HomeMy WebLinkAbout2141I.ruJcr's writtcn •rgrerment or applicahlc law. B.~rruu-rr shall pa)• the amuunt of all mortgage imurance premiums in the
mannrr providcd under paragraph 2 hereof.
Any am.~untc dishursed b~• l.cnder pur.uant ta this p:uag~aph 7, w-~~h intercct thercun, ~hall bccomc'additiunal
in.lchtednesc uf Hormw~r se~urcd hy Ih~~ \1u~~~agc l'ule.. I30ffUNl'f anJ I cn~kr agrcc t~ ~thc~ termc•of payment. ~uch
amounh ~hall hc payahlr u~x~n n~~tirr fn-m 1 rndrr ~i~ B~~rn~wrr rcyuc.~in~; pa~•mrnl thcrcuf. and ~hall hcar imcrecl fmm the
date ~f dicbu~~ement al Ihe r;~tr payahlr fmm time t~• ~ime ~~n outc~andinR principal u~der the Note unlecc payment of
interest at such ~ate w•ould be c~~ntrar~• t~• appli~able L~w, in Hhich evrm ~uch amounts chall hear interect at the highect rate
pe~missihle under applicable law. Nothing re.n~:~i~ed in ~hic paragraph 7 chall requirr Lender lo incur any expence or take
any aclian F~c~cundcr.
8. Inspeclion. l.cnder may makr ~~r rau~e to F+e m.ide rea~o~ahlc rntric~ uM~n and impecti:•n~ of the Prc~perty. ~~~~~~i~~i
that l.ender ~hal) Rive Borrow~er notire prii~r to :im~ curh imExclic~n ~~xcifying rrac~~nable rauce therefor related to I.ender's
interru in thc Property.
9. Condemnatbn. The pr~•~eed~ ~-f :u~~ auard ~•i rla~m for damaeec, direct c~r a~n.equential, in connection with am•
c~~ndemnatie~n ~~r other taking of the Pru~xrty~, ~~r part ther«~f, i-r for cum•r~•:mce in lieu ~~f rondemnuliun, arr herehy as~iRned
:in~l ,hall hc paid t~ l.cndc~.
ln Ihe e~•ent of a te~tal taking of the P~~•Exrt~•. thr ~nxrr~ic ~hall hc :~~~t~«~ t~~ the cum~ cecured M' thic MorlgaRe.
H•i~h the crcras, if an~~, ~aid t~~ Rurm~~rr. In ~h~ cvrn~ ~~f a partial t:~linE of the Pr~per~~~, unlc« Rormwer and l.ender
~~IFtI`fN'14 agree in w•ritin~. ~here ~h~ll h~ applic~l t~~ thr .um~ ucurrJ M• thi. M~~r~~a~e wrh propurtion ~~f the proceedc
ac ic cyu:~l ti, th:il pm~x,rti„n which thr amuun~ ..( ~hr .um. .~~ured hv thi. \1i~rlFaYr immcdiatclt• prii.r ti~ thc date of
I.~king Fkarc to the fair market valuc uf thc Pru~xrt~ immrdiehl~• pru~~ tn thr .latc uf t:~ling, with the bal~nce ~f the pr~eeJc
paid t~- Bormwer.
If the Properh• ic ahand~~ned hc B~~rmti-~r. c~r if. :iflrr ni~licr h~• 1 rnder t~~ Rurmwer tha~ the condemnor ~Pferc to make
an awanl or ~ettle a claim f~•r dama~r.. B~+rr~•w•~r fe~l. u. rc~~x•nd t„ 1 ender within z(1 da~~ after the d~1e wrh n~tirr ic
m.~~led. Lrnder i. authori~~d t.. a~llcrt and aprl~• thr pr~kerd~. a~ I.ender'~ ~.ption, cither Ic. reatoration ~~r repair of the
Pro~xn~ ~~r t~~ thc.um..~rurc~l M ihi~ ~1or~e:~~c
t~nlcs. ( cndrr and RorruHCr nlhrrwi.r agre~ in .~ritin~. an~ ~u.h ap~lirati~~n ~f pn•rccdc t~~ prinripal ~hall not e~tend
or M,.t~x~ne thr dur ~iatr ~~f ~hc m~•mhh in,~allmrnt, rrfcrrcd ta in paragraphti 1~nd 2 hcrc~,f or chankc thc amc,unt of
wch inctaHmcntc •
10. Borrower tiut Relea~ed. I=~~ensinn ~~f thr t~mr f~.r pa~ment ~r mc~difirati~.n of amc~rtiiation ~~f the ~um< <ecured
M• thi~ !11urtc:fK~ ~rantrd M I cn.lc~ tc~ am ~urcr~~ur in intrrr.l i~f B~rro~•cr ~hall not ~~x:ratc to rclcac~. in any m~nncr.
