HomeMy WebLinkAbout1141 8. Inspection. I.cntier ~nay i~~ukc or rtu~•c• to 1~~~ nuuic reu;on:it?I~~ ~~nli•ic, u~~on itn~l ins~~cctions ol tl?c Yrop_
erty, providecl that I.en~ler ~hiiil ~i~~e 13orro~~•er noticc ~~ri~~r tc~ :u?~~ •u~•1~ in.~?ection •pccifvin~; reasonable cause
therefor related to Lender's interest in the Yro~?crty.
8. Condemnation. The procceds of i?ny a~~•nril c,r clnim tor dum:iKes, direct or conseryuentinl, iu connection
with i~ny conden~untion or other tnking ot the Ympcrt~•, ar ~+url thercot, or tor cun~•e,ya~~cc in licu of condemna-
tion, are hereby ussiRne~l and •hall !,e p~id ta I.en~ler.
In the event ot a total taking of tl?e Ym~?erh•, tiic ~?roce~vis ~hali he~ :y~~~licYi to tl~c .wus serured by tl~is 3tort-
gage, ~rith the excess, if nny, ~~aid to Borm~~•er. In tl~e event of t~a?rti~il takin~ oi the Yroperiy, unless Borrower
und J.enc~er othen~•ise n~tee in ti~•ritin~, there shull I,~• :~+,~,lie~l to tlic• ~um• .ecurc~l hy thi~ \IortRuRe such Propor- :
tion of the proceeds :~s is equal to thnt proportion whi~h tlie :11DOpllt of tLe sums ~ecured b~ this ~lortgnge imme-
diately prior to thc datc: of tnkin~ heATM to tLc f~ir ~u;~rket ~•alu~~ o[ th~~ Y~•u~?erf~~ immeclinteh• prior to the ~iate ot
taking, with the balance of the proceeds ~~sid to I3orro~~~er.
If the Property i~ ubnndonc~i by I3orro~~•cr or if after notice I,~• I.e~~der to Aorrot~•er that jhe condemnor offers
to ro~ke Ai~ n~~•t~rd or settle u claim for ~lamnges, Borro~rer fails to res+,o»d to I.ender within 30 days of the date
of such notice, I.ender is authorizc~l to ~oltect :~n~l a~?~?h• the ~~roc~~c~i~ :?t Lender'~ option either to restoration or
repair of the Property or to thc ~~uus securerl h~• this \Iort~a~c.
Unless I.ender and Borro~ver othenvise agree ~in writing, any such application of pmceeds to principal shall
not extend or postpone the due date ot the monthl~• i~~stnllments referreci to in parn~rapl~s 1 and 2 hereof or
change the amount, of sucli instAlln~ents.
10. Borrower Not Released. I:xtension of tl~e tin~e ior ~?:?vn~ent. or malificatio» of amortizAtion of the sums
secured by this ~~iortgage grnnteci bt• I.ender to an~• ~ucccssor in interest of Borro~~er shall not opernte to release,
in any u~t~nner, tlie liabilih~ of the origin:i) BorroH•er aml I3orro~~•e~'. ~uccecsors in interest. T.ender shail not be
requireci to commence pmcee~lings agninst ~ucl? succe~sor or ir[u~~ to extend time for pn~ ment_ or othenvise modify
;~mortizAtion of the sums secureci li~ fhis \(ort~a~e b~• re3son of sm• ~Icmancl macie 1~~ the original Bormwer and
Borrower's successors in intemst. -
11. Forbearunce by Lender Not a Waiver. an~• forl~carancc h~• i.er.der in exercisinR any ri~ht or remedy
1lereunder, or othenvise :tfforcie~l t;~ ~pplicaUle la~~•, ~hall not he ~~•sivcr of or precli~de the exercise of an~ right
or remeciy hcrew~dcr. Tl~c procurement of insura»cc or thc pnyment of taxes or other liens or cl~arges by T.ender
shflil not be a~vni~~er ot' I.ender'~ right~ to :tcceler;ite the m~turitv of the indebtedness secured hy this \tortgage.
