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HomeMy WebLinkAbout1992I.rn~r~'~ wnucn agrccmcnt ~.r appfi~ahle law lt~~rmNCr shall pay Ihr anwunt .-t all mortg~ge inwr~nce prcmiums ~n thc mannrr pruvidrd under paragtaph ?. hereo(. Am~ amaunK di.hursrd by 1 rn~lcr purw~nl t~~ this p:u.~graph 7. w•~~h inicrc~t Ihcreun. ~h:~ll ~xcc~mc additii~nal in.l~btednrs~ ~~f Ni~rroWCr ~rrureJ h~' th~~ tituric.~gr l'nle.~ B~~rr~,~~cr an~i I rnJer agrce t~ Mhrr tcrm< <,f paymeM. ~uch am.~unt~ ~hall hc pa~•ahlc uEx,n n~,tirr fn.m 1 rndrr t~~ R~•rruur- rryur~tinK pa~~m~nt thrrc~~i. and .hall Fxrar intrrcct fmm thc ~fatc ~~f Ji~hurkmcnt at thc ralr pay:~Mr tr~~m timr t~• ~imc ~~n outctandinR princip~) undcr 1hc NMC unlcti~ payment of interrcl at surh ratr would be cantran• t~~ ap~liraMe 1:~~~, in ~~hirh evrnt wch ami•untc ~hal) txar intere~l at the highect rate Fxrmissihk unJcr ~pplirable law. N~~thin~ «~n~:~ined in ~hi. ~+araKraph 7 ch~ll rrquire Lender to incur any expence or take any artion hcreundcr. 8. lnspection. I cnder ma~~ maAr ~~r .:~u.c t~~ F+e madc r~a«~naMc rntrir~ u{~~~n .~nd in~pert~~~n~ of the Pr.~perty, pmvided iii.~t i~n~Et •ii.~ii j;~~~ fsi:iiuNt'1 ni~fi:c p~ii~r ti~ an~ wch im~x~h~~n ~~K~il~~~n~ rcau,nabic ~a~~tic Ihrrrt~~r r~falrU lu i.rnUt't ~ ~ntrrr~l in thc Propcrl}•. 9. ('ondemnatbn. Thc pn•.•red. ~~f :im• a~~ard .a rlaim f~~r ~tamacrc_ iiirec~ ur c~~meyuential. in a~nnection with any :undemnati~~i: ..r othcr taking of ~hr Pn~pcrt~~. ~~r par~ thrr<<~f, i~r (~~r c.~m~r~•anrc in I~ru ~~f r~~ndcmnalion. ar~ hcrchy accigncd :in~i ,hail hc paid ;i~ Lcndcr. In Ihr rvent i~f a li~tal talin~ uf Ihr Pn.~.rrn. Ihr ~n.crr.1~ .h:-II tx a~plic~l t„ Ihc ~um< <er~ircd hv thiti M~~rtgarC. Hith the i~re~s. if am•. E~.~id t~~ R~,rr.~wrr In ~hc r~rn~ ~~f a p:~rtial t:~~.inf ~~! !he Pm~-cr1~•. unle~~ Rc-rn~wcr and l.ender ~,thirHiu a~rrr in wntin~. thrn .hall fx a{~rh~~1 t.~ Ihr wm~ ~cruri.l h~ Ihi. 11~xt~a~:i ,u.h ~mp~•rtic,n ~~f thr prckecdc .~~ i~ ~yue! t~~ tha~ ~n,~~ni„n Whii•h thr am~~iint ~~( thr ,um~ ,r:urrd h~ thi. \t~~rt~a~e immcdiatch• ~rinr t„ thc datc of takin~ t-iarti to th~ fair markct ~alu~ uf 1hr Pr.~~xrl~ immr~li.~Irl~ rni~~ t~~ Ihr ~L~te ~,( t:~1.~nF. with the halance c,f the prc.ceed~ paid t~~ Borr~~H•er. If the Pr~~pertt~ i~ ;ihandn~e.l h~ R~~rm~~rr. ~~r ~L aft~r ne~tire h~• 1 rndrr t~~ R~~rr~~wer that tfie r~ndemn~r c~fierc m make an .~u.,rd ~.r ~cUlr :i cl:~~m f~u ~I.~n~.~~r.. B~~rr~~acr f.~~l. t~~ rr,~~nd t~• 1 cndrr Hithin i(1 il:~~. :~ftcr nc~ d:~tr ,uch n~,ticc i~ m.ulyd. 1 rn~i~r i. auth~~ri~rd t~~ i~•llrct and ap~~l~~ thr ~n~rred~. a1 1 cndcr'. ~,~ti~,n. cithcr u, rectaratiun ~~r rc{+air ~f thc Pr~,~rt~ ~~r t~~ thc .um..r:urrd h~ thi~ \1~~nzacc l~nl~:~ 1 rn.lrr :~nd Barr.