HomeMy WebLinkAbout1702, ~, ~ : `.~;~~
1 rnJrr'~ ~~nurn agr~rmrnl a~ appli.ahl~ I.~~~. li~~nuHrr ~h:~ll p:~) Ihr amuut~t uf .~II murtgag~ in,~u.ui~c prrmium~ in th~
m.~nner pr.~~vd~.l unJrr para~;raph ? hrrcuf .
:~nv amui~nt~ ~li.hursr~l b~• I rn~l~r put~u.~nt t~+ thi~ para~;raph 7. ~~i~h uqrr~~t thrrr~,n. .h:~ll F+~~innc aJdiU~~nal
imlrhr~dn... ~~1 li~~rru~~rr ~~currd h~• thn \t„rtca~;r t'nlc•. H~,nu~~rr .~nJ I rn~lrr :~irr~ t~. ~,thr~ trrm~ ~~f ~k~ymrn~. ~uch
antuunl..h:dl F+r p:i~ahl•. ~i~ti~n nc~ti:~ fr~,m I ~ndcr ~~~ B,~rr,~.~rr rry~:r.iine {:~~ntrnt Ih~rc~~l. :~n.! ~h.ill Fkar inirrrcl fn,m thc
~L~tr ~~f di.hunrm~nt al ~hr ratr p:~~•ahlr (mm timr t~- ~imr ~,n ~~ulc~andinF pruicip:d undcr ~hr ^otr unlc~~ paymcnt o(
int~r«I a1 ~u~h r:N~ ~~~~ul~l t-< <•imtr:~r~• t~, :~ppli~ahlr I.n~. in ~~hich r~•rnt .urh ami~t~ntc .hall Fkar intcreu at !h~ hiRhcct ratc
{krmizciblc und~r appliraMc la~~. Na~hinE ra~t.~incd ~n ~hi. par.~~r,~ph 7.hall rryuirc 1 rndcr ~~~ inrur am• c~pcncc ~r take
.+ny action hcrcundcr.
8. Impection. 1 rn~lcr ma~• m.~{.r ~,r.au.c ti• hc maJc rcaconahk cmri~. ur..n :md in~~xcti~~n~ ~f ~hc Pr~~~Kr1y. pr~•~iJcd
that 1 cndcr chall ~ivc Rurr.iH~r nutir~ prio~ tu am ~uch im~xrlii~n ~Excih•ing rr:~s~~nablc cau.c Ihcrrf~~r rc1.~1rJ t~~ Lendcr'c
inhrc~~ ii~ Ihr Pra{krh•.
9. Condemnation. Thc pnKCCd. ~~f :m~• aHard oi rlaim f~~r damacrc. Jirect ~~r r~~n.ryucMial. in cnnncction v--i~h am•
~~~ndrmnaiion ~,r ~~Ihcr takint c.f thc 1'ru~xny. ~,r part thrre~~f. ~•r f~~r c~~m•~):~nc~ in li~u af ~undcmnatiun. :un c~rrh~• ac~i~ncd
an.l ~h;~n r.~ ~;,~d ~0 1_cndcr.
In Iln c~~~nt ~~f a tutal takin~ ~.f thc Pro~xrt~•. Ihr pr.xcc.ls ~h:dl Fx :~r~r~.~ ~,~ ihc ~umc Krured M• thic M~•rtgaRc.
with thc r~rccs. if am~, paid to Borr~nr~r. In thc c~~cnt i-f a partial taRiiig u( thc Propcrl~•, unlcc. B~rruv-~rr and l.endcr
uthcrwi~c agrcc in ~~•ri~in~~. thcrr ~hall Fx ~~rt~~.i ~„ Ihi .umti cccur~.l h~~ ~hi. 111~~rt~a~c .urh ~~n~~~~rlian c~( ~hr prcx~ecdc
ax i~ ryual to Ihat pru~~rtii~n whirh thc. amuunl ~~( thr ~um. .r:~ircd h~• ~hi. \Ii~rlEa~c immcdiatcl~• rric.r n~ ~hc datc ~f
~aking hran to chc fai~ markrt valur of ihr Pro~xrt~~ imm~Jiatrh• pri~~r ta thr.L~~c of takinc. ~~i~h thc halancc of thc prckccdc
paid ~~. Borrowcr.
