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HomeMy WebLinkAbout17001~n~rr'ti ~~riu~n akrrcmcnt ut appl~:ahlc laK. li~~rr~:.~~r ~h;,ll ~a~ thr am~amt uf all mun~agr inwr.,ncr prrmiums in thc mann~r pr.~v~d«I ur;der parag~aph ' hrrec-f. Any amuunts dichutsrd bp I rn~'.er pur.uant t~, th~s p:~r.i~;r:~~h 7. ~~ i!h inlere~t thereun. chall hrc~,me additic~nal in~i~htcdnr,c .~f 13~~rru~~r ~ccu~rd h~~ th~ti !11ur1-~agc l'nle.. Rurr~~~~rr :~n~l I rn~l~r agrec 1~~ i~lhrr tcrmti i~f parmcM. ~uch amuunh ~hall ~x pa}~ahlc ~~M~~ n~~~i:r fr~,m I rnder ~~• B~~rn,~.rr rryur,ting pacm~nt thcrr~~f. and .h:~ll Fx:ir ii~~rr«I ir~~m thc ~latr ~~f dichurcrment at Ihe rah• p:n~aMe tn~n~ time tn time ~~n out~~andin~ princip;~l under Ihe Note unle« payment of interec! at such ratr woul~l F,e cunlran• ~.~ ;~pplicahl~ L~~~. in ~~h~ih r~•en~ ~~~ch am<~ums ~h:~ll Fxar interect at the highe~t rate permissihle under applicahk latv N~~Ihing r~~nt:iine~l in thi~ par:~gr.~~h 7~h~il reyuir~ I.cnder to incur ~n}• e~pence or take .~ny action hrrcunder. R. lnspection. 1 en~}c: mav m:i~,r.,r:a~,tic t:, h~ m:id.• rr.~.~~n:~hlr ~n~ri~. u~~un .,nd ff1~~11'C1~~41~ l~f the Pmperty. n~„~~~~i<<i that 1 ender ~hal) gi~•r B~.rn,wer n~,tiir rri~.r t~~ :~nt ~~~~h im~e~U~~n ~Exiif~in~; rrau,nable c:~u~~ theref~,r related tu I ender's mtrr~~t in Ihc Pn.~rh•. 9. ('ondem~ation. Thr pn,.erd. uf .~nc a~..,rd .,i cl:i~m f~~r ~Lunace.. iiire~t ~~r ~~,n.ryurnti:il. in c~,nnecli~n with anc :undemnati„n or othe~ tak~nc ~,f ~hc ProE.rrty. ~a pan thrrr~,f. ~,r f~~r «~nv~v:~nce in I~ru ~~f ~~mden~naUun. :~rr hereM• a~ciFned anJ .hall h~ paid to I.cndcr. . In Ihr c~cnt of a t~~tal t:~l~n~ ~~f thr Pn,E.crn. ~hr c~m~rc~l~ ~h~l) he :~~~lir~l t~. thc ~~imc securcd h~• ~hic ~1ix1g:~Rc. ~iih thr r~crtt. ~f ::n~•. ~:i~c! t~,~Rt~er;•;ties !:: •~e .cz^! :~f :~ ~arli:~! t:~].i:t~ :~S th: P:::~.crt~. t:rl.;c R~rr::•ac: :~ ;:3 Lcn~c: ~~thctHi,r akr~r in Hritin~. thrrc ch~ll ~x a~plir~l t~~ thr wmt uci~rr~I h~ thi, .".1~~rt~a~c w~h prop~~rti~n ~~( thc ~rocecdt ;~c i~ cynal tc~ th:-t pmp.~rti~~n Nhich thr .~~n„um ~~( th~ ,um. ~~:urcd h~ ~hi~ \1~~rI~;.