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HomeMy WebLinkAbout0645I rnJ~~'. ~~nt~~~ a~re~mri~~ ~~~ .-~ri~:.~hl~ L~~~. 13urr~n~rr ~hall p:~~ thr .un~~unt of all m~~nga~r in,ur.u~~~ pr~~mium, in th~ m,,nn~r pr.~~•idr.1 und~r {~aracr.-ph '_ hcreol :~m :un.auu. ~li.hunr~i h~• I ~nJ~~ pur.u.~nt 1~~ thiti r.iragr,~~•h 7. ~~iih t~u~rr~t ih~r~„n. .h:~li br~„m~ additu~nal in.i~h•«Inr.. ,~t k~~rn~~~rr .r~urcd h~• th~. \t~~rt_.+~:c 1'nlr.. Rrrn~~~~~ :~n.l 1 rn.irr .~crrr t~• ~~ihrr Ir~m~ .,1 pa)•m~nL ~u.h dI11.~Ut11~ ~~I.1~~ hl' ~~./\aM~• ~i~~,~n Ilhll~l' ~f~Hll ~~Ill~li 1~~ {~~~tf~~N~'f fii~ll~~lllll ~~:IClll~tll I~II'fl'~~~. :1111~ •~1.~~~ ~R.If 1111~'rr~t fmm ihr ,L~tc .~( ~ti.hu~.rmrnt :~~ ~hr rat~ p.~~ahl~ tr~~m tim~ t~• timr nn out~t:~„~i~~~ ~~~~,~~ral undcr ~hc \i~tr unk.. payment of int~re.t .it cu:h r.~tr ~~~~ul.l F+c iuntr.tr~• t~~ appli~aMr 1:~~~. in ~.h~:h r~'~n1 .uch am~ainlc ~h:dl t+tar intcrc~t :~t Ihr hiehr~~ ratc ~rnusciMr un:lrr ap~hcaMr la~~ \~~Ihin~ ~rnt:~ineJ in ~hi~ ~+.~ra~ra~•h 7.h:~ll rcyuir~ 1 ~nd~r 1~~ incur :~m• r~~mc ~r takc .m~' artion hrr~undcr. x. Incpec~ion. 1 cn~irr ma~ m.~l.~ ur:au.c t~• F+~ m:~dc r~a.~~n:~hlremri« uM~n and in~~x.•ti~,n. ~~1 ~h~ Pr~,tkn~•. pr.•ci~lc~l th.i~ 1 rnJcr ~h:~ll ~~~~ B~~rr:~w~r n~ai~~ pri~•r tu :~m ~u:h in,~rl~on ~~x~ihin~ ria~nnablc r:~u~c Ihcrrf~~r r~l:~trd tu 1 c~dcr'~ ~nt~rr.t ~n th~ Prr~xrt~. 9. ('ondemnalion. Th. ~•r,~.•rcd. ,~f :~nr :~~~:~rd ar rL•~;m f~,r ~lama~r,. clirc~t ~~r c~•mryucnti:il. i~ rnnnccti~n uith an~• ,~~nd~mnati.~n rr..th~r takin_ ~~f Ih~ Pr~~~rt)•. ~~r part ~hcrr~~f. ar f~•r r~~n~•r~.~nrc in liru ~,1 ~~~tidcmnati.,n. :~r~ h~rch~• :~c~ienrd .~n.l .h:~ll f•~ ~aid a~ i cndcr. ln lh~ c~~nt o~ a I~HaI l.~l.inp ~.f thc Pn.~rt)•. ~h~ prikC«1t ~hall h~ arpli~~l tn thc ~!ml~ .rrur~d hc ~hi. \1~~~1gaC~. ti.ith the c~~r.c. if am~- ~-:~id a~ R~~rr.~~~rr. In thc c~•~nt ~•f a ~arti:~l Ial.ini uf thc Pmpert~•. i~nlc.: B~~rr.,~~•~r .~nd (.rnikr ~~~hrr.~i.r aer~r i+e writinz•. thrrr ,h.~ll t+c appi~cd t~, ~hr ~um~ ,~rurc~l M 1hi. ~tan~atic .u~h ~,r~,~:~ni~~n ~~f thr prc.~ecdc ac ic iyu.~l t., tfiat pr~~p.