lf thc Aropcrt~• ic ;,hand~ncil h~• Anrrrnvcr. ~~r if. ;~ftcr ni~tirc h~~ I rndrr t~~ R~~rmw~r Ihat Ih~ cc-ndcmnc-r ~ITcr~ t~ make
:en aw•ard ~•~ ~etile a claim f~~r J:u~iagr~. B~~rrrwrr L•~il. ~~. rr.~•nd ti• I rnder within i(1 ~I~c. :~f~~r thc tlatr ~nrh n~~ti~r ie
mailcd. I.rndcr ic a~ithorircd to callrrt and appl~~ ~hc pr.krcd~. at I cndcr'~ aptii,n. cithcr to rccteratiun c.r rcp:~ir af thc
Pro,+rn~ or tc• Ihc suin, ~rcurrJ M• Ihic Mor~Kagc.
llnl~c. I.endcr and Rorr~~wcr othenviK agrcc in ~~ritini•. am• >u:h applir.~tirn ~f prcxccdc t~. princip:d ~hall n~~t c~Icnd
ur ~x~.tpcn~c thc due .latc of thc monthl~• installmrm~ rcfcrreJ to in p:~raerarh. 1;mJ 2 hcrc~f .•r changc thc am~~unt of
.uch in.lallmcnl~.
10. Aorrower 1101 Releaced. E~tcncion of the timc f~.r p~ymeM or m~alificali~n nf amarti7atiun ~.f ~he wm~ scrurcd
hy thiti M~~h~:~gr granled b}~ Lender 1~• an}~ ~uccecwr in intr~r,l uf Borroaer ,h:~ll not ~peratr lo nleace. in any manner.
thr li:thility uf Ih~ ori~in:d B~~rmHCr and Borrow•c~c su~r«.~~r. in intcrccl. 1~nder ~hall nc~t hc rcyuirrd tu rommencc
prurccding~ a~ainct such xuc~ra~r ~~r rcfusc t~~ c~~cn.l Iinx f„r paymcnt ar c~thcrw~ik m~kiif~• amartiiati~~n ~~( Ihc sumc
~crurrd h~• ~hi+ I11c~rtgagc h} rca.~•n ~~f am• dcmand madr h~• thr ~~rie~nal Nurruwcr :~nJ R~~rr~wcr'c ~uccr~~~~r. in intcrc~t.
U. Forl-earanre hy I.ender \ot a R'ai~er. .Am f~•rtxar,~nrc h~ 1 rnder in erercieinti am• righ~ ~.r remrd~• herc~mdrr. c-r
~~thrrw•i~e atTurded hy applicahie law. tih:~ll nc.t Fx a w~aiver i~f ~~r preclude Ih~ e~erci~e of :~m~ tiurh rieht ~~r remed)'-
"Th~ pracurrmcnt of in.urancc or thc pa~•mcnl uf ta~r~ ~~r.~-thc~ licnc ur chargr~ h~• l.rndcr .hall nM h.: :~ w:~ivrr i+f I cndcr'c
ri~hl t~~ ae~~l~rat~ thc maturit~• ~,f thr md~hlydnr~c .r:umd h~• thi~ ~ti~rt~aKC-
12. Remediec ('umulati~•e. All rcmcdica pr~..idrd in thi, \1~~rtcagc are di,lincl and cumulative t~ am• ,•thrr richt ~r
ra:mr.h~ under Ihi~ M~.r~gagr ur a(frrdr~) M• law• ~~r ryuit~•. :~nd ma~ Fk r~~rriucl runcurrcntly. indc~xndcntlc ~~r .urrr"ivrl~•.
13. Succeswn and .~csiRns Buund: Join1 and Se~ernl I.iabilih; ('aplions. The co~~r~~ant. :~nJ :icrcrmcnt. hrrein
~un~ain~d ~hall hind. :~nd thr riehh hcrcunJcr ;h:Jl inurr tr. th~.rc~~xrtivc ~uccr~w~n .~nJ actiign~ of 1 rn~lrr :~nd R~~rru~•cr.
.ubject to Ihr pr~~i.iom of par.igraph 17 Fxrcof. :~ll :~-~•en:~nt~ an~l :~er~rmemc ~if Borruwer tih:~ll Fx j~~int :~nJ ~c~•cral.
