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HomeMy WebLinkAbout1654I.rn~~r'e HnUcn agreimcnl ~r apphcahic la~~. liurr~~H~r shali pa~ thc anwu~u uf all mongagr inwr~nce premiums in thc manner pru~•idr~l undrr paragraph 2 hcrrof Any amuumc di~hursc-J by ( rn~lcr pur.uanl t~• ~his par.~graph 7. ~v~th i~irrctit Ihcre~m. ~hall Fxr~~~nc addihnnal inJrhicdn~•~~ uf B~,rro~rr sccurrd M th~~ \lurtc:~x~ t'nlr.. R.~rm:.rr :~n.l I rn.icr :~~;rrr 1~ olhrr trrm~ ~~f pa)•mcnt. ~uch amounh ~hall bc payahlc up~~n nuti:c tr~~m I rndcr t„ t3~~rn~Hrr rryur.~ing pa~•mrnt thr«~,f. and ~h:~ll txa~ intrrc~t fr~,m thc date ~~( ~ii~bursement at thc ~al~ payahlr (mm ~imc ti~ time .~n outctandin~ pnn~ip:il under thc Note unlc~ti payment of interect at cu~h rale woul~l he cun~ran• t~~ a~piirable I:~.~. in which r~•ent ~uch am~uMs ~hall txar interea at the highe~t rate ~xrmissiMe u~der applicahle la~~•. N~~thing «~n~ained in thi. ~+:ua~r:~~.h 7 chall reyuirc 1 ender to incur am• rtipence ~r.take any action hrreunder. 8. Inspection. I.ender r~a~• ma~,r .~r rau,e to he madc rea.~,nahlr ~nlric~ u~•un and i~~pec~ic,n~ of the Pru~+erty. prc~vided that ! enJer ~hall ~i~•~ Bi~rruwer ni~tirr pri~~r tc, am wrh im~x~ti~~n .~xci(~~n~, rc.~~~~nable cau.e Iheref~,r rela~cd to I ender'~ mterr~~ ~n the Propert>•. 9. Condemnalk-n. The pr~k~r~d. ~~f :~m a~~:~rd .a rL~im fiu ~lamaer.. Jirrc~ ~~~ c~~n.eyurnli~l. in c~,nnection with any :un.lcmnati~~n ~~r other takin~; ~,f thr Pr~~~xrt}'. ~,r part thercrf..,r for r„m~r~•:~nre in liru i•( r~~ndrmnatiun, arr herch~• a~signed an.l .hall hc paid to Lcnder. In thr «~nt c~f a t~.ta) t:~l,in~ ~,f th~ Pn•~.cr~~. Ihr ~+n,ierJc ~h:tn rx :~~~i~<<i t.. thc ~umt ~cc~ircd bt thi~ \1~utg.~rc. ~ith thc c~ires. if :~m•- ~:~id t~• R~~rruHrr In ~hc rvrnt ~~1 a p:~rlial Ial.in~ ~,f thc Pn,~crt~~. unlc« F3~rmHCr :md i.endcr uthcrHi.r agrcc in ~~riling. thrrc chall F.~ :~~.pl~r~l h, nc~ wm~ .r~urc.l h~• thi. ~1„rtc:~ec ~urh pr~~~~,r~ii~n ~•f Ihc pr~ccd~ a~ ic cyu:~l tc• that pmEx~rtiun «h~rh thr am~~u~~t ~~f th~ ~um. ~r: iir~d hti thiti \lnrtgacc immcdia~rh {~ni~r t~~ thc datc nf t.ik~ng h~arc to thc fair markrt ~altic uf Ihc F'ruprrt~ ~m-nr~l~:itrh ~ri~~r ti~ thr .L~M uf ~::~~n~:. Hiih ~hr h:~l:~ncr ~f thc prckcc~~ p~id t~~ 8orrc~w~cr. ~ If thc Pmperh• i~ ah~nd~~n~.l hs R~~rr~~~~~r. ~~r if aflrr nuti:r h~~ 1 rndrr t~~ Rrrr~~wrr that thc r~ndcmnc•r ~~f~crt t~ make :~i~ aw.~rd rr .rttlr a rlaim f~•r ~laniacr.. B~,rr~+wrr f.,~l. !~~ rr,~x,nd t~• 1 cndrr H ithi~i Z(1 dai. aflcr th~ d~tr ~urh n~tice ic mailed. i rn~lcr i. auth~ri~rd t~~ c~~llrrt and ap{~h~ ihr ~r..;redc. :,t i endcr'~ ~~~ti~n. rither t~~ re~toralii~n ~~r r~~~ir ~f the Pr~~x•rn c•r t~~ thc .um~ .rrurrd M thi. \1i~r~eaec l'nlrc. I cnclrr and Born~~.rr ~~ti~rrN~.r agrc~ in ~~ritinr. :~n~ curh a~~lir:iti~~n :~f ~m.~icdc t~ti ~rin~i~al ~hall nM c~tcnd ur Fx~~tp~~nr th~ dur .1:i~r ,•f th~ m~,nthl~ in,t:~llmrnt. r~f~rrcd t~~ in ~ara~;ra~M 1 ~nd '_ hcrc~~f „r chan~t thc ami~unt of ,u~h imtallietent. ~ 10. Borrower \ot Relea+ed. 1=vrminn ~~f the t~mr f~~r ~.~cmrnt i,r modifirali~rn <~f :~m~~rtiiati~,n ~~~ ihe ~nm~ tiecured M~ th~. ~1~~rtca~r crantcd h~ ( rnJrr t~~ an~• .uccr..ur ~~~ intcrr.t ~~f R~~rm~cr ,hall nc~t ~~~xratc 1~, rrlcacr. in am• m:~nncr. !hr li:~h~li~~ ~~( thr ~~riein.~l B~~rr~~~~cr :~nd B~~rn•w~r'. tiu:ir.u,r. in intcre,t 1 ender ~hall n~•t Fx reyi~irc~l rt. cnmmcncc F~r~.cre~iini~ a~aimt ~uch wcir.,nr ~~r rrfuu m r~ten~l t~mr f~~r pacment ~~r ~~therwi.e nwdi(~ am~~rtiiau~~n ~~f the sumc .r.ur~i1 h~ Ihiti ~1~~rt~ag~ h~ rc:~.~~n ~.i .,n~ dcm.uid m:~dr h~ Ihr ~~rie~nal R~,rr~,~.rr :~nd B~~rn,wcr', ~u~~r..~~r. in intcrc~t. 11_ Fnrl.p3r~nc~ ~!f' ~.r!l~Pf ~!f1 3~~~3lf'fi. .1.,~ Lv{.~.:.r.:"-,_• L.~. 1~•nil,~r i~. ,.~_~•r~ ~.~nu ;.n~ riaht ~~r rrm.~.l~• {i.•n~~tn~lrr nr ~~~hrrw~~.r .~tT.~rdc~i h~• a~pli~aMr law•. .h.i1t m~t -x a~+.~:~rr ~~( ~•r pr«ludc th~ r~rrri.c rf :mc ~uch ri~ht ~~r rcmcd~•. Thr ~n..-urrmcnt i.f intiurant< <~r Ihr ~a~•r.unt ~~f ta~r. ~~r u~hrr Lrm ur ~har~r~ h~ 1 rndrr .hall nc~t hr :~ .,.uvrr ~,f Len~1~r'~ ri~ht t~+ :tr~rlrratr thc maturih „f the indrhtrdnr., .r_ur~~~l hc •hi. \1~~rt~~ir 12. Remediea ('umulati~•e. ~~II rrmrJi,•~ f•r,•.ulyd in thi. ~1„-tt:i~r :~re ~1i~tinrt :~ml rumulati~•r tc. :~n~ rther rieht ~~r rrmr~h nn~lrr 1hi~ ?1~~.r~i.~~r ~u a~T~~rdrJ h~ la~~ ~~r ryuit~. .~n~t r.i:+~ hr r~erci~~~l i.~ncurrintl~. i~:dr~r~demh i~r ,u~i~.sitirlt~ 13. Succec~ors and :~tisikn~ Bound: 3oint and Se~era~ 1-i•rbilit~: ('apti~~m. Ilir ~~~~riiamti and .~s:rrrment, hrrein i~~nlatni~l ~h:+ll hin~l. :~nd tfir rieht, It~rrunJcr ~h:~ll ;niirc h~. thr n•~Fk~h~r ~u:ri~.~~r. cinil a~~i~m ~~f 1~n~icr .~nd Hi~rrcnacr. .uhject tu sh~• pn~~i.~i~n. ~,f E~ar,~er.~~h !' hrrr.•f ~11i :~nrn.~r~t. .~n~l :i~rr~'m~nl. ~~f Rrrn~~~er tih:~ll he I~,in? .tnd ~e~eral The ~a{~I~~~n. :uiJ hea~lm~~ ~•f !!tr (~ar.~era~h. „f thiti ~1~~rtc.~c~ ar~ f~,r i~~mrnirnc~ ~~nlc .~n~i :~re nrt t~~ tk u~~d t~ inler~rel ~,r definr Ihc pri~~;~ii~n~ h~rec~f. 1J. \olire. E~re~t f~~r an~• n~~tr:r n•yuircd un.frr :~~E~Ii::~hl~ I:~~. t,~ h~ e~~rn in an~~thrr manncr. (.t~ .~n~• n~~ti~c tc~ Bi~rr„wir ~r.~~id~d,k~r ~n Ihi. \1~~rli:~ec ~h.~l~.hi e~~r^ h~ tn.~~tin~ .u:h n~~t~~r F~ :crt~ficil m.~il .~Jdr~..r~t t~+ Rrrn~•.~rr at Ih~ Pr,~p~rn• :~ddrr.. ~~r et ~urh .Hh~r .~i1dr~.. ;i~ !3,•r:~•titr ni.•: t1~.i~n.~~i hc m~ti~~ t~• 1 ~nJir .~~ pr.~ci.li~1 hercin. an~1 (ht :~n~ rn~h~t tu Lendcr ,h:~l! tx s:~~rn h~ :crtifir.l nt:ul rrt~~rn recrir~t rrq~t~•.Ie~L tN 1 en~ler'. adJrr~~ statri! h~rrin n~ to ~i:ih ~~Iher :~ddrrti~ a~ 1 rneier ma~ ~ir~i~nalr h~ nrti:r t~~ N~~rr,~~rr :~, ~r...~~1c.1 hrre~n •~nv nrtic~ ~r.~~~i~f~J f~~r in thi~ ~trrt~agr ~hell h~ deemrd !r h.~~r hrrn i~~rn t~~ f3:~rr,~«rr ~~r 1 rr,~lrr L.hrn g~~rn in thr ma,~ner dc.i~n:~ted herein I S. t'niform ~iortK:~kr: Governin~ I,~N; tie. crabiiil.. This form of mortgage combines uni(orm co~ enants for nauunal use and non-uniform coeenants w ith limited ~~ariations by junsdictiur~ :~ ronstitute a uniforni security ~nswment covering real property. The state and lxal law•s appl~cable to this Morigage shall be the lau~s of the ~urisdiction in which the Propen}• is located. The foregoing sentence shall not limit the applicability of federal law to this ma~ gage. In the e~-ent that an}• pro~~ision ur clause of this Mortgage or the Note conflicu w~ith a~.plicable {aw, such conflict ~nall ncx a:;rct other pro~~isions of this Mortgage or the Note w~hich can be gi~en effect uithout the conflicting pro~~icion, and to this end the pro~isions of thz Mortgage and the Ivote are declared to be ~e~~erable. 16. BoROwer's (bp~. F3orrr~titr ,h.~ll h~ furn~.h~.1 .~ :,,nf~~rmr~1 ~~,~~~ ~~t th~ \„Ir an~1 ~,f thi, ~1~~rtea,L'~ aI th~ t~me rf ~~e~i~-i~~r ~u a[t~r rcc~~rdatiun hrrr~~f 1~. Transfer of the Propert~: :~~~u~nplion. If .~li ~~r ,,n~ ;. ,rr ~~f th~ Pr•~~rrt~ nr :!n i~terc~t thrrein i~ .~~ld ~~r tran:ferrret hr Bcar~~~+rr u~th~~ut 1.rndcr'~ pn~~r «rittr:, :~~mrn~ r~.l::~tins• ~.,~ thr .rreli~~n ~~( :~ i~~~n ~~r en~umh;ani~ ~uh~~;~{~n:~tr t~~ thi. Mnrt~a~r. ~hi the :ri:rt~~~n .~f .~ pur~h:~~e nt~,nr~ ~r:unt~ intrrr,t t~~r f;.•ii,ih~,l.1 a~(~IL~n~~,. t~~ :: tr.~n.;ir ht ~1e~ite: dr.:e~t ~~r h: ~~Exr.~Ui~n ~~f ].~~~ up~~n thr ~.irath ;~f .i i~~~nt h•nant ~,r iJ~ ~hr ~rant rf en~ lie~rh~dd ~ntcre~t ~~f ihrir ~rer. ~~r Ic« n~~t ~~~ntainini an i,ptirn t~~ ~ur~hasr. I~r..1cr tn.~t. et I rnder~. ~~~iu~n. ilc.l,~rr :~~! the ~um~ ~c•.'urcd h~ iftit ~1„rt~ai~ 1~~ hC +n~mt.L:~tcl~' duc :~nd pa~:~M~ 1 cnder ~IIJII F1J~l' ~~.~~~r~1 .t~~h ~~rti~,n I~~ a~irlcr.Rc if. ~ri~~r t,• thi .ale ~~r tr,~nsfer. 1~n~ler :if1~I IhC ~xr~~~n tc~ ~h~~m thc Prr~crt~ i. t~~ h~ „+I,t ~~r tr.,~~~trtrr~l rr;~:h .~~•rrc•rnrnt ir knhnc that thr ~t~•~tit ~~f vi~h rrr~,,n ~. Sat~cfact~~r~ t~~ 1 cn~irr .~nd th:~l [hr intrrc•,t ~~.~~.~hlr ~~n th~ ,um~ tir~:crcil h~ Ihi, ~1~irt,~:,gc ~h:Jt Ft at ~~::h rat~ :+~ I cndCr ~hali ~e.~ter.t If 1 ender ha~ waiticJ Ihr :~~ti~~n. t~~ .~:~r1rr.~tr ~:~~~i~1~.1 i±~ thi. ~.,r,~,•r,~~h 17. :~n~1 if B~•rn~~rr'. .u:cc,~;•r in ~nterc:~t ha~ r~c~utc:l a wntt~n :,stium~ti~~n .~Lrrrmrnt :~c.r~tr~l in «rit:nc h~• 1 rn~icr. I cn~icr tih;tll rclr,»c R~~rm~-cr fr~~m :~11 ~~bligat~c~~~ti un~lcr th~t !11~•rte,~t~s and the '`~~tc , . If 1 end~r c~erci~r~ ~l~~h ~~ptiun t~~ ac,rlrr.~t~. !~ie.lrr ,F~.ifl m:ul R~~rt~~~~r~ n~~hce ~~f .~irclcr:~ti..n in :~,i~,r~1:~n~c ~ith ; ar.iLra~h !1 here~~f Sn~h n~~ti~r .heil ~+r~~~~i1e .~ ~r:i~~~i ,~t n~~t li~~. th.ui ~(1 ~1.~~, fn,m thr ~ate the nrti~~ i, mailed within •.~hiih R~,rr,~wcr ma~ 4,:~~ thc ,um~ ~r.lar~:i J:~r Ir 14~~rr~~~,rr te~!~. r~~ T,e~ ~~i.h ~~~m. pn,~r h, thc r~~iret~~~n ,~f ,u.h ~cn,+d. I rnclrr m.~~. ~.~~th~+ut furthrr n~~ti~r .~r.irmand ;~n It,~rr„~+rr ~~i~~~i.~ .~r;~ rrm~J~r, ~k•rm~ttr.1 t,~ r;~r.~gra~,h ?~ hrr~~.f. `~~~-(~~ttuK~t (~~i~f v~tiT~ H~•rr~,wrr an.1 I rn~rr turther ~~~~en.~~t :~n~ aer~r a~ fc~ll„ws 1S. Acceleration; Remedies. Ercept as pro~ided in paraKraph 17 hereof, upun Borrowers breach of an~ co~enant or a~reement of Borrower in thic ~tort~aRe, includinR the co.enant~ fo pa~ when doe am sumc secured by~ this 11ortRa~;e, I.ender prior to acceleration ~hall mail noticp to Bor~ower a~ pro~ided in paraQraph 14 hereof +pecif~inR: (1) fhe bee~ch: 12) the ~ction reyuired f~ cure sucb breach; (3- a date, not le~ti than 30 da« from the dale the nolice ic mailed to Surrower, by Nhich such breach must be cured: ~nd (a) 1ha1 failure Io core +uch breach on or befort the dale ~pecified in the notice ma~~ result in acceleration of the ~ums cecured b~ tbic ~torlQaRe, fnreclutiure b~ judicial proceedinR and s~le of the Pmpert~. The notice ~hall forther inform Borrower of Ihe riRhl Io reimtate afler acceleratiuo and Ihe ~i~hf Io a+urt in the foreclocure proceedin~; fFe non-erntence of a!lef•rult or an~ ulher defeme of Rorru.+er tu acceleration and fureclosure. If the breach is not cured on or before the date specified in Ihe notice. I.e~der at I.rnder'~ option ma} declare all nf the ~umti secured b~ this ~tort~a~e to bc immediatel~ due and pa~able wilhoul further demand and ma~ foreclutie Ihi~ ~tortQa~e b~ judicial proceedin~. I.ender shall t~e entitled tn collecl in cuch proceedinR all erpemeti of fnreclotiure, includin~, but not limited to, reawnable ~tlorne~'s feeti. and cosls oi documentan• e~idence. alntracts and Iitle reports. 19. Borro.+er'~ Ri~ht Io Reintitate. \,~t~ith,t.~r.~1~r~ I rn.+t•~ ..~::c~rr.+t:.~n ~~t thc ~um. .rcurr.l h~ thi. ~i.~rtg,,gc. Hurruurr ,h.~il h.nc thc n;:ht t~~ he+c .~n~ ~r~,,rr~l~n~~ '~~1u~~ h~ I rn~lrr t~, ~~:f~~r.r th~. 11~~rtgaEc di~.~~nhnurii ~t .~nt timc ~ :' ~:351 ~~~~tif 50