~HCr olhcrNi.r aer~~ in ~~rili:it• :~n~ .~~rh :~~rl~r:~ii~m nf ~nx~eed~ t~~ rrincin:~l .h~ll n~t e~tend c,r p.~:t~~~~ne ~hc dur ~1.~tc .~f thr murithh in.~.Jln~r~t. nfrrr~d t~~ in ~:iraKr,~~h~ 1 and ~ hcre„f ~u chan~~ thr am„unt nf tiurh in.tallmcnl. 10. Borrower \M Relea~ed. F~trnsii~n ~~f thc i~mr f~~r ~.i~mr~it ~~r nu~difir.~ti~,n ~.f :imc~rtiiati~~n ~•f ~hr wmc ~rrurcd M• th~, \1.~rtca~a _l'~aMrJ M~ 1 rnJ~r lr ari~• ~u~'rc~~~~r ~n ~nlr~r.t ~,f R~,rn,~rr .hal) n„t c~reratc t~~ r~l~:~«. iti :m}~ m:~nncr. th~ hahilit~ „f thr ~~riefn,~l R~~rr~nar: :~nd Rrrn•w~r'. ~u,:r~~~~r. in intere~f I ender ~hall n~~t F~e r~i~~iir<<I ti~ c~mmencc ~,r~~;rrJin~. ae.un~t wrh ,~ir.~•..~,r u~ r~fu.c t~. r~tcn.l t~mr f~~r p:~~mrnt ~,r i.thrrHi~c m~.dif~• amc~rtir.~t~~.n ~~f thc sumc ~c:~~rrd h~ thi: \1~,rtiag~ h~' rca~~~n ~~f .in~ drm.~n~! m:~dr M th~ ~~riz~nal R~•rn~H~r .~nd Rnrn,wcr'~ ~i~.cr~.~,r~ ~n imcrc~t. I1. Forbearanre b~ I.rnder \ot a N'ai~er. •~~~~ (rrhr,~~,~r~,r h~ I i•ndcr in i~rrci~in~ ,~m ii~ht ~~r rrmrd~• hrrrundcr..~r „~h~rw~~~ .~tT,~rdrd h~ a~+pliiahlr i:~w. .h.~ll m,t tx .~ H.,~~rr „t ,,r ~+rriludc thr r~rrri~r ~~f .~m ~uch riLht ~,r rrrned:• Th~ ~rck~urrmcnt c~f ir~~uran~r ~,r ~hc ~.:~•mrnt ~~f t.~~r~ r~ ,~thrr !~rn, .~r ~har~r• h~ 1 rnJrr .h:ill n~,t Fx .~ ~.:~~~•er c,f 1 cn~irr's riChl t~• :frrelrr.~te Ihr maturil~ ~~( Ihr indehlydnr~~ .~'_urr~1 h~ Ih~. \1~~rtL.iLc 12. Remediec ('umulative. •\!1 rrmcJ~r~ ~rc~.~~iril in thi, \t~~rte:~ce .+rr ~ii+tinrt :~ntl iumufati~'i t~~ :~n•: ~+thcr rieht ~r remrJ~ ~inJrr thi~ M~~rtt.~~:< <~r atT~~rd<<1 1.~ I:~N ,~r r.~u~n .:n.t m.~~ h~ r~rrr~,r,1 :,~niurrrntl~ ind~~xndentl~ ~,r •.r.~ir..i~•rlc 13. Succe~~on and :1ltiiknc Buu~d: Juinl rnd tic~cral 1 i:ihilih: ('aptiom. Ihr <<•~r:iantti :~nd .~~rr~mcnt. hrrcin i~~nl:unr.i ~hall hin~i. :,nd chr richr. hrrrundir ~h:Jl uu:ir t~~ tlu• :r.nr.-~n.• .u,rr~.~,n :~nJ a«ivn~ nf 1~•n~irr .~nd R~uniucr whje~t f~~ ~r,~• ~~,~,~.~,~~,, rf F~aracr:i~~h 1' hcrr~~l \Il ;~~~rn.~nh .~n~1 :~irrrmrnt. rf R~~rr~,uer thall hr i~~ini and .~~ir.~l The rapti<~n, .~n~l hca~iin~. ~.f Ihr F•:~r.~~r.~rh. ~~f thi. \t~~rtc.~~r arr (~~r :~~~~~rnirnir ~~nl~ .~nJ :irr ~u~t t~~ Ik uud t~~ m[crrrct i~r dcfine thr rm~i~i~~m hrrr.~f. 14. \otice. E~:epl f~~r :~n~ n~,h:c rryi~irrd im~irr .i~ ~~li,:~hli I.~u !.~ hc c~c_n in an~~thcr m:inner. I:~J .,nt• n~,ti.~ t~~ Bi,rr:~wcr ~r~,~~drd .`.~~ in thi. ~1i~rtiac~ ~hall t.i e~~~•n h~ ni.ulin~ .u.h c~,~Iicr h~ ,crtificd m.iil .~ddrr~.rd tr Ri~rm.~rr at the Pr~~~rt~ A~idre.. ~~r at .urh ~~thrr :~.idr«. .~. B,~rr~~.,rr en.~~ J~~fen:~~r h~ n;,tirr t~~ t rn~icr .