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HomeMy WebLinkAbout1834~' ~ . ! •j~ . t a .~,~ I rn.lrr'~ ~~nUrn as;rcrnt~nl ur ;~pph..~htc 1:~~~ liar~uH~r ~hall pa~ Ihr anwunt ~~f all nu~~1~;.iLr in.ur.~m~ prrmium~ ~n thr m.utnrr rr~,vi~lr.l undrr ~-ara~taph ? hrrcu~. :~m' am~~iitit~ ~li~hursr~l b~' I~nJir ~~ui~u.~nl t~~ ~hi. p.~r.~~~:i~~h +. ~~i~h inlrrt~~t Ihrre~m. ~h:~ll 1-~C~QiC' :~dditii~~-;{~ III~~ih~t~~I1C~~ ~~1 ~{~~ffi~N~f ~CiUfl'~~ h\'- 1~11~ ~~~~flldl~ ~~tl~l'~~ ~~~+~f~~\~t'f .111~~ ~ Cp~~Cf .1_fCi' li~ ~N~hl Il`ffTC (~f ~a)•mrnt. ,uch am~~iinl..hall 1.~ {~:nahlr ii{•un nt~ti:r fr„m 1 en~l~t t~~ B„rr~,~~r~ r~•~~ur.lint {~,~~mr~~t Ihr~r.~l. :~nJ .h.~ll !x•.i~ inlrr~.t fn~m Ihc ~i.,tr ~•f ~Ii.hur.~mciH :N Ihr r.~tr ~~.~~.~hlr (r~,m tim~ t~~ ~im~ ~~n ~-ul~~:mdine piin:ip:~l unilcr ihr \~.~~ unlr.. ~~a}•ment of intrrr~~ at wrh r.~tr ~~aulJ FK c~~ntr:tr~ t~• a~•F~li.ablr la~~. in ~~hi:h r~•rn~ w~h am~,untc ~h:~ll Fk:~r intrrc.~ :i~ th~ hiehr~t ratc ~krmicciMr un~lrr ap~lirahl~ la~~. N,•thinE c~~ntaincd in thi~ para~raph 7.hall rryuir~ I cndcr tu incur am• r~~xmc or takc .u~~• zrtion hcrcundcr. R. Inc~xctioo. 1 cn~l~r ma~ m.~{.r ~~r i.iu.~ to F+r m:idr r~a.~,naMr cnlric. iip.~n :~nd inc~xcti~~n~ ~•f thc Pr~.~xrty. pr~~•i~lcil tha~ 1 rn~k~ ~hall gi~r Burr~~~~~~r n~~ti~~c pri~~r t~. an~• ~u~h in~~x:ti~,n yxcif~•in-: r~.~.~~nablr ~aucc thcrcfur rclatrd ti~ I endrr's inhr«I in Ih~ Pn~~krt~~. 9. ('ondcmnali~~n. Th~ pna~ccch ~~f am• :~~~ard ~a rlaim fi-r ~lam:ic~.. .lircct ~~~r r~~n.rqucnlial. in ri~nnccti„n ~~•ith :~m• :undemnati~+n ~v i~th~ r takine ~,f th~ P~.~~xnt•. ~,r pan ~hrrr~•f. ~-r f~~r cui~~~rrancr in liru of r~,ndcmnati~•n. :irr h~rch~• :~c.i~nrd .~n~l .h:~ll F+~ paid a• 1 cndc~. , ~ In Ih~ c~•~nt ~~f :- I~~tal t:~{.ine ~~f ~h~ Pr~.~xr~~•, th~ pnk•rr.ls ~hall hc :i~~lir~l t~• ~hc a~me ~rc~ir~d h~• Ihi. ~t.~rtga~c. ~~ith thc c~~~.c. if an~•. r:~id ~~~ Rorn~~~~rr In Ihc rvrnt ~~f a p:~rtial ta{,inc ~•f thc Pr~~pcrt~~. nnlc.. Rnrr~~ti~cr :md 1 endcr uthcn~i.r a~rcr i~~ wriun~•. th~m .hall Fx applicd t~, th~ wm~ .ecurcJ M thi. \1~~rtL:~tr .~~h. r«~x-rti~in ~~f th~ pn~eedc ac i~ eyual t~. Ihat pr~~~x~rti.~n ~~hich thr an~uunt o( thr .um. .~:ur~d h~ thiti \t~~rt~:~ec immrdiitcl~• ~ric,r t~~ th~ datc of taking Fxan ti, thr fai~ markct ~~lu~ af thc Pru~xrt~• imnir.li:~trl~~ pri~,r t~~ thc .latc af r.~lin~.•~ith ~hc hal:uir~ ~~f thr prcx~c.lti paid a. Bormw•cr. - If thc Pn~pert~• i. ah;~nd~ned h~~ Ai~rr~.~~cr. ~~r if. ;~fter n~•ti<< h~ I cnd~ r t~~ R~~rr.~~~~rr that thc c~ndemnc~r ~~tTcr~ to make .in :~w:~rd i~r ~e~U~ a cl~im f~~r ~Luti:~,~~~. Burri~~v~r f;~il. t„ rr.