Loading...
HomeMy WebLinkAbout2761~~~ j !.J 1 ~n~1~r'..~ratcn ag~~~m~nt or ~pph~+l~l~ L~H 11~~rr~~ti~rr ,hall ~+:~) ~hr am.~unt ~,f :ill m~~rt~.~g~ in,u~.u-~r prrntiun~, in thr n~.~nnrr r~„vidr~t~und~r ~~a~~~cr.~ph ? h~rrol :~m anu,unh ~li.hur~~~) bv I rn.kr ~tui.u.~nt t~~ thic {~.~r.~L~:~ph ~. ~~~th ~oirrr.t th~r~ut-. .h.~ll hri~,mr additirnal in.lch~rdnr...~t It~~r~~~~~rr ~rcu~~d h~' thi. \1~-nLa~~ 1'nk.. H~~n~~~~rr an~l 1 rn~kr .~zrrc u~ ~~thri tr~m~ ~~f pa~•mcnt. wrh :un~~unt..h:~ll Fk {~.~~•aMc u~•~~n nc~li:r frum i rnd~~ t~~ B.,rr,~~~rr rr.~ur~tin~ E~.~~m~•iit ~hrrr~~t. an.l .h.~ll -k.u intrrr.~ fr~•m ~hr .I.~ir ~-f ~li.hur,rnlint at thr r.itr ~.~~•ahle Ir,~m ~im~ t~• t~mr rn rut.tan:lin~ r-~~,.~~:~i undcr th~ T~~~tc unlc.. pa~~mcnt of int~rr.t :~t cu:h r,H< <~~~ul~l F+~ i~.nlr:ut~ tu :~~~.Ii~~Mr L~~~. ~n ti~hi.h ~~•cm ~urh :~m~~unt~ ~h:~ll ~xar intcrc~t :~t Ihr highctit r:-tc_ p~rmit~iMr undrr appli~abl~ la~~. T~uihin~ run~:iinr.l in ~hi, p.~r.~~r,~ph 7.hall rcy~ii~r 1 rndrr ~u inrur an~• r~~xn~c or takc ~~~~• action hrrcundcr. tt. Imprc~ion. 1 rn~lcr ma~• m.~{,r ~v :.~u.c t~, l+r m:~dr rca.~•naMr cmri~. nr.~n :ind in~~x.ti~~n. „f thr Pn,~xrt~•. pr~,ritlc~l 1h.~t ( ~nder ~h:~ll Li~~ B~~rn~~~cr n~Hic~ ~rii~r lo :m~ .u.h imF•rr~u~n ~(k~iOm~! rcau~n.~hle :attt~ thcr~f~~r r~1:UCd t~~ 1 cnder'~ mhr~~t in Ih~ Prr~xrh'. 9. Condemnation. Thr pr.kecd. rf :~m~ :~.~:~rd ~~r rlaim f~•r ~L•~mae~;. ~lircci ~,r r„n.cyucnti:d. in crnnrrti~,n ~~~ith :-m• :~~ndc~nnatiun ~~r athcr tai:ine af th~ Pro~kr~y. ur par~ ~hcrc~~f. ~•r f..r rumrv:mrr in lieu ~~( ~.~ndrmnatiun. :~rn c~r.h~~ :~<.icncd an.l .h.~ll hr ~aid. t5~ I,rn~rr. In the c~•cnt~~N a total ta~:in~ ~•f ~hc Pn•pcri~•. thc ~n-:erds ~h:~n t-~ :~rrr.~i t~~ thc •iim~ ~.•.urcd h~• ~hi. \1~~rtF:~~c. ~~ith Ihr r~cc~s. if :~m•. ~+.~id t~, &~rn~wrr. In t~r ~~•cnI ~~f a ~artial ta~.in~ u( thc Pro~xr~~. unlr.. R~•rr„~~rr and 1 cndrr .~~h~rwi.r a~re~ in ~~rit~ni•. th~r~ ~hall Fx aprli~d t~~ th~ ~um+ ~~cur~.l h~ thi. \1~~rlt:t~~ .-~~h rn~~.~rti~~n ~,1 thr ~~rocccd~ ac ic iyu.~l t~• that prr~+.~r1i~~n ~~hich thc am~~:mt c-f ~hc sum. ~r.urtd h~ ~hi~ ~1~~rt~:icc immt~liatrl~ rrirr tn thc datc ~f takin~: tx.~n to th~ fair markrt ~•alu. ~-( thc Pro~xrt~• imm~di.~t~h~ pri~,r tc~ thr ~i:~Ic ~~( t:ikint. ~~ith Ihc b:~l:~n~c ~~f thc prcxcc~i~ ~aid t~• Borrc.~~•cr. If thc Pm~t~• i. ;ihandi~ncJ h~ R~~rm~~cr. ~•r if. aftcr n~~tirn c~ 1 rnd. r t~~ R~~rr~~w•cr that thr rnndcmnor ~~Rrrc t~ makc an a~~.~r.t ~~r ~~uk a ~I:~im f~•r .lam:~~:~,. R~•rr~~w~r lail. t~~ rr.