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HomeMy WebLinkAbout1842.t 1 rn~i.•~'~ ~~nurn .~~rrriurnl .+r .~ppl~..ihir I.~~~ k~~rn~~~rt ~h.~U pa~ ihr ann,um ~,f .~II nuu~~a~r in.w.~n.r pr~ntium~ in th~ in.~nmr ~~~~•~dr,1 undcr ~,ata~r.-ph '_ hcrcui :\m .~niunrN~ Ji.hursr.l bc 1 rn~lc~ put.u,utt t.~ thi~ ~:tir.is;~a~•l- '. ~~~th ~utrn~t tlirr<<,n. ~}iall hr:~~mr additi~•nal ~n~li•h~riln~•~~ .~f lirrr~~~~rr .rrarc.i h~• th~. \li~rlt.~c~ l'nl~.. li~~n~~~~r~ ,ut~i I r~t~i~~ .,~~rr~• I~~ ~~Ihrr t~fql~ ~~1 ~~a~~mrnt_ ,u~h :IIII~~Uilh ~~1.1~~ ~K' ~~.1\:ih~l' ll~l~ql 11tHl~l' (f~qll ~ t'i11~C1 t~~ ~;~~If~~~\~'f Il'~jUl'~Illll ~~.1\I11Ct11 l~lt'!l'~`~. Y11~~ ~~L~~~ fh'.IY Itll~'(l'~I fmm ~hr ~latr ~•f ~li.t,ur.rmcnt ai ihr [:it~ ~.~~•.~t~ir ir~~m limr t~, timr ~~n ~~ut,r.mdine ~~~„~~~:~i under th~ V~~tC unlc,• pat•mcnt of intrr.•,1 at cu.•h r,~tr ~~~,iil~i F+~ r~mtr.~n t~~ .~{•pli~ahlr Li~. ui ~.h~:h r~rnt .u~h am~•+t+it. .~r+11 4+i:-r intcr~~1 a1 thr highc~t ratc ~k-nn~iihlr uiidt•r a~,~•hrahl~ L•~~~. ti~,~hin~ ~~•ntainc~i in th~. ~.u:ier:q~h 7.hall rryuirr 1 cnd~r t~~ incur an)• ~~(xmc ~r takc .uiy artion hrrcundcr. !t. lo~{MCNon. ! rn~l~r n~a~ m.~~r.u..~u.r t~• tx m:~dr rca.~~n:-Mr cnlric. up.~n and in~{xrti~~n. nf thc Pn.~xrt)~. ~rr~~i~lc~l ~hat I rn~lcr ~h:~ll ~i~~ B~~rnn-~r ii~~tic~ ~ui+~r tu :~n~~ w:h im{xctu~n .{xcii~in~ cr:~~unahl~ rau~~ thrrrf~•r rcl:~tcd t~~ 1 cnder's ~ntrr~'.t ~n Ih~ Pr.~~rt>'. 9. ('ondcmnation. "Thr ~~rr~r~d. uf :~m• a":~rd ~~i il:iim fiu ~I:~m;i~r,. ~lim~t ~~r ~~•n.~y~ecnli:~1. in ~~•nncrti~,n ~~•i~h :m~• .~~ndcmn:iti.m i~r uthc~ t:~~,~nL ~•! th~ Pr.~pcrt~. ~.r part thcrr~~f. ~•T f~,r.:++nvr~•anrr in lieu at «~r.dcmnatiun. .~rn c~rrM• a~~icncd :~nJ .h.~ll h~ p:ud ~~~ ! cndrr. ln ~hr ~~rnt ~•f a t~~~al t:il,ine ~~f th~ Pr~•~rt}•. th~ pru~ced~ .h:~n -x :~~~r~,i ~„ thc .um~ ~c~nrrd h~~ ~hi. \1~,rtt;~~~- aith th< <~rc.~. if :~n}•. p.+id t~, Sarn~~~rr. ln Ih~ c~•rnt ~~t a parti:~l I:ilin_• ~~t thc Pr~~~xrl~•. ~inlr~. R~•rr~~~~rr and i cnd~r ~ahcr~~i.r a~rr~ in ~~ritint•. thrrr chaU tk :ipplic~! t~• th~ .um. ~«i:n.l h~~ thi~ ~1~•r!L:it~ •i+:h ~~mr+,rti~~n „f ihr l~nx:rcdc ac ic ~yu.