~er immrdi:~teh ~+ri~~r t~~ ;he datc c-f tai;ing tx:~r~ t~• the fa~r markrt ~aluc ~~f thr Pruprrt~ ~nunrdi.itrl~ ~rn,r t~ thr .I.~te ~~f r.~~.~n~. Wiih ~hr h:,l~n~r ~f thc prekred~ paid t~~ Borr~iw•er. If thr Pr~~perte i, ah:indc~ne~t h~ Rrrr~~Hrr. rr if ;~ftrr n~~ticr h~~ 1 rnder t~~ R~~rn~wrr ~hat the c~ndemne.r ~~fTerc t~ mak~ :~n :~H:ird ~~r .rtllr a rL•~int f~~r itam.~~r.. I3~~rrrwrr (::il. t~~ rr,~~nd t~, 1 c~idcr ~cithin i(1 ~I:~~, :~ftcr 1hc datr .u~h n:,tiic i~ mailed. I.rn~kr i. authnriird t~, ~~~Ilrrt and ap~•lt• thr prck~~cd~. at 1 rnder'. ~~rti~n. cither tn re~loratie~n ~~r re~~ir ~f the Pm~xrn ~v t~~ thc ~um. ,r;urcd h~ ~hi. \t~~rtcas;c l'nlrs, 1 rn~irr :uid Bnrn~~rr ~,therHi.r :~~;rrr in :.rit'v+e. an~ ,uch ap~lii:i~i~~n ~~f ~n-cred~ h, prinrip:~l tih:ill n~t e~tend ~~r p.~.Ip~~nr thi du< <l:~tr ,~f thr m~~nthl~ ii~~~allmrnt~ r~frirrJ t~~ in ~~.~raKr.i~h. 1:~rtd ' hcrc~,f rr rh:~ner tfi~ am+,unt of ,uch m~tallmrnt. 10. Borrow•er ~io1 Relea~ed. F~arn.i~,n i~f thc hmr f~~r ~~atmrm ctir mi~clifiratii~n ~~f am~~rti%ati„n ~~f the ~iim~ ~ert~red h~ ~h~. \t~~rtca~r cr:~nir~t h~ 1 rn~i~r 1,~ an~~ wrrr•.u~r nt intcrr.t ~~f R~,rm~-rr ~h:~ll nrn ~~rxr:~tc t~~ rclca~r. in am~ manncr. thr I~ah~li~~ ~,f thr ~,ricinal Burnn.rr .~nd !irrn,Hrr'. •.uc:r,.,~r. in interetit 1 rnJer ~hall n~,t he rrynirrJ t~, c,•mmence ~x~krrdinL~ :~~aimt ~urh ~uc:r~.~,r ~~r refu.r tc, r~trn.i tim~ frr ~a~mrnt .,r nthcrwi.r rn~,dift am~~riii:~ti~,n ~~f th~ ~um~ .r_ur~d h~ thiti Mrrtg:-g~ M rca~~~n i~f .~n~ d~m.~n~1 m:~d~ ht thr ~~rieinal H~~rn,~~rr and R~•rruticr', .u,~r~.~~r. in intcrc~t 11. Morl-earance b}~ I.rnder \ot a N'ai~er. •~~~~ (,~rix•an~n~r M I rnder in r~cr~~~inc .~n~ ri~ht rr rrmrJ~• -~~reun~lrr ~~r ~~thrrwi~c .~ti~~rJrJ M a`rlirahlr ~:~~ti. ~hall n.~t tx• .: ~+.~i~rr .,f ~~r ~rc.•ludc thr r~crci~< <~f :~m .uih rinht ~,r rcmed~• Thr ~~m:~~rrment ~f inwrancr ~~r thc ~+.~~•mrnt ~~f ta~c. rr ~~thcr I~cm ~~r rharer~ h~ 1 rndrr .h;~ll m,t t*r .i u:iivrr t~f I cn~tcr'~ riih! t~~ :u~rl~r.~tc thr malurit~ ~~f Ihc ~ndrhtrdnc~t ~r,iir.J hc Th~. ~t~~rt~aer 12. Remcdies ('umulalice. '\11 rrmrJirs {~n~~ ~~kd in thi, \1~~rt~a~e :irr ~1i,~in~t :~mi ~ umii!;Ui~~e t~~ ,u~•.