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HomeMy WebLinkAbout14531~~n~~r'~ ~~ritirn agrc~mrnt ~~r ap~~lirabic IaH li.am•.~rr ~haU ~,ay ~hr amuunt u( all m~,rigagc imui:u~~c prrmiums in th~ manncr pn,vidr~l undcr para~;raph ? hcrcuf. An)' :unuunlc di~hiuu~l M' I rn~l~~ ~~u~,u.~nt lu thic p:~r.:t~r,~ph '. ~cith in~rrctt Ihcr~~,n. sh:~ll ix~umr ;~ddh~~aial in~kh-cdnr,~ uf Rorn~wrr ucur~d h~~ thiti M~~nLage t'nlc.. B~,rr~.~~cr :m.l I rn~lcr atirr~ t~~ olhcr icrm~ ~~I paymcnt. ~t-ch :~m~~unt, ~h:~ll tx pa)•ahlr ii~ai n~~tirr fn,m 1 rndrr i,~ {i~~rn~~~rr r~yuc.tin~ ~~:~ymrnl ~hcrr~,f. and ~h:ill h~:~r inlrrc~t fmm thc J:qr ~~f ~li.bnrsrmcnt at Ihc r.~tr pa~•:~hl. fr~~m timr t~~ timc ~~n out~landinc~ principal undcr Ihc '`ot~ unlc« paymen! of inler~cl at wch r.~tc ~~•ould he c~~ntr.~n• ti+ applf.able I:~~~. in .~hich r~•ent ~uch_.~n~nunt. ~h:ill F+ear interecl :~I Ihe hiRhett rate ~xrmis~ihlc undrr ap~li~:~hlc la~-•. N~~thine r~~nl:~ine~1 ~n Ihi~. ~,:~r:i~;r.~{~h 7 ~h:-11 rryuire I cnder t~ incur am~ e~pence ~r take :~m~ action hrrcundcr. R. Inspectioo. I.cn~lcr m.~~• m.~kr ~~r.:~u.c ti, Fk m:~Jr rr:~.i,nahlc rntrir, u~,,m .:nd im~xctii~m ~~f thc 1'n.~xrtt~. pm~•i~le~l tha~ I rniicr .hall gi~•r Burruw•cr n~,ticc ~ri~~r t~~ am ,uch in,Ex~•ti~,n ~~xcif~•~n~; rr:iu,nahlc cau~r thcrcfi,r rcl:Ncd 1~- I cndcr's int~rc~~ ir Ihc Pro~x:rh~. 9. C'ondcmnatiun. Thc pr~~.crd. ~~f am•.:n~:~rd c,i .laim f~~r ~lamagr`. ~lircc~ ur ~~~mcyueMial. in r„nncili~~n ~ith am' iun~lcmnati„n ~~r olher I:~king ~~f th~ I~fuE-~fl)'. ~~~' ~~:lfl (F1Cf~•~~f. ~~r (~~r umv~~:mc~ in (irs~ ~~i ~~~,ndrnin:~iiuii. a+c i~cict~)' a~.i~;+icil :~n.l .h:ill hr paid ti~ l.cndcr. ln Ihr cvcM c~f a t~~t:il lakin~ ;~f thr Prr~xnt•. Ihr rr~~.rrJa ~hall hc a{~rlic~i t~, Ihc ~ume ~rci~r~d h~• thie M~•rtg:~Rc. ~~ith Ihc c~rctis. if :~m•. p:~id t~~ Aorn•~~rr In ~hr r~•rm „f a ~,ar~i:~l ~:iking ~,i thr Pn,rcr~~•. unlres R~~ru~A•~r and l.endcr .~thcrwi~r agrre in w~ritin~. ther~ ~Fall he a~~~lied t~~ the ~nm~ ~.eur~J M' ~hi. ~1~~rt~:-ge tiuch ~rop~~rli~,n ~~f th~ prt~ccede .Yi i~ C~j~~.~~ li~ 1h.i1 (-f~~~l~~fil~~ll N~11~~1 1~1~ :II11~~IIt~[ u( I~1C ~~1111~ .~~iiic~ fl~~ itli~ 11~~~1~!.liC immcdi3lCl)' ~(1(~~ 1~~ If1C t~BiC (1f taking hear~ to thc fair markct ~•alur ~~f Ihr Pr.~p.•rt~ immrdi:ttc!~ pri,,r t~~ thr .Ia1e ~f t:~ki:~r~. ~~i~h ~hc hal:~ncr c.f Ihe pr~eeds paid t~~ BormwCr. If the Pr~~pert~• i. :,h:~ndc~ne~l h~• B~~rm~crr. ~~r if. :~ftrr m~tice h~• 1 endrr t~~ R~~rn~~cer that the rondemn~~r ~ffers to make :~n :~N:~rct ~•r ~cttlr a ~laim f~~r il:~mazr•. Ii~~rr~~N•rr (:~il. +~~ rr.