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HomeMy WebLinkAbout0937 ~:~n~ anu~unt, ~ii.hur.r~l h~ Lrrnl~~r urnlr~ ihi. ~~ar,~zraph ;.hall hr:~~nir .~~t~liUunal ~1rht ut lit~n~~~~~r .r.urr.t h~ ~hi. Sr:uri~~ Jii.trumrn~. 1!ni~.. Rurri~~~rr anJ l.~ nil~r ,?zr~•.• t~~ „Ih~ r t. nm uf ~~a) ni~ nl. thr,r an?~~unt..liali ikar intrn•.~ Irum ~h~ ~L~ir ~ti.l,ur,rn~riu at tin ~utr ratr an~i ,hail Ik• pa~ahl~. ~~ith intrrr.t, u~x~n nuurr frum l.rn~l~r tu Rurm~~~r r~~~w:,~N~~; pa mrnl.: •Y• I1 t_~n~l.r r~yuir~~l nwrtLa~c inwranrr a. r~,n~iitiun ul inal,in~ ihr I~~an ,.~urrJ h~ thi. Srci~rii~~ln~tninirnt. 13~~~t~irr .hall th~ premium, r~yuircd t~? m,iintain ~h~ in,uranr~ in rftirt until ~urh lim~ :i.lhc rr~~uirrn?rnt tur 1h~ in,ur:in~r t~nnm:~t~. in aii~~r~i,in.•.~ ~~ith B~~rru«•cr'. an~l L~n~kr'~ ~~•rilt~n u~rremrnt ur :~pplir;~hk I:i~~. 8. InsptYlion. l.rn~lrr ur it~ aticn~ m:~> n~a1.. r~:u~mahlc cntrirti u~m an~l in.~x~u~?n, ul thr i'n~~kr~~. L~•n~I~~r.h:iU zi~r I;urru~~rr nuur~ at tnr Iim~ ut ur pri~~r tu an in,~krti~m .~kril~~in~ rra,unahk rau,r liw thr in~~xrtiun. - 9. Cundcmndtion. 'I~hr pr~x•r«1, ut any a~~,~rcl ~~r rlaint fi~r ~tama~c.. ~lirert ~,r r~,nx~~u~ntial. in ru~~nr~~iun ~~i~h am c~~rnl~innalinn ur uthrr taking u1 am pan ~~I thr Pru~n~ , ur li~r ru~~~~~anrc in liru u(r~?n~irmnatiun. ar~ h~r~h~ a„i~iir~l an~l.haU tk }~ai~l t~~ Lrn~l~r. In 1h~ c~'~nt uf a t~~tal tal.in~ ~~f Ih~ I're?~xrty, thc ~ru~ee~ls ~hal) tx appli~~~ tu 1hr ~um. xrurr~l hy thi. Sr~•urih Imtrunirnl. ~~hrthrr ur nut Ihcn ~~i~. ~~ith am ~~rr.~ pai:1 tu l;orm~~rr. In th~ r~~nt ~~I a partial t;ikin~ uf thr {'ru~xr~~. unlr.. B~~rr~»~rr aml L~n~irr uth~n~i.~ agrc~ in ~~ritin~~, thr •un~. ~r~•urr~l h~' thu Sr~•urit~ (n~Irum~nt ,hall tk ri~lu~'itl h) Ih~ an~~~unt id ~hr ~nx•e«I. multiplir~l h~ ih~ ti~Il~~~~inR tr,icti~m: (a) the tu~al :~muunt uf th~ ~um. ,rrurr~i immciliatch• hrti~rr thr t;il.in~. ~li~•i~h~l h~ Ih? ~hr t:~ir m;~rk~t ~alur uf thr 1'ru~xrty imnu.fiatch h.rl~~r~ ~h~ taF.ing. Any halanrr .hall tk pai~i Iu li~~rm~~rr. II thr Yru~:rty i, ahan~li~nr:1 h~ li~~rruwrr, i?r il. alt~r nutir~ n~ L~ndcr ti~ I3urn?~~~r ihat th~ r~?n~t~mni~r ~~Itrr. lu ~nakr an a~~anl ~~r ~~ttl~ ;1 cl:~int tix tl:unag~+. E3i~rru~~ir f:lilti t~~ r~.pcm~1 l~~ Lcn~lrr ~~ithin 31) ~la)~~ a~ttir Ih< <latr Ih~ ni~ti« i~ ;_i~rn, l.rnilrr i~ aulhuri~i~l l~~ rt~llezt an~1 .~~~ply Ih~ pr~x~~~l~, at ih uptiun. rithrr tu r~.turu~iun ~~r r~rair ul lh~ Pr~~~xrt) ~~r I~~ Ih~ ~utn~ ~«'ur«I t,~ thi~ S~curih In.