Loading...
HomeMy WebLinkAbout1187•-• ~ ~ • ~ ~.,~; ~ 1 rndc~'~ ~vn~trn agr«mrnt or :~pplirabl~ 1:1N. {3pffllNtf ~Ilall pa~ ihr am~~un~ ~~t al) mortgagr imwanr~ prrmium+ ui thr m:~nnrr pr~~v~JrJ undrr parugraph ? hcrcot. :~m• am~~unh .ii.hurscd b~• LrnJcr pur.uant t~. this paragtaph 7. ~-~th intrrc~t thcn~~n. .hall F+«<,m~ adtlili~~nal in~IrMrdnc.. ~~f B~,r~u~~rr ticcurrd h~• ~hi. ~lurtc.~gr. l'nl~.~ Rnrr~~~~rr :~n~l 1 cn~lrr a~rcr t~. c•th~r trrmc i~l pa~•mrnt. ~urh :-mu~~nt..hall tx r.~~;ihlc u~x~n nt~tirr ir~~m 1 rnd~r n, li~~rr~•~~rr r~yuc.iinc p:~}mrnl thrrr~~L an~l .hall tk:u imrrru fr~~m thc Jatr ~,f di.hur~rmcnt at ~hc r.~tr pa~~ahl~ fr~,m timr Io ~imc ~~n o~itcr~nJinc prinripal undcr thc '~o~c unlc~. payment ot intcrr~~ at cuch ratr «~ul~l bc cuntran~ t~~ ap~licaMc la~~. in ~~hirh r~•cnt cuch amc.unta ~h.ill hcir~in~rc~~t thc highcct ratc ~xrmisciblr undrr :~~~licahlc 1•r~-~. '~~~Ihin~ c~~Maincd in thi~ par:+graph 7 ehall rcquirc 1 cndcr to inCur . c~~xn~c or take any artion hcrcundcr. 8. Inspecfion. I.rn~l~r mav ma{,r ~~r cau~c t~~ I+c madc rca~onahlc cMrir~ u~x~n and inc~x-cti„nc ~f 1hc Pro~xrty. pro~~idcJ tha~ 1 cndcr ~hall Fivc H~~rn,wrr m~ticc prii,r to am• ~urh incpcction ~Excif~•ing rcasonahlc causc thrrrf~~~ relatcd t.• I.cndcr'~ int<<ctit in Ihr Pm~xrt)'. 9. Condemoation. Thc pr~kecd. ~•f anr a~+•;~rd c-r claim far damacrs. Jircct ar r~~n:cqucntial. in rnnncction welh am• .ondcmnatiun ~,r othcr takini of ~hc Pro~rty. ~,~ part thcrr~•f. or f..r runvc}~an~c in licu af condcsnnatiun. an h~rch~~ a«ignccl :~n~l .h;ill F+c paid 1~ l.cndcr. In Ihe ~vcn1 nf a total t.~king i~f Ihc Pn-~rl). thc pr<kcc~lc ch:dl hc :~~~i~«i t~, Ihc ~um~ ~ci~rcd hy thi~ 111~~rtg;~~c. ~ith thc c~rccs. if an)•, p:~ii! t~. R~xr~~~~•~r. In ~hc cvcnt ~•f a partial tal.ine ~~f thc Propcrt~~. unlc:c B~rruN~~r and Lendcr nthcrwik agr~~ in ~vrilin~. thcn .hall Fx appli~d U~ ~hc tium~ ~ccurc.l h~• ~hi` !11~.rt~!;~~c wch rm~xutii-n ~•f 1hc prcx;ecds as i~ ryual to that pmM~rtion -~hich thc am~unt of thc sum~ .c.ured h~• ~hi. ~1~~rtgagc immrdiatcl~• ~+ri~~r ~~~ thr datc of takin~ txar, ta thc fair markct valur of thc Prc~~xrt~~ imm~Jiatcl~• pri~~r to thc ~I:~tc of ~akine. ~~ith thc h:~lancc of thc prckec~ls paid t~. Bormw•cr. lf thc Propc.~rl~~ i~ abandoncd h~• R~~rro~~•rr. ~r if. aflcr nMicc hv I endi r tc~ B~~rr~.w•cr Ihat thc rnndcmnor ~Rcrc to makc an :~w:~rd or ~ctllc a claim t~r Jam:ig~.. Rurn.wcr f:iil. ~~. rr.p,~nd t~~ I cn~lcr ~~ilhin tl) dac. altcr thc Jatc .uch n~~ti~r ic mailed. I.ender i~ aulhorizcd to rnlle.t and apph~ thr prc.reedc. at I.ender'c i~pti~n. either to rectoration ~.r repair of the Pro~n~• or t~~ thc cum~ ~ccurcJ by thi. 11ionF:~gc. Unlcs~ I.cndcr and Bor~a~+cr othcrWicc agrcc in writin!