~x,nd t~~ I cndcr ~~ithin ~(1 d:~~~ :iftcr thc datr ~nch n~,ti~c is m:ulcd. Lrndrr i~ :iuthori~rci t~~ rnllcrt and :~r~l~• thr rr~,rrcd.. :it 1 cndcr". ~,nti~n. rilhcr t~ re~torati~,n ~•r rcpair ~f thc Pn~~n~ ~.r t~• Ihr ~um. ~r~ure~l h~ thi~ ~1i,rtcaer ~ l.'nl~s~ 1 cndrr anJ B~rr~,~~cr ~thcr~~i.r :~grc~ in ~~ritii~_•. anc ,n~h a~,~lir:~li~~n ~~t pn.rred~ t„ ~~~„~~r:il ~h:ill nc~t c~tcnd nr p~~~tp~~nc thc dur ~I:~tc ~~f Ihr mc~nthh in.t:~llmrn~, rr(rrrrd t~, in ~~ar.~~!r.~ph. 1 and 2 herc~~f ~,r ch:tncc Ihc am„unt of +:~~t~ in~tallmcnts. 10. BorroN•er `ot Releaced. I~~ten.i~m ~~f the timc f.~r pa~m~nt iv mi~dificati~~n c~f :im~rtiiati~n c.f the ~iim~ secured b~• ~hi. M~~rtL:~~;r ~r.~ntcd h~• I cn.lrr t~+ anc ~ucrc~~~~r in intrrc.l uf B~~rn•~.cr ,hall n~t ~~~xr.~tr t~~ rclcatr. in any manncr. thc liahilit~ ~~f thc c~ri~in:il B~~rmwcr :md B~~rm~srr'. •.uirr..~~r~ in intrrc~t. Lrnilcr ~hall n~t t-c rc:~uircd t~~ commencc ~~nK~c~lingc :~~ainst wch wc~c~s~~r ~~r rc(u~r t~~ r~trnJ untr f~,r pacmrnt ar i~thcn+i~r moclii~• :-mortizati~~n ~,f Ihc sunt, ~c~urcd h~ thi. Mi~rtgagr h~~ rca~~~n .~1 .u~~• d~ma~i.) madr h~ thr rrieinal Aorrc~~~~r atid R~~rr~~ti•cr'~ ~ucr~ti~~~r~ in intcrcat. 1L Forl-earance b~~ I.rnder \ut a N'ai~rr. ~~~~~ f~~rlxar:incr h~ 1 rndrr in r~cr~i~ine am• ris~ht ur remech• hereunder. c~r ~~thrrw•i.e :~iT~~rdc~ h~ :ipplic:~hlc la~r. .h.~ll m~t 1•~ .i w:~icrr ~~t ~~r pre.ludr thc c~crcisc ~•f :~m~ ~lich rieht ~r rtmed~'. Thr prckurrmcnt c.f inwranrr i~r thc ~•:~:mcn1 i,t t:~~r, ,~r „thrr licm ~~r ~harLC~ h~ I cndcr .h:~ll n~t Fxt a~aivcr uf Lendcr's rieht !~~ acrrl~ratc Ihr ma~urit~~ ~•i ~h~ indchtrdnr~~ .r_urr~l M thi, \lortcai~. 12. Remediec ('umulati~~e. All rcmc~lic~ ~nn~drd ii~ thi. ~te~rtea~c :~re ~li~tinit :iml rumulati~~c t~ :~n~: rthcr rieht ~r rrme~ic i~nder thi~ M~~rtKagr ~~r ;~}T„nled h~~ I.~" ~~r ~yuin~. :~n~i ma~ hr r~crri,~.1 r~m~urr~ntl~~. indr~-endentlc ~r wcre.ci~~eh'. 13. Suecessorn and AtsiRnc Buund: Joint and Se~eral I.iabelih; ('aplionc. lhr c~•.•rnanls and a~:reementt herein r~~ntainc~i tihall hin~l. :~nd Ihc ri~ht~ hcrrundcr ~hall rnurr t~~. thr rr~~rti~e w~cr.~~~r~ and a~sien~ i~f 1 cndcr and R~rmw~er. wbjrct t~, thc pn~viti~,n. c,f paraLraph !7 hrr~.~f All ~~i~~rnanh :~nJ a~_rcrmrnt~ rf Bnrr~,ticr ~hall tx i~~~nt :~nd ~c~cral. The r.i~tiun. an~l 3i~a~ling~ <~f thc }~:~raeraph. ~~f thic ~t~~rt_~.~c~ arc f~,r r~~m~~nirnrr ~~nl~ an~t :~re rn~t 1~~ Fx: u~cd to intrrprct i~r define thc ~rmi~i~~m herc~f. 1~. ~otice. Exccpt G,r am~ nc+tirr rcynirrd im~l~r :~~+~,lir:~hlr L~~. t~, hc ci~~cn i~i an~~thcr manncr. (al :~n)' n~t~ec tn I~i,rnnrcr pm~~idcd fi~r in thiti ~ti~r~ea~e tih:Jl tx gncn h~ m:~iliie~: su:h nut~~~ hc ~rr~ificd m:iil :~ddrr~~rd tc~ R~~rr~ticir at th~ Pn,Exrt}' Addre,< <,r at ~uch uthcr addrr.