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HomeMy WebLinkAbout2856I rn~lcr'~ ~~nurn :~~rrrmrn; ~~r .~pph:.~hl~ I.n~ It~~rru~~~i ~haU ~~a~ ~hr :uin~unt ~~( :~II nu~~iLa~~ in.ui.~n.. i~n•iniun~, in thr m.~nnrr ~~i~~~•~.Ir~l unJrr E•aragr.iph _' hcr~ut. :~m anl~~unt~ ~li.hursr~i h~' 1 rn.l~r put.u:~nl 1~~ Ihi~ r.~r.~~ra~~h i. w~lh intr~r~t tlunun. ~h.~l) hrc~~mr adJiU~vr,il tn~lrh~r~lnr.. ~~f 1{~~rr~~~~rr ~r~urcd h~' thi. \1~~rtL.~er l nlr.. N~~rt~~t~rt .~n.t I rn~}ri .~irr~ 1~~ ~~thrr Irrm~ ~~t E.:~~mcnt. w~h :um~unt..L-.~II Ik• ~~a~ahlr ~~r~~n nc~ti« fr.an 1 rndrr t~~ 1~„rn~~~rt rryur.tine ~+.~~mrn~ thrrr~~f. anJ .h.~ll hr.n intrr~,t fr~~m thc ~latr ~•f ~li.hur~rmrnt a~ thr r.~tr ~.~~•aM~ fr,~m timr t~. timr ,m ~,uht:~ndinc ~nnrip:~l undc~ ~hr \,.tc unk.~ paymer.t of int~r~.t :~t ~urh r.~t~ ~~~~ul~! Fk ~'~~ntr:~~.~ ~,, :~~~ii~~bl~ L~~~. in ~~h~rh rvrnl ~u~h anu~unl~ tihall h~ ~r intrrev at the hichc~t r:~lC ~rn-~cciMc un~)rr ap~lirahlc la~~. Nuthin~ ~~.m:~ined in Ihi. ~:~ra~r,~ph 7.hall -cyuir~ 1 cndcr tu incur am~ i~pence ~r take .+m• a.tion hrreundcr. K. Impccfion. I rnilcr ma~ m:~lr ~~r:.~u,c t~. F+c ina~l~ rra~un:~Mr cntrir. ii~•~~n :ind in.p~cti„n. ~,1 ~hr Pr~~~krty. pr~~~•i~lc~l th.~t I rndcr ~h:dl ~i~c R~~rrow~r niHirr pri~,r to am• ,uch im~xctian ~Fxcif~~nt~ rcau,naMc r.~u.c thrr~f~•r r~l:~trd tc~ ( endcr'~ int~~r.t in th~ Pn+~rly. 4. ('ondemn•rliun. Thr pn~:rcd. ~~f am• a~.ard ia rlaim fc.r d:~macr.. ~lirici ur ~v~n,~yucnti:il. in c~~nncr~iiaT ~~•ith am• :ondrmn:~ti~~n ~~r ~.thrr t:ikin~ ~,f ~hr Pr~•~xrt~•. ~•r parl ~hrrr~~f. ~•r far rum•r~•an:c in liru i~f c~~ndrmnatiun. :irn c~rrh~~ :~..i~;ncd :~nJ .hall I.r ~:~id t~~ Lcnd~~. ~ . ln Ihr c~~nl id :t I~~I:~I laling ~.f ~hr Pr~~lxr~~~. ~h~ ~r~~:c«I. ~h:~ll Ix .~~~rli~.l t~~ Ihc .um~ ,rcnrcd h~• th~. \1~~rtC:~C~. ~~ith thr r~rr.c. if :~n~•. pa:d t.• Rarr,~~~cr. In ~h~ cvcn~ ~~f a p:-r~c~l t:~{.ine ~•f ihr Pro~xrt~~. unlr.: R„rr„.~rr :~nd I.cndcr ~,thcrwi.~ a~r« i~t ~~ritinL~. thrrr ~hall hc appli~d 1~~ th~ ~um~ ti«ure.l M thi. ~1~~rti:ii~ .u~h r~~,~~,~~~„~ ~~f thr prckecdc ac ic ryual t~, that pn•r~~rti~m ~~hirh th~ amaunt i~f ~hr ,um~ .r:ur~d h~ thi. \t~,rtc.