HomeMy WebLinkAbout2439 II I rnilcr rcyuirc.l n:~,rlt:i~r in.ur;in~r t~ ruti~titiun ~,f ma~.in~ lhc I~,:?n ~ciurc~l h~ thi: Sciuril~ Instrutnrni,
li,,rr~~~~rr .li;ill ~~:i~ thr rrciniuni: rryuirc.l tu maint:~in thr in.ur:inir in cfTrct until surli timc :~s thc rryuirrmcnt fnr thc
iii:ur:~n:c tcrminatcc in :~riurJ~mrc ~~ith 13~,rrc,~rcr ~ an~1 LcnJcr s~~•riUcn agrcemcnt ur ~y~rlir~~hlc 1.~«~. '}}I
K. lt~s~x•ction. I cn~lcr ~~r iu ~~cnt m:~y~ nu~kc rc:~s~n:~hlc cntrics u~on :~nd insrcr~i„ns ~,f thc Pn,r~rty. Lcn.lrr
.I~all t,i~c Il~.rrn~~~cr n~,tirc at thc timr uf ~,r rri~,r t~~ an incrc:ti~,n spc~if~ing rrasuriah~c ca~~.c fur thc incpcrtiun.
9. (~cmdtmnaticm. l hc ~rucccJs uf au~• ~~ward ur cl~~im (i,r Jamagcs, Jircct ur conccyucnti.~l, in cunt~ccliuti with ~
:~n~' c~•ti~irmnaliun ~~r c~ll~cr l;ikin~ ~,f :~n~' ~~art of thc Prorrrt}'. <,r (~~r cunvcy:~ncc in licu ot .un~lcmn.+ti~~n, arc hcrch~~ ~
:~..iEncil :in.l sh:ill hc rai~l t~, I cnilcr. ~
In thc c~•rnt ut a t~,t~il t:iking ~,I U~c I'r~~rcrt~•, tt!c prucccJc sh~~ll i~c applicd to thc sums :c~urcJ h~• this Sccurit~•
Instrunicni. ~~hctlicr or n~,t Ihcn Juc. ~~ith :~m• c.t~css paid to Ilurn,~~~cr. In Ihc c~•cnl uf partia~ laking of Uic Prurcrty~, ~
unlc:< Il~~rm~~~cr anil I cn~lcr ~~thcr~~i.c agrcc in ~vriting, thc cums cccurcd hy tlii~ Sccurit}~ Instrument shall hc rcduccJ h~,•
tlic a~n:_~uni ol~ thc pr~,.cc~ls n~ultiE~lic~l hy U~c fullu«•in~ I~~~~ti~,n: thc tutal amount uf tlic cums sc~urcd immcdiatclY ~
hcti,rc thc ~:~kinc. ~ti~iJc~l ht !h) Ihc tiiir mr~rkct ~•~~luc „f tlic I'n,rcrl~~ imnzc~fiatcl~ hcfc,rc Ihc t:~kin~. :~n)' balancc ch,~ll hc ~
rai~t t~~ 13~,rn,~ecr.
ll~tlic I'rurcrl}' i::~h:ind~,nr~l h~• R~,rru~~•cr. o~ i(, aRcr n~,ticc h}' 1 cndcr t~, R~~rruwcr tli.~l lhr r<,n.tcmnur ~,(lrcrs tc~ ~
niakc an a~~:~rd or scttlr rl:iim li~r dam~?~cs. I;orro~~cr fails to rccpond to I.cndcr ~rithin ?0 days allcr thc datc thc nuticc ~
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i. ti~cu. i.cn~icr is :~uihuriicu ir~ culicri :~nu ;~pri~' ti~c prurrcJ:, a[ its u~stiun, citiicr iu rc~luraiiun c~r rep:~ir ~~i ii~c i~ropcrty ~
t~, thc sums scrum~t h~~ thi. Sc~urih' Inurumr.~t. ~chcthcr or not Uicn ~lur. z
l nlc:s t.cnacr an~l 13~,rru~ti~cr ott~cr~~i~c :~grcc in ~~•riting, any :ippli~:~tion of procccds to principal st?all nut cxtcnd c,r ~
r~~<,r~~~~~ ,t~~ a,?~ ~t~~ R,~~?,~i~i~• ra~~mcnts rclcrrcd to in parabraphs I and 2 or ch:~ngc lhc amount of surh pa}~mcnLa. ~
I11. 13orro~vcr \ot Rclc.u~~f; I~ortnarancc 13~~ I.cndcr \ot a~~'ai~•cr. I:xtcnsion of thc t;mc for pa~~n~cnt or
n~uJ~li.atic~n of amorti~ati~,n uf thc ~ums sccurcd b~' thi~ Scrurit~• Instrun~cnt gr:~nteJ h~' I.cnJcr to an~• .uccc~sor in
inlercst ol' Ilurru~ver >hall nc,t opente to re!e.~:e the liability of the orig~nal Ilorrow•er or Ilorrow•e;'s successors in iaterest.
