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HomeMy WebLinkAbout1684I.rn~rr'c Hnu~n agrermcnt or appl~~able I:~H li~~rr~~ucr tihall pa} thr amaunt ~,f all mortgagc imurancc premiums in thr m:~nnrr pr~~vidrJ under par.~graph 2 hrrco(. An)• amountc ditihurxd h~~ I rmirr purwant t~~ this p.ir.~~;r.~ph 7. with -ntcre~t ihcreun. thall hccumr add~t~i,n:~i inJrMednr+~ i~f HarroHrr ~rcurrd h~• th~c ~lurig•+K~ l nli~~ H~~rr~,~+rr .~mi 1~nJ~r :~gree ti~ c-Ihrr Iernt. ~~f pavment. ~uch am.~unl~ ~h:~ll tx pci}•aMc uprn n~~tiir fn,m 1 rndrr tu B~~rn~~-~~r ~ry~~r.~in~ p:~~mrnt Ihcrr~,(. and ~h:ili t+car ir.trrc~t fr~~m thc ~latr o( ~ii~hurcemenl at thc ratr payahlr (mm ~ime t~. time ~~n ~~ut~tandin~ principil unde~ the ?voie unie~. payment ot intere~t at surh ratr wc~ul~l he cuntran~ ~~~ ap~liiablc L~~~, in ~~hirh rvrnt ~iirh :~m~uMc ~hall txar intetect :-t the highe~t rate ~rmiscihlr undrr appli~ahle la~~• Ni~ihing ~~~n~aine~l in thi. para~r.~ph 7~hall reyuir~ I ~nder ~o incur an~• erpen~e ~r take am• action hrreunder. 8. Ins~-ection. I.cn~lcr m:~~• m:~{.r ~,r .:~~~.c tn c~ m.~~1r rra.~~nahir rmri~` n~~un ,~nd im~u~U~~n~ ~~f thc Pr„~hy. pn,vidcit that 1 rndrr ~hall ~i~c R~,rrowcr n~,ticr rri~~r tu am ,u:h im~x:tu~n ,~«if},n~ rc.~«,nahlc c.ui.c 1hc-rf~~r r~L•ilrd tu I e~dcr'c mRrr~t in thr Pn~pcrt>•. 9. ('ondemnation. Thc pr~~~crd. ~~f .~m .,~c:ird ~•i :I,um fc~r ~famaer+. Jirrct ~,r r~~i;.~qucMi:~l. in c~nnf~li~~n with an~ ~unden~nati~~u ~.r other t:~king uf ~hi Pm~xrt}•. ,~r part therrrf. ~~r f~u r~~n.r~anre in liru ~~f ~ondrm~~ati~m, arc hcrcM~ ac~igncd an~l ,h:~ll he ~:-id t~ l.endcr. In lh~ e~~nt i~f a t~~tal 1;kin~ ~~f Ih~ Pr~~E.rrt~. th~ Fn~«r~i~ ~h:tll tx ap~lie~l t~~ thc ~nm~ .rcu~cd h~• ~h~c !11~~rtC:~GC. :aitfi thc c~~c:s. sf anr. ~:~~d t:~ 8c~:r:~ti~r~ Is; tttr c:~ert :*~ a~•arsi:i! t.s4.i:~F :f( thc Pm~cr1~•. ~~nlcc. Re~rr~~.+r- :+nd t cndcr uth~rHi~r acrer in wrilirL. thrrr ,hell Fx a~~I~rJ n~ thr .um~ .t~ur<<1 h~ thi, \1r~~t:+i~ ,urh ~n~~~•rti~~n ~~( thc {~rcxecdti a~ i~ ~yu.~l t~~ that pr~~~x~rti~~n ~~hich ~hr :~m~~unt , 1 thr ~um. .r:~~r~d h~ thi. \t~,rtg.+ir imm~dialclc rn~~r t~~ thc datc of Gik~n~ hc:~n tc~ th~ fair markrt ~altl~ of Ihc Pr.