~rti~~n «hi~h ih~ amuunt i~f th~ wm. ~~:u~~d h~ thi~ ~1i~rt~aLr immr~liatrl~ ~~ri.v ~~~ thc datc c~f taking Fkar~ t~~ !h~ fair marl.~t calur uf thr Pr.~{krt} +mmccii:~trl~- pri~,r t~i Ifir .Ldc af ~akin~. .~i-h ihr k~S.~n~< <,f thc prc~:~c~lc paid t.~ Borr.~w~cr. If thc Pn~~1~' ic ahandonc.l h~~ Rorro~~cr. ~•r if. aftcr n~•licr h~• f ri~drr t~• R~~rr~~~~rr ~fiat ~hc ~~~idcmn~,r ~•1Tc~c t~~ make .~n :n~.ird rr .ctll~ a itair» f~~r d:~m.~~~.. Brrr~~w~« fail. t~• r~.~x~n~1 t~~ 1 rnJ~r ~~ithi~i ~(1 ~i:i~. :~ttrr thr d:N~ .u:h n~~ti~c i~ m.~~lcd. I.~ndcr i. authori~cd ta ri•lle~t and aprl~• the pnkrcd~. at 1 cndrr'. ~~pti~n. cithcr ta rc.toratiun ~•r rcpair ~f thc Prr~r~l or t~• tlx ~uin. +r.ur~d M thi~ ~torleagc. Lnlcs. 1 cnJ~~ :~~d Rrrroacr i.thcn~•i.r aercc in ~~ritine. ~m ,u:h :~~E~ti~.tti~~n ~•f ~•nkrcd. t~~ r~~~.-~r.,i .h.~ll n.~t c~tcnd or ~x.,t~~isr thc du< <tat~ .,f th~ m~~n~hh inctallmrnt, r~frrr~d t~, in ~~ar:~zrarh. 1:md ~ hcncd .,r ch:m_•. th~ arnount id .u~h ~nctallmentc_ 10. do~rower \ot Releaced. l=~trncion ~f thr tim~ t~~r p:~~m~nt <•r mc.dific:iti~~n ~+f :~zn~~rtiratii~n ~~f ~he .iim< <r.ured h~• th~. !~1~~rt~ae~ tiranlcd b~• I cn.Srr t~~ am• ~u~ccts~~r in in-rrr~t .•f R~•rrrn-cr ~hali ni.t ~qxratr t~ rclcac~: in am• m:~nncr. th~ liahilit~ ~~f Ihi orieinal Borro~~er anJ Rorrow•cr'. ~u~.~~.~,r. in imcrc,t. 1~ie~lcr ch~ll .n~,t 1.c ri~~uira~l t~~ c~•mmenrc pr.~cccding~ aiain~t ~u~-h tucrc~sor ix refu+e ti~ e~t~n~l timr f.~r pa)m~n1 ~u ~~then~i.r mixlif~~ am~utiiati~~n ~~f the cum~ ,e:urrd hr Ihi. ~t~•ngagc M r~a~~n .,f .~m drmanil nt:iJ~ h~ thr ~•rieinal R~~rn,~~~r :~n~) B~~rcu~cir't ~u~c~.,~~r~ in intcrc~!. 11. Forl~earance b~• I.ender \ot a~~'ai~er. -~re~ f~~sh~aranC~ h~ 1~nder in e~crci~in~ am rieh~ c,r r~mrd~~ hrr~~mder. c~~ ~~~firtu'i~~ :~tTorJe~l h~~ a~+plir:ihlc (:~w~. ~h:~ll nnt ik e~~:~i+~r ~~t ~~r prCCludc Ihc r~crtitic ~•( :~m' ~uth right ~~r r~ntcd~' Thr pn-:urcment of inturanir or thr pacmini uf t:-~r. ~~r ~~thcr -icn~ ~~r ~hare~~ M l.cndrr .hall n~~t Fk :~ ~+.~i~-~r ~~f 1 ~ncicr'~ ri~ht t~~ acrrlrr.~t~ thc maturitc ~~f th~ indeMrdnt•: .r:ur~c1 h~ thi. ~1~~r1L:i~r. 12. Remedie~ ('umulalire. 