HomeMy WebLinkAbout0934 f.ender's Hnurn agre~ment ur apE.li"ihle la~~ H~~rn~~~er shail pa}• the amount q[ ~~.mortgage ipsurance prrmiums in thr
mannr~ pr.+v;dc.f under parag~aph hereoF .
An)~ amuunts dichursed h} ! en.ier ~~urtiuant t~~ ihis p:u:igraph 7. ith interest thereon, ~hall hec~~me ~dditic~nai
iiule~+tedne.. ~~f Rorro~~rr cecurrd h~ thi. Mart~age 1'nle+. H~~rrv~~er anii 1 en~ler agrce to other term~ of paymenL such
amiiuntc shall he pa}ablc up~~n ni~ticr fn~m 1 rndrr t~~ B~~rn~~~er rryue.ting payment therr~~f. and ~h:~ll hear interest fmm the
~iate ~f di~bursemcnt at tfie rate ~,~•ahle fr~m time te~ time un ~~u!standing principal under the Note unlesc payment of
interest at such rate ~~outd t?e contrar~• t~, ;tipplirable {:i~~, in Hhich event euch amnunts shall hear interest at the highest rate
~ermissible under a~plicahle la~+. N~•thinc contained in thic paragraph 7 shall reqt~ire I ender to incur any e~pence or take
:~m• action hercunder.
8. InspecKon. I.ender ma~ mal.e ~u rauce to he macte rea«nahle rntrie~ u~+on and inspectii~na of the Pr~~perty, prnvidcd
that 1 ender shall gi~•e A~~rro~~~er n~ti;e prior to anr sucfi in.E.ecUi~n ~pec+f~ ing rr.~s~.nable caeise therefor related to i.ender'c
intcr<<t in thc Ampertt.
9. Condemnat3on. The ~nk~eedc ~.f am ;~~~:~rd ~~r claim fur ~lama~ea. direct i~r c~~neequenti~l, in rnnnection w~ith an~•
condemnatit»~ ~~r othrr taking ~~f the Propert~•. ~~r part thercnf. ~~r fi.r c~.n~e}ance in lieu of condemnation, are herehy aseigned
.in~i tihall hc ~aid to l cnder.
In the e~~ent ~~f a t~~tat takmg uf thr Pm~ert~•. the pr~~rec~le ehall he a~+{~lied to ~he ~ums ser~~red bp thi~ MorigaRe.
.~itfi the etcess. i( am. ~+;iid to I3urrr~~~r. 1~~ ihe e~~ent rf a ~~artial ta{.ing c~f the Pre~E•ert}~, uniecc Aorrower and I_ender
~~then~i~e agree in ~.riting. tfierc ~h:i11 he ap~~lir~1 t~, the .umc aerure~l h~ thic Mc~rteagel~~M*toPorti~n of the proceeds
as i~ eyua) t~ that prc~p~~rtirn ~~hich the amuunt c~f the eum< <eruied hr thi5 ',11i~rtgage immediately~ pri~r to the date of
taking beart to the fair market ~•alue of the Pr~~rer~~ immediatei~• pric~r to the Jate of taking. ~~•ith the balance of the prc?~eeds
raid t~~ Borrrni~cr.
if the Pr~.pe~n• is ahand:~ned ht R~~rr~~~~rT ~~r if. aftrr n~~tice h~~ 1 ender tr Brrmw~r that the condemnor ofTers to make
~n auard ~.r ~etNe a~laim fc~r ~anr,~gc., Burm~~er fail. t~~ r~tiM.nd t~~ l rncier wilhin ~(1 da~•~ ~her thc date ttich nMice is
m:+iled. i.ender ie auth~riTCd t~~ cnllcrt and ap~l~ thc ~r~kc~ds. ~t ! endcr'a ~~lion. cithe~ to restciration ~r repair of the
Pri~~xrn• ~r t~i thc sum~ ccrur~d h~ this 1~tc~ricae~
l'nles~ I rn~.ler and B~~rrr~+er other~tidv agree in ~~ritine. an~ ~u~h a~+~licc3tie~n ~f ~re~ceed~ t~ principal shall not extend
,.r Ex~et~.~ne the due ~1ate ~~f thc monthlc installmrntc referrrd to in ~aragra{~h~ 1 and 2 hereof or cfiange the amcnmt of
.~:ch ~~~talin~entt
10. Borrower ~iot Rele:~sed. i?~teneion c•f thc time f~~r ~~~~ment or nu•dificaticm ~f amurtizatinn ~f the sums secured
h~• thie M~•rtgagc granted h~~ l en~ier t~~ am• au.:ce~crr in interett of B~•rro~~er ~hall nai ~perate t~ rclease, in any manner.
