HomeMy WebLinkAbout1535 8. Inapection. i.e~uler uut}' ~unk~• ur ~:ti~i~r to I~r ~~~:ul~• r~:~.,~~uuLl~• ~•ntr~~•. u~~u~~ :u~~l iu.l?~cti~~~~• ot thr 1'ruF?- i
rrly, 1?ru~~i~ic~cl that L~~n~l~~r ~I?all Ri~•c l;orro~e~~r nuti~•~• ~?riur tu :?n~• •w•h iu•~~~~~~ti~?u ,~~~•~•itt~iu~; rr:~~onabi~• ~•ausc
therefor relnteci to Len~lei'~ interest i~~ th~• 1'ro~,ert~•. ~
9. Condemnalion. '1'he ~?roceeds of :u~y a~~:~r~t ur ~•i:iin~ for ~i:uu:~~;e~. ~iirert or cons~w~uenti:il, in couneetion ~
~~~ith am• ~•on~leiun:?tiun ur other takin~ of tii~• Yro{~~•rt~•. or ~~art tl:~~rrof, eer fur ~•c,n~•t•y:~nr~~ i» li~~u uf ron~l~~~uua-
tion, are hereb~~ ;~s~itinc~~l a~n~t ~lrill ~?e ~,aid to I.eu~lcr.
In thc e~~ent of a total 1~?king oi tlie Yro!?~ rt~•. th~• ~?ro~~~~~~~1~ ~liull 1~~• :~~q~licyi to the ~uiu: ,~~rure~i I?~• tl?i. ~tort-
g:~ge, ~~~ith the exccss, if :?n~•. ~niid to Borro~~•er. ln th~~ ~~~~~•nt of a ~~:~rliul t:~kin~ of thc 1'rc?~x~rt}•, unle~. Borrower
;u~d I.ender other~sise :?~;rc~ in ~~~titih(;, tliem .hsll 1~~~ :i~?~dic•~t to 11a• ~un?; .~•~•iu•c~i i?~• tl~i~ \lort~;u~e wcli ~~ropor-
tio» of the procee.~is :?s is equiil tu thnt pro~iortion ~~•hi~l? N~~~ :uuuunt ~~f t1~e •uu~s secured hy tLis .11ortRage imme-
~{iately prior to the da~t~• ~f takin~; l~ezr. to t1?c~ f:iir ~niu~k~•t .•.ilut• uf tli~~ 1'ro+~ert~~ inun~yfi~tel~ ~~rior to the date oi
taking, with the b:~lani•~~ r~f the p~bceeds ~~i?i~l to I3urro~~•cr. ~
If the Yrol,crt,~~ i~ ~bs~iclonc~l by 13orro~~•er ur ii ;ifter nuti~•~~ 1?r 1.~•~uler lu 13orroa•c?• thut the condemuor offeR; ~
to make an ;i~~~nrci or ~ettle a clnin~ for ~laiua~e~, Rorro~~•er t':~il~ t~, re~~?oncl to Lender ~~~ithin 30 ~~a~~ oi t.he date ~
of such notice, 1.ender i~ :wthoriz~Yl to coll~ct :uut ;~p~?h- ti~e ~?ru~•~•~~~i~ :?t I.endc~r'~ o~?tion ~it.l~e~r iu r~:~toration or ;
repair of the Yroperty ur to th~~ ~uuis ~e~urcri h}• tl~i~ \lort~a~;e•.
jTnleaS I.cr?der si~il Rorro~ver otherti~•ise ugree in writing, au~• such applic~tio~i of proeeed~ to ~?rincipal shall ;
~iot extend or ~~ostponc tl?e duc ~l~tte of tl~e n~onti~l~~ i~~~t:illmrnt. r~f~~rm~l to i~~ }?:~r:?~;r~~~l~~ 1,u~d 2 hercof or
ch,inge the amount of such instalhnents.
10. Borrower Not Aeleased. I;xtensiou of tl~e tiuu~ ior ~~u~~uienf ~~r inaiifi~~atia~ oti :unortization of the sums
~ccured bS~ this \Iortgnge grnnte<I bv i.cnder to an~• ~~icce~~or iu intemst of Bormti~•er ~hal1 »ot o~,ernte to release.
in amy ni~nner, tt?e liabiiit~• of tlie original I3orror~•cr au?~1 P,urrcn+•~•r'~ ~uccc~sor~ in interest. I.ender ~i~all not be ~3
requirecl to com~~~ence ~?roceccling. ~~ninst ~i~ch su~•cc~~or or r~f~~~c~ to e~tend timc for pn~~ment or othenvise modif~•
:in~ortizntion of thc sun~~ secureci b~ thi< \tortgu~c i?~• rcason nf an}• ~ien~nmi mnclc 1?~• the ori~in:~l Aorro~rer nnd
Borro~er's successors in interest. .
