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HomeMy WebLinkAbout0972 ~ Lrndcr's ~+~rittcn ;~~r~cntrnt c~r :~~i~ilir,~hlc la~c. i3un•u~~cr shal! ~~,i}' thc ain~,unl ~~f ;ill nt~~rl?;u~;c insur,tncc pretniunts in thc manncr pmvid~cl undcr paragraph 2 hcrcof. Any amounls ~lishtu~sc~i h}' I~n~l~r ~~ur~uant t~~ this ~~:~rac;ra{~h 7. ~~•ith in~rrcct ~ficre~~n, shall hrcomc ad~litional inili~htcdnr~ti uf l3i~rro~~cr securrd t,~• thiti \t~~rt~;:~gc. Unlc~~ I~i~n~~~v~r :inii I.cn~l~r ,i~r~r t~~ othcr icrnic ul paymcnt. such ;~nu~unt~ sh~ll hc pa}'ahlc u~u~n rn~tir~ frum Lrncl~~ tt, R~~rr~~~~~•r rr~~uc~tin~ ~~u~•menl thcrruf. an~l tih;il) hcar intcrest fmm thc ~1atc cif ~lithurscmcnt :U the ratr ~riyahl~ fmnt tim~ t~~ timr i~n i~utstandin~ princ•ip:~l !~ndcr thc Ni~tc unlcte r;t}'tncnt of inlcrest at su~h ralc ~~•nul<1 hc runtran~ :~F~~ilicahlc lu~~•, in ~~lii~h c~•cnt such am~,untc tihall hr:+r intcrctit at thc hiGhcst ratc ~~ermissihlr undrr a~,~,lir;ihlc Li~~•. \~~thin~: ~,~nt:iinc~l in thi, ~,:ir;ieraph ? sh:?ll requirc I_cncler Ic~ inrur an~' ex~~enee or takc :iny action hcreundcr. S. I~~speclion. Lcnclcr m:~~• m:ii:c ~,r rau~r hr m:i~lr rra.~~nahlr rnlric, u~,~~n :~n~l in~~~crti~,n, c,f thc I'rc~~~crt}~, ~~r<~~•i~l«I thal l cn~icr tilr~ll ~i~~c 13urru~~~cr n~~ticr ~,ri~~r ti~ :in~ ~ii:h in,~,r:tii~n .~,rcif~~in~ rra,~~n:ih~c r~u~tc therr(~~r rrl:~tc~l tu I.cndcr's intcrrct in thr Pr~~pcrt~•. 9. ('ondcninatic~n. Thc ~~r~~~rrd~ uf :u~~• a~~:~rd ur ilaini f~~r ~I:~maerti, clircrl ~,r run,c~~uenti:~l, in c~~nncction ~vith am' .•ondetnn:iti~~n ~~r uthrr takin~ ~~f thr Nr~,E,rrl)'. ui n:in thrrr~~f. ~u t„r cun~~r~°:inre in licu ~~f condemn:iti~m, arr herel~~~ :iseigne~l an~l sh:ill hc naid tc, i.endcr. In Ihr c~•cnt ~if a total takin~ ~if thr Pr.~rrrt)'. Ihr E~r~~~~~~1; .hall hc a~~~~lic~l tc, Ihc .umti ~~cured h~~ ihis \ti~rl~;a~r. ~ti~ith the r~cess, if an~~, E,:~id t~, R~~rru~~rr. In the r~•rnt ~~f ~~articii t;ikin~ e~f the ProE,ert~~, unlec, lii~rrc~~rer :ind I.en~ler : ~~Ihcn~~isr a~re~ in ~~~ritinL. thrrr sl~all hc a~~~~lied ti, thr ~um, srcurc~l h~~ thit At~~rl~at;c ~uch ~~r~~~~~r!ic~n ~~f thc procccds _ ' as is cc~u:il t~, th:it prc,p~i,li~~n ~4hich Ihr ani~,unt ~~f th~ sum~ ~r~ur~d h~~ thiti \t~•r.p;;i~c immrciiatel~~ ~~rii~r tc~ thc datc ~f takinG h~:~rti t~~ the fair mark~t ~•aluc ul the Pr.~~,rrh' imm«tiatei~• ~,ri~~r ti~ the ~late ~~f takin~. ~ti•ilh the halance c~f ~he ~~mcee~is ~,aid ti~ Borrc~~ccr. ~ If th~ Prupcrtt~ is ab.