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HomeMy WebLinkAbout16241 rndcr'c written agrr~mcnt or applirablc IdN. I~OffUNCf shall pu~ thr rmuunt ~~f all mortgagr intiur:~nce premiums in thc mannrr prrwJc.l undcr pa~~graph 2 hcrcot. An~• am.~unts dichursrd b~• ( ender pur~uanl tu this paraKraph 7. uiih ~nlcr~ct Ihcrcon, sh:~ll bccome additi~~nal iml~Mcdnr+~ uf BurruHrr xcurcd h~~ ih~~ Alortgagc l°nlr.. H~,rr~,~~rr an~l I cn.icr agrrr t~ othcr tcrmc ~,i payment, wch arnounl~.hall tx payahlc u~x,n n„ti~r fmm 1 rndrr t~~ B.~rr~,Nrr reyuc.~ing pa~mrnt ~hc«~,t, and ~hall hcar intcrcct fr~m thc ~la~e of di~hur~ement at the ratr pa~•aMe fmm timc t~• teme un outctandinR pr~ncipal under the No~e unlec~ payment of intcrest at surh rale woi~d t+e conlran• tc~ :~~~i~,,hi~ I;,~~, m Hhinc ~vcm ~uch ami~un~c ~hall hcar inlerest at thc highe~t rate ~nrmissiMe under applicablc law. h~~thing ~i,ntained in ~hi. par.~~raph 7 sh~ll requirr I enJer to i~cur any expente or take any action hereundcr. 8. lospection. Lcn~lcr ma~• ma~,r ~~r rau.c t~~ hc madc rra.c.nahlr rntri« up~~n and in~pcrli~~nc c.f thc Pro~xrty, pr~vidcd !h.~t i rnJer ~h:dl gi~~r A~~rnnrer nc.ti:e rri~~r tu am ~urh in~~cUi~n ~~xrif~i~~g rr.it~~n~ble c:iu~e ~heret~~r rclaled to I.ende~'s imrr«~ in the Propcrt}•. 9. Condemnafion. Thc pnkccd. ~~f anv ~.~ard .a claim for ~lama~r.. ~lirrc~ ~~r a~n.cqucntiat, in a•nncction wilh anv ...1~ ...:,... . ,..~..._ ...~.:.... ..e .-... o__ ___. ~ .~ . . s . ~ . ~. _t. ~_...~...... :: .....~. ........r, .. .... . ..•~.u.~, .•~ j.~ii u~~~~..~. ~:~ ~a~~ i.~u.~~.~u~c ~n i~cu ~~:` ~vuuc~nn:~i~uu. a~c iic~ri.~ .~„ijcuru an~l +hall t.~ paid to Lcndcr. In Ihr c~cnt of a trtal talin~ i~f thr Pn,~rr~}. thr ~+nk•~r~!< ~hal) tx ap~lic~l t~~ Ihc ~um~ k~urcd hv ihi~ Mc~rt~a~c. uith the c~recs. if an~•. ~:~id t~, Ri,rruarr In ~he e~rnt ~~( a~ar~ial tal.inti ~~f the Pn,rer~~~. einle~c Rc-rr~~K~er :~nd l.ender ~~therHi~~ agret in writ~~~g. therr ~hall tk a~~plird t~~ th~ ~umt .rcurr~l h~~ ~h~. ~1~+rteaLr .urh pmpurti~m i~( the prckeeds ac ic eyu:sl t~ that psi~p~~rti~~n whirh thr ;imi~unt ~~( ~hr ~um~ ,r;urcd hc Ihi~ \1~~rt~:ic~ immrdi:Ueh• ~+rii~r ti+ the date nf t:+kinr Fxar, t~ thc fair markrt ~alur uf thr Pru~xr~~ memr~l~:~trh ~ri~~r to Ihr .i;~tr ~~f t,~~,~n~, with thc h~l:-ncc ~f thc pnkecds paid i~~ Borr~~wcr. If the Properl~• ic ;~handiine~t h~~ Bnrr~~:~•r. ~~r if. ;~(!~r n~~liic h~' I rnJrr tr R~.rr~~wrr that thr condemm~r ~ffers t~ make :in :iward ~~r ~ettlc :- ~laim f~~r ilam:~c~•: R,,r:~+H•ir f:~il; t~~ rr.