Claim Deutsche Bank Bankers TRu
IN THE IOWA DISTRlCT COURT FOR DUBUQUE COUNTY
/)g(ol( cc: ;.ill/1M
~H
K V1A- 'r
~ EQUITY NO. (9 13f I ZQCUoq"Zfl13
)
)
)
) ORIGINAL NOTICE
)
)
)
)
)
)
)
)
)
)
)
)
)
)
C>
" ..
DEUTSCHE BANK TRUST COMPANY OF
AMER1CASil~aBANKERSTRUSTCOMPANY,
TRUSTEE FOR THE REGISTERED HOLDERS OF
SALOMON BROTHERS MORTGAGE SECURlTIES
VII, INc., UNDER THE APPLICABLE POOLING
AND SERVICING AGREEMENT,
Plaintiff
v.
GARY E. BAY; SUSAN M. BAY; SOUTHWEST
HEALTH CENTER; UNKNOWN OCCUPANTS OF
481-483 WEST 15TH STREET, DUBUQUE, IOWA;
MICHAEL F. SHAVER; LORRAINE M. SHAVER;
CITY OF DUBUQUE; MONICA DAVIS; JOHN
PERRY D/B/A PERRY CONSTRUCTION; DEAN
ST. MARY'S VENTURES, INc. D/B/A DOCTORS
PARK PHYSICIANS
- -
-:J
.~-
(.:>
~ç:
p ;c~'
CD
c"}
<.
Defendant(s).
TO THE ABOVE-NAMED DEFENDANTS:
You are notified that a petition has been filed in the office of the clerk of this court naming you as
the defendant(s) in this action. A copy of the petition, and any documents filed with it, is attached to this
notice. The name and address of the Plaintiffs attorney is James V. Sarcone, Jr., Belin law Finn, The
Financial Center, 666 Walnut Street Suite 2000, Des Moines, Iowa 50309-3989. The attorney's phone
number is 515-283-4624; facsimile number 515-283-4653.
You must serve a motion or answer within twenty (20) days after service of the Original Notice
upon you. Within a reasonable time tbereafter you must file your motion or answer with the Clerk of
Court for Dubuque County, at the County Courthouse in Dubuque, Iowa. If you do not, judgment by
default may be rendered against you for the relief demanded in the Petition.
If you require the assistance of auxiliary aids or services to participate in court because of a
disability, immediately call your district ADA coordinator at 319-398-3920 ex!. 200. (If you are hearing
impaired, call Relay Iowa TTY at 1-800-735-2942.)
~Jd.~
CLERKOFJ ABOVE COURT
~
IMPORTANT: YOU ARE ADVISED TO SEEK LEGAL ADVICE AT ONCE TO PROTECT
YOUR INTERESTS
,
IN THE lOW A DISTRICT COURT FOR DUBUQUE COUNTY
DEUTSCHE BANK TRUST COMPANY OF
AMERICAS fMa BANKERS TRUST COMPANY,
TRUSTEE FOR THE REGISTERED HOLDERS OF
SALOMON BROTHERS MORTGAGE
SECURITIES VII, INc., UNDER THE
APPLICABLE POOLING AND SERVICING
AGREEMENT,
Plaintiff
v.
GARY E. BAY; SUSAN M. BAY; SOUTHWEST
HEALTH CENTER; UNKNOWN OCCUPANTS
OF 481-483 WEST 15TH STREET, DUBUQUE,
IOWA,
Defendant(s).
,,-
0
s:-
o:::>
-0
:;:0
""
0
,"
) ~::',:.
) EQUITY NO. 01311 EQCV093'¡f.J;3
) "
)
)
)
)
)
)
) MOTION FOR RELIEF TO AMEND
)
)
)
)
)
)
)
)
)
:<...'
Cfi!
<:.J1
...0
COMES NOW the Plaintiff and in support of motion for reliefto amend states:
1.
Plaintiff has finally received an updated title report. The report shows additional liens against
the property being foreclosed herein.
2.
Attached hereto is plaintiffs first amendment ot petition.
3.
The parties set forth in the amendment to petition are necessary parties to the foreclosure
action and plaintiff should be allowed to amend its petition to includes these parties as defendants herein.
4.
This amendment does not work any hardship on the remaining defendants and is absolutely
necessary to the proper conclusion of the foreclosure action.
WHEREFORE, Plaintiff prays that it be pennitted to amend its petition as set forth in its first
amendment to petition as attached hereto.
-
~
'::.-=:<
0-
m
C-
c" ~:
c:>
-.
~
~
d :Ioptiononolb,ylamond- motion .doo
BELIN LAMSON McCORMICK ZUMBACH
FLYNN
A Professional Corporation
1
û-, j(;lf:~ \,
'yP-- .
JAMES;V. SARCONE, JR. PK 0004845
The Fii1'ancial Center
666 Walnut Street Suite 2000
Des Moines, IA 50309-3989
Telephone: 515-243-7100
BY
"
IN THE lOW A DISTRICT COURT FOR DUBUQUE COUNTY
DEUTSCHE BANK TRUST COMPANY OF
AMERICAS fMa BANKERS TRUST COMPANY,
TRUSTEE FOR THE REGISTERED HOLDERS OF
SALOMON BROTHERS MORTGAGE
SECURITIES VII, INc., UNDER THE
APPLICABLE POOLING AND SERVICING
AGREEMENT,
Plaintiff
v.
GARY E. BAY; SUSAN M. BAY; SOUTHWEST
HEALTH CENTER; UNKNOWN OCCUPANTS
OF 481-483 WEST 15TH STREET, DUBUQUE,
IOWA,
Defendant(s).
)
) EQUITY NO. 01311 EQCV093913
)
)
)
)
)
) FIRST AMENDMENT TO PLAINTIFF'S
) PETITION
)
)
)
)
)
)
)
)
)
)
)
COMES NOW the Plaintiff and for First Amendment to Petition states:
1.
The following parties are included as defendants herein:
Michael F. Shaver
Lorraine M. Shaver
City of Dubuque
Monica Davis
John Perry d/b/a Perry Construction
Dean St. Mary's Ventures, Inc. d/b/a Doctors Park Physicians
c~
:'"
2.
The following paragraph 15 is added to Plaintiffs Petition:
Michael F. Shaver is included as a Defendant herein because a mortgage
in the sum of $23, 100.00 covering the above property executed in his
favor by Gary E. Bay and Susan M. Bay and recorded February 17, 1998
in Inst. #2067-98 of the Dubuque County, Iowa records
15.
3.
The following paragraph 16 is added to Plaintiffs Petition:
Lorraine M. Shaver is included as a Defendant herein because a
mortgage in the sum of$23,1 00.00 covering the above property executed
in her favor by Gary E. Bay and Susan M. Bay and recorded February
17, 1998 in Inst. #2067-98 of the Dubuque County, Iowa records
16.
4.
The following paragraph 17 is added to Plaintiffs Petition:
17.
City of Dubuque is included as a Defendant herein because a mortgage in
the sum of $4,950.00 covering the above property executed in its favor
(:J
s:-
by Gary E. Bay and Susan M. Bay and recorded January 3, 2001 in 1nst.
#42-01 ofthe Dubuque County, Iowa records
5.
The following paragraph 18 is added to Plaintiffs Petition:
18.
Monica Davis is included as a Defendant herein because ajudgment
rendered in its favor against Gary Bay and Susan Bay on May 2, 200 I, in
SCSC45218 of the Dubuque County, Iowa records.
6.
The following paragraph 19 is added to Plaintiffs Petition:
19
John Perry d/b/a Perry Construction is included as a Defendant herein
because a judgment rendered in its favor against Gary Bay and Susan
Bay on January 20, 2004, in SCSC51700 ofthe Dubuque County, Iowa
records.
7.
The following paragraph 20 is added to Plaintiffs Petition:
Dean St. Mary's Ventures, Inc. d/b/a Doctors Park Physicians is included
as a Defendant herein because a judgment rendered in its favor against
Gary Bay and Susan Bay on November 4, 2002, in Small Claim Case
#2002SCOOO050 of the Dubuque County, Iowa records.
WHEREFORE, Plaintiff prays as in its original Petition as amended hereof.
20.
BELIN LAMSON McCORMICK ZUMBACH
FLYNN
A Professional Corporation
~'l'¡' ,
BY . oJ ,/¡f"'--I
JAMEf'i ' . SARCONE, JR.
The Financial Center
666 Walnut Street Suite 2000
Des Moines, 1A 50309-3989
Telephone: 515-243-7100
PK 0004845
IN THE IOWA DISTRlCT COURT FOR DUBUQUE COUNTY
DEUTSCHE BANK TRUST COMPANY OF
AMERlCAS fMa BANKERS TRUST COMPANY,
TRUSTEE FOR THE REGISTERED HOLDERS OF
SALOMON BROTHERS MORTGAGE
SECURlTIES VII, INc., UNDER THE
APPLICABLE POOLING AND SERVICING
AGREEMENT,
)
) EQUITY NO.
)
)
)
) PETITION (FOR MORTGAGE
) FORECLOSURE AND RECEIVER)
)
)
)
)
)
)
)
)
)
)
)
)
)
Plaintiff
v.
è'
<;:.'
c:.
8'
rn
GARY E. BAY; SUSAN M. BAY; SOUTHWEST
HEALTH CENTER; UNKNOWN OCCUPANTS
OF 481-483 WEST 15TH STREET, DUBUQUE,
IOWA,
~~
"",-;
68
~§
-;
Defendant(s),
g;
C
a
i:"',
-I
N
W
"1:)
:J1::
--
rn
r-=
\...J
r:-?
<...)
COMES NOW the Plaintiff and for cause of action against the Defendants, the P1aintiffstates:
NOTICE
THE PLAINTIFF HAS ELECTED FORECLOSURE WITHOUT REDEMPTION.
THIS
MEANS THAT THE SALE OF THE MORTGAGED PROPERTY WILL OCCUR PROMPTLY AFTER
ENTRY OF JUDGMENT UNLESS YOU FILE WITH THE COURT A WRlTTEN DEMAND TO
DELAY THE SALE. IF YOU FILE A WRlTTEN DEMAND, THE SALE WILL BE DELAYED
UNTIL TWELVE MONTHS (OR SIX MONTHS IF THE PETITION INCLUDES A WAIVER OF
DEFICIENCY JUDGMENT) FROM ENTRY OF JUDGMENT IF THE MORTGAGED PROPERTY IS
YOUR RESIDENCE AND IS A ONE-FAMILY OR TWO-FAMILY DWELLING OR UNTIL TWO
MONTHS FROM ENTRY OF JUDGMENT IF THE MORTGAGED PROPERTY IS NOT YOUR
RESIDENCE OR IS YOUR RESIDENCE BUT NOT A ONE-FAMILY OR TWO-FAMILY
DWELLING. YOU WILL HAVE NO RlGHT OF REDEMPTION AFTER THE SALE. THE
PURCHASER AT THE SALE WILL BE ENTITLED TO IMMEDIATE POSSESSION OF THE
MORTGAGED PROPERTY. YOU MAY PURCHASE AT THE SALE.
1.
That Plaintiff is a foreign corporation; Defendants Gary E. Bay and Susan M. Bay are natural
person(s) last known to reside in P1atteviIIe, Wisconsin; Defendants Unknown Occupants of 481-483
West 15th Street, Dubuque, Iowa are natural persons last known to reside in Dubuque County, Iowa;
Defendant Southwest Health Center is a foreign corporation doing business in the State ofIowa.
2.
That on or about the 12th day of February, 1998, the Defendants, Gary E. Bay and Susan M.
Bay made, executed and delivered to Option One Mortgage Corporation one certain Promissory Note in
writing bearing the date aforesaid in the principal sum of $86,625.00 bearing interest at the adjustable rate
of 10.45 percent per annum after maturity, and Exhibit "A" hereto attached and by this reference
incorporated herein and made a part hereof is a true and correct copy of said Promissory Note.
3.
That at the time of the execution of said Promissory Note, Exhibit "A" aforesaid, and as a
part of the same transaction for the purpose of securing said Note with interest thereon and other sums
hereinafter mentioned, the said Defendants, Gary E. Bay and Susan M. Bay made, executed and delivered
to Option One Mortgage Corporation one certain Mortgage in writing, transferring and conveying unto
Option One Mortgage Corporation the foIIowing real estate situated in Dubuque County, Iowa, to-wit:
Lots 5 and ,5 in Morgan's Subdivision in the City of Dubuque, Iowa,
according tó the recorded plat thereof
and Exhibit "B" hereto attached and by this reference incorporated herein and made a part hereof, is a true
and correct copy of said Mortgage.
4.
That on February 17, 1998, the said Mortgage was duly recorded in Inst. #2066-98, of the
records of the office of the Recorder of Dubuque County, Iowa.
5.
That said Mortgage, Exhibit "B" aforesaid, among other tlúngs expressly provides for the
appointment of a Receiver upon the filing of Petition for Foreclosure or at any time thereafter.
