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HomeMy WebLinkAbout0042!t. Inept: ction. I.rndNr may makr ur ca-uye tu Ix• mude n•aieuntiblr.rntrir~; uFx~n tu~d in~Exti•tiuns of the pro{xrty, pruvided that l.rnde~ Nhull ~;ive I~C~rruwer nuti~r p~ur u~ uny such ins{-~~•ti~~n a{x~~ifyinK mu+unuLlr ciwse thrnfur rel~~ted tu IAnder'e interrst in the ('roprrty. ~l. ('undrmontion- TF~r prucr~tif~ uf any t~ward ur cluim G~r dnm.~gra. :lirrct or ~•unscv~u~•ntiul, in ~•unn~•tiun w•ith uny n,ndrmnution ur ~~th~~~ ti-king of thN pro~x•rty, ~~~ Nart thercv~f, or fur cuove•yi~ncr in liru of ~ti~ndemnutiun, am h~~rrhy u:u:iKnt~i und ehe~ll F~e puid tu I.~~nde~. In thi~ rvent uf r. tut.il takinK uf the 1'rupe~rly, the pnK•c~~1+ shal) tx• aspplii•d to the suma srcurtrl by thiR Atort~;uge, with the excexa, if any, paid tu fiurruv-~~~r. 1~ the ev~•nt uf a~ pnrtiu) tukinK ~~f the !'ro{~rty, unl~•+s Rurruwer und I.rndrr uthrrwise uKn~~ in ~vritinK, there ahull -x :+ppli~~c~ tu tt~i• xums :c~run~1 by thia Mort~;uKe such pru~w~tion ~~f thi• prrx•~r~ls as is ~v~ual to th.i~ pruportion which Ihr umuunt of the aumx .~•cunti! !-}• thix !11uriKuKe imnu~cliateiy priur to the d.ite uf t.-kinK lx~air.c u, tht• f.+ir murkc•t vuluc• uf the !'ru{x•rty i~nm~vli:~tely prior tu thedate~~f takinK. ~~•ith the h.~lunca i~f the preKYkds pttid tu Rorruwer. ~t.~_ u___.._.."-".L..._.~...._..l 1... li..~..._..._ ..~:f ..A..~....•:....1...1 .....1...~..1l............~L...~ ~{..........7............{YL.~.,~.......L .............~.1..~.,..~~1.... ....._ ..._._... ._ . .............._ __...__.'. __ .. .._._ ..__. . ._.___. _._'._...__'_'_ ____'_ __.. _ _ ..._. .. .. . . .._ _. ... ...... _. """'''~"' • " ...............'.' ...._..."' • . • _. ' __ '.. '. _ . . . _.. . .'_. .. c'l:iim fur J.101.IM;t•!i, Itorruwrr fa~ils tu reti{H~nd tu l.~ nder within :itl da~>'B ufter th~` (~ute tiuch nuti~r is muilcKl, ~d•nder is :~uthorizr.d ki cullrrt unJ .~pph~ thr pruc~~~la, at Iw~nder~~ upiiun, rith~•r tu r~~,tur.-tiun or n•~~uir uf the prnpcrty ur tu the r:umx Kcti•unrl by ihirc A1ortKuKe. l'nlrss 1 A~nder and I~~rruwer uth~~rw•ise a~nr in w~ritinK, un>• sui•h applicatiun nf pnKxrdx to prim•ipal tihull not rxtend or puxt{xm~ thedur ~iut~~ uf the munthlc inst:ilime;nts re;ernY1 tu in p.~ra~,~raph~ 1 and L h~~reaf or chunKe the :imuunt of such inaG~llment~y. lU. tiurruw~~•r 1ot N~~I~~uaiKf. F:xt~•n~iun uf thr tinu• f~~r paym_~nt or m~xlifi~•atiun of :unuRizutiun ~~f the sums,ecurecl h~• thi~ :41ortKatie ~r.