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HomeMy WebLinkAbout0926 1~•n:irr'. ~nnrn agrecmen~ .~r eppl~~~hle law Hurruwrr shall pay the am~>unt uf all mortgage insurance prcmiums in the msnnrr pr.~v~de~1 undrr pa~aKraph 2 fiereof. Am am.~untc d~tihursed b~• I enJrr pur.u3nt to this pansgra{~fi 7, ~.~th uiterect thereon, shall become additional ~n.l~h!ednr+~ ~~f H~~rre~urr tircurcd h} th~~ \1~~rtgagC l'nlc,. Bormwer and Lender aRree to other tetms of payment, such amu,~nt. ,h,ill hr pe~ahlc ~~p.~n ni~u:r (mm 1 rnder t~~ B~ur.~~er rcyueti~ing pa~~ment th~rr~f, and Shall bear interesl from the ~i.,re ~1i.hiu.rment at tfic r:~te pa>ahfe fr~~m timr t~~ time ~~n outstandinR pr~ncipal under the Note unless payment of intere~t a~ su~h ratr wc~ul~1 he ce~nirar~~ t~. appli~able la~. ~~i wh~ch event sitch amc.unt~ tihall bear intere~t at Ihe highest ratt permis~ihh un~lrr appl~cablc la~. T~uthing :i~nl~inc~1 in th~ti par,igra~h 7 th~ll rrquire I.ender to incur any expense or take .~m action hcreundcr 8. IntiQection. ( rn.lcr m~t m.ik~ ~~r :.~u~r t~~ hr m:,de re,~u~nah?r rnlnc~ u~.~n and int~+rcti~~ns ~f the Property, provided th.,t t rn~ler ~h.~ll ~~~r R~~rr~,.~er rn~h~e pri~~r t~ am .u~h ~n:~~~r~~nn ,~~r~~l~~n~ rr,~s~~n,tihte c:+use thercf~,r related t~ Lendtr's ~ntrrr~t in thc Pm~crt~ 9. ('ondemn~tiun. Thr ~r~~,~r~l: .~n~ ~~~.ud rlaim f.,r .i:im:icc~. ~1frc~t ~,r r~,n.equ~Mial. in ronnection with any .~,nilimn:~ti~,n ~~r ~~th~r t.i{,m~ ~~f thc Pn~F,crt~. ~~r ~art thrrr,•f .~r f~~r .,~t»r~.m.~ ~n liru ~~f irr.demnatinn. are hereby aasigned .in~l .h.~ll h~• ~a~d 1~~ ~ rnt~ir. l~i Ihc r~rnt i~f a trl:tl I.~km~! ul tht Pn~~~'ri~ Ihr ~ r~~,'eril> >hail h~~ .~~~~~!i~•~1 t~~ ~hc ~umt ~ccured b}• thi~ MortgaRe. ~+Ih th~ r.:~.~. if ,~m~. r.~id t.~ H~~rr~~~~rr 1n thr r~rnt ;~f a~~rti:el t.il.in~ ~~f th~ Pr~~rern~, unle~t Aorr~wer and I.ender ~~Ih~r~~i~i ,s~rre in tiritin~ th~rr ,h:~ll h~ a~~pltr~i lu Ihi wmti ti~.uriii h~ tfi~, ~1~utk.i~;t tiuCfl ~fO~orlton of the proceeds .t~ cyu.,l t~~ th,it rr~~~+~~rti~~n «hi~h th~ .~nn~nnt rf thr +um~ ~~.ure~1 h~ th~~ \t~~rte:,~c immediateh prior to the date of tak~nc h~.i~~ tt~ t}~~ fair m:ukrt ~.~lur ~~f tht Pr~.~.rrt~ ~mnie~l~atel~ ~n~~r t~ thc .I,~te ~~f t.il~in~; with the halancC of Ihe procteds p.+~i1 t~• B~~rn.~ccr. li the Pr~~~er~~ ic :ih:~nd~~rm,i h~ H~~rm«cr. ~~r ~f aft~r n~~ti~c h~ 1.n~ier B~~rr,~wer that thc condemnor offers to make .in .~~+.ir~1 ~~r ~eltlr a rl:~im f~~r ~l.irn.ier, B,~rr~~~~~r (.nl. t~~ re.~~~n~1 h~ 1~n~i•! ~+ithin i(1 d~}•s ~fter [he dale tuch nntice is ~n.