5a.
The aforesaid Mortgage has been assigned to the Plaintiff herein.
-2-
6.
That the said Defendants, Gary E. Bay and Susan M. Bay, have defaulted in the monthly
payment of interest and principal and have neglected and failed to pay the installments as provided in the
written instrument aforesaid and are now in defau]t of the said payments for several months ]ast past, and
the Plaintiff does now elect to and hereby does declare the who]e of said Note and Mortgage due and
payable forthwith.
7.
That the balance due on said Note and Mortgage as of September 25, 2003, is $86,867.79,
including principal and interest and advancements, after allowing due credit to the Defendants for all
payments made.
8.
That in the preparation of this Petition and cause of action for presentation to the Court, it
was necessary for Plaintiff to employ an attorney to represent and serve it herein, and for this purpose
Plaintiff has retained and employed Belin Lamson McConnick Zumbach Flynn, A Professional
Corporation, Attorneys at Law of this Court.
9.
That the Plaintiff is willing and now offers, upon payment of the amount due it as heretofore
set forth, to cancel the Note declared on, discharge of record the Mortgage securing the same, and to do
all things that equity and good conscience may require of it.
10.
That the Defendants herein have or claim to have some lien upon or interest in the mortgaged
premises, but the Plaintiff avers that whatever lien or interest they or any of them may have thereon or
herein, the same is junior and inferior to the lien of PlaintifFs Mortgage, Exhibit "B" and the amounts
hereinbefore set out.
II.
That P]aintiff waives its rights to a deficiency judgment in this matter.
That a Notice of Right to Cure Default was mailed to the Defendants, Gary E. Bay and Susan
M. Bay, more than 30 days prior to the filing of this foreclosure actionlPetition and the defaults set out
12.
therein have not been cured.
13.
Southwest Health Center is included as a Defendant herein because of a judgment rendered in
its favor against Gary Bay and Susan Bay in the amount of $4,599.50 on August 13,2001, in CVCV
#52702 of the Dubuque County, Iowa records.
-3-
14.
Unknown occupants of 481-483 West 15th Street, Dubuque, Iowa are included as defendants
because they may be parties in possession of the subject property.
WHEREFORE, Plaintiff prays:
FIRST:
That a Receiver be appointed by the Conrt to take immediate possession of the
mortgaged premises hereinbefore described, with power and authority and the duty to keep, repair,
maintain and insure the premises, buildings and other improvements thereon; to lease the same and collect
the rents, issues and profits arising which may be had therefrom, and to retain and dispose of said rents
and profits as said Mortgage provides and as the Court may hereafter detennine and direct.
SECOND: (a) That the Plaintiff have judgment in rem, against the mortgaged premises in the
sum of $86,867.79 with interest at 10.45 percent from September 25, 2003, and have such additional sum
of sums as may hereafter be advanced for continuing the abstract of title or other purposes authorized by
said Note and Mortgage and by Iowa law. (b) For reasonable attorney's fees upon the Note, interest and
other sums advanced by the Plaintiff as set out above, and for the costs of this action.
THIRD: That said judgment be declared to be a lien upon the mortgaged premises involved
herein ftom and after the date of execution of said Mortgage, Exhibit "B", to-wit, February 12, 1998, and
upon the rents, issues and profits arising and which may be had therefrom ftom and after the date of filing
of this Petition, and that said lien be declared to be prior and paramount to the lien and interest of the
Defendants upon and in the said property.
FOURTH: That Plaintiff's Mortgage aforesaid, Exhibit "ß", be foreclosed, and that a special
execution issue for the sale for the mortgaged premises, or so much thereof as may be necessary to satisfY
the said judgment with interest and costs.
FIFTH: That in the event the property aforesaid does not sell for sufficient to satisfY the
judgment herein, the net proceeds ftom the rents, issues and profits which may be had thereftom, ftom
and after this date, be applied upon said judgment until the same is fully satisfied.
SIXTH: That after the Sheriff's sale of the above described premises pursuant to a special
execution issued herein, a Writ of Possession issue herein under seal of this Court directed to the Sheriff
of Dubuque County, Iowa, commanding him to put the Grantee under Sheriff's Deed in possession of the
-4-
premises deeded to him, and to remove any Defendants, or persons claiming by, through or under any of
them, or any person in possession thereof, out of such possession of said premises.
SEVENTH: That Plaintiff have such other and further relief as the Court may find it to be
entitled to in equity.
BELIN LAMSON McCORMICK ZUMBACH
FLYNN
A Professional Corporation
BY
JAMES V. SARCONE, JR.
The Financial Center
666 Walnut Street Suite 2000
Des Moines, IA 50309-3989
Telephone: 515-243-7100
PK 0004845
d: loptiooono Ibay\petset#2. doo
-50'
~
.t
.
Savicing Number. 9'0020-4
-1
D3re: 02!12!..
iD.n Number. 12100374'
ADJUSTABlE RAm NOfE
(LIBOR - - Rare Caps)
'JJJJS NOTE CONTAINS PROVISIONS AlLOWING FOR CHANGES IN MY INTEREST RATE AND MY
MONTHLY PAYMENT- l1lIS NOm UMfIS 'JJlE AMOUNT MY INTEREST RATE CAN CHANGE AT
ANY ONE TIME AND 11IE MAXIMUM RATE I MUST PAY.
481-483 WEST 15TH STREET, Ì>uBUQUl!, IA 52001
".."..,-
BORROWER'S PROMISE TO PAY
In mum fu<.Joan Ihar I "",.",,;,«1. I,..,..,., '0 pay U.S. $06,625.00
is called "principal"), pin> in""'I. to <he on!er of <he [=du. The Lond<r is ,
OPTION ONE MOR"""'" CORPORATION, A CALIFORNIA CORPORATION
I undmtaod Ihar <he Lrnda - uansfor <his Nore. The Lrnda 0< - who bktS mü Note by - and ..... is enô<kd to
te<cive pay"""" undn- <his Not, is ealled <he °Nore Holda..
I.
«his .......
IN'tEREST
ImatS! will be dw¡od OD unpaHI priDcipal omiI <he fuD amowD of pñncipal boa bttn paid. '"""" wiJl be eaItubitd
on ..._, of> 12-monthy=. I willpayim=st aI'ytady _of 10..50> . The ioIètst-
I will pay may "'- in~ ..;<h_4 of obis Nore. .-.
The int=st <ai, """"'" by müSt<!iOD 2 and St<!iOD 4 of <his No,. is the ...el wiJl pay-~ ODd.tler my defaok
dtscribaI in Stttioo 7(B) or obis Note.
2.
PAYMÐ<IS
(A) r- aDd PIaœ .f -
I will pay principal aod imatSt by making paymtDß ""'Y mon<h.
I ..;ß mak, my mooilily paymm<s on <he "'" day of """ month _I on April 01 , 19"
I wiD make ""'" pay"""" ."'y month omiI I have pa;d >II of <he pñncipal aÐd imatSt aod any od>tr dwgts """"bed below
Ihar I may ow< undn- obis No"', My monobly paymtnta ..;ß be applied to - ~ principal. If, ...
March 01 . 202. ,I stißow<"""""","""",,",No<e. lwißpayth"",amouo"infuDon"'"
""e, which is ealJod <he .M....;", Dm,'
, f ..;ß """, my monilily J>3y'Ð"'" .. OPTION ONE MORroAGB CORPORATION
DEPARTI<ENT 7821. LOS ANGELES, CA '00"-7'21
'" at . <tiff""" plat< .. m¡oi=l by <he Note fIolde<.
(B) - of My - ......., -
Ead> of my iniri" monthly paymems will be in <he....... of U.S- $789.16
(C) ......., - Choo&ts
CbangtS in my monilily paymtDI will .-dItà """"'" in <he unpaHI principal of my .... aod .. the ........ - .... I most
pay_The Nore Holder will dc<cnnÜ1o my now """'" - aod <he - - or my mooilily payment .. ~ ..;th
Stci0040rthi,NOIe,
(D)~of-
"""","" """"'" by <he Note Ho_will be oppIitd in <he folJowú>gon!er: (;)I"'J'OY'DC'" dwgts doe...... thisNo<t;
6;)........ pay.blt......".,.J<>Pb 2 of <he Security ImtnmxnI (dtfiDod below); (ill)"""" doe """" this No<o; r...) principal
doe - thi, No",; aod (v) la,. dwgts doe undn- <his Noce.
3.
. This....... - <haoge.
IN'tEREST RAm AND MONmLY PAYMENT mANGES
(A) CIIaÐge DaI<s
The iot=st - I wiJl pay - ",-.. Ihe "'" day of March 01 , 2000
.... 011 .... day """ sixdJ month thaeafter. - - 011 wIñdo my - - cooId "'- is caDeoI . "CIIaÐge D3re."
(8) The-iDda
Btgûmiog wùb <he "'" Cbange 0-. in, -... ..., will be based OD .. IDdcL no --. . "'" - of --
- ndtS fu< m-momit U.S. dollar--- cJeposits.. the l.oDdoIt market ("UBOR"). .. pubIi3IIcd Ì8 71w Wø1l-
_. The most ""'"' Index figure ...;)able .. of the "'" -. day of <he ..- -y p=diog tho ....... .. wbklt
"'" CItaoge Dm occœs ;s called <he "CnmoI --.
If Ihe Index is no lODger available. <he Note Holder will choose . .......... .... . based - ~ ÜIfimDaIioo.
The Note fIoId" will give me ooûce of this -
(C) CakulaOion of Choo&ts
Bo1.10 """ CItaoge Dm. Ihe Note Holder will cakulaIe my .... - .... by oddùtc
SIX aDd 25!>00 -poiDt(,)( 6.250t )
10 the Ontea< Index. The Note HoI"" will .... ...... the =oil of <his - 10 "'" """ mgct< ~ of ODe -
_(0.125"). Subjttt ",<helm"""" .._4(0) below, this- _wiD....,. <lOW --_the-
CItaoge Dace.
The Note fIolder will - ........... die ....... of <he ......, - .... - .. -- to - the .......
principal .... I am oxpt<ttd <0 owe .. Ihe CIIaÐge I>aæ .. full .. "'" - I>aæ .. my now ........ .... .. ..bo!aotiaßy equal
payments. The =h of this _ion will be <he .... -- of my ........., -- '
4.
JOW" ADroSTAHLI! Un< ........,... """'" - - --
_'of'
r¡3-..st::L-.
6'f-h l bi -I /} f-) V\
1
1
I
¡
¡
i
!
I
!
¡
,
.~
.
.
-g--' ,BO02'-'
D=: 02/12/'B
[oao Number, 12100J7.'
(D) LimiÞ ... - Ibœ O>aøga
The inIc=r .- I "" m¡ui¡<d to pay at Ib, fmt a.og. Date wiD not be greater ..... 13 . <SO > or Jess ....
10..50> . Th=after. my in..,." ,.Ie will never be inore=d ord==erl... my singleCh>nge D...by more"'" one
¡>e=nl>ge poi.. It.O"') úom the <at, on......" I b>ve been paying for the ¡n=ding 'õx mouths. In DO event will my inIc=r ""e
be",-- IG.<SO> orlesslb", 10.OSO>
IE) EIfttôw: Dale of O>aøga
My new int= ,... w>1l berome d"clive ooe",1t Ch"'ge D.... I will pay the - of my new mon1hIy P"Y""'"
begjmñog ÐII the r"" monthly paymenl d"'e ofter the Change Date unIiI the >moon! of my mnmbIy paymcnI - .....'
(F) """'" of O>aøga ,
The NOte Holder will deliver or =" 10 me . notke of my """goo in my "'=>1 .- and the - of my mombIy
payment before the effective date of;my chang,. The norlœ will iocInde infürm>1Jo¡¡ ¡eqninrl by Izw 10 be given me and .... the
lille and ¡elepbooe nwnbeT of . pmon who will """"'" my q=rion I may b>ve .......... the notice.
5. BORROWER-OS RIGHT TO J'lŒPA Y
I have ... ñgbt 10 m>ke I"Y'f'CI" of pñncipaI at my lime bef...tbey Me doe. together wilb accrued interest. A paymcnI
of pñncip>l only is known as . 'prepaymeot,' When I mù, . pnopaymenl, I will tell the Note IIolder in writing that I "" doñ>g
so.
I may tmke . foIl ptq»yment or p>nw ¡nepaymen1S - paying æiy prepaymeot cIwge. The Note Holder wiD we
>II of my ¡n<p>ymenIS to t<duce the amnunI of pñncipal thaI I owe onder this Note. If I male . p>nw ¡nepaynrm, ..... will be
no clw>goo in the doe dates of my mombIy payment onJess the Note Ifolder "!:'= in writing 10 ..... _. My panåI
prepaymeot may teduce the amnunI of my mon1hIy paymeDIS after the lint Cbaoge Date following my panåI pttpayDIOII.
H...."". any """";0,, doe 10 my panåI ptq»rm= may be offset by '" inIc=r "" inaea>e.