~~ ~,n~~i~i.~1 1,crein: :in~i fh~ am n~,ti~r t~~ 1 rnJrr .h.~ll Fx ~i~rn h~ irrtifi~.l m.ul rrt~,rn rrcr~~t rcyu~t.tc~1 t~• 1 rr~lcr', ad~lre~ti s~:~trd hcrrin t~r to ~u.h ~~ther :~ddre.c :~~ 1 enJ~r,mp~ Jr~ie~i:itr h~ nrti.c t,• R~~rr:~ti~~r .~~ ~r.~~~deJ hrr~:n ~~n~ n~,ti~~ ~n~~•~dr.i f~x in thit \t~~rt~agr tih~l) tk ilc~med t~• h.~~i hrrn ti~~#i t~~ I;~.rr,~.~rr :~r I rndir ~~hrn ~~~en in thr manner ~1e~ignated iirrcin I5. l'niform ~1ort~a~e: Gu.erninQ ta..; tie.errhilit~. Thisformofm~rtgagecorabinesuniiurmco.~e~antsfornativnaluse and nun-uniform ec»•enants with limited ~ anations b~• jurixliction to constitute a uniform securit}• inswment co~~ering real property. The state and local law•s applicable to this !~lortgage shali be the law~s of the ~urisdictiun in w•hich the Pn~ert~~ is located. T~:~ foregoing sentence shall not limit the applicabilit}• of fecieral law to this mortgage. I^ the event that an~~ pro~~ision or clause of this Mortgage or the tiote conflicts w•ith appl~_able law•, s~ch conflict shall ncK afTect ather pro~•isions of this Mortgage ~~r the Note which can be gicen effect Hith~~ut the rnnflicting provision, and to this end the pro~isions of the M~rtgage and the N~te are declared to be se~~erable_ 16. BorroNer'c ('op~. Bvrr~~~,~rr ,h.~ll hr fun~:.hr.l .~ ,.~nt~~rn:c•~l ;~,~~ „I thi \n(c .irx1 ~~( thi~ ~1.~rtca~i af thc timr ~~t C~r.trtion ~~r :~fler rr:~~fd.~tiun hrrc~~f 17. Tran~fer of the Propert~: ,~~~u~nption. it ,JI ~~r :,::~ ~~,~rt ~~f th~~ P~~~{~rrn ~~r :~n ~mrrc.t thrrrin i. .~,Id <~r tr:~n.fcrrrcl h~ H~~r!„uir uilh~iul l rnd~r'~ ~n~~r ~~.*tttr:i ;~~n~ir.1. r~_l,~iiine ~.~~ th~• ~rr.~h~~tt ~~f .i lir.^. ~~r en.nn~hr.in.i ~uh~~rilin.etr t~~ th~, `1~srte:~kc. ~h- the rreah„n ~~f .i ~+ur~h.~.r mnnr~ .e:urN•. ;nt~rr~t !rt h~~u,ch,~f.f a~pf~.~n~r~. Ir~ .~ tr,in~fcr h~ devicr. Jc,crnt ~~r h~~ ~~~xt.~ti~~n ~,f I.i:+ :i~~~n thr .ic:~th ~~f .~ i.~:~~t tc•n.inr ~,r i.l~ thc ~ranr ~~f an~ I~.~~rh~~ld intcrr~t ~~f thrrr ~~.~r~ ~~r letc n~~t ~rnta!nine an upti~~n t~~ ~:urihacr. I en~lr: r,i.~~. .~t 1 rr.drr'• .,~,,,,~;. ,i~•~i.,«• :~II chr .urm ~r~!itrd h~ thi, \1~~Ttc:+cc t~~ }x immr~ii~teh duc :~nd ~a~:+hle 1 rnder ~hail ha~r ~•.,,.r.1 .~~.h ~~~t~rn t,~ a~ic•Icr.~ic ~f. ~ ri~~r t.~ the •:+!r ~,r tr.~ntf~_r. 1 rn~ler .m:i thc pcr~~~n t~~ ~h~~m rhe Pr~~prrt~ i. t~~ hc .,~I,f ~~r tr.~n~!rrrr~l rr;~,h ,~crrrmrnr 1n ~Anr~e~ th.~t t'~r ~rc,lrt ~~f .uih ,~cr.rn i..:~tisfact~~n t~~ I rn~lrr .~nd th.~t th~- intrrr.t ~.i~.~hlc ~~~~ thr .!un. .r~urc.l h~ thi. ~t~~rt~~:~tc <•h:~l~ hc at s~i~_h ratr .+~ 1 rndcr ~h.~ll reyue~t If 1 en.fer ha~ Ka~~eJ thr ~~rhrn t,~ ,~,~~li•r,~~i ~r~~~ii1c~1 ~n Ih~. ~.