Thc captiam :~nd hcadine~ ~,f thc para~raphs nf ~hi~ M~~rtg:~gc arr for convcnicncc anlp anJ arc n~•t t~- Fn u~cJ to
intcrpr~t ~r d~finr Ihc pr~i~icii~n~ hcrcc.f.
14. \Mice. Exccpt G-r am• nolirc rcyuircJ un~l~r ;,r~r~ahlr 1:-.+ tu t-c gi~•cn in ani~thcr manncr. (al any notirc to
B~~rruw•cr pra~•iJcJ f~~r in Ihi~ \1~~rtea~c tihall hc gi~•rn hc mailint wrh n~~h« h~ ccrtificd mail .~dJreti.rd ~u B~xnnccr at
th~ PruExrty :1Jdre.. „r at .uch athrr addre.~ ac R~~rr~~~~rr ma~ dc•ign:un c~ rn~ti:c t~~ 1 cndrr ac procidcJ hcrrin. and
Ihl am n~titirr ti~ Lcndcr .h:Jl tx~ gi~•~n M• certifir~i m:ul. rr~urn rcc~~rt reyur~tr~l. ~~, I rnJcr~ adJre« statrd hcrcin nr to
~urh ~~tl~rr addrecc :~~ LrnJ~r ma~ Jccienatc h~ n~•tirr 1~• Brrr~n+rr as pru~~dcJ hcrcin. r1m~ nulirr pr~.vid~J f~~r in thic
~t~~rlgagr ~hall Ik Jccmrd ~~~ ha~e iken gi~cn ti~ Borr~~Hrr ~~r I rnd~r ~~h~n g~~cn in thc manncr Jc~ignalcd hcrcin.
15. l'niform 11orlRrke; Go~ernink i.aw; Sc~rrabilitc. ~Thi. f~~rm ~~f mort~;~er ~~~mhines iiniform r~~venant~ f~.r nati~n:il
uu and n~•n-unif~,nn c~~vcn.,nt. ~cith Iimilr~i ~•ari:di~m. M jur~~.l~:u~,n tr .~~n.t~tutr a uniform kc~int~• in~trumcnt covcring
rc:J prapcn~•. Thiti ~turtg:~-±r tih:~ll tk ~.~~~rn~d h~• thr I.n~ ~.f ~hc iuri.~l~rti~,n in which Ihr Pm~xrt~• i~ I~katrd. in the
rvcnt ~h.u an}~ pr~~visiun ~~r clau.c ~~f thi. \lor~gatir ~~r ihr \~~t~ r~,nflirt~ ~.ith .~ppli~•ahlc IJM'. SIIIFI c~nflict .hali n~t a(fcct
~~thcr ~-r~~~i,ium of thi~ !~i~.ncagc ur thr \~~tc ~.h~.h ~.~n h~ ~~.rn rlTr~~ ~~i~h~~ut ~hc a~ntlicting pn-~•i.ion. anJ t~ this
cnd thr pru~i~i~~m „f thr :11~~rlLagr :utd Ihr \,~tr :~rL ~Ircl:~rrd t~~ F.~ ,r~•rrahlr.
16. Bormwerti Copc. Borru~~rr ~h:~ll h~ (urni.hr~l :~ i~~nf~,rntrd i~~~» ~~~ th~ Ni~t~ :md ~~f Ihi~ ~lortgag~ at Ihe timC
uf c~ccutiun ~rr :~tlrr rr~.~rdati~m hcr~uf.
17. Transfer of the Propert~: A~~im~plion. If ;~11 ~~r :~ii~ ~..~n uf the Pr~~~xrt)• i~r an intere~t thcrein i~ culd or trancferred
h~• B~xr~~He~ withoul t.rndcr'~ pri~~r ~+rittrn ~~~nc~n~. r::luJing 1:~~ thr crcati~~n af a li~n ~~r cnrumhran~r suFx~rdin~tc t~~
thi. Mnrtga~c. Ihl thc crcati~n ~~f :i purrh:~.c m~,nr~ .rcurit~ iMCrr~t f~~r h~~u~ctu~W appli:mrr~. (r1 :~ tran~(rr h}• devisc.
