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HomeMy WebLinkAbout16721.rnJrr'z Hnucn akrcrmcnt or applirahlr tau. Iturro~rr ~hail pa)~ lhc :~muunt u( :~II mortgagc in~uran~e prcmiums in thc mannr~ pruvidrJ under p;~ragraph '' hcrea(. Any am~~unls di~hurscd b~• I.~nik~ pur.uant t~~ ihis parakraph 7. Hith intcre~t ihcre~1n. ~hall txc~~mr addu~c,nal in.l~btcdnr.c of Burr~n«r +ecurrd b~• ~h~~ !11ong:igr I'nlc.. Bc~rru~+r~ anJ I rn.lcr agrcc t~ Mhcr tcrm~ ~~f paymcnt. ~uch am.~~~ntc .hap be pa}•ahte u~x~n n~~~i~e fr~m ( rnd~r n~ B~~~r~»~~r rryur~tin~; pa~~n~~+N th~reol. and ~hal! F.~ar intrrecl fr~m 1he ~la~e of di~hurccmcnt at ~he ratc pavahlr fr~•m timr t~• timc ~~n owctandin~ prinripal under Ihc N~tc unle~. paymeM of interes~ at surh rate w•oul~l be romr.~r~~ t~~ a~plicahlc L~~~. ~n ~~h~rh rvent ~urh ame-uMc tihall hear ir.~erect at the highect rate pe~missihle unde~ applicable law-. Nolhing c~•maine~l in th~. par.iEr,~ph 7~hall reyuirc 1 ender t~ incur any etpence ~r take any aclion hcreunder. 8. I~spection. 1_enJer may male i~r :au,e t~~ t+c m:~dr rca.~,n:,hlr entric~ up~~n a~d inc~xcti~~n~ ~f the Pmpeny. pm~~ided that 1 ctidcr chall givc Rorrow~r noticr pri«r tt~ an~ w.h in~~xch~~n ~p~~if)in~ rrat~~nablc rau~c Ihcrrf~x rclatcd to I.endcr'c ~ntcr~ti~ in thc Property. 9. Condemnation. Thc pr~.:ccd. ~~f ;~m~ ;~«:~rd ~~i .!.~im fc.r ~iama~cc. direct ~~r c~~n~ryucnlial, in c~~nncction with am .undcmnati~.n ~u othc~ takint; ~,f Ihr ProE.crty'. ~~r parl thrrr: f. ~~r fc,r r~~n~•ry:~nic in liru ~•f cundcmnatiun. arc hcrchv aaiFncd an.i .hall h~ paid to I.cndcr. ' 1~ lhr r~~ent ~~f a Irta) ta1.~n~ r~f thr Pm~rri~. thr ~ruicrJ~ ~hall Fx :~~~r~.~ h~ ~he ~um~ scrurcd M• thic ',11.~rtgage. :~ith thc c~c«s, if am•, paid t~~ R~~rr~~tirr. In thr c~cnt ~~I a partial :al.ini ~~f thr Pmpcrt~•, unlc~s R~rrc~wcr and Lcndcr ~~thc~wi~~• :~vr« in wr~tin~ Ihrrr ~h:~ll hc :~~~~«•~1 1~~ Ih~• ~um~ ~i•iurc.l h~ Ih~. tili~rteee.~ v~~h nfopurtii~n i~( Ih~ prcx-eedc ac i~ ryual ti~ that pr~~p.~rtiun ~hiih thr am~~unt ~~( thr cum. .~,~irrd h~ thi~ \1~~rt~:+LC immcdia:el~~ ~ri~~r t~~ Ihc dstc ~f t:iking F.r.~n to Ihe fair mark~l ~aiuc uf Ihr Pn,prrl~ ~mmr.li.~trl~ pn~~r tc~ Ihe.letr of t:~{.~nc. ~ith ~he h:~l:mcr ~•f the pnkce~~ paid t~, Bormwer. If thr Propcrl~• i~ ahandanr.l h~ B~~rr~n~rr. ~a if af!cr m~tiir h~• 1 rndrr ti~ R~~rrc~wrr that thc c~ndcmncu ~ticr~ to make an :iward i~r ,cttlc :i rlaim f~~r d:~m:~cr.. B~~rn~wcr (:ni. t~. rr~~~nd h• 1 en~ler within i(1 ~~:~~. :,ftcr thc d.~tr ~u~h n~~tirc i~ mailed. I.rnder i. a~ithori~rd te~ e~~llr~t and apF•h• ~hr ~r~.