_. am• su.h :~~~i~~ati~~n ~f prckccdc t~~ princip:il ~h:~ll nat c~tcnd or pcx~ponc thc duc da~c o( thc manthl} inslallmrntx refcrr~d t~~ in paragra~M 1 and '_ hcre~f ~~r changc thc amc~unt of .uch inslallmcntc. 10. Borrowe~ \1ot Relea~ed. E~tencic-n oi ~he ~ime for p~~ment or mcxiificati~~n ~f amorti7ati~m ~f the ~um~ cecured by th~~ 11i~,ngagr enn~cd M• 1 rn~cr t~. am~ ~uccccu-r in intrrc~l ~•f Bi•rro~~rr ~hall n~t ~~xratc ~i~ rclracc, in an~• manncr. the liah~li~~• ~~f thc orieinal Barrc-~~cr and Ri~rmw~cr'~ surrc.~ur. in intcrc.t. I.cnJcr ahall not Fx: r~yuirrcl t~~ rommencc ~~n.cccdings acaintt ~och tiuccc~sor i~r rcfucc ti. c~t~nJ Iimc f~~~ parmcnt ur othcrr~i.c mcxlif~• am~~rtiiatic~n ~~f th~ sums ccrurcJ b~• thi~ ?1lortgagc h~• rcacun oi ~m• dcmand madc b~~ ~hr ~~ri~inal Bnrr~~wcr :u~J B~~rroH•~r'c ~uccr~~~-n in intcre~t. I1. Forbearance b~• I.ender \ot a K'ai~•er. :~nc (~~rhrarancr h~- l ender in r~erciainL am• right c-r remeclr hereunder. or ~~~hrrwis~ atfiurdal h~• applicable taw•, eh:Jl ni•t tx a w~:~i~•er c+f ~~r preclude the e~ercice rf am- ~uch right ~r remed~'. Thr prckurrmcnt of insuranr~ or thc pa~~mcnt o( ta~c. or ~.ther licnc ~.r chargc~ br 1 endcr ~hall no1 hc a~+:~i~~rr ~~f 1 cn~lcr's richt t~~ acc~lcr.~te thc maturit}• of thc indchtcdnr.~ .c•:urcd h~• thi~ 1T~rtcaL~. 12. Remedies Cumulafi~•e. All rcmcdicc prc,~ided in Ihi~ ~lortcaec arc di.tinct and cumulati~•c 1~ :m~• ~•thrr richt ~r remr.l~~ undcr thi~ M~-r~gaLC i~r aff~.rdrd h~• law .,r cyuit~. an~l ma~~ Fk r~crci~rd ri~ncurrenllc. indcExndcnti~ c~r .u~cc..i~Yh- 13. Succecwrs and AtsiRnc Boond: Joint and Se~eral I.iabilih; ('aptions. Thc ruvrnant~ and :~~rerm~nt. hcrein rontaincd ~hall hinel. :end th~ richtti hcrcundcr ~hall inurc t~~. th~ rc~pcrti~~c su~cc~•i•n and a~~ikn~ of Lcn~lrr :~nd Rorrc.wc~. +ubjcct to thr pro~~icionc of para¢raph 17 hcrcc•f. :tU ro~~rnant. :-n+i acrrrmcnh i•f BorruH•cr sh:dl tx: j~~int :~nd ~cvcral. Thc captiun, ;ind hcaJine. i•f ihc para~raph~ c.f ~hic M~~rtc:~g~ arr f~~r cum•cnicnrr anlp an.l arc n~~t ~~~ F~ ~iccd to imerprrt or define th~ pro~itiion~ hereot. 14. \Mece. E~rcpt fi.r any noticc rcyuircd unJcr :~pplicahlc la~~ ~~~ hc g~vcn in an~~thcr manncr. /al :im' noticc to Burruw~cr pro~•iJcd for in Ihic Mortga~e shail tk gi~•rn h~• ni.~ilin~ w~h m.t~~n c~ crrtificd mail addre~.rJ ta R~~rrc-wcr at thc Prc-~xrt~~ Addre.~ ~~r at ~uch .