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HomeMy WebLinkAbout1642I~nd«'~ Hnttrn agrccmcm or apph:ahlc I.~w Ii~uruHCr ~hall pa~ thr amuunt uf all mohbagc imur.~nce premiums m Ihr mann~~ prrvid~il under parag:aph ; hrreof. Any amuunts ditihurscd by I.cn~lrr pur~uant tu this p:~r.~gr,~ph 7. H~~h uitcrc.l ~hcrc~,n. ah:~N bcc„mr ~ddili~,nal inilrht~dn~+~ uf Borm~~~r cccurcd h}• th~, ~1i-rl~.age t'nlr~~ R~~rn~~~ir a:?J I in~~er agrr~ 1~~ Mhrr termti ~~( p~~•mci~t. wch am.~untc ~hall hc payahk u{k~n n~~ti~r fn,m Lciidrr s~, R~~rn~~~rr rryi~~.ting pa~~mrnt ~hcrr~~L and ~h:~ll tx:~r imrrc~t fr~•m thc date uf ~fi.burcement at ~he r•rte payahlr tmm timr a. ~ime .~n outctandin~ prinrip:il under ~he Note unle~. payme~t of intere~t at such rate w•.~uld he a~Mr~n• t~~ ap~hrablr L~~., in ~hi.•h rvem ~uch ~m~~unts ~h:~ll hear intere~t at th~ highect r~te ~xrmissihle undcr applirahlc law. Nuthin~, ~~:ntaincd ~n thi. rar:i~ra{+h 7~hall rcyinre 1 endcr to incur any eYpence ~r takc .~ny artion hrreunder. 8. Inspection. I cnder ma~~ male ~~r .au.c t~~ hc madr rca~~•n;~hlr r~~trir. u~un :rnd im~xr~i~~n~ i~f thc Pmpeny. pmvided that ( cnder.hall give B~,rrowcr n.~tiir pri~~r to ar~~ w~h imExrh~,n .~xri(~~ne rr.~~„n~blr ~aucc thrrr(~,r rcl;Ned t~~ 1 endcr'~ ~ntrr~+t i~~ lhc Propetty. 9. ('ondemnation. The pr~+;eed. ~~f :u~~• ;~~~,~rd ~~r ~la~m fi~r ilamaec,. .lirect ~u c~~n~eyurntial. in ci~nneili~n w•ith am• iundcmn:~ti~~n nr ~lh~~r talinv nf th.~ {~nvv~r~v .,-..~ ~1... .! f.. ~: .t .~,, ti.. ..~.. _.a an.l ,hall hr paid ro Lendcr ` ~ - . ~ .. . ... . . . . .. . . . . . _. ... ..., . ... ..... . . .. ................... .,.. ..... , ... :t: ... In !he e~~ent of a tulal Iali~it~ ~~f Ihr Pru~n~~. thr ~r~~rce~k ~hall tx :~p~lir~t t~, the ~um~ ~ecurrd bv ihi~ '.11„rtg:~Fe. with thc r~rccs. if am•. ~aid t~~ B~~rr.~~~rr In thc rarnt ~~f a{~:~rlisil Ia~.ini r/ thc Pr~.~xr1~•, unlc~c B~~rn~H~r :~nd Lendcr ~~~hcr~i~r agr~c in ~rrihn~. thcr~ ~hell tk appl~r.l t~~ thr ti~m~~ ~rrurr.! hr th~. ~1~,rte:~~r ~u~h prnpi,rti~.n ~~f Ihc ~rcxcedc :ic i~ ~yu.il t~ th:it prrr.+rtiun ~~hirh thr amuunt ~•( the .um~ ~r:u:rd h~ Ihi~ \t~,rt~aer immr~li:~tcl~• ~+ri~~- tn th~ datc ~f t:skin~ 1xar~ to Ihc fair markrt ~alur ~~f thr Pn~prr~~ ~rnmr~li.itch pri~,r tc~ th_• ~l:~~r ~~f ta~.~ng. ~ith ~hc h:ilancr ~,f thc pnkcc~l~ paid Iu Borr~w•cr. If chc Pn:pcrt~• ic :-handi~ncJ h~ Bi~rruHrr, nr if. ;~ft~r n~~~iic h~ 1 rndrr t~~ H~~rn~wcr th. t thc c~ndcmnnr ~~ficr~ !~ make :in :~N:ud ~•r ,~Itlc .i rlain~ f~~r ifanias~r.. R~~rr~~w•rr ta+l. r,, rr,~,nd h~ 1 en~irr ~+ithin i~1 d:~t. :ittrr thr ~!:+tt ~u~h ni,tirr i~ mailcd. 1_rndrr i. authori7cd t~~ c~•llr~i and ap~lc ~hr ~r~•~~rd~, at 1 cndcr'~ ~.