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HomeMy WebLinkAbout0802. i r• ~ ~~1t I rmlrr'. ~~riUrn a~rc~m~nt .~r .~ppl~c.~hlc L~~~ li.~ri~~~~~i ~haU pa~ ih~ :uu~~un~ ,~( :ill m~~~i~.ie~ in.u~.~n:r prrmu~m, u- thr m.~nnrr p~~~vuir,i unJr~ ~~ara-;iaph ' hrreui :1n~ :~munnl~ .ii.hursrd h~ ( rn~l~r ~~tu.u.uU ~u ~hic ~.~r,~e~:~~~h 7. ~~~th io~rr~~l Ihrrr~~n. ~h.ill hi•~u~nr ad~liti~+n:~l in~lrhrr~lnr.~ ~~1 li~~t~u~~rr ~~:un~d h~~ ~tu. ~lurle.~~~ ('nlr.. lirrr.~t~ri .~u~l 1 rn~lr~ .iL~rr 1.. ~~thri Irrnt. ~~t ~~a~mrnL w~h .u:i,~unh .h.ill hr {~:~~ahlr u~~~~n i~t~ti:r Ir.~m I rn~ici t~• B~~rr,,~~ri rr.~ur.tinc {~a~mr:~t ~hrir~~t. an~l .h.~ll Ik•:~r int~•rr.1 fr~~m :hr ~latr ~,f ~li.l•iir.rmrnt at thr c:~tr {+:~~.~hl.~ Ir~~m timr 1~~ ~imc ~,n „~,t~t.~ndine pr~n:i~~al und~r ~ha ~~~~ unlc~~:payntcnt of inlrrr.l at w:h r,~tr ~~uul~l F.~ :~~ntr.~n~ h~ a~•plirahlr le~~. ~n ~~h~:h r~~rnt .u.h :~m~~unt~ ~hall Fx:~r intc~«I at Ihr hiehr~t ratc pcrni~ctiiMc un~lrr :i~.~.lirahlr 1:-~~ ?~„thiiic~ c~,nt.~in~d in Ih~. ~.:~r.~ira{~h ? ~haU rcynirr 1 cnd~r ti- inrur :~m' ~~{x me nr takc .~m• a:tion hrrrundcr. K. Incpcclion. 1 rn~lrr ma~ m.~lr ~~r:.~u.c u~ hc m:~dr rra~~~naMc cnlrir. u~a~n :~nd im~~li~~n. ~~f thr Pr~~p~rl~•. pn•xiJcd th.~t I ri~iler ~hall gi~~ Rurm~~rr n~Hi:e p~i~,r t.- am .u~h im~xclu,n ~~.r:il~'~n~ rr.i~~~nahlc ::~u.~ th~r~l.~r r~I:N~d I~~ I rnJer'~ ~ntrr~.t ~n thc Pr.~{xrt)'. 9. ('ondcmnalion. Thr ~~nk•rcd. ~~t .~m :~.~:~rd ca il:um f~.r ~1:~ntac~.. .lirrr~ ~~r c,~n.ryu~nli:~l. in ~~,nncrti~,n ~vith :~m• ~und~mna~iun „r ~,thrr iakin~ ~,( th~ ProF.rrl)'. ~~r part thrr~~~f. ~.r f~~r cum•r~•:in:r in liru ~~f ~~~:~drmnaliun. :~r~ h~rcM• .~~.i~ncd .~nJ .h:dl hr ~~id a• 1 endcr. In ~hr ~~~nt c~f a t~.tal takinc ~~( th~ Pr,~~ny. th~ pn,~rcJc ~hall F.~ .~p~.lir~l t~~ thc .+~m~ ~~~urrd i.~• thi~ \1i~rl~a~c. ~~ith thr ~~:~~c. if an)•. raid t~~ R~-rr~~~+rr. In th~ e~~cm ~~f a ~arti:~) ~.~{.~n~ .~f thc PmExrte. nnk.. I;~~rr~,:~~r .~nd I.cnd~r ,~~h~n~i.r a-!r~r in arilint•. thrrr ~I~all tx :q~pli~d I~~ th~ ~um~ ~~~urc~l M Ihi-. \1~~rte:~_~~ .~i~h ~rn~(~.~rti~~n ~~f Ihe {~rckeed~ a~ ic iyu.:l t~~ that ~n~~~rtiun ~~hi:h th~ :im~~unt ~~f Ihr wm. .r.