~l t~~ th:~t pmp~~rtirn ~+hi~h Ih~ anu~unl ~~f ~hr ~um. ~r:ured M thi. \1~~rtt.+~~r imntrdi:~trl~ ~ri~~r t~~ th~ datc of takin~ h~~r~ tu th~ fair mark~t valur uf thr Pru{xrt~ imm~.li:Urlc pri~~r t~~ thc Jatc rf t:~kin~. ~~ith Ihr h.~l:uicr ~,f thc prca:ccJc pait! t.. Eiorr~~~~•cr. 1! thc Pn~pcrt~• i.:ih:~nd~,n~J h~~ S~~rn•~~~~r. rr if. attcr n~,tirr h~~ 1 rndrr tr Rrrr.•~~~rt that thc c~ndcmn~.r ~~Rcr~ h, makc :~n a~~arJ ur .~Ulr a iL•~int f~~r Jan~:~g~.. B~~rr~~~vcr fail. t~~ r~.{w~n~l 1~~ I~ndrr ~~ithin i(1 il:i~. altrr thr d.~lr •uih n~,liir i~ m:ulcd. L~n~irr i. authoriicd t.~ cc~ll~.t anJ apph• th~ pnkcrd.. at Lcn~irr'. i~~•tinn. rilhcr tc. rectoraliun ~~r repair ~f tt~c Pr~~~xnS~ ~•~ ta thc ~um. ~rcurr~l t.~ tfii. \tortiagc ~ l!nks. 1 cnti~r :~nd Borru+~rr i~thcr~vicc acrc~ in «ritin~~. :~n~ ~n.h a{,~lii:ai„n ~•f prt•:rcd~ t~~ prin.i~a! ,hal! ~~t c~tend , or p~~.tp~•nc thc dur ~1;~~~ i•f thc mc,n~hh• inctallmrnt. rrf~rrrd ti~ in r.ir:i~ra~h. 1 and '_ hcrc.~f ~~r chaiiLC thc am~•unt ~f w~fi m.t:dlmcnt,. !0. Borrower ~i-t Releaced. t?~trnsi~~n c~! ~hc timc f..r ~~;-~m~nt i.r moclifi~:~ti~~n ~f amc.rtiiati~~n ~•f ihr .um~ ~cr:~rcd h~• thi~ \1~~rttaer crant~d h~ 1 cn~lcr t~~ an~' ~u~~e~~vr in int~r~.t ~,f Rarrc.+rcr .h:dl nnl ~{krat~ tt- rcl~:~~c. in ant• m:~~ncr. Ihr liahili~~~ ~,t th< <.ri~inal Burn,~~~r :~nd R~,rm~~~r'. su~..•.,~~r~ in inlrre.l. 1 ender ~hall n~~t tx rc~~uire~l t~, r~,mmencr p~.~:«.lint, ai.~in~t wch uirrr~~~,r ~,r rcfu.c t~~ c~trml tnnr fi~r pa~•mrm ~,r uthcr..i~r m~xlif~• am~rtirati~~n ~~f thr sums +u:urcJ hv thi, \lorigakc h~ rca.~~n ~H .ut~~ d~man~i madc M thr ~~ri~_inal Rorr.~w~r :ind 13~•rr..~~•rr'~ ~u.~r~~~~r. in intLrcSt. I1. Forlrcar:~ncc h~~~I.cndcr ~ot a~~'ai~er. •\m f~~rl.rarancr h~ 1 rndcr in r~rrcisin~~ :im• riLM ~•r rrm~d~' hrrrnn~lrr. ~~r ~~thrrw•i~~ aiF~,rJcJ M• applic:~hk la~v. ~h:~ll m~t tx .i ~eai~tr «t ~,r ~re~lud~ the r~rr:i~r .•f :~n~ w~h richt ~,r rcmed~•. ~I hr p~cku~~mcnt of incuran~r ~•r tfic p~~•mrnt of ta~r, ~,r ~,thcr firn, rr cfiark~t h} 1 rndcr .ha11 not }x :~ ~.,ivcr ~~i 1 cmlrr'~ rikht t~~ a~.'rl~r.