~ndi~nc~l h~• I3i~rrc~~s~r, i~r if. aftcr n~~tirc h~• I.rnd~r ti~ Burm~~•cr that thc c~ndcmnor o(~crs to makc ;in :~~~•.inl ~~r ~ettlr a rlaim f~u ~i:im:ic~., R~~rr~~«•rr fail. tr rr,~~~ncl t:~ L~ndcr ~+•ithin i~ ~Int~, aftrr thc d:itc such n~ticc is m~iled. I.enilcr i~ authori•re~l tc~ cc~llc~t a~ul a~~~,h' the rrc~re~ds. at I.en~ler'< <~pti~~n. ei~her to restoration i~r repair of thc : Prc~~crt~ ~~r ;c~ the sum. sccure~l h~ thiti ~inrt~a~c. Unlr,~ I.cnclcr :~nd I3c~rm~+•cr <~thcn~i~r a~rcc in ~+ritin~~. :in~~ surh :ir~ili~atic~n ~f ~~rorcede tc~ prin~i~~al shall not c~tcnd ~~r p~xtE~onc thc dur ~l:itc ~~f thr m~~nlhl~ installmrnth rcfrrr~d t~~ in ~riraera~~h~ I and 2 hcrcc~f c~r rhangc tlie .~motint ~f • such installntcnts. 10. Borro~?er 1!'ot Releas~d. l:st~nsic~n ~~f tlie ti~i~r f~~r ~:?~•ment or nu~difirciti<~n i~f ami~rtization nf the sums secured h}' thi, ~t~,rtti:~gr grantecl h~~ I.cnelcr t~~ an~• ;ucce.s~,r in int~rr.t ~,f Rorro~~er ~hall not c,~,erate t~, release. in any~ manner. . the li,~hitit}' ~~f th~ ~ri~inal R~,rro~~er :ind B~~rro~~~r'~ ~u~~~:~~~r~ in interrct_ 1_encler shall nc~l h~ reyuired to commence ~~rocee~iins:s ag;iinst such surretit~~r c~r re(u~e t~~ ~~tcn~l tint~ f~~r payment i~r other~~isc m~~dif~• amc~rtizatiim ~~f Ihe sums sccured h~• thi. ;~T~,rtgagc h~• r~as~,~~ ~~I :u~~• dcman~l ma~lr M thr i,ri~inal R~~rn,~sir .ind 13i,rn~~ti•cr's succc~~~~rs in iMerest. l 1. Forl~c:~rancc h}' i.cndcr \ot a~ti'ai~~cr. :~n~ f~~rhe:ir:inc~ h~ l rnder in r~cr~•i~in~ ant~ ri~~ht :~r rem~:cl~• hcrci~nclcr. ~r ~~thrn~•isr nfTi~rdc~l h}' .i{~plir:ihlc I:t~~•, sh;~ll ni~t h~ ci ~~~ai~~rr c,i ~~r ~recludc tftc cxcrci~c c.f :in~• ~urh riLht ~r remccl~•. Th~ Eiro~nr~mcnt ~f incuranr~ i~r thc Eri~~mint i,f t:i~r, ~~r ~~tlicr litm i~r charg~~ I.cr~dcr ~n;il1 nc~t hc a~~;,i~•er iif Lcniicr's ri~ht Ir acr~lcr:~tc thc nta~urit~~ c~f thr inclrhtrclnr~~; ~r._ured h~ thi~ ~t~~rt~aer. . l"l. Rcmcdics Cumul:~tiF•c. :VI rcmc~licti ~,m~iil~d in thi, \t~~r~g:~~c arc ~lititinct ancl cumiilc~ti~•~ t~ :in~ ~~thcr right ~r remc~i~• und~r this TTort~:i~~~ i~r a(i~,nlr~l i~~• la~+ ~~r ryuit~~. :~n~l ma~ t,~ ~~~rciu~i rc,ncurrrntl~•. iiidc~~cndentl~' ~,r tiu~cctsi~•cl~'. 13. Succccsors and Assi}~~~ti 13nund: .Ioint :~nd Sc~er.~l l.i:ihilih; ('aptionti. fhr c~,~•cn;ints aitd a£r~cmcntt hcr~in ~c~ntaine~l tih.ill hin~l. :~nd 1hr ri~,hts hrrruz~drr ~h:ill inure t~,. thr rr~~~r~ti~~e su~~ri~~,r~ cuul a~tii~,nti ~if 1 en~irr :uid I3orm~ser. • ,ubjcct tc~ th~ pr~~~•i~ion~: c~f ~r~r:~~~r:iJ~h 17 hrrr~,f. :~II :~,~~~~,~!