~x~n~l t~~ 1 cndrr Within Z(1 d:~~. :~ftcr thr d:~tr ~uch nc.ti~c ic mailcd. Lrn.lcr i, auth~rind to a~llc:t and :ip~•l~ chr pr~~~rrdc. at I rndcr'~ i~~ti~n. rithcr tc~ rc~toration ~~r rcpair ~f thc Pm~n~ i~r t~~ thc ~um~ ,rrurr~i h~ thi~ ?11~~r~g;ikc l?nlrc. 1 cn~lrr :ind B.~rr„~rruthcn~i.r agrer in ~~ritin~~. am ,urh :~pplic:iti~,n ~.f prckccdi t~, ~~~~~~~:~t ~haf) n~t e~tcnd ~~r Fx~~tp~~nc thc duc ~at~ ~.( thr mi,nthl~ in~tallmrnt, rrf~rr~d t~~ in ~araer.~ph~ 1 and 2 hcre~~f ~~r ch:~nee Ihr :imrn~nt ~f w.h ;mtallmcMc 10. Borrow~er Vo1 Releaced. f=~trn~ii.n ~~f thr timr f,~r ~+.nmrnl ~r mc.difirati~~n ~f amnrti~ati~~n ~~f the ~umc ~ecured h~- th~. !N~~rt-agc grantcJ hv 1 rn.icr t~~ am .urce.~ur ~n in~rrc~h ~~f Ac.rro~cr .h::ll n~t o~xr.~tc t~~ rclcasc. in any manncr. thr Gabilit~• ~~f the ~ui~in;~l Burmwer :~nd R~~rr~~~crr', ctK~r~.ur~ i:~ intc:e~t I ender tihall n~~t he reyiiirr~) i~~ ct-mmence E,n.reeilin~;, ag:,~mt ~u~h ~u,cc»~~r rr r~fu.r t~: r~IrnJ t~mt fnr p~~ntrnl ~,r otherHi.~ m~,dih• ame,rtirati~•n ~•f thr ~ume ~c.urcd h~ thi. M.~rt~ag~ h~• rca~~~n i~f am dcm:uul mad~• h~ thr l~fl!'IIl'J) Bl)ffi~l\Cf :II1lI B~~rmNir'c w~~~~~~~n in intcrc~t. 11. f~urbearance b~ I.ender \ot a N'ai~er. -\n~ f~~rfk:~r;~n:r h~ I rndcr in e~crri~in~ :~m~ rieht ~~r rrmcd~• i~rreunder. ~~r ~~th~_rw~i.r afT~+rded h~ applirahlr I:~w. .h:~ll n„t tk a w~.~i~rr ~~f ,~r prerlude thr ~~erc:~e ~~f :~m ~urh ~icht c~r remedt•. Thr pro.•ur~ment ~f incuranrr ~~r thc pa~•mrnt nf t.~4. ~~r ,~thrr lirm ur ih.irgrti hc 1 rndrr ~h:~ll ni~t Fxx :~ ~~:+ivcr rf ( cn~lcr'c ri~;ht ~u arcrl~r;~tr Ihc maturih ~•f thr ~ndchtrdnr...rtiurrd M thi. ~1~~rt~aEc 12. Remedies Cumulative. All rcme.hec ~+:~~~~dre) ~n thi. \lrrtc:~ie are ~li.tinrt :~~d cumulati~•e tc. a~i. ~~ther ri~ht ~r reme.l~ un~rr thi~ Mrrttiegr ~•r :~tT~~rdrd h~ la~ ~~r ryu~t~. .~n~l ma~ Fk ~~rrc~~r.f r~~ncurrtnth. inJc~xncicnth ~.r tiurrc~si~•rh•. 13. Sueeescors and :11~i~nc Bound: Joint •and Se~er~l t.iabilit}; ('aptiom. ~I~hr c~~~rnant~ :~nc! acrrrmeM~ herein c~~ntaine~~ ~hall hin~l. and thr rieht. h~rri:nder ~h:~ll ~nur~ t.~. th~ rr•~~c~tite .urrr..,•r~ and aui~m ~~f I en,l~r :~nd Rnrri~~er. ,uhject Ii~ tfu pr~~~i.ic~n. c,f parai~.~ph 1' hirc~•; •~II ~~~~rn.~n~. :~nJ atirermrnt. ~~( Rnrm~er shall hr i~~int :~nd ~c~eral Thc rapt~un. .~rnl hra~i~ni. i~f Ihr ~ar:~cr.~~h. ~~f thi~ ~t~~rtk.~~r :ur f~~r ~:~~mrnirn~r „nh• sn~1 :~rc nrI [~~ Fk uccd In intcrprrt ~~r definc thr prcn ~~i~~n. hrrc~~f. 14. \otice. E~ce~~ f<~r am~ n~~ti.r rryuirrJ :in~lcr ::~rli~:~h!c Ln~ t~~ hr ei~rn ~n c~n~~!her manner. (:~~ :in•:• n~~ti~e tc. B~~rruwrr pn,~~ided f~~r in thi~ ~~~~tlia_L'l' ~halt Fk ~i~rn h~ m.ulin~ .u.h n~,t~r~ M«rtifitd m.iil .~ddrr~.rJ t~~ R~~rn+~+r~ a~ the Pn~~rt)• Addre.