the liahiiit~ ~~f thr ~~rieinal R~~rr~~Hrr and B~~rm~~rr'c c~icrr:~~~re in interett. Lencier shall n~t he reyuired t~~ commence
~r~•cee.lin¢s againtt ~u.h ~ucrets~~r ~~r refu~e t« e~tenJ timr f~r pa~~ment ~.r otherNice m~difv :~m~rti~ati~n ~~f the sums
~ecured h~ thi~ M~•rteage h~ reac~~n ~.F an~ demanel made h~ thr ~~rieinal I3~~rm~~•er and R~~rrrnver's ~ucceca.rs in interect.
11. Forbearance b} Lender \ot ~ N'ai~er. f~.~hr:uanrr h~ 1 rnder in e~erricine am• rigM c~r remeci}~ herennder, or
c~theru•ise atfi~~rde.i h~ a~plicahle ~aw. ch:tll nnt be :i ~~~.ii.~r ~~f ~.r prerlude thr e~erciee <~f am~ ~±~ch ri~hi ~r remedv.
The ~+rc.curement ~~f in«~ranre nr the F.:~~~mrnt ~.f ta~r~ ~~r ~.ther lien~ ~~r rhargec M~ Lender ~hall not he a~+:~iver ~f (.ender's
right t~~ a~~rler.?te the maturit)~ of thr indeh~cdnc« .c~: urcd h~ thi. MortQace
12. Remediec ('umulali~•e. ,All rem~~iiec ~,m~ idrd +r~ thi~ ?~t~~rtgaee are ~lictinrt anci ci~mulative 1~ any ~~ther ri¢ht ~r
reme.lt• under thi. ~1~~rtc:tge ~~r a1T~~rdc~l hc la~~ ~~r eyuit~. :inc# m:~~ he c~erri~ed r~ncurrenth~. intlependently ~r ~~icce«ively
13. Successon and Acsi~nc Bound: ]oint and 4eceral Liabilih: ('apfions. "The c~~'enants and .~greementt herein
:.~;i~aine~t chal! hind. and the ri£htc tiercunder shalf inuir t~~. the re~E*e~ti~e tnccet~rr~ a~id at:ien< <~f i ender and R~rmu'er.
c:ihiect t~~ the pr~~ci.i~n. ~~f 4~a~a¢ra~+h i? hrre~~1 VI r~nena~,tti .~n~1 :~~rermr~nt~ ~f B~rrr,•.~cr sh;~il hc j~int ~nd ~everal.
The ra~+t:~~n. :in~~ hcad:ng. i~f the pa-:icr;inc~ ~~f tf~i~ tl~,rlldLC ;lff fe~r :~~n~•rnicncc ~,nh~ :t~d are n~~t Sr. he t~ted t~
;ntrr~rrt ~~r dcfinc tiic (~r<.~~ici~~nc hcrc~f
14. ~olire. E~~eri f~~r an)• m~inc mynired un~lcr :~~.E~lic,ihir la:~ h~ hc Kiven in ani~thcr manner. (a) any notice t~
B~~rm~~cr ~m:idrd f~~r ;n thic ~t~~rtga~e ehall !x ~i~cn 1~~ maili~~tt ~~~:h ii~•ticc h~ ~_crti icd m;iil addret~cd to R~rrmti~cr at
the Pr~~F~cm :~ddrr.. i~r at ~urh ~~ther n~idre:• a. (3nrn~~+rr rt~ n de~i~n~ife t,~• n;~tice tn (.encler as ~rc~vidcd herein. ~nci
ih`r zn: rn~tice ti~ Le~der sh;~lt hc ei~rn ~irhfir~l rn:iil. -rti~rn ie~~i~t ~cy~ic~ted_ t~~ I encier'~ ad.irese stated herein ~r t~~
i ~~~~h ~~ther addres~ ,s~. t endc~ s,ia~ d~~ienatr h~ n~~ti,e tr H~~rrr~~rr ai ~~r+~~iileel herein. Am• n~tiie rrc~vided f~~r in thie
~ \t~~rtg:~ec shal! f~c deenied t~~ ha~e h~cn ~~~en tr Brrn~~rer ~~r t rnd~~ «hen ~i~cn in the manner deaigr~ated hcrein.
