HomeMy WebLinkAbout2705I.cnJer's writ~en agrerment or appli:aMc laN fiurruNrr shall pay thc arnuum uf rll mortga~e insurance premiums ~n the
ma~rter pmv~JcJ under pa~agraph 2 he~cof_
Any amounts di~burscd by I cndcr pur~uant to this par.igraph 7. w~th intcrc~t thercon, ~hall txcomc addi~ii~nal
in~lebtedrnsc uf HurroH~r cecured h~• ~hi~ Mort~;agr l'~ile.~ B~rro~crr :m~l I rn~fer agrec M othrr termc i~f payment, ~uch
amounl~ chall hc payahle u~x~n n.~icr fr~~m I rnd~r tu B~~rr~~Hrr rcyuc.ling pa}•mcnt ihcre~~t, and ~hall Fxar intrre~t fr~m thc
datc ~f di.hurscmcnt at ~hc ra~r pa~•ahlc f~~~m timc tc• timc ~~n outctandinR principal undcr Ihc No~c unlc« payment of
imerect at such rate WouIJ be conlran• t~~ applirable I;~w, in ~h~rh <<~em ~uch am~um~ ~hall hear interect at thc highect ratc
~xrmissihlc under applicablc law. N~~thing c~nlaincd in ~hi. par.~tir.~ph 7~hall rcyuirc Lcndcr lo incur any erpense or take
an~~ action hcreunder.
8. Inspection. I.endcr ma}• makc ~~r iau,c t~ hc madc fca~~~nahlc rmrir~ urun and in~pcrti~~nc ~f the Propeny, providcd
th=~t I ender ~hall give AorroH•er notice pri~~r to am wrh im~xc~ua+ .~xrif} ing rraci~nable c:w~e themfe.r related to I.ender's
intrr<<t in the Propert}'.
9. Condemnation. Thc pm:crd. ~~f am• :-~ard ~~r rla~m t~.r Jamaccc. dircrt i~r c~~mcyurntial, in c~nncclion with any
rondemnation ur other taking of thc ProFxrty. ~•r part therr~~f. ~r for c~~m~r~•anrr in lieu of condemnati~m. :~re herehy ac~igned
an~l .hatl 1+~ paid to [.cndcr.
In thc c~•ent nf a I~~tal tal,inG of th~ Pn•prr~~~. th~ ~-n-«~~lc ~hall hc arplic~l t~~ ~hc cum~ cccurcd hy thie !~t~r1g:~Rc.
with thc c~cccs, if an~~, paid t~~ R~~rr~~Hrr In ~hr cvrnt ~~f a p:~rti:+l la-.in~ uf Ih~ Pmpcrt~~. unlc« R~rm~cr :~nd l.endcr
~,then~i~e aRree in H•ritin~. Ihere thall tx appl~r~1 t~~ thc ~um~ ~rcurr~l h~• thi. M~xle:~~~ ,uch propurti~n ~•( Ihe prcxeedc
az i~ cyua) ti, that prnEx~rtii~n which Ihr :im~,wq a( thr .um~ ,r:urcd hy this \1~~rt~a~r immcdi:uclr ~+ri:~r ~~~ thc datc of
taking tx:x~ to the fair markr~ ~~alur ~~f thc Pm{xrt~ immr~liatrl~ ~ri~~r to the ~l:-te i~f taF.~n~. with thc halancc ~f the pmcced~
paid t~~ Bormwcr. -
lf the Property i~ ahand~~nc~1 M Rnrmwrr. ~~r ii. aitrr n~~ticc h~• 1 rndcr t~ A~~rr~~H~cr Ihat Ihc rnndemn~r ~fTcrs tc- makt
:~n aw~.ud ~~r ~ctll~ a rlaim hu dani:~~r., B~•rr~~wcr f:~il. t~~ rc~~x~nd ti• I cndcr within if! ~fa~ti aflcr Ihr datc ~uch nnticr i~
mailed. Lrnder i~ authori~rd ~~ ci~llrct and :ip~•lr thc pr~~:eedc, at Lender'c ~~pti~n. eilher t~ re~lorati~~n c~r repair ~f the
Pro~xn~ ~,r 1~~ thc wm~ u~urrd h~ thi~ M~~rteagc
Unlccti 1 cnJcr and Born.~cr ~~Ihcrui,r a~;rrr in ~~ritinL. am~ ~urh applir.~ti~m ~~f prcxccdt to ~rincipal ~hall n~t crtcnd
~~r ~ntp~~ne the dur d;~te ~•f thr m~nthh imtallmrnh r~fcrr~d la in ~aragraphti 1 ~nd 2 herci~f ~x chang~ thc amount of
~uch imtallmcnt~-
10. BorroNer Nol Released. F~trn~ic~n ~~f the tinu f~~r p:~~mem i~r mc~dificati~~n ~f amarti~ati~n ~~f the wm~ eerured
h~• th~. M~~rt-age granted h~~ ! ernler t~~ ant• wcre~u~r ~n inlrre~l i~f B~rmwer ~h:~ll nc-t ~{x~rate 1~~ releace. in any manner.
