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HomeMy WebLinkAbout1815 I rn.lr~'. ~~nlirn a~re~m~nt ~~r .~~,~,li..~t,l~ L~~~ li~~rr~~~~r~ ~h:~ll ~~a~ ~hr am~~unt ,~f .~II m~~rt~;.~~r in.ui.~n.c prriniuni. u- 1hr ~ii.~nnrr pr~~~idr~l uml~r ~~at.i~raph ? hcreut :~m :~~ii~,unh ~ii.hunr~l h~~ I inJrr pu~.u.~nt t~~ thi. ~~.~r.~ci.~~~h ?. ~~uh in~rrr~t ihrrr~~n. .h:~ll tk~umr addni~,nal in.lrhrr~inr.. ~~t li~~rr~~~~a•r ururr~l h~ th~. ~1~~nc.~Lr l'nir.. R~~i~~~~~r~ .~n.f 1 r~~Jrr .~crrr t,~ ~,Ihri ~cnm ~~1 ~Z:~~~m~•nt. wrh am~~un~..h,~li t.~ {~a~•aMr ~y,.~n nt~ti:r inan ( rndrr t~~ R~~rr.,~~rr ~~yu~•.~in~~ ~,.~~mrnt ihrrr,~t. .in~1 .h.~ll t.r.ir in1.•rr~l fmm thc ~I.Ur ~~I ~ii.hur.~mrnt :it Ih~ c.Ur (+:~t':~hlr (n,tn limr ti~ I~m~ ~fn ~.~il.tancline prin~ip:~) undcr tltr \~~tr unk~~ pa~•ment ~i intcr~.t :~t curh r:~tr ~~~~uhl F+~ r~~ntr:~n 1~~ :~ppl~~ahlr 1.~.~. ~n ~~h;:h r~rnt .u~h am~,untc ~h:~ll F-~:ir inlcrr~t :~t Ihr hiehc~t ratc ~xrmiccihlr und~r :~~~~~li::~hl~ I:~>>. ~~~thin~ r~~nt:~incd in ~hi. p.~~:iRr:~rh 7.hall rryuirc I rndcr t~, incur :im r~~xn.c ~r takc .nw a~tion hrrrundcr. R. In~pcclion. 1 cn~lcr ma~~ m.~{.r ~•r:au.c tn t+r in:idc rr:~tiwi:~M~' cntric. u~wn :~nd im~:~i~~n. ~~t ~hc Pr~~p.rt~•. pr~,~•i~1c~l Ihal 1 rndrr ~hall ~i~c R~~rruwrr n~~u~r ~ri~~~ tu am ,u~h in.~x:ti~~n .{.rc~l~ing rrac.mabk ~au:r Ihrrrh~r r~latrd 1~~ I rndcr'~ intrr~~t in Ihr Pr~~~rt~- 9. ('nndcmnalion. Thc pr~~ecd. ~,f am• :n~ard ur :I:-im fi~r damaLC~. ~lircct ~~r c~~n.ryurnti:~l. in r~~nncrli~•n ~~ith am• rondcmna~i~~n ~~r uthrr t:~kinc uf thr I'r.,prm•. ~•r part Ihcrr~~f. ~~r far r~~mrv:~nrc in liru ~~( c~~ndcmnatu,n. :~rr h~rch~• ;~..icncd an.! .h:dl F•~ ~aid ta Lcndcr. . In Ihr ~~•~nt ~~f :~ t~~t:~l tal.ine .~f thc Pr~~~rtt•. Ihr (+r~,cc«Ic ~hall Fk :~~~~~lic~1 t~• thc :unt~ .rrivrd M• thi. \1~,rtc:~cr. ~~ilh thc r~rr.e. if am•• p:~id a. R~•rr~~~~rr. In thr c~•rnl ~~( a ~.~rlial t:i{.inc ~~f thr Pm~+crl~•. ~inlr.. R~~rr~•~~rr ancl 1 cndcr ~~thcn~i.r a~r~r in ~~ritin~•. Ihrr~ ~h:~ll Fk appli~d t~, Ihr ~um~ .rrurrJ h~• thi. \1~•n~:~t~ .urh rr~.r~~r~i~~n ~~f thr prcw~ed~ ac i~ eyu.it t~, that pr.~~~rti~~n -.hirh thr am~~~mt ot thr ~unt~ .r:~ir~d h~ thi. \I~~rte:iLr immrdi:il~lc ~ri~~r t~~ thc datc ~f t~king txan t~~ th~ fair markrt ~•alur ~-f Ih~ Pru~xr[t intm~di:~trh• ~ri~,r to thr ~L~tc ~~f r,~~,inc. •~i~h ~hc hal:~n~c ~,f ~hr pro.-cr.l~ paid 1.• Rorri•w•cr. If Ihc An.pcrt~• i.:~handrnic~l F~~ Bnrn+~~rr. ~~r if. :~fter ~ntirr h~• I rnd~•r tn R~~rn~~~rr that th~ cond~mnc~r ~~(Tcrt tc- makc :~n :~u~ard ~~r ~etllr a claim f«r JamaL~•. B~•rri~~~•cr fail. h, rr,{~~m1 t~~ I in~lrr ~~ithin ZIl it:i~, :~f~ir ~hr .L~tr .