~ec immrdiatrh ~•ri~~r t,~ thr datc of t:~kin~ hrar. to thr fair markrt ~alu~ uf th~ Pro~rh immcdi.~t~h ~ri„r ~c. thr ~I:~tc ~,f r.~kinL. ~~ith thr hel:~nrr ~,f thc prc.rccd~ paid t~. Born.w•cr. [f thc Pn,pert.• i. ;,handcmc~i M B~~rmw~rr. ~~r if. aflcr n~~tir~ h~~ I r~idrr 1~. Bi~rr~~~~cr that thr c~ndcmn~~r ~~(icrc M makc :in :iH:~rd ~~r ~rt11i a ~laim i„r ~1:~m:~~;~.. li.~rn~wcr f.+il. t~• rr.~~n~) t~, I rnJcr ~~ithin i11 .1:i~. :it~rr thr d,~tr .u~h n~~~i~r ic mailcd. I.~nJcr i~ :u~thc.riird ta c~~llc~t and ap~h• thr pr~k•r«h. :~t 1 rndrr'. „~,ti~~n. rithcr ti~ r~ct~rati~,n ~~r rrrair i~f thc Pro~rt~ ~~r a, thc cum..rrurrJ h~~ thi. \1orleag~. l.'nl~,. l.endrr :~nd B~~rr.,arr i.then~•i.e aerc~ in ~~ritin~•. am .u:h :~r{+li~:~~i~~n ~•f pnkred~ M ~rincir;~l ~h.~tl nc~t c~tcnd ~~r ~~.ip~~ne the ~uc ~late ~•I th~ m<~mhl~~ in,t:~ll~irnh mferrrd t~~ in ~~.+r,~tr:~~h. I:~~id ? here~•f ~~r ~•h:~~~,~r thr :imnunt c~f wrh in.tallment~. 16. 8orrewrr \ol Relea~ed. E~ten~ian c.f thr iime f.•r p:~~mrnt ~.r nuvlifi~ati~•n c~f am~~rtiiatu~n nf the .unn «curtd b~~ th~~ !1T~~rt,•aLC craMcd M• 1 rn.lcr t~, an~• wcce~wr in int~rc.t uf B~~rnn.cr .h:Jl n~,t ~~~ra~~ ti, nlracr. in an}• manncr. thc liahilii~ ~,f thc ori~in:~l B~~rr.,~~rr .~nd R~~rn-w~r'. ~u:cr,.~~r. in intrre,t 1 rnder ~hall n~.t tti rc.~uir~J t~~ r~~mmencc pr..c«.:in,~ a~.unct ~uch aicrc.tur ~~r rcfu.r 1~~ c~~rn.! ~im~ fi~r ~•:~~•mrnt ~~r ~~thcn~i.r mudih• :~m~~rtirati~~n „f thr cums ,ec~~rrJ h~• thi~ ~t«rteae~ h~~ rea.un ~,f .~m- drm:~nd nr,idr h~ th~ ~~rieinal R~,rn~~~rr .,nd B~~rr~~~c~r', tiui~r~.~~r. in intrrctit. 11. Forhrar•rnce b~• I.ender ~nt a R'ai~er. -~m f~~rhr:iran~•r h~ 1 cndrr in r~er:i~in~_ an~~ ri!~ht ar remrd~• hrrr~mder_ i~r ~~thrrw•i~r aliurdc~l h~• appli.:~hlc fa~~•. ~hall n.~t Fx :~ w.~i~cr ~,f ~•r prCrlu~fc thr c~erci~r ~~f :im w~h rieht ~~r rcmcd~•. Thr prc-iur~mcnt ~f incuranc~ ~.r thc E•a~~mrnt ~~( ta~r. ~~r uthcr I~~n, ~~r ~har~r~ hc I cnJrr ,h:ill n~t 1.~ ;, ~:an•cr ~~! I cn.!cr'~ richt t~• acr~hr.~IC thc maturit~- ~~f thr ~s~d~htrch~r.~ .c_~irrd hc thi. \1~•rteaer. 