Ihr liab~lii~ ~~f the ixi~;inal B~~rm~er :~nd B.~rn.w~r'~ ~ucrrt,~~r~ in interetit I ender ~hall n~~t he reyi!ired t~~ c~mmence
~r~.cee~ling~ agaimt wch ~ucrr»~~r ~~r rrtu.r U~ ~~ten.i ~im~ f~~r pa)'mem „r otherwi~e m~.dif~~ am~,rtiiati~•n ~•f Ihe cumt
~rcu~rd h} thi~ l1li~rtgagc h~• rca.nn i~( .im drm:iml madr ht thr ~~rieinal H~~rri~H'er :~nd B~~rri~ucr ~ curcr~.~~r~ in intcre~t.
i 1. Forbearance b~• Lender \ot a Wai~~er. ~1n~ f~~rh~ara~ecr M 1~•nder in c~rrritine am riFh! ~~r rrmrd~• hrrcnnder. ~.r
„therv-•i~c :~fTorded M• applic~Mr i:iN'. 1Fl:tII m•t txr .i w•ai~rr ~~f ~~r prerlude the r~rrcitii ~,f :~m ~uch right ~r remed}•.
Thr prckurrmc~t ~f in~ura»rc c~r thc p:irmrm i~f ~a~rti ~a ~~thrr l~em ur rharet~ hv 1 cndcr .hall n~t hr a u;~ivcr i~f I.ender's
right t~~ ar~rlrr.~tc thc maturit~• ~~f thr indcht~•dnr~~ .rcurrd h. thi. \1i~rtg:~cc.
12. Remedies Cumul~live. .qll reme~li~c pm~id~d ~n thi, ~I~~rt4:~ge :~re ~ii,tinrt :~n~l rumulati~•c t~~ a~i. ~~thcr riQht ~r
rrmc.i~~ i~n~~r thi~ M~•rt~.~~;r ~,r• afh~rdr~1 h~~ law ~~r cyuitt. .~ni1 m:+~ hr ~~cr~iu.1 r~,ncurrrmh•. indc~xndcml} <.r ti~irce~~ivrlc
13. Succrccon and A»iRns Buand: Joint and Se~errl I.iabililr: ('•rption~. ~I~hr ci~.rnants ;u~d a~rrrmcnt~ hcrcin
r~~nt~i:z~1 tihall hin~l, and thr ris~hh h~reundcr ~h:~ll miirr t~~. thc rc.~«h~c +ucc~~~~~n and a«ien~ i~f I cn~icr ;~nd R~rm~cr.
~ubj~ct M Ihr pmvitiii~m i~f ~aragr~ph 17 hcrc~~f All _ucrn.~nt, :~n~! :~ircrmrm. ~~( Rr,r<<,~ccr ~h:~ll Ix i~~int :~nd scvcral.
The ca{+tium anJ hcadinE. ~•( thr par,~Lra~h. c~f thi~ \l~~rt~.~s;~ arr f~~r ~;~m•rn~rncc „nl~~ .~nJ ~rc n~~t t~~ hc utcd ta
intc~pret ~~r dCfinc thr pm~ ici~mc h~reof.