~ ~~r at ~urh ~~Iher :e~ldrr„ ,~: R„rr,.~~~r me~ de.ien:+tr h~ rn~tir~ tn 1 en~ler a~ (~n~vi~ied her~in. :md (hl am n~~tiir t~~ I en~l~r ~hall Fx• ki~rn h~ ~~rtifir~l n:.~~l rrt<<rn ,~cci~~t rryur.tr~. t~~ 1 cn.ler'. ad~frc.~ stated herri~e c~r to surh ~~thcr ~ddre~c .~ti I.,n~cr m:~~ ~r~i~natr h~ nrti,r t~~ f~~~rr,~.+rr :~c ~r.~ci~f~.t hrrein -~m~ m~ti.c pn~vide~i f~~r in thi~ ~t~utgage shall he deemed t~, h.~~r hrrn cicrn I~, R~~rn~~~rr :,r 1 rndrr ti~hrn ~~~in in fh~ m:~nner de.icn:~ted hrrein. 15. l'niform ~toitKake: Go~ernin~ i.~w; Se. er•rbilih. This form of mortgage combines uniform co~•enants for naUonal use and non-uniform co~~enants w~ith limited variadons by jurisciiction t~ constitute s uniform security instrument covPnngreal property. The state and iocal laws applicable to this Mortgage shall be the laws of the jurisdiction in w•hich the Prupert~• is located. The foregoing sentence shall not limit the applicability oCfederal law to this mortgage. In the e~•ent that any ~ro~ ision or ciause of this Mortgage or the Iv'ote conflicts :+•ith applicable law, such confli.t shali not affect other pro~-isions of this Mortgage or the Note which can be gicen efTect without the conflicting provision, and to this End the pro~~isions of the Mortgage and the Note are declared to be severable. i6. Borror~er's Cop~. Borr~~~~~r ,hlll hc furn~.hr,! ., ~,~~~f~~rmrd <<~En ~~t thr \~~tr .~n.i ~~f thi. \1~~rt~,~g~ at thc timc ~~f e~rrution ~~r :if~rr rriord:~tiun hererf. 17. Transfer of the Propert~; :1~~umplion. If all ~~r .,n~ ;~,~rt .~f thr Pn~~crt~ ~~r :m ~ntcrc~t th~r~_in i~ .~~ld ~~r tran~fcr.~d h~~ Bexmwcr u~th~~ut Lrndcr'~ pru~r ~+ritfrn r„n~rnt. r~cl~idini ~,ei thr eri.~(i~~n ~~f .i lirn ~~r rn~umhr:~ni~ .uh~.nhn:~tr 1~, th~. ~1c~rteagc Ih- the irratu~n ~~f .~ rurrhs~r m~~nrc .riurit~ intrrrv f~,r hri~~rh~,?i1 a~ptianr~~. 1~1 a tran.frr h~ de~ise. de.crnt ur h~• i~~ration ~~f 1.~~~ up~~ the ~teath r( .~ i~~~r,t Ien:int ~~r <<i~ thr Lr,~iit ~~f :~m Ir:~tinc~~ld intrrest ~~f thrr~ c~:er~ ~~r le~c n~~t ront:~inin~ an aption t~~ purchase. 1 cn~irr rn,~c. ,~t 1 rndrr'~ ~~purn_ d~cLur ,sll th. .um~ .ccurrd h~ ~h~s \1~~rt~:~cc t„ hc ~mmrdialrlc duc :~nd pa).ihlc 1 rnder th:ill h:i~i ~~.~n~J .u:h ~~phun tu acrrlrr.~tc if. {~ri~•r [~~ Ihr .:~te ~,r tra~~cfc: ` I ender an~1 the ~rtiun tc. uh~~m thr Prrpcrt~ i~ t~~ hc ~~~l~f ,~r tr.~ntilrrrr~l r~a.h ,~c:crmcnt in untinE th:~! th~ ~rr~lit ~~f tiuch ~r~~.n i~ tiati~fart~~r~ te~ i en~i~r .~nd that the inter..t ~,~t,~hlr ~m thc .nrm ~riurcd M thi. \trrt,~:~ce ~hall he at ~nih r.