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HomeMy WebLinkAbout1971l rn~cr'~ wnucn agrrrmcm ~.r ~ppli..~ble I:IN ~~UflUN~f Shall p:fy Ihc anu~unt u( all m~~ngage in.uranre premiums ~n the. mann~r pruvid~.l under paragraph 2 hereul. Any amuunts dichurscJ by Lcniicr pur~uar.t t~~ this p:~r.~g~aph 7. w~,ih uNcrc~t thrrcon, ~hall Fxc~~mc additii~nal in.tcbtcdnr~~ rf NurruH~r ticcurrd h~• ~h~. 11ur1~.igc l'nlc~. Rurn~~~rr an~l I ~nJ~r agrc~ Ic~ ~~lhr~ tcmtt „t p~vment. ~uch am~~untc ~hall bc p:+~~ahlr ~i~~n n~~tirc fn,m 1 cndrr i~, Burru~~rr rcyu~.ting pa~•mcnt Ihrrr.~f. and ~h~ll txnr iMrrect fn~m thc date of Ji~hurcrmc~l at the rale pavahle (r~~m timc t~~ t~me i~n aut~tandinR pnncipal under thc N~te unlc~ti payment of inte~rcl at surh rate woulJ be cuntran• t~~ applirsblc 1:~~~. in Hhirh ~~~ent w~h am~~untc ~hall hear intere~t at the highett rate permiccihle under ap~lirahle law• N~~thinK ~•c,nt:+ined #n th~. s~.i~agra~+h 7 tha!! reyisirr I ender to +nc!!r any er{+ence ~r lake anv ac~ion hcreunder. 8. Inspection. 1 cnJcr mav m:~lc ur ~au.c t„ Fx m:~dc rra~~,nahlr rntri~, u~un :ind ~n~~x~t~„n~ ~~f thc Pn,~xrty. pr~vidc~l fh;l1 ~ t~~~~~r ch~~l o.\~;~ ~.~rrn~-'n~ n.~~:ii' ~ '- . ~l` .. ...t~ ... ^' ;~:: .. .... .i. _.... ':~~`~~ ~.,.. ~ ~~:.<<:~. ,~1:.~....~ ~~ ~ £R~~•r'S .... . ..:i.. [. .. . , .. . .. . . E,~ . . . . " `'I'. • ''1"~ . ~h .. . . . m~rrrtit ~n thc Pmpcrt~~. 9. ('ondemnatbn. Thc pr~kced~ ~~f um• aaard ~~i .la~m fi~r ~lamaer.. .lirer~ ~~r c~~~i.cyurntial. in c~~nnerfion w•ith am~ ~ondcmnatiun ur othcr taking of Ih~ P(i~pctl~'. ~~~ pafl Ihcrc~~f. ~~r (i~~ ~unvc~~:~ncr in liru ~,f r~,ndrmnatiun. arn c~rchy as~igncd and ehall t+~ paid Io I_cnd~r. In ~hr c~ent ~~f a I~~tal taking ~~f thc Prc.pcn~. ~hr {~n~crrJc ~hall tx a~~lir~t t~, thc .~~m~ uriired hv ~hi~ \iurt€:+Rc. Hi1h thc c~cres. i( am•. ~aid t~~ B~arn,H~r In thr r~•~nl ~~f a partial t:+~.iriF ~~( thr Pr~~~Krlr. unlc~~ ii~~rn~wcr and l.endrr ~~th~rki.r :igrrc in ~~ritint. !hrrr ~hall he ~~~+I~rJ ~~~ Ihr ,um~ ~rri~rr,f h~ 1hi. '11~+rt~.~~e .u~h propurti„n ~•f thr rnxeedti :~~ i~ eyu.~l tn that pm~,rtiun Hhirh Ihi am~,unt ~~( thr .~~m. ~~:~~r~d h~ ~hi~ \1~~rt~.~~c immrdiateh ~ri„r t~~ Ihe date of ;aking Fkarti ti~ thc fa~r mark~t ~•alur ~~f ~hc Pru~xrt~ ~mrnr~l~atclc pn~v to Ihr .latr.~f tal,~t~~. «i~h thc halanrc c.r the pnk•ccdti ~:ill~ 1~~ BOff~~N'Cf. lf thc Pr~~pertv i~ ;~h:~ndt~nc~! M B~~rn~wrr. ~~r iL aftrr n~~ti~r he 1 rndrr ~t. Rnrn~wcr thal ~nc cc.ndcmn~~r i.ticr~ tt- makt :~n aw:~rd ~~r ~cttlc :i rl:{im f~,r i;ani:ic~,. If,,rr~~wrr f.ul, t,~ rc~~~nd h• I cndcr Nithin ;(1 il:~~~ ::ftrr thr ~latr tiuch n,.tirc i~ r~ailed. I.ender i. an~h~,rir~d t~. r~dlrrt and ap~l~ ~hr pr~.;red.. :~t I ender'. iq~ti~n. rither ti~ re~~~rati~,n ~~r repair ~f the Prup.