~rumcm. ~~hrthcr ~~r n~~t th~n ~lur. llizk., t_rn~lcr an~1 B~~rru~~~r uthrr~~ix a~rc~ in ~~rilinti, am appli~ati~m i~t rr~k•cr~l. t~~ prinripal .hall nul r.~t~nii ur ~~u.i~~unr th~~ ~lur ~a1< <~I th~ munthll pa)mrnt. r~frrr«I t~~ in paragr.~ph. I and ?~?r chang~ Ihr :?nu~unt i~t .urh p:~ymrnt,. 10. Borro~~cr \ot ltcleascd: F'orbcarancc B~ Lcndcr 1ot u~t'a~i~cr. I:~~rn.i~,n ot thr tim~ ti~r p:i~mcnt ur m~xliliratiun ~~I .~nwr~iiatiun ul th~ tium. ~crurc~i t,} ~hi~ Sccurih Imtrumrnt cram~J h~ Len~lcr t~~ an~ .ur~c•,ur in intcr~.~ ~~f 13~~rn~~~rr ,hall nut u~x~rat~ t~~ rcir:~.~ th~ liahilit~ ~~f thc ~~rigin;~l Bc~rn?~vrr or B~~rn~~~~er'~ surrc..ur~ in int~ rr~t. 1~n~frr .hall nut hr r~y?~irrd t~~ c~nnmrnrr ~ Eir~k~~dinti. againtit any .u~r~~.~?r in intcre,t nr r~ fu.c t~~ c~tc~~J timc li?r pa~ m~nt c?r ~?thrn~ ur m~xlifv anx,rlir.~linn ~~I Ihc .uni, ,.•rurr~l i~~ thi, S~ruri~y In.lrum~nt h~• re:~~~m ~~f any,t~tii~~xl madc b~• tt~~ ~~riginal 13~~rn+~~~r ~?r Bi~rrci~~rr', ~ur;:r.,un i~~ intcrr,~. Am tiulkar.utrr • . t,~ I.rn~ler in r~~rci~inR am right or rc~f~fdll nat.byr~ah~t+'~ f c~ prr~lu~t~ thc r~rrri~r ul .tn~ n~ht ~?r r~mr~f~. 1l. tiucressors and :~tisi~;ns Bound; J~~inl~hC4`iR84?tiii~iilit!~;+t'o-sikners. 'Thr r~n~rn~~nt~ an~ azr~~mrm. ul ~hi. S~ci~n1~ In.trumcnt ~hall hin~l anJ h.rt~elit the .urre.,ur. an~l ati~igm i?1 L~n~cr an~l Burr~~~~rr. ,uhjrrt t~~ thr p~~?~ i,i~~m paraLraph 17. t3~+rri~~~rr', <<,~~ncint~ anJ agrccnunt. ~hall tx~ juint an~l .r~•~ral. Am 13~~rn~~~~r ~~iu~ ru-.ign, ~hi. Srruri~~ IINIfUI?ltlll I~UI ikk, n„t ~~c~•ut~ th~ \ut~: I:U ic r~~-~igning this Scrurit~ Ins~rum~nt ~ml~ tu mort~;atie. zran~ an~ r~?m~r~ tha~ l;~~rru~~rr', intrrr~t in th~ Pnykrt~ un~lrr ~h~ trrm, uf Ihi~ Secur~t~ [mtrum~nt: Ih? i, nut rer.~in.~ll~ ~,hligatr~ t~? pa~ ~hr uim. ucure~t h~ ~hi. S~curi~~ In.tr~nnen~: an~l ~r? .r_r~cs lhat Lrnder and any ~~th~r Bnrr~?~~~r n~a~ a,~r~r ti, ~.ttrn~f. m~x1i1~, tiirt?car ~,r makc am a~i~mui~ixlatii~m ~~i~h rr~•anl I~~ thr trrm. ~~1 thi, S~ctsri[~ In.trumcnt ~~r Ihr \~itc rth~~ut that Bium~~rr~~ c~~ment. l2. l.oan Char~cti. if th~ I~~an .