HomeMy WebLinkAbout0579 8. Wapectiou. l.cn~ler may ~uiikc ur ~~ausc tu I?~• ~i~tui~• rc•.~,wiitl,lr ~•ntri~•. u~~un un~l i~~.pectious of thc Yto~?-
erty, l~mvicled tl~At I.ender sLull givc Rorm~~~cr ??oti~•~• ~?rior to am• aic•1~ in.~~ectiuu ~~~eciiyiu~ reasonable cause
therefor related to I.ender's interest• in tl~e Yro~~erty.
9. Condemnatiots. The proceeds oi nny ~~wt~ni or claim for d:uuaKes, direct a• consequential, in connection
with uny condemnation or other taking of the Yroperty, or ~~i?rt tliereo[, or for ~oti~•ey:~uce in lieii of condemna-
tion, are hereby assi~ne~i and shnll be paid to I.ender.
In the event of a tota! taking of thc Yropert-y, tlic ~aror~•cY1~ ~Ir~ll I~i• ,~~~~~lic~l to thc ~uu?s ~e~~ired 1~~- this \tort-
gage, ~~•ith the excess, if nnv. ~~aid to isorro~cr. In tlie e~~ent of ~?arlial t:ikin~ oi tl?e 1'ro~x~rt}•, ?nlc~.~ Horrower
:tind Lender otherwise a~rec in ~~~riting, tlicrc ~halt hr n~?~~licvl to tlu• ~iun~ :~~ru~•al i?~• thi~ ~lort~u~c tiuch propor-
tion of tlte proceeds as is equal to that proportion ~~~hich tl~~ aunount of the suu~s ~ecure~l b~• thi~ \tortRaR~ imme-
~liately prior to the date of takin~ bears to tl?e fnir u~arkc~t ~•ulue of tlu~ Pro~~rrty inu~~e~cliateh~ prior to the date of
taking, with the balance of the proceeds pai~l to Aorrower.
If the PmperGy is nbAndonecl Uy Borro~~•er or if atter nutice h~• Lcuder to Aorro~~•er tl?at the coudemnor oflcrs
to make an a~varc! or settle a claim for damages, Borro~~•er iails to res~?ond to l.endcr ~vithin 30 days of the date
of sueh notice, I.ender i~ nuthoriseci to collect amd a~~~~l~• tlie ~~rocecKh at Le~i~lec'• optiou eitl?er to i~estoration or
repair of the Property or ~o thc cums securc~i ii~~ thi~ \(ort~nKe.
iTnless I.cr,der and Borrower otherwise agtee ic> riting, any such application of proceeds to principal shall
not extend or postponc the due date of thc monthh• inst:?lhnents referred to in paragra1~hs 1 nnd 2 hereof or
change the amount. oi such instaliments.
10. Bottower Not Released. Extension of thc time for ~~~~•ment or modification ot umortization of the sums
secured by this Mortgage granted by l.ender to un~~ successor in intcrest of Bormn~er shall not operate to release,
in any uianner, the 7iability of ttie original i~orrow•cr ztnd Borron~er'c si~ccesson in interest. I,ender shall not be
requireci to commence proceeciings against. such snccessor or refusr to extend time for pn~~ment or ot.l~erwise modif~•
amortizat.ion of the sums secured by this \iortgn~c h~~ reason of ~leman~l ~nzde 1~~• the ori~int~l Aorm~ver and
Borrower's successors in interest~.
11. Forbeeirance by Lender Not a Waiver. :1uy forhearancc b~• I.ender in exercisin~ an~~ right or remedy
hereunder, or ot.hernrise aPfordeci b~~~applicable I:~~~•, shnll not he :i ~~ni~•er of or precliide the exercise of an~~ right
or reme~y herciinder. The procw•ement of ins~~rance or tlic ~~a~~ment of tnxes or other liens o~• ci~arges b~ l,ender
shall not be a~v~iver of I.encter'~ rigl~t to accelernte the mnturitv o. the indebtednGC~ secured h~~ this \Tortgage.
12. Remedies Cumulative. Al! rerneclics provide~l this \iort~a~e are distinct and cumulati~e to an~ other
right or i~emed~~ un~ler tl~is \Iorl~age or ~fforcic~l i?~ la~c ur c~ryi~ih•. :~n~l may hc exemi~ecl concurrentl~ , independ-
entiv or successivelv.