•rt~ c~r ti+ thc ~um, ~rcur«! h~ Ihiti \1i~rtea~c l~nlrs. I rnJcr and B~~rr.~~rr ulhcn~iu a~~~r~ in ~~rttinr :~nt' wrh :~r(~lir.~~i~~n nt ~,nx-eccic h: ~rir.c i~al ~h:~ll ~u,t cttcnd ~~r ~~~I~~nr ~hr Jur ~Ia1e ~~( thr mon~hl~ imt.~llm~•nt. rrtrrrrd tu in r~ra~r.~~fi~ 1 ~nd 2 hcre~~f „r ~han-:c th~ am~~um of ~uch ~mtallmcnth 10. Borrower Nol Rele•r~cd. E~trn~i~~n ~~f thr t~mc f~~r ~.,~tmrnt c~r m~~dific:ui~~n e~f sm~~rtirati~~n ~~f the .nm~ ~cr!~red hy th~. !11~~rt-:+c~ er.~ntr~l h~ 1 en~irr t~~ :~n~~ ~ucrc~~ur ~n in~rrr.t ~~f Rc~~rc~wcr ~h:~ll ncN ;,~~ratc t~~ rclca~c. in am• m:~nncr. thc liah~lit~ .~f Ihr ori~in.~l B.~rn,HCr :~nd Il.~rr~,wrr'. ,u:«,.~~r. in intcre,t 1 cndcr ~hall n~,1 hc rryiii~r~l t~~ cc.mmcncc ~r~.cerding~ ag:umt ~i:ch wrcr"ia ~~r rcfu.~ t~~ r~irnJ t~mr frr pa~r.~~~~t ~,r ~.thcrwi.r mc.dif~~ am~,rtiiati~~n ~~t the sumc ~,•~urccl M thi. Mi~rl~a~r h~ rea.rn ~~f .~m d~m.~n~1 madr M thr ~~ritiinal B~~rr.~~~rr .~nd R~~rr~~~.~rr'c ~u:ir~,~~n in int~rccl 11. For1-earance b~• Lcnder \M a N'ai~er. •~r~~ f~~rh~;~f:sn~r h~ 1 rndcr in r~cr~i~inc :tim riiht ~~r rrmrd~• hercunilc~. .~r ~~th.~w~~c :,tT~,r.1rJ h~ applirahlr law. ~h.ill n~,t 1~ .~ w.~i~rr rt „r ~re~ludc the r~erci~< <~f a~i~ ~u~h rieht +~r remed~'. Thr ~rcx•urrmrm c~f imuranrr .•r thr ~:i~'ment ~~( t;~~r. .,r .~thrr ~irn~ t,r :har~:r~ hs 1-rndrr .h:~ll nur tx :~ ti_~~~~~r .~f 1 en.ier'~ ri¢ht t~+ accrlcratc th~ maturit~~ ~.f thc indchtrdnr+, ~~;urrt' h~ Ihi. 11~~rt~a~r 12. Remedie~ ('umul•alive. :111 rem~J~r. pr~~~i~1rd ~n If,i. \l~~rtca~c :~rr ~!ititinrt :tn~l ~u~n:il:~ti~•c n~ .,n•: ~~ther richt c~r nmr~i~~ undrr thiti \1~ul~.~gr ~~r afT~~rd~d h~ L~w ~~r ryu~t~. .~n~: ma~ Fk r~rtri~<<i i~mcur:intl~ ineliExndrn-h e~r ~ure~•~i~~rh li. Succecsorx and :~t~iRm Buuod: Joint and Se~eral I.iabilih: ('rptiom. Ihr ~~=~rn.~nt~ :~nd .is;r~cmcnt~ herein ~~~I11:11RC~) ~hall hin~1. and thr richtti hrrcun~rr ~h.~ll ~n~nr I~~. th~ rr.~rrlr.c wr~r..~~r~ :ir.~l a~.i~m ~~f I~n.trr an~! R~~rr~~HCr. ~uh~~cl ti~ th~ pn~~i~~i~n. rt E~ar.~~f.~ph 1'. hcreu~ •\il i~,.rn.~nt, :~nJ :~Lrrrmrn~. ~~( Ri,rrrurr Sh:il) Fk i~•!nt :~nd ~c•.eral Il~e raplirn. .~nJ hca~l~n~. ~~f Ih~ par.~ir.sE~h~ ~~f ;hi~ ~1~~rlca~~• ar~• f~~r ~,~mrnirnr~ ~mlt' .utit arc n~~l t~~ h~ n~cd tc~ intcr~rct i,r dcfinc thc ~ra~;:i~~n~ hrrcr.(. 14. \utice. E~ie~t fur am• nc~tir~ rey:~irril un~fer :l~t~li~.ihlr I:i~+ t~~ h~ L~•:~n ~n am~th~r manner /.~i .~m n~~ticr t~ Ht~rn~uer pr~~ctd~d (ur ~n Iri~ ~1u•lia~t ~h~ll nc ki•:rn h~ ni.~iline •u.'h :i,~t~i~ ht i~ttificd ~,.