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HomeMy WebLinkAbout2020I.rnd~r'ti Nnurn agrecmcnt or appli.•ahlr law liurruwcr shall pa) Ih~ anwunt u( all mortgage inwr.~nrc prrmiumc in thr mannrr pruvidr~l unJer paragraph 2 h~reo(. Any amountc di~hursed hy 1 cn~lrr ~w.uanl t~+ ihis par.~~;ra~h 7. H~~h uitrrc~t Ihereon. ~h:~tl hcci~mc addilii~nal in.lrhr~dn~.~ of Bi~~~owcr sccurrd hv th~ti Mc~rl~age l'nlc~~ B~~rru~~~r an.l I rn~l~~ agtc~ li~ olhcr Icrm~ „f ~a>'mcnt. ~uch am~~untc ~hall tx pa~'ahlc up~~n nu~irc fn,m 1 rndcr t~, H~,rmwrr rcyu~~ting pa~•mrnl Ihcrc~~(. and ~hall tx:~r imrr~~t fmm thc ~t;~te i,( di~burzement at the ratr pa>•ahle fr~~m limc t~~ t~mc un rn~tuandinF principal under thc Notc unle~, payment of interc~t at such r.~te w~ou1J t+e contrarr t~~ ;-pplicable 1:~~~. in whirh e~•ent ~uch •rm~~uMs ~hall hear iMere~t :N the highe~t rate permissihlc under appl~raMr laa. N~~~hin~ ci~ntaine~l in th~. p:~r:~~r.~ph "l ~hall reyu~re I cnder to incur am• crpence ~r take aoy actian hcreunder. 8. Inspection. I.en~ler ma~ m.~~.r ..r .,~u.e tc~ he made rra.~,naMc rntrie. u~~i~n :~nd im{xrtirn. ~f ~he Pr~~Exm~. provided thal 1 enJer ~hall eiv~ B~~rrnw~r noti.r nrii~r to an~ w~h intiixctirn .~xcif~~ne rca«,nsble c:w.r theref~•r related tu I.ender'~ ~nler~~t in ~hc Pmperty. ~ 9. ('ondemnation. The pr~~~eed. ~~f am• a~ard ~~r rlaim (~~r ~iama~r~. ~lirec~ ~~r c~~n~eyurntial, in c~nnection with am~ r~~ndemnati~~n ~~r othcr taking ~~f Ihc Pm~xrt~•. ~~r part thcrr~~f. i~r fi~r r~~nv«•:mrc in licu ~•f c~~ndr~nnatiun, arn c~rchy a~cigncd an~l ~hall h~ pa~d to l.cndcr. - In thr•r~•enl t~f a t~~lal takin~ ~~f !hr Pr~~~xrt}. Ihe (~ruc~eilc ~hall t-~ a~~lirJ t~~ Ihe wmt k<<~red hv thi~ MortFaRr. Hith th~ rue~s. if an)~. ~aid t~, R~an~wrr In thr r~~n1 ~~f a p:irtial ~.il~n~ ~~f rhr Pmperl~•. unle~c B~~rn,HCr :ind I.ender ~~thcrwi.r aFicc in ~~riUn~ Ih~rr sh:~ll tx ;~~phril t~~ thc .um~ ~c~~~rr~i h~• thi. M~~rtcaFc ~ti~h pr<~~~~rti~n i~f 1hc prcxecdt ac ic ry~~c+l t~ that pm~x,rti~~n tihich thr am~~unl ~.( ~hc .um~ .r:urrd h~ th~. ~1~~rtFacc immrdi:~tch ~ri~~r 1„ ~hr datc of taking Fxarti tc• ~he fair markrt ~•:iluc ui 1hr Pr.~~rt~ ~mmr~f~atrl~ ~+n~~r tc. ~hr .1a~r ~~f t:~{.in~. with Ihe h:~lamr of the pre~ceeitti paid a~ Bi~rr~w•cr. If the Pmpert~~ i~ :~hand~nc~i h~ R~~rmwrr. ~~r iL aftrr ni~ti.•c hc 1 rndrr tc~ R~~rn~wr~ that the r~ndemn~r c.fTers t~ make an :iw•:~rd „r ~cttlc a ilaim fi,r d,imac~~. B~~rr~+~-~r f.ul. t~~ re.