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HomeMy WebLinkAbout2254( cn~rr'c Hnucn rgrermcnt ~~r apphcahlc I:~~~ liurta~~~t .hall pa~• Ihr am~~un1 uf .~II murtgagc in.ur.~ncr prcmiums in thr n-:~nncr pruv~dril undrr parag~aph 2 hcreuf. An>~ :imuunh di~hursrd by 1 cn~lcr punu.~nt a, tfii~ p:u.~g~aph 7. w~ih ~ntrr~:t ~hcrcun, chall hcrumc :tdd~~ic,nal in~lrbt«inr.~ ~,f liurruwr~ urcund M~ thi~ !~1i,rtcacr t'nlc.~ H~,rr~~~~rr :~n.l 1 cn~l~r .~~r« t~~ othc~ tr~m~ ~•f paymrnt. tiuch am.~unt~ ,hall Fx pa~~ahlr u~x~n n„tirc fmm 1 rndcr tu B~~rr~~~rr r~yur,tin~; pavmrnt thrrc~~L und ~h:~ll Fkar intcrcat fn,m thc ~lalc ~~f ~li.hi~rumcnt at thc r.dc pay:ihlc (r„m timc 1~, timc ~,n nut~tandinK prinripat undcr Ihc Notc u~lc~~ paymenl of intrr~e~ at ~uch rat~ ~•ould hc cc~nlrar~• tu appliraMc I,~~~. in ~hi~h r~•rnt ~urh am~~unlc ~h:~ll h~ar intcrcat :+1 thc hinc~tit ratc ~xrnustihlc +indcr .~pplic:~blc I:~w. N~~~hinK cunr.~inc~f in Ihi. p:~r.~~;raph 7 ~hall rcyuirc 1 rndcr to inrur any erpcn~c or take any aclion hrrcundcr. 8. Inspeclio~. Lcndcr ma~• malc ~~r r:~i~.r ti, hc m.ulr rc:~.~~nahlr rntrir~ u~,~,n ;~nd imEx:cli~~n~ of Ihc Pru~xrt~~, pro~•idc~l ~h:~t I cnder ~h:dl gi~~c Rorrowrr n~,ti:r pri~~r tu am ~iirh im~xcUi~n ~~ri(yin~; rr:~a~nahlc caue~ thcrrf~~r rrlalcd t:~ l.cndcr'c intrrr~l in lhc Propc~l~•. 9. ('ondcmnalkin. Thc pr~krrd. ~~f am~ :~~.arJ ~a cl:um Gu J.unacr,. ilircr~ u~ r~~n.cyu~Mial. in c~~nncclic.n wilh am~ :undrmnati~~n i~r c~thcr ~akink uf ~hr Pm~xny. ~~r part ~hcr~•~~f. „r f~~r c~~mr~•:uirc in liru ~~f r~,ndcrnnati~~n. :~rc hcrch~~ :~~ci~ncd anil ~hall t+c paid ti~ i cnder. In Ih~ c~•ent i~f a t~~tal lakine ~~f Ihr Pn,prny. thr rr~~~rrJ~ ~hatl Fx applic~l tn ~hc ~um~ ~rcnrcd hy thia '.11i•rtg:iR~. Hith thc r~cc~c. it any, paid t~~ R~~rr~~Hrr In thc c~cnl ~~f ;i parli:+) I:+~.in~ ~~f thr Pro~xrl~•. ~mlr~e R~~rm~~cr :~nd I.cndcr „~hcrNi,r a~rcc in ~vritin~. th~m ~hall Fx~ .-~~t~«~ ~„ thr wm..rrurc~i M thi. ~1nrt~:~tc ~~ich rm~x,rtic,n nf Ihr ~rcxrcdc :~s i~ ~yue! !~~ Ihal pm~x~rti„n ~~hirh Ihr :~m~~unt i~( thr ~um~ ~~.urcd h~ thi. \1i~r~Laec imm~di:~ICI~' {~ri~~r Ic~ thc datc of takin~ Fxarti tc~ the fair mark~t ~•alur ~.f ~hv Pru~~t~ ~mmed~.~l~l~~ ~,n~•~ t~~ thr ~iate ~~f takin~. ~.i~h the halanrr „f the prcxceJ~ paid 1~- Born-w•cr. If thc Propcrt~~ ic :ihand~nccl h~• R~~rn~Hrr. ~~r if. :~ftrr nnlicr b~~ 1 rnJrr ~~~ B~~rr~~~~~r that ihc condcmnc~r offcrs t~ make :~n .~H:~nl ~•r .clNc a claim f~~r Jam:~cr.. B~~rn~~vrr i:~~l. t~~ rr.