6. LOAN CHARGES '
If. low. wIùcb apptios 10 Ibis loan and wbkh setS maxJmnm loaD charges. is finally........... so that the - '" other
loan 'chargoo collected or 10 be collmal in connoaro.. with this loan e>«:e<d ... pmninrd 1inûIS. -: ro my md1 loaD o:b3rge shall
be - by the - n=ssaty to teduce ... cIwge to ... penrñuaI funit; and CD) any ""'" aImody collected Iiom me -
",<=led pmninrd limits win be refunda to me. The Note Holder may cboœc 10 mote tbis tdund by mIucing'" pñncipaI I owe
under I!ñ. NOte or by making . dh=t payment 10 me. If . tefnnd redn= principal. the ndncûon will be neated as . panåI
pnopaymem.
BORROWER'S FAILURE TO PAY AS REQUIRED
IA} ÙIO Qarg<s for o.erdue PaymmIs
Ir ,be Nole Holder bas 00< teecivod the foIl amnunI of any mnntbly pay""'" by the """ of
ofter tbe d3te k is doe. I will pay . late <:batege 10 the Nole Holder. The - of tbe elwge will be
of my overdue payment of pñncipaI """ in!=>I. I w>1l pay Ibis I... eIwg, promptly but only ooce 00 erllate payment.
(B) Default
Ir I do 00< pay tbe foIl """""" of erl moolbly payment on tbe ..... k is due. I win be m default. If I "" m defaull, the
Not' Holder may ........ me to pay _tely Ibe foil amount of pñncipal wlricb It.. 00' been paid and >II inIc=r .... I owe
on that ....nitr. together with;my other "","os Ibat I ow, under this Note or the Stttnity In>tromom. ""'..... otherwise "'JUimI
by applic>ble low. 15
Ic) No Waiftrby-- G.ooo>
E= iI. at . time when I "" m default. tbe No.. Holder does DOl ¡eqnm. me to pay immediately in foil as d=ibed above,
me No.. Holder will :;Ô!11tave ... ñgbt to do so if I "" m def"'¡¡ '" . ..... time.
(D}Paymeoiof__'seo..._E<pcoRs ,
If lit, Note Holder bas "'JUimI me 10 pay immcdùIeIy m foil as """'ibed above, tbe Note Holder wiIIltave the ñgbl to
be paid bact by me for án or itS COOlS """ cxpcmes m enforcing Ibis Note to ... "'.... DOl proI>ibited by "",IDbIe law. -
or- 00< . IawsWt is fdod. Those oxpemcs include. for- example. reasonable anomeys' f<OS. .
7.
- d>ys
GIVING OF NOlICES
u..... "",6cabIe law m¡nhes . diff....., -. ;my DOtiœ tIw most be giYetlIO me nndet this - will be given by
delivering ;; or- by mailing k by lint elass mail 10 me at ... Pmpen)' - above or at . - address ill gm the NOlO
Holder. 00Iicê of my dirrem. address.
Any - that most be giveu to the Note Holder nndet Ibis Note will be given by mailing k by fin< class mail to tbe-
Holder at the address """" in Seclro.. 3{A) ..... or- at . - address ill am giYetl . 001ke of that - addreas.
8.
OBUGATIONS OF PBtSONS UNDER 'J1IIS NOIH
If ..... ..... one peISOD si.... tbis Note. eacIt pmoa is fnIIy and penooaIIy obligated 10 teep all of the psomises made
in tbis Note. incIudin& the promise to pay the fun ........ """'. Any """'" who is . --. ....." or endorser of tbis NOlO
is also obJipred 10 do these tbinp. Any pmoa ..... ..... over these obligations. inclDdin& ... obtigadons of. ....-. ....."
or - of tbis NOlO. is also obIipred 10 teep all of the psomises made in Ibis !/ole. The Note Holder ""'I' eoforœ its ñg!olS
onder Ibis Nore - eacIt pmon individually or against all of us toge!her. This...... that ;my one of us ""'I' be "'JUimI1O I"'Y
>llofthe..........OW<d1mdertbisN....
9.
""'20"
7ð-: ~!P7
~-
~.
I
...
"
'-
.
,
Loan NwnI><r: 121003749
Scn>icing Numb= 980024-4
D>R: 02/12/98
10, WAIVERS
I and "'Y mhu i>e=n w,," has obligañons - th;, NcIe waive the ñgbls of preseonnenr and OOIice of <IisIJooa,
'P=enlme"" """'" the ñght 10 m¡uU< the NoI. Holder '" dem;md f'IY'D'DI of - doe. 'Noùce of dishonw' me>m the right
10 "qui.. the NcIe Holder 10 give OOIi", '" ""= pcr>oß$ """ - doe have ... b= paid.
II. SECUIŒD NOTE
10 _We 10 the prol<rti"", givrn '" the NoI. Holder UDder th;, Nole. a Mongog.. Dttrl of Tnm or Smuily Dttd (the
'Smuily ""tromenn. """" the """" dale as dñs NOIe, proltttS the -. Holda from pomDle 10= wbieb nnght resull if I do
no< keep the promi= """ I make m Ibis NOIe. "'" Smuily ißstrnmem descñbes bow and uodu whaJ roodil;"'" I ""'" be"""'"
10 make immodiale paymom in full of "I ........ I owe wnIer this NOIe. Soox: of dime roodi.ioos ale descñbed as fnllows:
;r- of the Propaty 0< a JkDtficiaI -... .. 80n0Mr. Ir aD or "'Y pari of ""' Propaty or my inrcrost m it is sold
or ,.-rami (0' ir a bentrlcial inrcrost in Bono.... ;, sold 0< rransfum and IIom>wer is 001 a """"'" """"0) w;!hout LaIdeJ's
prior written cooseor> LaIdeJ may> .. its opùoo. m¡uU< immcdiaJe pay>Œm m foD of aD sums searnd by dñs Smuil)' Ù!SUUIDeJII.
However, this oplion sbaII ... be =m><d by LaIdeJ if e=cise is prohibited by -.. law as of the "",. or this Secoñry
InslrumenJ. LaxIer "'" shall 001 e=cise dñs oprion if: (a) Borrower coos<s 10 be _lied '" lnIdtt infonoañoo ......... by
uDder 10 - the intend'" uansf=e as if. new I... were bciog made '" the uansfe=; and (h) Lender """"""'Iy-
..... Lenda's =uril)' win 001 be impaiRd by the loan _ion and thai the risk of. breach of my COVenant or agn<menJ in
dñs Secuñly In- is aœep<obIe '" Lender.
To the exl"" pernllI1ed by appIicabl.law> Lender may -...""""'¡'Ie f<e as a COÐÖJõoo 10 lnIdtt.s cooseor '" the
I... ""'mplioo, LaIdeJ may "'" m¡uU< the uansfen:e '" sign au ~ agnemrnr """ is acœpuble '" Lender and .....
obligarer the I.-f=e 10 keep aD the pronDses .... ............. made m the Note"" m dñs Smuily ißstrnmem, Borrower will
rontin"" 10 be obligar<d UDder the NcIe and this Smuily InsuumenI oukss Lender Ie!eases Borrower m wri'm,.
If Lender =i= the optioo '" m¡uU< - pay>Œm m full, LaIdeJ sbaII give Borrower notiœ of acccluarioo.
The notice shall prov;de a period of DOl"" .... 30 days from the dale the - is ddiveml or mailed within which Bonower
musI pay all sums searnd by dñs S=ril)' 1nsIsuuxnt. If Borrower faüs '" pay ...... sums prior '" the expûaric>Ð of Ibis period>
LaIdeJ may iov", aøy =><:dies pernllI1ed by dñs Secoñry fnsInnÐeDI withour further ootiœ or dcnÍand on Bonower.
IMPORTANT: READ BEfORE SIGNING. THE TERMS OF 1HJS AGREEMENT SHOUlD BE READ CAlŒFUU.Y
BECAUSE ONLY TIlOSI! TERMS IN WRI1ING AJtI! ENFORCEAIIU!. NO 0l1IER 1EJ<MS OR ORAL PROMISES NOT
CONTAINED IN 11/IS WRITJEN AGREEMENT MAY BE UGAUY ENFORCED, YOU MAY OIANGI!TIlE TERMS OF
rulS AGREEMENT ONLY BY ANO11IER WRlnEN AGREEMENT,
BORROWER DOES HEREBY ACKNOWLEDGE RECEIPT OF A COPY OF TIllS NOTE.
WITNESS TIlE HAND(S) AND SEAL(S) OF THE UNDERSIGNED.
A-,~ /~
GARY E. (my I
IS<>!)
.1IOnnWtt
,....,
--
-,\::-¡a-. IíÙf5dd1
SUSAN M. BAY t/
IS<>!)
,1IOnnWtt
,-
,-
.......
--
......
.-
ISi.. OrigiDal Only)
_'of'
IAN1OO2> -""'"
>~.
.
'.
'~--" ~~tír~
1~1 r.Pb..' . \ 2066-=-98
, ~Î 98fEB 11 Pli ~:29
KATHY Flnl!! THURLOW
enemy REcniwm
I}U¡'UùU( W.. IO\fà FEES
toto'>
«:cgry
:Ijary Beth Pabule (414) 476-8880 of œnrn em MÆTGAGEOJRP.
P.O. Box 25060, Santa Ana, CA 92799 Am: Quality Centrol
'LooÕNombcr. 1210037..
Scni1:ing Number: ,BO02...
"""""""'-"""""'_-,
MORTGAGE
THISMORTGAGE('S=rioyl...""""",);,¡iv<ooo February 12, I"B
GARY E. BAY AND SUSAN H. BAY. HUSBAND AND WIFE
. The mortgagor is
TJüs Security """"""'" ;, ¡iv<o to
("BOnower').
OPTION ONE MORTGAGE CORPORATION, A CALIFORNIA CORPORATION
- is <><tmizod ...s existing unda Ib, laws or CALlFORNlA
...s w"'" addttss;, 2020 EAST FIRsT STREET SUITE 100. SANTA ANA, CA '2705
JIotrower ow<s l.end<r the princip>I rom of EIGHTY SIX THOOSAND SIX HUNDRID T1IEIITY FIVE
...ANDNO!IOOTHs DollantU.S,$B6,62S.00 ').
This debt is rnIcneed by lJonowtt's noo: d>t<d !be ..",. d"", os Ib;, S=rity Instnunont ("""""), wbkh proridos f", montbly
paym<nls, witb!berolJd<:bt, ii_pæd=lia. d......spoy>bleon March 01. 202B . This Secuñ,y
"""om<nt """'os to ten.Ier. (a) the repayment of !be debt """"""" by the Note, with intnest. aod all ..n.wals, ex_ions and
modir"",ions of ,he Note; (b) !be payment or "I otIttt """'. with ml<,..,. "¡v,""", 00"", pangJ3pb 7 to prot"" the """"y or
.his Security """0",,",; and Ie) the pe.fonnaoce of 8orn>we<'s 00VCtantS and agJ<emenU oo"",'lb;, Sa:uñoy Iostnuumt and ,he
Note. FoT Ibis po","". Bono..... does he.d>y """'gage. -' and ronV<}' to l.ondu tbe followlugd=nòcd property I"""ed in
Dubuque Coon'y, low",
("ùud<:,J..
10 24 333 006
LOTS 5 AND 6 IN MORGAN'S SUBDIVISION IN TIlE CITY OF DDBDQDR, IOWA.. Aç:coRDING TO THE
RECORDED PIAT TIiBREOF. ¡ --
'; '--,'
Which bas the ad""" of
48>-483 . WEST >5'" STREET,
-
('I'ropaty Addtas");
DIJBUQUB
IC'."
-
S2DOI ,
¡up"""',
'JOOEfHER WITH all ... improveruoøs .... or - ended on !be propeny, ...s all ........... ~ and
r............ oc - a pan of Ihè property. AD ~ and -- - ..... be ro""'" by ibis Sa:uñty Iostmmrol.
All of'" foIegoing Is oermed to in ibis Sa:uñty ""","""",.as the """""'y."' ,
, - BOAAOWER CO~ANTS that Bonower Is -y-- of the...... ~-=veyed.and bas'" ñgbt to mort.>gr.
..... and """<Y ... Propeny ODd that tire Property Is --. =P' lOT eocumbnoces of =onJ. 80........ w",""", ODd
wm defend genuaIJy the IÙIe to the Property agam" all claims .... demands. subj<ct 10 - ............... or """d.
COVENANTS. Bono- ODd """""""'" and ac= as follows:
1. PaymaI olPñDåpoJ -' -.... ~ -... Om¡cs. IIonowu ""'" pIOq>IIy pay wItm due... priDclpal
of and ""'=< on the debt evid<oœd by !be Note -' - - ODd ... <haqos due ....... !be No<e.