•urtd h~ Ihi. ~T~~r1~.icr imm<<ti:itrh ~,n~~r ~~+ thr dat~ ~f Iakin~ Ix:tr~ !o tht fair markrt ~•alur ut th~ Pru~rh~ int~rnilr.~lih' ~~ri~v t~~ ll~i~l.~lc i~f t.~~.~n~. .~iih th~ h.~l:inc~ ~,f ihr pnk~c~l. paid t~, B~rr~wer. lf thc Pr.~pcrt~• ic :ihand~~nr~! h~~ B,~rm~~rr. i~r i(. :~ftcr rn,ti.r h~ 1 rntl~•r t~~ R~~rr~~~~rr that Ihc a~ndcmnt~r r:T~rc t~~ make :~n :iw:~rd ~~r ~etNc a ilaim i~~r d:~m:~c~.. R~,rri~w•rr f:~~l: ~~~ rr.~w,rn! h, I rnJrr ~~ithiit ;~~ .L~~. :~ttrr thr d.~tr .i~.h n„ti~r is mailcd. Lr~idrr i~ authorii~d ~o i.~llc.t :~nd ap~l~• thr pr~~cr~1.. at 1 cndrr'. ~~pti~.n. cithcr ti~ rc.t~xati~~n ~~r rc~:iir oi thc Pro~xit~ .~r :~~ ~hc tum..rcurrd h~ ~hi, ~ic.rt~:~gr. ['nle~. 1 end~r :in.l Ri~rr~~~~~r i~lhen~•i.r agrcr in ~+ritin~•. :~m ,u.h a{•~~16c.~ti~,n ~•f ~~r~.;rrd~ t~, ~rin, i~,:~l .h:~ll n~~t c~lcnd ~~r ~x,~tponc Ihc uu~ dat< <~j Ih~ nu,nthl~ inctallmcnh r~frrr.d t~~ in ~•.~raer:y~h. 1 and ? h~rc~~( ~v rhanL~ th~ am~•unt ~f .uch inctalimcntc. . 10. BorroN•e~ ~ol Relea~ed. I~~trn~ii~n ~~f thr timr f~~r ~ia~mrnt ~~r mnclifi~ati~~n ~,f am~~niiati~m ~~f thr .iim. cr~i~red h}' Ihi. ~1..rl,a¢r gr.~ntcd h~ 1 rnJrs tr anc wr~c,~~~r in intrrr.t ~~f R~•rm~~rr .h.~ll n~•t ~~~rr,~t~ 1~~ r~l~;~;~. ii~ ant• m:~nncr. thr liahilit~ ~~I thr cuiein.~l B~~rn..~~r and B~•rm~~rr'. w.~~..~a. in int~rc.~ 1 rn;icr ~hall n~,t ik rrui~irr.l t„ rrmmcnrc ~~liti~l'~III1L• :IL:Ilfl~l ~lICf1 \lll'i~~~~~f ~~f fl`~11~C 1~~ t\I~fl~~ I~t11C ~~~~ ~t:l~'lllitll ~~~ A1f1tR~hC lllt~l~\' :1I11i~f1V:111~~11 ~+~ Iflt` SUI11C .c.urr~ h~• thi. Atr.rteacc M• rra.un ~~( .~m dc~n:~n~l mad~• h~ th~ .~rieinal B~~rr~~t~rr .~ncl I;,~rr.nti~r'c ~i~~cr,~~~n ~~i intcre~t. 11. Forbcarancc by Lcnder \ol a R'ai~cr. ~\n~ frrt~aranc~ h~ 1 rr.:trr in ~~crci.in~_ :~m• richt .~r rcmrd~• hrrr~m~trr. ~~r ~~~hrnri~~ :~IF~,rdc.l h~• appli.:-hl~ law. ~h:ill n~~t i.r a~-.~i~~r rt ,•r prcchidr ~hc r~crci~r ~+f :~m~ .uih rieht ~•r rcmcdc. Thr prcxi~rrmcnt ~-f imuranc~ ~~~ thc {~:~~•mrirt ~~1 t:~~r. ~~r ~~thrr lirr» ~~r ch:~rc<< h~ 1 cndrr ~hall n~~t Fk a.~.~~~rr ~~f I cn.lrr'~ ri~ht t~~ a~•;~Irr.