12. Remedies Cumulative. ~11 remeclies providcci in thi.~ ~Iort~a~c are ~iistinct :~nd cumulative to any other
right or irmecir i~n~ier this ~[ortg3ge or af~orclc~i 1~~~ )s«• or c~~iit}~. .z~~d ina~• !x exereiseci conci~rrently. independ-
ently or sitecessively.
13. Suecessors and Assiqns Bound; Ioint and Several Liability: Captions. Th~ co~•enant~ und ~fireemen~
herein contained shall bind, and thc rights hercunder ~h:~ll inure to. the respectiv~ succc~sors and a~signs of Lender
snd Borm~~•cr, ~uhject to thc pm~•isions of paragi.~~~h l? hercof. :111 ro~•en~?nt~ .ind ~~reementc of Borro~ver shail
be joint and ~e~•eraL The captions anct i~eadin~. of the ~?,~raKra~~h~ of thi~ ~[ortga~e are for com•enience onl~~ and
are not to be useci to interpret or define t1~e ~~roti•isions hereof.
14. Notice. Any notice to Borro~~•er ~~ro~•idrei ior in thi~ _llo~fi~age ~hall be ~i~•e» hy ~nailing such notice by
~ertified inail addre_~e~l to Borro~~•er at thc Propert~• adcire~~ statc~i beto~c, excei~t for am• noticc required under
~~:u:igr:~ph 18 hereof to he given to Borro~~-er in the manner ~im.~cribed b~• applicnble 13~r_ ~n~ notice provided
for in this \tortgagc ~i~all he dc~eme~1 to l~a~•c bcen #;iren to Borm~~-cr iien ~i~•en in the ~nanner desi~nlteci herein.
15. Uniform Mortgage; Governing Luw; Severability. Ti?i~ forn~ of mortgu~e combines uniforn~ co~~enants
for nationat use anci non-unifomi co~-enants «~itl~ limiteci ~•ariation~ by je~risdiction to const.itute a uniform secu-
rity instnunent covering real ~~roperty. This ~fort~age sh~11 be go~~erneci Uy the la« of the jurisdiction in ~vhich
the Yroperty is locatecl. In the c~•ent that an} provision or clause of this \iortgage or the Note conflicts with
applieable la«•, such conflict shall not affect other ~~ro~•icion~ of thi~ \Io~gAge or the \Tote ~vhieh can be given
effect ~~ithout. the conflicting ~rro~~ision. ~nd to this e~ul the ~~ro~•isions of fhe .ltortgage and the Note are dectared
to be severable_
I6. Bozrower's Copy. Borro«-cr shall bc furnisl~e~i a c•onforn~ed cojn• oi this _ltortgage at thc time of execu-
tion or after recor~lation hereof.
17. Transfer of the Property; Assumption. If all or ;in}• ~?art of tl~c ProperGy or az~ interest therein is sold
~ or transferreci 1~~• ~3orroner ~sithout I.ender'~ prior ~~~ritten ~onsent, excludin~ 131 the creation of a lien or encum-
~ brance st~borclinafe to tlii~ llortga~e. (hl the ~reation of a ~~urcha<c n~one}• ~ecurit~• interest for houseUold appli-
~ :+nce~. (c) transter b}• ~ievise, descent or h~• o~~eration of la~~- u~~ozi the ~ieath of a joint tenant or fd) the grant of
~ :tiny leasehold intcres[ of thrcc ~•enr:: or ic~~ not ~~ontziniii~ ~n option to purcliase, I,ender mati. ~t I.ender's option.