~.,nd t~~ I rndrr within i11 d:~~. :~ftrr Ihc ~I:~t~ ,uch n~~~icr i~ m:~ilcd. 1_rnilrr i~ auth~rit~d t~~ r~•Ur~t and ap~}I~ thr pnkcrd.. at 1 cndcr'. u~ti~~n. rithcr t~~ rc~t~~ration ~,r rc~:~ir ~f thc Pro{k•n) ~•~ 1.~ thr ~um..r~urcd M Zhi~ tiort~:agc. ~?~~le;. 1 cmkr :md Borri~~~~r othcn~•i~~ agmc in ~~ritin~~. :m~ >ii~h a~~~lir.~h~~+~ ~•f pnk~cd~ t~~ prinri~el ~hall n:,t c~tcnd ar pc,~tp~~nc thc du~ ~tal~ ~~J th~ mon~hh~ in~lallonm~ rrfcrnd ti• in r:ira~r,~~h. 1:~nd '! hcrcuf ~~r rhanLr 1h~ am~~unt nf ~uch ~n~tallmrnt~. 10. B~rox•er \nt Released. F~Icnsion c.f thr ~imc f~•r rarment c.r mi~dificati~~n ~f :~mi•rli~atii.n i~f Ihe wm~ ~ccurcd M• th~. \1~~rt~aec cr.~nlcd t+~• 1 cn.hr t~• ~m• .u~r~~~~~r in int~rc.t ~~f Bi~rmwrr .h:Jl n~•t i~~x:ratr ti~ relcatc. in am• manncr. thr fi.~hilit~ ~tf tht oriei~t:+l Borrower cmd R~~rruw~~r'. aiccr~.~~r. in im~rect- ( cnder ~hall n~t he reyuirr~l t~+ r~~mmenre ~,r~.r~c.lini~ ag.~mct wch .uccc~c~.r or refu~c ~r cctcn~l ~imr f~•r pa~~m~i~t ar ~thcr.~i~r m~•dif~• :~m~,rtiiati~,n ~~f thr sums ~c~urrJ hr thi~ 11~~!igat~~ h~• rca~rn ~~f :~m~ dcmand m:id~ h~ thr ~~riLinal Borr~•~+~r and Bi~rrc~~~•cr'c ~urcr,~~•n in intcrev. I1. Furbearance M• I.ender \ot a~Yai~er. :~n~ f~~rtxaranrc h~ 1 rnder in c~crci~inti am• ricM ~~r rcmtd~• hcrc~mdrr. ar ~~thrrH~i~r afTarded h~ spplirahlr law~. .h:~ll m,t Ix :~ w':~i~•cr ~~1 e~r preclud~ the ~~erciu ~,f am ~uch ri~hl ~,r remed~~- Thr procurrment c.f incuranrc or thr pa~•mcnt o( ta~r• ~~r i~thcr li~ti~ ur char~r~ h~' I rndrr .hall nc-t Fk :i ~+:~i~'cr ~~f 1 cn~icr'ti ri~ht t~~ ac:rlrrat~ the maturitt• ~.f thr ind~Mrdne•, .c_:+rrd h~ thi. ~ir.nLaLr. 12. Remcdiec ('umulati~•e. 111 scme~lit~ pm. idcd ~n ihi. ~I~•rtgaKC ar~ ~li.tinct ~nJ rumulati~r t~• :~m ~•thcr riLht ~~r rrmr~lc unJrr thi. »~VI::.tLC l~f .I~iVl~~a~ ~~\' ~.i~\ .~r ryuin_ .mJ m:f\' hl' C\l`fi1~C~~ c.~ncurrrnth~. indc{xndcml~ ~,i ~tt:ii.~l\Y~\' 13. Sueeescorc and At~ikns Bu~ind: Joinl rnd Se~eral I.iabilih: ('aplions. Thr c~»•cnant+ and :itrrrn:rni. h~rein r.•n~ain~d tihall hind. :~nd thr rieht. hcre~indcr ,hall inurc t.•. thc rc.p«livr ~urcr,~.~rti and a~ci~m ~,f 1 cn~l<< .~n~ Rorn,~~cr. ~uhjrct t~. thr pm~i.u~n. ~~f r:~r.~gr:~~h 17 hcrr~~L :~II ~~,~•~n.u~t. :~nJ :~~~rrrmrm. ~~f Borr.~~~•cr +h:ell tx ir~nt :~nd ~c~cral. Th~ ~a~ti~~n. :~nJ hra~iinL• ~•f thr p:u:~craph~ „f thic \1~~nc:~gr arc f~,r com~rnirnr< <~nl~~ anJ arc rn~t t„ hc uacd to ~mcr~•rct ~~r dcfinc thc ~r„~i :i~~n~ hrrcot. ls. \Micc. E~.cpt f~~r am• notirc rcquirrJ un.lcr ar~,lir.~t+tr Li~~ t,~ h~ gi~•~n in :~n~~thcr manncr. Lt~ an~• notice to 13:~rr~.w~r pru~iJ~J f~~r in thi~ ~ic~rtgace shall Fx gi~~cn h} mailin~ w:h m~ti~r h~ irrtificd m:~il :iddre~~~d t~~ R~~rnn~cr at thc Pr.,~xrt~~ :~.Idre,. ~~r :~t .uch uthrr addrecti ac Ri~rr~~~.