2. ........... T.... and -..... Subject 10 appJicabIe law <>< 10 a - - by LmcIer, IIonowu ""'" pay to
1.eoder .. !be day tDOtUbIy paymeotS an: due UDder... -- ttJJtÜ ... ""'" Is pæd m IidJ. . sunt ("Funds") for. (a) yea.1y taxes
"'" """"""'" which may au... prioñIy .... ibis S<atrity Ittstnmtmt as a Jim 00 !be Propedy; (b) yearly IeasdtoId paytoa>ls
<><............ o. thel'roputy, ifony; (e) yearly - ocptnpeny.........,;.........., (d)""'y flood insu...... _oms,
=~~~~:;.:.(~..=.~""'=:=:=-=...= !
may. .. any "- rollect _hold Funds man....... ... 10 extted !be maxi...... .....or a Ieuder lor. kdehlly >dated ""'naSf? I
Ioao mày m¡u.. foc JIotrower's........ """""....... -.. Real Estate SeuIetoatt ............. AcJ of 1974 as ""'Ð<Ied ,
limolotime. 12 U.S,c. i2liOlauq. ('RESPA1.-_Iaw.......,.iesIOtheFunds=a¡'ss...mouor.If",.te ./!j,
may." "'" time. ~- and bold Funds;n an......... toexemlthe...... -.lendes -y"""", the...... or Funds -¡ I .
(;Kh ì hi' f
VI B ~
.
/
.
8':-':: . r.'
-,
-- - ,-'
-~---- ~-=----- --- - -
- ,
loan_: 121003749
.
Smicing Numbo" 980024-' .
".'
Dole: 02/12/'.
du, on W """ uf euneu¡ ""0 """ "",""""I, ~imat" of ex""""il."" of funtte Esèrow h"", 01 OIh~ in =donee wm.
applic>ble law. ,.
The Fuuds ilia!! be beld in au i""ituliou wIrose <lepœi1S 0'" i=>mI by . fedml ogency, imtrumæt"ity, '" ""by
(ineludingl<uda. ill.eOOa " ouch an imtilUlion) '" iu any FW=I 1Ium< loan Bank, Lendo- ""'I apply"", Funds <0 pay lhe
E=ow 1""",- l<uda may "'" ""..ge Bonuwa fol boIding """ 'J>PIying the Fuuds. anuU2lJy ....ryring Ih. """"" """""'. '"
""ifying the Exrow """'. uuless Lrnda pay' Bon-OWtt into"'" on the Fuuds and applic>bIe 10... penuits Lender '0 malo. =h
0 cbatg., 1Iow=, l<uda may =¡U.. !Ionuwtt <0 pay 0 o~lime elm.. rOl '" independenl =I "!ale "'" ..,.,rung savi<e US<d
by Leoda in ronu=... wilh Ih" 10'" unless appIieable law proVi"" -...is<:. Unless au "&J=UeOt " mad, '" applic>bIe laW
=¡U.., into"", 10 be paid, l<nda """I not he "",oitOO 10 pay Botrowa any int=1 01 02IDings on W Funds. Bonuwa and
Lendo- may ..... in writing, howem, th3t int=1 ilia!! be paid on lhe Fuud" l.enda """ give 10 _a. without ch""",
... anuuaI 2CXOWIting or the Funds. showing _i" """ debi" 10 lhe Funds and W putpose r", wltõch """ debit 10 "'e Funds was
made. The Funds "'e pledged as addilion" =ñty fot an sums =med hy Ib" Security I""mm<:nl.
'f lhe Funds held by l<ndtt aœed the 'mon"" penuitu:d 10 be hcld by 'Pplieable low, l<u<kr ""'I accoun] 10 Botrower
rol the ='" Fond, in ae<on!ance with the =¡U""""" ofapplic>blelaw. II ,he """'un] oflhe Fuudsheld bJil<nd........y lime
is not surr>eieut ,. pay W Escrow I""" whett due, l<uda may '" lIOIify Botrow", in wriù"&. and. in sudt ,= Bonòwa ilia!!
pay 10 l<u<kr lhe amount =sæy 10 maIoe up the <kr",;ency. Botrowa ,hall _. np W derociency iu 00 """" ,haD twelve
monthly pa'P>O>I$. '" l<nda', IDle discmion.
Upon pay"""" in fun of all su"" =ed by Ihi, S=ñty luttrumeDl, Lendet shall promptly ",fund () Bonowa any Funds
held by LoucIa-. If. uudet P""gtaph 21. l<u<kr ""'I acqui", 01 sell lhe Propeny. lend..., pliOllo the acqu¡'¡¡ion 01 """ or lhe
Propeny. tbaII apply "'y Fonds h.1d by Lenda.. tho lime of æqu"i,ion 01 """.. . cmlil 'g"'" the sums =umI by Ihi,
&coñty IDSlrumeul.
3- - of""""'" Um", applieable ,.w proVi"" o'hetwise. all_, =ived by Lendet undet """,..->pb,
I and 2 """ be 'W""" r=t. '0 any ptepaymml ch""", - ondo-!be No..: =nd. loamoun" p,",,>ble ondo- pan...pb 2: obhd.
10 inte"'" -: foonb, 10 priocipal doe; and WI. 10 any Iat, ch""", dOl undo- the ""'e.
4. CIwger. ixm. Boorowa ""', p,"" "I Ines, """51"""". chatges, fi"" ...d imposiiions .."ibo"'bIc 10 !be Propony
which may au"" ptiority ova th" Secuñty IDSItOmeuI, and I"""old payments '" grooud ""'IS, if;a;y. Botrowa """ P"Y Ib""
obngations iu the """""" prov""" iu """"""'" 2, 01 if ""I paid iu th3t mæma. Boorowa tbaII pay them on lime diteedy () the
patOn owed """""",. BoITOWtt ""'I promptly foroi'" '0 LoucIa- all nolices or ""'010"5 to be paid """ this ""o"apb. If
Bonowe¡ makes ...... J"'YID'U" diteetly, Bonow", tbaII promptly fumitb 10 Lendet =ip" ",id"",ing W paY"""".
BotTOWtt ""'I promp<ly di"""g. my lion which ... plioñty om obi, St:wñty Instmm';l11 uuless Botrowa: (a) agJ«S
in wliting lolbe P,""IOOI>! or"'e obliga'ion"""'" by lhe lion In. manuel =¡>table 10 LeXlel: (h)rolll"" in good f2ith th.li<n
by. 01 defcxh ...i"'t ,nro=nx:nt or lhe Ire.. In, legal pro=dings which In lbe LoucIa-', opiuion opa>te 10 pl""'" lbe
enrOtt<mOI>l oflhe lim:... (c) """'" from the holda of !be lien ..3g¡ttmtIllS31"ractoryloLrnd... subonli"",ingwlien to,b~
SecoñIY 1..lmmenl. If Lenda dot"",iDes IbM any pan of obe Propeny " ,ob¡", In 0 lim ...bõch - anain priority Ovel 'bi,
&cority InttmlOOl>!, l<ndtt ""y give Botrowet . notice idelllifying !he lim, Borrowa ""'I S31i,fy the lion or 131<e nno ... 100'"
of the lid;"", sel fonb above ...iobiu 10 days or the giving of nOlice.
S. 11...... 01 Propeny """""= Botrowa""l keep !be'impro"""""" now "i"ing 01 bereofkr.rected on lhe "'open)'
iosuml against loss by fi",. """'"" indudal wi'bin lbe lam ""to""'" ""'<>age" and ",y orba h=tds, iocluding flood, '"
nooding. f", wlticb Lendel ",qui"", _nIXOO. 1b" inso"""" ,ban b< mai""""", iu the - and fu, !be periO<h th3t Lendet
t<qDires, The -= cvñet providing lhe -= """ b< cho= by Bonowa subj", 10 leoda', approvol wbieb sbaII no<
he """,""""Iy wlrhbold, If Botrowa- fail, 10 "",",",in rove~g' d<scrl- above, Lendo- may. at Lenda', opliou, _in rove~ge
to prottttLendo-', rigb" in !be Propeny in """'"""'= with paragt"Pb 7.
AU -= policies """ ""","a" ""'1 he >=plable 10 Lender and "'an in"'- 0 $I"""anI """'gag' cbnse, lenda ""'"
have the ñgbt 10 hold "" pol- """ _. If leoda "'quir",- Botrowa "'oil promp<1y give 10 I.enda '" =ipt, of paid
premiums and """""" notices. In !he ""'" of loss, &trower tbaII give prompt nolice 10 "" insmæx:e canier and l<uda. Leoda
..." _. proofof "'" if no< made promptly by Borwwa.
Un"" LcxIer and Botrowa- 0- ..... in ""¡Iiug. or appIic"'le Law """""'" ""JUÛeS, insmæx:e procttds ",,"I
be opp/ied r"" 10 tdmbutse l<u<kr fot rom and expenses iucotmI in """'«lion wirh obIaioiug any - -= procttds. and
!ben. at lend,,', option, in =h unlet and propolTiou.. LcxIer may ""amine in i" ",Ie .... """'IPI< d¡teretlon. """ "",-
of my hnpailment of =ñty 01 lad Ibeteof: (i) 10 the "'... =med by ob" Se=ity Iosttoment, - '" no< "'m due, and
10 - componeo" thet<or.. lendtt may detmnioe iu its IDI. and _. disaer...; attdJOI (ii) 10 Botrowet 10 pay lite com
and """", of -=»y ." 01 ""'- or lite Propeny 10 . condirion S31isfactOty 10 LcxIet_lf IIonowet .- !be
Propeny, ... does IlOl answu withiu 30 days . - from LoucIa- """Ibe illSUl3nCe canier ... off=llo _Ie. elaim, LoucIa-
- <i>l1ect !he insmæx:e procttds. l.mdet may, in i" tOle and .....,.,. dita<tion, and reganIIess of any impoirmrn¡ of =wity
OT lacIr Ibeteof. "'" the pro<ee<k 10 tep2ir or """"" lite Propeny 0110 pay the 10"" secumI by this Security bttuument, -
01 - !ben due. The 3(kIay period will begin wItm w ...... is giv,"- '
Uokss l.endet and Botrower oth~ ..... In writing, any application of - 10 pñuçipaI shall not 'Xlend oi
- w due date or "" monthly payxæoI$ - 10 in......".., I """ 2 01 chang< W ....... of lbe paymo;ts. If..da
........... 21 lhe Propeny is acqui"" by Lender, &trower', ñght 10 any insurance poJ;cia and pro<ee<k =nIting from damage .
10 the Propeny ptiot 10 lhe _iou "'all """ 10 l.endet 10 !he ""'" of the ""'" secumI by "'is Security """"""'" ill>lOedJatdy
ptiOt 10 w ""Iolsitiòo.
Jf Botrowet obtains ~ -=, my othet - ;"";,...,,.: oi' my othet -= CD the """"'" and such
......... is ... 'pedf'><aIIy =¡U"'" by Lender, .... ..... inturaoa: """ (ij name Lendet as "'" paytt tbemmda. and (ii) be
subject 10 W provisions of th" p.......,. S.
6.. OecuJ-oy, .............. - .... ~ of ... Propeny; 1Iorrowtt". '- Ap>IieatioB; l=hoIds.
Botrowet -ledges .... tho leoda does IlOl desite 10""" 0 .... to Bono- secumI by this propeity on WI""" rootained
in ... No<. VDku >!>o propaty " 10 be om>pied by BotroWet as Botrowa', _/seroodaty """""= Lenda -05 non-
"""'" tesñIence ..... of diff""" ImnS. !Ionuwtt pn>mises and """"'" Lenda .... Bonowe¡ iutendš 10 oa:opy this property ..
Borrowa', _,""""""", >eOOen<e rmd",,!Ionuwtt win '" oa:opy lbi, propeny .. its.... ptinw)o/teCOndary- ""ñIesxte
,-,.".
IADIOOI~")c(b
. .
.
S<nridng Number. 980024-('
.
Loan NnmI= 121003749
DaI<: 02/12/98
wilhin mly (60) days "'a "" dale or "" Stturil}' """"'DenI. If IInm>wa """"'es Ibis promi", 1O occupy "'n propeli}' os
IInm>WIÙ prim3<j>/""""""Y ~ """ Lend" ""'Y invok, ""y of "'" lollowing >cmodios, in _';.,n In "'" <=clies
provided in',be Stturil}' In,""""",; (I) Declare all ""'" =»red by ,be Stturity In,""""" duo and poy>ble and 1_10", lbe
Stturil}' In~rom<:"'. (2) Decre= lbe tenn of "" loan and odjmr !he mombly poymem, nnda rbe NoI' =onfingly. incr- rhn
in",." m, and adjnst !he monthly poy,""", nnda ,be Nole """'roingly. 0.- (3) _Un .... rhe prin<:ipal 'ahmce be - 10
a ",=ntoge of d- lIre original pun1wn p'ice 0.- lbe appraised ""ue !hen being olfrnd on non-<>wue, occupi<d loans.