~~urcd h~ thi. S~rurity (n.trum~nt i, ,uh{rct t~~ 1:~~~ ah?ch ti~t. ma~imum l~~an rh:?r~~~.. :in~! th:it I.i~~ i~ linalh intrrpretr~l u~ thal lh~ imer~~t i~r ~~Ihrr I~r.m char,~e~ c~?Il~ck~ i~r t~~ h< <•iill«ti~l in runn~rtii~i2 ~cilh lh~ ie~an i•~r~~.l th~ ~xrmiU~~l limit~. thrn: la) any ~urh li~~n rhar~c `hall tk rr~lur~cl h~ ~hr anu,un~ nc<<~,an tu rr~urr ~hr charzr tu th~ ~knniurJ limir, an~! ibl am• .um. alrra~y rull~~tc~i trom f3~~rru~~cr ~~hirh r~crc~ccl ~xsmittc~l limitti itl h~ retiin~lc~l t~~ Bi~rri~~~~rr. Lcn~trr nia~ ~h~~~.e t~~ m.ik~ thi, rclun~l h~• rr~luring ih~ prinrip.il ii~~~d un~lcr Ihr \ut< <~r M mak;n~ a Jir~i1 pa1'ntrn! lu Bi~rr„~srr. It ,i rrtun~l ~ i r~~iure, prinripal, thc r~~urtion ~~ill tk tr~,~tr~l :t. ~ partial prcpa~•mrm ~+ith~~ut am rrcpa~nient chargr un~i~r thr \utr. ~ I 1~. Lt~isl~~tion :~ff~~ctinK Lendcr's RiKhts. 11 ~nartmrnt ur r~~~ir:iu~,n ~,t applirahk la~~. ha. ~h~ cilrc~ ~,f rrn~krim~ an~ ~x~~~ i,i~m ~ ~,t th~ tiutr ur thi. Scrurit) In~trumrnt unrntirrrcahlr a~~•+~r~l~n~ t~~ it. t~rm., l.rn~lrr. at h, ~,ptiun. in:~~ rryu~rr inxn~~liat~ p:~c~nrnt ~ in ti?II i,f ail wm. ucure~l h~ thi~ Srcurit~ Intitrum~nt :?n~l ma} ui~ukr .ui~ reme~lir~ Exrmitt~~l t,~ rar.i,~raph I`). If L~n~l~r c~~rri,r, ~ tlii, ~~pliun. L~n~rr .hall t.iF.e th~ ~trp. .~xcili~~l in thr ~ri~mcl ~~ara,~ra~t~ ~~I ~~ara;~r.~~h 17. ~ 1~. \oticeti. An~ nc,Ui~ tu B~~rm~~rr pru~i~i~.l li,r in thi. Srrunt~ lii,irum~nt ,hall Fn ~~n~n h~ ~l.li~~rin,~ it „r h~ n~ail~m~ i~ h~ tir.t rla~~ m,ul unl~,..~ppli~•ahl~ I:~~~ rryuir~•. u,r i~l .~n„thcr mrth,kf IThr nuncr .hall tk ~iirr~t~J tu th~ Pi~~p.n~ :\~I~ir~,. ~,r an~ ~~thrr adtlrr~. B~~rn~~~rr Jr,izriat~~ h~ ni~tirr t~, Lrn.lrr. :~n~ n~~ur~ t~~ L~n~lrr ,hall Fk gi~rn h~ tir,t rla., nr~il t~~ LrnJ~r~, a~i~lrr~.~ .tatc~t her~in i~r .~m uthrr adilrc., l.rn~l~r ~1r.i~r~atr, h~ n~~uc~ tu F3~~rru~,~r :~m n~~tir~ pr~~~ i~1~~1 fi,r in th~~ S~rurit~ In~trumcm .h;~ll h< il«mrd t„ ha~~ tkrn tii~~n Biun~~~~r ~,r L~n~frr ~tihrn ~~i~~n E~rc?~~~e~l in thi~ p.i~agr.iph. l~. Go~~ernin~ l.a~?; Se~•erabilit~. ~I~hi~ S~rurit~ In.~rum~n~ .hal! tk ,_~,~crnr~l h~ Ic~lrral I:i~~ an~l thr la~~ ~?f th~ ~uri.~liru~~n in ~~hirh thr Pn~~xrt~ i, I~x•atcd. In thr e~rnt thal am ~~n~~ i.is~n ur clau.r ~,f ~hi. Srruril~ Imtruin~nt ~~r thr \~~t~ c~mllic~. ~~ith :ir~~licahlr L~~~ ..urh r~mllirt.hail nut .~tt«t ~>thcr prii~ i~iun. ut thi. Sriurn~ In.trum~nt ur th~ tir.ii ~~hinc ~an tk ~~i~~n ~If~rt uhuut thr:unilirtin~• E~r~~~i.iun. "1~~~ this rn~? the pn?~„um~ i,f 1hi~ Srcurh~ I?utrum~nt .inJ ~he \~~tr arr ~l~clar~~1 tu Ik ,r~rrahlr. 