~x~nd t~~ I cndcr ~~ithin i(~ ila~. :iftrr tfir ~1:~t~ .uih n,~~i~c i~ m.~ilcd. l.rndcr i~ authorind to cc,llrct and appl~~ thc pn•c~~d~. ~t I cndc~'. ~•rti„n. rithcr ti• rcctorati~~n ~•r rc~air of thc Pro~xnl ~•r t~~ thc cum. ~~~urrd M• thi, ~torteaec. l'nl~s, LcnJcr and Borr~n~rr othrn~•i.r agrcc in ~~ritin~~. :~m .u.•h a~,rli:.i~i~~n rf prc~rccd~ t~, ~rin:ir.~l .h:~ll m,t r~~cnd ~,r ~x~~lp:;nc thc duc Jatc ~~I th~ moMhl)• inst:illm~nt. rcfcrr.d ti. in ~,:~racra~•h. 1 and ? hcrc~~f „r rhan,c th~ ami•iint ~~f .urh in.tallmen~~. 10. Borro~+er Vot Released. 1?~ten~ion ~.f the time f~~r p~~mrnt i~r m~~iific.~ti~~n ~~f :~m~~rtirati~n ~f the ~nm. ~rcure~l hy thi, ~I~~rtga~~ tir:+nt~~l h~• I cnJcr t~• am• ~urcc~~ur in int.rr.t ~~f R~•rro~~cr .h:ill n~a .i~xratr to rcl~:~~c. in am• m:inncr. thc liahitit~• ~~f thr original Borr~,~~cr and Rrrmw•rr'. cu~cr..rr. in inlrrc~t. 1 rndcr ~hall ni~t F.c rryuirrJ t~• c~,mmcncc ~n•:cc.linz. ar:ainct .uch wccc~a~.r or rcfu~c t~, c~trn.l ~imr f~.r p~ymrnt ~~r i,thcn~i.r m~•clii~• am~~rtiiatiun ~.f thr sumc .c~urrJ hv Ihi~ 111~~ngagc h~• rca.~~n of :im~ dcmand madr h~~ thr ~~rieinal Born•~~•rr :md 13~,rr~n~•rr'+ ,uc.r..~.r~ in intcrc~t. I1. Forbearance b~~ l.ender ~o! a~Yai~er. .~m G~rFk:~r.~n;. h~ I rndrr in c~cr~i.inL .~m• ri~,ht ~~r rrmrJ~• hrrc~m~lcr. ~~r ~ah~rH•i~~ afT~,rdcd M~ applirahlc (a~~•. ~hall n~~t Fk a w:~i~cr ~•1 ~•r preclude thr ~~crcice .•f am~ wch rieht ~•r rcmed~'- ~Thr prckurcmcnt i~f imuranic ~~r Ihc ~a~•mcnt ~~f ta~r. ~~r ~+thcr lirm ~•- rharLrc h~~ I rndcr .h:ill nc~t Fx :i ~~:~~~•rr ~~f 1 cndcr ~ ri~ht tu acc~lrr:rt~ ~hc malurit~~ ~.f thr indch~.dnc~~ .r_ureJ h~~ thi. \i~,nLa~•c. 12. Rcmcdiec ('umulati~•e. AII rcmc~ii« rr~~~idcd.i~~ Ihi. \1~,rt,,:~e~ arr ~li,tinc! and riimulati~~r t~. .~m- ~•thrr ritM „r rcm«h• undir Ihi, ~1~~nL:~er ~,r :dTrrd«I l.c 1:~~~ ~~r ryuin. .~n~i ma~ Fx r~crci,~J c.~ncurrrntl~~. ind~~ndcnlh ~~r u~.•rr~.i~~~tc. 11. Succe~tion •rnd A~siRm Buund: Joint and Sr~errl I.i~bility: ('aplion+. "Thr c~.~~rnantti anJ aLr.rmrnt. hrrein «,ntain~J ~hall hinil. :~nd th~ riehtti hcrcundcr .hall in~ur t~~. th~ rc~~xcli~~c ~u~cr..orti and a~~ign~ i,f 1 ~n.trr .~nJ Bi,rr~~~~cr. .~iblecl to thc pmci.i~~n~ ~~f rar.~gr.~ph t7 hrre~,i. :111 ~o~~n:ml. an.l azr~rmrnt, ~~f Bixr~~«~r tihal! h~ I„ini .ind ~e~eral. Thc r,i~ti~+n. ~an.1 hca~iini. ~.1 thc parairaph. i.f ~hic \1~~rtL:~tr :u~ f~~r r~,nvcnicnir ~•nl~• an~l ar~ n~,t t~, h~ u~ed t~ in~~r~r~l ur Jcfin~ tht prav~.i~~m hcrcof. 14. \~~ticc. E~~c~t f~.r am• notirc r~yuired un.lcr a~pli:ahl~ I:n~ t„ bc ci~~rn in :-m~thrr manncr. (a1 am• n~~ticc tn Burr.~wrr ~ru~~idcd (~~r m thiti ~tortgatc ~hall ix gi~•rn h~ m.