~,n~1 t~• 1 rndrt Hithin Z(1 ~+.:~~, :~hrr thr ~1:~tr wrh nc~ticc i~ ma~led. I.ender i~ authori~rd t~~ c~~llrrt and applt• thr pr~k~rrd~. at 1 endcr'. ~q,ti~n. either t~~ rectoratii,n c,r repair ~f the Pro~xn~ ~~r t~~ th; ~um..rrurcd h~ thi~ Mc~:t~acc l'nlr~~ 1 rnJrr and Borr~~HCr ~~thcn~ i.r aKrcr in ~~ ritinc. an~ .nrh ap{~lic::tit~~e nf prc .•icd~ ta, ~+rin~i~al ~h:ill n~t crtcnd ~~r ~x~.1Ex,nc thc dur ilatr ~~( thc m~,nthh dmt:~llmcn~. rrfrrrrd t~~ i~i ~ara~raph~ 1 and 2 hcre~~f ~~r rh:~ncr thr am~~~uit of .urh in~~allmcnt~ ~ 10. Borrower Vol Relea+ed. Evcn~i~~n ~~f ~he t~mr f~~r p:i~m~~t t~r mndifica~i~~n ~f amurti~ar.iin ~~f thc ~um~ serured h~• thi~ M~~rtiagr grame~! h: I rnJcr ~~~ an~• ~urcc.~ur in intrrr.t ~~f R~,rmucr ~h:~l~ n~~t c.Fxratc t~~ rclcacr. in am• manncr. thr I~ahilitc .,t Ihc ~,ri~in:il R~,rm~~rr :~nd B~~rn~wcr'. tu~rr..~~r. in intcrc~~ 1 rndcr ~hall n~.l F-~ rcyiiirr~l t~~ c~mmencc rr~kec~iing~ again~t wch ~ncc•_~~~~r ~~r rcfu,r t~, ~~trn.l tim~ fc~r pa~~mrnt ~~r c~lhcrHi~r m„dih am~~rur~l~un ~,f thc sumc ~c,urcd h~ ihiti M~rtgagc h~ rca.~,n uf .~m~ Jrm.~nJ medr h~ thr ~~ric~nal Rurr~~urr ::nd 8+~rruW~r'c ~~i~~r.~~~r~ in iMrrc~t. I1. Forbeuance b~~ I.cnder \~~t a K'ai~er. :1ii~ f~~rFk•:ir:~~~~_r h. 1~•ndcr in ~~erii~ine :~n~ rilht ~.~r rrmrih• hcre~mder. ~~r ~,ther~t•i~c :~tT~,rdeJ h~ applicahlr law•. ~h:~ll m~! tx .~ Wai~rr ~~f .~r pre~ludr the r~cr~i~r ~~f an~ ~urh richt i~r remedr Thr rrckur~ment ~f imuran~r ~~r the (~;~~•m~nt i~f t~~r, ~~i ~~th~r liem ~+r charCr~ h~ 1 endrr ~h:~H n~~t hr :~ ~+.~ivrr ~~f 1 en~1~r'S right t~~ a~relcr.~tc thc maturitp ~~f tfic indrhtrdnc.c .~.urrd h~ th~. ~1~~rtt;~~r 12_ Rernedin Cumulalicr. :~11 remcJic~ r~,~~„i«i ~n thi. ~t~~rt~.ikr are ~1i~tinrt and ;umuiati~•c t~ .~n~ .~thcr ri~ht ~~r rcmc.it• i~n~rr thi~ A1~~rt~:.~gr «~ a~T~,rJr~f h~ law „r ryuit~. .~n.! m:~~ tx r~rr~i~r.1 ~~,ncurrrnllt i~?.ie~xn~icntl~ :~r ~ii~i«~i~•rlc 13. Succeccon and :11tiiRm Buund: Joint and Se~eral 1.":ahilih: ('aption~. ~Ihr c:~~cnanh :~nd acr~~rmem~ herrn ri~nt~inr.1 tih;~ll hin~l. and thr richt~ hrrrundrr ~t~:~lt m~i~r t~~. thr rr.~x.ticr ~~~irr~.:,r. ami a~.~~m ~~f 1 rn~lrr :~nd B~~rr~,:~cr. ~ui+)«l ii~ ili~ (~i.•,i.tvn. ~~f E~.~1.~_l`t.~irll i' tic(C~~1 .~\ii ~i~•.c~f.utt~ :~nif :~ir.t'fncf~h i~i iSnlt~~Hi't •iieii ii~ ~~.~~ii a~iii .~lc'iai. 7~e ca~t~~~n. an~i hca~finL. ~~f thr p:ira~r:i~h. c~f Ihi~ \1~,~Iti.~~r an• f~~r :~~~-~~n~rn~~ ~,nl~• .~n~1 .~rc n~~t t„ Fx ~nrd tc~ mtcrpret ~~r definr th~ pru~~~i~m~ h~r«~f. 14. lotice. E~rert fe,r an~~ nMicr rr.{nircJ u~uirr :~~{~li~:ihlc L~~~ tr h~ c~~rn ~n :irn,thrr manner. /:~1 am• nc,tire M R~,rr~~wrr pr~~vided fi~r in ttii~ ~1i~rtLaLe ~ha~l Fk g~~rn h~ rn.ulini wrh nrtiir h~ rrrl:fed n~.ul ..ddre.,~i1 t~~ R~~rm~.