~~~ :~,i~i<<.,~~,i I~~ R~•rr~,uir at !hi Pt~~~xrt}~ A.1drr.. ~~r :~t wch .,thrr ~~idrr„ :~. 13~~rn~ti-cr nt.~c d~.~,~:~tr M n~,ti~~ t~~ I rn.lcr .~c ~r~,.i~lyd hcrcin. :~nct (h- am n~Ni:r ti~ 1 cndcr ,h.~ll tx ~n~n h~ ~~•ttcfir.t m.ul. rrturn rrrr~~t rryiir~tr~t. t„ i cn~icr'~ ad,trr~ti c!atrd hrrcin ~•r to wch „thcr :iddre~~ .~~ Lenilcr nta~ ~r~iknatr h~ nrti:r t~~ li~~rr„ti~cr a~ ~r.,:~dc~1 hcrr~n •~n~ n~,ti;r pr~~~•iJ~J f~~r in thic \1~~n~agc chall Fk d~cmed t~~ ha~r h~~n ~i~rn t~~ B~~rn~~.rr ~~r 1~•ndrr t.hrn ~~~rn in thr m:irincr .ic.icnatcd hrrein 15. l~niform ~tortK•rke: Go~ernin~ l.a~+; Se~ crabilit~ . This form of mortgage comb~nes ur.i~ortn cocenants for nauonal usc and non-uniform co~enants u~ith limiteci ~~ariaUuns b}~ jurisdirtion to constitute a unifc>rm security instrument co~cring real property. The state and loca! lau•s applirable to this Mortgage shall be the laws oi the juri~dicuon in which the Prcpertc is located. The furegoing sen:ence shall not limit the applicability of federal 1aw ta this mongage. ln the e~ ent that any pru~•ision or clause of this Mortgage or the Note conflicts w~ith applicable law~, such conflict shall not aPFect other pro~ isivns of this Mortgage or the Note which can be gi~en effect without the conflicting procisicx~, and to this end the pro~•isions of the Mongage and the Nute are declared to be severable. 16. Borrower's Cop~. Born,~.rr ,fi.~ll h~_ (urn~.~~.1 .~ ~,~nf,,rntctl i~y,~ rt ~hc `~,tr .~m1 i~f 1hi~ \1i~rtLa~~ :~I ihi limc ~~f e~einticn ~~r afl~r re<<~rd;~ti~~n hrrr~~f 17. Trancter uf the Properl~: :~«uinptiun. 11 .~tl ~,r .~i~t ~~.,rt ~~f thr Pn~~rrt~ ~~r an ~ntrrr~! th~•rr~n i~ ,~~Id ~~r tran,ferri~l h~ B~~rn~urr ~aith~~ut Ir:idrr'~ pn~~r ~~rittrn ~~~n.rnt. ~.~~i~,1~"e ~.~i thr •_rr.~ti„n ~~f .~ l~rn ,~r en,i~mhr.~n~r ~uh~uJin.~t~ t~~ thi. ~1~rt~::ge. Ih1 the creahrn ~~f a ri~rch:~~r m~,nc~ .r,ur~t~ intcrc.t t~~r h~~~~uh~+IJ :~`~~I~ar,~r.. iri :~ ~r:~n.t~r h~ de~ice. dctic~nt ~~r M• i~~r.~tion ~~f I.i~~ u~„n tttr ;icath ~~t .~ ;~,:~it tcn:u~t rr 1,1~ thr ~r:in~ ~,f :~nt Ir:~~rh~~ld inr~rc~t +~f thrrr ~r.~r. ~~r Ic~~ nut ~untain~n-; an ~~pti„n t~~ ~urrhasr. I rn~irr m.,~ .~i 1 rndrr~. ~~~~t~~~n. ~Ir~larr :cL' thr .um~ .e.ncrd h~ thi~ ~t„rt~a~c tn hc ~rnmi~6alelc due .+nd ~ at'ahlc. I rnder ~fial1 ha~< <~.~i~cJ .n,h ~~pti~m t~~ :~~irlirnt~ tf. ~ri~~r ru ih~ .el~ ur Ir:~n~fe~. (~nJer .~n~! thc pcnim t~ ~h„rn shr Pr~~~c(~ i, I~~ hc ~i~IJ ~~r fr,~rt~tirrr~l ~i•:t~h .~errr~ncn! in ~~r~rn~ !h:it thc ir•_Jit ~~f ;urh ;tt~~~~i i. tiati~fait~~r~ tc~ f rn~irr ,~nd that ~hc intrrr.t E~a~.~hlr ~~i~ thr v~m~ .r.urrJ h~ thi. \1~~rtL.+er .halt hr ;~t ~n~h r.~tc .~~ 1 rndcr tih.~ll rcyuc~t. If 1 cn~lcr ha~ wa~-~~! thc ~,~t~„n I~~ :~:~rlir.