• rthcr rit~M ~r rcmc~ic un~lrr Ih~~ M~ult~.~~r ~~r atT~~tdr~1 hc I:~~~ ~~r ~yuit~. ,~ni1 m:i~ h~ i~rrc~,r.t ~~,n~urrrnlh mJeprndc~th ~,r ~ii::i~~i~rl~ 13. Succe~tion and :~+tiiKnti Bound: Joinl and Se~rra) i.iabilih: ('apliom. ~Ihr c+,~cnant~ :md .~krrrincnt~ hrrein ii~nta~nc~1 ~h:~ll hin~i. :an~i thr rich!~ hrrrunJer tih:,ll ~ninr 1~~ thr n•.E,«t~~r ~n~.r..~~r. :in~1 :i~.icm ~~f I rn;1i•r :~r~d R~•tru~~e!. ~uhje~t tu th~• ~.r~~.i.i~,n. ~+f E~eraer:i~h 17 hrrr~~I ~111 ~r~r~~,~vi~, .u~,I .~err~•nt~•nt. ~+( R~,rr~,wer ~h:ill hi' i.~~nt :~nd «~~r:~! ~Ihe CJ~lt~41~ :II1~I Ill':llllfll~ ~~f the ~~;~~.~~r.~~r,. ~~f thi~ ~t~~rt~~.,~r arr f~~r ~,~nci•niin:~ ~ml~ sncl :~re m~t t~~ hc u~ed t~ inlcr~,r~t ~:.• definc thr pm~:.ii~n~ h~r~i~t. 14. \olice. E~iept f~~r ~nt• rn,I~rr rryuirr~l ~m.ler :i~~~lir.~hlr I:~.. n~ hr e~~rr~ ;n .~n~~tt~rr ma~n~r. t:~~ .,~~~ n~~tice 1c, B~~~n~~er pr.,~idcJ f~•r m thi. \t~~rt~:~tr ~hall Fh• ~~~rn h\ ii1d1I1i1L .u.h n„ticr h~ ,~rhficd rn:+il addr~„r~1 t~~ Rrrn~~~er at th~ Pr,~Exrt}~ :~~fdre.. ur aI ~uch ~~Ih~r .u~dr~.~ .~~ R,•rr~~t~rr in.i~ ~1c.~en:+tr h~ n,,1ii~ ti~ 1 cnJ~r .i~ ~r~~.i.ir~i hrrcin. :~n~1 Ih! am n~~t~~c ti~ t c~~t~r .h.~ll Fk L~ccn h< «rhlirJ ~n.ul rrturn rrcr;~t rryur.t~.l. t~~ 1 ~n~1cr~. ad.tr«ti tt:~-rd herein ~~r t~~ .i,~h :~th~r addretiti :~~ 1~nd~r m::t ~Ic~i~n..lr h~ n,~tt.r t~~ fi~~rr~,~~rr :~ti ~r.~~i~1rJ h~rc:n. -1~n m~ti:r rt~~~idr:i f~~r in thic ~1~~rlga~~ tihall tx ~Icemed t~~ h.nr hrrn L~~en ti~ R~~rr~~~+rr ~~~ I cn.lrr •..hrn t«in in th~ tnann~r Je.ien:~Ird hcrein I S. I~niform ~tortk•rKe: Cu~ crnin~ I.•rw; tir. crabilit~. This form of murtgage combines uniform co~~enants for nau~mal use and nun-umform crn~enants w ith limited ~ ariauons b~~ juri~dictiun to cvnstiwte a uniform secunt~~ instrument cocerin¢ real ~ronert~•. The state and local law~s applicable to this I~tortgage shall be the law•s of the ~urildiction in w•hich the Propert}• is located. The f~regoing sentence shall r~ot limit the a~~plicabil~ty of federal la~ to this murtgage. In the ecent ttiat an}~ pro~ ision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other pro~ isions of this MoRgage or the Note K hich can be gi~en efiect N~thout the conflicting pro~•ision, and to this end the pro~isiuns of the I~tongage and the Nute are declared to be se~erable. 