LenJer sh:ill n~~t he required lo rc,minence proree~7ings ag~~inst am~ succes«~r in interest or refute to extend time f~r
~a}•mcnt or ~~thcn~~isc rnudil~ amortii~~liur2 of thc sums sccurcd by this Sccurity Instrumcnt b}~ rcason of an}' dcmand madc
h~• Ihc original R~~rr~~u~cr or 13urro~ccr's succesc~rc in intcrest. An~• f~nc~arrincc by Lcndcr in cxcrcising any right or rcmcdy
sh:~ll nc~t hc ~cai~~cr c.r prccluJc Ihc cxcrci<c of an~• right or rcmcd~.
1I. Succ~~sors and ,11~i~;ns 13~nmd; Joint and k~•rral I.iabilih; (~o-si~;ncrs. "lhc ro~•cnants :~nd agrccmcn~s of
Uii: tic~urih In~trumcnt sh:~ll hiod :~nJ hcnclit thc suc~cc~i,rs and ascigns oi~ Lrndcr and B~~rru~~•cr, suh~cct to thc pro~•isions
~,I~paragra~~h I~. l3urn,~crr'~ corcnants .inJ a~rcctncnts st~:ill hc j~,int .~tiJ sc~~craL r\ny 13urro~vcr tiho ccs-signs tl?is Sccuritti.
In.tn~ment hut d~~ec n~,t c.~c~ute the \c,tr. i~ co-cicning this Securit~• In~trument only to mor~gage, grant and com•e~~
th:~t 13c,rruw•cr'~ intcrc:t i~i Ure Pmprrl}~ ur~~7rr thc lcrnu of this Scrurit}~ (n,trumcnl: (b) is nol pcrsonally ubligalcJ to pay
~~~r ..,~i„ .r~urc~t h~ tiii. tircuPit~ I~~.lrun~cnt: .inJ a~r~r. tii.ri 1.cnJcr .iuJ ~im~ othcr Burro~~cr rn.iy agrcc to cxtcnd,
nu~~ily. li~rhrar ~,r m:ikc am' acrunun~,J.ili~,n~ ~sith rcgarJ to thc tcrms Ihi~ Sccurit~~ Instrumcnt or thc \otc ~eilhout
tliat 1)urru~vcr c cc,n.ctit.
