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HomeMy WebLinkAbout1457I rn~rr'. ~~ntirn :~grr~mrni ur apph~:~hlc I:~~+ iA,rrin~~i ~hall pa~ Ihr ain~~unt c~f all mi~rtga~c in,ur.~nrc prcmiuins in Ihr mannrr rruvidr~l undcr par:~~r.~ph 2 hcrcul. Am' amounlc ili~hur~cd M' I~o.lrr purwanl i„ ihi~ {~ar;~gra~~h 7. ~~~~h iot~r~~t Ihcrrun ~hall Fxcumc .~dJiti~•nal inJrhtc~lnr.. u( li~~rruw~r Kcurcd h~• thi~ ~1~~rt~:~~r l'nlr.. li~,rn~~~rr aml 1 rri~kr .~~rrr 1~, c~thrr tcrm~ ul ~~aymcnt. +uch anwunh.hall Fx ~a~ahk up.m rnai.r fr~,m I rndrr a~ li~~rr~~~~rr reyuc.tin~ p:~~•mrnl thrrr~~f. anil ~.h,~ll tx:~r intrrc~t fr~~m thc ~larc ~-f ~li~hu~tirmcnl at ~hr r.~tc pa}:~hlr fr~,m limr N• timc un i~iitst:~ndinL rrinripal undcr thi ti~qr unlcc~ payment of intcrr~~ :~I ~uch r:~tc ~~~ul~l hc c~,ntran• t~~ :~~ri~,ahlr I:~~~. in ~~h~ch rvrnt tiuch :~m„untc ~h:~ll Ix~r +ntcrr~t at Ihc, highc~t rate ~xrmissihlc undrr :~p~lir:~hlc L•~~r. N~~thinc ~~~n~:~inc.l in thi. ~:~r:~eraph 7 tihall rryuirr I cndcr ;u incur am• c~pencc or takc .~nv action hcrcundcr. K. Incpection. 1 cn~kr ma~~ nial.c ~~r .:~u,c t~, hr m:~~lr rra~~,n:-hlc cntrir. u~,,~n :~nd imEkcti~~n~ <<f thc Pr~,~xr~y~. prc~vidc.l th:il 1 rndcr ~h:~ll gi~i R~~rrc~~v~r n~~Uir ,,ri.~r t~~ :in~ .uih imExch~,n tiFxii(~ine n:~u~nahlc i:~uti~ thcr~f~~r r~l:~tcd t~~ l endcr's ~nt~r~.~ in Ihr Pn,pcrh•. 9. ('undemnulion. Thc pn~.r~d, ~,f :im' a~-:~rd ~a rla~m I~~r ~1an-aer.. ~lir~rt ~~r ~~~n~cyurnti:~l. in c~~nncrti~,n ~~•ith am' :undcmnati~,ii ~,r i~thcr t:~kin~ ~~f thr Pm~xrt}~. „i ~,an thrrc~,f. ur I~~r r~~n~•c~•:~nrc in li~u ~,f c~~n~lrnui:Niim. :irc h~r~h)' :~~~igncd :~n.l ,hall hc p:~id t~• I.cndcr. In ~hc cvcnt c~f :~ ~rtal ~ali~:, ~,f ~hr Pn,~kn~. tFx ~~ru:rr~k .hall hc ap~,lir•.I t~~ thc wms ~ccurrd M~ ~hi~ '.41~~rtg:i~;c. ~~ith thc c~rr~s. if ant'- raid t~~ Ri~rrr~+rr In th~ r~•~m ~~( a ~arlial t.~l.in~ ~•f ~hr Pr~pcrt~•. unlct~ B~rr~~H~rr and l.cnd~r ~~thcr~i.r ~grcc in ~~~ritinL. thcrc .h~ll Fx ar{~lird t~~ thr .um. .ccurr~l h~• thi. ~1~~rtia~c ~iich proM,nii.n ~( thr prcxcede .~c ic eyu:~l t~ Ihat pr.,purli~,n ~~hirh Ih~ :im~~unt ~~f thr ~um. .r,nrcd h~ Ihi~ \1~,rtg.~cr immcdi:itch• rric~r t~~ thc datc of t:~king hrar, la thc fai~ mark~t ~alur nf Ihr Pn~~xrt~ unm~ilr,~t~l~ ~n,,r t~~ thc :!:Nc ~~f t.~king. ..ith thc h:~l~ncc ~f thc pnkrc:l~ paid t~~ Borrrnvcr. 1f thc Prapcrt~• i. ahandc~nc~! hc B~~rr~~~~cr. ~~r if. aitcr n~~ticr h~• 1 rndrr ~~~ B~~r:~~wrr ihat thr c~ndcmnc.r nffcrs t~ make :ii~ :~~~:ird ~~r ~rttl~ :~ ~I:~im f„r ~I:~m:~!,i•.. Brrr~~~vrr L~il. t~, rr,~~n~i t+~ I cn~lrr ~~ithiii ill da~~ :ift~~ thc d:~te ~urh n~,ticr i~ rna~lcd Lr~uler i: :~u~hi~ri~~•d tu c„Ilr~t :~nd :~~~,I~• thr ~r~,crrde. :i~ I endcr'. ~,~ti~~n. either tc~ rectc:ratii~n ~,r repair ~f the Pro~xr~~ c,r t~. :he ,uin. ,r.