~~Ir~3 ~Lrn~irr i, auth~rir~d r~~ i~~llr.t ~nd a~~~~ rhr E~m~rrdt at t cnder'~ .,~ti~n. either t~ re~toration or repair of tht I'rnrrrt~ ~,r t~~ th. ~um..~:+irr~1 fi~ tM, ~t~~r~L:~ee l'nlr,~ I cn~lii .~n.1 B~~rn,~.rr ~•;hcn~i.r aerrr in •.,riti~~ ant• ~u.h .i;.E~l!~,~tic~n ptc~:ceds lo principal sfiall nat extend ~~r p~«t~~~ne Ih~ ~1u< <i,~te ~~f ~hr m~~n~h!~ in+t:~llminh rrfrrr:d l~~ in r.+r:icrs~h~ 1:~nd Z herenf or change Ihe 8mount of .uih ~n~t~lim~nl~ l0. BorroNer tiot Relea~rd. 1~tcnv~~n ~~f the t~mc t~~r ~~~mrnt ~~r mi~difz:ati~~n c.f amorti7ation of the Sumc ~ccured ht th~. ~1~~rte.iLr erantr~l h~ I rrJrr r,~ anc ~i:~.e~~~~r ~n inl~rc~t ~~t 8~rrn~~rr ~h.+ll nc~i e~perate t~ release. in any manner, thr Ii,~h~Gt~ ~~t ~hc ~~ri~:in.~l R~~rm..rr .i+i.i H~~rrr~rr'. ,~i.ir..~+r. in intere~t t rn~ier ~hall n~t he required tc. commence Fir~~.ri.linC~ :f~.ii(l~t ~ui}1 ~uicc~u~r ~~r rCfutic Iu C~tcn.1 Iim~ (~~f (~:i~nl~,nt i~t}1Cn~~~~ m~dif}~ am~~rtiiati~.n i~f !YiC Stf!11S ~r;urr~1 h~ thi: ht~~rt~ace h~ reau~n .:rn demand madr h~ thr ~viRma~ A~~rr.~~+rr ;~nd B~~rrower's cucCCti~ort in intert5t. I1. Fnrbearancc b} Lender \ut a~~~ai~er. ~n•, f~~rhrar.~n~~ h~ I cnder in r~erric~n;~ ;tm right ~.r remedt• hcreunder. or ~~Ih~rkne .itT~~r~leJ h~ a{~~!~r;~htc F,~~~ ~h,~l! n~~t he ~~',~i~tr i~( ~~r rrecludc' th~ etrr~ice of am wch tight o~ remedy. Thr (~m~nrrmenl c~f insur:in~r ~~r thr {~e~mrnt ~~t t.i~~. ~~r rthrr liem ~u ,har~« h•; 1 ender ~hall nM he a~+aiver of Lender's riehl a_:.~Icr.~tr thr matunt•: ~if th< <ndrht:dnr.~ ~~_urc.1 ht ±fii~ \1i,ri~aer 13. Remedies ('umulati~~e. ^II r~mc.iir. E~r,~~~~lyd i~~ thi. ~t~~rtc~c~ :+-r Ji~tin~i :lnd ~iimiilativc t~ an}• nthet right or r~mr.f~ undrr thn \trrte.~cr ~~r :ifT,~r~ir~t h~ I:,.~ ~~r ryuit~. .~nJ m.~~ hr ~~~rr~:.~~J <<~ncurrrml~. independentl~• or succetsively. 13. Succeticon and :~.,iKn~ Bnund; .loinl end Se~etal t.~:~n~i~r.: (~aption~. -Ihe ;mr^ants and aRreement~ herein .~nta~nr.! ~hall hinil. :~nc1 thr rikht~ hemtmdcr ~hall ,nutit t~~. th~ rr.~r;t;~e ~n~:~~~~~~r~ and us~ign< <~f 1 ender and Borrower. .nhject tc+ rh~ ~,r~~~i.i~~m ~~f paraer;irh her<<~f •~II <<~~rn.~ni~ .+n~l a,rrrmrnt~ ~~f Bnrn~wer~hatl he j~~tint and several. "The :a~ti~~n, ,mJ heaJin~. thr ~:~r:~er,~~h~ ~~f this 11~~ttC:+~r arr f~~r ~.~nvrn~rnce ~nh~ an~1 .ire n~~t to be uSed to inter~ret ~~r detinr the ~r~~~~.i~•n~ h~re~~f. 14. \olice. F~~e~t f~~r :int' nc+t~re rr~i~irrd ~~n~ier .+~plicah!~ s~~ he ~~~en in anMher manner. (a) anY notice to B~~rr.~~tirr rr,~~ided fi~r m tfii~ \1~~r~t~:~,~ ~h.