Preview
Hearing Date: 8/19/2024 9:30 AM
Location: Court Room 2808
Judge: Perkins, Marian E
FILED
6/20/2024 12:00 AM
IRIS Y. MARTINEZ
CIRCUIT CLERK
COOK COUNTY, IL
2024CH05722
Calendar, 62
28179729
Cook County #21762
IN THE CIRCUIT COURT OF COOK COUNTY, ILLINOIS
COUNTY DEPARTMENT - CHANCERY DIVISION
Federal Home Loan Mortgage Corporation
PLAINTIFF
Vs. No. 2024CH05722
Cynthia Love; Chicago Title Land Trust Company as
Trustee u/t/a dated March 12, 1979 a/k/a Trust No. 10- 10124 S Torrence Ave, Chicago, IL 60617
35088-09; JPMorgan Chase Bank, N.A.; Unknown
Owners and Nonrecord Claimants
DEFENDANTS
COMPLAINT TO FORECLOSE MORTGAGE
NOW COMES the Plaintiff, FEDERAL HOME LOAN MORTGAGE CORPORATION, by and through its
attorneys, CODILIS & ASSOCIATES, P.C., complaining of the defendants herein and, pursuant to 735 ILCS
5/15-1101, states as follows:
1. Plaintiff files this Complaint to Foreclose the mortgage, trust deed or other conveyance in the nature of a
mortgage (hereinafter called "Mortgage") hereinafter described, and joins the following persons as "Defendants' "
Cynthia Love; Chicago Title Land Trust Company as Trustee u/t/a dated March 12, 1979 a/k/a Trust No. 10-
35088-09; JPMorgan Chase Bank, N.A.; Unknown Owners and Nonrecord Claimants
2. Attached as "EXHIBIT A" is a copy of the Mortgage. Attached as "EXHIBIT B" is a copy of the Note.
3. Information concerning said Mortgage:
(A) Nature of the instrument: Mortgage.
(B) Date of the Mortgage: 1/20/2012
(C) Name of mortgagor(s):
Chicago Title Land Trust Company as Trustee u/t/a dated March 12, 1979 a/k/a Trust No. 10-35088-09
(D) Name of the original mortgagee:
JPMorgan Chase Bank, N.A.
(E) Date and Place of Recording or Registering:
8/28/2012
Office of the Recorder of Deeds of Cook County Illinois
(F) Identification of Recording: Document No. 1224142050
(G) Interest subject to the mortgage: Fee Simple.
(H) Amount of original indebtedness:
(1) Original Indebtedness: $109,763.00
(D Both the legal description of the mortgaged real estate and the common address or other information
sufficient to identify it with reasonable certainty:
LOT 11 IN BLOCK 175 IN SOUTH CHICAGO, BEING A SUBDIVISION BY CALUMET AND
CHICAGO CANAL AND DOCK COMPANY OF PART SECTION 7, TOWNSHIP 37 NORTH, RANGE
15 EAST OF THE THIRD PRINCIPAL MERIDIAN, AND OF SECTIONS 12 AND 13, TOWNSHIP 37
NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT
THEREOF RECORDED AUG 4, 1875 IN BOOK 9 OF PLATS OF PAGE 93 AS DOCUMENT NO.
42641, IN COOK COUNTY, ILLINOIS.
COMMONLY KNOWN AS: 10124 S Torrence Ave, Chicago, IL 60617
TAX PARCEL NUMBER: 25-12-423-031-0000
(J) Statement as to defaults: Mortgagors have not paid the monthly installments of Principal, taxes, Interest
and insurance for 06/01/2023, through the present; the Principal balance due on the Note and the Mortgage
is $102,618.55, plus Interest, costs, advances and fees. Interest accrues pursuant to the Note, and the current
per diem is $14.06.
(K) Name of present owner(s) of said premises:
Chicago Title Land Trust Company as Trustee u/t/a dated March 12, 1979 a/k/a Trust No. 10-35088-09
(L) Names of other persons who are joined as defendants and whose interest in or lien on the mortgaged real
estate is sought to be terminated and alleged to be subordinate and inferior to the mortgage of the Plaintiff,
and any additional lien of the plaintiff which is sought to be terminated:
Cynthia Love, by virtue of the fact that, upon information and belief, he/she is in possession of the subject
real estate and may have some interest therein; Plaintiff alleges that the interest of Cynthia Love is
subordinate and inferior to the lien of its mortgage.
JPMorgan Chase Bank, N.A., by virtue of a Mortgage executed by Chicago Title Land Trust Co. as Trustee
uta dtd 3-12-79 aka #10-35088-09, dated October 13, 2006, and Recorded/registered on November 7, 2006
in the office of the Recorder/Registrar of Deeds of Cook County, Illinois, as Document No. 0631141116, to
secure a note in the principal sum of $17,700.00. Subordination Agreement recorded in the office of the
Recorder/Registrar of Deeds of Cook County, Illinois, as Document No. 1224142051, on August 28, 2012.
(M) Names of defendants claimed to be personally liable for deficiency, if any:
None.
(N) Capacity in which Plaintiff brings this foreclosure: Plaintiff is the Mortgagee under 735 ILCS 5/15-
1208. JPMorgan Chase Bank, National Association is servicing the Mortgage loan which is the subject
matter of this case on behalf of Federal Home Loan Mortgage Corporation.
(O) Facts in support of a redemption period shorter than the longer of 7 months from the date the mortgagor
or, if more than one, all the mortgagors have been served with summons or by publication or have otherwise
submitted to the jurisdiction of the court, or 3 months from the entry of the judgment of foreclosure,
whichever is later, if sought:
The redemption period shall be determined pursuant to 735 ILCS 5/15-1603.
(P) Statement that the right of redemption has been waived by all owners of redemption: There has been no
executed waiver of redemption by all owners of redemption, however Plaintiff alleges that it is not precluded
from accepting such a waiver of redemption by the filing of this complaint.
