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HomeMy WebLinkAbout1692I cn~lcr'~ Hntl~n agrrrmcnl ur applicahlc I.~H. k~~rruurr ~hall pa~ thr arn~~u~n ui all mohgagc inwr:~~ce prcmiumc ~n ~hc mann~r pru~•idc~l under par:tgraph 2 hercof. Any ~muuntc dicbu~seJ by I rnJer punuant t~~ Ihis par.~graph 7. w~~th !t~terc~t thereun. .hall hrc~~me addit~~~nai in~khrcdnis~ uF Bc~rr~~HCr ~ccur~d h~' Ihic !~1orl~agr l'nlt~~ Ht~rn,H~r :ut~l I rn.l~r agrc~ U~ Mhcr tcrm~ i,f p~ymcnl. ,uch amuunt~ ~hatl hc payahlc up.~n rn~~irr fn,m ! rnd~r t~~ R~,rn~~.rr rryur.ting pa~'~nrnl Ihcrruf. and tih:ill tx:~r imrreq frr~m tF.e Jate of dichursement at ~hc ratr pa~~aMr fn~m timc ti, t,mc ~~n ou~staodinF prinrip:-1 under the N~tc unle~c payment ot interec~ at such rate woul~l t+e cuntran• h+ appli~ahle I:~~., in ~~h~.•h rvem ~urh am~~umc ~hall Fxar intere~t at thc highe~t rate permissihle under applicabk la~~ N~~thin~ ci~ntained in ~hi+ p:~rag~aph 7~hall rrquirr l ender ti~ incur any expence or take any action hcreundcr. 8. Inspecfion. Lcn~lcr may mal.r ~~r r;iu~c t~• hc madc rca~~~naMr rntric~ u{~~m :~nd im~x~tit~n~ c~f Ihe Pn.pxrly. prnvidcd Ihat I cnder th:~ll give B~~rrowcr n~~ti~i pri~~r io am w~h impc~ti~~n •pr~'if)in~ r~•:~~~,nablt rau~c thcrcf~~r rclalyd to I.cndcr's intcr«t in thc Pmpetty. 9. Condemnation. ~hc r«~-«<i. uf .u~~ a..;ud ~~~ cl:um fc~r ~lamacr.. ~lirec~ ~~r c~~r-.cyurntial. in a~nncclion v-•ith am• randemnatic~n .~r othcr :aking of thc Propcrl~•. ~~r part lhcrc~~f. ~,r f~,r r•~n~r}•.~r,~c in licu ~~f ci+ndrmnatiun. :~rc hc~~M~ :~csigncd an.l ,hall F+~ paid to Lcndcr. [n Ihe e~~ent of a t~~tal taline ~~t Ihr Pn,~rrtc. Ihr ~r~,cred< <hall Fx :-p~lir~l t~• the .umti cecured h~• thie tilr.rtgage. with the e~r~cs, if am', paid t~~ R~~rn~wrr ln tt~~ cvrm ~~f a partial t:~l,in~! i~( ~hc Praperh•, unlc~c R~rr~~N~r ;ind !_ender ~~~herwic~ agree in writ~n~ thrrr ~h~ll he :~~~nli~il I~~ Ihr ~um~ ucurc.l h~ th~. '.11i~rli~:~~~~• ~u:h nro~+.~rti~m ~~( th~ nn-ceedc ac i~ cyu:~l t~ Ihat prc,~~rtiun uhich Ihr anr,nint ~~( ~hc wm+ ~~:urrd h~ ~h~. \1„rt~.~cc immrdiatcl~ pri„r r~~ Ihc datc of takin~e ixart to thc fair m:-rkrt ~:iluc of thc 1'ru{xr~~ ~rnmr.li.~trlc pn~,r tc~ tf~c .(.~~c ~~f ~:~~,~n~. Hith thc h:~lan.•r ~,f thc prckreJc pai~ t~~ Borr~~wcr. ~ If thc Pmper~y ic ;~hand~~nc~1 h~~ R~rnn~rr. ~~r iC af~rr nntiir h~ 1 rndrr t~~ R.~rmwr~ th:it thc c~ndcmnc.r ~~Rcr~ t~ makc an aw:~nl ~~r ~etNe :~ cl:~im f~~r ~L~ni:~ci.. R~~rr~~wer f.ul. t~~ rr~~x~nd t~~ I ender v~ilhiii i(1 J:i~, :~ft~r Ihe d:~le ~urh n~~ti~e it mailed. Le~zder i~ auth~ri~rd t~~ ci~llr:t ;~r.d .