Bottowa >hall Dol _roy. d"""",e 0' impai, !be Propeny. ""ow"" Propeny 10 dererio..,. Of oommir ...,ro on lho
Propeli}', IInm>wa """I be in <lefmrk il any lodd"", action 0' _ing, wbe<be, ernl 0.- criminal. i, be.... ,hat ;., lender',
good loilb jndgm= could =u!I in Io.-Iei.." of lbe Propeny 0.- orbetwi", materially inrp.;1 ,ho lien =or'" by "'is Secnñty
. "",..mem or lender', =urily inl""'. Borrower ""'Y en.. sncb a def"," and """""" os provided in p""'g",", 18. by """'ing
lbe adioa °' procte<ting 10 be dimri=d wilb a ruling rbaI, in Lendet', good fairb _noOOn, pteeludes loñeinne 01 rhn
IIorrowa', ime"" inrbe Propell}'ororlret malcri" impairment oflbe li",=""" by Ib" Secnñty Instrull1O1l or Lender', =urity
inlaost. IInm>wa ""'" """ be in del..11 il Bottower, duringlbe loan '!'P""'ion proc=. gove maltrially r"", 01 inaccnrare
infolmalion 0.- ........... 10 lender (°' I.,led tn provide lender wilb any maIm'" infonnation) in ronna:rioo wiIb rhn 10..
r:virknced by Ibe Note. including, but not limil'" 10. nopRSenlations =ing Botrower', - 01 tbe Property os a princip>l
,esidence. If Ibi, Secnñty Instrument " on 0 1e=boId. Borrower >hall oomj,Iy will> aD <be provi"ons 01 rbe l=e. Ir Borrower
ocquires roe lirle 'o !he Propeny. Ibe \e3Scbo1d and !be loe ~de shall 00( merge unless LeOOet ag,= 10 "" """g" in writing,
BorroW<! shall. at IInm>wer', own "",nse, ;rppear in and defend "'y adiono, _ing po""",ing 10 "",,!be Propony
o'anyportionrberwfo.-Botrower., li,krbemo.lhov"irlityo.-prioril}'orobe Ii",creat'" by lbisStturil}' 1""""""". Of oberigb"
01 pow'" of Lend" witb ""poet to lhi, Sa:urity InsttUment Of !be Propeny. All causes 01 adion 01 Borrowa. wb,th" a=ued
before Of ofla rhn d"'e or Ibi, Sttutil}'.1"",ument. fo, damage 0.- injOt)' 10 obe PtUpeny 0.- ""y pan rberwl, Of in ronnecrion wi,b
""y l.:..s.cnon frnaoced in whole or in part by the proceeds of lho Nol. or any oIher IIOIn =»red by Ibis Stturity Instromen,. by
Leoda. 01 in connect;.,n with or offeai.. lbe Propeny 01 "'y part 1h=Of. iodnding <OM of ""ion ammg in Ion Of ton"""
and cau= of ",,"on foe úand 0.- cooccnl""", or 0 mai"'aI fact, ""'. .. Lender's 0p'ion. "'igned 1O Lender; and obe proceeds
Ibmoor>hall be paid rfi=1y 10 lender woo. aft" deducring ob...from 011 its ""penses. incfnding """"'n "'orneys' roes. ""'Y
'!'Ply sncb proceeds 10 !be sums secuKd by this Sttutil}' Instrument or 10 any defK:irncy und" lhis Secnñty ""...""", 0.- may
....... any monies so received by il 0.- any pan tb=of, " Lend... ""'Yelect. Lender ""'Y. .. i" option. 'Ppeat in and prosecute
in ir, own muue any ""ion 0.- proceeding to ",fo= any so'"" cau", or ",,"on and may mak, any compromi", Of ""'emen! rberwr.
Borrow" 081= 10 ex""'n sncb limb... ",ignmeurs and "'y Other ins".men" os from lime 10 ~mn may be ne=sary to ,ffectu...
ibe foregoing provisions "'" os lender sbaII m¡nesl,
7. ProIoctinoofLender's Rigbls in rbn Propeny. Ir Borrowa f,ils 10 petfonn Ibe =, and ag¡mnenls cnnrained
in Ibis Stturity Instrument. 01 lho" i, , log'" pmcttding lbat moy ,i..irocamly allect Lend,,', rigbls m Ib, Propeli}' (sncb " a
¡>ro«eding i. b",kropl<y, probaln. rOl ton<k~..ion 01 fodd.." or 1O ",ro= laws or "g.l"ions). Ibe. Lender may do "'" pay
101 wba'r:vel i, n=ssory- 10 prorea !he va!"" nl lbe Propeli}' and Lender', riglu' in ob. Pro",lI}'. Lendel's ",io", ""'Y include
paying any sums secmed by 0 lien wbich bas prioril}' om Ibis Seenril}' ""'rnmrot. 'P",oring in rou". paying l=onobJe a..orney"
f..., and """'" on !be Propeny lomak, "P"'" Allbongb Lender may ""'n ""ion und" lI>i,p""gropb 7. Lendel does DOIbavo
10 do $0. ,
, Any amoun""sbu=dby Lenderunokr Ibis pa"graph 7 ,boll become add";"",,, d,blofBonowe, secured by Ibis Stturil}'
1""""""". Unless Borrower "'" Lender agree 10 orb" ,= of paymnnt. rbese """"'nls "'011 bcu inI= ,from lbe do" or
rfisbu""""" .. !be Note .... in dfe<:1 horn limn to lime and shall be poyablo. wiob i.,=. .pon noli", from Lend... 10 Borrow«
"'I""'ingp'Yment. ,
8. M.......,., """""""- ]f Lender _iKd mort,o... õnso""", " a condi';.,n of matmg !be 1o,," =»red by obis Stturiry
l"'lromenl. Botrowa ""'" poy!be pmuinms _iKd 1O mainloin lbe mortgage i"""""" i. ,ffect, If, r", ""y""". !be mortg..'
i""""",,, coveng. _ed by lender Iap= or ",oses 10 be in dfea, Botrower "'011 pay !he p"mi""" _iKd 10 oh"in ooverage
subsl""wly cquivalen< '° !be mortgage insul"""" p,r:vioo,1y in .If"'. 0' 0 CO$I subslantially ""iva]"'" In ,be <OSt to Borrower of
!be mortg... insmance p<nViousIy in elf",. from .. a""""" mortgage inso= "WfOYed by Lender. If substanriaJ/y' equivalent
mortgoge insmance cov_, " 00( mil""'o. Bortower sbaIJ pay 10 Lender =b momb-a sum ",nol In """-twelfth of !be yearly
mort""" insurance pmninm being paid by Borrower,wben!be insrmmœ coYeIag' lapsed or'œascd 10 be in ,ffect. Leoda wiJl
>=pi, nse and retain rbese paymaHS " a loss resaye in Ii"" of mortgage insunnce. 1.0" resmn poyments may no longer be
"'JOir<d. .. lho option or Lmda. if mortg..e insrnaott covnnge fm Ibe -, "'" ror !be period !bot Lender _ires) provided
by OR inso= "WfOYed by Lender .pn hero"", available and is obtrined. IIotrowes sbaIJ poy !be p..miums m¡u;..d to mointain
mort,oge .......... in effect, 0.- 10 provide a loss reserve, nma !be requirement 10.- mortgage insmance ends in oceonIonce will>
any """.. agreemrnt beIween Borrower and Lender or appIiable law.
9. Iospocôœ. Leoda or i" .gent may mal. reasonobIe ,,"I'" opIJII ODd inspocrions of lbe Propeny. Lerrder sbaII give
Borrower - .. "'" lime of or prior '0 .. inspedion spc<ilyin& ........we cause for ,ho inspedion.
10. ConcIoœoI;oo,. Tho proce<ds of any award or claim ror damages. rfi.... 0< conseqoeotiaJ, in conneaion wiIb any
condemnaIioo or ....... ÞW,,& of any pan of "'" Propeny, or foe <œn>eyance in lieu of condemnaIion, .... hereby "'igned "'" sholl
be paid .. Lend". Lender ""'Y apply, "'" 0.- ..Iease !be condemDOrion ~ in !he same ........ os provided in - S
&=of wiob """'" to insmance proceeds.
If !he Propeny ;. ........... by IInm>wer, or il. after noriœ by Lender '0 IIotrower .... !be oondemnot orra. 10 male
... awanI 0.- settle a claint foe damages. Bom>wer "'ii, 10 "",,","-10 Lender wiIbin 30 days ofla'!be darn lbe -õcn" givoo, Lender
is anrbori=J 10 co!!ect "'" apply rbe proce<ds, or """"ion. cirber to........... o.-;q¡... 01 !be Propeny 0.- lO,thn sums-Kd
by this Se<:util}' -. wbnsber 0.- 001 ..... dun. ' .
Unless Lender and Boñower otbenrioe ogren in wtiring, any application of proce<ds 10 princip>l shall IlOl ",,'end or
postpone !be due ..... of !be nmothly paymen.. "Ittted 10 .. paragraphs I and 2 Of cbange lire amonnr of sucb -
II. ........... - Rdeascd; """"""'" By Lender No<. Waiver. Extension or !be"" foe payment 0.- modiflCalion
of - of thn sums seemed by dús Secnñty """"'- .,....., by Lender 10 any = in inr=st of """"- ""'"
nor -- 10 tdease ... -lily of !be orig;noI Borrower .. lIo.-rownz's sna=ots in intc=. lender ,ball 00( be -"'" '°
""""""'" _in.. .post any sua:essor in inI= or ..fuse 10 eournd .... foe poy- or oIbcnrisn -.ry """"ÙOIinD of
lire sums seemed by obis Stturity lost""""" by ...... of any """"'-d made by !be originol Botrower or 1Iotrowes', SD<'<eSSOIS
in inrm.., Any forbearance by Lend" in ex_sing any rip or retDI>dy sbaIJ ItOI be a """'" of or - !be =ise of any
tig\1I 01 retDI>dy.
";'3""
""D"'I3(1"~,~
Ð r{l,
Loan Number. 12l00374,
~_.
Servicing Number. 980024-4 .
.
D"" 02/12/98
12. Soa=oB and -... Bound; JoDd'" SaomoIliobili1y; eo-'¡gncn. The: cov"....., and ag¡ttn'CÐI' of ,h" S<:auity
bm...meot >hall hind and brn<fit "', ==on and ""'I:"' or Lend" and BonuWtt, SÐbjea to <be prov"""" or p=g"pb !1.
Bcnuwtt', rov"""", and a_men"""1 "'jomI and""""". Any BonoWtt whoro-,.;I:"' Ib" Saurity Imtrum<nl bIn.roo. no!
"""'" "" Nolo: (a) i, ,..'ignmg "'" Soonily Imtrom"," only to mort"",. g- and roøvey .... 1Jonuwtt., in""", in Ih<
Pmpm)' """", "'" I",", or - S<:auity I""...""",; (b) " no! ¡x=øally obIig"'" to pay <be """" «cum! by ,b" S<:œñty
I""romml: """ (')"""""'" Latdtt and any O""'Bonow.:I may ag= 10 a1<nd. modify. foob<æ-... mak" my xco"""'¡',iom
with «g...d to "'" I""'" of_S<:œñty ""'",menl... ""'No",witltool Ihal Ronu"",', <:o<=mC
13. Loan Qoa¡¡:a. If "'" loan «cum! by "'" S<:auity """""""' " ,ubjttt 10 a law whid> "'" max-m loan d>UJ:os,
and "'al law " fiøally m"IJ'",,<d '" IIw Ih< im""" ... o""'r loan chalgo< rolkcr<d ... 10'" collect'" in """""'ion wi'" <be Joan
m=l .... p<rmin'" limi", ,hen: I') aoy """ loan char¡;< "'011 be ""..=1 by "'" amotml nro=ory to n:OOœ "'" -g< 10 "'"
pcmrin'" linù'; and (b) any ""'" aI=dy _ea'" rrom Borro- which ,=<dod pmniltallimils will be n:ñmd<d 10 1Jonuwtt.
l=dcr may cboos< 10 """'" "'is n:fuod by redøcing lit< princip'¡ OW«! undtt lbe Note or by malciog a <fiR<! pay...... 10 Bom>w<r,
Ir a ",rood n:du= principal. III<: -ion will be Ire..'" "" a panj'¡ prepaymrnl withoot any prepaymenl char¡;< und" Ibe NoI,.
14. NoIKa- Any noticetoRonuWtt provided for i"lbi,S<:œrity ImtrotnmtsJ..llbe gjvenbydd;yering~orby mailing
il by fi", d= mail ...k" appIicabk law '-"'" "'" of -her mdhod. The notice sJ..II be di"""'" to <be Propmy Add=s or
any mher odd"", Borro- dosigruuos by nolice 10 Lend". Any "",ice ro kod<r "'all '" given by fim d= mail to Lend,,',
add"", "",01 ben:in or aoy 0"'" ..tdRou Loodtt designatos by "",ice 10 Borrowa. Any notite provided for- in ,hi, S<:auity
I."",roml ""'" '" deemed 10 have b= given to Borrowa or Leoda wbcn given as provid<d in - paragnpb.