~Ihcr addrcs~ as Bi.rmHCr ma~• dc~itn:~tn c~ nutirc t~. 1 cndrr :is pn+~~ided hcrcin. and Ih) am n~~ticr to 1_cndcr shall Ix giren br rcrtificd mail. rr~urn rrrciE~~ rcyur.tr~l. t~~ 1 cndcr'. adJrc~. ciatcd hcrcin ~.r to ~uch ~~thcr addres~ :~ti LrnJcr ma~• dreienatc b~ ni~tirc 1~• B~,rr.,~+cr a; pru~id~il hC~Ci~~. Anc no1i~C provid~J fc~r in thic ~1~~rtgagc sh:~lt Ix ~iccmcd t~• ha~c Ik~cn eivcn to R~rr~~~~rr ~~r I rnd~r ~+h~n ci~rn in thr manncr dc.ign:-tcd hcrcin. I5. l'niform ~1or1R•r~e: Governin~ I.aw: Seccrabilil~. l~hi~ }nrm ~~f m~•rts:aec ~nmhinr~ uniform r.•~~cn:~nt~ f~~r natic~n:~l uu ~nJ n~,n-unif.,rm r~~~~nai~~. ~~ith limilr.l variali~~n. h~ juri.~li~ti~,n t~~ i~,n,titirtc a unifom~ tccurit~• in~t~umrnt co~-cring rcal pro~xrl}~. Thi, ~fortga~c shall Fx: gu~erncd h~~ ~hc I.~w ~•( th~ iuri,~lirti~~n in uhich thc Pr~~xrt~• i. I~katcJ. In ihc crcnt th;-t am• prrvi~i~~n ~~r clau.c of thic ~~(~f1_L':ICI' „r thr \~+tr r~~nllict. ~~ith aprlicaMe laH. ~u.h c~nllic~ chall not a(icct uthrr pr„~i.i„n...f ~hic Alf~ff_L':1_L'~ .•r thc \'i~tr ti~hi:h ::~n Fk citicn clTr~t ~.i!hi-ut ~hc c~~ntliclinL rmvi~ii,n. and to this rnd thr rr~nitiirm ~~f thr \1i~rlcakc an.i thc \ut~ :~r~ Ji~lared t~~ h~ ~rt•erahl~. !6. Bormwers ('op~. Borru~-cr ~h:ill h~ (urni.hrJ :~ ~unfurmrd r~+~. ~,1 thc \~~IC :~n~i i•f thiti \1orleaFc at Ihc timc uf c~ec~rtian or ;~ftcr rccurdation hcreof. 17. Transfer of the Pmpert~: A~~umption. If ;,II ~~r :~m ~~.~n i~( thc Pr~~~xrt~• ~~r an interctit thcrcin i~ .~~Id or trancferrcd h~• Rorn.wcr ~~ithuut l.rndcr'. pri~~r wrinrn r~~ntrnt. r~~ludin~ ~a- thr crrali~.n c.f a lirn ~.r rnc~~mhrancr ~uFxxJinatc t~~ thi, M~rt~:~gc. 1h1 Ihc rreation i.f :i purrha~~ nu~n~c .rcurit~ mt~resl G~r h~~uuh~~iJ appli:inres, Ic1 :~ tran~fcr h~• dcvisc. dr~ccnt ~~r M• ~~~xration ~~f I:~a up~~n Ihc ~I~:rth ~~f :~ i,»m trn:~nt ~~r hl~ thc ~ran~ ~,( am Ir;~uhold intcrest ~~f threc ~•carc or Ics~ nut rnntaining an ~pti~~n t~, purrhasc. 1 cndcr ma~ _:~t 1 rnJrr'. ~,~tu~n. drel:,r all th~ ~umt ccrurcd h~~ Ihis ~lortgagc to bc ~mmcJiatrh• dik: and pa)•aMc. 1 cndrr ch:dl h:~.c ~~,~ivrd .n.h ~~pti~.n t~~ accclcratc if. prior to thc ~alc <~r transfcr, l.cnder :~n~l thc pcrc~m t~~ whi.m thc Pm~xrt~• i, ~~s F.c ~a1J ~~r tr:imf~rrrd re:~rh :iLrrrmcnt in writing th~t the ~redit of tiurh pcrti,n i. satitifart~.n• ti- I.cn.trr and Ihat thr interr.t ~+a~:~Mr .~n ~he wm..rrured h~• thi, \iorteage ~hall be at Such rate ac I.ender ~h:,ll ~cyucst. If LcnJcr has w•ai~•ed thr nrtiai: t~ accctcr.