~~~h• thr ~mircdti. at I ender~~ n~ti~n. cilher t~~ re~torati~~n ~~r re~+air nf tht Pr~Ex~t~ ~~r t~• the wm, ~~cur~d h~ thi~ \1~~rtca~c l?nlr~~ ! endcr and Borr~~HCr ~,thcn~i.r agrei in ~~riiin_• an~• wrh appliraU~~n ~t ~rekceJ: t~~ prinri~:~l ~h:~ll ~~t c~tend ~,r p.~.tp~~nc thr dur ~L~ic ~~f Ihr mi~nthh imt:~llmrnl. rrfrrrrd t~, in par.~~traph. I and ~ hcre~~f ~.r .•h:~n~~ Ih~ :~mi~~int ~f .uch in~tailment~ 10. Borrower Not Rrleaced. Fvrn~i~n i~f +he ~~mr f~a ~:~~mrnt ur m~~difira~irn c.f am~~rtiiati~~n ~f the wm< «cured hy th~~ M~~rtcagr Crantcd h~ ( rnil~r t~~ am~ wc~e~ti~~r ~n intcrc.t ~~f R~~rr~wrr .hall n~~t c+~xratc t<~ rcfca~r. in am• m:~nncr, thr liahilit~ ~~f thc arieinal Bur•~~Hrr :~nd B~~rmwrr', ~ii~~rti.~.r. in imcre~t 1 rndcr ~hall n~~t Fx rcyuirr~i tr r~~mmencc ~r«~reJinc~ ~~ainct ti!~ch ~ucce~car rr rcfuu te. e~~en.l ~im~ f~,r pacmrnt i~r otherwi.~ nn,dih' :~m~~rtiiati~~n ~+f the cums .~currd M thi~ 111t~r1gag~ M• rc~u~n i~f .u~~ d~r.i:~nil madr ht thr rricinal R~~rr~~~~rr :~nJ N~~rn,ucr'+ ~uiic~~~~r~ in inierect I1. Forbearance b~• I.ender \ut a N'ai~er. ~1n~ f~~rh~ar:~n~r h~ ( rnder in r~crci~in~ :~n~ rieht ~~r rrmeJ~• hcrciin~icr. :~r e~thrrw~i~e atForJed h~~ appiic:~Me law•. ~h:~l! m.t tx a H,~i~rr ~+f ~~r pre:~ude the r~crci~e ~~f :~n~ ~uih rieht ~~r remedc. Thr ~rociir~mcnt .~f imur<~ncr ~~r thr ~: ~~m~nt ~.f t:~~~•. ~~~ ~.thrr I~rn, ni chart~r~ hc I cnd~r .hall n~~t Fx :~ L~.+i:•~; ~~f I cn.lcr'~ right t~~ acrrlcr:itc thc matiuit~• ~~[ thr indchlydnr~. ~rturr~f h~ th~. \1~~ncacr 12. Remediec Cumulafive. AU rrmc~lic. ~~,~.,~t~d in thi, \turtia~c :~rc ~iititinrt a~~.f rnmulativr t~ an~ ~~thcr rich~ ~~r remr~lt• ;~nJrr thiti M~atc.agr ~a afT~,rdrJ h~ iaw ~~r rytnt~. .~nJ m:~~ Fn,c~ir:~,r.1 ~~~nrurri~nth'. irt~l~~nd~ntl~ ~~r ~ii~«.civth 13. Successon and :~+~iKn~ Buund: Joint •rnd Se~eral I iabilih: Captiom. ~Ih~ c~~~~.~~nt~ :~nd .~s~rrrn~eM~ hrrein ~nnt~in~.l thall hind. :~nd thr richR h~r~~indcr ~h:~ll inutr I+~. ;h~ rr~~x~ti~r ~u~c~...~rti :in~1 ati~i~n~ :~~ I cn~irr .:nd Rc~rr~~ucr. ~ubjeCl fi~ Ih~ pri~~'i~ii~n~ ~~f ~~:tr,~~r.~~~h 1? h~r~~~~ ~\II :i~t'i~!.~nl~ :~nJ :~crrrmrrh i~f R~~t!~~tcCf th:ill h~ I~~inl :utd ~~~•cr:~l Thc ra~i~vn. :~n~1 h.a.l~nc. „f ~h~ rar.~~r.~~h~ ~~f thi~ ~1~•~t~~.~ir arr f~~r ~rmrnici~rr ~~nlc .~nJ arc nr! t~~ hc u~cd t~ interpret ~~r define !hr pm~nii+m herei~f. 14. \otice. F.YCept f~~r an~' nt~li~e rry~iirrcl uriclrr a~ F~Iir,iMi I:n~ tr hi ~i~•rn in an~,thcr m:~nn~r. i.~l .im~ rn~lice t~ Ri,rruH~r pr~~vided hx in fhi~ ~t~~rtca~r ~h.~ll tk k~ci•n h~ m.ulinL .u,h nrtri~ h~ ~~rt~ficd m.,il addrr~.rd t~~ R.un~~.+~r :~t ~hc Pr~~~~rt~' A~Idre~~ ~x af ~uch ~~ther a~idre~~ :~~ B:~tr~n~ir n~a~ th.