16. Borrowers (~up~. Bt~r~:.~~r ,h,~-! hr furri~,h~~i .~ ._,~r~t~~r~nc~! .,~F~~ rI t~ir \i~ti .~nd ~~f thn ~1urt~at~ :~t th~ time ~~f e~crutic~n ~~r :~ftrr tri~,rdati~m hcrr~~f. 17_ Transter of fhe Prupeti~: :~~~umption. If :~II ,,r .~rr~ ;•.,rr ,~t th~ Pn,E~,rt~ ,:r .~n interc~t thrrrin i. •~~ld ~~r tr:~mfernil h~ 13c~rn~~rr ~~ifh~~ut I.~rdrr'~ ~n~~r ti~r~ttrr, ~~,mrri!. r~:l~:~l~ni ~,,~ rtir ~tr.~ti~~n c~f :~ li~•n ~~r rn~~~mhr.~n~r ~uiu+r,i~n.~te t~~ lh;, V1~~rt~a,~~. fhl the :ri:~ti~~n ~•f .i ~tcr.h.~.r m~~nr~ .rci~nt~ ~ntrrc,t f~~r h~~u,eh~,!J :~~pl~.~n.r. 1~i .~ tr.~n.frr h1 dr~icr. ~1e~cenl ~~r ht rE•cr.t(ir~n ~~f I.i~+ tip~~n Ihr Jr:~th ~~t .~ ~~~~nt Irn:~nt „r ~,l~ thr ~•:~nt ~,f :sn~ I~:~tich.~id intrrr,t ~~f thrrr ~r.~r. c~r lic~ nut ~untainin~ :~n i~~tt~~n t~~ ~„r~hasr. I en~1r: rn.~~. .~i I rndrr~~ ~~~~:,rn. ~1c~L~rr .~II thr .um, ~rc~~r~d h~ thi~ ~1~~rtc:+c~ t„ F.r ~:nrTtcdi:dclt duc :+nd pa~tchlr I rnJer ~h:~lf ii.~~r «.::.r~i .n~i~ ~~rtu,n n~ ec~riiratr it. ~ri~~r h+ th~ ..~1c „r tran~fer I rnder an~1 thc ~er«~n ti~ uhc;m Ihc Pn~~~rt~ ~, t„ hr .~,l~i .~r t:.ir~trrrc.l rr:~.h .~krrrrnrnt ~n tiri!u~c th:~t thr ~tr~trt ~~f .uch ~cr~;~r i~ ~t~ti~(act~~r~ i~• 1 cn+lrr :~nd tt~:~t th~ inlrrc.t ~.~~.~hlc ~•n thr ~.~rn. ~r.ure~i M rhi. \1~~rtz:~i~ ~h:~ll hi ai cii~h r,~rc .~. ( cnder ~h.ill rii~tt~~I tf 9;:n~ler h:~~ ~+:ute~l Ihe ~,~ti~~,~ tt~ .~,~~i~~.~tr c~n~~i~1c~1 ~r! th~. ~,.~r:~y~r,~~h 17_ :~nd if R~~rr~~wcr~~ ~uii~~~„r ir. intrrr,t ha~ c~erute~) :~ ur~ttrn as~umpu~~n :errr:nrr~~ .~;~rE•trd in ~ritine h~ 1 rnJrr. I rn~ler .h:sl1 relca.e H~~r«~~arr fr~m all ~~hliL:+t!~~m un.l~ r thi~ 41~~rtc.+t'c ~nd thc ~~~Ir If I cndcr e~cr:i~r~ ~n.h t~rh~~n t~~ :~c:rlrr.~tr. I rn~lrr .h.~ll rr.e~l fi~~rrn~~rr n~+h:e +~f acrrlcr.U~~~r ~r: :~~~~.rd.~n~r N~th ,,areera~h 1-i hrrr~~f tii:ch nutirr .h:~ll ~r~~~~:1r .i E~c~r~r~1 ~~f rn,t ;r.. ih:~n ~(f ~1a~. tr~~*n the ~latr Ihe n~~ti~~ i. mniled ~+ithin .