HomeMy WebLinkAbout1518I.cnJc~'c wnt~cn agrcrmcnt or appl~cabic law. Harrawct shall pay tho amount ot all mortgage insurance ptemiums ~n Ihe
manncr prav~dr~l unJc~ paragraph 2 hcrcof
/~ny amuuntc di.hu~srd hy I c~~irr pu~~uanl la ~hic par.~Fr.~ph 7, wi~h inlcrccl Ihcrcon. chall I+ccomc additional
~u~1.MrJ~kc. „1 It„«u~~rr ~rcurcJ hy Ihic M~a~~;:~~;c llnlc~. It~n~~~..rr :md I.c~ulrr a~rcc 1~~ ~Hhcr ~«~»~ „r ~~rm~~~~, t~Kh
anu~unh .h~ll hc p:~yahlc u~w-n rn,li~r h~~m 1 cndrr ~~, Il~~~mwr~ ~r~~uccling paymrnl Ihcrcaf, and ~hall hcar intc~c~l from thc
~lalr ~~f di~burscmcnt at ~hc ra~r p:~yahlc fn.m ~imc li• Umc uo ~uictanding prinripal undcr Ihc No1c unlccc payment ot
intcrr~t ~~ s~~ch ralc w~~uld ~ c~M~ary n~ appiicahlr IaN. in Nh~nc ~vcm cuch amounls chal) hear intcrcct at Ihe highec! nte
~rmisaihk unJct :~~~i~~ahlc law. N~~~hing c~~n~aincd in ~hic pa~a~tr:-ph 7 tihall requirc I.cnder ~o incur any expense or take
.~ny arlion hcrcundcr. -
M. Inspcrlion. 1 rndcr may malc c-r r.~usc t~~ hc madc rc~conahlc ~nlricc ~qx~n and incpccti~~nc uf ~hc Pm~xrly, p~avidcd
~ha~ I r~-ilcr .h,~ll givr Rur«~wc~ nuurc priar to .my ~n~h in~~xr~~an ~~xcif~ing irazonablc r:-ucc therefur rclaled to 1 ender's
~nlr~~.l in Ihr Pm~+r~1Y.
9. ~'ondc~uuation. Thr pnwrrd. ~~f ai~y :-ve:~rd a~ rlam~ Ga d:ima~cs. dircc~ or r~~necqucntial, in a,nncrlion wilh any
can~l.mn:di~~n ur i+lhrr Ia{.in~ ~~f Ih~ I'ra~-~i1y. ~~~ parl thcrr~~(. „r fur convey:~nrc in licu o( ronJcmi~ation. arn c~rchy accigncd
and ~h:dl FK paicl 1~+ I rndcr. '
In Ihc evtnl af a t~Nal t:~kin~; of ~h~ Pri.~rly. Ihr pnxec~lc ahall he ,~rr~~i ~~, ~he cumc cecured hy Ihic 1~t~~rtgage.
ai~h thr rr.r~s. if :my. p.~id la R~-r~~~v-~r In ~he evcnt of a par~ial talin~ af Il~e Pro~+erly. unlecc Rorma•er and lender
~~~hcrwi~r ag~cc in wrilin~. Ihcrc chall hc ,r~i~~,i Io thc ~umc krureJ hy Ihic l11nr1Eagc ~uch pro~rlion o( Ihc procteds
ac ic ~yi~,d to that pn~~+rli~~n ~hich Ihr amuunl ~f Ihc cum~ .rciucJ hy thi~ M~~rlg:iEc immrdiatcly prior ~a Iht date of
~.~kinF Fwarc t~ thc fair markcl val~k af Ihc P~u~xrh• immcJiatcly priur to thc dalc of taking, u•ith Ihc hal•r~ce ~f Ihe proceeds
paid h. Hi~rm~vcr. ~
If Ihc PropCrly i~ ~handoncd hy Borro~c~r, or if. :~flcr n~~lirc hv 1 cndcr !n R~~rmw•cr Ihat thc rnndcmnor nRcrs to make
an ;~N.~rd ~,r ~rlllr a claim for d:~m:~ec~, H~,rrowcr L-ul. 1~+ rr~~~nd tr 1 cndcr H•ilhin 20 day~ altcr Ihr dalc tuch nMicc ic
m.i~lyd. Lrnikr i~ au~hori~cd to rnllrc~ and ,~~iy ~hc p~~ccrdc ~t 1 enJcr'a optic-n. cilher to restoration or repair of the
Pm~xm ~r 1~~ Ihc ~um..rrunKl h~ Ihi~ 111or1c:~~,~
llnlrc. I cnJrr and Bo~n~~c~ othrrwi.r ~grcc in ~~ritine. any curh applir:~tion of prcxccJc to prinrip:d chall n~t cxtcnd
~~r ~x.~l~me ~hc due ~iate of Ihe monlhl~• inslallmrnlc re(erreJ ~o in parag~aphc 1 and 2 hereof or change the amounl of
~uch inclaUmrntc.
