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HomeMy WebLinkAbout0391I rmlrr'~ ~~nttcn .~grc~m~nl ~~r :~ppl~:ablc I:,~~ Ii~,~ru~~~r ~hatl pa~ ~h~ amuunt uf aU murt~:~~r in.ur.~n~c prrmiunn in thr m.~nnrr pr.~v~d~•~I unJcr paragraph 3 hcreol. :~n)' :unvum~ ~li.hurscd b~• 1 rndrr ~ur,uanl t~~ Ihic p:ir.~~;r.~~h 7. ~vith uc~rrr.l th~rr~~~. ~h:ill i+r~iatm addili~~nal ~n.lrh~~dnr„ ~~f R~•rr.~~~rr ~«urcd hy Ihi~ \1~a~L.i~~ ('nl~.. R~~rr~+~~.r an,1 ( rn.l~r aerr~~ tr ~~Ihrr Irrm. ~•i paymcn~. wch am~a~nt..hall hc pa~:~hlr u~-.~n nt~~i:r fr~an 1 ~nd~r t~~ 13~,r,,~~~•~ rryur•iini {~.i~mrnt Ihrtr,,l. an~l .Ip~JI Fk:~r ipto(C! fn•m thr .I.~tr ~,f ~li.hurcrment at ~hr c:~tr ~a~;~hlr ir~~m ~imc ~~• timr ~~n u~nctandine ~+rinrip:~l undcr thr 1~c~c nnlca rarment of int~r~~t :H curh ratr ~~i,ul~l In contr:tn• t~~ ap~li~aM~ la~~. in ~~hirh ~vcnt cu~h am~~unlc ~h:-1) F-~ar inlcr~ct :U Ihc hiehcct ratz Mrn~isciMr undir arpl~:ahlr la~t. N~~thin~; r~~n~ainc.l m thi~ p.uaur:~ph 7.hall rcyuirc I rndrr ~~~ incur am• r~~x:ncc or take .u~}' artion hcmimdcr. 8. Inspcclion. I rndcr ma~• m:~{.~ ~+r rau~e to hc madr rra.i~nahlr cnlrir. up.~n :~nd im~k~~ion. ~~f Ihr Pr~~Exrty. pr~ti~iilcd ~h,~~ I cndcr .h:~ll t;i~c R~~rroHCr n~•ticr pri~•r ta am• ~urh im~x~tiun ~E.rrif~•in~ rr:-«~nahl~ r:u~.c thrrr(~~r rcl~tcd ta 1 endcr's ~ntcr~~t in Ihr Prc.~rt~•. . 9. Condemnalion. The pr~kred. ~~f ant• a.~ard a~ rlaim ior clam:ie~c. Ji:ec~ ~u r~,n~cqurntir+) in c~•nnection ~~•i1h am' c~-ndemnation ~.r ~.chrr Iakin~ ~~f ~hc Pro~xr~y. ur part thcrc~•f. ~•r frr cam•ryancc in liru i,f r~~ndcmnatiun. :~rc hcrrh~• ac.icncd ;~n~i ,hall F+r paid t.~ I.cndrr. In lhr r~•~nt nf a t~~lal ta{.in~ ~.f th~ ProFxn~•. thc pn+:cc~~s ~hall Ix: :~~ri~~,i t~~ Ih~ :~mt~ «c~~r~d b~• Ihi+ ~1~~rtg~~e- ~~ith ti~r c~rccc. if any. p:iid t~, Rurr: «rr ln thc ~~•rnt ~-t :~ parti:d ~akinc ~~f thc Pm{xrt~~, nnlr.. Itarr~•~~~r :~nd Lcndcr u~hcrHi.r :~~rcc in ~~•~Ilin~~. thCrt ~hall hc applic~l to thc .um~ ~ecurr.i M• thi. !11~•rttaz~ .nrh prop~,rtiun ~•f thc rnxccd. ac i~ ~yua) t~~ that praEx~nii~n -~hich thc am~~unt ~~f th~ cum. u:ur~d h~ thi. ~1~~rteac~ immrdiat~h• ~ri~~r ~~• thc datc of taking txar. to thr fair markr~ ~•alur i~f thc Pm~xrt)• immc.liat~l~• pri~~~ tu thr .latc ut t:~k;nL. ~~ith ihr hal:~nrr i~f thc pnkcc~l~ paid t~, Borro~~•cr. If thc Propcrt~• i~ ah:uid~ncd hc R~~rr~~ccr. i~r if. aftcr n~~ticr h~• I cnd~ r t~~ R~~rrr~~•cr that ~hr c~ndcmni~r ~•(Tcrs ro makc an :~~r:~rd ~,r .ct11c a claim f~•r dama~~.. R~~rr~.H~cr fail. t~• rr•{+~~n~l t~~ I cn~rr ~~ithin 2(1 da~. af~rr thr datr .ei.h n~~ti~c i~ mailcd. I.rnJrr ic authorilcd to c~ltrct and a~~i~• ~h~ rr~~c~cd.. :~t 1 cndcr'. ~~ptic.n. cithcr t~ rcctoratiun ~~r rcpair ~f thc Pro~ri~ or to Ihc cum~ cr~urcd h~ Ihi. ~lorteagc. Unl~s, Lendcr and B~~rro~~rr ~~thcn~•i:r agrcc in ~~f1I111_. :lll\' 1U1F1 ap~+liratinn ~,f pnkccdc t~~ princiral .hall n~•t c~tcnd ~.r Ex~~tEx~nc thc duc datc oj thc monthh• inctallmcnt. rcfcrrrd tc~ in r:iragra~M 1:~nd '_ hcrci•f ~,~ changr th~ am~~:int M .uch inetallmcnte. 10. Borrow•er Vol Released. 1?rlcn~i~n ~f thc timc f~~r ~a~~m~~t or mc~difiratinn ~~f :~mi~rtii~tu~n ~~f thc .um~ crcurcd b~• thi~ ;11~,rtgaec gnntcd b~• 1 crnl~r tn ~n~• su~ccc~ur in imrrr.t uf R~•rrrn~cr ~hall niH i•~cr.~tr M rclra~r. in am~ manncr_ the liahili~~~ af th~ origin;~l•BDrro~+~eran¢ Barrow~r'~ wccr„~•n in iMCre~l. 1 ender ~hall n~~t lx rcyuireJ t~~ r~~mmence ~~rtir:cc~ling~ against ~uch sur.Y;ulNiu~,(~{u~ .lO,~?:lcn~ tim~ f~~r pa~~m~nt ~x othcn~i.r m~Klif)~ am~-rliiati~~n ~~f thi sum~ •~rurrd hy thic ~forteagc b)• r~;~,tiu,G..~;an~ ~~~aat~c( m.id~ h~ thr ~,rieinal l~orm~c~r and R~~rr<.wcrs ~ur~~~~~~r~ in inicrc~t. ll. Forbearanct bv Ixnder \i~t a~1 i~•er: A'~1~''fnrF~arancr h~ 1 rnder in e~crci~in~ am~ ri~ht ~~r rcm~d~• hrreim~ler, or ~ah~rH•i~r afTurdcd h~• applirahlc law~. .h.~ll n~t tk a w•ai~cr i~f ~~r prcrludc thc c~crci~c ~•f am• wch right „r remed~•. Thr prcxurcment of i~nuranre or the pa~•ment of ta~c~ ~~r ~.Ihrr li~m .x ~harg« M• I cnder .h;dl not Fx a ~.:u.•rr ~~f 1 en.ler'~ rieht t~~ accckrat~ thc mauirit~• ~~f thc indehtrdnr~~ .r_-irc~ h~ thic ~ti.rtgaYC. 12. Remedies Cumulati~•e. .All rcmc~fiec pri~.idcd in thi. \1~~rt~:igc are di~tinct an~l rumulati~•c to :~m ~~thrr ri~M ~~r rcmr~h• und~r Ihi, ~1~,ngaer ~~r atT~•rdrJ hc la~~ .,r ryuit~. .~n~l m:~~ Fx ~~cr~iu.l cc.nc:urcntl~•. inJ~{xndcntl~- ~~r ,u;~r.~i~•~h~ Ii. Succc+corc and A~si~;nti Buund: Joint and Sc~errl I.iabilih; ('aplion+. Thc a~~•rnant~ :uiJ aLrcrm~nt. hrrcin r~~ntainc.l ~h~ll hin~l. and Ihr richt. hcrcundcr ~hall inurr 1.~. th~ rr;~xcti~c ~urcr+~~~r~ and ac~ig:i~ ~-f I.cn~irr :ind Bi~rro~~cr. .ubjcct t~• thr pm~~i.iom ~~f paracraph 17 hcra~f. :111 c~~~~cn:~nt~ :u~.l a~rrcmrnh ~•f B~,rru~~cr 1h:ill he i~~im .~nd ~c~~cral. Tite ~apii~~n~ an~i h~a~ling~ ~~f Ihc paracr.~ph. c.f thi~ '~1~~rt~:~er xr~ f~~r r~mvrnicncr ~~nl)' and :~re nrt h, Fx u~cd M int~rpr~l or definc [hc nn.cici~.n~ hcrco[. 14. \otice. F~rcnt fi~r am• notirc rcyuircd un~lcr ap~lir:~hir I:~~+ t~+ ik; giv~n in an~~thcr manncr. f~) :ui~' noticc to K~~rm~c~r pruvid~d for in Ihi. ~lortga~c shall tk giv~n h~ mailin~ .u:h nrUrc h~ ccnificd m:~il addrr~.~d t~~ Rc-rrc.