~rr at thr Pr~,~ny Addre., ~u at wch „thcr addrr~. :i~ B~ur~,~cr ma~ d~.i~r~nt~ ht rn~~iii In 1 cn~lir ec rn~~i.k~1 hrrrin. .inJ (h1 am n:~tic~ t~, Lrn~icr ~h:~ll hc e~~~n h~ crr~itirJ m:ul rrtc~rn rrcr~E~t rryur~i.:.1. n= 1 cn.ter'. ~c3~}rc~~ atatrd hcrein e~r t~ ~.i;ch ~~thrr addr~t~ .iti 1 rndrr mat dr~ignatr h~ nnc~r t~~ B~,rr~,~~rr :~~ ~r.,-.~de~t hrrc,i~. ~~m n~~ti:r ~r~~~~dr.1 f~•r in !hiti ~1urt~agr tihall Fk ~ccmcd t~~ ha~c hrrn L~~cn t„ ff~~rr,,urr ~n I ~•ndrr ~ahrn go~~n in thc manncr .ic.i~nalru hrrrin I5. ("niform ~tortkake: Governin~ i.aw; Se.rr•rbilih. This form of~mc,rtgage combines uniform co~~enants for national use and ncxti-aniform coeenants w~ith limited va~ations by~urisdiction to consdwte a uniform secunty insvument co~ ering real propert~~: The state and local laws applicable to this Mortgage shall be the laws of the jurisdictiun in w~hich the Property is located. The foregoing sentence shall not limit the applicability of federal law to this mortgage. In the e~~ent that any pro~~ision or clause of this Mortgage or the Note conflicts w•ith applicable law, such ronflict shall not afTect other pro~ isivns of this Mortgage ur the Note w~hich can be gi.en effect without the confticting pro~~ision, and to this end the provisions cN the l~tor_gage and the Note are ~Jeclared to be se~•erable. 16. Borrower's ('op~. Rorr.~wrr .halt hr lurn;.hr,! ., :,•;if~~rmrd ~u~~~ ~~f th~ \i~tc .~rnl ~~f th~~ ~1~~rt~;a,•~ at !hr timc ~~f c~cru~ion ~~r aft~r rr~~~rcL~ti~,n hrrc~,f. 17. Transfer of the Pruperl~: :~ti~umptiun. If :~1! ~~r .,n~ ;.:rt ~~f thr Pn~~~rt~ ~~r :~n intcrr.t thrrc~n i. ~~dd ~~r iramfcrrc~l h~ Bnrr~,wrr K~ih~~ul i ender'~ ~n~+r t+ntti•n ~iinti•nL i•~..lt:~lin~ ~.i~ thr ~rr:~ii~~ti ~~f :~ li~n ~~r rn.~~mhr.~nii• ~uhi+r.~~t~.~tc t~~ th:~ V1i~!t~;.~ic lh- the crcah~~n ~~f :~ purrh.~~r nt~~ne~ :~iunt~ :nfrrt~t f~~r h~~~j.rh~~l~i a(~pli.uui~. 1~1 .~ tr~n~frr ht d~vis~. .1e~cent ~~r ht ~~~r~ti„n i~f Lr.~ u~~,n the ~ir:~th ~~t .~ ;~,~nt ten,~nt ~~r r;ii the ~r:uzt ~,f .~m Ir:~uh~,le1 intere~t ~~f thrrr ~r.~:~ ~+r Irct n„t ~c~ntaining an c~ptii~n t~~ rur~hasc. I en~lrr in.~~. .~t I rr.Jrr'. ,q,t~,~n. dccl;~rr :~II thr ,um. ~c.nrrd h~ th~ti ~1~~n~::~cc t~~ hc unrnc.i~etrl~• duc ~nd pa~'ahle I rndcr rh~l) ha~e «.~i~rd ~~~~h ~~pU~~n t.~ aci~lcr.~te ~f. ~ri~~r t~~ thc ~:+li ~,r tr.~ncf~r. ~ enJer .~n~l thc ~rs~~n t~~ whnm Ihr Pm~rrt~~ i. t~~ hr .~+l,f ~~r tr.ui~t~rrr~l riarh .~i~rrrmcnt in .+r;!in~ th.~t thr c.r~iit ~~f ~u~h f•cr.~~n i> »ti~fart~.n t„ I er~lrr end th:~t thr intrr~•.t ,,:~~.~hl~ un th~ .nrn. .r~ urrd h~ thi, \t~~rtL.~er .h:~ll he :~t ~nch ratr .~~ 1 cnder ch.~ll reyuctit. If 1 ender ha~ w:~~~•cJ ~hr ~~p!t~~n t~~ a:i~'rr.it~ ~ri~c~d«1 ~r~ thi~ p.