•. :~t B~~rr~n~rr ma•. dc~itin:~tr h~- n~,ti~c t~. 1 rndcr ac ~n~~•i~ird hcrcin. and Ih- am noticc ~n I.cn~lcr tih:~ll tk tii~cn h~ ~rrtifird m:~il. rrturn rccri~t ~cy~t~tl~~L 1~~ I cndcr'ti addrec~ st~trd hcrcin ~~r to ,nrh ~~ther addrrss :~~ Lender m:~c Jetii~r.atr h~ n~+ti~;e t~~ K„rn,~arr :i~ ~r~,.ide.1 hrre~n. .~nc n~.tirr pmvid~J f~~r in this ~t~~rtkage shall Fk deemrd tc~ ha~e tx~rn Li:r:~ tu 13~~rn~~~rr ~~r I rnd~r ~~hrn ci~en in th~ m;~nner ck~itnated herein. I5. Unif~-rm ~iorlXa~c; Guvemink I.•ra: Se~crabilit~~. l hi~ frrm ,~I m~~ncacr ~_~~mhine~ unif~rm c~~~~enanh f~~r n.iti~mal inr :~n.l n~~n-unit~~rm r~~~rn:~nt..~ith limitr.i ~ariatiun. ~~ ~nri~~ti:2i,,n t~~ i„n.titutc a unifc,rni u~i~ril~' in~trumrnt ci~~~erin~: r~a! ~ruExrt~. Thiti :1lurtgat;c tihall Fx g.,~rrncd h~ ~hr L~~+ uf th~ turi~~li~ti.m in which thc Propcrt'.' i~ I~~iatcd. In lhc ~vent :hat am ~nwisiun ~~r rlau~r ~~i Ihi. \1~~rI~_.~~r ,~r thr ~„t~ ~~aitti:t. ~~i1h :~~~licahlc lau, wch ci~nflict tihal) n~V afTcct ~,thrr ~r~ni~ic,m ~~f thiti M~~rtc:i~e ~,r thr tirtr whi.h i:~n h~ ~i«n clTrct ~,i~h~,ut thc r~~ntlictir.g pr~:i~i~~n. and to thic cnd thr pruvi~i~~m of the ~1nrltiaec :uid ihc \~~t~ :~rr ~1erL~rrd tc~ h~ .e~'rsa~lr 16. Borrower's Copc. BorroHrr ,hall ~r furni.h<<i .~ ~~~nt~,rmrd r~•~~ ~,! th~ \i~tr :ind ~~f thiti ~1~~rtLaee at thc timc uf c~eciition ~~r aRrr rrcordatiun c~rc~~f. -17_ Tr~ncfer uf fhe Pmpertc: :1~cumption. li :JI ~~r :u~~ E~:,rt i.f th~ Pm~xr~~~ ~+r an imrrc~t thcrcin it ;~~Id ~~r tramfcrrcd h~~ Borr~,w~r Hith~.u! i.rndrr'~ pri~~r ~rettrn r~,n~c+it. r~rludinL ~:~i thr .rrati„n i,f a lirn ~,r cncnmhrancc tiuhor~iin:~tc t~~ th:. \1~~r1L.+gr. Ihl the creatic~n i~f a p~~rrh.~~r numrc ~erurii~ mtrrect fe~r h~~utirh~~IJ apPli:~ncec. Ic~ a tramfer ht~ devise, dr.cent ~+r h~ c,~xration of I:~~~ sipun the ~Icc~th rt :~ t~~~n~ trn:~n~ ur 1~1i the irant ~~f :~n~ I~:~sehe,ld interest ~~f th:r~ }ear~ ~r Iet~ n~~t containing :m c~pti~~n t~~ ~urchasc. 1 rrtilrr m:i~. at I ri~d~r'~ ~~rti.~n. drel.~rr all th~ sun~ti cc~ured h~• this \1~~rtgatic t~ hc imn;c~iiatch• duc and pa}~aM~. 1~_nder ~hall h.i~r w;,:~ed .n~h ~+ptiun t~~ arrrlcr.ite if. ~+rie.r tu the .:~le ~~r transfrr. Lender c~nJ the per.un 1~~ ~+•h~~m thr Pm~rt~ i. t~~ he ~~~IJ .~r tr;m.trrrr.l rrach aLrerment in Hriting that th~ rredit c~f .uch ~xrti~~n i~ c:+ti~farti~n ti~ I.cn~icr and that thc imr~r~l pac:~hlr ~~n thr .um. ~ccured h~ thi. ~1~~rtgage ~hall t+c at su~h ratc ati Lcndcr sh.,l~ rcyur~t. If Lcndcr ha~ ~vai~•e.l thc upti~~n tu accclrr.