~t~ thc maturit~ ~~f th~ inJchtrdt~r...r_urrd M thi. ~1urtLacr. 12. Reniedies ('umulatire. .AII rrmr~iiec pn~.iil~d in thi. \I~~rtti:i~c arr Ji,tinit anil cumulali~•r t~ :im~ ~~thrr reht c~r rcmc~t~- undcr thi. ~1~•nLakr ur ~IT~~rdr~l t.~ L•~~~ ~~r ~yuin_ ,inJ ma~ Fk r~crci~rJ ~~mcurr~~ztlc_ indr~xndcnth ~~r ~n~:r..i~•~1~. I i. Succc~cors and A+ciKnti Bound: lninl and Se~rrr{ I.iahifit~; i':~pliom. "I~hr r~~~~rnant~ :~nd aL-rrmrnt~ hrrcin ~ontainc~t ,h:ill hind. :~nd thr rizht. h~rrunJcr ,h:~ll ~nu~r t~,. th~ rc:~x:[i~~ ~ucr~,.~~r~ and :+~tiikn~ ~,f I-cn~lrr :~n~i B~~rm~~cr_ ,uhjrct h~ Ihi pr~~~i.i.,m ~~1 raragr.~ph 17 hcr~i~f. ~VI ~i~~•~n.~nl~ :uul :~f~rrrmrnt. ~~f Rnrnn~cr ~h:~ll f-i I~~itit :~nd ~c~cr:il. -Ilic ~apti.+ii. an.1 hc.~dme• ~•f thr p:+r:~cr.~ph. ~,1 thi~ !-1~~rIL:~~r arr f~~r r~~m~enicncr ~~nh• anJ ar~ n~~t t~~ h~ ~~ccJ to intcrprrt i,r dcfin~ th~ ~m.,~i~,n< h~r~c~[. 1J. \uticc. E~rcrt f~~r am• noti~c rcWuireJ unJcr :i~~~lic:ihlr I:~u t~~ t+~ ci.c~ in an~~th~r manncr. l:~1 am• n~,ti~c to 13„rru~+cr pr~~~i~~J f~,r in thic ~1c•rtgagc ~h~ll hc Livrn h~ mailiue .u~h n~~t~rr M rrrtificd mail :~ddrc~•~d t~, R~~rnn+cr at th~ Prr~rt~' :~.Idr~.. ~v at wch othcr ~~ldrea~ :~c H~~rr~~~~er m:~~ dr.i~•n:itn c~ rnui.~ t~~ 1 rnilrr :~~ rr~,~i~ird hrrrin. and ~h/ an~ m•ti~r t~~ 1~n~l~r ,h:~ll hr ii~•~n h} crrtifi~.l ~nail. r~n~~n r~cr~E~t rcyu~•te~i. tr l ~ti.irr', ad~irt~~ ~t:strd hrr~i~~ rr to •uch ~~thcr addreti. .~, ( ~ndrr m:~~ dc~it~nate M nrtirc t~~ f3:~rr~~~~cr :i: ~n~~i~i~J hcrru~. ~m~ n,~tire rn~~•idrJ f~~r in lhiti ~turt~a~r +h.~ll 1x .l~rmed t~• h:~~e Fxcn Li~rn t~~ B~~rr~n~rr ~,r I rnd~r ~,hrn z~~~n in Ih~ manncr dr.ign:~tcd h~rcin. I5. l'ni[orm \1c-rlxaXc: Gucerniny~ i.•rw: Sc~rr•rbilit~. ( f,i. t~•~m ~~t nu~rt~_a~tr ~~,mhincs unif~~rm cn.•cnant. f~,r n:+ti~,nal I~~C:1(1~~ fti~Il-Ul11f~K111 i~~\l'Il:ltll~ uith limitr~l \:IfI:IU~~II• h\~ ~Ufl~~~l:It.~(1 t~~ ~~`l1~lllUlt il lli11~UR11 ~C~llfll\' IR\lfllRlClll t~~~'l'f{flf,' r~al pr~~~xrn. Thi. ~1~~r1,~:~~~ ~h:~ll hc C~~ttrn~d h~ th~ L~~~ :~f tht turi..ii:tn~n in uhich th~ Pm(krl~ i. !~~~atcd. In ~hc <<•em that ant~ pn•~~itii.ai ~~r rlaii•r ui thi. \t~•rtga~,r ~~r thr ~~~t~ :~~ntli~~, ti~ith .