~~n:u~ h~' rn,ti;i tu ! ender a~ ~~,,.~~,~,~~i hctrin. and {h) ~n~ ni~ti~~ !i~ I en~ler tih:~ll h~ L~~rn h~ irrlifii~l m:ul ~rturn rriri~I rcyi~~~.tc.l. ti~ I cn~ler~~ ad~fre~~ t!at~d hririn ~~r to ~~~ih ~~thcr adJres~ :~~ L~ndrr ma~ dr~icn:~tc h~ nrti:r t„ B~,rr„~er :iti pr.~~u1r~1 hrrc~n ~~n~ n~,;iir ~r~+~•idr.l f.~r in thi, ~1ivlgag~ th:~ll !x decmrd t~~ h:~~i hrrn E~~cn Ii~ li~~rr~~•.~rr ~,r 1 rndCr .~hcn c:i«tt in Ihc manncr de~itn.~(ril hrtcin. I5. 1"niform ~1ortRa~e; Cuvernin~ I.a..; Se.erabilit~. Thisformofmortgagecombine~uniformcovenant<<ornationaluse and non-uniform cocenants with l;mited ~ariations by jurisdiction to constitute a uniGxm securit} instrument co~•ering real ~ropeny. The state and local laws applicable to this Mortgage shall be tne law~s <~f the jurisdictiun in which the Propert~~ is I«:ated. The f~regoing sentence shall not limit the a~plicabilit}• of federal law to this mortgage. ln ~he e~•ent that any pro~ i~ion or clause of this Mortgage or the Note conflicts with applicable law~, such conflict shall not affect other pro~~isions of this Mortgage or the Nate w~hicn can be gi~en efTect withuut the conflicting pro~•ision, and to this end the pro~~sions of' the Mortgage and the Note are declared to be se~erable. Ib. Borrower's ('op~. Barrr~~~r ~h:~ll hr f:irn~.hr~i .~ ;~~nf~~rtnr~l ~~~E~t ~~t thr ~~=tr .~n~l nf Ihi, ~t~~rtca~~ at th~ tEmc c~f c~ccution ~~r ;iftrr rr.~~rdatic~n hcrr~~f. 17. Transfer of the Pn-perf~: :1.~umptiun. IE ;JI ;~r ,ui~. ;~,,rt ~~f thr i'r~~~t•r~~ ,~r ;,n ~nterc~t thrrc~n i~ .,~ld rr tramferr~~t ht~ B~rn+HCr wrth~,ut l.rnder'~ pnnr ~~rittrn ~~,n.cnt. r~.lu~li~ic ~.~~ thc• ~rr.~hr,n ~~f :i lirn <•r rnrumhr:~n~r ~uh~~r.liri.~tc• t~+ thi. V1t~rtgaQe. ihl ihe ~re~~inn ~}f .~ pur~ha~r nt~~nr~ ~~~un~~ in~rr~tit (~~r f~~,~neh+~!~1 a~~li.~~rr~. ;~i :~ tr.~n.frr ht ~1e~~.~. de~crnt ~~r ht•.,pereti~n ~~f I:~~~ up~~n thc ~ir:~th ~~f ., i~~~nt trn.~nt ~,r ~~f~ the grant „f :~n~ I~:~~chnld interc~t ~~f tturr ~~r.+r~ ~,r Ic« ~~~t cc,ntaininc an ~~ptiun t~~ ~urrhasc. 1 cn~irr m.~~. ,~t i rndrr'. ~,i,t~~~n. ~le.l.~re ali thc wm,.tic.urcd h~ th~ti ~I~,rtgaec tr• t,~ ~tnmrcli~telt' duc and pac:~Mr I rndcr ~ttall ha~r ~~.+i:rd ~i~~h npli,,n t~~ .~rr~ler.~ic if. rri~~r t~~ ihr ~.~fe ~~r iran~fer. 1 en~ler :~n~l Ihe ~r~i~n t~~ ~~h~~nz the Pr~~~ert~~ i. t~~ h~ ti4~1~1 ~~r tr.,n~trrrr.l rr;~,h .~~•nrntrnt ~n ur~t~n~ tha; thr ~r~•~'i~ rf .uch ~rr.~m » t,~ri~fact~~n t~~ I en~i~r :~nd tfi.~i thc int~•rr.r ~~,~~.~htr ;~n thr .~.im. .r~urrd h~ tfii. ~1~~rti;~~r ~hell he :it ~n.h r~t~• :~~ I rnder ~h:~ll rcyuc~t If 1 cnJcr ha~ wai~~e~i thr r~t~~•n t„ a:rclrr.