(Q) Facts in support of request for attorneys’ fees and of costs and expenses, if applicable: The subject
mortgage provides for payment of attorney fees, court costs, and expenses in the event of a default under the
mortgage.
(R) Facts in support of a request for appointment of mortgagee in possession or for appointment of a
receiver, and identity of such receiver, if sought: Unless otherwise alleged, Plaintiff will pray for said relief
after the filing of the instant foreclosure action by separate petition if such relief is sought.
(S) Offer to the mortgagor in accordance with Section 15-1402 to accept title to the real estate in satisfaction
of all indebtedness and obligations secured by the mortgage without judicial sale, if sought: No allegation of
an offer is made however Plaintiff alleges that it is not precluded from making or accepting such offer by the
filing of the instant foreclosure action.
(T) Name or names of defendants whose rights to possess the mortgaged real estate, after the confirmation
of a foreclosure sale, are sought to be terminated and, if not elsewhere stated, the facts in support thereof:
Cynthia Love; Chicago Title Land Trust Company as Trustee u/t/a dated March 12, 1979 a/k/a Trust No. 10-
35088-09;
4. Plaintiff avers that in addition to persons designated by name herein and the Unknown Defendants herein before
referred to, there are other persons, and/or non-record claimants who are interested in this action and who have or
claim some right, title, interest or lien in, to or upon the real estate, or some part thereof, in this Complaint
described, including but not limited to the following:
Unknown Owners and NonRecord Claimants, if any.
That the name of each of such persons is unknown to Plaintiff and on diligent inquiry cannot be ascertained, and
all such persons are therefore made party defendants to this action by the name and description of UNKNOWN
OWNERS and NONRECORD CLAIMANTS.
RE ST FOR RELIEF
WHEREFORE, THE PLAINTIFF REQUESTS:
@ A judgment of foreclosure and sale.
Gi) An order granting a shortened redemption period, if sought.
(iii) An order granting possession, if sought.
(iv) An order placing the mortgagee in possession or appointing a receiver, if sought.
(v) Ajudgment for attorneys' fees, costs and expenses, if sought.
(vi) For the appointment of a Selling Officer, if deemed appropriate by this court.
(vii) Such other and further relief as this court deems just.
Federal Home Loan Mortgage Corporation
BY: /s/ Matthew Naglewski
ARDC No. 6322722
CODILIS & ASSOCIATES, P.C.
One of its Attorneys
Codilis & Associates, P.C.
15W030 North Frontage Road, Suite 100
Burr Ridge, IL 60527
(630) 794-5300
pleadings@il.cslegal.com
Cook #21762
14-24-03557
NOTE: This law firm is a debt collector.
EXHIBIT A
———________
mI
PERSONAL INFORMATION REDACTED
|
Doof:
Minois Anti-Predatory I 1224142060 Fee: $72.00
Eugene “Gene” Moore RHSP Fee:$10.00
Cook County Recorder of Deeds,
Lending Database Date: 08/28/2012 08:45 AM Pg: 1 of 18
Program
Certificate of Exemption
i
Report Mortgage Fraud
800-532-8785
‘The property identified as: 25-12-423-031-0000
Address:
Street:
Street line 2:
City: CHICAGO
10124 § TORRENCE AVE
State: IL
= ZIP Code: 60617
Lender, ¥PMORGAN CHASE BANK NA
Borrower, CHICAGO TITLE LAND TRUST COMPANY. A CORPORATION OF ILLINOIS, AS TRUSTEE UNDER
‘TRUST AGREEMENT
DATED MARCH 12, 1979 KNOWN AS TRUST NUMBER 10-35088-09
Loan / Mortgage Amount: $109,763.00 rear une. Tro
‘This property is located within the program area and the transaction is exempt from the requirements of 765 ILCS 77/70
et seq. because the application was taken by an exempt entity.
BOX 18
Contcts nn Execution date: 01/20/2012
-——- — eee -—
1224142050 Page: 2 of 18
Return To: JPMorgan
Chase Bank, N.A.
Collateral Trailing Documents
P.O. Box 8000 - Monroe,
LA 71203
Prepared By: Rosalind Perry
3050 Highland Pkwy
Downers Grove, IL 60515
Mortgage
Definitions. Words used in multiple sections of this document are defined below and other words are
definedin Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this
document
are also in Section
16.
(A) “Security Instrument” means this document, which is dated January 20, 2012, together with all
Ridersto this document.
“Borrower” is CHICAGO TITLE LAND TRUST COMPANY, A CORPORATION OF
ILLINOIS, AS TRUSTEE UNDER TRUST AGREEMENT DATED MARCH 12, 1979 KNOWN
AS TRUST NUMBER 10-35088-09. Borrower is the mortgagor under this Security Instrument.
(C) “Lender” is JPMorgan
Chase Bank, N.A.. Lender is a National
Banking Association organized
and existing under the laws of the United States. Lender's address is 1111 Polaris Parkway, Columbus,
OH 43240 . Lender is the mortgagee under this Security
@)" “Note” means the promissory note signed by Borrower and dated January 20, 2012. The Note
states that Borrower owes Lender
Lender one nine seven hundred sixty-three and 00/100
Dollars (U.S. $109,763.00) plus interest. Borrower has promised to pay this debt in regular Periodic
Payments and to pay the debt in full not later than February 1, 2042.
©)" Property” means the property that is described below under the heading "Transfer of Rights in
the
(F) “Loan” means the debt evidenced by the Note, plus interest, any prepayment charges and late
charges
due under the Note, and all sums due under this Security Instrument, ptus interest.
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1224142050 Page: 3 of 18
(G) “Riders” means all Riders to this Security Instrument that are executed by Borrower. The following
Riders are to be executed by Borrower {check box as applicable]
1 Adjustable Rate Rider 0 Condominium Rider © Second Home Rider
0 Balloon Rider Planned Unit Development
Rider 0) 1-4 Family Rider
0 VA Rider C1 Biweekly Payment Rider O Other(s) Uecify
@) “Applicable Law” means all controlling applicable federal, state and local statutes,
ordinances and administrative rules and orders (that have the effect
of law) as well as all eine
final, non-appealable judicial opinions.