~iih ni+ti~c ie mailcd. I.rndcr iti :-uthc-rir~d ~o rull~rt and appl~• thr pnKrcd~. .~t I cndrr'. .~~ti„n. rilhcr ti~ rc~toratii~n~~,r rcpair of thc Pro~xn) c•r to ~hc cum..r:urrd h~~ thi. ~1orlLa,~c. l:nlcs. i cn~kr ~nd B~•rr~~~~~r othcn~•i.r agrer in ~~ritin.~. am .is~h :~~~•ti::~ti„n ~•f pr~k•rcd~ ta princi~•.~l .h:ill nnt c~tcnd or Ex.~t~x~nc ~hr du~ datc ~~f th~ m~~nthl~ inctallmrnh rcfcrrnJ tu in ~,:ua~r,~~~h. 1:u~d '_ hcn~,l ~~r ch:ur_c th~ am~,~int ~~f .uch ir..tallmcnt~. 1~. Bo•roN•er ~ot Rcle~scd. 1'rtcnsion of thc ~imc f~~r p;~~~mcnt ~~r mrdifi::itinn ~~f amnrtiza~i~~n ~~f thr ,um. ~rcurcd h~' thi~ ~1~~rt:ae~ gr.~ntcd h~• 1 rn.lrr t~~ ~nc ~urccceur in intrr~.t af Bc.rm~~rr ~h:~ll ncu ~~~r:u~ t~, rel~atc. in am• m:~nncr. thc liahilit~ af thc oriein.~l Rarn,~~c~ :~nd Rrr~~iw•rr'. su.~r..~•r. in int~rc;t. I rmicr ~hall m~t hc rr~~uirr~l tr r.,mmencc pr~x~cdini. againct wch ~urrc.~„r ~~r rcfu.~ t~- ~~tcn.l timr for pa~•mrnt ~~r othcn-i.~ muJih• am~~rtirati~~n ~~I ~hr sums ~ccurrd h~• Ihi~ Mortgagc h~~ r~a.~~n ~~f am• ilcm:~nd m:~dr h~ th~ ~~rieinal B~uru~crr .~nd R~~rr~nrcr't ~ni~r..~.r. in intcrcet. ll. Forbearance b}• Lender \nt :~ N'ai~~er. :1m f~,rFxara~-c~ M I rnder in r~e~.i~im, am• riLht ur remrd~• hcrrnndcr. ~~r ~~thrrw~i.c afT„rdcJ h~ applicaMc I::w~. .h:~ll n„t txx a wai~~r ~~t ~~r prcrludc th~ c~crci.r uf am- .uch ritht ~~r rcmcd~~- Thc ~rckurrmrnt ~•f imuranrc ~~r thc ~:n•mr~~t uf ~:~~r: ~~r ~.thrr lirm ~~r rhar~r~ h~• 1 cndcr .hall n~t tx :~ ti~.~i~•rr ~~f I cn~lcr'~ right tr a~:clrrat~ ~hc man~ritc uf thr indcht~dne...~:urrd h~ thi. ~lurteac~. 12. Remcdicc ('umulali~•r. All rcmc.iir. pm~i.ird in thi. \1~~rtiace :irr ~li,tin.t :ind cumul;~ti~•r t~~ :~m ~~thrr rieht c~r r~mc~h• undrr ~hi~ !11~~r1,•:~zr ~~r atT~~rdt~l hc 1:-~~ ur ryui~~. .m.i m.~~ Fx r~rrci~r~i r~,ncurrcnlh. indcp~ndcntl~ ~•r .~~:i~.+ivcl~. li. Succcticon and :~*~iknc B~~und; Joint and tie~rral I.iabilit~; ('aplions. Thc r~~~~i~antti and :~Lrrrinrnt. h~rcin coniain~.l tihall i.in.l. and th~ riehl~ hercut~dcr ,h:Jl inurr t~~. Ih~ rr~~xcti~c ~u:cc.~.~n a~iJ a.~ign~ ~~f Lcn~lr~ .~n~! R~~rro~~cr. ~uhj«t I~~ th~ prr~~i.i~,n. i~f parakn~ph 17 hcrc~~f. :VI ~~ic~n:~nt~ :~ml .~krcrmrnh ~~f Bnrri~~~ir tih:~ll Ix I~~~nt .~nd ~c~•er:~l. Thc raptiun, :mJ hcaJinc. ~•( thr r:sr.~~r:irh~ ~f thi~ ~i~•rt,.~,,r :irr f„r a,m~rmcnrc ~~nh• :~n~l ar~ n~~t t.~ Fk ~~~cd to inl~rrr~t i~r dcfin~ th~ pr~~~i~i~~n~ hcrc~,f. _ . _ 14. \oticr. E~~c~t fa~ am• nolicc reyuirrd un~icr ap~~li~:iM~ I:tt~ t~~ h~ tivrn in an~~th~r manncr. f;u ;in~• n~~tirc to B~~rr~~wrr pr~~.