~~cr at Ihr Pr~~~xrt)' Addre,~ ~~r at ~uch ~,thcr addre.. as R~,rrr~~er rn:~~' d~.iznat~ h~ nr~iir t~, 1 cnilcr aa pr~~vi.lc~l hcrein. and thl :im n~.tirr M I rn~l~r ,hall hc gi~cn h~ certifirJ m:~il. rrturn rrwr~~t reyu~.tcd. t~~ 1 en~ter'. ad~irc~ti ~tat~d her~in ~r to ~uch ~~thrr addre~. .i~ ( rnJrr ma~ decignate hc n~•tice ~~• Bnrr.,~.rr :~. ~-n~~id~J hrrrne. :1n:• nuticr rr.,~~idr.1 f~,r in thie ~1~~rtg:~gc ,hall Fxx dccmrd ~~~ ha~~~ tkcn giv~n to B~rr~~~~rr ~~i 1 rndrr .~hrn gi~cn in th~ manner ~c,ien.d~J hcrein. I5. l'niform ~1ortKa~e; Cu~erninR i.•rN; Se~erabilil~. ~Tt~i. I~~:m ~~1 in~•rt2a_~r ~c~mhinec unif~rm ~~~.•en:~nt~ frr n:~tinn:il U~l and n~~n-unif.~rm r~•~~rn:ttll• ~~ith IimitrJ l'7f1aU~~n~ h~• j~in..i~,u~~n t,• l~~Ii1i111~11' .1 Ufll~~lftll \l'iU~fl\' I[ltilfllllll'Ill co.•erin~ r~al pr~~~rt~. Thi~ ~lortg:~ee shall Fx: ~a~~rned h~~ th~ 1.~~~ ~~f th~ turi~~li:tiun in ~~hi~h Ih~ Prc~parl~' i. liw.~t~d. In fhe ~~rrd Ihat :in)' prc~visi~~n ~~r clau~~ +~! Ihi~ ~t~~rt~agc ~~r th~ ~~~tr ~~~ntli:t. ~~ith :~~rr~:ihl~ la~+_ w~h cnntlir~ ~h:~l) n~~t a(TCCt uthrr pr~~~i.i~~m uf Ihi~ A1~~rtLaL~ ~~r lh~ \~~ti t~hiih i:in hi !_i~~n rlT~:t ~~i!hutit thC c~~n!li:tinL p~~~~•i~iim. ~nd tc~ thls end Ihr ~ru~i~i~~m ~•f Ih~ ~1~~~lEaC~ :~n~~ lhe \iV~ :~rc ~IcC1.~rCd t~~ hC ~~~'C~.~hli~. 16. Bormw~cr's ('op~. Rorr~~„rr .hatl hr fnrn~.he.l .~ ~~~nl~~rmrd r~•~•~- ~•t ~hr \i~~r .in.l ~~f Ihi. ~tort~agr at thc timc .~f c~c~ntian „r aftcr rr~urJation hcrruf. 17. Transfer of the Prupert~: As~umplinn. If :JI ~~r :~n~ ~~.+n ~~f thc Pr~~~xrt~~ ~~r :~n iMcrcu ~hrrcin i, ,~~Id ~~r tranaferrcd b~- Rorr~,tirr with~~i~t I.rndrr'~ prii.r wrin~n run~rnt. c~:ludinc ~.~~ thc rrcati~,n ~.f a licn or cn~umhranrc ~uFx~rdinate t~ thi, ~1~,rt~:igr. (h~ thc rrration i~f :~ pur~h:~.r nai~nr~ .rcuri~~ inlcr~,t f:~r h~~u~ch~~ld ap~lianccs. (c- a tran~icr h~• de~~iu. .Ic.ccnt rr ht~ a~xr:~li~~n of lau iipun Ihc ~Irath ~H :~ i~,~~~t trnant r: ~~'i thc Lrant ~.f anc I~atinc~.ld intcrest of threc ~•rars or Icct ni~t ~~~ntaining an optiim t~~ ~urch:~se. 1 cn~trr m:n. et 1 rndrr'. ~~~~t~~~n. drrL~rr :~tl th~ ,um~ ticciircd h~• Ihis 11i~rtgage t~ bc ~mmr.li:del~• duc :-nd pat~ahlr. [ rndrr .h:~ll h:i~r .~.:~~ed .~~.h .~~t:rn t~• ~~cr~irr.~!e if. ~ric~r tu the ~ale ~,r tramfer. I.ender :~n~l the ~nc~n tc. ~+•h~~m Ihr Pnqxrtc i. tv hr .~~I,f ~~r tran~trrrrJ r~a~h .,irrrm~nt in ~+ritinc tha~ thr crc~lit of ~urh pcrson i~ satisfactarv t~ I.endrr and Ih:u the imrrr.t ra):~hle i~n the wm~ .e~ured h~- thi~ ~1artLage ~hall he at such rate ac I.ender ~h:~ll rcyuc.t. If 1 cndcr hac aai~~cd ihr e•pti~~~i t~ arrrlrr.