11. Forbearance by Lender Not a Waiver. _1i~~~ lorhesrc~nec h~- i.ender in exercisin~ any riKht or remecl~
hereunder, or othcr~~ isc nffonied b~~ :?pplicnbl~ la~r, ~hatl not h~ :i «•ni~~cr of or ~n•ecluclc thc exercise of Any right ~
or remeci~~ hereundcr_ 'Che ~irocure~l?ent of in:urauce or the ~m~nient of ta~e~ or other licns or charges bv 1.ender
shaH not bc ~~~:si~•er of l:ender's right to zcccler.~te th~ maturit}• of thc indebtedne~~ securc~l b~~ this ~1ort~age. i
13. Remedies Cumulative. :111 rnmedie~ pmvidMi in thi~ \Iort~l~;e am distinct nnci cumi~lati~e to nny other ?
right or rcmecil• e~n~ier thi~ ~Iortgagc• or .if~or~icvl 1,~• la~~• or c~~uit~. :~n~l nu~~- b~~ cxercisecl concurrentl~•. in~iepend-
ently or ~uccescivelV.
13. Successors and Assigns Bound; Joint and Several Liability; Captioas. T}~e co~•en.int~ xncl zgreements ~
herein containeci sl~all bind, an~i ti~e ri~hts hercun~ler ~hzll imir~• ±o. the res~~ectivc~ ~ucr~~~on :?~td a~signs of I.ender ~
:ti;d 13orro~~•er, ~tth.ject to the i~ro~•i~ion~ of ~>:er.igra~~L 17 h~rr~~f. =V1 ro~•enani. :?u~i a~rcements of BorroK•er shall ;
!~e joint an~1 ~t~~•cral. Tl~c ~•a~~tion• an~l hcadin~~ of the ~~:u:i~;r:~~~h~ oi thi~ \(art~;a~c :?m for ~~on.-enien~c onl~ and
are not to be used to interpret or ~iefine ti?e ~~m~~ision~ hereof.
14. Notice. An~• notice to Borro~~er i~ro~•ideri for in thi~ ~1ort;;a~;~~ .h:~ll he ~i.-en h~• mailinK such notice b~•
~~ertified ~nail :id~lressc~l to Rorro~~•cr at thc Y~opcrt~• :~~G~re~~ ~t:~ce~i I,cio~~-. esre~~i for ;~n~• uotic~ require~i under
~~:??.i~r.?ph 18 I~crcof to hc ~;i~•~n to Borro~~-cr in tlu• m~nacr ~?rc~~ribc~! h~- ,ip~>lical~lc~ lair_ :1nt~ noticc ~irovideri
for in this \[ortgagc ~h.ill ~?e ~lec~ixvl to hai•c heci~ ~i~-ra! tu Rorro~~-er ~~-hen gi~•cn in thc manner ~iesignateci herein.
15. Uniform Mortgage; Governing Law; SeverabiGty. '1'hi~ fonn oi ~uort~a~e ~ombin~. imiforn~ co~•ennnt~ ~
for nation:~l use aud non-uniforn~ co~•en.uii~ ~~•itl? liniitc~i .-ariation~ b~• juri~diction to cot~stitute a uniforn~ seeu-
rity instrument ~overing rcal ~iropert~•. Thi~ \iort~a~~r. ~h:~ll hr ~;o~•erne~l h~• thc la~~ of ti~c jurisdiction in which
the Yroperty i~ loczted. In the crent that :u~r ~im~•i~ion cn• cl~us~~ of this ;iortga~e or t~~e \ote conflicts ~vith -
.~pplicnble 1~~4, such conflict sh:~il not affect otl~cr i~ro~•i~ion~ oi tlii~ \(ortgage or the \otc ~~hich cun be given ~
effect «ithout the confficting ~?ro~•ision, and !o this ~n+l the J~ro~-i~ion~ oi tl~e \Iort~a~e ami the 1~'ote ~tre declared
to be severable.
16. Borzawer's Copy. Borron•cr ~hall hc fiirnishc~l <•onformcd co~n• of this ~Iortgage at the time of execu-
tion or after recordation l~crcof.
17. Transfer of the Property; Assumption. If :~ll or :inr ~~:u•t of tl~c Properf.~ or an iuter~t therein is sold
or trnnsferred 1?~~ Borro~~er ~~ithout I.ender'~ ~~rior ~~~ritt~~n ~•onsent, es~l~~din~ Inl tlic creatio~~ of a lien or encum--
brance ~uhontinate tc~ tl~i~ ~tort~uge, th? the ~rc:iiiori ~~f :i ~~iir~•lui~c• ~uonc~- ~ecurii~• interest for household appli-
; .iuce~. icl a tr:~nsfer ~n• ~leri~c. ~lc=cent oi• h~• u~~rration ~~f la~~~ t~~~on tl~c ~Icat{i of a joint tenant or idl thc grant• of
; :~n~- leaschold inter~st of threc• ~~csr; or le~~ ~iot ~•ontaiuin~; :in o{ition to ~~in•rh:?~~~. Len~ier ma~•. at I.ender's option.