10. Borrovrer Not Rekaced. Ft~enci~n of Ihe time for paymem or modification of amor~i~ation ~f the sums ucured
hy ~h~. 111urlEagc eranled hy 1 c~uler ~~~ am• ~urce«<~r in in~rre.t m Borrower ~hall not ~perate ~o release. in any ma~ner,
Ihr li:~biliiv ~~f Ihc i~ricin:~l Barmwcr and 8~~rmwcr'c cu.•rrcuac in intrrccl. 1 cndcr ~hall nM hc rcq~~ircd t~ commence
~,~~~rr~lin~. a~;am~l cuch wrrc.a~r or re(ucc t~, eucn~l limc f~u paymrnl ~~r othcrv-•i~c madi(y amortiiali~n of Ihc sums
~ccurrd h~ thi. 111~~r~ca~c h~~ rcaci.n ~.f .,n~• dcmand madr h~~ ~hc ~•rieinal I~orn~wcr and Ri~rruwer's Succcc~~rc in inttrect
I I. Furbcaranre b~• I.cnder Not a~~'ai~cr. •~ny~ (~~rlxar;~ncc h~- 1 cndcr in c~crcicin~; any riFhl or rcmcdy hcrcundcr, or
~~Ihcn~~~~~ .~IT~.rdrd h~• :~p~lic:ihlc I:~w~_ ~hall n~~t Ik a w.~ivrr ~d ~~r prccludc IhC c~crcitc ~~~ anV ~uch tight nr rtmedy.
"Ihr p~~ku~rmcnl af in.uranrc or Ihe pa~•mr~u i,f tatic. ~~r ~~~hcr licnc ~+r char~;rc hv 1 cndrr .hall nM hc a waiver of I.ender's
riFhi ~~, ar.rlrr.i~~ ~hr maturit}• i~f thr ~ndrh~cdnr« .rcurrd hv thi. A1ort~:a~;r
12. Remedie+ ('umulali~•e. All rcmc~lic~ rm~ idril ~n th~c 11~,r~Fagc ~rc didinrl and cumulalivc t~~ any othcr ri~ht ~r
rcmrJc undrr Ihi, 111~~rt~a~.r ar alT~~rJrd hv I:~N~ ~~r ~yui~~•. .~nJ m.~~~ ~x c~crr~~r~l cancurrrnlh•. indc~xndrntly or succ«civcl}'
13. Suceeccorc ~nd :~~siRna Ao~~od: Juint and Sereral I.iabilih: ('ap~ionc. "fh~ c~-venan~c and aFrremenl~ herein
~ontau~cJ ~haU hin~l. and th~ ri~h~~ hrreundcr .hall imnc 1~~_ Ihr rr.~xr~u~•c ~ucrc.~ar~ anJ a~tiignc ~~f 1 cndcr and Rorrower.
wbjccl lo thr pmvi~i~~n~ ~~( patagraph 17 hcrrof r~ll ca~~~n.~nh ai~J •aKrcemcntc ~,f Borrow~cr ~ hall hc joinl and ct~~cral.
Thi raptium .~n~l hcading~ of thc par:~g~aphc ~.f thic A1~ng.~gr arc tor a~nvcnicnrc only and arc not to bc used to
~ntcrprc~ or dcfinc Ihc ~mvici~~nc hcreof.