~~~rd~. a~ 1 enJer'. ~,~Ii~n. cither tr~ rc~toratic~n i~r re~air ~t the Pro~xrs~ iu t~~ thc wm~ .r~uresl h~ ~hi~ ~1~~rt~a~;c l!nl~t~ 1 rndrr :~nd Born,..rr i~thrrHi.r agrrr in ~~ritin~•. :~r~~ wch applir.~ti;~n ~f prc.~~cede I~~ ~rin:i~+:tl •:hall nM e~tcnd ur ~,:t~x~nr thr dur ~late ~~f thr mi~nthl~ imiallmrn~. rrfrrrr~l t~~ in ~,aragra~h. i:md 2 hcrc~~f ur ch:~n~c th~ am~unt ~f wch imtallmcnh 10. RorroN•er \u1 Relea~cd. 1?~trn~u.n ~~f ~hr nmr f~~r p,i~ mrnt ~~r m~•difirati~~n c~f amnrliiat~~~ nf the wm< <erured h~- thi. Rt~,rtgae~ grante~l h~ I rn~icr t.~ an~• wc.r.u~r ~n intrrr•! „f B~rmHCr ,h:~ll n~t ~.~ratc t~, rii~a~c. in am• m:inncr. th~ liah~lit~ ~~f Ihe ~~riein:~l Ri~rr~~wer .+nd Nurm~ccr~. ~i~~.rti.~~r~ in inlere,t 1 cnder ~hall n~•t he reyuir~J t~~ c~mmence ~~r.~ieCdin~+ a~:un~t ~uch wr~r~u~r ~~r retu.~ t~~ e~ten.1 tun~ f~+r pa~ment ~~r ~~therHi~r n~~~di(v am~•rtir.~ti~~n ~~f the snms .r_ur~d hc ihi. !1lortkag~ h~ «a,~~n c.f .,n~ dcma~i~1 m:~~1r h~ th!• i~flL'~I77I I;~~ff~•:~cr .uid R~•rr~,wrr'ti ti~.~e~~~~r. ~n intcre~t 11. Forbear~nce b~ Lender ~ot a~Vai~er. ~i~~ f~~rfk;,r,,n;r h~ I rnd~r ir r~rrr~.ine :~m richl ~~r rrmc~i~• hrrrnndcr. ~r ~~il~rtNix :~IT~~rdr~i h~ appiic.-i~lr iaw. ,h.~ii m,t n~ .~ u.~i~rr ~~1 ~~r ~~t~::uJ~ ihr ~~rtii~e ~~f en~ ~u~ii ~iihl i+r remc'dt' Ttir pr~~urrment af inwranrr ur thc ~a~•mrnt nf t:~~r. ~v ~~thrr !~rm .~r ~harer~ h~ 1 rnd~r .hall n~~t Fx a ti.uver ~~f t cn~ier'~ rieM ~~~ arrrlrratc the maturily uf thc indrhtcdnr.. .r~urrd h~ th~. ~1~~rtca~c 12. Remcdiec ('umul~tive. All rrmcJii~ ~n~~idrd ~n thi, \1~at~acc :~rr ~ii~tin:t anc! ~i~mulati~~c tc~ .~n~ ~~thcr rieht ~r rrmr~l} iind~r thiti 11urlti.ig< <~r ati~,rdri! ht la~~ ~~r ryuitt. .~n~1 m.~~ hr r~crii~r.i t~m~urrcml~. in.kpendcntl~ ~~r su~c_~~i~•rlc 13. Succeccon and :~++iRm Bound: Joint aod tie~eral t.i•rbilih: ('aption~. ~T~hr ~~~~rs:ant. and .~ererrnent. hrrein c~~nta~nc~1 ~hall h~~i1. ;~nd thr ritht~ iurcizndcr ~h~ll :nurr t,~ thr !r.~x~t~« ~u~i~.~~~r~ and [lS~iLm ~~f I rn~irr :~nd Rrrr.~~~er. tiuhject tn th~ ~r.~ci~u~m ~~( ~.ar.~traph 1' h~rc~~f ~~I! ~~~tir~~.~ntc .~n~l :~crrrmrnt. ~~f R~~rr~~.~cr ~h::!I Fk i~~~nt :ind ~c~rral T7~e :a~+h.~n. enJ hca~i~ne, ~~f thr ~•,raer,~rh. „f thi. ~1rrt~.~e.~ arc f~~r :~~,i~rn~rnrr ~,nl~ .~n.t arc n~~t !r tti !i,~d t~ iMerprel ~.r definr thr pro~i~i~~m hrrei~f- 14. \olie~. E~rept f~~r ~m• nc,tirr rc.~~~irrJ un~irr :~, E~li:.,hlc la~. ;~: he ei~rn in an~,th~r manner. f:~~ ;~~n' ni~ti.e tc. B~~rn,wrr ~nnided f~~r m Ihi, ~i~,rtt:~~c ~h.~ll h~ 4nrn ht m.ulin~ ,u~ti n~•t~rr h~ :~rtificd m.~il .iddre..~d tu R~,tn,arr at th~ PmE•crt~~ AJdre„ ~,~ :!t .u:h uthrr a~idrr.. .~. fi,,re~~~rr n~.