~t~ ~hr maturit~~ ~~f thr indrhtrdnr~. ~r_urrd h~ thi. Vi~rtLaec 12. Renrediec ('umulati~•e. ~II rrmc~h« r.n~~ c~1r~l ~n t~ii. \I~~rtzae~ i~rr ~li.~inrt :~n~1 : umul:Ni~•c tr :~m ~~~hrr ~ ieht ~~r rrn-r~i~~ un.lrr thi. ~1~~rt~eLC ~,r atf.•rdr~l h~ la« .~r ~yui~~. .~n.l m.~~ I~r r~rrii.r~l c~+n~urrrnlh. indrprnilrnth ~» .~~,~~..icrl~ li. tiucce~u~r~ and :~~~ikn~ Buund: Jninl and tir~cral I iabilih: ('aplion+. "I~hr r~~~rnant~ and air~~•mrnt. h~•rcin :~att:unr~l ~hall hinil. .end thr ri,~hl~ h~rrundcr .i-all ~nu~r I... t4i~ r~.~c:U~r wrrr..,•r. an~l :1„iLm .~f 1 ct~.lrr .~:i~ B~~rr~~~~rr. ,~~hj~ct tu Ih~ rru~i.ii-m ~~f p:u.~gr.~ph 1 i hrri~.f :\II i~+~rn.~nt. .in~! :~~rrrmrnh uf B~~r~~~~~~r ~h:~ll h~ i~~~nt .~nd :r~eral. -~lic ~:~~+ti~~~z, .~n.t hra~!:nc• .•( Ihr rar.ier:~ph. rf thic ~1~~nL.~~'. :~rr f~~r ~~,m~rnicn~c ~~nh' .m.l arc rn•t t+~ i.~ utirJ tci ~nlrr~~r~t ~.r Jclinc thc pr„~~.i~~m h~rc~~[. 14. \oficc. F~rrrt f„r an~• notirc r~yuirrd un.l~r :~~pli::~hlr L~~~ t,~ hr e:~rn ,ti :~m~thrr manncr. /:i- :im- ni,tfrc ti~ {i~~rruu~r pr~~~~JiJ f~~r ~n thi+ \1~~rtc:~~r ~h:d! Fk ~i~~n h~ m.iilin~ .n.h n~~ticr M ~crt.fird nt,~il .iddrr,.~.t !~~ R~yrrt~~.a~r at th~ Pr~~rrrt}~ :~~Idre•. ~,r :~t .uch i~thrr addrr.. :n 13„rr,~~+~~ rn:~~ d~.~cn.itr 1.~ ri„~i~i t~~ ! cnilir .~~ ~.r.,~•i~ir.1 hrrein. and ih- :im n~~tirc 1~~ I rn.i~r .h.dl Fk• ~i~rn 1.~ c~r~~firJ m:~~l rrt~~rn rr~r+E~t r~.~~ir,t~~l. t~~ I r~nlcr'. ad.irr.~ ctatrd hrrrin ~.r to ~~ich ~,thrr :~dJrtti..~~ Irn~~r m;i~ J~~ien:~lr h~ n~~ti;r 1~~ IirFr„~+~r :i< E~r~~~~dc~! h_rrin ~m n~~Ii~r ~r:~~id~.t f~~r in thi~ ~(.~rIL.~Lr ~h.~ll Fx ~icrm~d t~~ h.n~ tk~n ci~cie t~~ K~•rn~~+rr ~a 1 r«.I~•r .•lirn er.cn in Ihr mannrr ~te.icnatcd ~r._•rrin I5. l~niform ~1orlkaKc: Cosernin~ 1_~K: Sc~c~abilih. Ih,~ !,,•m rt nn,rt~_:~_•~ ~_rmhin~~ nniform ~~~~•~nant. f,,r n.~tirnal ;nr anJ n~~n-uciil~~rm :~~~~m~nt. ~~ith limit<<t ~.~nat~~~n. f~~ i~~r~.J~,tr.,r. r,~ .~~n~.titnt~ a ~iniform u.~tr~t~' irititruntrnl c~~~~ring rr.il ~r~,rrrt~. Ih~. ~1utlL:~L~ ~hal) Fk L~~t~rn~~1 h~ thi• I.~t~ .~f thi iuri..li:ti~•n !n tchi~h tlt~ r~,,r,«~ t. I~~~.~t~d In 1hC ~~~nt th:~t :ui~~ ~r~~~~~tii~~n „r rlam~ u~ thi, \1~~rtta,~ „r thr \,,,c .~~nfli.t, :~ ith .~E,~ti~.