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HomeMy WebLinkAbout1095I.r.~~lrr'c ~~riuen :~brecmcn~ ~,r applirablc la~w. ti~,rn,«<r .hall pxy ~hr aim~unt uf :ill mortgagc im:uanrc pr~.niu~~s ~n thr m:~nnrr pruvid~.l und~r par.igr.~ph 2 hcreof. Am~ amuunt~ di~hurscd by I cn~kr punuant 1u ~his ~:~~ag;;-ph 7. ~~~th in~crc~t ~hcrean. ~h:~ll Fnrumc additii~nal ~c~.t~l:~c.luc,..~t liu~~u~~rr ,rrured h~• ihi, !1lurlca~r t'nlr.. Borm~~cr arnl I rn~lrr :ikrc~ t~, othcr tcrmc i~l pa}•mcnt. ~uch am~,unt~ ~h:ill hc payahlc up~~n n~~ti~r fri,m ( rnd~r ~~~ Bnrr~,~~rr rryur.tinc paymrnt ~hcre~~f. an~l ~h:~ll hear intcre~l fmm thc ~la~c of di~hurccmcnt at ~hc ~atc pc~yahlr f~~~m timr t<~ timc ~~n out~tanding primipal undcr ~hc N~tc unicc. paymcnt af interec~ ;~t surh rate ~~rnild he conlrar~~ a~ ;~~~r,aht~ I;~~v, in ahirh rvent such am<.unlc ~h:~ll hcar intereet at 1he highect rate {~crmissihle undrr ap~lirahlc law~. Ni~~hin~; ri,nuiine~l in thi~ paraLraph 7.hall rcyuirc l.cndcr to inctir an~• expen~e or take :~np artion hcrei~ndcr. S. I~spection. [.cmlcr ma~• m.~{.r ~,r ~au.c t~, hc m:~dc r~a.~mahlc rntric. u~~,n and in<<x.cti~•n~ „f thc Pn~~;r1}~, prm•idccl that 1 cndcr ~h:ill gi~•~ B~~rmHCr n~~hcr ~rii~r !~~ am wrh inti~rctirn ~~xci(~~ing rca~~~nahlc r:w.c thcr~f~~r rrlatcd t~~ Lendcr'c ~ntcrr`t in the Pm~xrh•. 9. Condcmnation. Thc ~ruccc:i. uf .u~~• a~~:~rd ur rlaim f~~r ~L•~maccti. ~lirrcr ~u c~,n~cqucntial. in cannectinn K•ith am• ~ondcmnatii,n ~,r i~thcr takin~ ~~f thr Pr~~}xrt~~. ~~r E.art thcrc~,f. ~,r fc~r a,n~~r~:~ncr in lieu ~-f .ondcmnatic,n. arc hcrchy a~tii~;ncd :m~l ~h:ill hc paid ti~ 1 cnJer. ~ In Ihe event ~f a t~~tal lakine af thr Pn~prrn. thr pn,~e«k .hall Ix applic~l t~, the ~umc kcured h~~ Ihic ,lartgaFe. ~~ith thc r~rr+s, if am•. ~aid t~• B~~rr~~~~rr. ln thc r~•cnt ~~f a r:~rtial t:~{.in~ ~~f thc Propcrt~~. unlcc~ B~rr~H~rr and Lendcr ~aher~~i,~ :i~±rec in ~~•ritinL. thrre shall tk ap~licJ t~, ~h~ ,um~ ururc~l h~ thi. !11nrl~age .urh propurtii~n c.f the ~±r~ceeds :~~ iti cyual ta that pn~p~~rti~~n ~~hich thr ami~unt ~.f ~hr .um. .rr~~rcd h~• thic ~t~rtea~c immcdiatch• ~ric.r a. thc datc of taking txars to the fair market ~•alur of thc Pro~xrl~ immc~t~:~tri~~ ~rii~r tc~ the ~L•~tc ~~f takint~. wilh the halancr ~f thc pr~ceeds ~:~id t.~ Bormw~cr. If thc Prupcrl}• ic ;~h:indc~ncd h~ R~~rru~~rr. ~.r if :iftcr n~~tir~ h~~ 1 rndcr t~~ Ri~rrc~~~•cr Ihat thc condcmn~r oBcrs to makc an :~H:ird i•r .ctU~ a ~laim f~•r ~1am:~gr.. R~~rr~~~vcr f:irl. t~. rr~~x~nd t~~ I rndrr ~+ithin i(1 d:~~~ :!f~~r Ihe d:~tc tiu:h ni~ticc ic m:i~lcd. Lrndcr iti aulhnri~cd ti~ a~lic~•; and :-ppl~• thr prc.crrdti. :~t 1 rndcr'. ~~~ti~n. cithcr tn resloration ~r rcpair of the Pro~xn~• i~r t~~ thc ~um~ .