~h :in~i a~rrcnt~nt~ ~,f Bi~rr~~~ticr sh;ill hc jc,int :ind ~c~•er~l. ~nc~ c:i~~ti~~n~ aiicl hcailing, ~~i thc Er,~r;~~~r:~E~h~ ~,i tiii, ~irrt,:i~~r arr fc~r ci~n~~cnicnce ~,nl~• an~l :ir~ n~,t tu hc uscd to intcrE~rrt ~~r dcfinr thr ~,rc~vitiic,n, hcrruf. ~ 14. \oticc. Esccpt f~~r an}' notic~ rryuirrd un~lrr a~,~•iirnh(r la~~ t~~ h+_ ki~•~n in anuthcr m,in~zcr. (a) :in~~ noticc t~ 13~~rru~c~~r }~r~~~i~1rd ~~x in thi~ ~1i~rl~acr tihali hr ~i~~n h~ m.iilin, ,urh n~uirr h~ irrtifircl m,~il :uiclr~ti,cd t~~ I3~irm~ccr at thc Pri~pcrty rl~ldr~ti; iir al such ~~thcr :uldrr., :~t 13~,rr~~~+~~ n~.i~ ~ic,ien:~t~ h~' nc~~i~r t~~ I.cn~iet :is ~~mt•iclc~l hcr~in. .ind Ih) an~• n~~tir~ to Lcn~lcr sh,ill hr Li~•cn h~~ r~rtifi<<i n:.iil. rcturn rerci~~t r~questc~l. ti~ t cn~l~r't ad.lrctit statcd hcrcin <~r to such i~[her ~~i~i~~,t as L~nder nta) drtiikn:~tr h~~ n~~ti:r h, Bi~rnncer as ~im~ ideil hrrein. An}' nc~~ice pr~~~~ideel fnr in ihi: ; ~tortgagc shall he clecmed ha~•c h~~n ~i~~~n tc~ t3c~rr~,~~rr ~~r I rndrr ~+hrn ~i~~en in thc manner cle~ignate~ hcrein. I5. Unifnrnt ~fort~;a~c: Gu~~eruin~ Larti: Se+er:~bilit~. ~I~hiti f~,rni of m~rtgaee <<,mhincs uniform ro~~cn:ints f~r nati~nal usr an.i nc~n-unifurrn ci~~-en,tr,tti ~cith limitr~i ~~:iri.~ti~~n; h~ i~iri,.ii~ti~~n t~~ ci~~~~titute a unifo:m securit~~ instriiment rm•ering real ~n,per~~'. Thi~; 1lortgage shail h~ ~u~•rrnr~l t,~~ thr la~+ rf th~ juriui~ctii~n in ~~•hich Ihe Pmpert)' it Ic~cated. In the . e~'ent th:~t ant~ pri~visi~~n c~r clau~c i~f thi. 1f~~rtgaer ur ~hr \~~te ri~ntlirlti «ith .~~~licahle la~+~, ~tich c~nflict ~hall n~t a(iect ~~thcr E~n,~isi~~nc of thiti :11ort~~agr c,r thr \i,tr ~+hi~h c:u~ hc ~i~cn ctTcct ~tiilh~~~u thc ronfli~tin~ pr~~~•isic~n...ind tc~ this cnd Ihr ~~m~•itii~~ns ~~f thr ~1c~rtgagr and thr \~,t~ ,~n ~Irrlarrd tc~ hc ~c~~crahlc. ' 16. Borro~rer's Cop~. Borm~~~r .hall h~ furni~h~cl re,n(urn~ed ci~~~~~ ~,f th~ tii•te :inif ~~f thi~ ~tortgage at the time c~crulion or aft~r rerordati~~n hercc,f. 17. T'ran5fcr of the Propcrl~; Assuniption. If al! ~~r an~ ~~:trt o( thc Pr~~pcrt} :~r ;in intcr~st Ih~rcin ie si~ld ~~r transfcrred b~- Borm~ti•~r ~~ithout Lender's priur «riltcit c~~n~ent. e~rlueiin~ lal the cr~.iti~,n ~~f lirn e~r encumhrancc suhonlinate t~ thi~ ~i<~rtgat~e. (h) the creati~n ~~f purrh.i~e ni~~sie~ ~rcurih int~rest f~~r h~~u~eFtic~i~l a~~li:ina~~. (cl ;i transfer h~• devise. ~ ~Iescent ur h)~ uperation c~f la~~ urc~n the ~ir.ith ~~f j~,int ten~int ~,r (eii the grant uf an} i~:~sehe~ld interest ~f Ihre~ }'cars c~r le~s : nnt cc~ntaining ;~n ~ption tc~ ~urcha1c. I.cnclrr m.i~. at I.rndcr'~ ~ti~~ti~~n. ~leclarr .