@ “Community Association Dues, Fees, and Assessments” means al\ dues, fees, assessments and
other charges that are imposed on Borrower or the Property by a condominium association, homeowners
association or similar organization.
(D “Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by
check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic
instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to
debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated
teller machine transactions, transfers initiated by telephone, wire transfers, and.
«&) Escrow Items” means those items that are described in Section 3.
o “Miscellaneous Proceeds” means any settlement,
award of damages, or proceeds
paid by any third party (other than insurance paid ‘the coverages described in Section
5) for: (i) damage to, or destructionof, the Property; (ii) condemnation
or other taking of all or any
part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or
omissions as to, the value and/or condition of the Property.
(M) “Mortgage Insurance” means insurance protecting Lender against the nonpayment of, or default
‘on, the Loan.
(N) “Periodic Payment” means the regularly scheduled amount due for (i) principal and interest under
the Note, plus (ii) any amounts under Section 3 of this Security Instrument.
(O) “RESPA” means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and
its implementing regulation, Regulation X (24 CFR. Part 3500), as they might be amended from
time to time, or any additional or successor legislation or that governs the same subject
matter. As used in this Security Instrument, RESPA refers to all requirements and restrictions that
are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a
"federally related mortgage loan" under RESPA.
(P) “Successor in Interest of Borrower” means any party that has taken title to the Property, whether
or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument.
Transfer of Rights in the Property. This Security Instrument secures to Lender: (i) the repayment
of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of
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1224142050 Page: 4 of 18
Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose,
Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, the
following described property located in the COUNTY [Type of Recording Jurisdiction) of Cook [Name
of Recording Jurisdiction):
See Attached
Parcel ID Number: 25-12-423-031-0000 which thas the address of 10124 S TORRENCE
AVE
[Street] CHICAGO [City], Hlinois 60617 (Zip Code] ("Property Address"):
TOGETHER WITH all the improvements now or hereafter crected on the property, and all easements,
and fixtures now or hereafter a part of the property. All replacements and additions shall
also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument
as the "Property."
BORROWER COVENANTS that Borrower is lawfully scised of the estate hereby conveyed and has the
ight to mortgage, grant and convey the Property and that the is unencumbered, except for
eacumbrances of record. Borrower warrants and will defend generally the title to the Property against
all claims and demands, subject to any encumbrances of record.
THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform
covenants with limitéd variations by jurisdiction to constitute a uniform security instrument covering
real property.
Uniform Covenants. Borrower and Lender covenant and agree as follows:
1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges.
Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any
prepayment
charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items
pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S.
currency. However, if any check or other instrument received by Lender as payment under the Note or
this Security Instrument is retumed to Lender unpaid, Lender may require that any or all subsequent
Payments due under the Note and this Security Instrument be made in one or more of the following forms,
as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or
cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a
federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer.
Payments are deemed received by Lender when received at the location designated in the Note or at such
other location as may be designated by Lender in accordance with the notice provisions in Section 15.
Lender may retum any payment or partial payment if the payment or partial payments are insufficient
to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the
Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or
partial payments in the future, but Lender is not obligated to apply such payments at the time such
payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender
need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes
Payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender
shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied
to the outstanding principal balance under the Note immediately prior to foreclosure. No offset
or claim
which Borrower might have now or in the future against Leader shall relieve Borrower from making
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1224142050 Page: 5 of 18
-
payments due under the Note and this Security Instrument or performing the covenants and agreements
secured by this Security Instrument.
2. Application
of Payments or Proceeds. Except as otherwise described in this Section 2, all
payments lied by Lender shall be applied in the following order of priority: (a) interest
due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments.
shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts
shall be applied first to late charges, second to any other amounts due under this Security Instrument,
and then to reduce the principal balance of the Note.
Tf Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient
amount to pay any late charge due, the payment may be applied to the delinquent peyment and the late
charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from
Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid
in full, To the extent that any excess exists after the payment is applied to the full payment of one or
more Periodic such excess may be applied to any late charges due. Voluntary prepayments
shall be applied first to any prepayment charges and then as described in the Note.
Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the
Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments.
3. Funds for Escrow
Items. Borrower shall pay to Lender on the day Periodic are due
under
the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due
for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as
a lien or encumbrance on the Property; (0) leasehold payments or ground rents on the Property, if any;
(c) premiums for any and all insurance required under Section 5; and (d) Mortgage Insurance
premiums, if any, or any sums by Borrower to Lender in lieu of the payment of Mortgage
Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow
Items." At origination or at any time during the term of the Loan, Lender may require that Community
Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and
assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts
to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender
waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's
obligation to pay to Lender Funds for any or all Escrow Items at any time, Any such waiver may only
be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable,
the
amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender
requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender
may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes
be deemed to be @ covenant and agreement contained in this Security Instrument, as the phrase "covenant
and agreement”
is used in Section 9, If Borrower is obligated to pay Escrow Items directly, pursuant to
a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights
under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to
Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a
Notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all
Funds, and in such amounts, that are then required under this Section 3.
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1224142050 Page: 6 of 18
Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply
the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can
require under RESPA, Lender shall estimate the amount of Funds due on the basis of current data and
reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable
The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality,
or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal
Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specificd
under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually i
the escrow account, or verifying the Escrow Items, unless Lender pays interest
on the Funds
and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or
Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower
any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest
shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the
Funds as required
by RESPA.
If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower
for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined
under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender
the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly
payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify
Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up
the deficiency in accordance with RESPA, but in no more than 12 monthly payments.
‘Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to
Borrower
any Funds held by Lender.
4. Charges; Liens. Borrower shail pay all taxes, assessments, charges, fines, and impositions attributable
to the Property which can attain priority over this Security Instrument, leasehold payments or
rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the
extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3.