12. Remedicc ('umulati~•r. :\II remc~lir~ pr~~. iilyd i~~ thi. \I~+rte:~c~ are ~1i.tinrt :uid rum~d:~ti~•r t~~ .~m .~thrr rizht ~•r rcnuJv undrr thi. \I~~rtL.iLr „r atT~~rd~d h~~ I:i~~ .,r rywn .~nJ ~n:~~ Fx r~cr~i~r.1 :~~ncurrrntl~. indi~xndrnth ~~r ,~i,~~~..i~~rh li. tiucce~tior~ and A+tiiRm Bound: Joinl and Se~eral I.iabilih: ('aptionti. l~hr a~~rnam. :~nd .~crrrin~nt. h~rein ~~aet:un~J tihall hind. :~nJ thr richh hrrcundcr ~h:~li inurr tr. th~ rt~~n:ii~c ~u~cr.~.~r~ a:~d a~.i~n~ ut I en.lrr .in~l Rc~rru~~cr_ .uhj~ct t~~ ~hr ~r~.~s,i~~m ~~f {~ar:~erarh I? herc~~f ~~II .~~crn:~nt. an~t :~~r~rm~nh ~~f Bi~rr.~~~rr ~h:~ll tk j~+;nt :~nd ~r~cral. ~The ~apli~~n. .in.f hra~linz. ~,! thc rar,~~r.~~h. ..f thic ~1~+rlt.iLr arc f~~r c.~m~rnicnrr ~,nlc :~nii :irc ~a~~t t~~ Fk u.cd to intrr~r.[ „r d~finr th~ ~r~~~i,i~,m h~rc~~f. . 14. \Mice. E~:ep! f~~~ am~ notire rey~~irrd un~lrr :~~F~lir:~hlr I:+~+ tr he _~i~•rn in :~n~,ther mannrr. fa: .~m' n~~tire t~ 13~,rr~,wcr E,r~~~~JrJ f~~r in Ihiti \ii•rtgaec tih:~l) Fx ci~~~n h~ m:~ilinL .u.fi rn~ti~~ M irrtifi~il meil .~ddr~~.~d t~~ B~~rri~~.~~r at th~ Pn~F.crt~• A~idre.. „r :~t ~uch ..thcr addrc.. :~c B~•rn,t~rr m:~~ d~•~en:~t.~ h~ m~ti~~ t~, 1 en~irr .~~ prr~i.le.l hrr~in. :iml Ihi :~m n~~tir~• t~~ I en~lrr .h:ill t.~ gicrn h~~ cer~ific~l m:iii. rrturn rrir~~~t iry~~r.tr.t. t~~ i emler'. adJi~ti~ titatrd her~in i~r to ~uch .~thrr addrat. .~. I rnd~r ma~ d~~i~nate h~ n~~tirr t~~ Bnrr~~ucr a, ~r~~~iJ~+l hrrriti. •\nc n,.ti:r rn~~•idrJ fur in thi~ ~t~,rt~_a~~ ~h:~ll tR tleemid I~~ h.i~~ tkrn ~~~~n !i~ fi~~rr~~~~~r rr I csid~r :•hrn !_i~rn in the mannrr ~le~ign:~tcd hrrrin. 15. ('nifnrm ~1orl~a~;c: Go~ernin~ I.aN: Sc~rrabilih. ~h~• t,,•m ~~t mnn~_a~_r ~rmhi~ir. un~fi•rm :r~•~n:~n!, f,,r n:~ti~~n:~l uu anJ rn~n-wiif~~rm ~~,~rnem. ~~ith li~~ii1~J c.~ri:~ti~,n. h~ in~i:~ii.ti~~n t~~ .,~n~tit~it~ a unif~,rm .r:~~ntt~ in,trnmrnt ~.n•cring re.~l pr~~ptrn. "Th~. ~1urt~':~Lr ~h.~!1 Fx c~~~rrnrd ht thr L~u ~~f thr iuri.~l~:n,,n in uhi~h thr Pr~~r~rt~ n I.~~:~t~d. In lhc ~~•crit th.~i am ~r~,vitii~~n ~•r clau.r ~d thi. ~I~,rt!