~prlirehlr I:R~-_ ,u~h ~„ntlirt .h:-I) n~•t :~tfcrl ~~th~r ,nr~~~i.i~~n. uf thi. \1~~rttatr ur thr \~~t. ~+lii:h ~eis hr ~~~~rn cftr.t ~~i~h~•ut ~fir r~,nlli:tin~ ~r~~~i~i~~n. an~l tc. this rnJ thr (~fu~i~ii~nc ~~f th~ ~1i~~1_L•:tLC :utd Ihi \~~t~ erc ~!i~l:it~d t~~ Ik ~~~•C~:thlc. 16. BorroNerti ('op~. Borr~~~~~r ,h:~ll h~ f~irni.hrJ .~ ~~~nlrrmrd r:~~~~ ~~t thr \nt~ .~n.i „f Ihi. ~t~~rt_•ag~ a! thc timc .+f c~rci~ti.~n ~~r attrr rr..~rJ:~~i~,n hrrr~~f. 17. Tramfcr uf thc Prupecty: :~~~umplion. !f .~11 ~~r :tm f*.~n .~! ~h~ Pr+~pertc ~~r an intcrett thrr~in iti .~dd or trandcrrcd h~ Rarr~,.~rr..ith~~iit 1.~•nd~r'. pri~,r ~~riurn .~~n.rnt. ~~.ludin~ ~.~~ thr ~reati~~n i~( .~ lirn rr cn~•umhr:~nrc .uhor.iin:~tc t~~ Ihi. ~t~att~:~~~. Ih- thc creali~~n ~~f .~ (~ur.h.n~ mrn<< .rcurit~ intrrcd f~~r h~~mch~d~l :~~~r:,~«., ~~- a tran,frr h~~ dc~•isc. d~.~cnt rr h~ ..~~~ration ~•f 1.~~~ up~,n tfir ~ic:~th ~~t .~ i~~~nt tenant ~~r ~~h thr ~rant ~,( .~m l~asrhold intcre~t ~•t thr« ~~r:-r~ ~-r Icss ni.l <<,nt:~ininc :+n c~rtiim t~~ rnrchacr. I~n.irr in.~~_ ,~t 1 rnd~r'. ,~pu~~n. drel:~rr :111 th~ tiuni, 1~~urtd h~ lhis ~tortLagc t~ hc ~nun~Ji.~tel~~ duc :ind pa~;~hlr 1 ~ndcr .hall h:~~r ~+.u.c~i .n:h ~~~t~~m n~ :irrrlcr.itc i(. ~ri~~r t~~ thc .alc ~~r tran~fcr_ I.cnJcr .~n.l thc ~xr~~m t~~ wh~~m thr Pr.•r~r~~ i. tr hr ,.d,l „r tr.~mlirrr~l ~ra:h .~~_rr~mrnt ~n w rn~n~: th:~t thc ~rcdil ~~f ~uch ~xrci~n ~. sati.fa~t~~r~ t~~ 1 cn~Rrr ,~nd that th~ int~rra ~r:~~:~fi1r +~n thr .um~ ~rcurcd hc thi. \1~~rt~!agc ~fi:dl bc at surh ratc a~ i.cndcr ~halF reyui,t. If 1 cndcr h:~~ ~~:ii~~~J thr ~,pti~~n t~~ arcrlrr.it~ {+rn~•iur~l in thit par,i!~r.~~h 1?. and it B~~rrow'cr'ti utccc+x~r in mt~rc.t h:i. c~crutc~l :~ ~~rittrn as~um~~i~.n a,•r~cmrm :~rrrri~d in ~~riuni h~~ I cn~lcr. I.cn~lcr ~hall rclc:~~c Bormacr from all ~~h{ieau~•n~ un~lrr thi~ ~t~,rte:izc and th~ '~iHi. . If 1~ndcr c~cr~i.r~ ~uch ~~pti~~n t~~ a:crleset~. I rn~~~r .h.~N mail S~~rr~•~~rr nuticc ~,f accclcrati~~n in arr~rclanrc ~rith paragr~~h 1~3 hrrec+f. Such n~~ticc .hall ~~r.