111 r~mr.ii~. rn~.~drd ~n thi. \1~~rt~_agc :~rc ~Ii,lin:t :~nd rumulati~•r m:~m rrhrr ri~ht c.r r~m~.l~• unJrr th~. ~1~,nt:.~~~ ~,r aff~~rJr.l h~ la~~ ~~r ryuin. .~n.t m:,~ tx ~~cr:i~c~! ~~~ncurr~nth'. inde~nda:nth ~,r ,n:rr•~ivrl~~ 13_ Succt++on and :11ciRnti Bu~md: Joinl and Se~cral I.iabilih: ('•rplionc. ~1hc co~rnant. :-nd :~zrrrmrnt. hrrcin r~~main«I ~hall hinJ. .~nd thr riLht. hrr~und~r ,hall ~nur~ t~.. th~ rc~~x:ti~r ~nic~.~~~n and at~iem ~~f I.~n~irr and Borr~,~~~r_ ~ubjcct t~~ th~ prc~~•i.i~~n. ~•f par.~~r.~ph 17 hcr~~,t. :111 c~-~•rn.~nt. :uiJ :iirc~mrnt. ~.f Rc,rr~n~cr tih:~ll hr j~~im .md ~«~r:i) Th~ ca~+ti~~n. .~n.l hra.lims• ~~i thr {~~r:~~r:~phc i~f thiti ~1~~rte:~Lr arr (~~r r~+nvenicnrc „nh~ :m~l :ir~ n~~t tu F~- uKd to int~r~rrt i~r dcfin~ thc pr~.~ni~~n~ hrrerf_ . 1J. \otice. E~ccrt f~~r am• noti~e rryiiirrd un~l~r ap~~li~atilc 1:~.+ !~~ hr gi~•~n in :ui„th~r manner. (al :,m~ ne.tice to B~~rr.~wcr pr~~~iJ~d f~,r in thi. ~i~~rtga,,e ~hall Fk ~~c~n h~ m,~ilii~L •u:h rn,t~cr h~ irrtificd m:~il :~ddre..~d t~~ B~~rr~-«~r at thc Pr.•~xm~ :1ddr~.. ~~r at ~uch ~,thcr addrc•~ ac R~~rr,~~.~r m,~~ dc.~_•natr h~ mai.•r n, 1 rn~kr ac ~,n,~i.IrJ h~r~in. ~nd Ih1 am m~li~~ t~~ t in~l~r ,hall Fk zi~~n h~ ccrtiti«I m.nl. ritnrn ~rcri~~t r~y~tt.t~~l_ tr 1 en~ltr'. ad.lrr~~ ~tatc.l her~in c.r lo .uch ~~thrr adJr~~~ .~~ I rndcr ma~ dreiLnatr h~ n~~ti:e t~~ B~~rn~~a~r :n ~r.•~i.ir~l hrrrii~. 1nc n~~ti.•r pr~~~•idrJ Ic~r in thi~ ~1~~rt,~agr ,hel! tR .1«mrd t~+ fia<< F.rrn ~~i.~n t~• 13~~rr~..~cr ~,r 1 r~idrr ~..hrn L~«n in th~ ma~mcr dc.iLnatcd hrrein. 15. l~nifurm ~iori}~a~e: Go~ernin~ I.•rw: Se~er•rbitih. ltu, t,:rm ~~t m~~n~:i~~r ~~~mhin~ti unif~,rm ~~~~•rnant~ f„r n:+ti~,nal U1C :If111 n~~rrunit~~rm rr~en.ltlT~ 1\IIFI ~IT1111C:~ \:If1:fUaNl~ h~ IUft~i~~~h~~fl 1~~ ~~'II~I~Tilll' :1 Ulll~ilml ~~~!1(IIC If1tlfUtlll'Ill l'a~l'Cf111Q re:+l pr~~~ri~. ~fhn \t~:rt~•ag~ thall Fx i.~~.~rn~d h~ Ihe l.n~ ~~f th; iuri~~i~~;i~~n in ~chiih It~r Prn(xrl~ i. I~+:;itrd. In the ~~-cnt th~t an~ ~r.~citn~n ~~r cia«ti .~C Ihi. \t~~rt!