HomeMy WebLinkAbout1266 8. Inspection. I.ende~• n?n~ u~ake or cuuse to b~~ ~iuule reu,u~u~t?i~• ~~utri~•• u~?u~i uu~1 n?spertiou~ of tl~e Yrop-
erty, provided thnt I.ender shnll give Borrot~•er notice ~~rior to nm• •u~~h in~~~ecti~?n .~,er•ifyinK reASOnable euuse
therefor related to Lender's interest in tl~e Yroperty.
9. Condemaation. The proceecls of any i?~vanl or rlai»> tor da~unges. direct or consequential, in connection
with sny condemnation or other taking of t~e Pro{~erty, or ~n?rt tl?~mof, or for com•eyance in lieu of eondemna-
tion, are hereby assiRned ~tnd sLall be paid to I.ender_
In the event of a total taking of the Propert.y , tl?e ~?roei•e~1• •1u?11 h~~ u~~~~lic~i to ti~e ~u~us .ecureci I~}~ tt~is ~1ort-
gegc, ~vith the excess, it Any, p~?id to Borm~~•er. In the c~•ent of ~~:irtial takin~ of thc 1'ra~~ert~•, unless Borrower
and Lender oti~ehv~se ngrec in t~~rit.ing, them .h;ill !,e .~p~~lic~l to tLr •uin• •ec~urcvl h~• thi• \lort~;a~e such propor-
tion of the proceeds .~s is equa) to that proportion ~vLich thc :?mount of the sum~ seciired by this \~iortgage imme-
diately prior to the date of taking bears to the fair n~i~rkc~t ~•alu~~ of tl~c~ 1'ro~?erty in~m~Klintcly prior to the date of
taking, with the balance of the proceeds ~~aid to Borro~~•er.
If the Property is ~bandoneci b~ Borro~ver or if after ~~otice I,y I.euder to Borron•er tl~at the condemnor offer
to make an a~rard or settle n claim for damages, ~3orro~~~er fuils to res~~oml to I.ender ~vithin 30 days of the date
of such notice, I.ender is ~uthorized ta coUcct flnd ap~?1~• the ~?rocecd~ at Lender'. option eitlier to restoration or
repair of the Property or to the ~ums secure~i b~~ tl?i~ \tort~a~c. ~
Unless I.ender ~nd Borrower otherwise agree in ~vriting, any such npplication of proceeds to principal shall
not extend or postpone the due date of the monti~h instalhi~entc referre~l to in parn~ru~~h~ 1 and 2 hereof or
change the uuiount. of such instaliments.
10. Bosrower Not Released. Extensio?i of the ti~~~c for ~~n~~u~ent or malificatio~? of amortization ot the sams
secuted by this 1Zortgage grnntecl b~ I.ender to any ~uccessor in interest of Borrower shall not o~,erate to rele~se.
in any manner, tl~e liabilit:v of tl?e original Borro~~er ;?nci Rorro«~er': succecsor~ in interest. I.ender shall not be
required to co~nmence proceedings against such ~uccec~or or refuse to extend time for pnvment or ot.henvise modif~•
:~mortiaation of tl~e sums secured b~~ thi~ \[ort~<~~c h~ reason of :iny ~temand ~t~ade b~• the ori~inal Borm~eer and
Borrower's successors in interest.
11. Forbearance by Lender Not a Waiver. :1m~ forhenranec bv 1.en~ier in exercisin~ an~~ right or remedy
hereunder, or otherw•ise nf~t'ordeci b~~ applicAble 1:~~~•, shnil not be :i ~~•~ti~~er of or preclude the exercise of any right
or remeciy hereunder. T:~e procurement o[ insurance or thc ~i:?yment of tnxes or othcr licns or cht?rges by i.ender
shall not be n~vai~er of T.ender's right to aecelerate the maturit}• of the indebtecinec~ secured b~ this ~'Iortgage.
12. Remedies Cumulative. All re~nedics provicie~i in this \Iort~agc are distinct and cumulative to any other
right or remeci~• iin~ier this \Iort~age or afForcie~i h~~ la~~• or c~µ~it~~, and ma~• he• exerci~ecl roncurrently, independ-
entlv or successivetv.