_:r~~ ,~r -h~ \,~tr ~~~ntli~i. "ith :~r~i~,:~t.lr L~u. .u~h r~~nilict .hall n~•t :-1Tcct ~~If1Cf (~~~+~~~i~Nl~ ~~f Ifli~ ~~~~ff!~:1_L•i ~~f IhC \~~li ~~Fl!itl :.~~? h~ _~~~n it~t~! t~l~~l~~e~l If1C c~~ntliitin_• rf~~~l~l~~l~. :~il(~ l~~ if11S cnd thc ~r~~~i.i„m ~~1 thi ~1r~(i:tL~ ;utd thi \„Ii• .~r~ •}c~L~r~d t~~ h~ ,~~'irahlr 16. Borrowcr's ('op~. Borr~~.+r~ .h:~ll h~ f;irni.hr.i .~ ~.,nt.~nnrd ~~~{,~ ,,t thr \~~tr .in~! ~,i thi. ~1~,rlLagr :it th~ timc ~~f c~e~utii~n ~~r :~tt_r r~..~rdatic,n hrrruf. 17. Trrmier uf the Prnpert}: .~.ti~nnpliun. If :~II rr :~~n ~•.~rt ,~f thc Pr„{•rrt~- „r :~n interc~t thrrein i. .~~ld ~~r tran~ferrrd h~ B~,rn~wrr ~~i1h~~nt l.rndrr'~ }~ri~~: ~~rittrii ;~~n.~nt. r~~lu.line i.i~ Ihr irr.~ti~~n ~~f :~ lirn rr cnrumhran.r ~uhi~rJin:~~e ti~ ~hi. ~1~~rlcagc_ ~h~ thr rrc:~ti~•ri ~~f a rur:ii.nr m~~n~~ .r:~~rir~ ~ntrrc,t l~~r h~~n.~h~~1J ap~li:~nc~~. (ii :~ tran.fcn c~ dcvisc. Jr.crnt ~~r h~ „~ratiun ~~f Ln~ tir~~n thr Jrath ~~t .~ :~~~,~t t~n:~nt ~~r i,l~ thr ~r.~nt ~~f .~n~ I~:i~~h~dd intcr~tit nf Ihre~ ~rar~ ~~r lc~c n~.t ci~ntaininc :~n c~pti~~n t~~ ~•urrhac~. I rn~irr m.~~. .~t I rn~lrr'~ ~+E•tn~n. dr:l.~rc .~II thr ~um, .c.urrd h~• ~his ~I~~flL31C t~~ bc ~mm«li.~trl~~ du~ :~nd pa~.~hlc 1 rnJrr .h:Jl h:~~r ~~.u.rJ .n:ii ~~rti~~n t„ :~rirlcr:~l~ if. ~ri~,r t~~ th~ .:~lc ~~r transfcr. L~~ndcr .~n.} thr Ixn~~n t„ wh~~m thc Pr~~prrt~ i. t~~ h~ ,ul,t .~r tr.~mtrrrril rra:h .i~rr~tnz•nt in ~~riunc Ih:~t thr crrdu ~~f ~urh pcni,n i, .:~ti~fa.h-n ~~~ I ~n~i~r .~nd th.it thr inhrr.t {•a~.~Mr ~~n th~ ,i~m. .r~urcd h~ thi. \t„rtsa~c ~hall hc at ~u:h ratc a~ I.cndcr .hall r~yur.t. If 1 cn.lcr ha~ Hai~cJ thr ~~pti~m h~ :~:c~l~r.:t~ pr~n~i~IrJ ~n thi. pa~:~~raph 17. an~1 if B~~rmurr~~ ~urccssor i~ ~ntrr~.t ha. r~eruted a~~rittrn ascum~.tii.n .~crrrmrnl ;~..r~icd in writini h~ 1 en~lrr. I.cn~ler ~hall reka`c B~rr+..wer from all ~~hlie:~tu~m un~frr thic ~1~•nc.~tr anJ thr \i~tr. If ( rndcr r~crci~r~ wrh ~,pti~~n tu ar:rl~r.~t~. I rnJrr .h.~ll m:~il B~+rrc~wrr n~~tirc ~~f arcclcr.~ti~~n in arc~rdancc w'ith paragra~h I-i herr~~f. Sn~fi nuUCr .hall {~n,~~i~r .~ {~~rnxl ~•f n~~t I<<. than i(1 ~1.~" fmm the date 1hc n~~ticc i. mailed ~+•ithin Nlltl'FI Rl~ffUNl'f ma~~ ~..