Loading...
HomeMy WebLinkAbout2358. 1 ~ 1 rn~lrr'~ ~~ ntt~n .-grrrntcnt ~~r :~ppli:.ihlr 1:~~~ l;rrru~~r~ ~hall pa~ th~ am,~unt i,f :~il m~~~~gaLr in.ur.ui.~ prrmium, in th~ m.~nnrr pr~~v~dr.l undcr para~raph ? hrrcof. :~m am~~un1~ ili.h~usr~l h~• 1 rmlrr pur.~:a~~l ~~~ thiti rar.~gra~~h 7. ~~uh uurr~~t Ihrr~un ~h.~ll txr~anc .~d~liti~aial in~ta•hrc~ln,.. ~H li~~rr~.~~rr .rcurrd h~• thi. ~1~,ncaer l'nlr.. I~~~rn~~~rr .~nJ I rn~hr .i~rrr t~• ~~Ihrr t~rm~ ~~1 p:~}•mrnt. .uch anunu»..hall Fk ~•a~:~hlr u~,n ntui~r fr~~m I rndrr t~~ li~~rn~~~rr ~~yur.tinL ~~.i~mrnl Ihrrr~~t. :~nd .h.~ll tk.~r inl~r~.t fmm thr .I:dc ~,t ~ii.hunrmrnt :~1 thr c:~lr p:nahlr fr~~m tim~ t~• limr ~~n i~ut~tandin~ ~.rinri~+:~l undcr thc NMc uqlci~ pa)•ment of inhr..t at ~u~•h ratr ~~c,ul~I F.~ c~,mran• t~~ .~p~li~~bh I.~~~. in .~hi:h r~•rnt .urh am~~um. ,h:~l) Fxar intcr~~l at Ihc hi~;hr~t ratc ~xrniiscihlr un.l.r :~~~r~ahlr la~~ I~„thing «~m:~inc~~ in ~hi. paracr.~~h 7 ~hall r~y~ri~c 1 cndcr tu incur any ~~~xn~c ~r takc .~n>' action hrreundcr. 8. In~prclion. 1 rnJcr ma~• m.il~ ~~r::u~.~ to F.r m.~dc rra.~n:~Mr cnlrir. ~i~..,n and in~pcrti~.nc ~f thr Pr~~~xrl~•. pr~~~•i~lc~l that 1 rnder .hall ~i~~~ Iit,rr~.H•~r n~~ti~c pri~~r tu :~m• ~urh imExeti~~n ~~cii~~ing rra,onaMe c:w~e therel~~r mlahd tu I ender'c int~rr~t in th~ Pn,~rty. 9. ('nndcmnal~on. Thr pn.crcd. ul :~m~ :~~~ard ui rl:iim for ~IamaL~~. ~lirect ~~r r~•n.ryucntial, in r~•nncrti~~n ~~•ith am• .~~nJemn::tirn ~~r o~hrr ~:~kinL uf th~ Pr..~rt}~. ~~r parl thcrr~,f. i~r fc.r cnm~~~•a~rc in liru of rundcmnati~~n. :irn c~rchv :~~.i~;ncd an.l .hall F.c p~id a~ 1 cnd~ r. ~ ~ In Ihr rvrnt of :~ t~~1al ta{,in~ ~~f Ihc Pr~,~xr~t•. Ihc pr~.rccJs ~hall Ix :~~pli~il t~• ~hi .umc k~ured h~• Ihi~ ~1~~rtg:i~c. ~~ith Ihr ~~:r.s. if an~•. p.~id t~• R~~rr,~~~~r In ~hc c~•en1 uf a parti:~l t:d,inL ~~f ~h~ Pm~-ertc. iinlr.c li~~rr~~~~er and 1 cnder ~~ihen~i~r :~grec in ~vri~in~~. thrrc .hall Fk applir~l ta thr .um. KCI~R~I h~ thi. ~1~•rtca~;r ~urh ~r~~~~~rti~~n ~,f thr procccd~ .is i~ ey-i.~l t~ that pr~~Fx~rlii•n ~~hirh thr amuunt ~~f thr cum. .r:ur~d h~ ~hi. \lrrtc:~Lr immrdi:~trl~ pri~~r t~, th~ datc of taking Fkar. to thc fair mark~t ~•alur of ihc Pru~xn~ imm~dialrl~~ ~ri~,r t~, th~ Jatc of iakin~. ~~i~h ~hr h.danrr .•f ~hc pr~-~:cc.ls p.~id t~~ Borm~~•er. If thc An~pcrt~• i.:,handc•nc~l h~• B,~rrn~~rr. ~~r iL aflcr m~tirr h~~ 1 rndrr ta R~~rn~~~rr that thc r~ndcmm~r c~ITcrs M makc :u~ :~~~:~rd ~•r ~~UI~ a~laim f<.r d.iinazc,. B~~rr~~~vtr fail. t~~ r~.~v~ni! t~~ 1 rndrr ~~ithin ifl d:i~. :iltcr thr d:~~r .urh n~.ti~c it m:~ilcd. I.