1~. ~.o.llt ~~h:l~~!~s. If thc I~~an sccurcJ hy thic Sccurit~' I~islrumcnt ic subjccl to a la~v ~~f~i~h setc maximum loan ~
ihnrZes, an~f Ihat I~?~+ i. fin:ilh• interrrcteel so that the interest or ulher loan charge> collected or lo he coll~cted in
<<~nncclion ~~~ith thc l~~an exrccd thc pcrmiltcd limits, thcn: (a) am• such loan chargc sh~~ll bc rcJuccJ bti• thc amount ~
niresc:~ry~ ti~ rcducc thc char~c t~~ Ihc rcrmittcd limit; and (b) any sums alrcady collcctcd from I3orrow•cr ~chich cxcccdcd
rrrmittc~l limits ~~ill hc rclins~rd to Ilorrow•cr. I.cndcr may choosc to makr this rcCund by rcduci~ig thc principal owed
~ ~in~cr ~I~c \otc or b~• mr~kin~ dircrt paymcnt to I)orro~~~cr. If a rcfund reduccs principal, thc rcJuction ~eill br trcated as a
~:~rti:~l rrc~a~•mcnt ~~•ithout :~m• rrcpa~•mcnt chargc unJcr thc \~tc. ~
, 13. I.c~isl:~tion ,~ifcctin~; Lcndcr's Ri~;hts. If cnaclmcnt or cxriration of :,~~,r~,ni~ la~~~s has lhc c(iccl of ~
` rcn~crint an~~ pr~~~ i.i~~n ul thc \~~tc ~~r this ticcurilv tnstrumcnt uncn(urccablc accorJinb to its tcrrnc, Lendcr, at its ortion, ~
~ in:~~ rcyuirc immcdi:~tc ~:~~nunt in f~uli of rill .ums sccurcd by this Sccurih~ Instrumcnl anJ ma~~ im~okc any rcmcdics ~
~ ~~•rmiUed h~ rar.~tra~tt I~~. If I.en~ler exerci~c~ this ~~tinn, I.ender ,hal) take lhe steps specilieJ in the secunJ ~:~ragrarh of
~ ~:irair.irh I'. ~
I
y 14. ~c~ticcs. :~n~~ n~,licc t~, 13orrc,~~cr rrc,~~idcJ for in this Sccurity inctrumcnt >hall hc gi~•cn b~• deli~-cring it or hy ~
f mailing it h~~ ~ir.t clri~s mail unlc~s arpli~ahlc ia.v rcyuircc u~c ~f annlhcr mcth~d. "l hc noticc shall hc dircctcd to thc
I 1'm~crh ,1d~ires. ~~r :~n~• c~thcr a~fJrccs I;~~rrow~cr dc~ignatcs h~~ noti.c to I cndcr. ;~ny noticc to Lcndcr shall bc gi~-cn h}~ ~
` tir~t claas m:~i! t~~ I cndcr'c :~cl~lrc:c c~:~1cd hcrcin c~r any~ oth~r ~dJrcss I cndcr dcsi~rnics b~• nMicc to (3~rr~~~~cr. Am• n<~ticc ;
~ ~~r~~~iclc~f (i,r in this Sccuril~' In~lrumcnl shal! bc clccmcJ lu ha~c hccn ~:i~cn lu I)~~rru«cr or Lrn~cr ~chcn gi~•cn a~ rro~~i~cJ ~
in thic p;iragra~h. +
` I~. (:n~~ernin~; i.a~~~; St~'er.~bilih~. ~I his Securitt~ Inctrumcnt ~h.~ll hc gu~erneJ hy Icdcral la~~~ and the la~~• ~~f the ~
jurisJi~tie,n in ~~hirh thc Pr~~pcrt~ is I~~cr~tca. In tf~c ccrnt Uiat am~ pr~,~i~ie>n or clausc of this Sccuril}• Instrrimcnt or llic ~
~ \otc runllict~ uith a~~lir.ihlc I:~~., cu~h cc~nflirt sh~~ll not a(ic~l ~thcr pm~~isionc uf this Securit~ Instrunicnt c~r thc \ulc ~
} ~~hi;h :.in hc ~iccn cf]cct wiUi~fut thc a,nflicting pnnisior.. I o this cnd thc procisions of this Sc,urit}' Instrumcnt anJ thc
\'~+tc arc dccl:~rcd l~ hc ~c~crahlc. `
t ' ~
l6. 13orrm~'ct s(~t~p~~. Rurmwcr chall hc giccn onc conformcd c~p~• of tfic \otc anJ of this Sccuril~~ Inctrumcnt. ~
F 17. 'I'r:+nsfcr o! ti~c Propcrh~ or a 13cnc(icial Intcrest in Borro~~~cr. If all or an}~ part ~~f thc Propcrty or anti~ ~
` inicrc.t in it i~ s~+IJ ~~r tranclcrrrd (~~r il~a hcne(icial intcrest in 13~rm~~cr is cold ~~r [ran~fcrrcd and R~~rro~~~cr is not a rzatur:~l
~ ~cr.c.n) ~eith~~ut I cndcr': rri~~r ~~~riUcn c~nscnt, I.cndcr ma}~, at its option, rcquirc immcdiatc r:?ymcnt in fi~ll of al! ~ums i
~ sccurccl h~~ ~lii~ tic~urit~~ In~lrumcnl. Ilrn~•c~cr, tl~ic c~rtion shall nc~t hr cxcrciscd hy LenJcr i(cxcrcisc is ~r~~hihilyd hy~ ~
~ Ic~icr:~l la~~• :~s c,f Ihc dalc c~f this Sccurit~~ In.trumcnt.