~te :+~ I ender ~h:ill rcy,~~tit if I rn~cr ha~ wai~cd thc r~tii•n t~~ :~,•~~Irr,itr ~n~~i~ir~l ni !h~~ ~.it;~~r;~j~n 17, and if Bnrri~wcr'~ tiucc~ti~:~r ir. interett ha, czecutcd a wnnrn as~umph~~n :~krr~mcnt ;~~ir~~;rd in urit~n~ h~~ 1~n~lrr. 1 rn~ler .hall rcle:~~e R~~rr~~urr fr~~m :ill ~~hli~atii~n~ tm~ier Ihi~ !11c~rlc:~~e and the \~~!e (f I ender r~erri~r. ;urh r~~~„n t~• a.~rlrr.,tc. I rn,irr ~h.~ll niail Bnrr~~<.~rr nuti~e ~•f acirlerah~~n in a~c~.r~lanrc Hith ~,:u:igr:~~h !1 hcre~~f Si~ch n.~[icc ~h.ill F,r~~c~~ie .~ ~rn~~~l ~~t n,,~ Ir.. th:~n Z11 ~I:~~. tn,m thr d:~tr thc n~~ticr i. m:~ilcd withen ~.h~rh B~~rr~,.+er m:~~ ~:n Ihe ~umti ~1e.lerc~l Ji~r It li~~rr.~~..~r t.iil. t~, ~~.,~ .u:h .unn pri~~r t~~ thr ~~~+ir.~tii~n r~ uirh pen„d. 1 rntlcr ma~. .~ithuut furth~r n~,ri.r rr ~i~•tn:~nd ~~n li~~rn~~~rr. irn~•-.r am rrmrdir~ ~xrm;ttc.i h~ ~aragrr(~h 1~ hcreid. ~c~ti-~'~~t~>R~t ('~n~FV~~It B~~rmwer and 1 rnJer furthcr ~~,~en:~nt anJ a~rre ~~ fi,ll~~w~: 18. Acceleration; Remedies. Frcept as pro~ided in paraRraph 17 hereof, upon $orrow~ers breach oi ~nr co~•enant or aRreement of BorroMer in this 11ortRa~e, includinA Ihe co~enanlc fo pa~ when due ~n~ wms secured b}• this 11ortRaRe, i.ender prior lo acceleralion shall mail notice fo BorroNer a~ pro~ided in para~~aph I~i hereof specifyinR: (1) the b~each; (2) Iht action required fo cure such breach- (3- a date, nM le~c than 30 daf~ from the date the nolice is msiled fn Borrower, by which such breach must be cured: and la- that failure lo cure wch breach on or f-efore Ihe date specified in the notice ma~• result in acceieration of the sums secured b~ Ihiti ~torlRaRe, foreclowre b~ judicial proceedin~ and ~ate of the Properh•. The nolire ,hall further inform Borrower of the riRhi to mimfate afler acceleration and the riRht fo atisert in the foreclosure proceedinR Ihe nnn-e~islence of a default or an~ other defentie nf Borrower to acceleration and foreclosure. Tf the breach is nof cured on or befnre Ihe date ~pecified in the nofice, Lender at 1_rnder s oplion ma~ declare all of the sums secured by th~c ~tortR~e to be immediateh dut and pa~able Nithout fnrlher demand and ma~ foreclo~e Ihi~ ~iortKa~;e b~ judicial proceedinR. Lender sh~ll t-e entiUed to collecl in wch proceedinR all e~pen~es of toreclo.nre, includinR, but nut limited to, reasc~nable ~Itorne~'s feec. and costs of documentar~ e~idence, alntractt and tiNe reports. 19. Borroweis Ri~{hl to Reincl~tr. ti~~t~+rth~ten~l~n~ 1 cn~irr ..,,,rirr.~h~~n ~~f thr ~;int~ ~e~urc~1 ht Ih~~ ~1~rrtgaKe, Horr~~wrr ~h.~ll ha~i !he nEht (~, tte`.r .~m ~r~•,ci~1~~i~. ti~•~i~n h~ I c;i~l~r !~~ i•~if,~r:~ thi~ ~1~~rt~e~c ~i~.c~~n2~rzueJ al ~M fime ~..~~~:351 P~tiE16`~p