~iline ~u:h rn,tic~ h~ .crtificd m:iil :iddrr~~rJ t~~ Barrt•~~~r at thr Pr~,~.rrt~• A~fdre.. ~,: at .iirh othcr addrc.. as R~~rrs~~~er m:~~• d~.~,•n:~tn c~ n~~iic~ t~• t rndrr a~ ~+r.~~•i~ir~t hrrrin. and ihl :m~ n~•ticr 1~, 1 rn.icr ,h:~ll Fx gi~rn h~ ccrtifk~f m:nl. rrturn r~.riE~t rryui.t~~i. t~~ I rn~lcr'. ad~lr~titi Slatrd hrr~in c.r to ~nch ~,thrr :~ddrcti~ .i. ( rnJrr ma~ dttignatc h~ n~~tirc t~~ B~+rr,~~~rr .~c pn•~idc~l hrrrii~. ~~m~ n~~tir~ ~r.•~~idrJ f~~r in ~thic \T~,rtgat!r ~h:~ll Fx ~lecm~d ti. h:i~c tx~n ci~cn t~~ 13~~rn,~~rr ~,r I rnJrr nhrn ci~~n in thr manncr d~.ienatcd hcrcln. ~ IS. ~~t11~11fIf1 ~~0~1~:I~C: Go~~ernin~ i.aw: Se~~crahilih. l~hi. l~:if11 ~~1 f11~KtY'1~_t <<,mhincs unifnrm i~~\•Ct~'~Ill~ ~i~f II:fU~~I17~ u~c an~l nrn-unii.•rm r~•~r:r~m. ~~ith limilr.l vari:-ti~~n. h~ ju:,.~l~:si,~n t~~ ~,,n.ut:~tr a uniG~rm \l'~U~11~' !ll~lfllflll'lll ~~,~~cring rral pr~,Exrt~~: Thi. ~I~~nL:~g~ ~hall tk L„~~rn~d M thr I,~w ~~f th~ iuri.~ii;h~~n in .chich thc Pm}kr1~• ~. I~katcd. In thc ~~•cnt that am~ ~mvi~i~~n c~r rl.u~k ~~f thi, ~t~•rt,acc ~~r thr \,~tr ~rn11i~1. ~.,iih :~prlic:ihlr la~~. w~h ~~~n(li~t ~h:dl n~t aRcct ~~thcr ~r~.~~,i~,n. .~F thi. ~t„rt~:~gc ~,r thr \~.tr whi~h .an hr _,~~n rlTr~i ~~i~h~~~rt thc c~,ntli.tinL ~r~~i~ion. and t~ this rnd thi ~~r~»i~l~~n~ ~~I [h~ \1~~rfg~_L'~ .~~t~1 Ihr \~~(i .~r~ Ji~l.~ri'd I~~ ht ~~~•tr:~Mi 16. Borrowers Cop~. Borr.~~~~r .h:~ll hr fnrni.hrJ .~ .~~nt~~rmcd i~~E•~ rt th~ \~~tr .in.i .~f thi, ~t~,rtL:~~r :d thc timc ,~t c~crutiun ~~r :~fter r«~~rJati~~n hrrcc~f. 17. Transicr of thc Properl}: :~~comption. If a1t ~~r :ui~ F..,n ~•! thr Pr~~~rtc ~~r an iMcrr~t thrrcin i. .~dd i~r trandcrrcd h~ Rormurr ~+~th~~ut I.rndrr'. pri~.r ~~ritt~n «.n.rnt. r~~lu~lin~ i.~~ thr ~rc:~ti~~n ~•f :~ lirn ~~r cnrumhran~c ~utx~r<linatc t~• thi. tii~•rtgagc. Ih- the rreation ~~f :i pur.•ha.r m~,n~~ .riurit~ ~ntrr~;~ f~~r h~•u.rh~~ld :~rri~:~nirc. Ir- a tramfcr he devise. Je~~~nl ~~n c~ .,p~ratii~n ~-f L~t~ up.~n th~ iii:ith rt .~ t.nnl Irnanl ~~r 1~1~ thr er.~nl ~~f :~m I~a~~h~~ld inMrest ~~f thr« ~'~ar~ or 1C~S n~~t rontaining :~n i,ptiun t~, purchasr. I~•n~irr m.i~. .~t I rndrr'. ~~~,t~~~n. dr~l:~rr :~il thr ~um, u~urrd h~~ ihic \ti.rtgaec to bc ~nimrJi:delc duc :ind pa~•:~Mr. 1 rnder ~hall h:~~r «:u~rd .u:h ~~ph~,n ~~~ :icrrler,~t~ if. pric~r i~~ thr ~ale c~r transfer. I.ender .m.l thr pcr~an t~~ ah~~m Ihr Pn.~xr~~ i, tn c~ .~~hl nr tramf~rrrd rea:h .~,r~rm~nt ir: ~~ritinc t'~a1 thc crcJit c~f ~urh ~r,~n ~. catitifari~~rc t~• l.rn~ler and Ih:~~ thr intrr~.l ~a~ahlr ~~n thr .um. .rrnred hr thi. \1~xteaLC thall he at such rate ac ( ender .h.~ll reyue~L If I ender hati ~+ai~•e~1 thr ~~rli.