~~rrt~ ~mm~.l ,~trl~ E~n~~r t~~ Ih~ .I:~t~ ~~f ~:~~ ~n~:. tiith thc hal:~n~r ~~f thc prc.~~cJt paid a~ Borr<.~~cr. If the Prc~pert}• iti :~hand~~nr~t h~ Bnrn~~~rr. ~~r iL .ift~r n~~ti~r h~ 1 rsidrr t~~ f3~+rr~~HCr that thr r~ndemn~~r ~(Tert Ic~ make an :~uaril rr .~tllr a ~laim f~~r ~1:~m:~~r.. B,~rr.~wir f.nh t„ .•c.p,•n~1 t„ i cnd~r Hithin 1~l i1:+~. :~ftcr th~• .1:~tr ~u.h n~,ti;i ic m.ulru. I.~n~icr i~ atrthnri~~d t~~ cc~Ilril arzd :~~F•1~ rhr ~r~~:rrd.. at 1 rnder'. ~~~,tii~n. rithcr t~~ re~t<x:tti~~n ~,r rc~+:+ir ~f thc Pm~x•rt~ ~~r tr thc ~um. ~r~ur~~i h~ thi~ \ti~rt~:~Lc l'nl~c. 1 rndrr an~i Burn~~~er ~~then~i.r acrer in .~r.tin_ :~n~ ~u.•h :~p~licati~,n r~f ~nkred~ t~• ~r~n~ir.,i ~h:ill ne~t e~tend ~•r p.~.t~-.~n~ thc dur ~l.nc uf Ihr mc~nthl~ in,t.~llm~~nt, r~frrrrd tr in ~:~ra~.ra~h. 1 and '_ hcre~•f ~~r rhantie thc am~•unt ~f wch in.tallmcnh 10. BorroNe~ \ut Rrleaced. 1=~trr~~ic~n ~~f th. timr f~,- F~:~~mrnt ~,r m~,difi..+tirn „f .im~~rtiiati~•n ~~f thr ~nm< <c.ured h~• th~. ~I.•rtia~c kr.~ntrJ M I rn~i~r t~~ an~ .urrr,~~~r in intrrc.t rf R~,rrn~~cr ~h.il) n~•t c.Exrat~ t~~ tclra~r. in an~• m:~mmr. thr G.ih~lit~ ~~f thr ariein.~l Rurr~~~~cr :~nd Rrrn.~i~r'. u~:~r,~u•. in imrre~t I rn~ler chall n~~t 1.x rrunirrJ t~~ r~•mmence (~f~~Cl't'l~lft~!\ .lL:lIf1S( \Ul'Fl \llllC~~~~! ~K lt~ll~C 1~~ ~\ltfli~ I~fllt ~~K ~J~'Illt'11I ~~f ~~If1lfNIK t11~~1I1~\" 7f1L~fli/;11i~~f1 ~~f I~1C CIIf11G ~ci~~rrd h~ Ihi. M~•rt~;agr h~ rca~~~n ~~f .~n~ d~m.in~1 mailr h~ thr rri~~nal B~:rr.,c.rr .and R,•rn~~+rr', ~ii..~,.,,r. i~ intrrc~t 11. Forbearance b~• Lender \u! a R'ai~er. \n. f~~r~•:,r,,t~;r h~ I rr.drr in i~e~ci~in~ :~m rieh~ ~~r rrmr~l~• hrrrun~lrr. ~.r ~~thrr~+'i~~ atT~~rded h~ :-~p1i~aMr la~s. ~h:~ll n~~t t.~ e~-.u~rr rl ,~r prcrludc Ih~ rtcrri~r ~~f .~rt~ .t~.'h ri~h( ~•r r~medt'. Thr pm:ur~mcnt ~f imuranic ~•r thc ~a~•mrnt uf t,~~r• ~~r .~th~r li~n, ~<r rhargr~ M 1 endrr .h:~1S n~~t hr .~ ~.,:u~•rr ~~f I cn~l~r'~ r~cht t~~ a~:rlrr.~te thc matunn ~~f thr ind~htrdnr~..c:t~rr~i h~ th~. ii~~nEaLr 12. Remcdies ('umulatia•e. AI! rcmr~l~r~ pm~~.i~d i;~ th„ \1~~rte:i~c :~rc ~ti,tin~t :~rn! r,~mi~l:~ti~•r t~~ .