~nt~•d b~• 1 A•nd~~r !~, an~• .uci•~•.sur in ~tuerrst uf Iturn~wer .hall nut u{K~rut~• to reli• ~se, in un~~ inanner. the li:~bility uf th~• oriKina! liurruwer •-,. .~n~1 k~~rn~~.~•r'~ au~•~~~•..~~r. ~n int~~re~t. I ~•i~d~•r .h:~ll nnt tx• n~~uin~! tn iti~~nmrn~•E~ pr~k•i•~rliny;s u~;:~iu~:t .u~•h tiu~•c~~ss~~r ~~r rrfuse u~ e•xtend tim~• t:~r pa~ m~•nt ~~r ~~th~•r~~ i.~• m~nlif> :~ni~~ ,iiati~~n ~~f th~• xum..~~•unrl h~• !his \l~~rt~;.~~;~• h>• n•:i.~~n ~~f :uip d~•~nand rn:~dr h~• tlu•uriy;in.il Itnrruwer ~rnl It~~rr~~~crr'..u~ r~:.:~~r. in int~•n•.t 11. Forbeart-nct• by L~•nd~~r Nut a H'uiver. r~n~• furb~:~r.~nci• lry IA~nd~•r in ~~xerritiin~; :ui>• ri~;ht ur rem~~iy hrn•under, urutherv~~iar ~ff~~rd~d b~• nppli~~ahl~• luw•. ~hall aut tx~ .~ «•ai~•~r ~~f ur prerlud~~ th~~ ex~•rci~~• ~~f an~~ su~•h ri~;ht ~~r r_~~n~rly.'1'hi• pnK•ureme~t o[insuruncr ur the p;t~ nu~nt nf tax.•. ~~r uther liesis ~~r c~h:irkc. b~• Iw•ndi•r ;hall n~~t IK• :~ «•ai~•~~r uf I~~ndt•r's riKht U, ,ic~•rlerute thr muturity uf the indebtiY~neti~ ~~•currd h~' tltiti ~1uCi~;.~~;~•. ! ~'. Ncmedii~~ ('umulutivi•. All n•m~~dic•. pru~•id~~d in thiti ~lort~;:i~;c• ar~ distini•t and ~•wnul.-ti~•r tu uny oth~~r riKht ..r mmt~1~~ und~•r thix ~turt~•aKr ~~r :+ffurded b~~ I:~w ur ~Y~uil~•, ar.d v~a~~ tu• exe•n•i,r~1 ~un~•urrrntly, indr~•ndently ur aucY•e~si:•c•ly. 1:S tiuccc~tiurti i~nd A~ai~nw liuund; J~~int i-nd ti~~vrral l.iability; Cuplion~. The ~-~~~•~~n:~nis und .~krc~•~n~•nt, hrn•in cunt:~int~cf:+h.~ll h~nd. :~n~i thr ri~;ht. i~~•reunder shul! ~nun• tu, th~• m.p~r•tiv~• ~ue•c~•s~~:n and .tti~i~;n~ uf IA~nder and !i~~rru~~•~•r, ~ubjec•t tn the pru~~isiunx uf ~~:~r.-Kr.iph I; hrn.~f All cu~•e~nant~ und uknY•tn~•nts uf li~~rru~si~r sh:~ll M• j~~int and set•er.~1.7'h~• ~•upti~~nc anel hc.ulin~;. nf the p:iru~;raphs uf chi. \t~~rt~;:~y;~• an• f~~r c~~~~~ni~•nce• „nly and arr nut b~ i~~~ useK1 tu inu•rpret nr define• thi• pru~•isi~~nti hert•uf. 1-1. 1oti~•t•. F:x~~~•pt fur an~~ nutici• n•yuired un~li•r:ipplerahli• la~r t~~ I~r ~;i~•:~n in an~~th •r m:~nm•r. ~:~~ unt• n~~tir~• t~~ ft~~rn~~~•er pru~~id~ d fi;rin ; h~: \ti~rty;:ikc~ ~h:~ll }K•ki~~rn h~• maiLn~; such n~~tict• iry cert~fieyl ~n.til addrr~.e•d tn f{~~rrow•~•r at thr f'rupi•rtt• Adrlre•saur.it such othertiddres+a~ K~~rruu ~•r ma~ dr.i~;nati• b~• nuti~•e t~~ Iw•nde•r nti pn~~~id~~1 ht~n•~n, :~nd ~h~ .