~nd~r i. authoritrd to c~,ll~rt and apph• thc pn.cc~de. at I rndrr'. i,pti~n. cithcr t~, rc~toratiun ~~~ rcpair of thc Pro~n} i•r t~~ Ihc ~urn, .~curc~ M thi, ~lorle:i~:c. Unk;, 1 en.ler and Borr~~~~~r other~~•i,r air~~ in ~~ritin~_. ~n~~ .u:h ap~iir:~~„~„ ,•r ~~~«<i. to r~~~,~~.~i :hall m•t a~tend „r Ex•~tp~~nc Ihc dur Jatc ~~f th~ m~•mhh• inctall[tt~M~ r~(rrr~d to in {•ar:~~r,y~h. 1:~nd '_ hcr~c~f „r ch:~nge th~ am~~unt ~f .uch in~~allment~. 10. Borrow•er \nt Rele~ced. F~Icncion of ~hc timr f~~r ra~ment ~.r m~xlifi~ati~m ~.f :-m~~rti~atii~n ~~f Ihe ~~im< <e~urrd h~• thi~ ;11~.rt~ag~ eranted h~• 1 rmler t~• am• wcc~~u~r in intrrr.t .~f Bi~rrowrr ~hall nn1 ~~{•er.~te t~~ rclease, in am~ m:~nner. thr liah~lit~ ~~f Ihe ~~ri!,in;~l Burmw~r :~nd B~~rri~wer'. ~u:~r,.~~n in imrre,t. I.rn~ler ehal) ni~1 h~ rcyuirrd t~~ cimimence ~,raccc~line~ aL:iimt wrh wc~r..~•r i~r rcfu.~ t~, r~tc~~l timr f~•r pa~•mcnt ~.r ~thcr~ i.r nu~ciif~• ~m„ni-rati~~n ~~( Ihc cums •«urcd hv thi. ~1«rtkage h~ rca~~~n ~.f em drm.in:l maik h~ th~ arit~inal Borr~~~+er anJ 13~,rmw•er'c a:cca~u~r~ in intered I1. Forbearance b~• I.ender \nt a t~'ai~er. •~n~ f~•rhrar:~n~r h~ 1 rndrr in r~crri~inL :~m~ ri_~hl ~•r r~mrd~- hrre~m~irr. i~r ~~thcnvi~r :~tTorded h~• appli~:-Me I:~~c. ~h:~ll n~,l Fk :~ w•:~i~•cr c,f .,r ~+reclude thc r~erci~e ~•f am .urh ri_~h~ c,r remed~•- "~hr prckurrmcnt of imurancc i~r thc pa~•m~nt uf ta~~. ~•r ~~thrr licm ~~r ihargct hr 1 rndcr ,hall n~t tk ;~ ~+.~i~•rr ~~f Lcndcr'~ right t~~ acr~I~r:NC thc maturi~~• „f th~ ind~htrdnr.~ .~.urrd h~ thi. ~Ii~rtkaec. 12. Remediec ('umulative. All rcme.ii~~ Pr~.~idrd in thi. ~lurtea~!e are ilitilinrt and runudative tc~ .~m ,~thrr rieht ~r rcmcJ~~ tmJir thi, ~1~~rtgacr .~r atT~~rdrd hc I:n~ ur ~yuit~. .~nci me~ Fx r~crri.r.1 «~ncurrrnth•. indc~ndcmh ~,r ,~i~~r.,i~~~l~ 13. Succecson •rnd .1~si~m Buund: Joinl •rnd Se~eral I.i•rbilit~; ('aptiom. "Thr co~rnanh and atrrcmrnt. hcrcin ~~~nt:~inrJ ~hall hin~l. :~nd thc richt. hrrcundcr ,hall ~n~~rc t~~. th~ r~.~cti~c ~ur~c.W,r~ and a~~igm ~~f I.cn.lrr .~nd &~rri-~~cr_ .ubjccl t~. thc pn,.i.i~~m „f paragraph 17 h~rr~,f. ;111 r.-~rnann an~l .,krrrmcnh ~•f Rc,rr~.~~rr thall t-~ j~~int .ind ~e~cral. (~hc capti.~n. :,n~l hra~iine• ~d thr ~ara~r:~~h. ~~f thic ~1~~rtL.~L~ arr fur cvnvrnicnrr ~a~l~~ .~nJ arr n~~t t~, Fk u~cd to ~nlrr~r~t or drfinc Ih~ pm~+ci~a~. hrre~•t. . 1~. \olice. E~cr~t f~,r am~ notirc rcyuirrd ~inJcr :~prli::ihl~ 1:~~~ t~, h_ ~i~~rn in am,thrr manncr. (a- :~m• noticc t~ f;~+rr~n-cr E~r~~~~idrd f~~r in thi~ \tortcagc ~hall !x gi~~rn h~ m:ulinc .u:h n~,tir~ h~ r~rhficd mai) .~dJrc..