~rured In thi. \t~~rteae~ l'nlc:~ I cndcr ;~nd Borr~~~vrr i.then.i.r acrrr in nritin~•. ;~n~ ~u.h ap~•li~:itic~n i~f pn.cceJs t~~ ~rincip:~! ~hall n~t c~tend ~.r Ex~,tp~~ne the dur ~iatc ~~f the mi~n~hh inct.~llmrnt, rrfrrrrd tn in E.;~rakr,~ph~ 1 and '_ here~•f ~v rhange the am~unt of ,urh inclallment~. 10. Borrow•er tiot Relea~ed. F~ten~ic.n ~~f the tnnr f~~r ~.a~•ment i~r m~~difirati~~n c~f am~rtiiatii~n ~f the tum~ secured h~• ~hi~ 111~.rti~agc gnntcd b~• 1~ndcr t~~ an~• .i~rcc~ti„r ~n intrrr.t uf Rorm~~cr ,hall n~t i,~,~ratc m rclcasc. in any manncr, th~ ~iahili~~ .~f the ~.rieinal Borrcuer :~iid B~~rre~~cer'~ cucc~,.e~r: in intcre:t l ender chall not he reyuircd t~. commenee pn.~eeding~ again~t wch wcre.a~r ~ir refu.r t~~ e~ten~l tim~ fi~r {~~}•mrnt ur ~then~i.~ modih• :~m~~rtirati~~n ~~f the sums ~erurcd h~ thi. ~1ort~eage h~~ reau~n ~~f am~ dem:~n~l m:~d~ M thr c~rieina) Rorri~~~•er :ind B~~rmN•er's cuccec.~~r~ in intere~t. 11. Forbearance by I.ender 1ot a N'ai~er. -~n~ f~+rhrar;inre h~ ~ ~ndcr in c~crcicink am• rieht ~~r rcmcd~• herei~nder. or ~~thrrwitic atT~,rJed h~~ applir:~hle law_ ,h:~l! m.t he a~•ai~•er c~f ~~r preclude the e~erri~e ~,f :~m .urh rieht ~r remed~•. Thr prc-curement of i~~curanre c.r the ra~•mcnt ~~f t:~~c. ~~r ~~ther lienti ur rhargr~ M 1 endcr ~hall n~t he :i ~aiver c~f Lender ~ right t~~ ac~cler;~[e the ~naturit~• <.f thr indeht~dnr~c .r:~~rrd M thi~ ~iort_~aee. 12. Remedies ('umulalive. :111 rcmedie~ ~~,•~ ~~i«i ~n thi, :1i~~rteaec .~rc dititin~t and cumulatiec :~~ am• ~,~her r~Rht ~r reme~h~ undrr thiti :~ic~rtgagr :.r aii~~rde~i M• la~~ ~~r equit}. an.i m:+~ tx r~erc~u.1 cunrurrenth. independentl~• ~r sucre~si~~eh~ 13. Successors an~ :11si~nc Buund; Joint :~nd Se.eral I.iabilih; ('aptions "Ihe rn~enants :~nd agrrement~ hercin «~ntaincil ehall hind. and thc ri;eM~ herru;ider ,hail ~nure tc~. thr rr~~.ti~c ,ucc~.u.r~ snd a«ign~ nf I ender and B~rrc+u~er. .~~hject to the pm.i.iom ~.f paragraph 17 here~•f :~II c~•~~cnant. anJ :~~reem~nt~ ~~f A~rrawer chall he i~~int and ~e~eral. The capt6~~nc arni headinc~ ~~f the paraer;~~h. ~•f thi~ ~1~~rteaec ar~ f~•r c~~m~enitncc ~~nh~ anil are ni~t a~ FH: u~ed to ~ntcrprct or dcfine thc pro~ ~ci~~n~ hcrc~f. • 14. \otice. Exce~t for an~• notice reyiiircd und~r :~r~liiahlr la« tr be ci~•rn in an~~ther manner. (a1 am~ notice to S~~rr~~wer pr~~~ided fi~r in thi~ ~1~~rtgaie tihall Ix gi~rn h~ n~ailine ,u:h n~~hc~ hc rrrtified m:~it addree~~d t~~ Rnrm~~er at thr Pn~Fxrt~• Addre~c ~u at .uch ~~ther addrr.. ;~c B,~rr.