•ure~1 h~ Ihi, \1~,r~~:~LC. l`nl~s. I cndcr :ind B~~rr~,.~r~ athen~;.r at~rrr in ~~rilin~•. an~ ~u;h ar~r,:~~~~,~, ~~f pnK•rcd~ t~~ rrinri~:~l ~h:~ll nc.t c~tcnd ~,r p~,.tp~~ne the dur ~I:~tr ~,f thr m~~nthl~ imtallmrn~, rrfrrrrd iu in ~ar,ie::~~,h. I and ' hemc~f :,r chaner the am~~unt of .uch imtallmcntc. 10. Borrower \'ot Releaced. I~venci~m ~~f the t~nir f~•r ~:~.mrnt i~r nu+difir:~t~~m i~f :im~~rtiiation ~~f the ~um~ tecured h~• thi~ ~1„rtt~a~c ~rant~il h~~ I cnilcr t~~ ant• ~ucrc.~„r i:~ intrre~l ~,1 R~~rnn~rr .hall nc,~ ~,~ratr t~- rclra~r. in am' manncr. thr li:ihilil~ ~~( Ih~ i.riLina) Borru~~cr :u~d B~~rri~~+rr'. ~u~:r.,~~r. in intrre.t. 1 rmlcr ~hall n~~t Fk reynirr~l t~~ cc-mmencc ~,r~~crc~lenk. :~~aintil ~uch ~ncrr~ti~~r ~~r rcfu.~ t,~ c~~rn~l timr f~,r ~~avm•.nt ~~r ~uhcr:+i.~ m~•dil~~ am~~rtii~ti„n ~~f thc sums ~~:urcd h~ thic M~,rtLage h~~ rca~i~n ~~f an~' drntan.t madt h~ thr ~~riein:~l li~irr~~~~,•r :~nd B~~rn~w~ir'c ~ncr~~~un in intcrccl. 11. Forbearance bc Lender \ol a N'ai~~er. ~\n~ f~~rhr:~r;,nrr ht 1 rr.drr in rticrc:~inc .sn~ richt ~~r rrmrd~- herrun~ler. ~r ~~Ii~rrw~i~~ afTurdcd h~ appli~:iMr la~~. tih:~ll n~~! hc a tsai~cC ~~t ~,r ~rcclude thr c~crci~c s~f am ~u~h ri~M ~r rcmcd~'- '~hr E~r~kuremcnt c,f imur:~ncc ~,r 1hr {~a~•mrnt ~~! t.~~~•, ~~r ,4tur ii:m ~,r ~h:~r~r, h-. 1 rnd~r ~hall nc,t hc :~ ~~:~i~•rr ~~f I cn~lcr'~ ri~h! t~~ arcrlrr.~t~ thr maturih• af Ihr indch~rdnr.. .r_urrd h~ thi, \1~,rteae~. 12. Remedie~ ('umolati~•e. :~II rrmr~lir~ ~•r.~~ ~~f~.1 ~n thi. \1~~rteaer arc ~ii,tinrt :~ntl r~~mulati~~~ tc. :u~~• ~~ther rigM i~r ~cme~i~ undcr thi~'.11i~rt~a~r ur afT~~rdr~l h~~ la~~ „r ryt~it~. .~ni1 m.~~ hr r~rrc~.r~1 r~,ncurnntlc. in~lep~ndemh c,r tiucce.ci~•eh 13. Sacceccor~ and :~~tii~nt Boimd: Joint and tie~cral I.iabilih: ('apfiom. ~fhc r~~~cn:intc and a~rrrmcnt~ hrrcin cun~ainc.i ~h:~~l hind. :~nd th~ ri~ht~ hrrcunder ~hall ;nnr~ t~~. thr rc~rriti~c tiu~r~,,.,n anil ac~i~nti ~.f 1 cnJur and R~,rrc,ucr. ,uhje~t tc~ Ihc ~ru~i,i~~m ~~1 ~r.u:igr.~ph 17 hrrr~~f. •~II i~nrnanh .en~l a~rrrmrnt. ~~f Bnrnncrr tihall hc j~~int :ind ~c•'crai. T?i~ captiun, an~l headinL~ ~.f thc ~~ar.~~rc~~h. uf thi~ ~trne.~cr arc f~~r ,~•m•~nirnic „nl~~ :~n~) :~rr n„t t.~ h~: u~cd t~ intrrpr~t ~~r definc Ihc prrn~~i~~n. hcre~~f. 14. \oticc. E~rcpt fi,r an~~ m~lirr :cyuirrd ~in:l~r :~r~~li~:~hl~ la~~ t~~ hc ei~~en in an~~thcr manncr. (;~1 :~m~ rn~ticc to Burr~~~s~r pru~~~dcd fi~r in thi~ ~1~~rtca~c ~h:~!1 Ix L~.~n h~ m:~ili:ie •u~h rn,Urr ht .rrt;fied m.