Borrower shall promptly discharge any lien which bas priority over this Security Instrument unless
Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner
to Lender, but only so long as Borrower is ing such agreement; (b) contests the lien in good faith
by, or defends against enforcement of the lien in, legal in Lender's opinion operate
to prevent the enforcement of the lien while those proceedings are
are concluded; or (c) secures from the holder of the lien an
the lien to this Security Instrument. If Lender determines that any part of the Property is subject to alien
which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying
the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take
‘one or more of the actions set forth above in this Section 4.
Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting
service used by Lender in connection with this Loan.
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1224142050 Page: 7 of 18
5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on
the Property insured against loss by fire, hazards included within the term “extended coverage,” and any
other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance.
This insurance shall be maintained in the amounts (including deductible levels) and for the periods that
Lender requires. What Lender requires pursuant to the preceding sentences can change during the term
of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's
Tight to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may
Tequire Borrower to pay, in connection with this
this Loan, either: (a) a one-time charge for flood zone
determination, certification and tracking services; or (b) a one-time charge for flood zone determination
and certification services and subsequent charges each time remappings or similar changes occur which
reasonably might affect such determination of certification. Borrower shall also be responsible for the
payment of any fees imposed by the Federal Emergency Management Agency in connection with the
review of any flood zone determination resulting from an objection by Borrower.
Tf Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage,
at Lender’s option and Borrower's expense. Lender is under no obligation to purchase any particular type
or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect
r, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or
liability and might provide greater or lesser coverage than was previously in effect.
that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that
Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become
additional debt of Borrower secured by this i ‘These amounts shall bear interest at the
Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender
to Borrower requesting payment.
All insurance policies i ‘Lender and renewals of such policies shall be subject to Lender's right
to disapprove such policies, shal! include a standard clause, and shall name Lender as mortgagee
and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates.
If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal
notices. If Borrower obtains any form of insurance not otherwise required by Lender, for
damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall
name Lender as mortgagee and/or as an additional loss payee.
In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may
makeiting, proof
anyofi loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in
whether or not the underlying insurance was required by Lender, shall
be applied to restoration or repair of the Property, if the restoration or repair is. icaly feasible and
Lender's security is not lessened. During such repair and restoration period, Lender shall have the right
to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure
the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken
promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series
of progress payments as the work is completed. Unless an agreement is made in writing or Applicable
Law requires interest to be paid on such insurance Lender shall not be required to pay Borrower
any interestor ings on such proceeds. Fees for public adjusters, or other third parties, retained by
Borrower shall not be paid out of the insurance shall be the sole obligation of Borrower.
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If the restoration or repair is not economically feasible or Lender's security would be lessened, the
insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then
due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order
provided for in Section 2.
If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim
and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance
carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period
will begin when the notice is given. In cither event, or if Lender acquires the Property under Section 22
or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an
amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other
of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under
all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the
‘Lender may use the insurance proceeds ¢i ther to repair or restore the Property or to pay amounts
unpaid under the Note or this Security Instrument, whether or not then due.
6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence
within 60 days after the execution of this Security Instrument and shall continue to occupy the Property
as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise
agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances
exist which are beyond Borrower's control.
7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall
not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the
y. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in
order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is
determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall
promptly repair the Property if damaged to avoid further deterioration or damage. If insuranceor
condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower
shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such
Purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series
of progress payments as the work is completed. If the insurance or condemnation proceeds are not
sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the
completion ofsuch repairor restoration,
Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable
cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower
notice at the time of or prior to such an interior inspection specifying such reasonable cause.
8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process,
Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge
or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed
to provide Lender with material information) in connection with the Loan. Material representations
include, but are not limited to, representations concerning Borrower's occupancy of the Property as
Borrower's principal residence.
\
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1224142050 Page: 9 of 18
9. Protection of Lender's Interest In the Property and Rights Under this Security
‘instrument. If (2) Borrower fails to perform the covenants and agreements contained in this Security
Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property
and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation
or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to
enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay
for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this
Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or
7. Lender's actions can include, but are not limited to: (a) paying any sums secured
by alien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable
attorneys’ fees to protect its interest in the Property and/or rights under this Security Instrument, including
its secured position in a bankruptcy ling. Securing the Property includes, but is not limited to,
entering the Property to make repairs, change locks, replace or board up doors and windows, drain water
from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned
‘on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is
not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking
any
or all actions authorized under this Section 9.
Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured
by this ‘These amounts shall bear interest at the Note rate from the date of disbursement
and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment.
If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease.
If Borrower acquires fee title to the Property, the leasehold and the fee title shall not mezge unless Lender
agrees to the merger in writing.
10. Mortgage Insurance. Tf Lender required M Trsurance as a condition of making the Loan,
Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason,
the Mortgage Insurance coverage ired by Lender ceases to be available from the mortgage insurer
that previously provided such insurance and Borrower was required to make separately designated
payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to
obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost
substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an
alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage
is not available, Borrower shall continue to pay to Lender the amount of the separately designated
payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and
retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve
shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall
not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer
require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that
Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and
Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender
required Mortgage Insurance as a condition of making the Loan and Borrower was required to make
‘Separately designated payments toward the premiums for Borrower shall pay the
Premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve,
{LLINOIG- Single Femnly-Farele Mea/ rede Mac UMIFORM INSTRUMENT
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1224142050 Page: 10 of 18
until Lender’s requirement for Mortgage Insurance ends in accordance with any written agreement between
Borrower and Lender providing for such termination or until termination is required by Applicable Law.
Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note.
Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may
incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance,
Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter
into agreements with other partics that share or modify their risk, or reduce losses. These agrecments arc
on terms and conditions that are satisfactory to the mortgage insurer and the other, Party (or parties) to
these agreements. These agreements may require the mortgage insurer to make ‘using any
source of funds that the mortgage insurer may have available (which may include funds ol)btained
Mortgage Insurance premiums).
Asa result
of these its, Lender, any purchaser of the Note, another insurer, any reinsurer, any
other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that
derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in
exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such
provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a shareofof the
Premiums paid to the insurer, the arrangement is often termed "captive reinsurance.” Further:
{A) Any such agreements will not affect the amounts that Borrower bas agreed to pay for
Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the
amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any
refund.