~ti~~n. cithcr tc~ rcctoratic~n ~~r rcpair uf the Pro~r~~ ~,r t~~ thc ~um. ~r:urrd h~ ihi. \1cxiL:~ec l~nlrc. 1 ~n~irr an~l H~~rn,~~rr .~then-~.~ :~~;rer in ~~ritin~• nn~ ~uih ap~lirati~~n ~f pmcrcdc Ii~ ~~~~:~~:,t ~hall n~t c~tcnd .~r (x,~,t~r~n~ thr duc ~1:~tc ~~f lh~ m~~iethl~ in~tallm~nt. r~fcrrid I~~ in rara~ra{~h~ 1 and 2 her~i~f i~~ cfi:~n~c thc amc,tm! c~f ~~ich imtallmcntt. 10. Borrpyer \ol Releaced. I~~~rntion o~ ~hc t~mr fc~r ~.a~mrnt ~~r m~~difi~ati~~n ~f am~~rtirat~~~n ~~f Ihc ~~im~ ucurcd h~~ th~. ?~1~~rtca~~e gramrd h~• ! cn~tcr t~~ anv ,ucce~.~~r in intrrr.l ~~f B~rn»~cr .h.~ll nnt ~~Exratc t~. relcasc. in :,ny m:~n~cr. thr Ii:~hilil~ ~~t1hr i~ri~inal Bornn~cr JI1lI ~Vff1~N'l'f~~ ~u:rr~~~~r. in intcrrtit Lcn~ter ~hall n~~t hc rcy~iirr~l t~~ cc.mmcncc ~.r~kccJin~~ ~gainct wch ~uccr"i,r ~,r rrfux ~„ r~Ir~J i~m~ t„r {~a~•mrnt ~~r c~thcn+i~r m~,dif~• am~~rti~atirn ~~f Ihc uimc ~r.urrd h~ ihi~ !11~~rt~agc h~~ r~:i~~~n ~~f .~n~ drm:~n~i m:~dr h~ thr rri~,~n:-I B~~rn~HCr :~rn! Ii~~rr~~wrr'ti ~u~.r~~ur. in intcr~.t. I1. Ftirt-eara~~cr ii~ {xudet \01 a~i~aiver. ~l~i~ i~~rix•:~r,~n:r h~ i ~•nd~r in r~cri~~i::i am neht ~~r remrd~• hrrrim~fer. ~~r ~~thcru~i~~ :,(TurdeJ h~• :~~pC~ahtr law. ~hall rtut Fk a~a:~i~cr ~~t ~~r pre~ludr thr r~crcitir i~f an~ ,u~h rieht t,r rentcdt• ~fhr ~rckur~mcnt ~f imur:inr~ ~~r thc ra~•mint ~~f ta~~•~ ~u ~•thrr I~~m ~u chari« h~ I cndcr ~h:~l1 ni~t hr :i ti~:ii~•cr ~,f I cnclrr'c ri~ht t~~ ac~rlcr,~te thc maturit~~ ~~f thr indchtrdnr.. .~:iirr~) h~ th~. \1i,rteaee 12. Remedies ('umulati~~e. :~11 rrmr~lir~ r~,,.~~i«i ir~ ihi. \i~,rtr.a~r .~r< <li.tin~t :~nil curniiiati~•r t~, :~n~ ~~thcr rieht „r rcm~.it unJrr Ihi~ A1~~n-:.~gr ~~r atT~•rdr~i h~ la~~ ~u r.~uit~ .~n.i rn;~~ Ix r~~rcitir~! c~,ncurrcntlt. inJrprndcn;l~~ ~~r ti;i~ce„itirh 13. Snccestiorc and AtsiKns Bin~nd: Joint rnd Se~rrrl I iabilih; ('aplion~. "1hr ~~~.~n~nts ;~nd .is:rrement~ hrrein <<~nt:~inc~t ~hall t,in~l. :,rid thr riehr, hrrc~~ndcr .h.,tl :~„~~~ tr thr rr.~,cch~r tinrcr..~,r. ;~nii ati~i~m ~•f 1 rn~irr .~nd A~~rn~•.+cr. .iihject ti~ thr ~n,ci.i„!,. ~~f ~~ar,~~r.~ph 17 hrr~~.f •111 ~~~c~n:~nt, .~~~J :~•rrrmrnh ~~f Rnrri~urr ~h:~ll tx i~~nt :~nd ~r~eral I~r ~apti~m, ancl h~a~ti~~~ ~~f thr p:~r,~~r.i~h. ~,f thi~ ~1~~rtc.~L~~ arr f~~r i~,mrnirnrr ~~nl~ .in~l arr n~~t h~ Iw u~rd tt- intcrprrt i~r definc ;hr pr~,~,~i~~m hcr~~•f. 14. \olice. Ftie~t f~~r anc n~~tiri rry~~irrd un~1~r a~4~~i.•:~hi~• I:r.~ h~ hc L~~en i~i :~m~ihe~ m:u~nrr. ~:~r ,n~~ n~~ti~c tn BurruHCr ~ri~cidcd f~~r in thi~ 11i,rt~aer ~hall h~• ii~rn h~ ni.~ili~~e .t~:fi n~~liii h~ ~rrl~fic~l m.~i! .icldrr,.rd t~, R„rru~.