15. i'nif~?rm ~tort~aRe; Gn~erninK I.aµ; tie~erahilit.. Thi~ f~~rrn c~f m~r~tiaer .~mhines unifc~rm covenants f~r nati~nal
~ t~~c ~n~i n~.n unil~~rm c~,.en;~ni. ~~ith limitL~i ~an~it~~~r~. h~ ji~ri.~IIiIHKI te~ C(~l1511[i1~C a unif~;m ~erurit~• inttrument c~~verine
~ mal ~~t~;•eri) Th~. ~t~~it~,i~e tliall he L~~~rrnrd 4~~ thc t.~~~ c~f Uu• iuri,~ii;ri~~n m ~~hich the Prc,pert~~ i~ I~~ated In the
~ e~rm that am 4~r~~cisi~~ti ~~r rlan~r nt thi. ~1~~ni.:~e th~ \~~te a~nfli~h .~ith a~~!icahle la~ti tuch c<,nflict ,hall nc+t ~ffect
~,ther E,~~~~:.i~~n• thit ~t~~rtcac;c ~~r ti~r ~-~tc ~~h~~h ~,~n hc Cncn Cfl.~t ~ci~h;~i~t thc cc~i~~~ic[ing pmvi~in•~. ,~nt; i~ thit
¢ ~^:~9 tni 1`t~~~i~i~~t~~ ~~i tht' \1~~:l~:ili .i~~~l ih~~ \~~I~' :t~c• iir:l.t'ccl fi~ ?+C crvC~ahlr
~ 16. BoROwer's ('~p~. Bc~rc~~~.+e+ •hall I~, ht*i~~•V~c~i ~,~nt~~rmee3 ~e~~,r ~~1 Ihc ti~~+r ::n~i c~f thi~ ~lc~ttu:~ee at ihe timC
~
€ .~t c~e~uhon ~~r ,,t~~r rr~urd:~ti.m hrre.~(
~ 17. Transfer uf the Froperli: :iscuniption. It ali .~~~c ~~:~u ~.f !he Pr~~~~rt~• c~r :~n interest therein i~ ;c~id c~r t~ansfe~reci
' h~ Aorr~,~~~r ~.~th~~ut Irie~ir~'~ ~,n,•r .~;ittrn ~un.t~nt. e~.li~Jini t:~i thr .re:itie~n i~f lien ;,r enci~mhrance ~uh~nlinate
th~~ \t~~rtcag~. ihr the ireati~,ii ~urcha~c ~n"ne~ ~rr~~rit~ intercct f,~r n~~u,rhold a~~li;~nre,. Ic~ trancfer h~~ devise.