15. Governing ÙIW; SevmbiJiIy. Thi, S<:œñty ""'rumenl ,JW '" govem<d by rodesal low and "'elow of ,he jnrisdiction
m which lbe Pmpm)' " Iocol"', In ,II<: event .... any p.....ion or d- of Ihb Security InstmmmI ... "'" No", ronJim wilb
appIicabk law. ...d> ronmct "'all "'" affect mber provisiom of lhi, S<:œrity fnSIID""'" ... lbe Note which can be given ,ffea
wilhonl <be ronnie'ing provi,ion. To "'" end <be provi,1om of ,h" Security ""'rumeDt """ "'" Not, are ........" '0 be ",,"'k.
to. ßom>wct', CDpy. Borro"'" "'all '" given one conronnod ropy or I'" Not, and of"'b Security I"""'metr!.
17. T=fa of the Propaty '" a BendiciaI ""'=' ÙI Bonowa-. If all or my pan of <be Property ... any inte=! m il
i, wid or !ran,r""" (o, if a bend'oci3I ime=! ÙlJIorrowtt i, wid ... """"renal md Borrowa b noI a....131 ><nOlI) wi.....
Loodtt', prio, wOnen comem. Lendu _. ar i" option. """,ùe immedi>le payurent .. full of 011 """" «cum! by "'" S<:œrity
I""rumeot. HOWOVtt, Ibb option""," noI '" mm",d by Latdtt ir ex="< " prohibit'" by f<dc131 law", of "'e 01... of "'"
Secorily 1"""'",,"1.
I! Lend" oxexci"" ,hi, option. l.endtt "'011 give Borrowa nolie, of acceksarion. The notice "'011 provide, pttiod or no!
1= ,Itan 30 d3)" rrom lhe <w, III<: nolice b delivered '" mail'" wilhÙl wbich Bonowtt mmt pay 011 ..."" secured by Ih" Secority
I""",menl. Ir Borro"", f,iI, 10 pay ..... ..."" prior 10 lhe expinlion of Ibi, period, Lender may ¡"Vote any remedios pmnin'"
by ,h" Secority """lUm"", wilhoOl f\rrtha noIice or dctnand on Bonu_~
IS. Bonowtt's Right to RcimI>I... I! BonoWtt moo" =aio condit1om. BOrrow" "'all have lbe rigbt 10 have
enfon:emenl or Ih" Secu,ily 10"1Umen! di=ntinued" any linro priol 10 ,he earlier of: (a) 5 d3)" (0< such other pct'iod as applicable
I,w m'Y _ify fux «in"'I"""") hero« .... or the Prop<rty pulSU3nl 10 any poWtt of sale COOI2ined in "'b Secority ,",I........;
0' (b) entry or ,judgmenl ,nforcing Ih" Securily Im!rumenl, 'J'Jtœe condiùom an: lhat Borrower. (a) pays Lend" all '"1m which
I~en would '" dore """'" "'i, Security ¡rntrum<'" """ "'" NOIe '" if no """knIion had oa:tnttd; (b)cn= any def""l of any OIher
rove"""" or a8=01""': (I) p'y' all "P"'= i""""'" i. enforcÙ>g IImS<:œñty ¡mllUmenl. including. but 001 lintired 10.
«""'nab'" '."""'Y" rea: and (d) ""'os rod> ac,ion as Loodtt may """"""'" """,ùe to =uno mar "'" r"", or 11m Security
Imlrum"'l. lender', righ" i. "" Prop<ny """ JIorrowtt., oblig.ùon 10 pay Ib, """'" secu,a] by "'" S<:œñty Inmument ""'1
COnlinu<nncI»nga], Upon no""'aI~'" by Bono~. ""'Security Imrru""", and ""'ob!igi.¡1om=maJ """by sJ..II """'n fully
erreai", '" if 00 """!"'Iion bad occuned. HoweY". "'" lighl 10 «i"""e ""'" noI apply in lbe = of """knlion uoda
par"",aph 11.
I.. Sal' of NoIc; C1oaotc of..... """'_. The Nolo ... a panial int= in the Not, (logOlhtt wilb Ih" S<:auity
Inmument) - '" rold on<: '" mono times wit- prior OOlite 10 Bcnuwtt. A sale - =>11 i. a c",,"g' ÙI III<: entity (Irnowu
"" 111<:...... &M=-) Ibal ooIlea, monthlyp",.,en""" """"'<be NOte and - Security mlrumem. TIIexe'¡", may "'one
'" ...... 1""'- of "'e Loan - norelal'" 10 a sale of the Nolo~ I! 1heX< i, . change of the Loan S"vi"", JIorrowtt will be
given wril"'n noIice of 1Ir, chang< .. acconlaore with paragnpb 14 aI>o", and appüeabk low. The notice will ""e the name and
addx= of "'" n<W LoaD - and "'" add"" 10 which payxDon" >hook! be made. The notice will aho """1aÙI aoy ""'"
informalioo requin:d by applicable I"". The holder of "'" No.. md "'" Security Imtnnnent ....1 '" deemed 10 be the Lender
hereuntkr. '
20. Ibran!otu 51>""""'" BorroWtt ,hall not """'" 0' pennit "'" pr=nce, me, dßpœal, ,_. ... «1= of aoy
Ha=dons Sulmances on '" i.,he Propaty. Borrowa ""'" noI do, nor,aJIow anyoœdselodo, anythingafftttJng lhe Propeny
Ihar b in violation of any Envi""""'" Law. The pr=ding IWO _ences shall noIapply Jo the pmence. use, or "ongc: on the
Propaty of m>all q.....~ies of Haz.anJoas Sulmances .... ... gen=!Iy RCOgDized to be _rial< 10 aormaJ n:dderIIiaJ uses and
10 maintenance of lbe Propaty.
Bonowor ,>hall promplly give Lender wOn", "",ice of any ixn><mgao.... claim, demand, I.....it '" 0Iber Oction by any
governmental '" nogulalory ,"""Y '" priv... pany iD""lving the Propaty and my - SIr......., ... Emironmental Law
or which Borrowa has acruaIlæowIaIge. If Borrowa Jeanr., or " notiítal by any govmunemal '" regulatory """""'ty, thai any
mnovaJ ... ""'" nomaJiati.. of aoy Haz.anJoas 51>bøance aJkcting "'" Propaty i, ==ry, Borrowor Wli ¡>rom>1Iy - all
==ary «medial actions in accònIanœ wilh Enviroomeund Law.
BonoWtt ""'" '" roIdy """""""", for, ""'" indemnify. derend and .oId - Lem!tt, .. dittttors, olToœss.
employ=. allorneJ". >gems, and tIrciE -'" ~" and """- from and agaimr any and aU daitm, -. """...
of actioo. ton. daroag<, """ Qnclnding actÐaI ..t0rn<:y5' r= and corm rom and com of any -... =sary RJ"IÜ', lkonup
'" de1o"¡;",,,ioRof the Propeny and <be p<q>araIion and """"""'ionofany dœure, """""""',c:onI>Ìn..-......wI "'oIber
- plan). <Xperr= amlliabllitydm<tly... indirtttfy -- of "'-kto (.) the me, gcner>Iion, -,........
. 1h....""", n:tease, !fudmg<. .mpo.aJ, - ... BOSdIC< of Hxzardons s..tman= OR, UDder or""" the Prop<ny. (!» the
"""'POrt to ... from the Property of any H- Sub""""', «) the v-ion of my H=ðous S""""""" law. and (d) any
HaxxnJou. Subsrances d.-.
_4""
1AD1""" UO~21~'"
ó
,..IL
---1 }
"
..
'."",,
.',
.
-,- ~,.".,..,.,,- -
..---..,,--
" .
'.
Loon Number: 121003709
<--
Smidng Nmn1>a: 980024-4 .
.
""'e: 02/12/98
As 0"" in Ibis pang<apb 20. '11- Snbstanœs' are Ibose ",bsunc<s defined " 10xX or I=ædons snbstaoca by
Envioonmrnt'¡ Uw """ 1be following ",bsraotts: .=Iine. >==<. oIber """""""'e OlIoX", po:roolrom prodnas. 'oxic "",icidcs
""" babicid<s. voIalik:soJvrnrs. maleri'¡s rooraining asbeslQS Ol formaldehyde. """ _hoe malm'¡s. As """ in Ibis pæ>gnpb
20. 'Env;ro.menr'¡ l.aw- me3»S fedmllaws and laws of1be_ion ""= lbe Property is Joc,ted Ibal Idale lobe>llb. sal""
'" rovironmrnuJ prolection.
ADDITIONAL COVENANTS, BoITowe< and l.<nda fnnbo- roYmðßt "'" a&1" " follow..
21. Attdaarioa; Ranodics. If any imtaJIment nodcr 1be No<e '" DOteS =med - is 001 paid wko -, Ol il I!ottower
sbooId be in """'" nodcr aay provision of Ibis SocuriIy -. Ol ir I!ottower is in dot.... uoda ..y oIho:r """'gage '" Dtber
Ú>sInmEDt =me<! by !he Prop<ny. aD sums........ by Ibis SocuriIy losItUtoeDI """,3ŒnI<d inIaa¡ rbaron >ball aI ooœ berome
- and payable allbe ap<ion of """" wi- ...... 00Iiee. <=q>I as oIbetwisc m¡u"'" by appIicabk: Jaw. and nganII= of any
prior ro.h:atana:. In such e-. l.œdu. aI .. opboa, and snbjed 10 appIieabIe Jaw. may Ibm 0< - fonclose Ibis seauiIy
Ú>sInmEDt anNo< -. any oIho:r mD<dics '" ""'e aay oIho:r a<ÛOO'ts pamin<d by applicable Jaw. """""';0 ""lea aD cxpa=s
ioctnmJ in pmsning the mnedics - ..Ibis I'aI>gtapb 21. iocInding. bur Dol rmñkd 10. tasooabJc 311DntqS' foes ... œsIs
of lille rnden= '
22. Rdcase. Upon paymeoI 01 aD roms seamd by ,bis Seanily InsIrumeDl, Uow sb'¡l JeI= Ibis property wilhonr
'wanaD!}' to !be J"1SOD '" pelSO.. Ieg'¡ly rnt;"ed 10 il. Sneb J"1SOD 0< pelSOttS sb;lll pay any =- ""'s. ùndet may c,""ge
"",b pason 01 peOODS a fee "" JeI=ing Ibe Property r", sav;ce, ",uk:red ir!be clwging or tbe fee is pennined under appIkabJe
Jaw.
23. Waivas. _r relioqoisbes '¡I rigbr 01 dower and .."yes aD righl 01 boIDOSl.... and distnÒD!ive ,bare in """ to
tbe Property. Bonowe< waives any rigbr 01 "'oroption " 10 !be Property.
24. R""""" -- If !be Prop<ny is 1= ob.. 10 acres in size and ùndet w,ives in "'Y fo<oo"""" proceeding any
rigbr In , deficiency jndgmen< against _r. lbe period of mlemplion hom jndki'¡ sale sb'¡l be reduced 10 6 roonJbs. II !be
ronn finds Ibal obe Prop<ny Ius been abandoned by Bonowe< """ Len<kr waiYC$ ""y rigJil to . deficiency jndgmcttl _st
Bonower. !be period 01 .edoroptioo from judkial sale ""'I be _oed '060 days. Thè plovisions 01 Ibi, p=gnopb 24 ,baD be
oo""rued 10 oonfono 10 !be provi,inns 01 Sodions 628,26 and 628.D of ,be Code of Iowa.
, 25. Misnpnxutarioa iODd Noodisdosuno. Bonowcr b.. ..... cenain Wtillro n:¡neseolalwns and disdostnes in Otdo:r 10
indnce Lender 10 maie !be loan evidenced by obe Note '" DOteS which Ibis Secnril)' Instromrnt ==s. and in Ibe eva" Ibal
_or bas """" any _erial miSlepreseDI...ion 0< f.iIed to disc- any -"iaI fact. !.roder. aI irs option and .,,;oboUI pri",
DoIke or demand. sb'¡l bave !be rigbr 10 declare the indobleðneu -red by this Smnily """""""'. imospective of tbe mammy
"we _if'" in !be,Nole or ""'" seamd by ,his Seen"1)' Inslnnnenl. immedialcly doe "'" payable.