~rr :~I th~ Pru~xm~ A.Idre., ~~r :~I ~iich .~thcr .~~1dr~.. :~~ K~~rn~~~ir nie~ d~.~crZ.~ti• hc n~,t~cc t;~ 1~n~1rr .~S rr~,~i~1r.1 hcr~in. :~nc1 Ihl an~ n~~tire t~~ l.~n~lir ,h:,ll h~• ~~~rn h~ ccr~ifir.l m.~il ritt~rn .+ecc~~,t r~yitr.tr~. t~~ I cncler~. aJ~lre~~ Stalyd herrin i~r t~ tii~~h ~~Ihcr addreti~ :~~ I.~nd~r m~~ dr.iknatr h~ n~~t:~i t~~ B:~rn~t~er :~ti rr.~~i~1e~l hrrc~n •~nc n,,tiir ~ r~~ci~e~i f~,r ~~ thic \t~,rts:a~!c .hall Fx deemrd n~ h.~~~ hrrn inrn t~~ 13~~~r,~~~rr ~~r I rnelrr ~~hrn e~•~n in thr m.~nner ~lr~ien:~teei ~;rrein 15. 1'niform ~tnrtkaKe: Co~ernin~ I.aw; Sc.crabili~~. This form of mongage combines uniform co~~cnants for national use and non-uniform co~~enants u~ith limited ~ ariations by jurisdiction to constitute a uniform secur.t}~ inswment cesering real propert}•. TF~e state and local laws applicable to this Mortgage shall be the laws of the;urisdicuon in which the Propem• is located. The furPgc>ing sentence shail not limit the applicabilit~• of federal law to this mortgage. In tne e.~ent that am~ pro1 ision or clause of this Mortgage or the Note contlicts w•ith applicable law~, such conflict shall not affect ather pro~ isions of tt-is Mortgage or the Note Mhich can be gi~ en eflect w~thout the conflicting procis~on, and to this end the pro~~isions of the Mortgage and the Note are declared to be srcerable. 16. Borroweis ('opy. 13c~rn~~~r .hall t.~• furn~.hr.i .~ ,,,rit~~nnrd ~„~,~ ~,t thr \~,t~ an~i ~~( tfii. ~1„rtc:~g~ :~t th~ +:mc uf etri:ition ~~r :~fRr rr;~~rdati~+~ hcrc~~f. 17. "francfer of tfie Prope-f~: A~~umptiun. i+ :~1! ~~r an~ ;~.,rt ~+f thc P;~~~~•rt~ ~~r ;~n intere,t thrrr~rz :•. .,~ld ~~r tran~ferr~ct hc Borr~~~rr uith~~ut I.~nd~r'~ pn~,r un!tin i~~mcnt ~~~1;~dir~~ ~.~~ thr ~r~:~tinn rf :~ ~~rn ~~r cn:nrnhra~~ce .uh~,r.lin.~t~ t~~ t~i:. ~1~~rt~:i~r. IM the cr2~hnr~ ~,f .~ ~urrh:a,r m~mr~ .r~unt~. ~ntrrr.t f~~r h~~n.ih~,lcl a~F~li.inii•.. t,! .~ tr~n.irr ht' dccit~. de.cen+. ~~r h~• ~~~ration uf Li.+ up~~r the ~ir:~th ~~t .~ i,,~sit tcnnnt rr ~.?~ the er.un ~~f .~n~ lr:,.uhnld inter~,t ~+f thrrc ~•rar, ~~r Ic« n~.t :~,ntaining :~n ~,pti~,n t~~ purrhasc. I rn~icr rn.~~. .~t 1 rn~rr ~~,E,t~~,n. .irJ.~rr :~11 thr ~um. ~c~urrd h~ th~t \t~~ng;~gc t~• hc ~mm~~iiatelc duc :~nd pa~ahlc I rndrr tih:~l( t~;r,e ~+ei~~~~1 ~i~.h rr~~~~n t~~ :~~i~lrr.~te if. rri~+r t„ Ihc ..~le ~~r tr:~r.sf~r. I cn~ler an:i the (xnun tn uh«m thr Prrperl~ i. t~~ he :~~i;! ~~~ ~r.~r,.tr!r~ii rr:-rh ,,irermrnt in ;-nt~:ic th:~t the cre~t~t ~+f ,uch ~~r~~~n ~~ tiatitfact.~r~ t~~ I.rn.i~r .~nd th:~i thc intcrr.r ~,.~tahlr ~+n th~ .uni. ~r.~irc~1 hti thi. ~l~,rtt:~c~ ~h.~ll hc .