•cr m:~~ dr.iLn.~t~ hc n,~iirr n, 1 ~n~lcr :~~ ~mvi~lyd hrrcin. and (hl am n~~ti~~ t~~ I riider ,h.ill he ~i~rn h~ rcrtifird m:ul. rrturn r~criE~t r~qur.t~il. t~, 1 r~i~i~r'. adJr~c~ a:-trd hercin ~~r ta ~uch ~~ther :iddrc~. :~, I enJ~r ma~ d~aignate b~ nrtice t~, B~~rr,~«rr a, ~•r,•.~dr~l hrrrnti. -\~~~• n.~ti~r rn~~•id~.l f~,r in thi~ ~1~~ntae~ ,hell tx Jccmrd t~~ ha~r Fxxn gicrn tc~ Rc~rn~~~~r .~r 1 rndcr :~hrn en~n in th~ manncr ~Ic~ienatcJ hrrein. I5. l~niform ~iortKa~e: Governink i.aw: Se~er•rbilih. Th~~ t~~rm ~~t r~u.rtga_~r cc~mhinrc uniforrh ~a~~en~nt. f~~r n:iti~,nal usc an~l n~~rrunif~.rm c~nrnan~. :~ith limilr.l ~ariati~~n. h~ ~urn.l~:ti.~n i~~ :~~n.t~tin~ a ~~niform K~UffI\' Ili~~fUOll'IlI rmcring rral pr.~~xrt~. Thi~ 1lorlti:~zc tihall Fk c~•~rrncd h~ thc I.~H ~~f thc iuri.Jirl~~~n in ~ahirh thr Pmr.r1~ i. L~;:dcd. In lhc cecrt th:~t :~n~• ~r~~~~i~i.~n ~,r claiiu ~,f thi. ~1~•rt~~~c~ .~r ~hr \,.tr ~rnfli:t. ~~-th :~priir:sMc I:n~. ,uch c~~nfliit .hall n~! a(fc~t .,th~r pr~ni.i~m~ ~~f ihi~ ~1~•rtL:~zr ~rr thr \~.t•,• t+fi~~h c.+n h~ ~_i~~tt ~~F~:t +~i!h„ut thc r~,nfli.•~in`_ rrrni~i~~n. and In lhis ~nd Ihe ~n~~i~i~~n. ~~l thr \lrrte.~~r :~nd thr \.~+.~• .,rr .ir:l:~rrd !~~ }K ~r~•rraMr. 16. Bam-wers~Cop~. Borr~•~~ri .h:~ll hr futn~.h~.l :~ i.~nt~~rmrd i~~~~~ .~i thr \~~I~ anil i.f thi. ~lvrti:~~~ :rt ihc limc .~f c~r:ution ~~r ::~trr rct~~rdatiun hcr~i,f 17. Trancfer uf Ihc Propet7): :'-~~umption. If :~li ~~r an~ {..~n ~.f thc Pr.~~rt~' ~~r ;m intcrc~t thrrein i~ .~~Id ~~r trancferrcd h~' B~~rr~~u~r ~ai[h~~ul I.rndcr'ti prirr ~~riilrn c.~m~iit. ~~.t:~:linL ~:~- thr rr~:~ti~~n c~f :~ li~~~ ~•r cnriimhr:~n.c tiuhor.linatc t~~ thi. ~1~~rtc:~gc. (hi thc rreation rf a ~ur~h:~.r nu~nr~ .«urit~. inlrrr~t f~~r h~,u.rhvl.l a~~+lian~c~. 1~- a tran~(rr h~~ dcvisc. de~r~nt .~r h} ~~rrr.~ti~~t~ ~~f Li~~ uMm th~ Jr:~th ~~t .~ i,~~n~ 1~»:int ~~r 1.1~ thr gr,~nt ~•f :~m Ic.iuhrld intrrest ~•( thrr~ ~•carc ~~r lcct ni.l ri~ntainin~ an ~~pti~~n tr ~ur~ha~r_ I rrnlcr ma~. .~t 1 ~eedrr'~ ~~{~ti~~n. dr.l:~rr all thr ,um~ sc~ur~d hc this ~ti,rtgagc to t+c' ~mm~Ji:itrlc due and pa)•aMr. I rnder ,h:~ll h:~~e ...u~~d .u~h ~~rti~+n t~~ :~ccclcr.~te if. rri~•r tr thc .ale ~r transfer. Lender an~i ~hc ~xr~un t~• whi•m thc Pn•~xrt~ i. t~~ tw .ulti ~~r tr:in~f~rr~J rc~:h a~~rcrm~nt in ~~ntuie that thc ~re.iit ~f wch pcnon i. c:~ti~fart~-n t~. I.rn.lrr :ind th:~t thr inlrrr.~ ~a~ahl~ ~~n the ~sim..r~urcd h~~ thi. ~i~~rt~:+ce ~hall t+e a1 snch rate ac 1_ender ch:~l! rc~~ue~t. If I cndrr ha~ w•:~i~•cd Ihr i~ptirn tr :~cccler.