~il :~dJre..r~ t~~ Bi~rre~~-er at thr Pr~,p~m n~idre,. „r :it ~ueh ~,thrr :~~Idr~., :~c R;~:~:~~~rr m:~~ dr.~;~ri.~tr h~• n~~~i« t~~ ( cr.~ltr :~~ ~n~~i~!rd hcrrin. and Ih~ :~m nutic~ to I.cn~kr ,h:~ll h~ gi~cn hc crrtifi<<I nt.+il. rrturn rerr~rt rryur.lyd. t~~ 1~n~irr'. ad~lre« statrd hcrrin ~~r to ~uch ~~ther :~ddres~ a~ I.rndrr m:~~ dr~ienatc h~ nrti_r t~~ 13~~rr„«rr ;~s ~r~~~idr.) h~r~in. An~ nrti~~ pr~~~~ide~l f~~r in Ihi~ ~1~xl~:~ge Shall Fx ~ieemed t~• ha~e hcen ei~~n I~~ i3~~rr~•~+er ~n I rndrr ~~h~n gnrn ir thc manner ~1c~it~nate~l hrrein. 15. l'nifurm ~lortka~e: GnverninK i.aw: Se~crabilit~. ~1hi. !~~rm ~,f mc.nga~r ~~~mhinr~ nniform r~n~enam. f~,r n;~tic,nal ~i,e :ind n~,n-unifurm-c~,~rn:~n~. «ith IimileJ ~.~riati~~n. t,: ~t~ri.Jr~h:~n 1~~ :~,•,titu~~te a iui~f~~rm ~e~unt~• instr~iment ci~verin~! rr:~l pr•.~~xrlt Thi, ~ti~rt~:~~r •h.~ll Fx i~~~rr~u.t h~ thr I.~~. „f th~ iun.~liih~,n in tihiih thc Pr~pcrl~• i~ I~nalcd- In the ~~~cnt thnl an) ~ruvisi~~n ~~r clauu ~~f thi. 11~~rtL:i~~c ,~r thr \„Ir ~~,ntli~~. ,.~~t, .,~~i~;ahl~ lau. ~iich ci~nfli~t ~h:ill nc~t afTcrt ~~~her pr~~~i,i~.n, ~~f Ihiti ~i~rtiagc ~~r thr \i~,tr ~+hi:l~ ~:ui h~~ zi<<n rtTrct ..i~h„ut thc ~~~nflirting pr<ni.i~~n. :~nci t~~ thic rnd thr rrini~ium ~~f th~ M~~rl_L':~cc ar.d lhz \~~Ii• :ur .!:,L~rid G~ tti .~~~rrahlr. 16. BorruNer`s Cop~. Borri~~<<•r ~h:ill h~ fiuni.hr~i :i ~rnf~~rmcd i~~p~ ~~t thr tii~tr .~n~1 ~,f Ihi~ ~1~~rl~:~ec :~t th~ timc ~~f e~eculion ~~r :~ftrr rc~~xda:ion herce~f. 17. Trancfer of the Properl~; :~~+umptiun. lf :~II ~~r .~n~ ,~.~rt c~f thr Pr~~pcrt~• ~~r an intcrc~t thrrein i~ ~~~Id c~r tramfernrd h~~ Born.wrr ~+ith~~til Lrndrr'•, rri~~r ~+rittrn ~~,n.rnt. i~~ludinL +.~~ ihc crr:~ti„n uf .~ lirn ~~r cn~t~mhrancc tiutx~nlin:~tc t~~ thi. ~turt~:~gc. fhl ttic creati~~n rf :i ~.urch:~.r mi~nrc .c~uri~~ intrrr~l frr h~~ucch~~lJ a~pli:~nccti. Irl :~ tr:~m(rr h~ de~•isc. Jr~rrm ur h}• ~~~~rati~.n of I.~« up~m the ~irath rt .~ i~~~nt trnant ~~r I~f~ tnc er.int ~.f :~n~ I~.~~eh~.ld interest ~.f thrrr ~rar. i~r le~t su,t rnnt:iininL :m optiun ti, pi~rrhacc I cn~irr m.~c. .~t I rndcr'. ~~~,h~,n. dcrl:~r~ all thr ~um, ~rurcd ~~• Ihi~ \1i~rtgagc tc~ hc immc~liatch d~cc and pa)•ahlc 1 rndcr ~hall h:~~r ~+.~~~cd .v~h ~•pti~,n tr :~.rcicrate ~f. {+ri~~r t~~ Ihr .alc ~•r transfrr. Lcn~er ::n~l thc ~xru~n tc~ wh~~m thr Pra~rtc i. t~~ he ,~~IJ ~~r tr~mtrrr~J rrarh :~irccmrn~ in ~:*:hn~ that thc crr~lit ~f ,uch perc~~n i~ sati~fact~.r~ tr~ I.enJrr and Ih.n thr intcrr.~ ~a~.~hlc ~~n thc .i~m. .r~ured M thi. ~1~•rtgage tihall he at snrh rat~ ati I.cndcr tih.~ll reyurtit. If I ender hati w•ai-•e~l thc ~~~u~,n !