-t tiu~h r:ilc :r, 1 rnder th: !1 reyc~e~t !f 1 enJer ha~ wai~e~ the ~~pi~~~n t~~ a~~~i~;.,tr ~n~~,~i~~~i ~n thi. ~:ir.~Lr:i~h 17. :,nJ if 13~,rr~,~cr". ~urc~,«~r in :ntere~t ha~ errcute.l a antlrn as~um~t~~~n :~~rrrmrnt a~irE~trd in Nrihn~ h~ I en.ler I in~ier ~h~tl rel~a~e B~~rru~rr frc~m :+II «h1iL:itu~n~ un~ier thi~ !11~~~tc;~~c and thr tic~tc If I cndrr r~crii~r, ~u~h ~~~hnn t~~ :~~~rlrr.~tr. I rr~,irr ,h.~ll ~n:,~! Burn~~~rr n„ucr ~,f .~c~rl~•ratirn ~n ,,;e~~ni:~re;~ N~th E~:uagr:iph I-3 hcrr~~f Such nuh~i ~h.~l~ ~r~~c~Ji .~ f~c;,:~,1 ~,! n,~s lr~. th.~n 7(1 ,le~. tr~+m Ihr d:~tr th~ n~~ti~~ ~. m~ilid uithcn :,h~~h H~•rnn~cr ma~ ~a~ tht ~um~ .Ic.L~re.l <1;ir IS R„rr~~•..:•r i.ul. +„ ~:~ti ~i~:h ~i~m~ ~n~~r t~~ thr ~~~ir.iti~~n rf .u:h ~rr~~~~1. 1 en~trr m.n. uith~,ut furtf-rr n~,hcc rr ~irm:ind ~~n fi.~rr~~H~r ~ri~~~-.c .~n~ :imrd~t~ nerm:ttr t hc r~r:ierarh 1~ hert~~f. \~iv-t ~~t~~k~t C~ii~F~+~T> B~~rn,wcr :ind I rn:ler t~irthcr c~,•.~nant :~nJ a¢rrc a~ f<~Il~~~+•ti IS. Acceleration: Remedies. Ftcepi ati pro.ided in para~r~ph 17 hereof, upon Borrowerc breach of ~m co~enant or a~reement of BorroNer in Ihi~ ~iort~a~;e, includinR the co.enanh to pa} when due am ;ums secored by this ~1orl~a~a I.ender prior lo acceler~tion ~hall mail notice lo Borrower a~ pru~ided in paraRraph 14 hereuf ~pecif~in~;: (1) the beeach; (21 tbe action requirrd to cure such breach; (31 a date, n~~t lecc than 30 dar~ irom the date the notice is mailed b Borrower, b~ whicb such breach muct be cured: ~nd 141 Ihat failure to core .uch breach on or t~efore the date ~pecified in Ihe notice ma~• rewlt in acceier~tion of Ihe cums secured b~ Ihi< <1nrtRaRe, foreclowre b~ judicial proceedin~ and sale of Ihe Properh~. The notice tih•rll (urther inform BorroNer of the riKhl tu rrimtate afler accele~ation and the ri~ht to atisert in the foreclnsure proceedi~ the nun-etitilence of a default or an~ olher defenu of Borruwer to acceleration and foreclowre. If the breach is nof cured on or beforc the dale ~pecified in the notice. I.ender al I.ender'c uptiun mac declare all oi the sums ~ecured b~~ thic ~tortQa~e to t-e immrdiatelc due ~nd pa~able without further demand and ma~ Fureclo~e Ihiti ~iort~;a~e b~ jodicial proceedin~. I.ender shall t-e entiUed to collect in wch proceedinR all etipentie~ of toreclowre, includin~, but not limited to, reasonable ~ttornet's feeti, and co~ls ot dorumentan e~idence, atntrac~ti and ~itle report~. ' 19. Borrower's RiRhl fo Reinslate. \~~t~ith~ten~lin~ 1 rr~~lrt ..i.~rlcr.~[i.~~~ ,+t tF: ~um~ .c~ur~~l ht thit ~1urt~!a~:c. lii~rrc~ttir ,h.~~l h.~~c lhC nght !.~ h.~~i .i~r, nrc~~ct~lin~~ '-i~•itn h~ 1 rn~lrr t~~ rn;,~r:r th~. \li~r[~:a~;c di~~~~r;tinucJ ~f :~nt Iimc _ ~~ 35~. ~~~vti~3~ .~