14. \Mice. Fxrepl (~~r any nolire reyuired unJ~r applicahle law t~~ be given in anothe~~ ma~ner. (al any notict to
Rana~~~r pru~;drd f~~r m Ihi~ ?1fo~t~acc ~hall tx gi.~rn hc mailin~; ~uch noticc by ccrtificd m~il aJdre..cJ t~ Borrou•er at
thc PruE•crty AJdrc.. ~.r a~ wch o~hcr a~ldrr.. :~~ B~~rr~-wrr m:~~• Jc~igna~r bv n~~ticr ~~~ I cndcr ac pravidcd hcrcin. and
fhl am n~,licr h~ 1 rn~lcr ,hall hr ~;~~~cn h~ ccilifkd m:~il. rr~urn rerc~~~ rcyucc~cd. a, 1~nJcr'~ 'rddrecc statcd hercin or Io
wch ~Hhc~ atlJr~cc .~s 1 rndrr m.~y dr~iknate b~ nalirr h~ f~~~rruHCr ac pmvidcd hcrrm. Any nnli~c pr~~vidcd (or in thic
M„r~g.sgc ~h:dl 1.~ dcrmrd a• h:~.•c brcn ~:rvcn li~ Ii~~rr~~Krr ~~r 1 rndcr~whcn F~~•rn in thc manncr dc~i~n:~tcd hcrcin.
IS. I'nifurm Murt~;:~~c: (;ovrrnin~ I.•rw; Se~rrabilil~. (ln. I~~~~n ul m~rtE:~cc ~omhincc uniform a~vcu:~n1~ f~~r nali~~na1
u~r anJ n~•n upiG•nn c~~~cn:uih with limilr~l ranau.,n. I,~ jun.~hr~i~.n 1~~ i~,nclihilc a un+f~,rm arci~nlv imlrumcnl a~vcrinF
r~:~l pro~xr~~~ Thi~ Murt~.~~c ~hall Ix g~~~crnrd h~• Ihr 1.~w ~~f Ih~ ~uri~Jic~n~n ~n wl-irh Ihr Pm~kt1-• i~ I~.ratrd In thc
r~~cnl ih:~~ ~n~• pn-v~vun ~,r clau.~ o( thi~ ~1c,tlga~~ i~r Ihr N~~Ir c~,ntli~l~ ~~ilh ap~lirahlc IJK'. SUl'FI cimlli~t ~h~t) nM aBcct
~ahcr_pr~~~~.i~m, af thi~ ;1lurlg~kc ur Ihr N~Hr wh~ih ~.u~ Ix ~~~~n ~ITc~1 wilh~~u1 Ihc canllic~ing pr~wicit~n. and lo this
cnJ thr p~~~vi.iun~ o( Ih~ A1~~rlgagC :~nJ Ihr 1i~~1~ at~ J~cl:ucd li~ F-c uv~rahlc.
16. Borrower's ('op~. Borro~.~rr ~hall be furn~.hed ~ con(~~rm~J c~py o( the Note and of Ihia Morlgage at Iht timt
uf eticcuti~~n ~~r aflr~ rr.~~rd:itiun hcreof. •
17. Trancfer of Ihe Pr~~ptN~; A~cmnption. If all ~~r a~i~~ par~ of ~he ('mperty i~r an interest ~herein ic s~ld or trancferred
h~~ Rixtowrr wilhuut I.rndcr's privr w•riurn con~cnl. c~cluding 1:~1 ~hc crcati~n ~~f :~ licn or cncumhrai-cc sulx~rJinate ta
thie Mor~gage. Ih1 ~he crea~ion o( a p~ucha~c money ~ecuriiy~ inleresl (rn c~~u~eh~~IJ appli:~ncec. Irl ~ Iran~ter by ~evise.