~J t~, Rorr~~tier at Ih~ Pru~xrt~• :~~Idrr~. i~r at .u~h uthcr aJdre., a~ R~~rr~~~~r~ m:~~ dr,~_•n.~t; h~ n~ui~e t~~ I rnJrr ae rr~.~~i~1rJ hcrein. antl !h- a~~ m,ticc t„ l.rn~l~r ~h:~l) Fx gi~rn h~• ~erl~fird m:~il. rrturn rrcr~~~t rryu~.~r.L t~~ I ~niler', ad.lrr" statrd h~rein ~ir to :uch ~~thcr :iddr.;ti. :~. Lrndcr ma} d~tiienatc h~ m,ti:~ t~• B~~rr~•~.~~ :~. ~,r~~~i~ir.l hcrrin. Am n~~ti~c rr.~~•idr.l G,r in thi~ ~1urt~aLe tih:~ll Ix ~eemcd t~, ha~e F-~~n gi~~n t~- B~~rn•~~rr ~,r I rnd~r ~,hrn iitirn in thr m,:nner d«icnat~d hrrrin. 15. l~niform ~1ortKakr: Go~•erninR I.aN: Sc~errhilih. l h~, t„~m ~~t m~~rt~_a~_~ ,c~mhinr~ ~mif~rm ~~,~•en:~nt. f~~r n:~~i~,nal !l\l' :Ifll~ Il~~ll-llfll~~~inl l'~~~1'(1:lllh N1~F1 ~II111~C~~ \.IfI:tllUfl~ h\ ~IIlI~~~lih~~fl 1~~ i~~!l~lllttll' :1 Ulllfllrnl 1l'~Ilfl1\' Ill~lflltlll'fll l'(~~'Cfl(1~,' r~al pru~rtt. lhi. ~1~~rtz:~gc ~hall Fk c~~~rrnL~l M th~ I.~N .•f thr iur~.~fi:t~~~n in ~~hi:h thc Pn,~rt~• i. I~•~atcd. In thc e~-rnt that am pn»•isi.~n ~~r ~I:~u~r .~f thi. ~1rn~•a~~ .~r th~ \~~tr ~~m11i:t. :.ith .~~rli..~hlc law. ,u~h c~~Nli~t ~h:~ll n~~t affcct ,,thrr ~,r.,~i.i„n. uf thi. ~1~~rtLaLr ~,r thr \~~tr ~+hi:h ~.~n hr _i~rn rlfr.t ,..i~h~.ut the ~~~ntlirtine ~m~i.i~~n. and tc~ this ~rd thr E+r~~~i~i~~m ~~f Ih~ ~1~~~fl:~la• :tnd Ihr \~Hi :iri J~~l.~r~d 1~~ ik .~e~f:~hl~ 16. Borrower'~ ('op~. Sorn~~.rr .h.~il hr iurni.hc~t .~ ~.~nf~,nnr~i ~~~pti vt thc \~~t~ .~n~l ~~f ~hi. ~1„rt~ai~ :d the timc ~~1 c~icnlit~n ~~r :~ft~r r~:urdatic,n hrrrrf. 17. Trancfer oE Ihe Propert~; A«umptiun. If :~U ~~r :u~~ 4..irt ~~f th~ Pr~~prrt~ ~~r an intrrc~t thrrein i~ ~~~Id ~~r trancferred h~ Bi~r~~~u~r .+ith~~ut Lrndrr'~ pri~~r ~~rittrn t~,n.rnt. r~:lu~finL ~.~~ ~hr rrc:~ti~~n i~t .~ lir~i ~~r rnc~imhran~c tiuFH~nlin:ite t~~ thn ~1~~rtL:~~e. Ihl the creati~n ~,f a pur:h:~.r nu,nr~ .~rurit~ interc,t f~~r h„~~.rh~,l.l :~ppliancr~_ Ic1 .i t~an~fer h~• decise. Ji~rcnl rr h~~ „~r:dion uf L~« up~~n th~ .Icath ~~~ .~ i~~~nl ~rnant ~~r f~i~ thc crant ~~f .in~ I~:~uh~dd in~rresl ~~f lhrre t•~ar~ c~r 1CC~ n.~t ronl:iinin~ :m i.pti.,n t~• ~urrha,r. 1 rn~lrr m.e~. .~t I rndrr'. .~~,t~~,n. drel:~rc .~II ~ht ~um~ ~r:i~rcd h~ ihis ~t~~rteagc t~ F-c ~mmr~iiatclc duc :ind pa~•aMr. 1 rndcr .h.~ll h:i~r ~.~.u.rd .u,h ~~ptirn t,~ acrrhr:~tr if. ~+ri~.r t~. thc .:~Ic ~~r Irancfcr. I.cn~er .~n~l thr ~xr1~~n t~~ ~~h~,m thr Pr~~rer~~ i. Ir h~ .i~l~i ~~r tr.~mfcrrrJ r~arh .~~rrrm~nt ~n ~~ntine th:rt thc ~r~iiit „f ~uch pcrti~n ~. tiati~fara.r~ t~. 1 enJrr and that thr intrrr.~ ~a~aM~ ,~n thc .i~m. .rrurcd h~~ thi. \tc.r~g:~ge ~hall he at surh rate a~ I.ender ~h.~ll reyuctit. If 1 cn~cr ha~ w:~i~cd thr ~~~!i„n t~~ :~.crlrr.