26. Tu"" is of !he Essmœ. Tnoe is of ,be essence in tbe performance of eacb provision of Ibis Seenrily InstltltDrot,
D. WoiverOr&aluteof LimilalJoos. Tho ple"'ing or !be stalUIe oflimi",wnsas .def- to enforœmool orlbisSeenrily
l""romeol.Ol "'Y and aD obIigarions Idem:d 10 bcIci. 0< _red """by, is ""chy waived to tbe fullest ex'rot pc:rmined by
'l'P1ic>ble law. .,
2JI.. MOOificalioa. Thi, ScentilY Inslrumrnt may be mndiroetl or - only by an ag=ment in writing ligDed by
Bonowcr and l.eDder. ,
29. Rcintbu=meor. To tbe !'XIen! pennined by 'l'Plicable law. Bonower ",.11 ..imbUl" Trosl" ... Lender fur any """
.J! costS. fees and apenses wbich oit"" may ¡n"". expend or "",.in in !be ex""t¡"" of !be rros' creared bereunder or in lbe
performance of any act teqnùed o. pennined ""eundo;r or by '.w or in '<)Oily' or olb",,;,., arising out of or in conntttion with
Ibis Seenril)' Inslt'Dmrnt, !be Nole. any oober DOIr "",red by thi, Secnrily Insuumcm 01 any 0"'" ¡""romeol ex""led by Borrower
in~"""ion witb!be Nole 0< SocuriIy I""rumen!. To 'ber""" penninal by -"<able law. Bonow" ""'I pay '0 T""", and
Len<kr their -'in """"""ion with Trust" and '-<oder ¡""luding. but DOl limited '0 =mp'¡~ application fees; r= 10l p'Yoff
demands and. ,,- of ""'" """"""': roes ro. maiing. 'rnnsmining and u""'porting """'" of lo~ - vo:rir,r,'¡ons.
fun or paniallien ..Ieas<s and °"'" """"""'" m¡uesr<d by borrowtt °' ==ry lor p",f- of l=du', rigblS or "mie,
undo;r Ibis Secnril)' Im"",,-; roes arising room. mnrued 0< "'!Sbooom! check; rees '0 "eI=ine wborber !be Prop<ny is
oeeupkd. proIocred. nWDlaioed or insured Ot' .elated pmposes; apprnisaJ -. inspcelion fees. logal roes. - rees. """"'=
mid~= ""'...,ions, Rpair I'XJ'<ß=, roncloso.. foes """ costS arising from lonod..u.. of lbe Prop<ny and _=ion of !be
sccurily for this SocuriIy lnslt'Dmrot; """ ;III orber lees imd costS or a ,imil", D3I1Ue 001 oIbo:rwise probibiled by Jaw.
30. CkriaI Error. I. !be event ùndet ... any lime diSCOYeB - the NOIe. any orber Dole secomJ by Ibis Sttnrily
Insuumeor. !be S=rity lost""""". or any 01"" docotneol 0< in_ex"""" in connecrioo.,,;ob!be S=rity !t>stnnoenI, Ntne
Ot'DoIes -.... an mor _was cmsed by a clerical oñmke, calculation error. en......., malfuncrion, prinrin, error .... similar
mot. Bonowcr a...... npno DoIke from Lender. 10 I=ecnte any documeørs ,b" are n=ssary '0 comet any sooh etroI(s).
Borrower funber agrees - Lender wiD Dol be IOOle 10 Borrower ro< any damages incnRed by Borrower !bat are directly 0<
indirectly<oosed by:my SBclJ error.
31. '- -. ÐesbvyaJ 0< MnûIared SocuriIy -- .... Od>er -- In !be event of !be loss, "reA 0<
destntcrion of the Note, any otIter .... =nmI by Ibis SocuriIy 1osIromeot. !be -I)' InslrDmrot or ..y oIho:r documenlS 0<
ùtstruments mcr.ed in COBD«Iion - !be Secnriry fnslrtlntenr. Nole or nares <_vely, !be "Loan DocomeoIS'). npno
Borrower's =åp< of.. indemoificalioß """,ted in r.ror of Borrower by Lrodtt. "'. in tIoe eveot of Ibe mBlÜ3!iott of ""y of !be
Loon -- nprm l.eDder', """""" to Bonower of !be molOalal '-"'" Document. I!ottower shall mane and deliver 10
l<oder a Lo;m Dncmneot.. furm and conttnI Wen<icalro. ... to so:rve as '.epIacemro1 of. !be IOS!. '1OIro. ~ or mmiJ...ed
Loon docotneol. """'SBclJ ttplacomrnt sbaß have the """" fo= and rffeer .. !be lost. slob. tIesrroyrd. or motilared Loao
Documeørs. and may be ......,¡ "" aD po"""" .. !he original COf'f or """ '-- I>o<>.noror.
32. ^"'- of -.. As addùiooaJ secnrby bo:renodrr. Borrower bå..ï,y ",igns 10 l=dei Ibe æots of lbe Prop<ny.
Borrower shall have lbe right to _ect "'" "',¡. !be ..... of !be Propeny as Ibey hero"", doe and payable prov;ded l<oder ....
001 ex=ised its rights 10 ,_ûe immrdiale paytB<DI in foil or !be "'ms _red by this Securil)' insttumrnt "'" BoITower .... nor
-- Ibe Prop<ny.
""">0<6
tADrOOl> (In21."'1
t#-4J
loon Number: 121003749
.
. Smicing Number. 98002'-"
.
D3u:: 02/12/98
33. ..-...... S«uriIy --. If on<.. .... ñð= ... =an'" by Borrower and =onkd ,og<tba wiIb this
SttuÓl}' -. ... =- and ,~, or eoch wd1 ride< .ball be inco<poœtd- and ""'" amend ..... "'w"""""
the ro""'" and ~ or Ibi, S<œÓl}' ~ " ir... ride«') w= a port or Ibis S«uriIy """""""'.
¡Check 'I¥"""'1t box(os»)
!!I AdjusUblt Rate Rider
0 No PRpaym<nt I'maI'Y Option ....'"
0 0Iba(,) (specify)
0 Coodomininm Jödor
0 - Uni, Ik,dop"",", Rid",
ŒJ 1-4 FmDIy Rider
0 Ocœp""'Y Ride<
BY SIGNING BELOW. Bonower >=pi' and >g1e<$ ...... Ienm and awemnIS <:ooIaÙIcd in Ibis S«uriIy I""""""" and
in ær¡ ride«') ="" by 1Iom>wa- and t=nIcd wiIb Ù. Borrower dóos!>=by _ledge =ipI or a copy or ,his ""'gag<.
GARY 1!:r 1 / ~
~ ~ II/~
SUSAN M. BAY
-
-Bonv-
-
.-
-
.-
""""
........,
""""
--
.-
,Bono-
Sf ATE OF IOWA.
DuOO¡ue
CmmIy '"
On,Ms 12th dayof February. 1998.ber.......aNo'æyPublicin'heSl"eofk>wa.
pmooaI1y ~ GARY E. PAY and SUSI\N M. BAY. husband and wife,
insn»"",",. and -""ed ....
th.;' ~~ :: ':: pemms(J: in and who = :. ==
My C<>mD>isxkm Expi...:
NLra6..~c~
~ <AmY A BARTELS )
--e; "'~~
-....
ADJOO'6"DI2JØ7}
. .
711-
f[~:
~;,3i¡,'
"
Loan No"","" 12100374'
Smóciug No""'"" .aO024-4
1ñ1., 02/12/.a
ADJUSTABLE RATE RlDER
(LIBOR Index - Rate Caps)
THJSADJUSTABLERATERIDERismade Feb"""ry 12. 1..a .
and is iocmpomod DoO "'" Wli be - 10 ammd and _1= Ibc Mortg;oge. DmI of Trost ..
S=ñty DmI (Ih< 'Stturi'Y ¡"'¡"""",,') .f Ih< same dale p= by Ibc -gncl (Ih< '-" 10
scat.. &trowtt', Ad'J11'Uble be ""'e (Ih< """e, 10
OPTION ONE MORTGAGE CORPORATION. A CALIFORNIA CORPORAT,ION
(Ih< "1.cnda') or... ...... dale and rovtting Ih< propcny d<=ib«I in the Sccuri'Y ¡usno,""" and IucaIod
at:
4aI-4a3 WEST 15TH STREEr. DUBUQUE, lA"52001
""""""^"",,,!
THE NOTE CONI' AINS PROVISIONS AUOWING FOR mANGES IN THEINTERESI'
RAm AND TIJE MONTIJLY PAYMENT. THE NOm UMITS THE AMOIJNT TIJE
ßORROWER'S INJEREST RAm CAN OJANGE AT ANY ONE TIM" AND THE
MAXIMUM RAm TIJE BOKROWER M1JSr PAY.
ADDITIONAL COVENANTS. Iu -- 10 Ih< oov= and ...- made iD ... Sccuri'Y
Insmuuour, Bunuwo>- and La>dcr ..."". 00""'- aud ..... " follows:
TheNuleprorioles for - ;';1;.) Do=I.... of 10.'50>
Nete ........ for ch>nges in Ih< in...... .... "'" ... tDOUIbJy paymmt'. as follows:
INTEREST RAm AND MONmLY PAYMENT mANGES
(A) C»o&e.,....'
TheDucmt....JwiDpaym>ydtange...lbcfustdayof March 2000 .
and on thai day "'«1 ,nth tnœ1Ih tb=afIa. Eado - on w!ùch my intacst me oouId <hange is caIIod ,
'Cbaoge Dale. ' .
(B) The Joda
II<ginning wØhlh< r"" 0taDge Date. my ............ will be -.. on - -- The --- is the
avenge of ...- off=d ,- fur $is-moullt U.S: doIIat-- ðcpusØs .. Ibc Loodoø _et
('UBOR"). as publisloed in "" Wall Srr«t - The most r=nt Index figmc ,_Ie as of the fust
bosùtcss day of me .-It iDtmediatdy ptct<dûtg tItc momh .. wbklt !be Cbaoge Date oa:urs is called tItc
"Cmttm Index.'
If Ih< Judex is uu Iuo... ....a.bIe, the N- Ho- wiD cboosc , I1CW inda thai is based D>OÐ
oompatabIc. -;on. The Note Hulda w;O pve me uuôœ of this -.
(C) C>Iœbbuo of """'"'" '
Bcfooe <>do Cbange """, Ih< ""'" HoIdct - caku"'" my I1CW - .... by -.g
SIX and 25/100 -puiDt(s)(S.2S0a )
IOtItc Cunœt Iudox, The ""'" -_that...... the""'" of this addirioolO the -lùgI>ct ouc-dgIð
of... petc<DI3gC - (0.125"). Subjoct 10 Ih< _SUICd in _4{D) beIow,- ~ -.. wiD
4.
MIJI31SJ"A'J1!ADlVSTABl.EU'J1!""""""'JNÐIO[._-
_to..
USRJOO21 (0'-14-91)
. The
1l~
"-on',
Loan Numbo-. 1210037<9
Sm>;dng Num!= 98002<-<
Dare: 02/12/'.
be my new ml"'" "". unlillbe nexl Chang. D".,
The NoI, Holder w; """ detami"" lbe ænonnt of Ibe mootbIy pay"""" "'ot would be -H:icm '0
repay Ibe unpaid principaJ "'ot J am expoet'" 10 ow. " lbe Cbange D... m full on Ibe Mamñ1y D31. ot my
new i.....;, "". m "'-ally equal pay""""', Th, =11 or 'his cakobrinn w; be Ibe new amount or my
monthly payment. , ..
: (D) Umib on - Rare Changes
The mlctm ""e J am "'OimIlO pay " Ih. Jim 0".'1<' D31e Will - be ...,.er -
13.<50t 0< Ie""... 10.<50t . Thcteafiet. mym=_wiIIncver
"be increæed o<dcctca.od on..,. ",,<Ie Chang, D". by D1O1C!ban one pm:<ol"". point (LOS) from Ibe "".
of iDIctm I ba", been paymg rOt 1hc pnttdiDg '¡X moo1"'.'1n DO"'" will my im=sI me be...,...
lban 15.450\ Otloss!ban ID.<50\
' (E) Efftttm Date of Changes
My new ....... "". will become .ffe<:,iv. on eoch Cbange DaI., J will pay "', amounl of my now
moo1bJypaymem beginnmgon lbe fi", momhly!"y..... d", afier Ibe O>ang. Da,. nmil"', amoun1 of my
montllly payment <hangos again.
(F) Notiœ of Changes
The NOIC Holdtt will ddivero, mail 10 me' 1IO1kc or..,. <haugos iD my int"", ,", and !be amouD1
of my moo"'ly pay"""" befwc Ibe ill"""", da" Df ""Y 01",.... The OOIi", will ioc- infonnal"'. """ittd
by low 10 be giveri me ãnd alro Ih, ,i'" omd Idephone numbet ofa þcnon - will =wcr ""1 quosIion I -
have ",garo¡.g "', -ice.