~n~• nuti~•e tu lw•nder sh:~ll tx~ y~i~~en b~• cert:fii~ mciil, return reY•eipt n~yu~•.;te~d, t~~ I a•n~1~~r's ;~ddn•~s ~t.it~v! h~~n•in ur tu .u~•h ~~thi•r uddn•~ti :~s Iw•nde~r ina~}• drtii~;ncite 1n• nutic~• t~~ I~~rn~w•i~r ar pro~~idtY1 herein. An~• n~,t~~ ~~ ~~r~~ci~1~~d f~ ~r ~n thi: ~1nrt~;.~Rr .h:-ll iK• dt~•m.~ci a~ h:+~~• b~Y•n ~i~~~~n t~~ !{~~rr~~w•rr ~~r l.~~ndt~r whrn Kici~n m thr mann~r drsi~;nat~~c~ herein. i:~ t'niformJtorty;i~~~;U~-a•ernin~I.t~w;ti~~verz~bility."1'hi;f~~rm~~f~nurty;a~;t~~•~~mbim•~anifurrti:~~~~c•nc~nt.~furn:+tiun:~lus~•andnun- :~if~~rrn ~•~~rk•nants ~+itl~ limiti•d ~•eiru~tiuns ht• jurisdicti~~n t~~~v~nstitutt•.t unifurm ~irunt~- in~trunient c~~~~f•r.n~; n:~l pr~~~x•r!}•.'I'hi~ ~1~irtKaKe _t~.~ii I~f• ~;~~ci~rn~r1 h~• t}it• la~~c uf.hr iur~.du•tu~n in whi~•h thi~ 1'rup.•rty i~ l~N :~ttK1. In thc~•~~•~t that .~ny pr~~~•~~:~~n ~~r~•lau.~• uf thi~ ~t~~rtKaKror •h~• :~~t~• runtlirts ~c~th aF~y~l~~•ab~e~ laH-. sui•h ~•nnflii•t :~h:~l) nui .~t~t~ti•t nthi•r prn~•itii~~n~ nf this \lurtka~;i• ~rr lhr \ute• ~vhii•h c,~n be• kiven effrci .ciihuut th~• i•~~ntl~i tin~; ~~r~~~ isinn. and t~~ thi, e~nd th~• pr~~~ i~i~~n. uf thr ~turt~;:~~;~• .~nd thr :\„tc• .irr df~clan•d in b~• st•ver:~l~li•- : rr~~rd:at; ~n }lf•f( ~ f'~ (',~~~. l~~rruKe•r vh,ill !K~ furni.h~yi ~~ ~•nnf~~r~m~t ~~oNy uf th~• \utt• .ind uf thiv ~1urtKc~Kr at the tinu• ~~f i•xecutiun or :~fter ~~~~ 1~. '1'runsfer utthi• 1'rup~~rty: ~~stiumptiun. I~.~ll ~~r an~ part ~~f th~• Pr~~,:~•rt~~ ~~r an int~•rt-st thrn•in i. s~,ld ~~r transferrt•d h}• fiurruw~rr '~ .. rth~~ut 1 A•n~ier~:= priur w'ritte•n run~ent, rx~•lw~i~zk Ia> th~• ~•rt~:~ti~~n ~~f ;~ Grn ~~r t•ncumhr.~ec•t• sutN~rdinute to thi~ ;11~~rt~:+~;~•, Ib~ tht• cr~~atiun uf ;~ y ,~urch:+se in~~nr}~ sccuritt• int~•n•st fnr h~~u.rl~~~Id u{~~~lu~n~~~•., i~•~ u tr.ui~fc•r h~• cir~~isr, d:scrnt ur h~• ~~Fx~rati~~n of luw upun tht•drath nl a juint •~•n:-nt ~ir <<!1 the• ~;r.~nt ~~t an~• t~:~~i•huld interr,t ~~f thrrc~ ~•t•.e.*s nr It•~s n~~t ~•unL•iinink un upti~~r: tn pur.hatit~, I~~ndrr may, :~t I.~~ndF•r'~:uptiun, . i~•~•]nn• :tll thr :ums s~•rurtrl 6}~ this ~turt~;:~~;r t~~ I~e• imm~~~i~:~e~•:~~ ~~~• .~~~~i ~~:~~•.~blF•. !.e•nde•r shall ha~~e• w:~icttil ~uch optinn tu a~~ce•1<•rat~• if. priur t~ ~ thr,:+lc• ur tr:insfer, lw•ndf~r and th~• pe~r~un tu w~hum the• Yrnprrt~• i~ t~~ tk• snld ~~r tramf~•rnYi n•a~•h a~;n~•m~~nt in w•ritinK thc~t thecrE~clit ~~fsuch ;~rr~un i, saU:f,~~•t~~n~ tn I.~~n~1~•r :~n~f that th~• int~•r.•,t ~r.~~~aLi~~ un thf• sums s~•~•urtKl hy ttus ~1~~rt~;ak~• shall }x• at such tate as L~•nd~•r s}iall r.