14. lotice. E~cept f~~r am• nMirr reyuirrd un~lrr a~~~lir:~hlr I:~:. t~~ h~ c~•~e~ in anuther manner. fa1 :~m• nc~tice to
Anr;uwcr pn.vidcd for in Ihi~ ~1~~rtiace ~hall tx ~i~rn h~ mailin~ wih r.~~l~r~ h~ rrrtificd m:~il :id•Jre~~~J tu Ri~rru~~cr at
thc P;~~Exrt~~ Addre.~ ~~r at wrh .,thcr a~ldrr.. :~~ R~~rnn+cr m.~~ dc~icn:~tr h~• nulicr t:~ 1 cn~lcr at pn~~~i~1~d hcrrin. :ind
Ihl am notirc to LrnJer tih~lt tx ~i~rn h~ ~rrtifir.l m:~i{. rrti~rn rrcc~~t reyu~~~tc~f. t~, 1 cndcr'. ~dJrr~c statrd hcrrin i~r to
~u~h uthcr addre~ti a• l.~ndcr ma~ dr~i~natc h~ n~~ti:r t~~ B~~rr~,~~cr ati rr.,cidcJ hrrr~n. Am n„ticc pr~~vid~~1 f~,r in thi~
~1~~ngagc sh~ll Ix deemed ~r ~~:~~c h~cn L~~rn t~~ 13~}rr.~~+rr ~~r I rnJrr ~.hrn c~~cn in the manner de~iFnatcd hrrein.
15. l'niform 11orlKa~r, Go~erninR t.a..; Se.erabilih. This form of mortgage combines uniform co~~enants for national use
and non-uniform covenants with limited ~~ariaUons by jurisdiction toconstitute a uniCorm security inswment covering real property. The
state and local laws applicahle to this Mortgage shall be!he laws af the jurisdiction in which the Pr~rty is located. The foregoing
sentence shall not limit ihe applicability of federal law to this mortgage. (n the e~•ent that any pro~•ision or clause of this Mortgage o* the
Note zonllicts with applicable law, such con4lict shal~ r:ot afTect oLher p: o~~:sions of this Me?tgage or the Note w•hich can be gi~~en e_ffect
without the conflicting provision, and to this end the pro~isions of the Mortgage and the Note are declared to be severable.
16. BorroNer's Copy. Borr~~Hrr ~hall h~ fnrni~he~! .~ .~~n(~+rmcd i~~~~~ ~~t th~ \~~I~ an~1 i~f thi~ ~1i~rtcag~ :rt th~ Iimc
r( e~ecutior i~r after rr.urd~tic~n here~~f
17. Transfer of the Pmpert~: A«omption. If :~II ~~r an~ {•,~rt ~~f thr Pr~~rcrt~• ~~r an ~nterc~t thrrcin i~ .~~ld c~r tran~ferred
h~ Borr„KCr wrth~~ut I.c~dcr'~ pn~~r wriurn ~~~n.rnt. r~.lu.iin~ i.~i thr crr.~ti~,n ~,f :~ licn ~.r eniunthr:in~c ~uh~,nlin:~tc t~~
thi~ M~rleage. Ihl the crealii~n ~~( ,i purih:~~c mrrse~ ~rcurit~ ~r~t~rr~t f„r h~,u~2h~ti1~1 :ippli:~nrr.. 1~1 a tran.frr M de~•ise.