~~ dr.n~n:~tr h~ m,ticr t~~ 1 cn~lrr .~~ ~r~~.i,ir.1 h~rrin. an~i Ihl am nc~ti~e to ( rn~ler .hal! Fx e~~cn h~ crrtifir~l rn.~il. rrt!~rn reir~~t rryur~Iei1. t„ 1 ~nJer'. ad~lr~e~ statcd hercin i~r to ~n~h rthcr addr<« :~~ l r~ider ma~ Jr.i~natr h. n~~ti.~ t~~ N~~rr,~~.~rr :~ti pr.~~idr~l hrrr~n. •~n~~ nc~tiic pr.,vidr~i f,~r in !hi~ ~1~~rt~~ee shall tx ~1eem~d t~~ h,n~ hrrn ~~~cri tr B~~rn~~~cr ~~r 1 rndrr ~.+hen ci~in ir. thr mannrr ~k.iFn:,tcd hrrein 1S. l~niform ~1~~r1~;•rRe; Gu~erninR i.a..: Sr~crabili~.. This form of mortgage combines uniform co~~enants for nauonal use and non-uniform co~•enants with limited ~ ariations by jurisciiction to cor~stitute a uni(orm security instrument co~~ering real proper}~. The stace and local laws applicable to this 1~lortgagz shall be the IaN•s of the ~urisdiction in which the Propert~ is located. The foregoing sentence shall not limit the applica5iiity of federal law~ to thiti mortgage. Ir. the e~•ent that any pro~ ision or clause of ttis Mertgage or the Note conflicts w•ith applicable law•, such conflict shall not afTect ~ther pro~•isions of this Alortgage or the Nate w~hich can be gi~en effec! - without the conflicting pro~~ision, and to this end the pro~isions of the Mortgage ard the Note are declared to be severat~le. 16. BorroNt~c Copy. Borr~j~+ir ,hall hr fi~t~:~,l~~,! .~ ,.~nt~,rmr~l ~~~~,~ ~,t thr \i~tr .~n~1 rf i~:. ~1i~rtc:~~~ at thr tim~ ~~f e~r~utic~n e>e ~(ter rrc~~rdatiun herr.~f. 17_ Tr~nsfer of the Propert}: :1:;umpliun. I! .t~i „r :~,*•• ;.~rt rf 1hc i'n~~rrtc ~~~ .~n inlere~t thire~n i~ `~~Id :~r trar.ferrrd h~ Rorr~.~rr ~+ithi~uS L~t~det't rr~~~r uritti~n :,~n.rr,t r~.i:!~~inz ~.ei thr ~rt.~li~~n ~~t .~ ~iin nr cn:umhran:r ~uh~,r,lin.~t~ 1~~ thi. \1c~rlgagc. (hl [hC crcati~,n ~~f .~ r,~r~he~r mc~nr~ .r~unl~ ~ntrre.t f~~r h~~i:.rh~ilJ appli_m~r._ i;~ :~ tran,(rr ht dc~itr. ~le.i~nt rr h~• ~~~r.,tinn ~,f L~~~ upr~: ih~ .Ic.~th ~~1 e ~„rnt Irn:ant i~~ i,1~ the er;~nt ~~f :~n~ I~':~~~hnld tnt~re~t rt Ihrrc ~'~ar~ i~r lect r~,t ~umaininc an ~~ptivr~ 1r ~urihasc. i rn~+.rr n~,~~. .,t .l,rr,drr'~ ,.~~~t:~~~~. dr~l.~rr .~II thr .um. tii_~urrd h~ thcti ~1~.r1L:~kc t~~ hc :=nmrdiatch• duc :~nd pa~:~htc I~ntlcr ~ha11 h i~i :~.u~rd ;u.h ~~rhrn h~ :~~~il~r.~tc it. rri~~r ti~ thc ~.~Ir ~~r ir.~ncfCr. 1 Cn~let .~n~i the ~r~~~n t~~ ~h~+m thr Prn~+~rt~ i~ i~~ hr ~r~~+ ~~r tr,~r,~;,rri~1 rra~h .~,rrrmrnr ir, un~~nL th:~t Thc ~re~1~t ~~f .tirh ficr~,~n :~ saticlara,n t~ i rn~lrr .~nd th:~i thr i~ten~.t ~~:~~.~h~r ~~rt thr •:im. ~c~:ur~d h~ thi. ~1~,rst:+gr ~halt he at ~iirh ~ate ,~~ I ender ~hel1 reyue~t. If I endcr ha~ w:~neJ thr ~~~t~,~s~ tr :~«rlrr.tte ~m~ iJr~i ~n thi. ~+:~:.,sr:i~ h 1'. .