_:~_•~ ,~r th~ \,.t~ ~rntli.t. ~~ ith :~~~~lir.ihl~ L-~w. ,n~h c~,nlli:t .tr.~ll n~~t a(T~ct ~~thtr ~n,~„i~•m ~~( lhi~ \1~~rlta~'~ ~•r Ih~ \~~tr ~~hiih i.ui h~ _it~n ~ffi•.'t ~~i~h~~ut Ih~ ~~~nfli.tin~~ rr~~~i~ii~n. ~nd !n this rnd th~ ~ r~~~i~i~~m ~~f Ih~ ~1t~[1_L'~et :~n.t thr ~~~I~ .~ri .iiil.~t~d l~~ hc •~t•~r:1hli. 16. Bormaert Cop~. B~rn,..rr .h:~ll ht fiini~.h~d .~ "~nt~,rmril i~,~•~ ~~1 th.r \~~tr .~nJ ~•f Ihi, \1~•rtLa~t at thr limc ~~f c~r:ution ~~r .~firr rrc~~rd:,tion hcrr~~f_ 17. Trancfer of the Proped~; :1~~umptiun. If all ~~r :u~~ 4~.~r~ ~~( thc Pr.~p.n}• ~~r :ui intrre.t ihrrcin i~ .~~ld ~~r trancferred h~ Borr.~~.~r ~.~th~~ut I.rnd~r'. ~ri~~r ~~ri~trn .~~n.rnt. «~~u.finL ~.~~ thr .rr:~ti~~n ~~f :i lirn ~~r rnc~imhr~n~r ~utw~rJ~n~tc t~~ thi. \1.~rtL.~ge. ~h- th~ creatic~n ~~f .i purihe.r m„n~~ .r~urit~ ~nt~rr,t l.~r h~ai.eh~~!J aprli:mcr,. Ic- a tramfer h~• derise. Je~crnt ~~r h~ .~prr:~ti~~n uf I:~~- u(x.n th~ ~i~:~th ~~f .~ j~,~nt t~nant ur 1.1~ thr ~r:~nl ~~f .~m I~auh~dd intcr«I ~~f thr~t c~:~r~ or Ica ni.t containinL an optii~n t.~ ~urcha.c. I rnJrr m.~~. .~t 1 rndr~'• ~~E•;E,~n_ dr:larr all th~ wm: K.:ured hc Ihi~ ~1~-rlgatc tn hc ~mmc.li:~t~l~ due :ind pa):~hl~ 1 rnder ,hall ha~~ ~.+:u~~d .u.h ~~4~tu,n ~~~ accrltn~tr il. rri~,r t~, the ~.~Ie i~r trancfer. I ender .~nd tnc ~xr~.m tn ~~h~~m thr Pr~~prrt~ i. tr F+r .~~I:1 .~r tr.ln.f~rr~J rr:~:h .i~_rrcm~nt in tinhng that thc crcJit ~~f ~urh pcrton +. ~atitifa:t~~r~ t~• I ~ndcr ;~nd th.it the intrrr•t ~a~:+hl< <m th~ ~um. .r:ured hc thi~ ~1~~rtL:~LC ~h:dl he at ciich rate a~ I.ender ,h.~ll reyue~t. If 1 cndcr h:~~ ~rai~r~1 thr rrti~~i~ t~• ar.~lcr.,tr ~ r~,~~i~1rJ in thiti p:~ra~~ra~h 17. :~nd if B~rrowcr'~ ~ucccss~~r in ~mcre,t he. c~erutrd a wrinrn assumpti~~n .i,_rcrment a.rr~+t~d in ~~ritinL M- I cnJcr. Len~ler .hatl relca~ R~ur~~.+cr from all ~~hli~ati~~n. und~r thi~ tit~~rtc:~er and lhc \~~te_ If 1 cnJcr r~cr~i~~~ ,urh ~~ptu,n 1~~ ac~rlrr.~~r. I ~n~l~r ~h:dl m:~il R~~rri•~~~r n~Hirc cif a~relcratinn in a~cc,rdancc w•i~h raragr.~ph I~i hcrcr(. Such nut~cc .hatl ~r~~.~~dr :~ ~xri~~J ~~f n~,~ Irs. th:u~ ?