•id~d fur in thi~ ~1ortLaec .hal) tx gi~~rn h~ m:iilim~ .urh rn~tir~ h~ crrtificd m:~il :~~drr~.~d t~~ Ri•rr<,acr at thr Prr~xrt~~ A~1drr.. ~,r at .urh uthcr :~ddrc.. as B~~rr,,~~rr m,i~ ~!~.i~•netr M m~~i~e t~, I rn~hr ac pr.~~•i.k.i hcr~in. and (h1 am m,lirr t~~ 1 rn~fer ,h:ill tx gi~rn h~ crnifir~l m:~il. rrturn rrrri~~t rryu~.lr.f. n~ I cn.lrr'. ad+lrc~c titatrd hcrcin ~r to .uch ~~thrr addr~~. a~ l.rndrr ma~ dreiknah b~~ n~•ti_~ ~~• K~~rn•~~rr a~ {•m~i~ir.l hcr~in. :~m• n~,tiir pr~n•idcJ fur in thic ~turtca~r .hall Fx dcrmrd t~. h;~.c t+~cn Li~~n t~• R~•rr~~~~rr ~+r 1 cnJrr ~.hrn L~•~n in thr manncr dc~ienatrd h~rrin. 15. l~niform ~lonkakr: Go~•crnin~ I.aN: Sc~crabilih. ~1 hi, t~~rm ut m~~rt,•:~~_~ .~lmhinr~ unitorm c~~~~~nant. f~~r n:~ti~~nai u~c an~l n~~n-unif~.rm r~.~rnant~ ~~ith limitr~l ~:iri:iti~•n: h~ ~nr~.~l~:u,,n t,, .~a~.tnut~ a unil~~rm cc.nru~- in~trnmcnt ~c~~~crin~ real pm~xn~. Thi.. ~turti:~LC tifiall Fk c~~~rrncd M thr L~~~ ~•f th~ iuri..ii:t~~~n ~n uhi:h thr Pm(krl~• i. I~+iat~d. In thc c~~cnt that am ~r~.vi~i~~n ~•r clau~r ~~f thi. ~t~rt!,a~t .~r thr \.,tr :~~ntli:t. ~.~ith :~~~li:.~hlc I:iw. ,n.•h r~,nfliri .h:~ll n~•t atTect ~~thir ~r~,~i~i„n. ~~f thi~ ~1~,rte:~,'r ~~r Ih~ \~~tr ~~h~rh ran h~ ~•nrn ~ITr~t ~~+~h„nt Ihc ~~~ntli.tini ~rmi.i~~n. :md tc~ thtc ~n~l thr pro~i~i~,nti c~( thr \1i~r[zaz~ :ut~l Ilt~ \iHi arr ~ir:l.~rcd Ir Fti .~cCr:~hlr 16. Borrower's Cup~. Rorr.~nrr .h.~ll h~ fi~rni.h~J .~ :~~nt~~nnrJ ~;~~,c ~~t thc \,~Ir .~n~! ~,f thi. 11~.rtg:~g~ :~t thc limc ~~f c~rcution ~~r aft~r rrr~,rd:itic~n hrrr~~f. 17. Trancfcr of thc Properfy; A«umplion. If alf ~~r :~n~ E~,~rt ~•f thr Pr~~~-rrt~• ~.r an intcrc~t tfi~rcin i, ,~~W ~~r tran~fcrred h~~ B~~rr~,wrr ~~ith~~ut I.rnd~r'ti pri~,r ~~ri~trn ~~~n.rnt. r~.luJim• i.~~ thr crr:iti~.n itif :~ lirn ~.r ~ncumhran.•r tiuF~.r.linatc ti~ thi. M~•rtg;igc. Ih- thr rrcatiun uf a rur~i~:i.r iw~nr~ .rc~irit~ intrrr,t f~~r h~+u,rhrl~l :~~ri~anr~ti. (r- :i tran~(~r F.~• dc~•ise. Jc,~cnt or M• ~~prration ~.f L~~~ up~~n Ihr J~:~th ~~t .~ j~~int trn:int ~~r I~Ir thc ~ran~ ~~f em Ira~chi~ld intcrtst ~,1 thrcc crarc or Ic« not c~~nt:~inin~ :~n ~pli~~n t~~ ~~irchacr. I rnilrr m:~~. .~t I rn.lrr'. ~~~•ti„n. dr~l:ur :~II thr tium, ~c~ur~d h~~ ~his ~1arlgagc to I+c imnt~~iiatcl~• duc :~nd pa~~:~Mr I rndcr .h:~ll h:i~~ ...u~rd •ii:h ~,pU~m t~~ :~ci~lrr:~t~ if. ~ri„r t~• the .:~h i,r tran~fcr. L~ndcr .~n~l the ~xr~~~n t~. ~chnm thr Pr~~~xrl) i~ t~~ Fx `~d~i ~~r tr.in,trrrcd rra.h ,~~•nrmrnt in writinc that the rredit i•f .urh pen~~n i. sati~fa:ton~ t~~ Lcn~lrr :uid th:~t thr +mrr..t ra~:~hlc ~~n thr ,um..r~nrrd h~ thi. ~ti~rtzakr shall bc at such ratc a~ Lcnder ~h:~ll rryoc.t. If 1 cndcr hac waie~d thc ~~~+ti~~n Ii~ a~crlrr.