13. Successors and Assigns Bound: Joint and Several Liability; Captions. Th~ co~~ena»t~ an~i a~reement~
lierein containeci shall bind, and the rights hereunder ~hall inure to, thc~ ~~es~fecti~~c• ~uccecors and a~igns oi T.ender
and Borro~~er, ~i~hject to the ~~mvision~ of ~?,~r:tgrapli 17 licrcof. :1ll co~•~nant~ and 3green~ent~ of Borro~~~er shall
be joint and ~creral. The ~a~?tion~ and lieadin~~ of thc ~~ar3~r~~~h~ of thi~ \Iort~agc ~rc for con~•enience ontv and
are not to be used to interpret or definc thc ~~ro~~ision~ I~ereof_
14. Notiee. An~~ notice to Borro~ver ~~ro.•ided for in thi~ ~lort~;a~c .{~all bc ~i~~en h~• mailinK ~ucl? notice bt•
cert~ifieci ~unil u~i~tresseci to Borro~~•er at the Propert~ :~~l~lre~• ~tut~~l helo~~-, exee~t Cor an~• notice require~i imder
~?uragraph 18 I~ereof to he Ri~•en to Borro~~•cr in :he n?annc•r ~?re~cribe~t h}• a~?~~li~able lan-. :~nti• notice ~~ro~~ided
for in this ~(ortgage ~hnli be ~ieeme~i to 1?a~•c hcen ~i~•cn to Borro«•cr ~+•heu ~;i~•en in thc n~anner desiRnatcYi herein.
15. Unitorm Mottgage; Governircg Law: Severability. Tl~i~ iorm oi ~nortgaKc co~nbine~ uniform co~~enants
for national use and non-uniform co~•enant~ ~viti? li~uiteci .•ariation~ hy iurisdiction to constitute a uniform secu-
rity instrun~ent coverin~ real ~~ro~jerty. This \Iortgage shall hc ~overned b~ the la~e of the jurisdiction in which
the Yropert~~ i~ located. Iu the e~•ent tl~3t anr pro~~ision or claus~ oi this \tortgage or the \Tote conflicts ~vith
applicable la«•, ~uch conflict sh.ill not af~ect other ~?ro~•i~iom of thi~ ~tort~age or the '_Vote ~~•hich ca~i be given
ef~ect ~~•ithout tiie conflictin~ ~?ro~~ision, and to tt~i~ enc! the ~~ro~-i~ion• o~ tlae ~Iortgage cirn~ the i\~ote are declared
to be severable.
16. Borrowei
s Copy. Borm~~•er ~hall b~ iurnisLeci a~•onioi~ued co~?~ of thi• \Iortgage at the ti~ne of execu-
tion or after reconlation hereof.
17. ?ranster of the Property; Assumption. If all or an~• ~~:~rt of the PropeK~r or an interest therein is sold
or transferreci hti• Borro~~er «ithout I.ender'~ prior written consent. exeludin~ Ia? fhe creation of a lien or encum-
brance ~ahorrlinate to tl?i~ \[ort~age. ~hi thc ~reation of ~?urcha~c• inone}• ~ecuriti• inter~~~t for izousehold appli- -
~ :~nces, (cl transfer i?~- ~~ec•i~c, ~ic~c~ent or h}• u~mratiou of la~~~ u~~on th~• i1e~t)~ of :i joi»t t~~uant or i~ll the ~rant of
' any leasehold i~~tere~t oi tt?rcc ~•car~ or le~.~ not ~~ontainiug an o~~tion to rn~rcl~asc. Len~ier uja~~. at T.ender'~ option.
< <leclare all the su~u~ ~e~•ure~l h~• thi~ ~Iott~:~ge to he iiumediateh• ~h~~ .tn~1 »a~•able. L~~n~ler ~h:ill IiR~•~ ~~•ai~•ecl such
~ option to :u~c•cleratc if. ~?rior t~ tl?e ~,~1~ or tramler, I.en~icr :uul thc ~~erson to ~~•1?om tl?c Propert~• i~ to i~c soid or
; transferred reach agree~nent iu ~~-riting that the creciit oC ~ucii ~?erso~i i~ >nti~t.?ctor~- to I.ender an~i that thc interest
~ payable on ti~e ~~uus ~ecurc~i i~~• ti~i. ~tortgage ~I~atl I,c at ~u~l~ i-:~te~ ~i~ l.cnder ~i~al1 a-e•~~ucst. Ii Lender has wai~~ed
i the option to :~rcclet:~te ~?ro~~ided in thi~ ~>aragr:i~~1, 17 an~l ii Borro~~•cr'~ .i~cce~sor i~e intcre.~t La~ e~ect~te~i a~vrit-
ten assum~~tion agreeiucnt .ic~e~?tc~i i~i ~~•ritin~ I?~• I.cnder. I.~~u~1er ~hall relrase Borro~~~er tiroiu all ohligations under
S this `~lortgagc and thc ~iotc.