~leclare all the su?in ~c~t~red h~• thi~ ~iortga~e to hc in~anediatel~• ~hu~ .~n~l !?ayahlc. I.en~ler shall ha~~e ~vai~•ed such
option to .iceeleratc if. ~?rior to tl~e ~11e or tran~fer, I.en~ler :titul thc ~?cr.-on to ~~hom the Propert.~- is to be sold or
transferrecl reacli agrecment in n-riting tLat the crc~lit of ~iicl~ ~?er~ou i~ ~;ttisfactor~ to I.ender and tht?t the interest
; pavable on the ~ums ~ecured i~~~ thi~ ~[ortg:;~e .hall bc~ at ~ucf~ rate a~ I.en~ier shall request. If t.ender has «sived
` the option tu :tccelerate ~~ro~~ided in tl~is ~?aragcapli 17 an~l if Borro«~er'~ suceessor in interest l~as executed a~vrit-
i
~ ten assum~ftiori agrectueni srce~~ted iii t~•ritinn l,~~ Lc~n~ler. Le~ndcr ~I?all ~•elease Borro~rer from all obligltions under
' tl~is ~~ortgagc and thc Notc.
; If ;.ender e~ercises sucl? optioii to acccleratc. I.ender ~h:?11 ~nail Borro~~~er notice of ucceleration in accordanee
! t~-ith ~?<<ragra~~?l~ 14 hereof. ~ucli uolice ~h.ill ~~ro~•iile ~~ericNi of not le~~ than 30 ~(ay~ from the date the notiee i~
~ ~uailed ~~-ithin ~~•I~ich Rorro~~•cr nia~• ~r,1~~ tl?c sums deciarc~~ ~tue. If Borro«-er fail~ tu ~r.ty sueli ~ums prior to the
~ expiration of ~uc•1? ~~eri~l, I.en~ier rnay, ti~-itho~~t iiirther noti~•i~ or ~le~nanil on Borro~scr, in~•okc an~ remedies per-
~i~itted 1>~ paragraph 18 hereof.
\~?`-i'~~F~~~cat ('o~•r:~:~x~r~. f~orro~~•~~r.u~d Lc~ucle~r ftt~•tl~c•r ror~~n:int .iiul :irree ris follo~~•s:
' 1$. Acceletation; Remedies. I•:~c~e~?t :i~ ~~ru~•i~i~Yi iT? ~?atr.?~r.ij~ii i; hereof, u~?on Rorro~rer'~ bmacl~ of anr
j ~•o~-c~n.tnt or ;i~reri~~ent of Borro~~~er in tl~i: ~[ort~;:~~;e~, in~~lu~lin}: thc ro~•en:~nt~ to pa~- »•he~» ~iiie am• ~um~ secureci
' this ~Iortgage, i.cndcr prior to uc~eleration •hall ~n:iil noticc to I3orro~~-cr as ~~ro~•i~ie~l in par;?grapl~ 14 hercot
.~?ecif~•in~;: ~ 1 I the 1?reach: t21 the:?~tiou re~~uire~l tc~ ~~urc• .u~L I~r~~a~h: ~31 u~1ate, nut Ie~~ than thirtv da~s irom
~ the ~latc thc notice• i~ ynaile~l to Borro~~-<~r. h~• ~~•hi~L ~ucli In•e.u•h uni+t he~ c•ure~i; :ind ~41 that failure to cure such
bmacL on or hefore thc• d;ite yiccified i~~ the notic~~ ma}• re~uit in ac~~~lrration of thc ,wm sccureri b~• this \Iortgage
:?n~i ~aie of the YroE?ert~•. If the brca~h i~ nat ~•~u•e~~t on ot• I~~~iorc the dat~ ~~?c~ifieKl in the notice. I,en~ier at I,ender'~
opiion ~uz~• ~Ic~lare a!1 of th~~ ~un~= :ecurcil 1,~• thi; ~lort~:?};c~ to b~~ in?um~liatch- ~1uc :ind ~?a~~able ~~~ithout further
' cicmnn~l and mati• fore~loac tl~i: \Iortga~;~~ 1?r jiuli~ial ~~rvc•c~~•~iing Lrn~lc~r ~hsl) b~• e~ntitle~l to collect in sach proceeci-
! ing all ex~~emes of foreelosure, including. I~ut not liinit~~~l tv. n•u~onal~l~• attorne~}• fc~e~, :uul co.t~ of doeumentan•
evidence, uhstr:~ct~ an~~ title re~?ort~.
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