~tc rn•~•idrd in thic p~r,~cr,~ph 17. and if Borrow•cr'~ sescccssor in inter~.t h:~. r~ecutrd :~ w~rittcn as~umption agrrrm~nt ar.r~.;ed in ~~ritinL h~- LrnJcr. I.rnder ~hall relr:-~e Borro~~cr from all ublieatiom undcr thi~ ~t~rteaec :~nd Ihc Ni~tc. ` If I endcr c~crri.c~ ,uch i,rti~~n t~. a~crlrratr. I cn.i~r .hall m:~il B~~rrn~~cr n~~tirc ~~f arcclcratii~n in arc~rdancc w•ith raraRraph 14 hcrc~f. Such nwicc ,h:~{I ~-ruvidr a ~rrin~l rf n~~t Ic~. than ?fl ~a~~. fmm thc datc thc noticc is mailcd within ~hich Ri-rruHCr ma~ pa~~ thc ~umti dc~l.~rr~l diic It f3~~rn~~.rr f.~il~ si~ pa~- tiu~h ~nm. pri~~r tc, thc rrpiratinn ~,f .urh pcriod. 1 cn~f~r m:ry. ~~ithout furthrr noti~c ~~r drmand ~~n li~~rn~~~rr. ~nv~~l,c :~m rrmcdics ~-crmittcd h~• raracraph 1R hcrcof. (~to!v-UtviFOK~~ CovFV~vTS. Borrower and 1 enJer further r~•venant and agree as follows: 18. Acceleration; Remedies. Fxcept as procided in para~raph 17 hereof. upon Borrower'c breach of am~ co~•enant or aRreement of Borro+~er in this':11ortRaRe. includinR the co.enanis to pa}~ when due any su~ns secured b~• this ~tortgage, I.ender prior lo acceleration shall mail notice fo Borrower ac proaided in p~raRraph 14 hereof specifyinR: (1) the breach; (2) t6e action required to cure such breach; (3) a date. not less than 30 days from the date the notire is mailed to Borrower. by which snch breach must be cored: and (4) thaf failure to cure such breach on or before the date specified in the notice may resolt in acceleration of Ihe sur~cs secured by this Mort~a~e. foreclosure by judicial proceedin~ and sale of the Property. The notice shall furlher inform BorroKer of the riRht to reinctate atter acceleration and the riRht fo assert in the forcclosure proceeding the non-existence of a default or any other defense oF Bo~rower to acceleration and foreclosurc. If the breach is not enred oa or before Ihe date speci6ed In tde notice. I.ender at t.ender's option ma} declare all of the snms secured bv this Mortgage to be immedIately due and payaMe w•ithout furfher demand and ma}• foreclose this Mort~r+Re by judicial proceeding. Lender shaU be entitled to collecf in sucb proceedinR all ezpenus of foreclosure, including. but not limiled to, reasonablt attorney's ftes, and costs of docomentary evidence. abslracts and title reporis. 19. $orrower's Riqhl to Reinstate. Notwith~tanding 1_ender'~ accclerati~~n ~~f the sums tiecured by this Mortgage. Borrower shall have the right to have am~ prcxccding~ Fx:gun h~• Lendcr ro cnf~~rce thi. Mortgage discontinued at any time b~~K 34? P~cE 391 ~ ~ . _.:-:.~:n~