~hlr I:n~. .n~h irntli~t :h.ill n~~t :i1TC~'t .~If1Cf ~~f~Nl~l~~(l~ ~~~ ~hl~ ~~I~flL:ll~ U~ ~fli' ~~~I~' :~f)I.~l ..~:1 f~i' _i~iC; c'f~i'.t `.~1•~1~~~11 if1C ~~+tl?)I:hTI!• (~T~~:1~1!~11 :ftll~ 11~ 1f1IS rni) Ihr E•r~~~i~ium ~~( !hc ~1~~ftga,L'~ :ut~l litr \~~Ir .~tc .li~l.~tr~} t~, h~ .~'tir:~l~tr 16. BorrnNer'~ ('op). Borr~~~~r~ :h,~ll hr t:i:ni.hr~i .~ ..•nt,~rmr~l ..q~~ ~,t ¢h.• \„tr .~n,l ,~-' Ih~. ~1~~rtL.iL~ .~t thc timc ~~1 C~«~~tii~n ur :~ftrr rr<<~rdati~m h~rrr(. 17. Trantifrr of Ihc PropeN~: :~..umplion. It :~U ~~r .~~~1 ;~.,rt ~~! th.~ Pr,~~rrn~ .~r .~ri imrrev th~rrm i, .,~ld ~~r tran.fcrrcd hc Bi~rr~~Hrr »ith~,id Lcndrr'~ pn~•r ~~ritir;~ .~•~i.rnt. ~•..I~~ilin_ ~.~~ thr :rr.~ti~•n ~•f e!itn ~••r cninmhran:r wh~.r~1~n:~tc tn thi~ ~1~~rlg:~ec. lhi thc rrratu•n ~~f .{ {~urih.~.r r:i~~nr~ •r.+iu'~ :i~trri•,t t~~r h~~ii.ih~~l.: :~{~rli.~ncr~. 1~1 .i tramf~r M~ dCeicc. ~i~.rrnt ~~r ht ~.pcr:ition ~~f 1:~~~ up„n thr ~ir:,th ~•t .~ i,,:nt trn.~nt ~~; ~J~ tl~r L~.+nt ~~f .~n~ I~.~tirn~~ld intrrr~t ~~t thrr. ~r:~n rr lc~c n~~t runt:~ininc an ~~pti~,n t~~ ~ur.•h:~tr. I cmfr: in.~~. .~t I r~:.lr:', ,y~i~~~r~. ~Ir~l.~rr .JI th~ ,um. k~ured h~ ~hi> >1~~rtiacc t~~ Fk :mnirJi:~tcl~ du~ and pa}~ahlr ( rndrr .hall he:r •-•.n.~~i .~,.h ,~rti~m t,~ :~:~rlrr.~tr iL ~•rirr t~. Ih~ ..~k ~~r Irancfcr. I.cn~}cr ~n.t thr ~xr~~~n t~~ wh~~m thr Pr,~r~rt~ i. t~~ h~ ~~~I,i ~~r tr.~mtrrrrJ rr.~.h .~~~rirrnrnt in u;;tinL th:i! thr ~rr.iit rf ,urh ~xn~m ~. ~:~ti~(:~;a,r~ t~, I rn.+.er .~nd th,~t thr i~it~rr.t ~:~~.~hlr ~,n th~ ~i~m, .~.urc~ h~ Ifii, ~1~~~t~.~~e .ha11 hr :it cii.h ralr a~ Lcnder ~hall reyut~t. If 1~n~icr ha~ ~v;,i~r~1 ihr ~~~Ii~~ii t~~ a::rlcr.slr pr~~~idrd :n thi. r.~re~~r.~~h 17. an~l i( Br~rrowcr'~ ~ur.r~srr in ~nt~rc.t ha. c~crutr~l a arittrn :ic.im~~i~~m .~errcmrnt :~r.•.E~t~d in ~~riting hc I cn~lrr. I cmler ~hall rclcacc R~,rn-~~rr from all ,,bliL:du~n. unJcr thi~ ~1~,rtc.~ic and thc \~,!r. If I endcr e~crii~c~ .uch ~~~ti~.n ~~~ a::~lrr.itr. I rmli•r ~h.~ll rn.~i} B~~rr.~:+rr ni~tirr ~~f erirlcratinn in arc~•rdanrc ~ith {~.-ragraph 1-i hrrr~,f Surh n~~UCC ,h:~ll ~r~,v~dr ., Ekru~~1 ~,1 ti~~! li~. lh:~n Z~l i1:~c. fr~~m thr d:etc lhe n~~ti~c ic mailcd w•ilhin ti~hich B~~rn,~+cr ma~ r::~ Ihr ~um~ Jc:l.irr~l d~~r Ir B~~rr,~~.