~n•. ~~~her :ieht ~~r rcmr~i~ ;,nJrr thi. ~1„rt~.~~r ~~r atT~~rdc~l ht L~~~ .~r iyuirt. .ind ma~ F.~ r~rrii.r.f ~,~n~urrrnll~. in~lr{~rndcntl~ c~r ~u~:a•,i~•rl~ 1_l. Succrcwrt and :~~tiiRn~ Bound: Joint •rnd Sr~eral I.iabilih; ('•rpliom. I~r .~,~rnant~ :~nd .~~rrernent. hrrr.n c~~ntainr~i ~h:~l! hind. :ind thr ri~ht~ her~under •.h:~ll •n~~}r t~~. thr :c~~~r~!~~r .:~r:r..~~t. :~ni! :~.~i~m „f 1 rn.i~r .~nd Rnrre~•.+er. ,uhject t~, th~ rn,~i.ic~m ~~f ~ar;~zra~h I? lirrr~~f ~~If :~~~rn.~nl, :u~~! a~rcrm~nt. rf R~+rr~~~~cr ~hat! hc I~~int :~rd .c~rral flie ~a~t~~~n, .inJ hrailin~. ~~f thr F~:tr.~Lr.~{+h. ~~f thi. \}~.rtL.~ei .u~• `,~r ~,~ncrnirnic ~~nlc .~n.l :~~r n~~t t,~ 1~~ ~~~cd t~~ intrrE,rrt i~r define th~ prt~~ i~i-•m hrr~i~f. 14. \olice. E~ce~t f„r an~~ nut~i~ rryuirr~l un~lrr .~~~~li..~Ft~ L~:~ t:, hi e~ti~rt ~n an,,,hir mannrr. •`:~~ .~nc n~~ti~r tc~ Brrr~~uer pr~~~~d~d f~~r in thiti \1~~rtcac~ ~h:~li !k ~:i~rn t~~ tii.uhnt .u:E~ n~~tiii' h~ ;rr-~fic.i -,,.~~- .~~~i«..~,i ;~~ R~~rrr.~cr :~1 ihr Pr~~~~trtt' :~~1d~~~ti i~r .~I ~ti:h .~(hcr :~.Idrr.• .,. li,~rr~~~.air ni.~: d~~~en.~t~• h~ n,~ttr~ 1~~ 1~n~}cr .~~ (~n~~i~litl hrr~in. .in~! Ih1 :im nut~i~ ti~ f.cncler ,h.~ll hr L~~rn h~ ~crt~tir,1 i;i.ul rrtnrn :r;r~~~i rcyur.t~~1 t~~ I rn~lcr~~ :~d~irc~~ ~t:~trd hcrrin ~~r to ~urh ~~th~r :iddre~~ .~~ ( cn~lrr ni.i~ Jr.i~n:~tr h~ nr-i_r t~~ H~~r~„~~rr :~, {,r.~~idr~1 !~rr~~n ~n~ n,~ti:r ~r~~t•~d~~l f~~r in thi. ~t~~rt~.~gr ~h.ill tk dcemrd t„ h.~<< htcr. ~~<<n t~~ firrn~.~i•~ ,~r I rndrr ~..hrn g~~~n in tfir~menncr ~tc~ign:~trc; hrrrin 1S. l'niform ~tortQake: Go~erninR I a..; tir~rr~bilit~ _ T~is form of mortgage combines uniform co~enana for nauonal use and nun-unifotm co~enants H ith limited cariations by~~uriselirtion :o constitute a uniform securit} instrument co~ ering real propem•. The state and local law~s applicable to this titortgage shall be the laws of the junsdiction m which the Propem~ is located. The furegoing sentence shaU not limii the applicabilit}~ of federal law to this murtgage. In the e~ ent that any pr~~ ision ur clause of this I~fortgage or the Note cunfliets :.