~t~ ~rn~i.li~i in Ihi~ p.~r.~c~n~h 17. an~1 if B~~rr~}wrr'. ~u~~~~~~~r ~n inlrre~t h:i~ c~ccutcd •a ~nttrn as~um~t~un aLr~riitrn: :~~:rE~trd in .+rihn~ hc I rn~lrr. I rnJcr ~h:~ll relr.~~~ H~~rn~~~rr irc~m :~II ~+bli~:~tu~m un.ler thi~ \1~rt~.~~e and thr ti„te If I rndct c~cni~c~ ~urh „rti~~n In .~r~rlcr.~~r. I rn~icr .i~,~il rn.~~l Brrrn•.~rr n~,h~c nf .~icclerahrn tn :~cc~~nl:~n;~' «;th ~,:~r.~c;nE,h i1 hrrcc~f Such nul+cc :h:~ll ~r~~v~~lc .~ F•r~~~~~! .~t n~~t Ir~~ than ~(1 .1e~. tr~~m Ihc ~1:~tr thc• m•tic~ i. m:~iled «ith~n «hi.h B~~rn+~..rr m:~~ ~::t I}~e .timti tlr.l.,rr~l ilnr It Fi~~ri~~~.,rr !.,il. r,~ ~~.~t .ii;h ..,sm. ~n~~r !~, thc r~~ir~!i~~n ,~( .uch ~cn~~~1. I en~lrr m.~~. ~~~Ihuut further ne~etir ,,r Jrmanu ~•n It~~rr~~~,+er. ~n~r~r .,n~ rrmr~lie~ j~crm~tlr.i F~ F,.iraCra(~h iti h~rr<~f. 1~t~~-~'~~tt~ttt: (~~n't~{s~s B~~rru~cr .~n~1 1 rn~ler furthrr i~,~ertant anJ aurrr .~~ fc~!I~~w~ IS. 4ccelerotion: Remedies. Fxcept as prn~ided in para~;raph 17 hereof, upun Borrowers breach of ~m co~en~nt ur aXreement of Borrower in Ihis ~tortRa~e, including the ca~enantc to pa~ Mhen doe an~ tiums secured by thic ~1orlR~~t, i.en~ler prior Io accelerolion tihall mail notice to BonoHer ati pro~ided in p~raRraph 14 hereof tipecif~in~: (1- Ihe b~each; (2) the action required to cure such breach; (31 a dale, not less than JO da~~ (rnm the dafe the notice is mailed to Borrower. by which such breach mud t-e cured: ~nd (4) that failure tn curr ~uch breach un or 1-efore the date specified in Ihe nntice ma}~ result in acceleralion oi the zums secored b~ thi~ ~1orlRa~;e, toreclowre Ay judic~al prnceedin~ and tiale of the Properh. The notict tihail (arther inform Borrower of Ihe ri~ht to reimtate afler acceleratiun and the riRM !r- a~sert in the foreclotiure proceedinR Ihe nore-exnlence ot a defaull nr an~ olher defeme of Kurro..er lo acceleralion and fureclosure. If the breach is not cured on or before the dale specified in ihe nutice, Lender al I.cnder't oplion ma~ decl~re all of Ihe sum< <erured b}~ Ihis 11orlRa~e to be immediateh due and pa}able wilhout further demand and ma~ foreclo~e Ihis ~tortQaRe by iudicial proceedinR. Lender thall be entitled to collect in cucb proceedin~ all expemeti of fnrecln~ore, incl~eding, but not timited to, reationable attorne~'s fees. and co~ts of documentan e~idence, •rMtracts and title reports. 19. Bormwer's Ri~ht f~i Reimtate. ti~~t~ith~t.~n~i~r~e 1 rn,irr ..,~,rlcr.~t~.ni ~~! thc ~um, .r~ur~.i h~ th.~~ ~i~~rlga~;r. Nc~rr~~x~r .h,~ll he~'c the ri~ht t„ h.~~~ .in: ~t~~.ci~l~rt,•. '~reun t,~ 1 rnil~r t~+ rn1~~:.~ Ihn ~t~~rt~t.t~.c Jn:~~ntu~ur~i .~t am hmc ~ i;'.JK /,~~ f'lrEZV~./~ ~