~~~~r m:~~ Jc~i~n:~tc ht• n~~tice ti~ { ender :is pri~~~ide~1 herein. and Ih! am~ notic~ ~i~ Lendrr thall hc enen h~ c~rtifirJ m:ul. rrturn rrcei~~t reyueci~d. t~ 1 en~ier's adJrec~ slated herein ~r to iuch ~~ther addrecs as LrnJer n~a~ detiienatc M n~~ti:c t~~ R~~rrrwrr as {~r~~tiidr.l hrr~in. :~m• nolice pr~~~•ide~l for in thi~ V~~rtg:~ge shail he deemrd t~, h:~~e Fkrn ~i~en t~~ B~~rr~n~rr ~~r 1 rnder ~~hen c~~rn in the manner de~ign:ded herein. 15. t'niform ~1orlR:~e: Governin~ 1.aN; Se~erabilih. Th~. f~•rm ~.f mortgacc <<~mhinec unif~rm r~~-cnant~ f~~r national use zed n~~~i-unifi~rm c~•~rnanh ~.ith IimitrJ .eriat~~~n, h~ juri,~i~.h~~n t~~ ~~~nct:tute a unifi~rn~ tecurih~ inctrumrnt c~~~ering rcal pro~ert}. Thi, ~turtgage tihall tx e~~~~rne.1 h~ thr Ln~ :~f thr juri,.ii~t~:~n in tihich the Pm~xrt~- i~ li~:atrd. in the erent th.~1 am~ ~m~•isi,m ~.r clauw ~~f thi. ~lortgs_r nr thr \,~tr ~~~nfli~tti ~~ith ;,p~+lic;ihle ~dN, tiUCh conflict ~hall n~t afiect i•thcr pm~itium c~f thi~ M~.rtcakc ~~r thr \~,;< <.h~nc ~.~n h~• c,~~n cfTr.l ui~h~~i~t thc ccmflictin~ pm~icinn. and to this end thr pre~~i.i~•ns ~~f the ~lnrtgagc :m~! Ihr \~qc arr Jril.~rrd t~~ tx .everahlc 16. BormKers (opc. BorroHCr ~h:~ll hr furn~.hcJ .t ~~~~if~~rn~rd ~i~~~ ~~f Ihe \c,t~ and c.f th~. ~torigage at ihc time ~~f e~ecution ~~r afte~ re~ordatiun hercrf. - 17. Transfer of the Pmprrt~: :~~cumption. If .~II rr :lrz~ E.,~rt ~•f the Prupert~• ~~r an intere~t therein ic ,~~Id c~r trancferred h~ Born~~rr ~~ithuut I.cndcr'ti pri~~r Hrittrn cun~rnt. r~cludini ~.ii thr rr~atic~;~ i~f a licn ~r encumhranrc ~uhor~in~tc ti~ Ihi. Llortgagc. (h- thc crcati~n rf .~ pu-cha.r mi~m~ ,~iurit~ intirrst f~~r h~~utich~~IJ appli:~nie~_ Icl a tra::`.(cr h~- devisc. de~rent ~•r h}• r~ration uf L~H up,~n the ~lesth ~~f ,~ i~~int fcnant ~~r r~i~ the crant ~~f :im Icaschi~ld interest ~~f threr ~~eat~ i~r lesc ni~t ccintainin~ an ~~ption t~~ p~~rrha;e. 1 endrr ma~. ;~t I ender'~ ,~ph~~n. de~lare all the cum~ sect~red h~• tfiis ~lortgage i~ he immediatel~ due and pa~aMr. 1 ender tihall ha~e ~..~ned .i~rh ~~, t~i~n t~~ acceler:~te if. ~ri~r to Ihe ~ale ~,r transfer. I.enJer and thr ~xr~~~n t~ wh~~m thc Pmpert~ i~ t.~ he u~!~t ~~r tr.~n~frrrrd rearh ;icreemem in Nritiiie th:~t thc credit ~f tuih }ier~~n i~ catisfact~~n t~~ l.en.ier and that the intere.t ~a~.~hle ~m the ~~~m. kcured h~ this ~i~~rt~aoe shall be at ~urh rate ac Lende~ ~h~li requr~t If Lender has w~ai~ed thr ~pti~~n to :,~~elrr,~tr pr~:~~i~ird ir, thiti para~raph 17. and if B«rrower'~ tiuccessor in intcrest ha~ e~ecuted a~ritten ascumpti~n .