TIlANSFER OF TIlE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER
Covonanl 17 of Ibe Soeurily J"",.,..., is amend'" '° ""'" ., folJow.:
T.-oflbe Propoty or. BmdiciaJ ""'=t m""""""'. Ifall Ot ""1 pan orlbe Property '" ""1
mlctm in . is sold or """,f=aI (or if. be.diciaJ imc=l in Borrowe1 is- or ,.-...ferttd omd Bonuwer
is ""'. .....m pe1SOÐ) wilbon, Len<k1', prior Wlium <Ome111. Len<k1 _.31m Opûon. ",qo¡,. _w,
paymCnt in full Df all ""'" =uttd by "'is 5eœri1y Inmumeru, However, Ib¡, oprion mall DOl be =ised
by Lcndtt ifex=isc i,pinhi"""by f"'=' I~ .,oflbcda,.,of_Sicurity 1muumco1.1..endac"" man
DOl ex=isc "'òs option if, (.) Borrowc1 "'"'" 10 be ...b",i,,"'.. Lender -- ttqDittd by Lmder 10
........ the intooded .,..,fe= ., if. new Joan we>< being ..... 10 1bc ....",.,..., ... (b) Lendtt ææooabIy
"""""'Ib" Lendtt', =uñ1y will ""'be impaittd by Ibe I"",.......,.roo ãnd 1ba11he',;,t of. - of
""1 ~ or og=nenI iD "'is Soeuri1y I",'m...... is 0IX<pIab1e 10 Lender.
To die..,... permiII'" by appticabJe law, ÙDder may dwge. """"""'" fee... amdirion..
Lender', ....... .. die - _ioo. Lender - abo """"'" 1he tramfaee 10 RP '" """"'PriDD
......- 1ba1 is at:œptabIe 10 Lender ... 1ba1 obI""os 1he I1a1Irle1ce 10 keep all 1he .......... ... agKCD>mJS ,
..... m 1he Note and in - Soeuri1y Inmumenl. Borrowc1 ",,11 - 10 be obIigaœd """" 1he - ...
- Soeuri1y ............ ...... Lcndtt -.... Borrowc1 ¡. wriñng...
If I..endac exerci= Ibe opri<m '0 'er¡oúe immar..,. paymem m run. Lender man give Borrowc1 ""'"
of - The - """ provide . period of "'" '= - 30 days from die - 1he - òs ddivered
or mailed wilbin whkh.J!onowcr ..... pay all """' -"'" by Ibis Soeuri1y ""","""", If Borrowe1 faik '0
pay ...... """' - .. Ibe upüaóon of - period. Lender may .."".. ... "'"""'"' .......... by "'is
Soeuri1y ............ - fimher - 0< -- on Borrowe1.
MlJl.'nSrA>1!AWVSJ'JIŒ"">1!""""-U1OOIt"""""""'-
_2""
US1UOO22 'D"'4-'"
~
""--
::~.
Loon Number. 12100374.
ServiciogNumbe<: '80024-4
Dale: 02/121.8
BY SIGNING BELOW. Bonuwer a«q><s .... ag¡= to me t<nD$ .... CD""'" <OtU>Ùtted in lit;.
Adjmtable Rate Rm. '
-d¡1 tr
(s..~
~.ðø~ if! ß(}f
"" M. BAY
!S<ù)
(s..t),
1IUUJ5T"""AÐJVST..............ItJÐEIt-utlÓOt~-
",,3of3
1JSRJOO23(Ot-t..."
(&.I)
(Sa~
!S<ù)
"
ë;f~,. :c.
..
,-..
Ù>an Number.
121003749 Savicing Number.
'.0024-4
Date-. ~2/I2/9.
1-4 FAMILY RIDER
Assignment of Rœts
THIS 1-4 FAMILY RIDER n made February 12,199. ;andnDx:orporaJcd
into and shall I>< "=>cd to aaJCßd and snppIemmt !he Mangage. Deed of Trost or Security Deed (!be
-- Inmum<nlÎ at <he >ame d"e givm by !be undeni..... (1be ~Î to =n« -",'s NoI.
to
OPTION ONE MORTGAGE CORPORATION, A CALIFORNIA CORPORATION
, ,
«he 'Londe<Î of the """" dot< and covcing <be Propaty d=nDcd .. 1be S<curi'Y lDstrumon1 and """""
at;
'81-483 WEST 15TH STREET, DUBUQUE, IA 52001
(Propmy ^"""",
1-4 F AMll.YCOVENANIS. 10 ...it;oo to the covenams and ag=mrntS made m <be S<curi'Y -""""".
Bom>..., and In>drs - œvmao( and ag= as follows:
A. ADDmONAL PROPERTY SUBJECT TO l1lE SECURrrY INSTImMEN!'. 'a ...;- to the
Propmy d=ribed m the S<curi'Y """""""', <be followmgitems.... added to thel""p""y dcscriprioo, and
shall a"o œmtitat< the Propmy œvncd by the - -""""": BuiJdiag =teri3Is. applim= and goods
at ivay """"" whatsoevu ,DoW or h=afta !oeMcd ;a, "". 0< ased, 0< wended to be ased m o:oanett... ,.;th
the Propmy. -ing. but not limited to. thœe for the pmposes at """,lying 0< di_;"" beating. cooling.
cla:rrici1y, gas. wat«.... and light, fue ¡=omt... and oxlm..nbingapparatas. =arity and ><:cess """"'"
apparatas. ph..""m.. b;uh Inbs. ~Itt bea.."", water cJœds. ,;ab, ran"", ~ovcs. «!rig"""",,- <llih""""=.
dis-'s. wa.bers. dryas. awnings. storm witxlows, ..orm -.s, saeens. blinds. ,badcs. """'"" and anIait>
rods, ....xhcd mimns. <aIñ-. pmdIing and - Door œ- ""'" 0< hereafi", attached 10 the
Property, at' of wbid>, _mg ""'-. and addUioos thereto. ""'" be deemed to be and """"' a part
of the Piopmy œvncd by the - -nnDOOI. AD of the fo....... ,_bet ,.;th .... - d=ibed
m the Security lDstrumon1 (0< the _Id """.;rthe ~ l",trmornI" OD a -1dJ arc rd'mcd to
.. oms l-4 Fawly Rider and the Smmly lasuutaooI as the 'Propmy.' ,
B. USl!OFPROPEJI1Y; COMPLlANCI!WTIH lAW, Borrowot- shallnotsed:...... toor_..
change .. the use of the Propmy 0< itS rooing cIamficatioo. ...... Lender has agrttd m wriring to the
......... Borrower shall œmply with aD Jaw., ~ regular.... and teqtriremcna of my goven>m<ntaI
body appticablc to II>< Property.
C. SUBORDiNATE UENS. Except as pumiued1>y federal I.... Borrower "'aD not allow arryllen
- to the - -...- to be perfo:<:ted agaiJsst 1be Propmy - I=der's pño< wrineD
'penrriosWn.
p. RENT LOSS INSUIIANC1!. Borrower sbaII maŸd>io........... against _lnis.. -... to the
other ....... for wIñch """"""" " - by Co",""", S.
E.
"lIORROWE1l'SRlGHTTO REINSTATE' DI!LEJEI). Covenaat 18 i"ldeled.
F, JIORROWE1l'SOCCUPANCY. Unless_and Borrowot-""""""" .......writiA.. the first
........... io Comwø 6 ~ 80rr0w0<'s oa:npaucy of the pn>pcny is de_. AD ~
""""""'D r... PAMU IIIÐBt
_to"
USRIIJO....t.t"""
ø-
~ß
l.o3n Number: 121003740 . &rncing Numb", 0.0024-4
Co","""" "'" agreements ><I fon> m CovaW>< 6 sh>l1 "","n m effect.
DOle: 02/12/0.
G. ASSIGNMENf OF LEASES. Upon Lend.".'s «quesl. I!om>wa "'oil ouõgn to LemI.". 0111<=5 of
, the Propeny "'" all =wity deposits """'" m oonn=ion with I""", or the Prop<tty. Upon me ossignmrnt.
"Lender shall hove the righllo modify. at"'" or lernñna.. ,be existmg I=es and 10 =" new Ie=s. in
,ÙI>d<7's ",Ie dßctttion. As =<f mm;s".,....pb F,theWOtd"Jose' sholl meaJI"""J=' ;rtheS=rity
, In";"""";son,l<=boId.
K ASSIGNMENf OF RENTS; AJ>roImMENT OF RECEIVER; ŒNI>ER IN I'OSSESSION.
Bom>wer ab>Ohndy "'" unconditlooaJly assigns "'" I-fen 10 l=d<r all the =ts and "'><snI<S ('Rents')
of tbe Propcrty, "'gann= of 10 whom lbe Ronts of the Prop<tty "'" payable. Botrower ænhori= l=d<r
01 ~'s ",ems to colkd the Rents. "'" agnxs that <a<b lenant of ,be Prop<tty shall pay the Ronts 10
l<od<r", Lmda-'s 'gentS. However. Botrower >hall r=m: lbe Ra>1S ontil (ij l=d<r Iw gI= Borrower
notia: of ilS inten,ion 10 n:ccive: Rents ""... ddaub by bollOWl:r under the SeouriIY Instromml "'" {Ii}
1<nd" .... g;,oen -ice 10 lbe lonant{S) that Ihe RentS "'" 10 be paid 10 lmoler or l=d<r's >g<nI. Th;s
""ignmrnt of Rems =011010$ an absoJute assl- "'" noI an assigtmtœl for odditioDal =rity only.
( Lendtt gIvc:s noIi« of its Int,,",oolO n:ccive Reus to Bom>wer. {i} all Reus =Wed by Bono.....
shall be be!d by BoITo~t as _0< for the -I of Lendtt only. 10 be applkd 10 Ihe ""'" s=tmI by the
Seourity, Immuncu: (n) l=d<r shall be "",itIed 10 coiled ami ...rive: all of the Rents of the Propeny; frii)
Bom>wa ag= that <a<h =ant nf the Prop<tty shall pay all Rents.... and unpaid 10 Lender '" Lendtt.s
agents npon Lend,,', ,.,-itla> demand IOtbe t<nanI; (;,0) unI= appIõ<""1e I2w provides o<betw;"" all R-
collected by ~ Ot Lend,,'s at- shall be applied fi", to the """ of taking amlrol or ami managing
the Property and oollecting me Roms. including. ... not limited tn. atlOm<y's f=, n:cci=', foo. pr=iums
on =i",,'s bonds. «pa;,. "'" =inl= -.. insmance pmnitnns. tn.... ==m<nIS and other -g~
on the Property, and - 10 the ""'" =rmd by the Seourity 1mtromenI; (v) Lender. l<n<Ier's agents or any
ju<ficiaIJy appointed "",elv" shall be IOOIe 10 _on! for only thœe Reus aetually =Wed; "'" {",'l<n<1er
sholl be <n<itkd 10 have a n:ccivtt appoin... 10 tal« possession of and manage the Propcrty "'" coli"" the
Rmts and profitS derived from the Ptopetty without - showing as 10 the ÙIadeqmcy of the Property as
security.
( the RonlS of the Prop<tty ate - sufficiott 10 CO"" the """ of taking comroI of and managing
the Ptopetty and of coll""ing the R'- "y fonds expended by In>der for such pwposcs - become
indebtaln= of Bo......... 10 Lendtt SttOred by lbe Security Instrnmml po"""" 10 Covc:oanI 7.
, J!<muw« t<p«S<IJÙ and ......... tbat Bonowu Iw not <=DI<d any prior assigmnad of the Rmts
and Iw - and W1ì1 not p<,r- any act that would - l<oder from =Ising ÌIS rights UDder IIñs
_"'I'lL
l<nder, '" l<oder's _ora juIficiaIIy appointed n:ccivtt, shall... be tte¡ÛimJ 10""" opoa,-
oomrol of or -- the Prop<tty bero", or after giving - of default 10 Botrower. However, Lender,
or l<oder's - '" a judicially appointed n:cciver. may do '" .. - time when . d<:f",k OC<ÐIS. AIry
appIicatioo of RCOIS shall not <= or - - defaolt or iDvaJõdate - ...... right oc ......Jy of Lm,!cr.
ThIs Assignmeut or Rents of tho Property shan tmninate wbeo an !be ""'" seamd by !be S<ctmty -
ate paid m 00..
I. 'ASSJGNMENr OF RENTS" MODiFIED. AIry Covenant of the S<ctmty - ""'¡O& an
Assignm<Dl. of R_IO I.cndor ;s aupmcded by - Rider. . , ,
J- CROSS-DEPAULT PROVISION, J!<muw«'s defauk .. - UDder any note or .....-.1 ..
wIrich l=der bas .. -= - be . """"" under !be S<ctmty -- and I.<nder ""'Y invoke any of
!be mnodies pmRined by the S<ctmty _. .
MIJ1.nsrA1E J" FAMlLT-
_>Of) VSRIOOt2o>t.I..."
~
¿-.f7
-> '
~.
" ,
LoanNumb= 121003-749
;"
SeMciDg Number.
..
980024-4
Date,
02112/98
- >
BY SIGNING BELOW, Borrower ""'P" æ>d agr= 10 the tenDS and prov;~"", rontamed in Ibis 1-4 Fam;]y
Rider.
~ 7 Í-/
GJ\RY E. BAY f
~~BAIf157
>rot:D5TATEJ.4FAMtLYJODEK
_..n
Bono-
""-,
Bo~
USlUOOI3(O1-IO97}
-.
.......,