~tr pm~•idcd in thi. ~:~r:ier.~~+h 17. ;~nd if B~,rrc,w•cr'ti ~ucccssor in ~ntcr~,t ha~ r~ccutcd a wriltrn ac.um~+u~.n acrcrmrnt ar:~~trd in ~.ritinz h~• I rmlcr. I.en~lcr ~hall relracc B~~rro~.er from all ~~bligati~~m undcr thit 111ortgaLC and ~hr ~i~tc. If ( cndcr c~crci.r~. wch ~.pti~,n t~, ar:rlrr:~tr. 1 rn.icr .h.ill m:~il R~~rmu~r n„ticc ~,f accclcrati~.n in arcordancr w•ith 4~:+raeraph Id hcrc~f. Surh nuticc .h:ill rnn•iilc a~xri~~.l rf rn,t IrS. than ?(1 Ja~. (mm thc datc thc noticc is mailcd within uhich B~,rr~~HCr mac r:n• thc ~um~ dc~Lur~l d~ir It R~~rr.~~.rr t.~il. r~, ~~;~~ ~i~.h ~im~. prior i~~ thc c~~irali~n ~~( ~uch ~xri.xi. I_cnJrr ma~~. «itht~ut furtFrr noticr rr ~Irmand ~~n It~~rr~~:~rr. ~m~~l.~ am rrmcdics f-crmiUC:i h~• ~,aragraph IR hcrcof. Nov-t;:vlFOR~t C~vEV~~Tti. Bi~rrower and I ender furthcr c~~~•enant and agrec as follows: i8. Acceleration; Remedies. Fxcept as pro~ided in paraRraph 17 bereof, upun Borrow•er's breach of any co~•enant or a~reement of Borrower in this ~inrt~a~e. includin~; the co~enants to pa}~ rrhen due an}• sums secured b~• th~s MorlRage. I.ender prior lo acceleration shall mail notice to Borro.+er ac prorided in para~raph 14 hereof specif}•inR: (1) the breach; (2- tbe action required to curc such breach; (3) a date. nol lesc than 30 da}s from the date the notice is mailed to Borrower. by which such breach must be cured: and (4) that failurc to cure such breach on or beforc the d~te specified in the notice may resolt in acceleration of Ihe sums secured b~~ this ~1ortRaRe. foreclosure b~• judicial proceedin~ and sale of Ihe Property. 'Il~t nMice shall further inform Bortower of the ri~ht fo reinstate after ~cceleration and the riRht to assert in the foreclosurc proceedin~ Ihe non-existence of a default or an~• other defeMe of Borro~ser fo acceleration and foreclosurc. If Ihe breach is oot cond on or before the date specified in the notice. I.ender at I.ender's option m~~• declare ~D of tbe su~r~s secured by this MorfRa~t to be immediately due andpaya6le without furlher demand and ma}• forrclose this MortRaRe by judicial proctedinR. Lender shWl be entitled to collect in such pmceedinR all expenses of foreclosure. including, buf not I~miled to, reasonablt attorney's fets. and costs of docomentary e~idence. alnlracts and title reports. 19. Borrowe~'s Riqht to Reinstate. Notwith~tandin¢ LenJer'. acceleratum of the sums ~ecured by this Mortgage. Borrower shall have the right to havc an} prcxredm~~ Fx~:un M• I_cndcr to enforce thi~ :ltortgagc discontinued at any time aa~ 345 PdGE 2!~7 .~~ -__ __- __ ._ . -- - - ~