~leclare all tl~e sun~s ~crure~l 1:~- thi• \iort~:a~;c t~? hc~ i~u~u~ylistc~l~• ~luc .~n~l n.t~•ahte. T.en~ier ~l~aii have t~•aived such
j option to :i~~•rleratc if. ~~rior to tl~e ~ale or tr:?mfer. I.cn~lcr :ui~i tt?~• ~~cron to «liom the Propert}• is to be sold or
tr~nsicrreci rcach agrcement in ~~•ritin~ tiiat t!?c~ ~•rc~iit ~~f ~u~l~ ~~ci:-nti i~ ~sti~f.ictor~ io I,endcr and that the interest
; ~?ayable on the ~um~ ~e~•urcd h~• thi. \1ort~;.e~;~• ~luill i~~~ at ~u~~l~ r.u~~ Lender shall rc~~ucst_ If Lcnder has waived
[he optiori to :iccelerate ~+rovidcYi in thi~ ~~ar:igruj?h 17 an~1 ii 13on•o~~~er'~ ~uccessor in intem~t ha~ executed a writ-
tcn ass?uuption rtgreement a~•cc~?tc~l in ~~•ritin~; I?~• L~~nder, l.~~n~ier ~L.~ll mlcasc Borro«•~r iron~ all obligations undet
; this ~tortgage ~nd *'_hr \otc.
t If I.ender exercis-~s ~ucli option to acccicr.~tc. Lender sh:ill ~nail Ror•ro~cer notice of ucceleration in accordance
«~ith {~:~ranrai?h 14 i~t~'~~~i~ ~ucli notit•e• ~1i;?I1 ~?ru~~ir}~. ;i ~?eri~x! of not lc:• tlian 30 ~lat~~ from the clate tiie notice is
iuuiled ~ritl~in u-hich }3a~rf~~~~er ~i~a~- ~r.i~- tl~e ~wu~ declxmd ~lu~•. If 13orro~cer iail~ to ~ia~• ~uch ~~~u~ prior to the
~•x~~ir3tion vi ~uch ~~erial, Lcnder m:i.•. ~~~ithout furth~~r notir~• ~,r ~l~inan~l on Rorro~cer, in~•okc an}• remeciies per-
~nitted hy paragraph 1Q hr.reof.
11?~-I~~IF(>N~I l.'r,~~t;s.~.rr~. };~~rru~~~~~~•.u?cl L~•~?~l~~r ftn•thc~~• ~•o~•~~naut and ahrec ~i~ follo~ti•~:
18. Acceleration; Remedies. 1°;~r+~~~t :i~ 1~ren~id~~~1 in ~~ara~;ra~~t? I; lierc~of, u~~un Rorro~c~r'~ breach of an~- -
; ~~u~•cnant or agrnc~ucnt of Borro~~~er in thi: ~tortga~~•, in~•lu~liu~ tlu~ ~•o~-c~nant~ to ~r.t~• w-hen duc an}~ ~um~ secured ~
- b~ this ~lort#;age, 1.ender ~?rior to a~ecicrati~m ~I?all ~uail neitice to Borrot~•er ,i~ pro~-ided in paragraph 14 l~emof
; si~eeif}•ing: ~ 1 I the breueh: ~21 the:ictio~~ r~~yuim~l to cure• ~ucl? In-~•a~•i~: ~3~ a~iate. not lc••: than thiri~' days from
the date thc notice i~ mailc~l to I3orro~~~~•r. I?~~ ~rhic~h w~l~ hm.icl? ~?~ti~t I,c ~ure~d: an~l ~9? tl,at faili~rc to cure such
i~reaci? on or hefore thc• d.ite ~~?ecified i~~ thc noti~~~• ii~a~• re~ult in ac~•~Ieration oi tl?e ~un~~ secured by this ~lort~age
arid sxle of the Yroperty. Jf thc hreacl~ i~ not ~~urc~l on or h~~for~ th~• ~iate ~pecific~cl in thr notice, i.ender at I.ender's
- option uia~~- decl:tire all of th~ ~~un~ .~ec~~n~l 1?~• thi~ \tort~;a~;~~ to Ix• in~u~c~liatel~~ ~lue an~t ~~ayaUle ~rithout furtiier
= denuind an~l ma}• foreclo~c this ~lort~;:i~:<• f?~' ju,li~ia~l ~?r?~~•~~iiu~. Len~lcr ~Iiatl bc cntitlctil to collect in such proceed-
ing all ex~~enses of forccio~urc, inciwiin~, hut not lin~ite~i to, rc~ason.~blc :~ttorne}•'~ ices, :in~l cost~ of documentar~
evidence, abstr~ets .+rnl titl~ rc~~?~~rt~.
.
E r r ~z4 P,1GE ~5J't ~ , :
~ _
= ' _ a~
z~~~,:~~. ,
~ -
.F,.. ~~~'~^~,.°~"~,m x ;
~
~~~"?~°~.s- x'S~'
~-r
, . . ~+.'v~
. ~ e`.~r~y tl.~_. .