~,ni! t„ 1 rn~lrr Hithin zl- da~~. af~cr thr duic ~u~h n~,ticr ie m:+ilcd. Lrn~lcr i~ awhorircd ti, c~~lkcl and ap~l~~ rh~ pn•~crdti. at 1 cndrr'. ~,pticm. cithcr t~ re~t.,ra~i~m ur rcpair of the Pro~xrt~• or i~~ thc ~um~ ~rrurcd h~ thi~ \t~~rte.~gc ~~ l`nlrs, 1 cndcr :~nd Rc,rruwrr ~•thcn~i~r acr~r ~n ~~rilin~•. :~n~ ~u~h aprl~r:rti~~n ~~f pmc~cdti t~~ princip:tl ;h:~ll m~t c~tcnd ~~r ~x,~t~x~nr Ihc dur ~t:~~c ~,( Ihr m~~nlhlv in,l:~llmrm, rcfrrr_•d t~, in para:r,~~h. 1 and 2 hem<~f ~,r chanec th~ am~~unt nf wch inctallmcnl~. 10. Borrow•er Not Releaced. t~vrnti~~n ~~f thc umc f~~r p;~~m~nt <~r m~~difir:~ti~~n ~~ :+m~~rti~atian ~f thc ~um, ~currd M• thi~ M~,rtta~c ~ranl~d b~• ( cn.lrr 1~+ am~ wccc,W~r m i:ncrr.t ~~f Bc.rn,HCr ,hail n~~1 ~,~xratc t~ rrlcacc. in any manncr. thr liahilit~• ul thr oriein:~l B~-rn,wcr :uid 13~~rm~~cr'. ~ii:ir.,~~r. in intrre.t I rnder ~hal) not hc rcyuirc~l t~~ c~~mmencr ~,nti~c~tin~~ c~Laintit wch wrrr.c~~r „r rcfu.r t~. rrtrml tu~-c („r pavmrnt ur «thcr.~i.r modi(~• am~,rtiiati~,n i~f thc sums ,«urcd i+~ ~hi. Mangagr h~• reau,n ~~f .inc dcmand madr M thr ~~riein:~) lii~rr+~~+cr .inJ B~~rr~~w~er'c wcrr~~.~r. in iMCrett. I1. ForMear~nce b~• I.rnder \ot a~~'ri.cr. ~~n~ f~,rtx:u:u~ir h~ 1 rnder in r~crci~i~~ :~m riLht ~,r rcmrd~• hrrcimder. ~~r „thrrw•i.i :~1Te~rded h~ appliraf+lc I:~w•. ~h:~ll m~t t~ .i a.~i~rr ~~t ~~~ ~rciludc thr r~crci~c ~~f :~m• ~urh right ~•r «mcd~' Thr ~ro~~~rrmcM i~f inwrancc ~~r ~hr ~a~•nxnt ~~t t.i~r~ ~•r .4hrr lirm .n ~h:~rcr~ h~ 1 cnder .hall not txx a~+:~icir ~+f I cndcr'~ rit~ht In acc.lir.~~~ thc malurih' c~f Ihr indehhdn«~ .r,i~rrd h~ thi~ \1~~r1s:aLi. 12. Reniedies ('umulati~•e. All remc~i~~. ~,n~.ukd i~i Ihi. ~t„rle:~~~ arr dititinrl :~n~l cumu!ati~~r t~ :~n}~ ~,~hr; rieht ~r rrmc~h' i~mkr thiti M~rte.~g~ or a1T~,rdrd h~• la~~ „r ryuit~. .~nJ m.~~ hr ~~rrci~~~1 r~~ncurrrnll~~. in~ic{xndcntl~~ ~,r currr~ci~~ch~ 1.1. Succecsors and AcciRnc Buund: Joint and tir~rral I.iabililv; ('aptinnc. l-lhr i~~vrnantc :~nd ac;rrcmcnt. txrcin c~.ntainrJ chall hind. and thc rieht~ hcrcundcr ,hall +ni~•r t„ thr r~~~•rc~i~r tiuccc..~+r. :+nd a«iLm ~,f 1 cn~lcr and Rc,rn,wcr. ~uhjcct t~~ Ih~ pm~~i~iom ~~f p.~r.~~raph 17 hrrr~+f •~I! i~~~~n.~nh :uul a~~rrcntcnh ~•f R~~rru~rer Sh:~ll tx j~,~nt and u~•cr:tl Thc r•rpti~~m :~rnl hcadinc~ ~f Ihr ~:~r:~ur:~~h. „f thi~ ~1~~rti.ier arr f~~r ,um~rmcnc~ ~~nh :~n~l :~rc n„t tu h.~ uccd tc~ ~nlrrrrct ~u define Ihe pm~i~i~+n~ herce~f. 14. \otice. Errept f„r ~ny rn•tirr rry~iirrd ~in~lrr :~{~plic.~hlr la« t~~ hr ii~~rn in an~~ther manner. ~a- am- not;~e t~ B~~rn,wer pr.~~'idcd fur m thi~ ~ii~rlga~c ~hall tx -~~~rn M ~:i:~ilini .inh m,hrr h~ irrtificJ nr.