13. Successors ~d Assigns Bound; ]oint and Several LiabiGty; Captions. Th~ co~•ennntc ~nd 3~reement~~
herein contsined shAll bind, :ind tLe righfs liereunder shall inure to, the respecti~•~ ~uccesson and acsigns of Lender
.~nd Borm~~~er, ~uhject to thc ~~m~~ision~ af ~?,ir~~raph 1? hercof. _111 ~~o~•~nant~ an~l a~reements of BormHer shall
be joint nnd ~c.•eral. Thc rnPtion~ 1n~i Leadings of tl~c ~rira~ra~~h~ of thi~ \lortga~c arn foi• eon~•enience onlv and
~re not to be used fo inferpret or ~tefine tlic ~~roaision~ hereof.
14. Notice. An~• notice to Borma~e?• ~~ro~~ided fo~• i~~ t11i~ ~1oet~;ai~~~ ~iiall he ~iti•cvi bti ~naiiin~ ~u~li notice b}•
eertifieci ~nail udcire~secl to Borro~~~er at tlie Propert~• a~tdre~s ~tated helo«~, ex~ert for an~• notiee require~i under
~>.~rngraph 18 hereof to he gi~•en to Borro~~•er in the n~aiu~ei• ~~re~crihe~t h}• ap~licable I~~~-. ~n~• notice pm~ ided
for in this ~Iort~age shall be dee~uc~i to ha~•~ becn ~i~•cn to Borro~~er a-hen ri~•en in the mnnner desi~nateci herein.
15. Uniform Mortgage; Governing I.aw; Severability. Thi~ for~u of ~nort~a~e ~ou~i~ine: w~iform co~~enants
for national use and non-w~iform co~•enant~ ~tiith timite~i ~•ariation~ hr jurisdiction to constitute a uniform secu-
rity instrament covering real ~?ropert~~. This ~Iort~a~e ~hall !>c ~oti•erne~i b~• the latic of khe juri~iiction in ~vhich
'the Propertr i~ located. In the crent tl~at an~~ provision OT C~Ri15C Of tlllg ~Iort~u~e or the \otc conflicts ~vith
applicable la~~•, such conflict ~h11t not affect other l~ro~•i~ion~ ot thi~ \tortgage or the \ote ~rhich can be given
ef~eet ~ti•ithout tLc ronflicting ~~ro~~ision, and to fhi~ end the ~~ro~-i~ion~ of ti~e \Iortgage ancl the \'ote ~tre declared
to be severable.
16. Borrowei
s Copy. Borro~~•er shafl be furnisherl a~~onfo~-~ued copr of this ~lortgage ~t the time of execu-
tion or after recorciation i~ercof.
I7. Transfer of the Property; Assumption. If sll or ani• ~>art of thc Property or an interest therein is sold
or transferrec~ ~?r 13orron•er ~vithoi~t 1.ender'~ prior ~critten ~onsent, excluding la~ the crcation ot a lien or encum-
hrance ~i~l,orrlinate to i{ii~ \Iort~a~e. ~h~ thc ~rc.ition ot a ~?urcLa~c ~none}• ~ecurit~- iuterc•-t for household appli-
.ince~. Icl .i tr.insfer 1?~• ilet•ise. deccej~t or h}- o~x~ration of la~~- u~~on the ~leath of a joint tet?ant or ~~il the ~rnnt of
any leasehold interest of tlimc }•car: oi• le~~ uot ~~ontaining au o~~tion to ~~i~rcha~e. 1.enci~r ~na}•. at T.ender's opt-ion.