(B) Any such agreements will not affect the rights Borrower has - if amy - with respect to the
Mortgage Insurance under the Homeowners Protection Act of 1998 or aay other law. These
rights may include the right to receive certain disclosures, to request and obtain cancellation
of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or
to receive a refand of any Mortgage Insurance premiums that were unearned at the time of
such cancellation or termination.
11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous
Proceeds are hereby
assigned to and shall be paid to Lender.
If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the
Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During
such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until
Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's
satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs
and restoration in a single disbursement or in a series of payments
as the work is completed.
Unless an agreement is made in writing or Applicable Law requires interest to be paid on such
Misceltaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such
Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security
would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security
SLUNOIE Sige Fat Fania Meaf rei lnc \RFORM IXSTRUMENT
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1224142050 Page: 11 of 18
whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous
Proceeds shall be applied in the order provided for in Section 2.
In the event of a total taking, destruction, or loss in value of the Property, the Miscellancous Proceeds
shali be applied to the sums secured by this Security Instrument, whether or not then due, with the excess,
if any, paid to Borrower.
In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value
of the immediately before the partial taking, destruction, or loss in value is equal to or greater
than the amount of the sums secured by this Security Instrument immediately before the partial taking,
destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured
by this Securit Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by
the following fraction: (a) the total! amount of the sums secured immediately before the partial
destruction, or loss in value divided by (b) the fair market value of the Property immediately before the
partial taking, destruction, or loss in value, Any balance shall be paid to Borrower.
In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value
of the Property immediately before the partial destruction, or loss in value is less than the amount
of the sums secured i the partial taking, destruction, or loss in value, unless Borrower
and Lender otherwise agree in writing, the Proceeds shall be applied to the sums secured
by this Security Instrument whether or not the sums are then due.
If the Property
is abandoned by Borrower,
Preview
Hearing Date: 8/19/2024 9:30 AM Location: Court Room 2808 Judge: Perkins, Marian E FILED 6/20/2024 12:00 AM IRIS Y. MARTINEZ CIRCUIT CLERK COOK COUNTY, IL 2024CH05722 Calendar, 62 28179729 Cook County #21762 IN THE CIRCUIT COURT OF COOK COUNTY, ILLINOIS COUNTY DEPARTMENT - CHANCERY DIVISION Federal Home Loan Mortgage Corporation PLAINTIFF Vs. No. 2024CH05722 Cynthia Love; Chicago Title Land Trust Company as Trustee u/t/a dated March 12, 1979 a/k/a Trust No. 10- 10124 S Torrence Ave, Chicago, IL 60617 35088-09; JPMorgan Chase Bank, N.A.; Unknown Owners and Nonrecord Claimants DEFENDANTS COMPLAINT TO FORECLOSE MORTGAGE NOW COMES the Plaintiff, FEDERAL HOME LOAN MORTGAGE CORPORATION, by and through its attorneys, CODILIS & ASSOCIATES, P.C., complaining of the defendants herein and, pursuant to 735 ILCS 5/15-1101, states as follows: 1. Plaintiff files this Complaint to Foreclose the mortgage, trust deed or other conveyance in the nature of a mortgage (hereinafter called "Mortgage") hereinafter described, and joins the following persons as "Defendants' " Cynthia Love; Chicago Title Land Trust Company as Trustee u/t/a dated March 12, 1979 a/k/a Trust No. 10- 35088-09; JPMorgan Chase Bank, N.A.; Unknown Owners and Nonrecord Claimants 2. Attached as "EXHIBIT A" is a copy of the Mortgage. Attached as "EXHIBIT B" is a copy of the Note. 3. Information concerning said Mortgage: (A) Nature of the instrument: Mortgage. (B) Date of the Mortgage: 1/20/2012 (C) Name of mortgagor(s): Chicago Title Land Trust Company as Trustee u/t/a dated March 12, 1979 a/k/a Trust No. 10-35088-09 (D) Name of the original mortgagee: JPMorgan Chase Bank, N.A. (E) Date and Place of Recording or Registering: 8/28/2012 Office of the Recorder of Deeds of Cook County Illinois (F) Identification of Recording: Document No. 1224142050 (G) Interest subject to the mortgage: Fee Simple. (H) Amount of original indebtedness: (1) Original Indebtedness: $109,763.00 (D Both the legal description of the mortgaged real estate and the common address or other information sufficient to identify it with reasonable certainty: LOT 11 IN BLOCK 175 IN SOUTH CHICAGO, BEING A SUBDIVISION BY CALUMET AND CHICAGO CANAL AND DOCK COMPANY OF PART SECTION 7, TOWNSHIP 37 NORTH, RANGE 15 EAST OF THE THIRD PRINCIPAL MERIDIAN, AND OF SECTIONS 12 AND 13, TOWNSHIP 37 NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED AUG 4, 1875 IN BOOK 9 OF PLATS OF PAGE 93 AS DOCUMENT NO. 42641, IN COOK COUNTY, ILLINOIS. COMMONLY KNOWN AS: 10124 S Torrence Ave, Chicago, IL 60617 TAX PARCEL NUMBER: 25-12-423-031-0000 (J) Statement as to defaults: Mortgagors have not paid the monthly installments of Principal, taxes, Interest and insurance for 06/01/2023, through the present; the Principal balance due on the Note and the Mortgage is $102,618.55, plus Interest, costs, advances and fees. Interest accrues pursuant to the Note, and the current per diem is $14.06. (K) Name of present owner(s) of said premises: Chicago Title Land Trust Company as Trustee u/t/a dated March 12, 1979 a/k/a Trust No. 10-35088-09 (L) Names of other persons who are joined as defendants and whose interest in or lien on the mortgaged real estate is sought to be terminated and alleged to be subordinate and inferior to the mortgage of the Plaintiff, and any additional lien of the plaintiff which is sought to be terminated: Cynthia Love, by virtue of the fact that, upon information and belief, he/she is in possession of the subject real estate and may have some interest therein; Plaintiff alleges that the interest of Cynthia Love is subordinate and inferior to the lien of its mortgage. JPMorgan Chase Bank, N.A., by virtue of a Mortgage executed by Chicago Title Land Trust Co. as Trustee uta dtd 3-12-79 aka #10-35088-09, dated October 13, 2006, and Recorded/registered on November 7, 2006 in the office of the Recorder/Registrar of Deeds of Cook County, Illinois, as Document No. 0631141116, to secure a note in the principal sum of $17,700.00. Subordination Agreement recorded in the office of the Recorder/Registrar of Deeds of Cook County, Illinois, as Document No. 1224142051, on August 28, 2012. (M) Names of defendants claimed to be personally liable for deficiency, if any: None. (N) Capacity in which Plaintiff brings this foreclosure: Plaintiff is the Mortgagee under 735 ILCS 5/15- 1208. JPMorgan Chase Bank, National Association is servicing the Mortgage loan which is the subject matter of this case on behalf of Federal Home Loan Mortgage Corporation. (O) Facts in support of a redemption period shorter than the longer of 7 months from the date the mortgagor or, if more than one, all the mortgagors have been served with summons or by publication or