~il :~ddri~~id t~~ B~,rn•~~~r at th~ Prc~~rt}' Addre~c ~,r at .uch ~,thrr :~Jdrr.. a. H~,rr~~~~rr m:~c ~i~~venatr h~• n~airr t~. 1 rn~lrr ati pr~~:id~d h~rcir. a~c! (hl :~m n~~ticc t~~ Lcndrr ~hall tx t~~~cn h~ rr:t~ti«I m.+il rrtnrn rrir~{~t rcyur~trd. t~• I cnJer'. adJr~.~ ttatrd hrr~in ~~r to ~uch ~~Ih~r addrec~ :i~ I.c~Jrr m:~~ dr~icnatc h~ m,ti:r t~~ R~~rr.~~«r a, M„~~dr~l h~ren~. ~~m~ n~~tirr pn~~'idc~l f~~r in thi~ ~1~~rtgage shall Fk Jeemrd t~~ h:~~r txrn ~~~rn ~„ Rnrr~n~rr ~~r I rr.drr "}irn t~~rn in thr m~nner dr,iKnat~d herein. 15. l'niform MortKa~;e: Covernin~ I.aN: Sr~e~abilih. 1 h~. t~~rm ,~1 m~~rt~_air <<,mhir~rs ~~nif~rm c~.~~enam. fur natictnal utiur and n~,n-unif~~rm r~» rnant, .+ith limi~r~l ~.~nah~m, M ~un~Ji~ti~~n t.~ c~~mtitntr a unifurnt tic:unl~• imtrum~nt cn~•crin~ rcal pru~rt~ "~hi. bti~rt~acc ~h.~lt tx i~~~rrnril h~ th~• I.i~ ~~f Ihr iur:,~lirtu~n in ~ahich thr Pr~,pcrt~ i. k+~at~d la lhc evenl Ih:~l c+ny pr~,visi~m ~v clainr ~~! Ihi. \1~~rl~ec~ ~~r Ihr \~~Ie i~~nfli:I~ ~~ilh .~p~liiehle law. •:u~h cc~nflicl ~hall nc~1 afTect ~~thrr pnn~~ia~m ~~f Ihi• A1i~rlg:~_L'c ur Ihr \~~ti• ~~hi~h ..u~ hi ei~c~t ~1Tr~t ~i!h~ait IhC ~onflir~ing ~-rc:~i.i~m. and tc~ lhtc ~nd ~he pn,~i.iunc „f !he ~lnrteagc :~n:1 tF:r \~~Ir :~ri Jr:L~rid 1~~ Fx .r~•er:~Mr. 16. Borruwer's ('op~. Borm~~rr .hall hr (iir~u.hr~l .~ .~,nl~~rmr~i in~c ~~t thr ~i~,tr .~n~f ~~f thi~ ~f~~rteaec at the time ~~I e~rcuticm i~r :~ftcr r~ii~rd.~tiun hcrr~~f. 17. Transfer of the Pmpert~; A~~umption. li all ~~r :m~ {~.~rt ~~i ~hc Pr~~Exrt~• ~v an intcre~t therrin i~ .~~Id ~~r tramfcrred h)~ BorruHrr aithuul I.cndrr't prinr wri~Irn ~~an~nt. r~cluJin~ ~ ~~ thr rrcatii~n ~~f :~ licn c~r cnrumhrance ~uhi~r:iinatc tn thi~ vle~rtgage. (hl Ihe creati~~n i~f a purrha~r m~~nec ~rcuril~ mtrrrtil f~~r h~~uu:h~~l~1 appli:~nrrc. (~1 ;~ Iramler h~~ devis~. dru~nt ~~r h~• i,Fxralion of I::u ~i~r,n thc ~ir~th ~~t :i j~:i~~t trn:~nt rr ~.1~ ~hc s;rant :;f :~nt leacchc~ld ~mcrest ~~f thrrr ~~rarti ~~r lc~t ni~t i~~Maining an opli.~n t„ purchasc. 1 cndcr m:~~. .~~ I rndrr .~~pu„n. drelar~ all thr ~um. kcurcd h~~ th~c \i~~rtKagc t~~ Fx ~mmcJi:~tch• duc and payaMc Lrndcr tihall h:~~c w:u~rd .u.h ~~pU~,n t~~ .~crcl~ratc ~f. priar t.~ Ihc .alc ~~r transfcr. LcnJcr :md thc Fx:r«~n t~~ u~h~~m thr Pm~rt}' i~ t~~ hc •~~I.f ~~r tr.~mtcrrrd rearh .~~rrrmcm in wrihng th:+t thc trcdit ~f .uch rcRi~n i~ satitifarh~r~ t~~ Lcn~lcr and that Ihc intcrr.t pa~aMr ~~n thc •iin:, Krurcd M thi. ~1~,rts~agr ~hal: h~ at such ratc a~ Lendcr shall reyur+t. If I ender has w~~i~~ed the ~~pti~~n t~, a~crlrr.