~ ~1~~rlgaLr t~~ hc ~ ~mm~.ii:~trl~ dur an~1 ~:~~~ahlr. I rnder tihall i~a~e •.~:u~rd ,i~.f: ~~~~urn t~~ ;~~•:.Ic•r.rt~ i!_ ~ri~•r t~~ ~h~ .;+le c.r trantfer. I enuer ~ :~n~i the Fx~•c~:• ~~h~,rn thr Pr~~~rrt~ i. t,~ hc ..,l.I ,~r t,F~n~t~rr~d rr.::h .,_~r~rinrnt ~n ~~.ntini th:it t!ir crc~lit rf ,urh ~cr~i•n ~ ~ i":~titi(a:t~~r~ t~, I.rnJ~r :~nd th.+t ~hr intrr~.t ~~:~~.+hlr ,~n thc ,~~i~i. .r~ured h~ t~ii. ~1~~n~sa~e ~h:ill hr at c~~.h r.~tc a~ 1.cnder 4 ~h.~ll rryur,t. If 1 rn~1c~ ha~ wai~~c~+. thr ~~~ti~~ii !r :i~~~lc:.~tr ~r~~~iik~i ~n thi, ~:~r:~Lr:~~h 17. :inJ if B~~rr~,wrr~ti ~uccctiec~r in £ intrrc~t h:n c~ccutcd a~:ritlrn as~um~tirn akrcc~ncnt a:rrE~trd in ~tritiir_ h~• I~n~1rr. LrnJcr ,hall r~tc:~~r R~~rnj~scr from all ' c~hlicaticm~ ~mdrr thi~ ?11c.rILa,•c ~nd ~he •`~~tr. I( 1 cndCr c~Crci~~~ wih ~~pli~~n a~iil~~aic. I ~n:lir .4tall !na~l B~~rn~~~cr ni~U~c ~~f ar~eicratu,n in a~~cird:tncc tti[h : ~aragr:~ph I-i hrre~,f. Snch txHic~ ~hall E~r~~~•;~i~ :i ~~~rirJ n.~t 1:+• th.~tt ifl ~I:~~. fr„m Ihe J~te th~ n~~lice i•; m:~iled ~~ithin = Hh:ch Rrrmwrr ma~~ ~,:i~ thc ~iim~ dc.i;~rr~l du~. I1 ii„rr~~~.,r~ !:~il~ t~~ ~x~~ ~n:h .um~ ~ri+~r t~~ thc c~nir.~,;~~n ~~f tiuih ~cnc~d. ~ I.eniter ma~~. ~~ithnut furlh~r n~,tirr ~~r ~1rm:~nd ~n It~~rn,~~rr. ~n.~~l.c an~ rrmcdics r.rnuttr.f hc paraera~?h Iti hcre~f. I tio~-U~itoK~t C~o~~r~.~+v-rs B~rmwer :~nd I rn.ier furthcr r<~~~cnan! and aerec ati follnws: 18. Acceleratian; Remedies. Except as pro~ ided in para~rapF 17 hereof, opon BorroH~er's breach of an~• co~•enant or Y aRrcement of Bonow~er in this ~1ortRa~;e, includin~ ihe co~enaott to pa~ ~.hen due an}~ sumc seeored b}~ fhis 11ort~age. I.ender ~ prior to acceleralion shall mail notice to Borrow~er a~ pro~ided in paraRraph 14 hereof specif~in~: (t) the brrach; 12) the action ; required to cure such breach; a date, not lecs than 30 da~c from ~he date the notice is mailed to Borrower, by which such breach must be cured: and (41 that failure to cure tiuch breach on ur F?efore the date specified in the notice may result in ; acceleration of the sums secured b~ this ~1ort~;a~e, foreclotiure M judicial procerdin~ and sale of the Properh•. 'il~e notice shaU further inform BorroN•er of the ri~;ht to reinctate a(ter acceleration and the ri~ht to assert in the foreclosure proceedin~ ~ the non-exis2ence of a default or am other defen~e oi Rorrower tn acceleration and foreclosure. If the breach is not cured on or before the date specified in the notice, i.ender a1 [.ender s option may declare all of the sums secured b}~ this :Vlort~aRe to be immediately due and pa~able without further demand and ma} foreclose•this Mort~a~;e b~~ judicial proceedinR. Lender shall ~ be entitled to collect in such proceedinR al) expenses of foreclmure, includinR, but not limited to, reasonable attorney's fees. ;a and costs of documentary e~idence. abstracls ~nd title reports. 19. Borrow~er's R'ry;ht to Reinstate. N~taith~~andine I.cn.icr'. .~crelerah~~n ~~f the sum~ tiecured by ihi~ ht~rtgage. ~ Borrower shall have the right to have am proceedings he~un h~ I.cnder to enforce ihi> >lort¢age d~scontinued at any time ,F ~ d~;1K • "r313 P~~E 105