; ~leclare all ~he ~un?~ ~e~•umd h~- ti~i~ ~iortgage to he inuue~ii:ttel~• ~luc and ~~a~~~i,le. I,enrier ~h:?11 ha~~e ~~•ai~•ed such
option to :?~~elerate ii. ~?rior to thc ~ale or tran~fe~~. I.en~ler an~l tl?e ~?er~on to ~~•honi thc~ Pro~~ert~ i~ to be rold or
Uansferrec! mach agreci,~ent in ~~-riting that the ~~re~1it of ~ucl~ ~?er~on i~ ~ati~lactor~~ to I.en~l~~r ,in~l t6at the interest
payable on the ~wn~ ~eci~red h}- tl~i~ ~[ortguge ~hall bc :~t ~u~~l? rnt~~ a~ I.en~lcr shull re~~ticst. Ii I.c~ider Iias ~rai~•ed
the option to aecelerate ~~ro~•ided in thic ~iaragra~~L 17 anil i( [3orro~~-e~•'~ ~ucce~or in intere~t lia~ e~ecuted a~vrit-
ten assuuiptiun .?~;reeiuent :u•ce~?tc~i in ~critin~ in~ Lender, L~•n~ler ~l~all relea~~~ Borra~~•er ironi all oi>ligation: under
this \iort.gagc and tt~e Notc.
If 1.ettcler eserci~es ~urh ~+~tion to accelerat~~. I.ender ~h;~ll ~nail 13orro~~•er notice of aeceleration in aecordanec
~rith ~,aragra~?t? 14 hercof. ~uch n~ti~•c~ ~hall ~~ro~~i~le a ~~c•rio~l nf n~t t6an 30 ~1.+~-~ iron~ the ~iate the notice i~
n~ailed ~~•ikhin ~~-hich Borro~~-cr uia~• ~ra~• thc sum~ deelzmil ~lu~~. If E3orro~+~er fail~ to ~r.i~• ~uch ~um~ prior to the
c~piration of ~ueh ~~erio~l. Len~ler mA~-. ~~~itf?out f~~rflier noti~~~~ or ~ic~n~:~n~i on Iiorron-er, inrok~~ at?r reiredies per-
~nitted b}~ par~graph 18 hereof.
\c„-i'~~~~rRat ('~~vt:~ax~r:. 1;urr~?~rer ~~~ul L~~n~lr~r ttn•tlu•r c~n•~~~i.uit an~i :~rr~~r u~ t'~?lloti-:::
18. Acceleration: Remedies. }•:~~•c~~t u~ i~r~n~i~le~l in ~~ara~;r:t~~li 1; hercof. u~~~n? i~~~rro~c~~r 1?reach of csm-
~•o~•enant or:~~ree~nent of Rorro~~-cr in tl?i~ \(ort~;.ig~~, inclu~ling tlu• ~o~•e•nxnt~ to ~ras- «•l~en ~li~e ,i~it- ~inu• ~ec«re~l
by tt~is ~Iortgagc. Len~ier ~?rior to ucceleration ~hali inail notic~ to Borrow-er ~?ro~~ide~) in p.?ra~ra~?h 14 Irereol
•~~eeii~-ing: i 1? ilu~ ~n•e~,~~fi: 12? tl~e aetion re•~~uir~•+1 to cur~~ ~ueh I~r~~a~•I~: +3 ~ a ~ist~•. not 1~••; tl~an tl~irt~• ~la~'~ from
thc ~latc thc noti~•r i~ ~nailc~i to Borro~c~~r. bt• w•l~i~l? ~uch In-ru~~l~ mu~t hc• ~inr~l: ,i~ul ~~i that taih~r~~ to rure such
breacl~ on or heforc~ the ~1at~• ~~~ecifie~l in the iioticc iua~- re~iilt in u~~~e~l~ration of tl~c ~uni~ ~c~nr~~1 h}~ ti~i~ \Tort~agc
an~i ~ale of the Yro~~crt}•. If tlic brea~h is not ~ure~i on or In~fom thc• ~iat~• ~~?ccific~~i in the notice. Len~ier at I.ender~
option nia~• ric~~lare~ :ill of tiir ~um~ ~ecureci h}• thir- \lart~a~c to h~ i~t~nir~iiatelr ~1uc• anrl ~>a~•al~l~ «-ithout furkher ~
deman~i and ~nat• fom~lo~e t1zi: 1lortgagc hti• ju~liria] ~?ro~c~~~fin~;. T,rn~lcr ~liall h~• entitle~l to collc~t in ~u~h ~~roceecl-
ing all ex~~~n~es of foreclo:ure, including. hut not limite~l t~~, rea~onahl~~ .ittorne~~•'~ fec~, an~i co~t~ of documentan•
evi~ience, ahstract~ :in~l titl~ re~~ort~.
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