+h::h K~~r:~~ucr m:~t E~.~c thc ~tim~ dci;.~r~•~i ~1nr I' fi~,rr~~.,~* +.~+1. t~~ ~~.~~. ,i;.h .~nn. ~ri~~r t~~ t~r r~~irsti~•r~ ~~~ .uih ~rn~~~l. 1 c~~trr m.~~. ~.~~th~~ut furtF;rr ni~Uir ~~r.irm:~nd .,r~ It~~r;~~Nrr ;n~~~{.r nn•, rrn~rd:e~ {~erm~t~r.{ },~ ~ar,aera~h !` hrrr~~f. \ii~-l"~~tuk~t (~u~EV~~r~ BnrmHCr :~r:~1 1 rn.lcr turthrr :~~tien;int :~n.1 aerer .~~ i~~lluw~ 18. Accelerotion; Remedies. Eirept ac pro.ided in paraqraph 17 he~enf, upon Forrowerti breach of ~n~ co~enanl or a~;reement of BorroNer in thi~ 11ort~a~e, includin~; fiie co~enanlc to pa} v-hen due an~ sumc secured b} thic ~inrtqa~e, Lender prior to acceleralion tihall mail notice to Borro~+er a~ prn~ided in para~r:~ph 14 hereof tipecifyin~: /1) the bceach: (21 the ution reyuired to cure such breach; (31 a datr, not les~ than 30 da~c from the date the nofice ic m~iled tn Borrower. by wiuch such breach must be c~red; ~nd W) that (ailure to core ,uch breach on ur beft~re the date specified in the notice may resulf in acceler::iion of Ihe ~ums ~ecured b~ Ihi~ ~1i~rtka~e, foreelo~urc h~ judicial proceedin~ and sale of Ihe Pmperty~. The nolice ~hall further inEorm Borro.+er of the riKhi Iu reimtale afler acceleraliun and the riRht tn a~sert in the foreclocure proceedin~ the non-etitilence of a default or am olher defen~e ut Rorrower lo acceleration and fureclosure. If Ihe breach is not cured on or t-e(ore Ihe date specified in Ihe notice, Lender at Lender'ti nptiim ma~ declare aD of the sumti ~ecured by this viortR~e to be immedi~teh due and pa~aAle withoot further demand and ma~ foreclu~e Ihi+ •1ortKa~e b} judici~l proceedinA. Lender ~hall F-e entided to collect in cuch pmceedinR all e~prme~ uf tureclo~ure. includinK, but nul limiled to, reasonable altorne~'s fee~, •rnd cotits of documentar} e~idence. •rMtract~ and title reportti. 19. Borr~Meis Ri~ht to Reimt~te. \,~iwith~ran~i~n~ I rn,lrr ~.~__clrr.~t~,,n ,,t thr .um. .,~~;rc;! :~; :h:; 15;~;;~.~ge. N~~r:~•w~t .h.J{ h.~~r thc n~hi t,~ ha~r .~n~ rr~~,rr~t~n_~. ~ i:•:;n '~~ I ~n.1~'r n, rni~~r,r thi. ~1.~rl~e~r dt~c~~ntinui~l et en~ itmc U~1~Tx }~r351 ~~~~~~6~E