de.crnt or M• ~~peration i~f ~.~~+ up~~n the .irath ~~f .~ i~~~nt trn:~nt rr~~ii the kr:,nt ~~f .~n~ Ir;~tirh~.ld intrretit ~•f thrr~ ~•earc i~r Ie~c
n~,t cc~Maining an ~plion t~~ purrhasc. 1 enikr m.n. .~t I rndrr'. ~~ri~un. drelarc :~il th~ tium, ;ciurcd hc this ~1~,rtgacc t~, hc
~mrnediateh' dae and pa)•ahlr. 1 ender ~hall h:~~e ~~.~~~rd ,~i.h upti„n t„ acrrlrratr if. ~•ri~.r t~~ Ih~ ~ele ~~r tr.iritfcr. 1 ender
.inel Ihe ~rton It~ whi~m ~he Prc~~xr(~' i~ Ir hr ~i~IJ ~~r Ir.~~~f~rrr~l rcaih .iLrecrn~nl in ~+ntiiiE that tiie crr~ltl i~f ~tirh ~er~t,n
i~ sati~factier~ t~ I.cn~irr and th:~i thc imerr~t ~:~c:,hlr .m thc tium~ .r:urrd h~ thi~ 11~~rt~~aEc ~hall hc at sii~h r~tc .~~ 1 cn:lcr
~hall rcyur~t. If 1 endcr hati w.u~cd thr ~~ph~~n t~, :~crrlrr.itr, pn~cidc~ in thi~ r.iraeraph 1?. and if B~,rm~+'cr'~ ~u~cc~~~,r in
~nterect ha~ executcJ a written assumptu~n :+~rrement a.rcF~trd in ~rinri~: hv I enJer. I.cn~lcr thall relra~e Bi+rn~wcr from all
+~blieati~~nti un~lcr thic M~rtR:igc and thc tintc. ' •
If fender e~.erri~e~ ~uih ~~ptinn te, a~celcr.~~r. I rn:lrr .h.~ll ineil B~~rr„tiarr n„t~ce ~~f :u.rlrr~ti~~n in a.r~~rd:inrr uith
E~:uaEraph 1J here~?L Such n~titicr ,h.~il ~r~n~Jr :~ ~rn~~~1 r~~ m,t lrc. than ~(1 J.i~~ tr~~m th~ datr the n~~licc i, m:~iled ~+ithin
Nhich B~,rn~tier mat pa~ the wm~ ~Icr1.~r«+. ~iur !? B~~rrr•..rr t.ul~ r~. pac ti~irh .um~ ~ri~,r tr th~ r~~ir.~ti<~n .~f ~urh ~eriud.
I cn.icr m:~~. Hithuut furthrr n~~hcc r.r ~i~m:uid ~~n ti~Vf~~NC(, fllcul,r an~ rrrnrdi~~ ~rmattr.i hc ~araer;,~h !ti hcrc~~f.
\o~-l'ti~tute~t (~i~~F~~~TS H~~rre~wer and Lender further cc~~en:~nt and agrce as foll~~w~
18. Acceleration; Remediec. F xcept as pro~ided in para~reph 17 hereof, upon Borrower s breach of an~ co~enant or
aRreement of Borrow•er in this ~iort~a~e, including Ihe co~enantti to p~~ when due ~n~ sums ucured b~~ this ~tortRa~e. I.ender
prior to acceleration shall mail notice to Borro~.er a~ pro~ided in paraRr~ph 14 hereof specif~•inR: (t) the b~each; (21 the acfion
reyuired to cure such breach; (3) a date, not lecc than 30 da~~ fr~~m Ihe date the notice is mailed to Borrower, by which such
breach must be cured; ~nd 14- that failurc lo cure roch breach on or t-efore Ihe date tipecified in the ootice may result in
acceleration of the sums secu~ed b~ thic ~1orlRaRr, forcclowre by judicial proceedinR and sale of the Property. 'ilu notice
tih~ll further inform Bor~ower of the riRM tc~ reimtate aiter ~cceleralion and the riRht to a+sert in Ihe foreclosure proceedinR
the non-e~islence ot a detault or am other defenu ~-t Rorrower lo acceleration and foreclosure. If Ihe breach is nof cured on
or before the date specified in Ihe rtotice, I.ender a1 I.ender's option ma~ decl~re al) of the sums ucured b}• this ~1otl~aRe to be
immedi~tely due and paJable Nithout further demand •rnd ma~ foreclo~e thiti ~tort~a~e b} judicial proceedinR. I.ender shall
be entilled to collect in ~uch proceedin~ al) expenties of foreclo~ure, includin~, but not limifed to. reasx-nable ~ttorne~'s fees,
and cosh af documenf.:r~ e~idence, abstr~ch and litle reports.
19. Borrower's Ri~hl lo Rein~t~fe. tirtHrth~l,~ndin~ ! rn.irr ..~~:clrr.~tn,n .,~ the ~um, ~ciurC~1 h~ ih~~ ~1orl~:.~gc.
H~~rruwcr ~hall h.~~c thc n~ht t~~ he~c .in~ ~n,irc.i~n~~ hr~•in; h~ 1 cn:irr tr cnt~~r:r thi. •1~~rtKa~:c Ji~i~~nUnur.1 aI :~m iimc
~. :`~~ .351 P~~E Z7~1