HomeMy WebLinkAbout1136 8. Inspection. I.ender u~n}• mukc or ~•au~c to lu~ ~ua~l~~ reei,cmuble• ~~~~tric, upon au~<i inspectio~~s oi thc Prop-
erty, provided th:~t I.ender sh:tll givc 13orro~+•er ~~oti~•e ~?rior to u»~• ~u~•h inspectioii .pecifyin~; nnasonable cause
therefor related to I.ender's intemst in the Yro}~crt~•.
9. Condemnation. 'fhe proceeds of any u«•anl ur ~lain~ for ~in~uages, direct or consequential, in connection
~vith any condemnntion or other tAking of tlie Propert~~, or ~u~rt thcreof, or for ~•on~•cyance in lieu oi condemna-
tion, are hereby ussiRne~i and shall I~e paid to l.en~ler.
Yn the event oi a total tuking of thc Pm~~ert~~, th~• ~~rocectit~ ~lu~ll I,i~ u~~~?lic~t to the swns sceureci 1>y this \'Iort-
g~ge, ~~ith the excess, it nm•, ~~aid to Borrower. Iu th~ c~~ent uf ~~artial tnking ot thc YroprHy, unless Aorrower
t~nd I.ender othen~~ise .?gree i~i ~~•ritin~, tl~ere sl?ull be a~?~?li~yl to ihe ~un~~ ~ecurevl hy this \[ortkuge such propor-
tion of the proceeds as is equal to that proportion ~.•liioh tlie auiount of thc sun~s secured b~• this ~iortgage imme-
diately prior to tl~e date of taking 1?cArs to tlie fair u?urk~•t ~•:~luc of th~ Nropert.~~ immc~tiatelv prior to the date of
taking, wjth the balance o[ the procce~is ~faici to Borro~~•er_
If the Property is abandonecl by Borro~~•er or if :tfter tiotice b~• I,cuder to Aorro~ver that the condemnor oPFers
to make an a~~~ard or settle u ciuim fo~• ~la~aages, I3orro~~er fails to respon~i to I.ender ~~•ithin 30 days oi the date
of sueh notiee, I.ender ic ;~uthorizeci to eoHeet uncl np~~h• tLe ~?roc~ctii~ at I.ender'~ optirni either to restoration or
repair of the Property or to the ~uu~s secured h~~ thi~ \(ortRa~c.
Unless I.ender and I3orrower otl~envise ttgree in writing, uny such npplication of proceeds to principnl shal)
not extend or postpone tlic duc dnte ot the monthh• iu~talln~ents retermd to in pniagrnphs 1 nnd 2 hereof or
ch~nge the ~?~nount of sucl~ installments.
10. Bonower Not Released. I~xtensiou of the tiuze ior ~?:?~~mci~t or ~nalification of amortization of the sums
secured by this ~~lortgage grnnteci b~~ I.ender to ant• successor in intemst of Borm~ser shall not opernte to release.
in any wanner, tl~e liabilit~• of the original I3orro~ecr an~l Borro~~•cr's successor in interest. I.ender shall not be
required to commence procecciings agAinst sucL succe~sor or mfu~e to extend time for pnyment or othenvise modify
:~mortization of thc sums secured bti~ this \Iort~a~e h~• rexson of am• ~lemand n~ade b~• the original Borro~ver and
Aorrower's succe,ssors in interest. " -
11. Forbearaance by Lender Not a Waiver. :1m• forbe~rance b~• i.ender in exercising uny right or remedy
hereunder, or othernise afforclecl 1~}• a~~plicAblc In~~•, shall not I?e a~~•ai~er of or precludc the exercise of any right
or remedy hereunder. Thc pmcurement of insur~nce or the ~~nyment of taxes or other li~ns or charges by i.ender
shull not be a~r•ai~•er of Lender s right to nccelerate thc m~turity of the indebteclness secured b} this \~Iortgage.