' If I.ender exercises ~ucl~ option to acceler,itc. I.ender •I~ci(! ~uail Borro~~•er notice of :?c~eleration in accordanee
~ ~~-itl~ ~~;iiagra~~l~ 14 hereof. ~u~l~ nofi~•c• ~hal! ~~ro~~i~tc a ~?criort r~f not 1c~=~ than 30 ~l~e~•~ irom th~ date tlic notice i~
inaited ~~-ithin ~cLich Rorrotrc>r i?~a}- pa}• the sun+~ declam~! ~lu~•. If Br~n•o~eer fail~ to ~?;t~• ~uch ~um~ prior to th~
~•xpir~etion of .:urh ~?erial. I,en+lcr m1~•. ~~-ithout fi~rtlicr nc~ti~•~~ ~n~ ~1c~inaml oi? Borro~~`c~r. im-ok~~ :ui}• reinedics per-
mitted by~ paragraph 18 hereof.
\ux-t'rrt~?xa~ t'~»•f:~.?~~r~. liurr~,~~•er ~tn~l I,~•~i~l~~r ftn•tL~~r cu~•~~n.»~t .iu~l .?Tre~• a~ f~~ll~~~c~:
18. Acceleration: Remedies. !•;xce~~t a~~ ~,n?ri~lre! in ~~,~r:~~;r:~~~i, 1" lu•rc~of. u~,~m Rorro~~•rr': hreacl~ of .im-
~ ~•u~•ewsnt or a~;rce~nrnt of Rorro~~~~•r in tl~i~ \Iort~:a~;~•. in~~h~~lin~; tlu~ ~•~>~•~~nant~ t~~ ~?a~- ~~-hen ~iue :im- ~um~ ~ecured
: by thi~ ~IortKx~;~•. L~~n~ier ~?rior to ae~c~eration ~l~all ~nail notic~~ to B~rro~re~r .i: ~~ro~•icle~t in ~~ur3Kra~~h 19 hereot
: ~~~ccif~•in~;: i 1 i thr t,reach: ~2~ tL~• :u~tiun rcyuirc~l tu cur~• :u~•li I~rcach: ~3~ ~latr. niit I~•.~ than thirt~• d:?~-~ froni
the ~iatc thc noti~•~~ i~ mailc•~1 to Borro~~•~~r, h}• ~~•i~i~~i~ •uc•h tn•~~.u"i~ nn~st lu~ ~urc~i: und ~4+ that f:~ilur~~ to cum ~ucl~
? breach on on c~forc~ thc• ~~at~• ~~?ecifir~l in tlic noti~~~ ~tia~- rc~~ilt ii+ .i<•~cl~~ration of thc ~~n~r ~r~ur~~+l I~t~ thi~ \tortgagc
:sru! ~.zle oi the Yro~,c:ri~•. If the breacl~ i~ not rurcrl on or i?~•for~• tiu• ~lat~• y~c~ifie~l in the noticc. I.cn~ier at I,ender'~
option ~ua~• ~i~~cl:?r~~ :ill of thc ~t~m~ ~e~~ured h~• thi~ \IortKa~;c to 1?c~ im~u~~~ii:~t~l}• ~iu~~ arni ~?a~•ahlc~ ~citi?~ut further
= deman~l an~t iua?~• loreclo:e this ~Iortg3~e I~t• ju~licial ~~roc•ec~~lin~; L~~n~ler ~liall hr cntitlc~t to ~olie~t in ~uch i~roceed-
~ ing :tll c~~~en~e~ ~rf ioreclosure. inclu~iing, but not (iiuitt~i fo, r~~a~onahl~• .ittorn~~~•'~ fe~e•~. :~nct ~o•t~ of ~iorumentan•
evi~ience, ab~fract~ an~i titie report~.
BGOK ~~O PAGE ~79
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