~Ir~ccnt ~~r hy i,~ralion o/ I:~w upon ~hc Jca~h ~•( :~ ju~nl trn:~n1 nr 1~11 Ihc grant of :~ny Ic:~srh~dd interect i~f thrrc ycars or Iccc
nu~ cunlaining an up~iun tn purchacc. I cndcr may~. a~ 1 rnJcr'~ ~,ption. dcclarc all ~hc cumc ~ccurcd hy Ihis Mortgagt to bc
~nnnc.6alel~~ due and payahle. 1 rnJer chal! h•rve wai~•rJ .urh ~~piian ~o ~cceler.~te ~f. prior to Ihe ~ale or trancfer. 1_ender
an~l th~ ~xru.n to whum Ihc Propcrtp i~ ta bc sol~l c.r lranclcrrcJ rcarh agrccment m wndng Ihil Ihc crcJit of tuch pcrson
i~ s:Ni~factury 1~ I.cnJrr a
}~,f~( If I cndcr has waiveJ ~hc opti~~n ~o accrlrr.~~r pn-viJcd in thic paraFraph 17, and if Rorrowcr's cucccssor in
imrrr.l h~. cccculcJ a wrillcn as~umption agrccmcnl acccplyd in writing by (.cndcr, 1 cndcr chall rclcace Bc~rrowcr (rom all
~~bligatic.ns undcr Ihic Alortgage and Ihc Notc.
If I enJer etcrci~rs wrh ~~ption tu arcclera~e. 1 enJer ,h:dl mail B~~rrower ni~~ire ~~f acceleration in accordance with
paragr~ph 14 hcrc~~f. Such nuticc ~hall proviJc a~xri~xl af n~.t Ics~ Ihan i0 d•ayt frnm Ihc datc Ihc noticc ic mailed wi~hin
..huh Hc~rtaw•cr ma~• pa~• Ihc ~um~ dcrlereil duc I( flarn.~cr Luk ~o pa~• such ~umc prior to thc c~pirali~n of ~uch pctiocl,
I enJer may, wi~huul (urthcr notice ~~r demand ~n Horruw•rr. u~v~ke any rrmedies permil~ed hy paragraph IR hereof.
NON-~]NIfURA1 C'ovFNANTt B~rrov-•cr and 1 endcr fur~hcr covenam and agrce as follows:
18. Acceleratian: Itemedic~. fsxcepl as proaided in p~r~Rraph 17 hereof. upon Bor~ower's breach o( any coventnl or
aRrrement of Rorro~re~ in Ihi~ ~1nrlRa~e, includinR Ihe c~nenanl~ lo psy Mhen doe any sumc ucured by Ibic INorIRaRe. I.ender
pri~-r lo acceleral~on +hall n~ail nalice lo Born~~+cr a~ pro~ided in paraRraph la herenf specityinR: (1) Ihe bresch; (211he action
required to cure such b~each; ~3) a d~le. not less Ihan 30 da~s from the date Ihe nolice is mailed to Borrower. by which such
breach must be cu~ed: and (4) Ihal failurt to cnre cuch breach on or betore Ihe date speei6ed in Ihe noliet m~y rault in
acceleratian of tfie cums cecured by Ihi~ ~tort~aRe. toreclocure b~• judicial procetdinR and sale of Ihe Property. Tht nolice
~hall further inform Rorrower of Ihe ri~h/ to reimlate afler acceleralion ~nd Ihe riRhl lo acserl in the foreclosurt proceedinR
thc non-e~i~tence of a Aefaull or anti• other de(eoa of Rnrr~-wer to acceleralion and toreclusure. If Ihe breach ic not cured on
or before Ihe dafe ~peciticd in Ihe nolice, I.ender at I.ender'c oplion m~y declare all of Ihe cumc secured by lhic MortRs~t to be
immedialely d~~e aod pa~ablc wilhi-~d furlher dem~nd ~nd ma~ (orecl~nt Ibi~ Mo~IRaRe by judirial proceedin~. I.ender ~hnll
ix entilled /n colleet in ~uch pruceedinR all eapen~e~ of fore~ I~~~ure. inciudinR. bul nut li~niled lo~ re~w~n~ble Nlurner's tees.
~nd cosls of documeolar}• evidence. ahslracls ~nd litle reQorls.
19. Borrowe~'s RiRhl lo Reinslale. Nolwithtlandmg I en~ler i acceleration of the :sumc cecureJ by this Mort6age.
Borrower shall have Ihe right to have any p~cxeedings heg:in h: I cnJer ~o enforce thic Morlgage discontinued at any lime
' r,K~4~ pas~ ~~~~
Bfl~K