~~.~Lr,~~+h 17. :~nd if B~~rr+:wrr~. .ur~«~,~r in ~ntere.t ha~ executed a:+ntten ascum~ti~~n a~rrrinent ;,~icE~trd in ~nt~ne h~ I rn~trr. L~n~1er ,hall relea~r Rrrr.~~~rr (rom ::I1 ~~hL~ah~~n~ unJrr thiti !~i~~rtc.~Ee and the ti~,te. I( ~ cndCf e~crcitic~ ~uch c,~U~~ti t.~ ac~clrr.~tr. ! c;i~trr .h.~ll n~.~il fi~,rn~~rr n.,h~~ ~~( .~rcclrr:~h~~n in :i:r~~rJ.~ncr ~~ith ~cu~graph 11 herc~~f Surh n~~hcc .heU ~ru~~~te .i ~rn~~~i ,~f ne,r Ir;. th.~r, ~11 ~I.~~. Ir~~m Ihe datc thr n~~ti~~ i. tn:~ilcd ~+ithln uh~~h B~xr~~~cr m:i) ~.~~ the wm~ ~1c:lerr.i ~Inr It (i:~rru~..cr !.i;l, tu Err. ~u.h .um~ ~r~+~r t~~ thc ~•~~ir.~ci~~n ~~t ~u~h ~xr:~,d. 1 rn~lrr m;~~. ~+eth~,ut furthrr n~,hic rr ~Irmand ~•n li:~rn,~~rr. ~n~~~l~c :ui~ rrcnrdic~ Fxrnuttr.i h~ ~~r:~gra~h 1` hcrr~~f. ~i~~-t'~tFOktit (~~~vfv~~TS Hc~rru~cr an~l 1 enJcr it:rthcr a~~cnent .~nJ :ittrrr ati f~~ll~~w. ; ~ ~ 18. Acceler~tion; Remedies. Fxcept a4 prm ided in pa:a~r~ph 17 hereof, upon BorroM~er s bre~ch of an~ co~ enant or aRreement of Borrower in this ~1ortQa~e. includin~ Ihe cu.enantc to pa~ when due ~m sums secured by this titortRa~e, I.ender prior lo aeceler~tion shall mail nnlice to Bormwer a~ pro~ided in paraRraph 14 hereof cpecif~inR: /1) the b[each; (2) Ihe action required to cure such breach; (31 a date, not lesc than 30 da~~ trom the date the nolice is mailed lo &-rrower, by »hich such breach must be cured; and (4- ~hat failore to cure cuch breach on or Ixfore the d~te specified in ~he notice mar• result in acceleration of Ihe cums secured b~ Ihis ~1nrlRaRe. (oreclu~ure M jodicial proceedinR ~nd s~lc of the Properh•. The notice tihall further infurm Borro~er of the riQht to reimtate afler acceleraliun ~nd the riRht lo a~cert in Ihe foreclosure proceedinR the non-exislence of a defauit ur an~~ other defenu of Rorru..er to acceleration and foreclosure. If Ihe breach is not cured on or before the date specified in Ihe notice, I.ender a1 I.ender'c opti~-n ma~ declare all of the sums cecured b~• this ~1ortRa~e fo be immediatel~ due and pa}able witfiout further demand and ma~ foreclotie thi< <1ortKa~e b~ judici~l proctediuR. i.ender shall be entitled In cullecl in tuch proceedin~ all e~pemeti of foreclo~ure, includinQ, but not limited to, reawn~ble atlorne~'s feec. and costs oi dacument~n e~idence, alnt~acts and title reportti. 19. Borrower's Ri~ht b Rrintitale. \ntHith~ten~i~ne 1 cr~~trr ..~.:rlcr,it~~~n ~~f thr ~;~m~ ~ccure.i M~hi~ 11~~rtgegc. li~~rn,w~r ~hell h~~c the nchi t,~ ha~r .~n~ ~rr;rc~i~ii,~. '~c~~~in i.~ I rnJrr t,~ cnf~~r.~ Ihi. ~ti~rl~t.i~:c diuc~~ln~u~J ~t am hmc ~ :'~~ 351 Y~~t~016