12. Remedies Cumulative. All remeciies provide~l in this ~iortgage are distinet and cumulative to an~~ other
right or remecit~ un~ler ti~is \tortgage or :~PFonle~l 1?~• l~~r or equit~~, an~i n~a~• I~c exereised concunently, independ-
entlv or successivelv.
13. Successors and Assigns Bound; Joint and Several Liability: Captioas. The co~•en:?nt~ and a~reemen~s
herein contained shall bind, and tl~e rights 1?ereunder shatl inure to. the respecti~•e .ucce.ceors und Acsigns of I.ender
:~nd Rorm~ver, ~ubject to the pro~•ision. of ~?arnKraph 17 I~ercof. _111 ~o~•cnant~ and a~mement~ of Bormwer shall
be joint uud =c~•eral. Thc ~3~~tion~ and hezdin~s of thc ~~ar3~r~~~hs of thi: \[ort~a~c sre for con~•enience only and
are not to be used to intcrpret or definc thc ~~m~•isionc hereof_
14. Notiee. Any notice to Borro~~•cr ~n•o~•ided for in thi~ ~to~i~.?ge ~hall hc Ki~•en b~• mailin~ ~uch notice by
~ertifieci mail .iddresseci to Borm«•er at the Propert~• :\~l~ire~~ ~tztc~i belo«-, except for an}• notice require~i under
~nirngr~ph l8 I~ereof to t~e gi~~en to Borro«•er in the manncr ~~rescrihecl b~~ ap{~licablc la~~•_ ~n~ notice provideci
for in this ~[ortgage shall hc dcemcYl to havc bcrn gi~•en to Borro~~•er «•hen ~i~•en in the manner designateci herein.
15. Unilorm Mortgage; Governing I.aw: Sevesability. 'I'hi~ fonn of mortga~e comb~nes uniforni co~~enants
for nationnl use anci non-uniforni covenant~ ~ritl~ limite~l ~•ariat.ion~ 1~~• jurisdiction to constitute a uniform secu-
; rity instrument co~ering real ~~ro~~erty This ~Iort~agc sh.?11 be ~o~•erned b~ the law of thc jurisdiction in which
r the Property is located_ In the e~~ent that an~• ~~m~•ision or clause of this \iortgage or the \Tote conflicts with
` applicable law, such conflict shall not affect other pro~•ision~ oi thi~ \Io~tgage or the \'ote which can be given
~ cffect ~vithout the conflict.ing ~irovision, and to this end thc pro~•isiom of the \[ortgage and the Note are declared
a to be severable.
~ 16. Bonowei
s Copy. Borm~~ er shali be furnisl~e~i a ronfonned cop~- of this ~iortgage at the time of execu-
~ tion or after recordation hereof_ '
~ 17. Transfer of the Property; Assumption. If :ill or an~• ~?art ~f thc Property or an inferest therein is sold
or transferreci hl I3orro~~cr ~rithout I.ender'~ ~irior ~vritten ~onsent, exchidin~ fa) tl~e creation of n lien or encum-
~ brance ~uboniinate to thi~ ~Iortgage, (t?1 the emation of u ~un•chase mone}• ~ecurit~~ interest for household appli-
~ .u~ce~, (c) a transfer b}• devise. ~icscent or h~• o~~eration of lan- u~~on the ~leath of a joint tenant or (dl the grant of
any le:~sehold intemst of three ~•cars or le~~ not containing an option to purchasr. I.ender ma} . at I.ender's option,
~ieclare all the ~wus ~ecurecl b~• this ~iortgage to Lc immediatch• ~iue ancl i~arahlc. I.en~ler ~hall have «aived such
option to :icceler.ite if. ~~rior to the sale or tran~fer. I.en~ler :?ncl tl~c F~er~on to ~~hom the Yropert.~ is to be sold or
transferreci reuch agrcement in n•riting tliat the creclit of ~ucl~ ~?er~on i~ ~:?tisfactory to t.ender and that tl~e interest
I~zy~ble on the ~i;n~s ~ecurc~l b~• thi~ ~Ior[gagc ~I~aU be at ~ucli ratc .i~ I.ender shall rc~c~uest. If l.ender hus ~vaived
~ the option to accelerate pro~~idc~l in tl~i~ ~?aragra}~I~ 17 .uid if Borro~~•er'~ ~iiccessor i~i interest ha~ executed a writ-
ten acs~anption agrcement .?cceptc~l in ~~~riting h~~ Len~ler. L~~n~icr ~liull rcle;tse Borro~rcr 1ron~ all ol~ligations under "
this ~•iortgage and th~ ?~]ute_
. If I.encler exercises sucl? option to accelerate. I.ender shall ~uail I3orro~rer notiee of accelerution in aeeordance
~ ~~-itL ~~aragraph 14 here~~f. ~uch notice ~i~all pro~•i~le a ~?crio~l of not le~~ than 30 ~la« from the date tt~e notice is
~
~ iuailed ~~•ithin ~~•1?irh Rorro«•er iua~- pa~• the sun~~ cleclamd ~I~u•. If Borro~~•er fail~ to •uch ~ums prior to the
~~x~?iration of such ~~eriat. I.en~ier may. ~~~ithout further noti~•~• or ~Ie~m:?n~i on 13orro~~•cr, im•oke any remedies per-
' mitted b~• ~?aragraph l8 hereof.
~O\-I~\IF(1K~i l'u~•t::~.~xT•. I~orr~~~~~cr :uul L~~n~l~~r turth~~r co~•~•nant an~l a~;ree a• tollo~~~•:
18. Acceleration; Remedies. I~:~~e~~t a~ ~~~•~?~~iil~~~l in ~?:u•a~;r:t~?li 17 liereof. u~~on i3orru~~-~~r'~ breach of an}-
~
~•o~•en,?nt or :igrer~ucnt of I3orron-cr in ~hi~ \iort~;:?~;~~. in~~lu~liu~; the ~o~•~~nant• to ~r.i~• ~rlien ~iuc an~• ~ums secured
~ by this \Iortgage, i.en~ler ~~rior io :?ccclrr.~tion ~hall ur.~il notice to I3orro~~•er as ~?ro~•i~lecl in paragraph 14 hereof
~ ~~?ecif~•ing: I 11 the breach: 121 the :u•tion rc~quircyl tu cur~~ ~u~L In•eacli: ~3r ~lat~~. not k~.; t1~an thirt~• ~iay~ from
the date the notice i~ mail~~l to Rorro~ccr, h~• ~~•liirli ~ucli hr~•arh nn~~t be cure~~l: an~i 14 i that t3ilum to cure such
breach on or hefore the ~latc ~~?ccific~l in thc noti~•~• ~na~• re~ult i~~ accel~r3lion of the ~uu~~ ~ecure~i b~ this ~iortgage
.~nd sale of tlie Yro~rert~-. If thc• brex~h i~ not ~•ur~~~i on or h~•fore the ~latc ~~?c~ifie~l in the noticc. I.cndcr at i,ender'~
~y~ op~ion ma~' ~lecla?re all ot the ~mn~ :ecurc~l h~~ thi• ~lort~a~c to li~~ iiuin~Kliatcl}' ~1ue a~~~1 i~a~•able .~~ithout hirther
demand anrt mx}- fomclo~e thi~ \lort~afi~ 1~~• jwlicill ~?roce•~~iin~;. L~~n~l~r ~hiill bc entitl~~1 to coilect in such proceeci-
~ ing a~ll ex~?en~es of foreclos~~re. inclu~lin~;, hnt nut liinit~~~i to, r~~a~~~u:ahl~ attorn~~}•'~ fec~, an~i ~o~t~ of ~iocumentan
evidence, ab~tr:ict~ an~l titlc re~?urt~.
s:-; .
~1 , ~~,~i~ ~ 526
~~_j ~~~~216 p~~f1
~36
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