~~r prc~vidcd in this para~raph 17, and if Borrow~cr ~ sticcessar in intrrect ha~ c+ceeuted a w•rilten ascumpti~n aereemrnt acrr~tcd in writine h~• Ler~Jer. I.ender tihall releatie Borrow•er from all ~~bl~gatic.nti imJcr thic M~r~cagc and thc N~~tc. if 1 cndcr c~crritic+ cuch uptiim 1<~ acr~Irr:Ur. 1 rndrr .h.~ll m:~il Bi.rrow~r nrticc of accelcrati~~n in arcordanc~ with paragraph t4 hcrcoL Such noticc ~hall pruvidc a~xri~~~l «f n~~t I~s~ than 3(1 Ja)'c fmm thc datc thc noticc ic mailcd within uhich B~~rr~~ucr ma~• pa~~ thc tium~ Jerl:~re~l du~ 11 B~,rn,..rr fail~ ti. pa~- ~unc ~~imc pri~~r t~ thc crpirati~•n ~~f tuch pcriod. I.cndrr ma~•. withnut furthrr notirr i~r drmand ~~n It~.rn~wrr. in~~~l.r as~~ rcmcdics pcrmitted h}• paragraph 1R hcrcof. Nov-UniFOtc~t Covev,,w-ts. Bc-rrox~cr and I.cndcr furthcr rnvcnant and agrce as follows: 18. Acceleration; Remedies. Except as pro~~ided in para~raph 17 hereof. upon Borrower's brcach of any covenant or aRreement of Borro+.er in this ~iortRa~;e. includin~ the co~•enanls to pay when due an~• sums secured by this MortR~e. Lendtr prior to acceleration shall mail notice to Borrow•er as pro~~ided in para~raph 14 hereof specifying: (1) the breach: (2) the ad'wn required to cure such breach; (3) a date. not less than 30 da~~s from the date the noticc is mailed to Borrower, by v-hich such breach must be cured; and (4) that failure fo cure such brearh on or beforc the date specified in the notice may resWt in acceleration oE Ibe sums secured by Ihis ~1ortR~~e. forcclosu~e b}~ judicial proceedinR and sale of the Properfy. 71rc nMice shall further inform Borrower of the riRht to reinstate af~er acceleration and Ihe right to asserl in the fonclosure proceeding the non-existence of a defauk or any Mher defense of Borrower to acceltration and forecbsure. If the breach is not cnred on or before the date specified in the notice. I.ender at I.ender's opfion may declarc all of the sums secnrcd by thk MoAgage to be immedlattly due and payable without further demand and may foreclose this MortR~e by judicial proceedi~. Lender shall be entitled to colkct in such proceedinR all expenses of foreclosurc. including. but not limited to, reasonable sttorney's tees, and costs ot documentary evidence. a¢stractc and litle reports. 19. Borro~ser's Right fo Reinst~te. Notw•ithtitanding l.ender's acceleration of the sumc secured by this Morigage. Borrower shall hare ihe nght to ha~~e an~~ proceeding. Fxgun by I.ender to enforce this Mortgage discontinued at any time BOOKJ`t~ P1GE~v5 " a .:._ ., , ti:~ _ . ~ - __ ~, , - ~ _~ ~~~ T .3*t~.:3^M`,~~ Y .- . ..... .iY . . ..d+ -.:+~'~