~t~ rm~iditl in thi~ p:~r:~~raph 17. and if B~rmw•rr'~ w~cescnr in intcrc~t ha. c~ccutcd a~~rittcn :~scumpu~~n .~crtrmem a.:c~trd in ~.ritin~ h~• t rndcr. I cndcr tihall rclcac~: Bormwcr fram all .~blikati~~n. undcr this !11i~rtca~c and Ihc'.`~~tc. If 1 cndcr t~erciu. wch upti~.n t~~ a~:rlrr.~tr_ I rn,l~r .h.~ll mai! B~•rra.+cr nu!ice ~,f arcclcrati~~n in :~:rordancc ~rith p:u~graph 14 hcrc~f. Surh nuticc .h:~ll ~.r~.vidr .~ riri~~J ~~I n~n k~. th:m ~n ~la~~ fmm thr datc thc ~oticc ic mailcd w~ithin ~~hich R~,rr~~wrr m:-~ ~:~~ Ihc.umti ~c~l.~rr~l ~lur It B~~n~».cr I.~il~ r~, p:~~ ~~r~h ~nm. pri~•r t~• thc r~piratii~n r( :urh ~xricxl. I_cnJ~r m.~~~. ~~ithaut (urther nrticr ~•r.lrm:ind ~~n li~~rr~~~+rr. im~~~F.r :im rrmcdics ~rmrttc~f hc paragraph l~i hcrcof. ~io~-livlfortrt (~ovF.~~~-rs. B~~rrowcr and I rnJcr tur~hcr c~,vcnant and agrcc as follows: 18. Acceleration; Remedies. Fxcept as pro~ ided in para~rapM 17 hereoi. upon Borrow•er'c breach of an~ co~•enant or aRreement of Borro~ser in this ~tort~;aRe, includinR the co~enants to pa~ when due am- sums secured by this Mort~a~;e. I.endtr prior to acceleralion shall mail notice to Bortower ac pro~•ided in para~raph 14 hereof specifpin~: (1) the breach; (2) the action required fo cure such breach; (3) a date. not 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 cuch breach on or beiore the date speci6ed in the notice may result in acceleration of the sums secured by Ihiti 11or1Ra~e, foreclocure by~ judicial proceedinR and sale of the Property. 'Ibe notice shall further inform Borrower of the riRht to reinstate afler acceleration and the riRht fo atsert in fhe foreclosure proceeding the non•existence of a default or an}• other defense of Borrower fo acceleration and foreclosurc. If the breach is not cored on or before the date specified in the notice. I.ender at I.ender's option ma~• declart all of the sums secured 6y this MortRa~t to 6e immediately dut and payable without further demand and may foreclose thic ~tortRa~e by judicial proceedin~. Lender shall be entitled to collect in such proceedinR all expenses of foreclosure, inrludin~. but not limited to. reasonable atlorney's fees. and costs of docamentary e~idence. abstractc and title reports. ~ 19. $onower's RiRht to Reinstale. Notw•ith~tanding 1_ender'c acceleraticm of the sumc cecured by th~s Mortgage. Borrower shall have the right to have :+m prcxeeJini, Fxgun h~~ Lender to enfc~rce thi, Mortgage discontinueJ at an)~ time ~ ~ ~ _ _ ._ .. _~.._ _ __ _ ~ . __ -. . ~ ~ .__ _ : ~o~K34fi P~~F1~.~ ~: