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HomeMy WebLinkAbout1664 I rndcr'~ Hnilcn agrc~m~M or ~ppl~~ablc IaH B~~rruH~r shall ~a~ ih~ arnuunl uf ~il mortgabc inwr.~ncc prrntiums in ;he m:.nnrr pmwdr~! under paragrrph 2 hrrcuf. Any amuunts di~bursrd b~' i rn~lrr {•ur.uant t~~ thic pa~.~~;r.~ph 7. H~ih in!rrr.t thrre~~n. ~h;iil hrc~,rnr :~ddiu~,n:~l in.lrbtcdnrc~ u( BurroHr~ urured M th~~ ~1anf.~gr l'nlc.~ R~~rru~~c~ anJ 1 ~n~f~r agrrr 1~~ othcr Icrm~ id pa)'mrnt. ~uch s~--,,,.^.t~ :hsl~ !rc ;.a}•a'~!c ::;,:~^ ~::;:;~ f;::m ! rn~3~r ~~~ f3a~rn~~.cr r~y~~~.tm~ p:,}•mrnt ihcrc,:f. anci ~~,.~il tx;~i ir~ic:e:t fr:~m the ~l;~te of ~1i~hurkment at the rat~ pa~•aMr f~~~m time t~• time ~~n uut~tandin~ principal under the N~~e unlc« payment af inte~ect at surh ratr H•oul~l he cuntr:~n• a~ appli~able 1:~H. in Wh~rh r~~ent ~uch amc~umv .hall Fxar intere~~ al the highe~t rate Fx:~missihle under appl~caMc law•. N~~thine rant:~ined in ~hn pa~.~~;r;~ph 7~hall reyuirc I ender ~o incur any expence or take an}• action hrreunder. 8. Inspection. I.cndcr may nr.~lc or ::w.c tu hc m:~dc rra.~.naMr rniric. n~.,~n and im{+crtirn< <~f the Pm~rty. pn~vi~lcd Ihat I endet ~hall Fi~~e Rarrower m,lirr pric~r tu am w~•h im~x:l~:,n ~~x:ify~ng rr:~u,nahle r:~u.e therrl~,r rrlated t~~ 1 ender'c ~mcrcc~ in thc Prc-pcrty. 9. ('ondemns~tion. Thr pr~~.-eed. uf am ~~+ard .a rlaim fc~r damagr~. .lir~rt ~u c~m~eyurMial. in c~~nnerlic~n with am• :ondemnati~~n .~r other t:~k~n~ c~f Ihe PmE.ert~~. ~~r part Iherr~d. ~~r fi~r runvey:~n~e in licu e~f ~undemnaUun. :ur herehy as~igned an~l .hall ix pa~d t~ I.cnder. ln Ihc cvcnt ~f a tc~lal ta{,ine ~~f thr Pr~•~.rr1) Ihr ~n~:~r~lc ~hal! Fx ap~lirJ t~, th~ ~iimti u~nrcd b~' thic M:~rtFaRc. Hith Ihc ~~~ccs. if am•, paid tu B~ar.~HCr In thr ~~~n~ ~~I a r;utial ta{,in~! ~~f Ihc Pri~pert~•. ~~nlcc~ R~~rmHCr ;~nd I cndcr c~thcn~i~r agrec in «ritin~. thrrr chall hc a~~~ti~.1 t:~ thc .umti xc~~rc+t h~ thi. !~1:ucc.iLr ~u.:h nrop:~rti~n i~f ~hr Prcx:ccd~ ac ie ~yuat tn that pm,.~ni~m which thr am~~ur~t ~,t th~ .um. ~r~ured h~ thi. \1~~rt~!.iee immediateh ~ri~~r t~~ the d.~te ~( !.~king Fharc to the fa;r mari;et ~aluc ~~f thc Pn~p~rt~ ~mm~di:~trl~ pri~~r 1~~ thc ~1.~t< <~f I.,I~~n~. with thc hal:~nrr i~f Ihe pnk:rcJ~ F~aid t~~ Borrc~wcr. If the Pmpert~~ e~ :ih~ndnnr~l h~• B:~rmHrr. ~er iC :~ftrr nc~tii~r h~~ 1~nJrr ti~ Ri~rr~~wrr that thr r~ndemn~~r ~~Pferc t~ makt :~rt aW;~rd i~r ~cltl~ a ilaim fnr itam:~cc.. N~~rn~w~r f:i~l. t:~ r~~~.~n~i t~• I cnd~r Hithin i1l d:~~~ attcr the delc •.uch n~~ti~r i~ m.ulcd. I.rndcr i. :iuth~rirrd tc, c~~ll~rl and a{~{~I~• th~• ~+r~k•rcd~ ~t 1 cndcr'~ u~tinn. cithcr t~~ re~toratii,n ~~r rrp:+ir czf thc Pn•Exrt~ c•r t~. Ihc ~un~, .riurrJ h~ ~hi~ ~1c,nc:tic l'nle~. 1 cndrr and Borr~~.~cr ~,then~i~~• agrr~ in ~~ritin~~. an~ w~h appli~ati~,n ~~( ~nk•red~ <<: ~~~~,~~~al tihall nc~t e~tcnd ~•r p.~.tp.,nc thc duc ilatr .~f thr mi,nlhl~ imr,~llmrnt. rrfrrrrd t~~ in ~:~ra~r.~ph~ 1 and '_ i~crr~d ~~r ch:uic~ th~ ~m~~uM of tiuch ~n~tallmcnK 10. Borrow•er'Vut Releaced. f=~trn~i~m ~~f thc tnnc t.~r p;~~mrnt i~r n~~~difi::n:<<n ~~f :imc~rtiia~i~m ~~f ~he wn~. ~crured h~• thi~ \1~.ncaec cr:~mcd hc 1 rnJcr t~~ am tiucrr,~rr ~n intcrr.t ~,f R~~rmHC~ .hall n~~t ~~~xr.~tc t~~ rrlra~r in an}• m:~nncr. thr hahilii~ af Ihc ~.riRin:-I Brrn,HCr :~nd R~•rn.wrr'. ~u;rr..,,r. in i~ztcrr,t 1 rndcr ~hall n~•t Fk rrynirrd t~~ ci,mmcnrr pr~kcrJin~. againtt wch tiurrc.v~r ~,r refu.r t~~ r~trnJ tnn~ f~~r pa~mrnt ~+r ~uhcrHi.r m~+ciif~ am~~rtiiati~~n ~~f thc sumc ~r:ured h~ thi~ Mi~rt~•sgr h~ rc:~~~~n uf ~m d~m.ui~t madc M thr ~•rie~nal B~~rn~~+rr .~~id H~,rr~~~tis'~ ~i~~~r~,~~r. ~n imcre~t I1. Forbearance b~• I.ender \ut a R'ai~er. ~~~i~ t~~rlk•;,r;~n~r h~ I rndcr in r~~rri~ine :~n~ richt ~•r rrmrd~' iirr~unilrr. ~~r ~~Ihrrw~i~r atl~~r~r~1 M apahcahlr IaH. ~h:~ll m~t h~ .~ w.u~.~r :~f „r pre.ludr th~ r~erc~~r ~•t .~n~ ~uih neht ~~r remed~• The pro.•urrment c~f intiuranrr ~~r ~lir ~:~~•mrnt ~~( ta~~~ ,~r ~•Ih~r !~en. rr ~hatc~~ h~ 1 endrr .h:~ll n~~t tx :+ ti+:+~~•~r ~~f l en~iir'~ richt t~~ ;~:~rler.rte the maturin uf thr indehtrdnr.. .c.nred hc tlu~ \1~~rteaec 12. Remedies ('umulative. :111 reme:h~~ ~r~~~ ~drd ~n tiu. ~t~~rica~c :~re di~tinct ;~nd ~ umiilativr tc~ .~n~ r~thcr neht t~r rrmrJ~ :~nil~r Ihi. ?11~~rtcaL< <~r af<<~rdril h~ la~~ ~~r r.~u:t~ .en~1 m.a~ hi• r~rr~i,~:1 r~,nrurrintf~. inilr~rndrnth ~,r ,ui~r.~icr~~ 13. Succecwrc and :~~tiRn~ Buund: Joinl and Se~rral I.i•rbiiih• ('aplium. Ihr ~~~~rn:~ntt .~nd .~~rrrn~cnt. hc-r~in i~~nt:,inr~1 ~h:~ll hincl. .ir~d thr ri~ht~ herrundcr ~h.~ll ++~;i~r h,. tht rr.~•~th~r ~u~~~..~~r~ ~n~i ~~~i~rr. ~~f I rn~irr .uid R~~rm~+cr. ~ubjecl t~~ ihi pn•vi,i„n. ~~f ~ar.~rr.~~h 1~ hr~i.•f •\11 ~~nrn.uit, :~n~1 :~~•rcrmrnl~ i~f Ri~rr~+ticr •,hall tk_ i~~~nr .md ~e~'er:~l The ia~h.~n. anJ hea~i~ne, ~,f !hr ~:~r.~cr.~nti, e,f tni~ ~1„rtz.~~r arr f,~r ~:,ri~rn~rncc .,nl~ .~;iJ :~re n~~t t~, tk• ~i~ed I~~ inierprrt i~r definc the prc~<«i~m~ here~•~. 13. \otice. F~iept f~v anc ni~I~ir ~~~yuirrd ;in~l.•r aE~4~li:.ihir la~• :~~ h~ ~~~rn m an,~thrr manner. i.~1 :~n•: ni~tii~ t~ R~~rr~~Nrr ~+n+~ic'.eJ fc~t in thi~ ~1„rtc:+er ~h.ill hr r~~rri M ni.ulisi~ w.}: ~i,~h~r hti :rr;ific~i m.ul .id~irr~.r~1 t~~ R~,rn~~+rr at thc Pm~~rlt' A~1dre.~ ~~r :sI ~uch ~~thrr .+~1dre.~ :~~ {3,+rn,ua•c rn.~~ ~1r~r~i~:itr h~ rn~ti~r ti~ 1 en:lcr .~~ ~r~~~i~ir~} hcrrin. :~n~i Ih) ~~t~ n~~hrr t~, ! rn~1c: ~h~ll tx ~~~rn h~ ccrtif:s.l ni.ul rrt;~r:~ rrcc~~~t rryur.Ir~l t~~ ! rn~ler'. ad~tre~. slat~d hircin „r ti~ ~ti,h nther addrec~ .~~ 1 rnJer ma~ ~r~iinate h~ n,~u:r t:~ Fi~~rr„~+rr :~~ ~r.,~~de~l hrrrin ~~n~ „~~ti.r ~n~~~id<<1 f~~r ,n thi~ ~1~~rt~;~gr Sh~ll ix .leemed t,, h.i« Frrn Liven t~~ 13~,•r„~+~r ~~r 1 rnd~•r .~hrn ei~rn ~n Ihr manner Je.itratrd herein 15. l'niform NortKaAe: Goaernin~ I.a..; tie.er:~bilit.. This form of mongage cumbines uniform co~enants fur nauonai us~ and non-uniform cn.~enants with limited ~~ariauons b}~~urisdicdun to cunstitute a unifurm securit}• instrw~ient co~ enng real propert}•. The state and lecal law•s applicable a~ this Mongage shall be the la:~s of thr ~unsdlction in w•hich the Prupem is Icxatrd. The foregoing sentence shall not limit the applicabilit}• of federal law to this mortgage. In the e~•ent that any pro~ ision or clause of this Mortgage or the Note conflicts w~ith applicable lak, such conflict shall not atTect other pro. isionc .^{this Mongage or the Note which can be gi~en effect Kithaut the conflicting pro~~isiun, ar:~ to this end the provisiuns of the titongage and the Nate are declared to oe se~~erable. 16. Borrower's ('op~. Horr~~~+r; ,h.~l~ h,• f~irn~.h~:+. .~ _~~n'~~rrnrd :.~~~~ ~~! Ihr \~~tr an~i ~~i thi. \1~~rtt.+~r e~ thi time ~~f e~r~utii~n c~r :~firr rri~~rd.~ti~~n hcrr+~f 17. Tronsfer of thc Propert~: ~~tiumpliun. 1? .~'~ ~~r :~,~~ t~.~rr ,~f ;hr I'r,~~+rrn ,•r .~n ~mrrr~r thrrrrn i. ,~~i~l ~~r t~ in.fcrrr~i h~ B<~r~„t+rr ~rth~~~ii Lrndcr'~ ~r.~~r •.~r~tts~~i ~~~n.rn+ eL;'~~~1in~ ~.~~ thr .rr.~ti~~n rf e ii_~n ~~r rn.;inthr.in.r ~uh„ntin.~te t~~ r.h:, ~1~~rte:~gr It+~ [he :rcah~~n ~~t .~ p~ir:h:i~~• m,mc~ ,c~i:r~t~ ;,itrrc,t f~•• 1,~,~«~i;~,'~i a~~li.~n~r• ~;! .~ tran.tcr h~ d«i<<. ~1r~c~nt ~~r h~ u~re(it~~i .•f Lr.a ~~p~,r. thc ~1i•:ith ~~! .~ ~,~:;~~ I~•n~~nt ,.;:+, tFic eran+ ~ef .:n~ Ir:~~rh:,ld ~r~Irtr~t rf thrrr cr.~~. ~~r lc~t r~~~t ci~nt~ir.m~ an l~~IlUil ti~ F~urchacr. 1 rnJrr rn.~~ .,t t rriilr: ,•i,t~~~n. ~1r~l,~~r .~U thr .um. tierc~r~ii h~ thil ~1~,rtL:~L~ t~, hc. ~mmr~i~atcl~ due and pa~ah!e I rnder ~h:~{1 h:~~r ~~.ii~r~~ .i~:i~ ~,~ti~~n r~~ a;irler.~IC ~t ~ri~~r !~~ thr ..~lr rr tr.ar~fer. I~n~ler .in~1 thr per~~m t~~ ~hum thr Pr~~~ert~ i. t~~ hr ~r!,t ~~r tr,~n~'r~re•.! rr:~.h .~Lr...rnei7t ~n ~rt~ni tfiat If;c~ ~r~.l~t ,~( ~u~h E•rr.nn i, s:ehti(arl~~r~ ic~ Len~ler and th:~! th~ interr,t ,i.~ti::hir ,~n thr .:~nt. .r~ure~i h: tVti. ~t~~rt~.~~c ~h.~!i h~ ai tiu.it r.ttc :+~ 1 rndir ch.~~l reyuc.t If I ender ha~ t~ai•.e~ thr c~~ti~~n 1~~ ;t::i'I~^.