(1 da~. fn,m thc datc thc nolicc i~ m~ilcd within uhi,h R~•rr~~.~rr ma~ ~+a~ thc ,umti ~c:f.~:r.i d~ir lt B.~rru~.rr t.iil, ta ~,a~ ~u~h .nm. pri~~r t~, the r~pirati~n ~~f .urh {-r:riucl. I.en~lrr m.:ti_ ~ithr~ut furth~r notirr ~~r J~m:-nd ~~n It~~rm..rr. ~~n~~l.r :~m rrmrdirc ~rmittc:l h~• ~aragraph 1R hcrcof_ ~i0~-I~XItOR~1 COYF~+-\T~ Bc~rmwcr ;~nd I cn~er funhrr a~venant :~nd agrec as follows: 18, Acceleration; Remedies. Fxcept as pro~ided in para~;r~ph 17 hereof, upon Borrow~er's breach of anp co~•enanf or agrtement of Borrower in this ~1ortRa~;e, includinR the co~enantc lo pa~• when due an~ sums ucured b~~ this MorfRaRe, I.ender prior lo acceleration shall mail notice to Borrower ac pro~•ided in para~raph 14 I~ereof specifyinR: (1) the breach; (2) the action required to cun such breach;l3) a dale, not lecc than 30 d~}•s from the date !he notice is mailed to Borrower. by vshich such breach must be cnred: aod (4- that f~ilure to cure such breach on nr before the date specified in the notice may result in accekration of the sums secured b~ this ~1ortRa~e. forecto~ure by~ judicial proceedin~ and sale of the Propcrty. 71~e notice shall further inform Borrower of the ri~ht to reinclale after xceleration and the riRht to asseN in the foreelosun proceedin~ the uon-eiistence of a defauM or an}- Wher defense of BorroM•er lo acceleration and foreclosurc. If the breach is not cured on or betorc the date specified in the notice. I.ender at l.ender's option ma~- declarc all of Ihe sums secured by this ~iort~~e to be immediatel}- due 9nd pa~able K•ithout further demand and ma~• Foreclose this !~tort~aRe by judicial proceedin~. Lender shall be eatiNed to collect in such preceedinR ~II expenses of foreclosure, includin~. but not limiled fo, reasonable attorney's fees. and cosfs of docomentarv e~idence. abstracts and litk reports. ~ 19. Borrov~er's RiRi~l to Reinstate. ~~twith~~anding LenJer'~ accelerati~~n of the sum< <ecureJ by this Mortgage. Borrower shall have the right ta have am prcx:ceding, h~eun h}~ I.cndcr t~~ cnf~~rce thi. htortgage discontinucd at any time ~~~~34~ ~~~F 642 ~__ : _ .~ _ ,~-~~~.~k~. . ti ~~ ~