~~ :~rcc)rr.rtr pn,~iJrd in thi~ ~+:~ra~r.~rh 17. :~nd if B~~rr~,wcr'> >urce~s~,r in intcrc;t ha~ c~ecutcd a wnttrn ~s~um~tiim :~grrc!nrnt ac~c~~trd in «rit~ng h}• f cn~lcr. I rnclcr tih:~ll rclcatic Bc.rru~er from all ~~hliLat+c~nti tm~icr thiti ~1~~rteagc and thc `~~sc. If I endrr e~erci~e~ ~ua'h ~~rtii~n tn a~crlrr.~tr. I ezi~fer .h.ill m.iif Hnrr~~~~rr n«tice ~,f acrelerati~,n i~~ :~~a~nlanrc ~~ith ~~:~ragr.iph I-3 hcm~•f. Such nulicc ~h;~ll pru~•idr .~ rcn~•.l rf rn~t Ic~~ Ihan 3f) c1:~~~ fr~~m thc d:~t~ the n~~ti~c i. m:~il~d within ~.~h~ch B„rr~~~+rr m:~c ~:~~ thc .un~ti dc~L~r~t! dur. It R~~rn,~.~rr ts~l~ s~~ p:,~ .u~h .~im~ ~+ri„r t~, thc r~~+irati~~n ~~f ti~iih ren~~d. I cn~lrr m:n. Nith~~ut furth~r n~~ticr ~•r ~I:m:uid ~~n k„rn~ti••r. m~~~l.c am rrmcdi~~ ~crna:tic:i h~ ~.ara~raph 1~ hcrenf. 1f~>`-l'~i~ok~t ('o~F~+tirt B~~rr~~wcr :md 1 cndcr (ur~hcr c~~~~cnant and agrcc as follc~wc: 18. Acceleration; Remedies. Fxcept as pro.ided in paraRr~pb 17 hereof, upon Borrowers breach of am• co~~enant or a~reement of Borrower in this ~1ortRaRe, includinR the co~enantti lo pay when due ~m sums ucured by Ihis Mort~a~e, I.ender prior to acceleralion shall mail notice to Borrower ati prosided in para~raph 14 hereof specif~•in~: (1) the bre~ch; 121 the ~ction tequired to cure such breach; (3) ~~i~te. not less Ihan 30 da~•s from the date the notice is mailed lo Borrow~er. by ~+hich such breach musi be cured: and (4) Ihat failure lo cnre such breach on or t-efore the date specified in the nutice may result in acceleration of the sums secured b~• this ~1ortRa~e, foreclosure b~~ judicial proreedin~ and wle of the Property. 'il~e notice shall further inform Borrower of the ri~ht to reinstate after accelerotion and tne ri~ht lo zcsert in the foreclosure proccedir~~ 1he non-exictence of a defaolt or anv other defence of Borrower to acceleration and foreclosure. If the breach is not curcd on or before Ihe date specified in the notice. I.ender at I.ender's option ma~ declare all of Ihe sums ucured by thic Mori~age to be immediateh doe and pa~able without furiher demand and ma~• forecloce Ihis ~tort~a~e b~~ judiciai proceedin~. Lender shall be entitled to collect in such proceedina all eapenseS of fureclotiure, includin~, but not limited lo. reaconable attorney's fets. and costs of documentary evidence, abstracl~ and titlt reports. 19. Borrowers RiRht to Reinslate. \~~twith~tanJing 1 cn.lcr'~ :~rictcr:d~nn ~.i thc sum~ ~c~orcd by th~ti M~rtgagc. Bormwer ~ha;l ha~e the nght t~~ ha~c .~n~ pm.rc~i~n~, hciim h~ I rnJer t~~ cnf~~rce thi. :i~•tgage diu~~ntinued at anc lime ' `" 351 f~~~t 1453 ~,': ;K ~ ~