~r:~~ra~h 17. :~rn1 ~( R~,rr~~Hrr~ ~u~~i~~~~r in tmere~t he~ c~ecutr.f a wntt~n :~stium~~:~~n aerre~:irnt a;:r~~trd in tiri;inc ht I rnitcr. I.e~.1er tiha!! rrlea.e B~~tr~.ucr frc~m all ~~hLs:at~i~n~ unJrr thi~ !11~•rtF.icc and thr \~~tc I! I cndrr e~~ri~~r. ~n~h ~~~h~~n t~+ :~~~i•Irr:+!r. I rn~1~•.* ,h.~il me~l R~~rr~~~,~i•r n~~h.e ~~f .~c~cl~raurn ~rr ;~.~~.nlanir ~+ith ,~.~r.~kr.~~ii !1 herr+~f Such n~,tiic .h:~~l ~r.~~i.lr .+ rrn~~~! ,~t nt~t I~.. ih.~n z(1 ,i.n. in~m th_• d::tr thr n~~ti~~~ i, m:~ilyd with~n ..h::h H~~rr~~~.~rr m:n E•,n thr .um. dr.l.~r~~i ~1ur It ft,~rr,~.,rr '.rl. ~~, G,.~~ ~~i.!+ .:~ni. pr,;~r t~~ thr ~~~~rr.iti~~r~ ~~~ ~~i.h ~~ri~~~. f rr~lrr fll.~t. `.~i1Fl;,ist furthrr n~•h.c ~~r ,ia•m.~nd ,~rf It,~;n~.+,•• ,n~.~~l.c :+n~ rrmedir~ Fxrmiltc i h~ ~,aracra~~h l~ hcre<~f. ti~~~-~ ~IF(~Ntit ('u~F~~~rti Krrr~~Nrr ~n~i I cn.ler furth~~ :~~~cnant ,inJ a¢rrc ~ti f~ll~~wti 18. Acceler~tion; Remedies. Except a~ prmided in para~raph 17 hereof, upon Borrow•ers breach of ~m co~enaM or aKreement of Borrower in thic ~lortxa~e. includinR the co.enantc to pa~ when due am sums secured by thic ~1ortRa~e, Ltnder prinr to ~cceler~tion ~hall mail notire to Borro~+er a~ pro~ided in paraRrapb 14 hereoE specif~in~: (1) the b~each: (2) the action required fo cure such breach; (31 ~ date, nol lec~ th~n ~0 da~~ (rnm the date Ihc nolice is mailed to Bormwer, b~• +vhich such breach must be cur~d; and 14) Ihat failore to cure ~uch breach on or t-efore Ihe dale specified in the nolice ma}• result in acceler~tion nf the cums cecured b~ Ihi~ ~1orlRaRe, foreclo~ure b} judicial proc•eedin~ and ti~le of N:r Properfy. 'ilu notice ~hal! further inform Borrower of the ri~h1 tu reinrlate afler acceleration and the riRhl fo a~sert in the forcclosure proctedinR the non-exitilence ot a default or an~ uther de(enu of Rurm..er to accrleration and toreclosure. If Ihe breach is not cured on or before Ihe date specified in the n~~tice. Lender a1 I.ender'c oplion ma} declare aU nf the ~umti secured b~~ this ~1oARa~e io be immediateh due ~nd pa~able wilhout further demand and ma~ foreclme thi~ ~lortka~e b} judicial procerdin~. I.ender •h~ll t-e entiNed to collect in wch proceedin~ all etpemeti of fnreclo~urr, includin~, but not lir~iited le. reaconable attorne~'s feeti, and costc of documentan e~idence, aMtractt ~nd litle repnrtti. 19. Borr•-wer's Rsx:~i =O Reintitate. \~~jLlltfi:i,ii~~itttL ~ Ci~~it'f ..t~:cit'id11~~11 ~`~ I~ll' ~IIRI• ~Cl!I(CU i~~ ifll• ~~/~f1t'd(7,l'. fi~~rn,u~r ,h.~lt h.~~c ;hc ti~hi t~~ h.~~i .ui~ ~n•;c~•.iit~:~_ `~c~un t•~ I cu.1c•r !~, ~n(~~r.r !h!• \i~>rtg.~gc diti.~,niiriue~l e! .;i~ Timc ~-.:;~351 t~~f 1988