d~~cent ~~r h~ ~~~~~tati~~n ~,f l.i" ii~ ~u~ thr efcath ~~r i~~~r.t tr!iant ~~r I~li the crant ~~f :~m fc:,seh~~ld i~tere~t ~~f ihrec ~•~an ~~r lesc
n.~t ~~~ntaininR an ~~~ti~~n t,~ j~:ir:h:i~r. 1 cnJcr nia~. :it I riti~lrr~. ~~~ti~m. de~lare all thc ~um~ sec~~rrd h~~ thfs liortgaec C~ he
,:nmc.liatclc duc :~nd pa)~ahlr I cncler .hall h.~~c .~,~i~e~l ;u~h ~~E~ti~~n t~~ ac~clerate if. ~ri~r t~ the ~c~le ~r transfer. I.ender
~ ,,,~,i the ~~r~nn tr whnm thr Yr.~~crt:~ i, t~~ hc ti~~lt4 ~~r sr;intilrncd rr.:.h .,crcemcnt in «rit~ng tnat thc cre~lit ~~f tiuch ~c:r:~~r
s,~titfa.t~•n tn Lrn~ler ~nd th.rt thc ime~r~t {~~~~,~hlc rn ±hc ~iim~:.rcured h~ thi~'.1t<~rcu:+ge ~hall be at such rate ac I.ender
~ ~hali rcaurst~ If l en~Jcr ha~ w:i~~c~l :ht ~~~ti:~~i i~+ ;~ccrlcr,~tr pn,~~idc~1 in thi; para~ra~h 17. anJ if B~rr.~w•cr': ~u.cc~~nr in
:nterett hat e~ecutcd a~~~ritten s~swm~tic~n a~rremrnt ~r~rE~trd in ~+rihn~ h~• I.crcle~. Lender shall relea~.e B~rr~~.tier from all
~ .~blieati~~nt un~icr thi~ ~1ort~.ikc a~c3 thc '~c~tc
If I-ender e~erci~e, :u;:h ;~r;i~~n tr a~cefcr.ue. I rn~irr ,hall m:~i! Kc~ere~.~er nc~!:ce c~t acccler:~t+„n in ;~ec~rdan.;e uit}~
(~aragra~h td here~~f. Surh n;~n~e ~hall ~~;~~viile a s•rri~~~l ~~f nnt tc:~. th,u~ ~f? da}c fn~m the date the nc~ticc i~ mailed with~r.
~ ~~hi~h Bi~rre~~~er mat }~;i~~ tlie .untc cie~i.,;c~1 dnr lt H~,rri~.,:r '.ul. tn }~,~t ~uch .~~m~ pri~,~ t;, the c~pirztic~n e~f ~u~h ~er:.~c3.
: I.en~irr mac, uith~~ut f~irtt~er n~~ti~r ~~r ~irniand ~~n K~~rr~+sticr. in~n~.c ,i~~~ r~medi~s ~ernuttc:a he ~ ara2ra}~h 1?. here~~f.
6¢ ~
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?~ox-L;tiiFOx~i Co~~f.~.evrs Rorr.~µcr tird 1 ender turther ar:cnans ar.ci ~[tree a~ follows
~ 18. Acceleralion; Remedies. F:xcept :ac pro~ided in paraQraph 17 hereof, upon Borrowers breach of any co~~enant or
a~reement of Borrow~er in this lfortRaQe, 'rncludin~ the co~enants tu pa} wfien due an}~ sums secured b~ fhis lfort~;age, t.ender
prior to acceleration shall mail notice ro BorroFtier as pru~idcd in para~raph 14 hereo9 spec+f~inQ: (1) tfie breacfi; (21 the action
required to core such breach; 13? a date. not lesc than 3Q da~s fr~~m the dafe th~ notice is mailed ta Borrower, by w~hich such
breach mtist be cured; and (4) that failure to cure such hreach on ~~r before fhe date specified in the notice may result in
' acceleration of the sums secured by thic tit~rtRa~e, foreclosure by judicial pr?ceedinQ and sale ot the Property. The notice
shall further inform Borrower of the riKht to reinstate after acceleration and the riRht to acsert in the foreclosure proceedin~
the nun•existence of e default or anv other defense of BorroK•er to acceleration and foreclosur~. If the breach is not cured on
ur before the date specified in the notice. I.ender at i.ender's opfion ma~ declare all of the sumc secured by this MortgaRe to be
immediately due and pavaMe withnut further demand and may Forectose thic lforiRa~;e by judicial proceedinR. i.ender shall
br entiNed to collect in such p~oreeding all expenses of forecloSUre, includin~, but not limited to, re~nabie attornty's fees.
and custs af documentary e~idence. abstract~ and tiNe reports.
19. Borrewer's Right to Reinstate. tiniwithstarciint t.r;~ierti .~ccelerat~~ ~ nf the tum: ~ecured hy thia Mortgage.
Hi~rm~ct :hall ha~c [he n£ht c:~ ;11~C .iflt pro~e~d~nc~ hc~un n~ 1 cs;acr tf~ enf~r.c thi~ `inrig.,ge di~c~~ntinu2d at any time
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