~tc (-n+~~idid in Ihi. par:iLr:~ph 17. and if Bi~rr~w•cr'c ~ucces«r in intcrc.t ha. c~ecutcd :~ uritten astiumpti~~n a~rr~~ment :~rcr~tcd in «ri~i~~c h~• 1 cnJcr. I cmler tihall relc:~~e Borro~~cr from all ~~Mieatic.m unJer thic ~1c.rt~aec and the ti~~te. If I cndcr ~~crci~~~ such urtii.n ti~ acc~lrr.~tr. 1 rn~lrr .h:ill mail Brrroticr su,ticc ~~f ac~clcrati~m in a~rnrdancc with ~ar:,graph i-i hrrc~~f. Such n~wcc .hall ~~r~~viJr :~ rrn~~.l ~+1 n~~t Irs~ than ?~ da~•. fmm thc datc th~ n~ticc i+ mailed within uhich B~,rr~~wrr mac ra~ thc wm~ dc:Lur.l duc If B~~rru.~rr l.:ih tr ra~ ~n~h ti~~m~ pri.,r tc. the ~cpirati~~n ~~f wrh pcriod. I.cmicr ma~~, .+itht~ut furthrr noti.c ~~r iicmand ~~n Itrrr~~..cr_ ~m~~~,r :~m rrmcdic~ Exrmrttcd he paragraph IR hcrcof_ ~io!~-U~~FOe~t Co~~E~.avTti. Bi~rrowtr and 1 enJcr further a»•enam and :~gree ac follows: 18. Acceler~tion; Remedies. Except as pro~~ided in paraRraph 17 hereof. upon Borrower's breach of any co~•enant or a~reement of Borrower in this ~iortRa~;e. includin~ Ihe co~eoants to pay when due an~• sums secured by this MortRage, I.ender prior lo acceleration shall mail notice to Borrower a~ pro.ided in p~ra~raph 14 hereof specif~ing: (l) the breach; (2) t6e actan required to cure such breach; (3) a date. not less than 30 da~~s frbm the dale the nofice is mailed fo Borrower. by vrhich such breach mus! bc curcd: and (4) that failure fo cure such breach on or before the date specified in the notke tnay result in acceleration of t6e swns secured by this ~tortRa~;e, foreclocure b~~ judicial proceedin~ and cale of the Properh. "Il~e nofice shall further inform Borrower of the ri~ht to rcinstate after acceleration and the right to asserl in tht foreclosure proceeding the non-exictence of a defautf or am• other defense of Borro~ser to accelerafion and fortclosure. If the bresch is not cnred on or before the date speci6ed in the notict. I.ender al I.ender's option ma~~ declare all of the sums secured by this Mortg~e fo be immediatel}• due and payable without further demand and ma~~ foreclose fhis MortR~e by judicial proctediteg. I.ender shsdl be entitlcd to collect in wch proceedin~ all expenses of foreclosure, includinR. but not limited to, rcasonabk attorney's fea. and costs of do~omentary e~idence. abstracls and litle repoAs. 19. Borrowet'a Ri~ht to Reinstate. Notwithstanding 1_ender'. accelcraUun of the sumc ~ecured by this Mortgage. Borrower shall have the right to have am~ proceedines Fxgon M• Lender to enforce this Mortgage discontinued at any time ~ ~ e~~x 348 p~~E 275y ~~~K ~8 P~ 614 ~ r .,,.,I~ 11Y~~~~rv~~J . '~~~~ ~ ~. __. _ ..,~ ~ ... . W . . . ~ 2'7n'7~fi2k _ ~ ~ ' ~''a ~~ ¢~* .