~~r pru~•iJr~) :n thiti par:~t~ra~h ~7. and if Br~rr~w~er'ti ~ucce~si,r in inlrretit hati cxccutcd a wriUcn as~umptic~n a~!r«ntcnt ar~r~tcd in ~+riung h}~ I.cnJcr. I cn~lcr ,hall relra.c R~,rrowcr from all ~~hli~,atiom unJcr thic M~rtg~gc and thc N~~tc. If 1 c~idcr c~crri«ti tiuch ~,ph~~n tr acc~l~r.~tr. I cnJrr .h.~ll rnail B~~rn•urr n~~hrc ~,f ar.clcr~t~un in .~cr~~rdancc w•ith paragraph 1~3 hcrcc~f. Such nuticc ~hall pmvidc :~ {+cru~~i ~~f isut Ic,. than 3~ dac~ fr~~m thc da~c thc naticc i. maiicd within ~hicfi B~,rr~~HCr may pa~ Ihc ~um~ dc..l.~re~l di~r It R~~rru..rr t.ulti t~- p~~ tiuch ,+im~ pri;~r t~• Ihc rYpirali~n ~~f tiurh pcn~ul. 1 cndrr m:~c..~•ith~~ut furthrr n~ticr ~~r drmand „n Rurr.,~rr. in.~,l.c am rcmcdics ~rmrtlr.l hc par:~graph Iti hcrc<.f. Nov-l'N~totc~t ('~~v~.v.+tiTS. Rorr~~~cr ~nd I.cnder furthcr a~vcn:~nt and agrcc ati follaws: 18. Acceleration; Remedies. Fxcept ac pro~ided in para~raph 17 hereof. upon Borrowers breach oi an~ co~~enant or aRreement of Borrower in this NortRa~e. includinR the co~enanfs to pa} v-hen due any sums secured b~~ this MortRaRe. I.ender prior to acceleration shal) mail notice fo Borro~ver a~ prorided in paraRraph 14 hereof specifyinR: (l) the breach; 12) Ihe aNion rcquired fo cure such breach; (3) a date. not lecs Ihan 30 da}s from the date the notice is mailed to Borrower. by N~hich such breach must be cured; and (4- th~t failure to cure cuch breach on or before Ihe dale specified in the notice may result in acceleration of the sums secured by thic ~tort~~e. foreclosure b~• judicial proceedin~ and sale of the Property. 77~e nolice shall further inform Borrower of the rikht Ie. rriml~te atter acceleration and the ri~ht lo asscrt in the fo-eclosure proctedin~ the non-existence of a defaolt or an~• Mher defeme oi Bnrrower to acceleration and foreclosure. If the breach is nuf cured on ~-r before the date specified in the notice, I.ender al I.ender's option ma~ declarc all of Ihe sums secured b~• this 41o~tRaRe to be immediately due ~nd pa~•able without further dcmand and ma~ foreclose this NortRa~e b~• judicial proceedin~. Ixnder shall tx entitled to collect in such proceedin~ ~II e:penses of foreclotiure, includin~, but not limiled to. reasonable attorney's fees. and costs ot documentuy e~~idence. ~Mtractc and litle reports. 19. Bormwer's Ri~ht to Reinstate. ti„tw ith~tand~ng I.rn~lcr'. acrclerah~~n uf thc sums ticcure~l b} th~s Mortgagc. Hormwcr +hall havc the nghl ti+ ha~~~ em pn-~«cinc. hccun h~ I ci:Jcr ti+ cnfurcc thi~ ~1~rigagc disc~nArucd at am' timc ...,~~:349 r~-~~~~53 --~ _ . ~~