16. Bnrro~+rr'. C'up~. Bi?rn~~~~r ~tiall h~ zi~rn un;• rtmti~rmr~i rur~ uf thr \~~tr an~l ~~f tiii, Srruril~ Intitrumc~it. 17. "Cransfer uP the Yropert~ or .i Beneficial lntrnst in Korr~»~cr. ll all ur :in~ p:irt i~f thr Pru~rt~ ur am i~zt~r~.t in i~ i, ,~~l~l ~~r tranferred I~~r if a tkn~ticial inter~.t in Rnrrrn~rr i..~,l~i ~~r tr.in~~~rr~d a~J f3urn~~~er n~H a n;~tural prni~nl ~~~lhuut Lri:~lrr', ~ri~~r rittrn cumrnt. Lrn~er m;~~ . at it` ~~pti~~n. r~yuir~ immr~fiat~ p~) ment in lull ~~f all wm. ,rcurr~l b~ thi, Srcuri~~ In~trument. E H~,~~e~rr. ihi. ~~rti~?n .hall nc~t Fk c~~ rri.e~f h~ l.rn~lrr if r~crri,r i. pr~~hihitc~l h~ tcdrr,il ic+~~ a~ ~~f thc d;stc i~t thi~ S~curih Imtrwncm. ~ II L~ndcr e~crci,c. thi. ~~ptinn. l.cndcr ~hall ~i~~ B~~rr~n~•cr nntire c~f acrclcr,iti~m. "t~hc n~~tirc .hall prrn~i~c a~ri~Kl ~,f nu~ !r.` than ~0 davs frcm~ the date Ihe n~~tirc i. dclirrreJ ~~r mailr~l ?~~i(hin ~vhirh B~~rru~~~r mu.t pa~ :~II tium, xrured hr thi. Serurit~ In~trumc~nl. II B~~rm~~~cr fail~ t~~ the.e .uii~, rri~~r t~~ thc cxpirati~m i~f thi~ ~xri~Kl_ I.riider ~nay imi,kr am' remedie> Eh~rmittr~l h~ thi. S~curih Imtrumcnt ~~ith~~ut tiinhcr n~~tirr ~~r ~lrman~l cm Bi~rn~~~~r. 18. Borrc~wer's RiKht to Reinstate. IC B~~rr<~~~er nuct. ccrt:,in r~m~liti~~m. E~~~rr+~~~cr ,hall h;?~c thr ri~ht 1~~ ha~c enti~rremrnt ~if thi~ Sccurilp Instrument ~isc~~ntinur~ at am tin~c pri~~r tc~ thr rarli~r i~f: lal ~ (~~r .urh ~~thcr ~xriud a, ~pplirahlr la~~ ma~ ~~c~t~ li?r rein~tatemenU lxxt~ore ~alr ~?f the Pm~rt~~ pur~uam any ~x~ti•rr i~f tial~ c~mtaine~l in Ihi~ Seruril~ Imtrumenl: ~?r ~h? rmr~ ui a judgmcnt cnforcing thiti Scrurit~ lmtrumcnt. Th~»c r~m~liti~?m arc th.it [i~~rm~+cr: lal pa~'> Len~rr aIF ~um> ~~hirh th~n ~~~~ul~ hr due under thi. Srcurit~ In.trumem and the tiutr hac! n~~ ar~clcratiim ~xcurred: (h) CUfl1 .~n~ default ~~I am~ ~~ther c~~rrnani. ~~r .~grrrmenlti: Icl p~)•, •~II rxExm~~ incurrr~i in rnli~rring thi. Srcurity Intitrumrnt. inrluding. hut ni~t limitcd rra.~mahlr att~~rnr~ti' f~r~: a~~l Id) t~ke, ~uch artiun Lend~r may rra.unahl~ rcyuirr tu a~~urc that Ihc lien +?f thi> Srcwity In~trument. Lendrr'ti righ~. in the Pn~Exrt~ and B~~cruHrr', ~~hligati~?n tu pa~ thr wm~ xrurr~t h} this Srrurity Imtrument shall r~tintinu~ unchan~r~l. U~m i rcinti~:rtemcnt by Be~rru«•er, this Sccurit} In~truntrnt anJ the ~~blieatiom +ecured hereh~ >h~ll rent:~in tull} effrcti~~~ a~ il n~~ acrclrrati~~n h.~~ ~kcurre~l. H~?~cc~•er. thi. right t~~ rcimlatr ~hall n~~t appl~ in thr ra.~ ~~f ac~clrratiun undcr p~iraLrapfi~ 13 i~r 17. goo~c ~7,~ PacE ~ ~ ---V~ ~c- ~.~.~.r-,~ -