~t~ ~nni~lyd :n thi, ~.~r.~ira~h i~. anil i( Hrrn~wcr~, tiu;~~.~;,r in mteretit ha~ erecutcii a~tin~tcn ac~um~tiun aererinrnt ;,;rr;•trd in Hrt~rc h~~ 1 rn~ler. l rn~ler ,hall rcl~:~.r A~~rr~.u~r fmm :~II ~+hLgahi~nti un~ler thi~ ~t~~rtg:~te and thr ~~+te. If 1 ender e~erctt~. wih ~~ph„n t~~ a~,'clrretr. I rml~r .l~.:II mail B~~rre~~.~rr n~~t~ce ~~f aiirlcrali~~n in :~~ci~rJancc ~+i1h Er~r~gr.~ph 11 h,rc~~f. Such n„t~ir ~h:~ll ~~~,~~~ir a~ern~~i ~~t ii~~i Ir.. th.~n zl-,1.~~~ fr~,m thc Ja~c ihc n~~tict i, nieiled aithin ~~ht:h B~~tf~~~~~r rn,i~ ~.t~ (Ft_ ~t:m~ ~~e:L~r~J ~i~~r It Fi~~rr~~~,rr t.iil~ !~~ 4~:~t ~u~h .+~nt: P~ii~r 1~• ~hc c~pir.~ti,~n ~,t` .uih ~ir~~~i1. Lrn~icr m.~~. •.~ith~~u! furthrr n~~ti~c ~+r ~irnt:rnd ~+n li.~r;~~•,~rr. ~n~~~~.a• ;+n~ rrmed~r~ ~~•rnuttr.! h~ ~~r:~~r:~ph t~ hctcc~f. ~ \ci~-t~~;~ost~t (~u~tv~~T~ B~~rrc,wcr :uii1 I rn~ler turth~r ~nc~n:~nt :~n~j aerr~ ~~ f~lli~ws 18. Accelera/ion: Remedies. Fxcept as pr+~.ided in paraRraph 17 hereof, upon Borrower~ bre~ch of ~m co~enant or aRreement of Boritow~er in this 11orf~a~e, includin~; the co~enants to pay Khen due am sums secured b~ this ~tortRaRe, i.ender prior to acceleration shall mail notice to Borrower a~ pro~ided in para~raph 14 hereof specif~in~: (1) the b~each; (21 the action required tn core cuch breach; (3) ~ Jate, not le~c Ihan i0 d~yti from the date the notice is mailyd to Borrower, by~ which such breach must be cured; ~nd W) Ihat failure to cure ~uch Areach on or t-efore Ihe date specifird in the notice mav rewll in acceleration of Ihe sums secured b~ Ihi~ •tortkaRe, forecliKUre b~ judicial proceedin~ and ~ale of the Property. The nolice ~hall further intorm Rorrower of Ihe riKM to reimtale aiter accrkrafion and the riRM to acserl in the foreclosure proceedin~ the non-exitilence of a detaolt or am uther d~feme of Borro..er to acceleration aad foreclosure. If the breach ic oot cured on or before Ihe date specified in the notice. I.ender at Lender't optian ma~ declare all of the ~umti secured b~ Ihis ~iort~a~e to be immediately doe ana pa~able without further demand •rnd ma~ foreclo~e Ihi~ tlortKa~e b~ judicia) proceedin~. Lender sh~ll be entiNed to collect in such proceedinR all expemes of (oreclmurc, incl~~dinR, bot not limited to, reawn~ble altorne~'s tees. and cosls ~-f documentan e~idence. •rMlracls and tille report~. 19. Borrower's RiRhl lo Reinstate. \~~twith.t,~n.l~n~ I cn,irr ..~,.rlrr.m:m ~~f thr tium. ,c~ure~i h~ ;hi~ ~t~~rtg.~gc. Norr~,wrr sii;,ll h.~~r thc ri-~ht tu h.~~r .~nt pr~~:rr~tin~. '~«un t.~ ! rn.i~r ;~~ rnt~~r:r thi. ~trrl~te~:c diti~~,r.hsu:~~ .~t am tnnc ' :r . ~~ 3~51 f~~~ 1f~~ :~ . .~