~tr pn•~ iJc~i ~•i thiti p:~r:~,'ra{~h 17. .~nd if B~•rmwrr~. tiuccc`s<,r in interr~t ha~ e~ecuted a Nri;ten as~umpti~~n aireemrnt arrcpted in ~+ritin~ h}• Len~le~. I rn~ler ,hall relratie Bi~rmwer from all ~~hligatic~n; undcr thi~ N~rtgagc and thc Ncitc. ~ If I ender exerci«< tinch i,ptii~n t„ aecrlcratr. 1 rnJ~r .h:ifl m.~il Bc,rr~n~er n~Nire ~~f acrrlrrati~~n in ara~rdanee Hith r:uatiraph I-i herec~f. Such !ioti~e ~h:+ll rru~~idr :~ (~eri~,J ~~1 rn~t Ie~• th:~r. 2(1 ilat~ fn~m ~he datc the nc~ti~e i~ mai!ed ~4'~~hin ~~h~rh B~~rr.•ucr nta}~ ~a} thc ~umti de~L~reil due (t R~~rn,.~~r t:~il, r~~ r:n tiurh .!im~ rri~,r t~, thc c~pir.~ti<~n rf .ucti ~n~~. I rn~lrr m:ic. w~thi~ut furthcr n~,tiic ~,r iicmand ~~n li~,rr~,v~r. ~n~„I.r am rrmcdir~ ~rmrttc:i hc ~araFraph 1~+ hcrcof. \~~~-(:vttote~t l'o~•fti~v-rti Bc.rrowcr and Lcndcr fur~hcr a~~cnant :~nd agrcc ati follows: 18. Acceleration; Remedies. Fxcept as pro~ided in para~raph 1~ hereof. upon Borrowers breach of an~• co.•enanl or a~;reernent of Borrower in this ~1ort~aAe, includin~ Ihe co~enants to pa~• w~hen due any~ sams secured by this Mort~a~e. T.ender prior to acceleration shall mail nc,tice to BorroNer as prc~ided in para~;raph 14 hereof specifying: (1) the breach; 121 the ~ction required to cure such breach; (3) a date, not less than 30 da}s from the dale the notice is mailed to Borrower. by which such breach must be cured; and (4) that failure to cure such breach on or before ihe date specified in the nolice may resulf in acceieration of the sums secured by this ~tortgaRe, foreclosure b~• judicia! proceedinR and sale of the Propertv. 'ILe notice shsll furlher inform Borro~rer of Ihe ri~ht lo reinstate afler acceleration and Ihe riRht to atsevt in the foreclosure proceedinR the non-exictence of a default or am other defense of Borrower to acceleration ~nd foreclosure. If the breach is nof cured on or before the date specified in the notice, I.ender at Lender's option ma} declare all of the sums secured b~~ this MortR~e to be immediately due and pa~able withaut further demand ~nd ma~ foreclose this ~1ortR~;e by judici,~l proceedin~. I.ender sh~ll be entiNed to collect in such proceedin~ all expenses oi foreclosure, includinR, but noi limited to. reason~blc attorney's fees, and costs of documentary e~-idence. abstracts and litle reports. 19. Borrowers RiRht to Reinst~te. tic,twith~tandin~: 1 cruic:'•. JCCiItiI3LIl~11 ~~f thc wm~ ucurcd by this !~tortgagc. f3orrow•er .h:~ll have Ihe right t~~ ha~e :~n~ prorecdin~, hrgun M i ender t~~ enf~~rce thi~ ~t~rtga¢e diccontinued at an~~ time ;1~.r'~351 ~d~f~ i i~