~green~ent arirptrd in «riting h~~ 1 en:ler. Lender shall relr~u Bnrrc~wer from all ~~hfgati~nc under thic M~rte:i~e and the \c•te. If I ender e~erri;e~ tiuch i~pticin t~~ arcelcr.~tr. 1 en~i~r .h.~ll m:~il R~~rm~~er noti~e ~~f a~irlerati~~n in a~cordance with ~ara~:raph 14 herec.f. Such n~~tice ~h:ill pn~~~ide a~ri~~.l ~~f m~t le~. !han ?(1 da~. fmm the date the n~~tice i, m~iled within ~~hich B~~rr~~~er ma~ pa~ the tium~ de:I.~reJ d~ic If H~~rrr..rr t.ul~ r~. ~~c tinrh ~nmc pri~.r t~, Ihe crpir~ti~~n ~~f ~uzh ~xni~. LcnJcr m:,~~. withuut furthrr n~~t~cc ~~r ~i~mand :~~~ li~~rr~~~~rr. ~m~-t,r .~m rrmedics ~-erm~ttc:1 h~ raracraph 13 hcrrof. '~o~-l~~~toR~~ Crn•F~~~TS B~rroucr and I cnder furthcr c:~~enant and agrcc as followti: 18. Acceleration: Remedies. F.xcept as pro~ided in paraRr~ph 17 hereof, upon Borrow•ers breach of any co~~enant or a~reement of Borrow~er in this ~1ort~a~r, includin~ the co.enants to pa} w~hen due an~• sums secured b~• this Mortgage. I,ender ~~r to acreleration shall mail notice to Borrower n pro~ided in paraRraph 14 hereof specif~~in~: (1) the breach; (2) the aMion reyuired to cure such breach; (3) a date. not lecs than 30 da~•s frum the date the notice is mailed to ~orrower, by which such breach mud be cured: and (~3) that failure to cure cuch breach on or beforc the date specified in the notice may resalt in acceleration of the sums secured b}~ this ~tort~a~;e, foreclososr b} judicial proceedin~ and sale of the Properh•. 'Il~e notice tihall further inform Borrower of the ri~ht to reinstate after acceleration and the ri~ht Io assert in the foreclosurc proceedi~ the non-exictence ot a defaulf or an} other defeme of Bo~rnwer fo accelerafion and fnreclosure. If fhe breach is not cnred on ~~r before the date speci6ed in the notice, I.ender at I.ender's option ma~ declarc all of the sums secured by fhis MortRaqe to be immediatel~ due and pa~aWe without further demand and ma~ foreclose thic liortRa~e b}• judicial proccedin~. Lender shall be entitled to collect in sach proccedin~ all expenses of foreclosure. includinR, but not limited to. reasonable attorney's fees, and costs of documentary e~idence, abstractc and title reports. 19. Bo~rower's RiRht to Reinstate. ~~twith~tand~n~: Lcn~cr', arrclcraU~~n c~i thc wms ~ecurcJ b}• this MortRage. Borre~w•er shall ha.•e the nght a. ha~~e .~m rrcxerdinc. Fxiun h~ Lender t~~ enfc~rce thiti ~1~rtgage di~rnntinued at an) .::ne :~u~~ix~5~, f~aUE1~2