have otherwise submitted to the jurisdiction of the court, or 3 months from the entry of the judgment of foreclosure, whichever is later, if sought: The redemption period shall be determined pursuant to 735 ILCS 5/15-1603. (P) Statement that the right of redemption has been waived by all owners of redemption: There has been no executed waiver of redemption by all owners of redemption, however Plaintiff alleges that it is not precluded from accepting such a waiver of redemption by the filing of this complaint. (Q) Facts in support of request for attorneys’ fees and of costs and expenses, if applicable: The subject mortgage provides for payment of attorney fees, court costs, and expenses in the event of a default under the mortgage. (R) Facts in support of a request for appointment of mortgagee in possession or for appointment of a receiver, and identity of such receiver, if sought: Unless otherwise alleged, Plaintiff will pray for said relief after the filing of the instant foreclosure action by separate petition if such relief is sought. (S) Offer to the mortgagor in accordance with Section 15-1402 to accept title to the real estate in satisfaction of all indebtedness and obligations secured by the mortgage without judicial sale, if sought: No allegation of an offer is made however Plaintiff alleges that it is not precluded from making or accepting such offer by the filing of the instant foreclosure action. (T) Name or names of defendants whose rights to possess the mortgaged real estate, after the confirmation of a foreclosure sale, are sought to be terminated and, if not elsewhere stated, the facts in support thereof: Cynthia Love; Chicago Title Land Trust Company as Trustee u/t/a dated March 12, 1979 a/k/a Trust No. 10- 35088-09; 4. Plaintiff avers that in addition to persons designated by name herein and the Unknown Defendants herein before referred to, there are other persons, and/or non-record claimants who are interested in this action and who have or claim some right, title, interest or lien in, to or upon the real estate, or some part thereof, in this Complaint described, including but not limited to the following: Unknown Owners and NonRecord Claimants, if any. That the name of each of such persons is unknown to Plaintiff and on diligent inquiry cannot be ascertained, and all such persons are therefore made party defendants to this action by the name and description of UNKNOWN OWNERS and NONRECORD CLAIMANTS. RE ST FOR RELIEF WHEREFORE, THE PLAINTIFF REQUESTS: @ A judgment of foreclosure and sale. Gi) An order granting a shortened redemption period, if sought. (iii) An order granting possession, if sought. (iv) An order placing the mortgagee in possession or appointing a receiver, if sought. (v) Ajudgment for attorneys' fees, costs and expenses, if sought. (vi) For the appointment of a Selling Officer, if deemed appropriate by this court. (vii) Such other and further relief as this court deems just. Federal Home Loan Mortgage Corporation BY: /s/ Matthew Naglewski ARDC No. 6322722 CODILIS & ASSOCIATES, P.C. One of its Attorneys Codilis & Associates, P.C. 15W030 North Frontage Road, Suite 100 Burr Ridge, IL 60527 (630) 794-5300 pleadings@il.cslegal.com Cook #21762 14-24-03557 NOTE: This law firm is a debt collector. EXHIBIT A ———________ mI PERSONAL INFORMATION REDACTED | Doof: Minois Anti-Predatory I 1224142060 Fee: $72.00 Eugene “Gene” Moore RHSP Fee:$10.00 Cook County Recorder of Deeds, Lending Database Date: 08/28/2012 08:45 AM Pg: 1 of 18 Program Certificate of Exemption i Report Mortgage Fraud 800-532-8785 ‘The property identified as: 25-12-423-031-0000 Address: Street: Street line 2: City: CHICAGO 10124 § TORRENCE AVE State: IL = ZIP Code: 60617 Lender, ¥PMORGAN CHASE BANK NA Borrower, CHICAGO TITLE LAND TRUST COMPANY. A CORPORATION OF ILLINOIS, AS TRUSTEE UNDER ‘TRUST AGREEMENT DATED MARCH 12, 1979 KNOWN AS TRUST NUMBER 10-35088-09 Loan / Mortgage Amount: $109,763.00 rear une. Tro ‘This property is located within the program area and the transaction is exempt from the requirements of 765 ILCS 77/70 et seq. because the application was taken by an exempt entity. BOX 18 Contcts nn Execution date: 01/20/2012 -——- — eee -— 1224142050 Page: 2 of 18 Return To: JPMorgan Chase Bank, N.A. Collateral Trailing Documents P.O. Box 8000 - Monroe, LA 71203 Prepared By: Rosalind Perry 3050 Highland Pkwy Downers Grove, IL 60515 Mortgage Definitions. Words used in multiple sections of this document are defined below and other words are definedin Sections 3, 11, 13, 18, 20 and 21. Certain rules regarding the usage of words used in this document are also in Section 16. (A) “Security Instrument” means this document, which is dated January 20, 2012, together with all Ridersto this document. “Borrower” is CHICAGO TITLE LAND TRUST COMPANY, A CORPORATION OF ILLINOIS, AS TRUSTEE UNDER TRUST AGREEMENT DATED MARCH 12, 1979 KNOWN AS TRUST NUMBER 10-35088-09. Borrower is the mortgagor under this Security Instrument. (C) “Lender” is JPMorgan Chase Bank, N.A.. Lender is a National Banking Association organized and existing under the laws of the United States. Lender's address is 1111 Polaris Parkway, Columbus, OH 43240 . Lender is the mortgagee under this Security @)" “Note” means the promissory note signed by Borrower and dated January 20, 2012. The Note states that Borrower owes Lender Lender one nine seven hundred sixty-three and 00/100 Dollars (U.S. $109,763.00) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than February 1, 2042. ©)" Property” means the property that is described below under the heading "Transfer of Rights in the (F) “Loan” means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under this Security Instrument, ptus interest. LOOKS Single Famy Fare Mineiro Mec UNIFORM INSTRUMENT ‘Woters Khrwer Prencal Sovioss ont 1224142050 Page: 3 of 18 (G) “Riders” means all Riders to this Security Instrument that are executed by Borrower. The following Riders are to be executed by Borrower {check box as applicable] 1 Adjustable Rate Rider 0 Condominium Rider © Second Home Rider 0 Balloon Rider Planned Unit Development Rider 0) 1-4 Family Rider 0 VA Rider C1 Biweekly Payment Rider O Other(s) Uecify @) “Applicable Law” means all controlling applicable federal, state and local statutes, ordinances and administrative rules and orders (that have the effect of law) as well as all eine final, non-appealable judicial opinions. @ “Community Association Dues, Fees, and Assessments” means al\ dues, fees, assessments and other charges that are imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (D “Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and. «&) Escrow Items” means those items that are described in Section 3. o “Miscellaneous Proceeds” means any settlement, award of damages, or proceeds paid by any third party (other than insurance paid ‘the coverages described in Section 5) for: (i) damage to, or destructionof, the Property; (ii) condemnation or other taking of all or any part of the Property; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (M) “Mortgage Insurance” means insurance protecting Lender against the nonpayment of, or default ‘on, the Loan. (N) “Periodic Payment” means the regularly scheduled amount due for (i) principal and interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (O) “RESPA” means the Real Estate Settlement Procedures Act (12 U.S.C. Section 2601 et seq.) and its implementing regulation, Regulation X (24 CFR. Part 3500), as they might be amended from time to time, or any additional or successor legislation or that governs the same subject