~ll h~ zn~n h~ m.ulin~~ ~u.h n~~t~~e h~ rert~fied m~il addret~c:d to Borrower 3t ! thr Pr:~E~~m r~.idre•. ~~r ~t ,u:h ~~;h~r :i~ldrr.. ,n fi~~rn~u~r me~. de~i~n:~t~ ht ni~ti~e t~~ I cn~ler as pr<~vided herein. and !h~ :~n~ ti~~I:.~ t~~ 1 cn~t~r .h.~11 h~ ~i~~n h~ ;ir~itii~t m.ul. ri;~irn r~~~~~t rCy:i~.(:'~l. I~~ ! ender~ti ad~lrCtt stated herein c~r t0 ~uch ~~tt~rr ;~~l~ir<« I rnJcr m,~~ Jr.ier.ate h~ n,~ti:~ t~~ N~~rn+ucr .tti ~r~+•:~de~t hcre~n :~m m~tire pruvided for in this ~t~~rt_~.~~~~ ,h,ill hr ,leemrd ~r h.~•.r hrrn ,~~~~n t,~ fl~~rn~~~rr ~~r t~•nder ~.~hen g~~.rn in thr manner de.ignated herein. 1~- l nifurm ~1urt~ake: Gn~crninQ I r.?: Sr~crabilit~. f h;, f,~r~r: uf ntnrr~~~~~ ;i~mhinet unif~rm :n~•enants f~~r nati~nal ;~,c .tn.i n,~r} tinif,,rm c,,~enent. ~..ith ~ir~>>t~~,! ..~n;it.rn. h~ ,....,h.t~~~r~ t,~ .;,nst~t~~te a unif~irm te:unt~~ intitrument Cnv?r~(1$ ' rt:~l ~r~~~~rt~ (hi. \li~rt~.iC~ ~h.i!' hi ~,,~,~•rn~~1 th~• !.i~~r, f !hr ~t,n.~li:I~,~n +n ~.c}:iih the Pr~pert• n ItK3ted In 1f12 % ! <<i'nt ~h.,t .u,~ ~'~~~'i~i~~n ~,r ~I,iu~~ rt t!~i. \1,+rtc.t~r .~r ~hi ~~~nt~i.t~ ~.,iih .,p~li:.~hlc lata ~uih ~~infli~t tihall not afiect ; ~~thrr ~r~~~i.i~~n, ~~f ih~~ <t~~ftCeCC' ~~f thc• ti.~t~• ~~h , t; „in h_• _ ~~~tht~!tI thC i(lrl~iCht1R ~r~~~i:inn. and IO th15 d ~~~1 th~ ~ r~~ii.t~~n~ ;hr \1~~sIt~:lic .~n~1 tfii \~~t~ .ar~ ~fi~L~rrt1 h~~ .~t~er.~hl~ ~ 16. BorroMer'c Cop~. B~~rn~~.~~r .h.,ll h~ furn~~h~;3 _~~~~t.~rm~~ ~c'p~ .~f th~ tirte a~n1 thi~ ~1~rtgage at the time ~~f e~rr+~tion ~~r ~fter rc~~~rd,iti~~n herr,~f ~ 1T. Tramfer oi the Prnperl~: :1«ump~ion. If al! ~~r ;~.~rt ~~f rn~~ P;~~pcrn ur .~n ~nterett thrrein i< <<~Id or transferred h~ Rc,rr„~rr ..ith,~<<t [enclcr'~ ~r„~r .~nts~~, ,,~n~~:>> r~.!:.;.1i:,~ ihe :rrat~~,~ rf .1 lien rr enc~imhrance wborJinate to ~ thi, ~1~~r(kace. th1 the ~reah~~n ~;:r.~~.~~r m,~n~~ .r.ur~r•. ~ntrrr+t f~~r h,,u;en~~l~i ctp,l~ance~. (~1 a ttantler ht' devfse. ~ ~9~.~'ent ~•r h~ ~~E~rr.ih~~n ~~f I.~~.~ :;~~~r th~_ .'~:~th ~~t .i .,t •rt~.~n; ,~r ~he ~r,~m ~n~ les«hc+ld interest of threr cears or less F n~~t ~~~nteirins: an ~~~ti~~n tn E~~:r.hatic. 1~n~ie~r m.:~. .~t I cntler'• ,,~+~i~~n tle~l.irr ali ~h~ .um~ ~~rured hti th~s Mortgage to be ~ ~rnrnr,l~.~t~l~ duc .~nd pa~.~hl~• ! rnd~•r .~~..~!I ~i.,,r ~~.,«~~1 .,,.h ,~~t;.+n t, :~rcelrrate ~ti. ~ric,r t~~ the ~~le or transfer. l.ender i , ~ .in.i the prr~~•n te~ uh~~m ;h:• Pr~~~rrtt i~ t,~ ,;.i ~~r tr.+n,trr.c,l rraih acrcrmrn! ~n ur~t~n¢ th.~t th~ tredit of ~uch perton K c.iti~f.t~t~~r~ Ir I en~lrr ,~n,t th,~: thr intrri~s ~;+~.ihle ~~n thr ~~irn~ tie:ured h~ !h6. ~t~~rt~.~ge ~h3!I be 3t st~ih t3te a5 Lender ~ ~hal1 reyue~t 1f 1 ender ha~ µ:ii~cJ Ih~ :~~t:~~n a~~il:r,~t~ ~m~ide~3 ~n Ihi~ p:~r;~eraph 17. an~l if Berr~µ~er't sucCesSOr in - ~nr.rr~~t h.