~vidr a~ri~a3 ~~t rn~t Ici. than Z(1 Ja~~ fr~~m thc datc thc noticc i+ mailcd ~cithin •ahirh Brrr~+~~rr ma~ ~•:~~ Ihc ~um~ Jr~L~r~J diti. It 13~~:n~~+~r :.~il~ r~~ {~at ~u~h .~~m. pri~~r t~~ thc c~piratirn „f ~uch pcri~xl. I~ndrr m:~v. ~~ithc~ut furthrr nohrr ~~r il~m:md ~~n It~~r:~,~+cr. nnnl~ :im rrmedic+ ~xrm~ttc:i M• ~aragraph I~t hcrc~f. \o~-L~~toK~t (~uvr vn`TS. B~rrower and 1 enJer turther r~•~'cnant anJ agrcc as~follows: 18. Acceleration: Isemedies. Fccept as pro~~ided in para~;raph 17 hereof, upon Borrowe~s breach of an~• co~•enant or a~reement of Borrov-er in this ~torl~;a~e, includinR the co.enant~ to paa~ when due an~• sums secured b}• this :-1orf~a~e. I,ender prior to acceleration shall mail notice to BonoNer as Qro~ided in paraRraph 14 hereo! specify+nR: (1)~the breach;l2) the aMion rcquired to cure such breach; (3) a date, not lesc tban i0 da~~s from the date Ihe notice is mailed to Borrower. by which such breach must be cured; and (4) that failure to cure sucb breacb on or before the date specified in the notice may result in acceleration of ehe swm secured b~• this ~tortRa~e, foreclocure b~~ judiciai prnceedin~ and sate of Ihe Property. '11~e nolice shall further inform Borro~+er of the ri~hl to reinst~te afler acceleration and the riRht ta assed in the foreclosure proceedin~ the non-ezistence of a def~ult or am• other defence of BorroN•er to acceleration and toreclosure. If the breach is not cured on or before ihe date specified in the notice. I.ender at I.ender's option ma~• declarc all of the sums secured by this MortR~ge to be immediately dae and paya6le without furlher demand and may forecfose this ~tort~a~t by judicial proceedin~. Lender shai) be entitleJ to colleM in such proceedinR all ezpenses of foreelosure. includin~, buf not limited to, reasonable attorney's fees. and costs of docomentary e~~idence, abstractc and title rcporls. 19. Borrower's Ri~ht to Reinstate. ~li.tw'ithctanding Lender'. arcelerati~~n nf Ihe sum~ tecured by this Mortgage. [3orrower shall h:ive the right tc- have am proceedintiti ta gun h~~ I.ender t~ cnforce thiti `lortgage discont~nued at any time ~~~x 346 ~~~~ 18~3~