~rr t.~i~. r~, ~:~~ ~i~~h .!im. pri„r t~, thc r~~ir:~ti~~n ~~f .uch pcri~xl. I cn~lrr mec_ ~.i~hc~ut furthrr niai~~ ~~r J:ntand ~~n R,~rn•~.+rr. ~~~.~~I,~ :,n~ rrmrdic~ ~+crmrttc.l h~- raragraph IR hcr~of :~io~-l;v~roK~t ~~~~~•t ~.~~TS H~•rr~~w~r :in.1 1 rn~ler Surlhrr c~,vc~:~nt and acrec as foll~~w~s_ 18. Acceleration: Remedies. Except as pro~ided in parakraph 17 hereof, upon Borrowerc breach of am• co~•enanl or a~reement of Borrow~er in this ~iortRa~;e. includinR Ihe co~enant~ to pa~ when due am sums ucured b~~ this Mort~aRe. Lender prior to acceleralion shall m~il nolice to Borrower ati prosided in paraRraph 14 hereof specii}~in~: (1) the breach; (2) the aMion required to cure such breach; (31 a date, not lesc Ihan 30 da~s fmm the date the notice is mailed lo Borrower, by which such breach must be cured: and (4) Ihat failure to cure ~uch breach on or before the date specified in the notice may result in acceleralion of tbe sums secured b~ thic ~1ort~aRe, foreclmure b~• judicial proceedinR and sale of Ihe Propertv. The notiee shall further inform Borro»er of the riRht to reinctate afler acceleration and the ri~ht to acsert in the foreclosurc proceedin~ the aon-existence of a default or am~ other defence of Rorrow•er to acceleration and fo~eclosure. if the brea~h is not cured on or before Ihe dale specified in the notice. I.ender at I.ender's option ma~• declare all of the sums securcd by this MorlRa~e to be immedi~tely due and pa~•able without further demand ~nd ma}~ foreclose thic :~tortRa~e b~• judicial proceedin~. I.ender shall be entitled to cotlect in such proceedinR all expenses of foreclosure. inclodin~;, but not limited fo. reasonable attorney's fets. and costs of docamentary evidence, alxtracts and Iitle reporis. 19. $orrower's Ri~ht ro Reinstate. ti~,twith~tanding I.cn4er'. .~ccelerati~~n ~.f the ~umc ~ecureJ by thic Mortgage. Borrower shall have the right to havc ;:n~ pnkrcdine. hetun M 1 rnJcr t~ enf~~rce th~. Mortg:~ge Jiscontinued at any time _ ~ -_ ~ ' i - . . _\ f':,~.,_,..;.. 80DK J`t~ PMCE 8QO hF~ ...2..,' ~ '