matter. As used in this Security Instrument, RESPA refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan" even if the Loan does not qualify as a "federally related mortgage loan" under RESPA. (P) “Successor in Interest of Borrower” means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligations under the Note and/or this Security Instrument. Transfer of Rights in the Property. This Security Instrument secures to Lender: (i) the repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of {LLBVORS- Single Famly Fenn Mae/ rete Mac USAR INGTRUMENT Where veer Francia Bares, oven 1224142050 Page: 4 of 18 Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender and Lender's successors and assigns, the following described property located in the COUNTY [Type of Recording Jurisdiction) of Cook [Name of Recording Jurisdiction): See Attached Parcel ID Number: 25-12-423-031-0000 which thas the address of 10124 S TORRENCE AVE [Street] CHICAGO [City], Hlinois 60617 (Zip Code] ("Property Address"): TOGETHER WITH all the improvements now or hereafter crected on the property, and all easements, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully scised of the estate hereby conveyed and has the ight to mortgage, grant and convey the Property and that the is unencumbered, except for eacumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limitéd variations by jurisdiction to constitute a uniform security instrument covering real property. Uniform Covenants. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shall be made in U.S. currency. However, if any check or other instrument received by Lender as payment under the Note or this Security Instrument is retumed to Lender unpaid, Lender may require that any or all subsequent Payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer's check or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency, instrumentality, or entity; or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 15. Lender may retum any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current, without waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial payments in the future, but Lender is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on unapplied funds. Lender may hold such unapplied funds until Borrower makes Payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Leader shall relieve Borrower from making (LUNOS®- tingle Fardy Faria Monfredie Mac UNIFORM IMETRUMENT 7 own (Weer twee Fnancl! Bevo 1224142050 Page: 5 of 18 - payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds. Except as otherwise described in this Section 2, all payments lied by Lender shall be applied in the following order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments. shall be applied to each Periodic Payment in the order in which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. Tf Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent peyment and the late charge. If more than one Periodic Payment is outstanding, Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full, To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic such excess may be applied to any late charges due. Voluntary prepayments shall be applied first to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscellaneous Proceeds to principal due under the Note shall not extend or postpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items. Borrower shall pay to Lender on the day Periodic are due under the Note, until the Note is paid in full, a sum (the "Funds") to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security Instrument as a lien or encumbrance on the Property; (0) leasehold payments or ground rents on the Property, if any; (c) premiums for any and all insurance required under Section 5; and (d) Mortgage Insurance premiums, if any, or any sums by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called "Escrow Items." At origination or at any time during the term of the Loan, Lender may require that Community Association Dues, Fees, and Assessments, if any, be escrowed by Borrower, and such dues, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lender waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to pay to Lender Funds for any or all Escrow Items at any time, Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be @ covenant and agreement contained in this Security Instrument, as the phrase "covenant and agreement” is used in Section 9, If Borrower is obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower fails to pay the amount due for an Escrow Item, Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a Notice given in accordance with Section 15 and, upon such revocation, Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. (LINGLE Single Famay-Ferele Maa redde Mac UNIFORM INSTRUMENT -_- ‘wiibare Kasur Pract Sari, Pege sof 16 1224142050 Page: 6 of 18 Lender may, at any time, collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not to exceed the maximum amount a lender can require under RESPA, Lender shall estimate the amount of Funds due on the basis of current data and reasonable estimates of expenditures of future Escrow Items or otherwise in accordance with Applicable The Funds shall be held in an institution whose deposits are insured by a federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender shall apply the Funds to pay the Escrow Items no later than the time specificd under RESPA. Lender shall not charge Borrower for holding and applying the Funds, annually i the escrow account, or verifying the Escrow Items, unless Lender pays interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA. If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance with RESPA. If there is a shortage of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the shortage in accordance with RESPA, but in no more than 12 monthly payments. If there is a deficiency of Funds held in escrow, as defined under RESPA, Lender shall notify Borrower as required by RESPA, and Borrower shall pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. ‘Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lender. 4. Charges; Liens. Borrower shail pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can attain priority over this Security Instrument, leasehold payments or rents on the Property, if any, and Community Association Dues, Fees, and Assessments, if any. To the extent that these items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which bas priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner to Lender, but only so long as Borrower is ing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the lien in, legal in Lender's opinion operate to prevent the enforcement of the lien while those proceedings are are concluded; or (c) secures from the holder of the lien an the lien to this Security Instrument. If Lender determines that any part of the Property is subject to alien which can attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given, Borrower shall satisfy the lien or take ‘one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. SLLNOAS-Singe Fam Fannie MaoF recto Mao UNFORM METRUMENT _ ‘Were er Frenciat Series, rows 1224142050 Page: 7 of 18 5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term “extended coverage,” and any other hazards including, but not limited to, earthquakes and floods, for which Lender requires insurance. This insurance shall be maintained in the amounts (including deductible levels) and for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's Tight to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may