~~ Ihc ~um~ Jc~Luc.l ~lur. It Fi~~rn~t.rr t.i!h ~~~ ~a~ ~t~:h ,um. pri~.r t~, thc c~pirati~,n ~~f tiu:h ~xriinl. LcnJrr m~}~. «ithr~ut (urthrr noticr r.r d~nt:~nd ~~r~ It~.rr~~.~~r. m~r{,r ;~n~ rrmcdi~~ Exrmittc:l h~• raracraph Is hcrcof. ~OX-(~NIFOR~1 C~OYFV~\Tti Bi~rrc.wcr and 1 rnJcr turthcr ~~.~•cn;~nt and ci¢ecc as followc: 18. Acceleratinn; Remedies. Fxcept as procided in para~raph 17 hereof, upon BorroN~er's bresch of an}• co~-enant or ~reement of Borrower in this ~1ortRaRe, includin~ the cmenanls lo pa~ w•hen due an~~ sums secured b}• this Mort~aRe. I.ender prior to acceleration shal! mail nolice to Borrower ac pro~~ided in para~raph 14 hereof specif~~inR: (1) the breach; (2) the action required fo cure such breach; (3) a date. not less Ihan 30 da~~s from the date Ihe notice is mailed to Borrower. by which such breach must be cured: and (4) th~t failure to cure such breach on or Ixfore the date specified in the notict may result in acceleralion of the sums secured b~ thic ~1orfRaRe, foredrnure b~• judici~l proceedinR and sale of the Pmperty. 77~e notice shall further inform Borro~ser of Ihe rq;ht to reinciate after ~cceler~tion and the ri~ht to assert in the foreclosurc pmceedin~ the non•existence of a default or anv olher defense of Borrow•er to acceleration and foreclosure. If the bre~ch is nof cnred on or before the date sptcified in the nofice. I.ender at I.ender'c option ma~ declare all of the sumc ucured by this Mort~a~e to be immediately due and pava6le wifhout further demand and ma}~ foreclose tbic ltorfRa~e b}~ judicial proceedinR. I.ender shall be entitled to collect in such procerdin~ all expenses of foreclosure, inrludinR, but not limited to, reasonable attornty's fees, and costs of docomentarv e~idence. abstracls and litle rcports. 19. Borrower's Ri~ht to Reinstate. Notwith~tanding LcnJcr'~ acrclcrat~~~n of thc cumc sccured by this Mortgagr. Borrower shall have the right to have am proceeding~ Fxcun h~ I.rnder to cnfc~rce lhiti Mortgage discontinued at any time $a~34~ ~~~E2~55 ~ ~ ~~ _ 3 ~ .~~~~~. ~~:.~~ ~ ~: ~~~ - _ ~ ~~ w. _ . ~.~