~(t' E~r~e~~i1C~~ ri thi. ~•:~r,~eta{~h i~. :~n~1 tf R~~rn,vc~r~~ ,u.~~,~~,r in mtere~I ha~ c~ecuted a unttrn as~um~r!c~n .~krrrntrnt :~..c•ntid in ~~riFi~~L h~ I enJer. 1 rn~icr ~hall rrlee:c B~~rr~~acr trnm atl ~~hlicat~c~m un~lcr thi~ 11~,rte:~~~e and thc tin~r. If 1 cnclc~ r~etri~r, .~t~h ~~pti~~n 1„ :~~rrirr.~tr f rr~.j,.. .t~,cll nt:u~ R~~rn~~.+cr n~+t~rr nt .~c,cl~r.~h~~n in .~.:uni.m:c •ai11t , araer.~ph 1-: heret~f Su~h n~~I;cr .h,~li :~r~rc~dr .~ ~cn,~~1 :~? n~~i !r~• tlien ~11 ~la~• frrm Ihe J:ilr thr n~~Ii~c i, ni.~iled ~+i~hin .~h„h H~•rr~~t~er ntat ~.i~ the ~nm~.1r.!.~r~.l dur 1' fi~,r.,~~..rt '.,~~. ~~~ ~~.r. .:~:h .;~rzi. ~ri~~r t~~ ttu r~~~ir.~;i~~r ,•i .~.~,_fi ~~•~,~,d I rn~lrr m.~~. Nith~tiut furtt:er n~~Iitr ~~r ~ti•rna~d ~~n It,•~r,~ar, ,tn~~~.c ;ir~~ r~•ired~L~ E~rr:n~~~e ! h~ 4~er,~cra~h !` here~~f. \nti-C ~~totev ( ~~~t ~~~1~ B~~rmuer :~ni1 1 rn.ler !urthrr ~~,~rn.~nt .~n~ eerc~ e~ f~~ll~~w, 1R. Acceleration: Remedies. Except ac pro~ided in parakraph 17 hereof, upon Burrowerc breach of any ~-o~enant or a~;reement At Borrower in this ~IortRa~e, inclu~inA the co.enants to pa~ Nhen due am wms secured b~ this ~tort~~Re, i.ender prinr to acceleratiun shall mail notice tn Borro.~e~ a+ pro.ided in para~raph ;d hereof specif~inR: 11) the A[each; (21 the aci~on required tn cure such breach: (3- a dale, not les~ than 10 da~~ from the date tbe nufice is mailyd to Borrnwer, b~ which such breach must Ix cured; ~nd IJ1 that failure to cure .uch breach on or before Ihe d~te speeified in Ihe nntice my} rewlt in acceleralion nf Ihe sums secured M thi~ ~torlKa~c. foreclu.urr b~ judicial proceedin~ and »le of the Propert~. 'Il~e notice tihaU further inform BorroNer of the ~iKht tu reimlate afler acceleration and thr ri~ht In atisert in Ihe foreclosure proceedir-~ the non-erititence of a defaolt or an~ utber defenv~ ~~f Rorru..er to accelerali~n and foreclasure. If Ihe breach is not cured on or Ixfore the date specified in the notire, I.ender al I.ender'~ +~ption ma~ declare al) of fhe ~um~ tiecured b~ this ~tortRa~e to be immediatel~ due and pa~able ~+ilhout furlher demand and ma~ forrclo~e thi. ~lorlka~e b~ judicial proceedin~. I,ender sh~ll 1-e entitled ta collect in wcb proceedinR all expeme~ of forrclotiure, includiny;,~5ut not limited lo, reaconable attorRev's feeti. and coslti u( documrMar~ e~idence, alntracls and ~itle report~. 19. Borrower's RiPhl lo Reinstate. \„tuith,ter:.ir.~e i cn,:cr _.~_.ricr.~t~.~n .J the ~um. .r:ure.i h~ th~. ~t~+rtkage. Fi~•rn,µcr ~h.~ll h.~cr thc -icht i~~ ha~r an~ ~r~~.r<<tr,t~~ '~.~a:n h~ I rn.irr t,~ ~n:~~r~~ !h~, \1~~rt~.i~~ Ji~~.~nlii~ii~.1 et .r~~ Umc ~ ;~~~ 351 ~~~~E~6~0 ~ _~ . .- -