~II Ihr sumti ticri~rcd h~~ this Mortgagc to hc ? imme~iiatel~• dur and pa)~ahlr. Lrndcr ~hall ha~e ~~•ai~~~d ~uch ~~~~ti~~n t~, acccler;~te if. ~~ri~r tc~ the ~c~le or transfer. Len~ler ~ an~i the person t~~ ~~firnn thc Prc~pert~~ i; tc~ hr ~ohl i~r trantifrrrc~i rca~h agrecmrnt in uriting Ih;~t the creclit of wch person ~ i~ sati~farti~ry~ to Len~lcr and that thc intrrr~t ra~•;ihlr ~,n th~ ~um~ ~ecured h~~ thiti Jf~~rlea<~e shatl he at such rate a~ Lendcr ~ shall reyucst. If Lender has u~ai~~e~i thr c~ptic,~7 ti~ accrleratr pre~~~ided in this p:iragraph !7, an:l if I3~rro~t•er's successor in interest ha~ executed a~ti~ritten assunz~tii~n akrcrment accepted in ~tiriting h}~ [.enelcr, I.eneler shall release Borro«~er from all nhlig.iti~ns undcr this ;11c~rt~:~gc ~nd thc N~tc. I( Lender exercite~ tiuc't~ arti~n te~ acceleratr. I.en:lrr ~liall mail Rc~rm~~er notice i~f acre{eration in accordanee ~~•ith ~~aragraph 14 hcreof. Such notir; th:+ll F~ro~•idc ci ~cri~,cl c~f n~•t Icsti than 3n cia}'~ fri~m thc datr thc noticc is ntailed wi~hin x". ~tihich Rorm~~er may pay the sums eieclarecl due. I! f3c~rru~+er f.iilc tej p.~}• tiuch wms ~~ric~r tc~ Ihe esriration i~f such period. ' I.cnder ma)'. u~ithout furthcr n~~tice ~~r ~irmand <~n f3arru~srr. in~~c~kr ant rcmedics ~crrnitteci h}• ~aragraph 1 S hercof. ' - No;.-Utvirox~t Cove!v,~~rs. Borrowcr and I.cnder furthcr rn~'enant and agrce as follows: - 18. Acceleration; Remedies. E~cept as pro~•ided in para~raph 17 liereof, upon Borrow~er's breach of any co~~enant or - agreement nf Borrower in this liortgaRe, includin~ the co~enants to pay w~hen due an~~ s~ms secured by this Mortga~e, I.ender ' grior to acceleration shall mail notice to Borro«~er as pro~•ided in paragraph 14 hereof specifying: (1) the breach; (2) the action - req~ired to cure sucli breach; (3) a date, not less than 30 da~•s from the date the nofice is mailed fo Borrower, by w'hich such breach must be eured; and (4) that failore to cure such breach on or before the date specified in ihe notice may result in acceleration of Ihe sums secured by this i~iortgage~ foreclosure by j~dicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the forerlosure proceeding fhe non-exutence of a default or any ofher defense of BorroKCr to acceleration and foreclosure. If the breach is not curQd on or before the date specified in the notice, [,ender at I.ender's option ma}~ declare atl of the sums secured b}• this ~4ortgage to be - immediately due and payable without further demand and may foreclose this 4iort~age by judicial proeeeding. Lender shall - be entilled to coliect in such procceding all expenses of foreclosure, including, but not limiled to, re~sonable attorney's [ees, =i and casts of documentary e~•idence, abstracts and title reporis. - ~ 19. Borrotir~er's Right to Reinstate. Notwithstanding Lcnder's acccleration of the sums se~ured by this Mortgage, . Aorrower shall have the right to ha~•e any proceedingt he~~un hy Lender to enforce this ~tortgage discontinued at any time k (iK ~ 8t10K 38fi ~~71 ;