~ It~ Lcn~ler cxcr.iscs Ihi. c~r~i~~n, I.cn~cr shall gi~•c fiurro~ecr n~~ticc ~~f accclcratiun. 't hc notire shall pro~~iJc a pcriod
~ c~l~n~,t Iccs than 30 Ja~s I~~,m thc dr~tc ~hc n~,tirc is dcli~crcd or mr~ilcd ~~itl~in ~~liich 13arro~~'cr must pay' .~II ~iims sccurcd hy
i ~hi~ Scrurit~ Insirurncni. If R~~rn»~cr li~il~ tu ~a~~ thcsc sums pric~r tu thc cs~~iraci~~n of ttoic ~,cri~J, I.cn~fcr ma}~ incc~kc any
rcnic~lics ~crmittccJ h~~ ~his Sccurit~ Inctrumcnt ~~ith~~ut furUicr n<~ticc c~r ~cm:~nJ ~m Ilorrc,«•cr.
18. 13orro~~rr's Ri};ht to Rcinstatc. If 13orr~~~scr rncctc ccrtain r~~nJiti~~ns, f3~,rn~wcr ~h;ili ha~~c lhc right to h~~~c
cnf~+rrcmcnt ~~f ~hic ticrurit} Inctrumcnt Jiscc~ntirzucd at an} timc ~ri~~r t<~ .hc cariicr of: (a) 5 Jacs (or such ~[hcr pcri~d as ~
ar~li~ahlc laµ• m.~} srcci(j~ f~~r rcinstatcrncnt) hcf~re salc c~f thc Pru~crt~• rur~us~nt lo any p~~u~cr ~f sa!c containcd in this
Sr~urily~ In~tnuncnt; ~~r (h) cntr~ ~~f a jucl~:mrnt cnfc~rcing thic tircurih~ Instrumcnt. Ih~~sc c~~nditi~~ns arc tt~at 13~~rrowcr:
~a}~s I.cndcr :ill ~um~ ~~hirh thcn ~+~~~uld hc duc undcr thic Sccuril~• In~trumcnt and thc \~,tc had n~ ~ccclcration
~~crurrcd: (h) rures :~n~• dcfault ~~f ;tm ~~thcr ~m~cn.ints c+r agrccmcnt~; (c) rays all cxrcnscs incurrcd in cnfc,rcing this
Sc~uril~ In~Irumcnl, incluJin~. hut ~i~~t liniitcd t~~, rc:~:~m:ihlc aU~rnc~~c' fccs; :~nd (J) takc~ sucf~ aclion as I.cndcr ma~~
a rcr~c~,n.~hlt rcyuirc tn ;~.curc tliat thc licn ~~f thic Sccurilt In<trumcnt, I.cndcr's ri~hts in thc I'r~~~crty and f3~~rr~«~cr"s
~,hli~ati~,n lu ~ac Ihc ~unic sc~urcd ht thi~ tic~urit`~ In~lrument ch:ill c~~ntinue unchan~:ed. l.`~on rcinct~temenl h~~
Rnrn,~+cr. thi. ti~•~urit~ ln~trumcn! :uiJ thc ~,hlig:itivns scrurcJ hcrchy shall rcmain full}' cllcrli~~c as if nn accclcratic~n had
- u~currccl. IIn«'c•.cr. tt~ic ri~;ht I~~ rcin~I:~Ic ~li;ill n~,t ;ir~lt in Ihc casc ~~f accclcr:~tic,n un~cr naragr:~~hc t? ~•r 17.
o~~s~ P~~Ez439
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