~n ti~ a~ccl~r.il~ rri~~•iilid in Ihi~ p:~ra_ra~+h 17_ and i( Biirrow•er'> >uccessor in ~ntrretit ha. e~ccutc~l a w~rit~cn astium~t~~~n :~rrrcmrr.t :~crcE•trd in writine h~- I cn~lcr_ Lcn~ler tihall releate Bormw~r from al) rMiLaU~~nti un~lrr thi~ 1lnrtca~c and thr Ni~IC. If I cndcr c~crri.r. ~uch ~~ptinn ti~ ar~rlrr.a~. I rn.lrr .hall mail Bi.rri,~~rr nuticc ~•f :~rcctcratic.n in acc~rdancc uith raragraph 14 hcrc~•f. Such nancc ~h:iN ~,r~.vi~~ :, ~rird rf m,~ Ir~. than ?fl d:-~~~ fr~,m thc datc thc nrnicc is mailcd u•ithin ~.hirh 8~~rn~ucr ma~~ p:~~ thc ~um~ dreLirrJ dur It Brn~~~~rr 1ail~ ri~ p:~~ ~uih ~um> pri~~r [~~ thc c~(~iratii•n ~~f ~urh pcri~.cl. Lrndcr ma~:_ with~~ut furlhrr notirc ~•r ~icmand ~~n It„rn~~~rr. ~m~•Gr am r~mrdics ~.crmit~c:l h}• paragraph IR hcrcof. :~o~-lJtiiFOk~~ Co~'F~.-`TS. B~rrowcr and I enJcr furthcr ca~•cnant and agrcc •rs follows: 18. Acceleration: Remedies. F.xcepl as pro~~ided in para~raph 17 hereof. up~-n Borroe•e~s breach of am~ covenant or aRreement of Borrow•er in thic ~tortRa~e, includin~ the co.enanls to pay when due anJ• sums secured by this MortRape. I.ender prior to acceleration shall mail notice to Borrower as pro~~ided in para~raph 14 hereof specifyin~: (1) the breach; (2) the actan required to cure such breach; (3) a date. not less Ihan 30 da}•~ from the date the notice is mailed to Borr~wer. by which such breach must be cured; ~nd (4) Ihat failure to cure such breach on or before the date specified in the notice may resalt in acceleration of Ihe sums secured by this ~tort~;a~e, foreclosure b~• judicial proceedin~ and sale of the Property. 71~e notice shall further inform Borrower of ttrc ri~;hl to reinstate after ~cceleration and the riRht to asse~t in the foreclosurc proceeding the non-existence of a default or an~• olher defer~se of BorroNer tq acceleration and foreclosurc. if the breach is not cored on or before the date specified in tht notice. I.ender a1 t.ender's option ma}• declare all of the sums secured by this MorlRage to 6e immediately due and pavable without further demand and ma~• foreclose this ~tortRa~e by judicial proceedinR. Lender shall be entitled to collect in such proceedinQ all expenses of foreclosure, including. but not limited to, reasonable attorney's fees. and costs of docamentary evidence. abstrocts ~nd litle rcporfs. 19. $orrower's Ri~ht to Reinstate. ~l~twithstanding Lender'~ acrelerati~.n ~~f the sumc secored by Ihis Mortgage. Borrower shall have the right to have an}~ procecd~ngs Fxgun by I.ender to cnforce thi~ Mc-rtgage discontinued at any time t g0~K34fi PAGE~OJ~ BOOX34~t PdGE ~ : - ,r~:~ 748 . ~ .. .....~ ~ - - - `