~ith applicable lau, such confiict shall not atTect other pru.isiuns of this Mortgage or the Note w•hich can be gi~en effect without the conflicting pro~•ision. and to this end the pro~•isions oi the Mongage ar.d the Nute are deciared to be se~erable. 16. Sarrower's ('op~. Biirr~~~+rr ,haU hr furn~.h~~t .i ,~~n'.~rrnr.l ,~~~~< <~t i`ir \i~t~• .~n.! .~f ihi. ~i~~rl~a~r .rt thr time ~~S e~ri utii~n ~~r .i(t~r rr~~~r~1~ti~~n hrrr~~f- 17. Trancfer of thc Pruperly: :~«utnplion. I! :~I! ~~r .~•~~ :~.~rt „} r.h,r Pr„~~~r~t ~~r :~~i ~ntrrc.? thrrrin i. .,~1~1 ~•r tran.ferrc~l Fri B(~f~~~~Aif wilh~~ut l.~ndrr~~ ~+n~,r Nnt~r•~ .~~n.rnt ~~.?;i.fin~ '.+~ thr .rr.~ti~~n ~~t .~ ~~rn ~~r rn.nmhsen~r ~uFrr,t~n.~te t~~ thi. ~1~~tleaLr. ihl the ~rc.~hrri ~~f .~ pur.h.~.r nt~m<< .r:~;n!~ :ntcr~,I f~~r t~.~u.rh~~!~I :~~~li.~n~r~ ~it .~ tr.~n.trr h~ ile~ice_ uc.ren[ rr h~ ~~~rahc~n ~~f L~H ~i~.,n thr .}r:~th ~~± .. .~,~nt t~~n.~n! ~~r i,1~ ihr ~rant ~~f .~n~ (rs~ih~~ld interc~t rf thrr~ ~r.ir. ur Ic~~ n„t c~~ntainin~ an i~~ti~~n ti~ ~~:rihatic. 1 en.1i'r nt.n. .i~ I c•nd~r'~ ~~E~t~~~n. derL~ti• .ill thr ~um. .c:urrd h~ thi> >1~,rtcace I~~ h~ ~mmr.'.i.~tri~ duc and pa~~Mr I rnder ~h~il !~.~~e ~~.,:.ri1 .~!~t~ s~p~t~~~n r~~ :~,irlrr.~tr if. rri~~r t~~ thr ..~lr rr tr:~n+fer I ~m1er ,~r~1 the per~.,n t~~ ~+h~~m th~ Pm~rr-~ i. ~~~ tie .~~I.! ~~t tr,~n~trrrrJ ri'.i:h .~~rrrmrnt :n ~+nhn~ (h:•1 thr ~rr.1~t ~~( ~u:h ~~n~~r i. ~:~ri~fart~~r~ t~~ Le~~irr .~nd th:~r thr imrrr.t ~+.~~.,hlr ,~n th~~ .:nn. ~r.~~rr~1 h~ thi. ~1~~rt~s.~Lr .hall he at tu:h r.~tr .~~ 1 ender ~h:~ll rcyuc~t If 1 en~lcr h,~~ w~c~~~c~1 thr ~~~t~~~n t~~ .~,~rirr.~?c pn~~i~1~~~1 ~n thi. ~.~r,~cr:~~h 17. :~n~1 if N~~rr,~Nrr'. ~u:«.~~,r i~ :ntrrect ha. e~eruted -a ~rilten :istiurt~~ta.n acrrrmrnt ac:rc~trd in ~.rihn~ ht~ I~n~ier. I en~ier .hall rrl~c~~~ R~~rr~~µ~r finm :~I! ~~hlicat~~~n~ un~fer thic \1~•rte.+cc and thr ti„te If I C:ider ~~errt~e~ ;~tih ~~~t~rr~ r~~ a:irirr.~tr I rn.irr .h.~~l m,ul R~•rn,u~r n„h~r rf a~i~ierat~.~n in :~~i~~nlan~e ~+ith ~~.ir:~~raph 11 here~~f Surh rtutiic .h,:ll 4~r~~~~J~• .~ nrn~•,! ,~t n,,s I~~•- than ZIl .1.i~. tr,~m thr ~1.