~~ r~ecuied -a ~ntten ss~um~t«~n s~reement ~c:c~te~l in urinnz h~ f en~fer. Lender sha11 rele~~e B<~rrow•er from ail ~ ~~hlic,ih~~m un~irr th~~ ~i~rtc.~ce an~ thr tiri~ If 1 endrr c~er~ite: ~u~h r~hnn t.~ ,~..cler.~!c. I ci~lrr .h.:ll mail B~rr~~+er nohce ~~f ac.elerati~n in accerdance with = rar,,gr.~~•h 1~ hereof S~i~h n~~tice ~ha11 ~-•ru~~cle ~rn~~~l ~~i n~~t les~ than z~ ~fa~ti fmm the date the notice i; mailed within ~ .+h~rh Brrrr~~er ma) ~a~ the ,um~ ~le.!.~~e.i .+.~.:r It R,,rrr;•er t.t~lc !i, rs~ .t+ch ~~+m~ pri~~r t~ tfie expiration ~f ~uch penod, i.~n~!er ma~. tiith~~ut fnrther nnti~~ rr ~irmand ~~n Fi:~rr.n~er. !n~<~F,e .im rrmcd~es ~ermitte:l h}~ ¢aragraph 1R hereof. `\~,v-I ~trok~t ('~~~Eti~tiz~ Bc~rr~wer :+n.i 1 en~er f~~rtfier c~~en:~rt and aRree as 1~flows IS. lcceleration: Remedies. Except a~ Qro.ided in para~raph 17 hereof, upon Borrower's breach of ~ny covenani or aKreement ~~f Borroµer in Ihi~ ~tortRaQe, includinR Ihe co~enanfti to pa~ .~hen due anq sums secured by this Mortgagt, Lender prior tn a:celeration shall mail notice to BorroKer as procided in p~raQraph 14 hereof specifying: (1) the bnach; (2) the action sequired tn cure such bre~ch; (3) a date, not lesc than 30 days from the date the notice is mailed to Borrower, by which such breach mu~t br cured: and (4) that failure ta cure such 6reach on or beEore Ihe d~te specified in the notice may resnlt in acceleralion of Ihe sums secured b~ Ihis ~1ortQa~;e, foreclosure br judicial proceedin~ ~nd sale of the Property. 'Ilu notitt tihall further inf~rrm Borrower of the riRht to rein~tate afler acceleration and the riRht to zssert in the foreclosurc proceedlnz the nnn-eyi,tence of a defauft or am other defen~e of Borrower to acceleration and foreclosure. lf thr bres?ch is not cured on or before the date specified in the notice, Lender a~ [.ende~'s option mat declare all of the sums secured by tfiis',Nortgage to be immedialel~ due and payable without further dem~nd and ma~ foreclose this MortRage by judicial proeetdinA. Lender sha11 be entitled to collect in cuch proceedinR all expenses of foreclosure, including, but not limited to. reasonrble attorMy'i fees, and cottti nf d~xumentan evidence, abslracts and Iitle rrports. - 19. Burro~er's Ri~ht to Reinstate. \~tuith5tandi~~, LenJe~'~ acceleratu~n c~f the sums secured by tfi~s Mortgage, Hnrn~wer ,h.~ll he~e the nght tu have am pn~cee~l~nFt he~un h~ Lender tn enf~~rce Ihis Alnrtgage discontinued at any time g~~~~~~ p~ ~zs ~ ~ _ ; ~ _ , ~ _ e~ ~ ~ ~ ~ ~R . ~ ~ -