thr 1i:~h~li1~ ~~f the ~•ri~inal Burn-wer :~nd B~~rr~.wrr'. ~urcrs.~~r. in intere.t 1 ender chat) m~t he reyuir~d t~. c~~mmence
pri.~ccJing~ at~ain~t wch wcccti~~~r ~~r r~fu.c ~~~ celrml limr fi~r pa~•mrM ~x othcrwiu: m~~clif~• am~,rtiiati~.n ~~f thc sumc
~crure~ h~ ~hiti Mi~rigagr h~~ rca~r~~ ~,f .~m Jrman~t madr M ~hc rrieinal Bc~rmNCr :~nJ R„rn.KCr'c airrc,~~~r~ in intcre~t.
11. Forbearance b}• t.ender'.~M a N'ai.er. :1~~~ (~~rtk:~r:~rn•r h~ I rndcr in r~cr~i~in~ ;in~ right ~~r rcmcJ~~ hcrcu~Jer. ~~r
~+thrrwi~~ atT~~rJed h~~ applicahte IJM', 1F1:III n~~t t.r ,~ w;~i~rr ~~t ~~r prerh~de the e~erci~r ~~f am ,uch right c-r remed~'.
Thr pro:urrment of incurancr ur ~hr payme~l cif ~a~r. ~~r ~~thtr I~rm or rhargr~ hc 1 ender .h:ill not Fxx a~~aiver ~~f I.ender'c
right tr arrrlcr;dc thc m•rturit~~ c~f thc ihdcMrdnr~~ .c~urcd h~ thi. \1~~n~au~
12. Remedies ('umul~tire. All remeJie. pm~~Jrd in thi~ ~1a~rtKa~c are di~tinct and cumnlative t~ am• ~•ther right ~r
remeJ~~ undrr thi. M~~rt~;:~~;r ~~r aR~~rd~P ub• lau ~u ~yuit~. .~nd m:i~ t-~ r~erci~cJ c~mrurr~ntlc. independenll~ ~r succc.ci~~A'
13. Succeswn and A~ciRns Bound: Joint and Se~eral t.iabilih: ('aplium. ~I~hr r~•v~~~ant; .::::i ::g:ermemc hcrein
~~~nta~nr.i ~hall hin~. .~nd thc rieht~ hcrcundcr ~hall ~nuir t~~. thr r~.~-ritivr w.-~r.t~~r~ and ati~ignc ~f t rnJcr .~nd Ri~rrc~wcr.