Jc,~cnt ~u h~• i~~xralion of L•iw u~xm thr ~Irath ~~t .~ j.ant trnan~ ~~r ~~ii thr erant ~.f am k.~kh~~ld interest ~f thrcc vcar~ or lccs
nut r~~ntaininc an ~~p~ion t„ purchasc. I cnd~r ina~. .~t 1 cndrr'. .~pu„n. drelarc all thr tium. scrurcd h~• this ~1~~rtgagc to bc
immrd~:delt• due and pa~~aMe. i~nder chall h:~vr .+:u~rd ~n~fi ~~ptiun tr accelerate if. prior to thc cale or transfer. I.enJer
anJ thc pcn~~n t~. w~h~~m thc Pri~Mr~~• iti t~~ t-c .~~I~I ~.r tr.~n~frrrrd rcarh aLrcrmcnt in uriting tha~ thc credit of ~uch pcrcon
i. catitifart~~r~~ tr LrnJrr and tha~ the inlerr.t ~a~:~hlr ~~n the .um. .rrused h~~ thi. ~lrntgage chall he at su~h rate as l.ender
.h:Jl reyu«t. If 1 enJer ha~ waiveJ thr. apti~~n t~. :~rccler.~~e pm~•idrd in thic p:~racr.~ph 17. anJ if Borrow~cr; tiuccessor in
in~crc.t ha~ cxecntcd a writlcn assumpti~m a~rermrnt accc{+trd in writing h~• 1 cndcr. Lcndcr shall relcacc Borroacr from all
ubliE:~tii.m undcr this ~t~rteagc and thc tic~tc.
If 1 enJer etierci.rti ~uch apti~.n t~~ arrcler.itr. I ~nJrr .h:,ll m:~il B~•rrower nutice of acrelera~ion in accordanee w•i~h
paragrrph 14 hcrcof. Surh noticc ~h:~ll ~ruviJc :i ~xri~•~t ~~I' n~~t Ics. Ihan ?O Jay. fmm Ihc datc thc nMicc i~ mailcd within
whirh Bnrn,wcr ma}• p:~~ thc.amti dccl:~re~l Jur. It f;~~rm«rr f:~il~ t~, p:n• ~uch ~um~ pri~,r t~, the cxpiration ~~f ~uch pcri.xl.
Lender m:n•. witht~ut furthcr ni~ticr ~~r drmand ~~n IinrruHCr. ~m~~{.r am rcmedies pcrmitted h~• paragraph IR hercof.
No~v_l1NiFOKM CovFy~vTS. Bormwcr and L~nJer furthcr covcnant and agrec as follows:
18. Accelerrtion; Remedies. Fxcepf as pro~•ided in para~raph 17 hereof. upon Borrowe~'s brrach of any covenaet or
agreement of Borro++•er in this ~1ortRaRe. includinR Ihe co~enanfc to pay when due any sums secured by this MortgsRe. Lender
prior to acceleralion shall mail notice to Borrower as pro~•ided in para~raph 14 hereof specifyinR: (1) tht breach; (2) the action
requfred to cure snch breach; (3) a d~te. not less than 30 days from the date the notice b mailed to Borrower. by whkh such
breach must be cored: and (4) ihat failurc to cure cuch breach on or beforc the date specH'ied in the notke may resdt in
acceleration of the sums secured by this ~tortRage. forcclosure by judicial proceedin~ and sale of the Properfy. The nMice
sh~ll turther inform Borrower of the rq;ht to rei~tale affer acceleration and the riR6t to assert in the toreclosure proceedi~
Ihe non-existence of a default or an}• other defense of Rorrower !o acceleration and foreclosure. If the bresch is aot cured on
or beforc the dafe speciBed in tbe notice. I.ender a/ I.ender's option may declare all of the snms secured by this Mortgage to 6e
immedlately due and paya6k without further demand and may foreclose this 1~tortR~e by judicisl proeeedfn~. Lender shWl
be eatitled to rnllect in such proceedin~G all e:penxs of foreclosure. including, but not limiled to, reasonsbk attorney's fees.
and costs of docomentary evidence. abstracts and titk reports.
19. $orrower'~ Right to Reinstate. Notwith~~anding I.enJer'c acceleration ot the sums cecured by this Mongage,
Borrower shall have the right to have an~• proceedmR~ Fx:guu by Lender to cnforce this tilorigage discontinued at any time
~x345 Pa~E17Q0
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