~yut•~t. IF I.endrr h:i~ ~cai~•~•~i thr upti~~n h~ :u~r~dt•r:itr prn~ i~i~•~1 in thi~ E~ar:~y~r:~ph ;;. :+n~l i! Knrn~H~rr's s~~•i•i•ssur in inti•r~•st ha~s e•x~xvt~Y1 <+ .~ r~tt~•n a:;umpriun .+y:r~•e•~n~•nt :~r~~~•pt~•~! iii ~a ntin~; h~• I.~~ridrr. I.~•nde•r sh:~ll ra•lr:~x~• li~~rruw~e•r fr~ ~m :~11 ~~bliy;:rtinn.; unde~r thi~ ~1~~rt~;a~;e• and Lhc• \ ~ ~.t•. If L~•nd~•r ~~x~•n~i.r. .urh n~~tiun t~, :~~ ~~•lrr.~te•. L~•nde•r,h;~li m:~tl li~~rn~~'~~r n,~,u ruf ar~•t•li•ratiun in ;~~ ~-urd:u~~•r• w~ith p.-r.~gr:tpli 11 hrrr+rf. ~u~•li ~z~~tice: ~ha11 E~r~,c~d~ :~ ~N•n~ai ~if n~,t !~•,:.: il~:u:::ticla~.: fr~uu i!u il.~t~~ th~• ~~~:t~~ r~. r:.r~~i~Y1 t~•ithm ~rh~~•fi ti~~rru~~~~•r m:~v puv [h~• sum: declarc~i ~lur. If liurrrnc~•r tails t~~ pu} .w•h :umv pn~~r t~~ ihi• , x~~ir.~u~m ~~t -u~ h p~~ri~~i;. 1.~•~u1~•r rn:~c. ~cith!~u2 2i~rthF•r n~~ti~ r ur ,i~~„~:,~~~i ~~n fi~~rruwrr. ~!~~'u{ce• :ut) «•~ne•~~~~•. p~•rmittwl hc p:~r:~kr:~ol: l~ ha•rr~~f. Iti. ~~ce•~~leration; Itemedies. Excepl iis pro~~ided in purakrt~ph 17 h~~r~v~f, uFN~n Borruwer's br~~c~ch uf am• covenant or ,~y;re~~m~•nt ot iiorroww- in this J1ortKage, includinK tht• covent~nt~ to psi~~ whrn due an~• sums ~e•cun~d by Ihis ~iortKaKe, l.ender pri~-r to i-cceleri~tiun ~hall mail notire io Korrow~•r ay pru~•ided in puru~raph 14 her~~-fwpecifj•inK:111thebreach; I'l-theaction ri•quired iu cure such breru•h: 1:31 a d~+te, not le~x thun :ill days from the dnte thr n~-tice iK mailed to Borruwrr, by w•hich 5uch i~reach must b~• curc~d: and t41 th.il fuilur~~ to i•urr tiuch br~~s+ch on ~~r Fx•fore th~~ dxte specified in tht• notice ma~ result in :u~celeratiun of the sums ti~~~•ur~~d by thiti J1urtKaK~•, fureclutiur~• by judicial pruceedinK and s~leof the Prop~~rt3~. The nuticeshall further inform Rorruw•e~r otthe ri~ht to r~inst.~te t~fter accelrration xnd th~~ right to asyert in the fureclutiure pr~x~eedinKthe nnn-existenc~~ of a d~~fault or un~• other detensc~ ~-t Borruw~~•r t~- xe~•i~ler~tion and foreclusure. If the fire.~ch ix not cured on or he•for~~ th~• dt~ti• sp~~c•ified in ihr notic~~. I.endt~r ait L~~nder'y uptiun may dc~clare all of the yums zeti•urt•d by thiK ~tort~xK~• t~~ tx~ immedial~•Ic du~•.ind p.»~sibli• ~~•iihuut furth~•rd~•m:~nd and m.i}• fi~ri•i•luxi• this H~rrtKageb~ judi~•it~l pruc~~i~din-;. Lend~•r tih:~ll be ~ ~ititl~~d to coll~~ct in ~uch pru~•i~~•diny; s~ll ~~xp~~n+eti uf for.•cl~-tiuri~, inc~pdink, but not Iimil~Y1 to, r~~asonable t+ttornt•y'~ feew, zind ~~~tit~ uf documi~nt:~n• ~•vid~•ncc~. abstrsictx and tiU~• r~•p~-rtti_ 14. F3orruw•i~r'~; RiKht to Heintitate•. 