,ubjrct to th~ pr~.vitiu,m ~.f para~raph 1? hcr~~.f •111 :m•rn.~nt~ an~i :~~rrrmrnt~ ~•f Ri,rmti~cr thall Fx j~ant :ind c«~cral
The raptiun, :~nd hrading~ ~,f Ihe par.~~r:~ph. ~~f thi•. 11~~n~.~~r arr fi~r r,•m•rmrnce ~,nh~ :inJ are m~t t„ Fk u~ed to
inlerprrt ex define the pronci~~nc here~~f. -
14. 1olice. E~ce~t f~~r am• n~~tire rryirircd ~~ndrr applir:~f+lr la~. t~~ F-~ e~~~r~ ~n am~thcr manner. (;i~ ant~ n~tire tn
Bi~rruwrr pr:~vidcd fi~r in thi. ~t~•rtgac~ ~hell tx g~~~n M m.ulin~ .uch n~~tirr h~ rritificd m.+il addrr~.r~ t~~ B~.rn~wcr at
th~ Pn,~m~ A~Idreti, ~,r at ~eirh ~,thrr addre.~ :~~ H,,rruwcr m.» dr.~~n:~~r ht n,~tirr t~• I rnJcr ae pe~~~~idrd hrrcin. and
Ih) am n;.tirr t~~ LcnJcr tihall Fx i~~rn h~ crrt~fi~d m:ul. rrti~m rrrc,~! rryuc~tcd. t~~ ( cn~ter'~ adJrc~t clatcd hcrcin nr ta
~i~rh ~~thcr addrrct .n LcnJer ma~ dr.ienalr ht nrlirr t~~ Burn~wcr :~~ ~r,~v~Jc~l hrrrin. •~n~• n~~ticc pr~~~•idr~l f~~r in thic
\tvrt~agr tihali tx ~icemrd h• ha~c hern ci~rn t~~ li~rr~~Hrr ~~r I ~ndrr ~hrn er.rn in Ihe manner detiignated hercin.
15. i'niform ~1ortRake; Gu~•erninR I.a..; '+e.crabilit~. This fortn of mortgage comhine~ uniform co~•enants for national use
and non-uniform coeenants with limited ~•ariations by~ jurisd'iction to constitute a uniform security instrument covering real property. The
state and local laws applicable to this Mortgage shal! be the laws of the jurisdiction in which the Property is located. The foregoing
sentence shall not limit the applicability of federal law~ to this mortgage. In the e~•ent that any provision or clause of this Mortgage or the
Note conflicts with applicable law, such conflict shall not afTect other pro~~isions of this Mortgage or the Note w•hich can be gi~•en efTect
without the conflicting provision, and to this end the provisi~ns of the Mortgage and the Note are declared to be severable.
16. Borrower's ('op~. Borr~~wrr .h:~l~ hc furni.h«I :~ .~~nf~~rmcd r~~~~ ~~t ~h~ \i~tc and :~f thiti ~1~-rtgagr at thc timc
~~f e~riution .~r aftrr rr~«rdati~~n herc~~f.
17. Transfe~ of the Pmpert~: :1~~umption. If all ~~r ari~ ~•.~rt ~~f thc Pr~~rcrt~~ ~~r an'intcrccl th~~rcin ic .~~Id ~~r tran~fcrrrd
M Bormwc~ H~th!~ut 1_cndcr'~ pn~~r ~+rittrn <<~n.rnt. «~ludini r.~i thr crc.~Ii~~n r( .~ li~n c~r cninmhran~r ~~:Fw~rJin.~tc t~~
thi~ Ni~ttg:~gr. Ihl the crealion ~~f ;~ purch:~~r nt~•n~~• ~irunn intrr~ct f~~r _h~~utiehrl~l :t~+pli.ince~. Icf :~ tran~frr h~~ de~~is~.
de~c~nt r: h}~ u~reli~~n uf Ln- uFxm the Jrath ~~t e i,~~nt ten•r~t rr 1~1~ thr grant ~~f am I~:~~.~h~dd intctect ~•f threr ~•rar~ i.r Ietc
ni.t cc~ntainin~ an ~-ptii~n t~~ ~urchasc. I endrr nt.~~. .i! 1 rn~lrr'. „ph~•n. dr~l:~rr :ill thr ,um. ticrurcJ h~~ thit ~1~~rt~ac;r t~~ Fx
~mmrdiatrl~• duc ~nd pat'ahlr 1 CndCr tihall h.~<< «,~i~rd ui~h ~~ph~~n ~~~ :+~~rlcr:~tc if. pri~~r lo th~ ~alC ~~r trancfcr. I cn~er
an~l thc pcra~n t~ wh~~m thc ProExr~~• i. t~~ hr ~i~IJ ~~r ~reml~rr~d r~:i~h .~tr~rmrnt in ~n~~ne ~h:~1 Ihc ~rc~1i1 ~~( .uch ~xrt~~n
~~ cati~factor~ t~ 1 cn.irr and that thr intcr~.~ ~at.~hl~ ~~n thr ~um~ tircurrd ht Ihi, ~1~~rttagc ~h:~ll he at s~irh ratr a~ 1 rnder
~hall reyuetit. If I ender F~ac K~;,iveJ thr ~•pti~~n t~~ :~c:rlrr,~~r prrvid~d in thi. par;~er:iph 17. ~nd if B~~rr~~w•rr'. ~ucee~ti~~r in
mterect ha~ erecuted a w'rittrn astumpuon aerremrnt acrr~•-rd in Hriung h~• I rnder. Len~ler ~hall rele:itic Aurn~uer fr~m all
~~hligatiom un~lrr thic !11~rtg,~ec awd thc ti~,tr.