~tr thr nc~ti:_• i, m:~i!cd ~+ithm •.+hich B~~rr~nter ma~ p.~~ thc .i~m~ clrrl.ur,i ~L~r It f{r.r,•..rr '.ul~ r~~ ~~.~~ .u~h .nm. ~ n~~r t~~ thr r~{~it.~ti~~n ~~( .uih ~rr~~~~. I~n~irr m:~ti. .+~th„u[ furthrr n~~h~c ~~r ~ii:n.+tid ~~rt k,~r;~~Hr: n•.:~F.~• .~r.~ ri•rnidir~ ~.i•rrn!tti l ht ~ar.~Lra~h !~ hrr«~f. 1~rti-(~~~fuk~t C'~~~t~~~(s H~~rmwer .~n.! 1 rn~ter ?urthrr ~~,~cn~nt .~nJ a¢ree .+~ f~~ll~~a~ !S. :lcceleration; Remedies. f:rcepl ati pro.ided in paraKraph 17 hereof, upun Borrow~erc breach of am cmenant or a~;reement of BorroNer in thic ~tortRa~e, includin£ the co~enaMc lo pa~ when doe am ~ums secured b~ thic ~1ort{~aRe, I.ender prior to acceleration shall mai) notice ro Borro~er a~ pro~ided in paraRraph 14 hereof specif~in~: (1) the b[each; (21 the ~ction required lo rure such breach; 13- a date, not lec~ than 3(1 da~. irom the date the notice is m~iled to Borrower, by which such brearh mud be cured; and W) that failure to cure wrh breach un or 1-efore the date specified in the notice m~~ result in accrleration of fhe cums secured b} thi~ ~lortka~;e, foreclowre b~ ju~licial proceedin~ and s~le of the Properh. "Il~e notice tihall turther intorm B~rrower of the ri~;hl to reimlate a(ler acceleraliun •rnd the ri~;h1 Iu a~tiert in the foreclosure proceedin~ ~he norne~ititence of a default ~,r am uther defenu of Borrower to acceleralic,n and f~~reclosure. lf the breach is not cured on or before Ihe dale tipecified in Ihe n~dice, I.ender at I.ender'~ u~tion ma~ declare all of the wm~ ~ecored b~ this ~1~A£a~e to be immrdiateh due rnd pa~able without iurther demand and ma~ foreclu~e thiti ~tortka~;e b~ judicial proceedinR. I.ender shall t-e entitled to collecf in ~uch proceedin{; all e~peme~ nf foreclo~ure. in~•ludin~, but nol limited to, reasonable ~Itorne~'s fee~. and costti of documentar~ e~idence, aMlracl~ and Iitlr reportti. 19. Bnrrower'ti KiRhf lo Rcinstatc. •~~turth,r.~r,~f~;~~ 1 rn,lrr .~~.rl~•r.~t~;~n .~i thr ~um. .rcure~f h~ th~. \1~~rt~r.~gr. B~.rr~~urr ~h.t~! h«i~r thc r~t'ht t~~ I,.:~r :~n; ~t~~.r~•~iinr~ `:•un h: I~~~,'t~: t,~ rnt,~t.r thi. \1~~ttY.~~:C di~.~~ntinur.i at :~n~ hmc v:;"K ''"351 PM~E1680