~n~i if B~~rn,~rr'~ ~u~ce,",r in ~ntere+t h„ r~ecwe~l a uritren :~s~umru~~n .~~rer~nrnt accr{~trd ~n tintr.~i M 1~n~ier. I er~ier •.h:~ll rrlea.c B~~rr~•wrr fmm :ill ~~hlikah~•m un.1~r thi~ ~1~~rtk:+tie and Ehc tintc If 1 ender e~eri~~« tiuch ~,pt~nn 1~~ a"clrr.i?r. ! e•n,lrr ,h.Jl ni.ul R~~rr~»+cr rn~tire +~f ai~~lrr:~h;~n in :i.~i~rdanii u~~h {~ar.i~r.~ph 11 hcrr~~( S~~~h n~,tia_ ~h.~ll ~nnidr .~ ~rn~~~i ~~! n~,t I«. than z(- ~1.ati. tr~~m thc d:+tc thr n~~ti~~ i, m:~il~d uithin •.~iiirh B~~rr~~µrr fii3~ ~il\ (f1C 1l1(11° :il'i~.t(C:I ~~~!~ ~1 ~;~"fi~~~CT !.tc~~ !1~ (~.t'. •~I~}? .!JI:I~ Flfl~~f I~~ 1~`l l'\(~IfJ~l~+fl ~~t ~U~}l ~l'fl~~~. I c'r.1rr m.~c. uilh~~[tI (!irlhrr n~~t~~e +~r .i~tn:~nd ,~n li~~rr~~~,~_•r. ~n~i~~,c :~nt rrmedte~ ~+rrnr[te.1 ht ~..ir~~i~a(~h iti ht~c~~f \t~\-(~\IfUk~1 C u\F\1\';ti Nnrrc~~rr .m~t I en:ler t~irthrr c;~cen:~nt an~1 :~Crrr ~ti f<,Ilt,w` IS. Acceleration; Remedies. Fxcept at pro.ided in para~:raph 17 hereof, upon Borrowers breach of ~m covenant or a~reement of BorroNer in this ~tortRaRe, includinR the cmenants to p~~ when due ~~~ sum+ secured b~~ this 11or1Qa~e. Leader prior to acceleration shall mail nolice to Borro..er a~ pro~ided in p~raRraph 14 hereof tipecif~in~: (1) Ihe b[each; (21 the ~ction required to curc cuch breach; (31 a date, not lece than 30 da~~ from the date the nofic~ is mailed lo Borrovrer, by which such breach musi be cured: and (4) ihat failure In cure wch breach nn or before the date specified in the nutice may result in acceleration of the wms ucured b~ this 11ort~aRe, foreclowre b~ judiciat proceedinR ar~d sale of the Properh. The notice ~hall further inform BorroNer of Ihe riKhl to rcin+tate afler acceleratioo and the riRhl to accert in the forecloture proctedinR the non-exi~lence of a default or an• uther defeo~e of Burrower to accekration and foreclosure. If the breach is not cured on s-r t-efore the date specified in Ihe nutice, I.ender al I.rnder ~ option ma~ declare all of the cum~ ucored b~ this ~tort~a~;e to be immediateh due and pa~able withuul furlher demand and ma} f~-reclo+e thi~ ~1ortKaRe b~ judici~l proceedinR. I.ender shall F-e entiUed to collect in cuch proceedinR all e~pentiec of fnreclo+orr. includin~. but not limited to, reawnable ~ttorne~'s (eec, and costs of documentan e.idence, aMtraclc anJ tiUe reportti. 19. BormNer's Ri~ht to Re~mtate. \~~t~ith~ian~i~ne I rn,Irr ~.~~..ler,et~~~n ~~t thr .um~ .r~urc~i h~ th~~ ~1~~rtg.~gc. B~~rri~wer .hal1 h.~~c ihe r!Cht t~t he'.r nnt ~n~.rc~l~n~, '~r~'nn t~~ 1 c,ulir I~, cnt"!~e ih~~ ~1rtt~.~Ec ui~:~~ntu~ttcJ aI am timC ~~;'~K:351,~~~E1668