1~dw•ith~t.~ndin~; IAmeler's:~c•ce•It~r:iti~~n nfthesum+5crurtd hy this 11oriK:1KP, F;U(CUN'Prtih.~ll ha~•e th~• riKht t~~ ha~•r :~ny pr~x•t~•dinK~ IH•kun !n- I.e•nd~•r tuF•nG~rc•r this ~1nrtKak~• disc~mtinu~~1 at an>• time priortuentr>' ~~f n judkment rnf~~rcinK this ~1c~rtKaKt• if: ~al fi~~rmwe~r pa~•s 1~•n~ler all sums w~hich w:~uld i~~ thi~n due under this ~turtKaKr., the !~ote .ind nutrs si~vrinK huturt• :~~1~•ances, if an~~, had nu act t~1F•ratinn rx•currt~i; i tr~ Iiurru~ rr ~•ure•~ all bre.-ch~•s ~~f any nther cnv~•n~~nt~: or aKreements of f~~rrow•er ~ontain~d in thiti ~i~~rty;:+~;i•; ~~~~ Korru~cer p:~~~~ ;+11 reas~~n:~hl~• ~•xpe•ns.•~ ini•urnYl b~• I.~~ndrr in e•nf~~n~in~; thr cu~•enants and a~;rre•mentc nf Rurruw•e~r /'11-1(flll7Pd in this M~~rt~;akr and in ~•nf+~rcink f.eli(~f'f~ti fk'I11P(~IPV as pnr~~id~~d in parukraph IK hertr~f, includiny;, but nut l:mitevl to, reacunable ,itt~~rnf•~•'ti ;c~•:; :-nd ~~I ~ li~~rn ~w•er takrs su<~h artinn :is [ A•nder ma~~ rt~a~on:ihl~• mquir~ t~~:~~sum that the litm uf this ~1nrt~;:iKe, l.ender's interest in tht~ !'r~iEr~~rt~• and firrrruwer's nbl~~ation tu pat• th~~ sums ~crure•d by thi~ ~1ortKaKe shaU ~•ontinuc• unimpaired. 1'ETUn such payment and cure I~y fi~~rrow•er, thi~ ~1ort~;ay;e~ and th~~ ubliKationti secun~l hereby shall remain in full furct• .u~d rf[e~•t as if no accelerat:on had occurred. '!(-. Asaignment of Nents; Ap~x~intmenfotl~eceiver. Ati ad~litiun:il sec•uritc hrreunder, E;orrower hereby as,iKns lu I.endertherents nf the {'ropert}•, pru~•ide~1 that Ei~~rruK•cr shall, pri~rr tu a~c~~lerati~rn undc:r paraKraph 1R herE~~f ~~rabandunment ofthe f'ropert~•, ha~•ethe riKht to colle~-t and rNtain wch rents as the~ }Krome due and payable. U~~n accel~~ration under paraKr.iph 1K tiereof or abandunment of th~~ 1'ropert}, I.ender shall tw ~~ntitl~d ta have a receiver apEx~intcd by a cuurt lu enter up~n, take pusce~siun ot and man.iKe the Yruperty and to collect the rents nf the 1'rnprrt>•, includir.~; thuse pxat due. All renLw l'OIIfY'LCd I)V thf~ rM•revNr tihalt 1x• :-ppli~~cl firtit tu paVm~•nt ~~f the cu~t~ of m.-naKemi•nt of the Pruperh• and cull~rtion o!'rents, including, but not limit~Yi to, rcreiver'ti fe•es, prt~miun~s un n~c~•i~•er'R txrnds .ind masunable alturnr~•'~ fees, and then to the tium~ secureci by this Mort~~Ke. The rcK~eiver tihall l~e liable to :iccY~unt unly for thnye rent:s actuall}• re~c•eivtd. ~,-~~Y~51 ~a~ 42 , . -_- - ~_-- - ~~~; ~. ~~,~: ~~