Tequire Borrower to pay, in connection with this this Loan, either: (a) a one-time charge for flood zone determination, certification and tracking services; or (b) a one-time charge for flood zone determination and certification services and subsequent charges each time remappings or similar changes occur which reasonably might affect such determination of certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. Tf Borrower fails to maintain any of the coverages described above, Lender may obtain insurance coverage, at Lender’s option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect r, Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liability and might provide greater or lesser coverage than was previously in effect. that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this i ‘These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies i ‘Lender and renewals of such policies shall be subject to Lender's right to disapprove such policies, shal! include a standard clause, and shall name Lender as mortgagee and/or as an additional loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. If Borrower obtains any form of insurance not otherwise required by Lender, for damage to, or destruction of, the Property, such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may makeiting, proof anyofi loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in whether or not the underlying insurance was required by Lender, shall be applied to restoration or repair of the Property, if the restoration or repair is. icaly feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance Lender shall not be required to pay Borrower any interestor ings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance shall be the sole obligation of Borrower. LINOAS Single Famy Fareie Meet rece ec UMFORM INSTRUMENT -_oe ‘Weta Kiseer Fae Barve, 1224142050 Page: 8 of 18 If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. If Borrower abandons the Property, Lender may file, negotiate and settle any available insurance claim and related matters. If Borrower does not respond within 30 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period will begin when the notice is given. In cither event, or if Lender acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lender (a) Borrower's rights to any insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, and (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all insurance policies covering the Property, insofar as such rights are applicable to the coverage of the ‘Lender may use the insurance proceeds ¢i ther to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control. 7. Preservation, Maintenance and Protection of the Property; Inspections. Borrower shall not destroy, damage or impair the Property, allow the Property to deteriorate or commit waste on the y. Whether or not Borrower is residing in the Property, Borrower shall maintain the Property in order to prevent the Property from deteriorating or decreasing in value due to its condition. Unless it is determined pursuant to Section 5 that repair or restoration is not economically feasible, Borrower shall promptly repair the Property if damaged to avoid further deterioration or damage. If insuranceor condemnation proceeds are paid in connection with damage to, or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such Purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. If the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligation for the completion ofsuch repairor restoration, Lender or its agent may make reasonable entries upon and inspections of the Property. If it has reasonable cause, Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the time of or prior to such an interior inspection specifying such reasonable cause. 8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. \ [LLINGIS Since Femdy-Fwnde anf rece Mac UNIFORM INSTRUMENT _ Where Kowa Prenciel Saree 78 -— 1224142050 Page: 9 of 18 9. Protection of Lender's Interest In the Property and Rights Under this Security ‘instrument. If (2) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien which may attain priority over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or 7. Lender's actions can include, but are not limited to: (a) paying any sums secured by alien which has priority over this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys’ fees to protect its interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy ling. Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned ‘on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this ‘These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and the fee title shall not mezge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. Tf Lender required M Trsurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage ired by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make ‘Separately designated payments toward the premiums for Borrower shall pay the Premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, {LLINOIG- Single Femnly-Farele Mea/ rede Mac UMIFORM INSTRUMENT \Wesers wer Finenclel Baris, 9.038 1224142050 Page: 10 of 18 until Lender’s requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance, Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other partics that share or modify their risk, or reduce losses. These agrecments arc on terms and conditions that are satisfactory to the mortgage insurer and the other, Party (or parties) to these agreements. These agreements may require the mortgage insurer to make ‘using any source of funds that the mortgage insurer may have available (which may include funds ol)btained Mortgage Insurance premiums). Asa result of these its, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a shareofof the Premiums paid to the insurer, the arrangement is often termed "captive reinsurance.” Further: {A) Any such agreements will not affect the amounts that Borrower bas agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (B) Any such agreements will not affect the rights Borrower has - if amy - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or aay other law. These rights may include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and/or to receive a refand of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Property is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Property, if the restoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such Misceltaneous Proceeds, Lender shall not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economically feasible or Lender's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security SLUNOIE Sige Fat Fania Meaf rei lnc \RFORM IXSTRUMENT ‘Woher Khuaer France Sarde Pagetts 1224142050 Page: 11 of 18 whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Property, the Miscellancous Proceeds shali be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the immediately before the partial taking, destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Securit Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied by the following fraction: (a) the total! amount of the sums secured immediately before the partial destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in value, Any balance shall be paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property in which the fair market value of the Property immediately before the partial destruction, or loss in value is less than the amount of the sums secured i the partial taking, destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. If the Property is abandoned by Borrower,