If i cndcr.e~crriu~ s:irh upt~~~n t~~ accrf~ratr 1 rn~irr .h.~ll mail F;~~rn,~~~r n~~ticc ~~f :~~iclcrat:~,n in :~rr~~rdan« w~th
par.~gr:~ph 1-3 here~if. Such nut~rr ~h:~ll ~mv~dc .~ Exrn•~1 ~~! n~~r Irs. than ;(1 ~i:.~ti fr~,m Ihc J:itc the r,.~tict i. mailed withm
..h~rh B~•rr~~..cr ma~ pa} thc ~um~ Jc~l.~rc~i dizr If B~+rr„~+rr t.uh t~~ r:n ~u~h ~um~ pn~~r t~, th< <r~ir~U~~n rf ~.u~h pcnixl.
I rn~lrr ma~•. with~~ut (urther n~~ure ~~r ifemand ~+n I~~~rr~~u~r. ~m~~{.e :~m rrmrdies ~xrm+Itr.i h~ ~araQraph 1`t hereof.
'.`~>~-t'ti~FOK~t ('~-~tv~v-r~ Bi,rrc~wer and ( rnder furthrr c~nenam :~nd agree a~ folluw~:
18. Acceler~tion; Remedies. Except as pro~ided in paraRr~ph 17 hereof, upon Borrower's Lreach of am co~enant or
aRreement of Borrower in this 11ortRa~e, includinR the co~enaMS to pa~ when due ~~~ sums secored b}• this ~tortRa~e, I.ender
prior lo ~cceleration ~hall mail notice to Borro.~er as pro~ided in paraRraph 14 hereof +pecif~in~: (1) the b~each; (21 the action
required to curt such breach: (3) a date. not lecs Ih~n 30 da}s irom Ihe d~te the nofice is mailed to Borrower. by which such
brrarh must be cured; and (4) Ihat failure to cure tiuch breach on or before the datt speci6ed in the notice may resulf in '
accelerofion of Ihe sums ucured b} thi~ ~1ort~a~e, foreclocure b~ judicial prnceedi~ and ~ale of the Propertv. The notice
shaD further inform Borrowe~ of the ri~h1 to rein~tate after acceleratinn and Ihe riRhf lo acsert in the foreclosure proceedin~
the non-exi+lencc+of ~ def~ull or am~ othe~ defeme of &-rruwer to ~cceleration and i~ueclosurc. If the breach ic not cured on
or before the date specified in the notice. I.ender at Lender c oplion ma~ declart all of the sums secured b}• fhis NortRaRe fo be
immediately~ due and pa~~ble wilhout further demand and mn,forecloae Ihis 11ortRa~e b~~ judicia! proceedinR. Lendtr shall
be entitled to collect in such proceedin~ all expense~ of foreclo~ure, includinR, but oot limited to. reasonable attorne~'s fees.
~nd cosls of documenlary e~idence. abtitrac~s and lille reports. '
19. Borrower's Ri~ht to Reinst~te. \~~tw rth.t:~n~in~ I en~icr ~.~~.cler.iti~m ~~f the wm. ~rcure~ b} th~~ ~1~~rtgage.
HOffUK'lf tiF1dII ~ld~'l' thc right t~~ h.~~~ .~n~ pr~kcrJrn~~ h~iun h~ I rnd~r t~~ cnt~~rcr th~. ~1~~rtg.~gc Jiticc~nUnu~J at am~ t~mc
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