HomeMy WebLinkAbout1723 8. Iasy~ction. I.ender ~uay u~ake a• rausc tu Ix• ~na~ic: reuaouul?1~• ~•uh•i~~• u~wu :~n~l ins~xctioi~s of the Prop-
erty, provided that I.ender shnll give Borrower notici ~~rior to a~ny ~ucl~ inyx~ctio~i .~?ecifyinR reasonable cause
therefor related to I.ender's interc~t in thc Property.
8. Coad~moation. The proceeds of iiny t~wanl or clnim for daiuages, direct or consequential, in connection
with any condemnation or other taking ot the Property, or ~?act tl?ereoi, or for ~onveyance in lieu of condemna-
tion, are hereby nssigned and shall be paid to I.ender.
In the event of a total taking of the Pro~~erty, the ~?roc~tirls ~hAll IH~ .~~?~ilie~l to the ~~an~ ~~cu~i r,y this Mort-
gage, with the excess, it any, ~?aid to Borrower. In tl~c event of n ~~artia! takin~ of the Yro~icrty, unless Aormwer
and Lender oti~erwise agree in writing, there shall 1?c a~~~?licd tu th~• ~um~ ~ecure~l ~~y this \lortRage such propor-
tion of the proceeds ns is equal to that propoKion ~vhich the u~nount of the suu~~ secured by this \Sortgage imme-
diately prior to the datc oi taking bears to the inir ~uarket vulu~• of thr Yropert~~ immMliately prior to the date of
taking, with the balance of the proceeds pni~1 to Borrow•er.
If the Property is aba~doneci by Borrower or if ~iter ~~otice h~• l.ender to Borro~ver that the condemnor offers
to make an t?ward or ~ettle a claim for ~lamages, Borrowcr fails to respomi to l.endcr within 30 dnys of the date
of such noti~e, I.ender ic nuthorised to collect nnd ap~~ly tl~e ~?roc~~ed, at l.ender'~ option either to restoration or E
repair of the Property or to thc ~ums secureci by ti~i~ \tortRaqe.
Unless I.ender And Borrower otherwise agree in writing, uny suci~ application oi prceeeds to principat shall
not extend or ~iostpone the due date of the monthlv inst~llmcnt~ refcrre~l to in paragraphs 1 and 2 hereof or
chAnge the amount. oi such instaUments.
10. Boaower Not A~leased. Fxtension of thc tim~~ ior puv~nent or ~nalification of amortization ot the sums
secured ~~y this Morigage grnnted by I.ender to any ~uccessor in intemst of BorroNee sliall not o~~erAte to release,
in any manner, the liabilit~~ of the originul Borrowcr and Aorro~~cr'~ ~uccessor5 in interest. i.ender shall not be `
requit~ecl to commenec ~iroceeciings against ~uch successor or refu~e to extend time for pa~ment or otherwise modify ~
amortiaation ot the sums securecl by thi~ \tort~.iRc hy reason of :un• ~leman~l madc b~• thc oriRina) Borro~ver and
Bormwer's successors in interest.
11. Forbearance by Lendez Not a Waiver. :1u}~ forbearance h~ i.ender in exercisin~ any ri~t or remedy
hereunder, or otherKise a~'orcied h~ :tpplicable la~r, sh311 not hc ~~•niver of or ~ireclude the exercise of any right
or remeciy here~mder. The procurement of insur:tnce or the ~~ayn~ent of taxes or other liens or charges by I.ender
shall not be n~vai~•er of I.ender'~ right to ncceler:~tc tl~e roaturit}• of the indebtednes.~ secured h}~ this ~lortgage.
12. Aemedies Cumulative. ~lt remcviie~ ~~rovidc~l in thi~ \Iort~~t~c are distinct :?nd ci~nn~lati~•e to anv other
right or remed~• un~lcr thi~ \tortgaRe or :?fforriMl 1?~• l:i~~~ or r~uih~. :uul n~a~• IK• exerciseci conrurrentl~•, independ-
entiy or succe~ci~~elv.
13. 5uccessors acnd Assigns Bound: Joint and Several Liability: Captions. Th~ co~•enants and agreement~s
herein containeci shall bind, :u~d the riRhts Lere~usder ~hall iuur~ to. tlic• re~~~ecti~~~~ >ucces.~or. and a~signs ot T.ender
and Borm~~•cr, ~uhjcct to the ~~ro~•ision~ nf ~~:~ragra~~l? 17 hcreof_ :~Il ~•o~•ennnt~ an~l aRrcements of Borm~~er shaU
be joint aud ~e~•cral. Tl:c ~a~~tion~ :iu+l I~e:idin~s oi tlm ~~;u•r~~rx~~l?~ ~~f ~hi~ ~lort~a~c arc tor rom•eniencc onl~ and
are not to be useci to inter~~ret or ~lefin~ tlu• ~?ro~•ision~ hc•reof.
14. Notice. :1ny notice to Borro~rer ~n•o~•ide~i for i~~ thi~ \lurt~;:c~;~~ ~liull 1?~~ ~;i~•rn b~• u~ailiuK su~•li notiee b~• - ~
~ertified ~nail a~l~iresserl to Bc~n•o~~•cr :~t tl?i• Yro~~ert~• :\~l~tre~~ ~tctt~yl I~elun~. ~•x~~e~~t for :im• ijotic~ require~i under _
I?xrngraph 1R hc•reof to 1?e git•rn to Rormu-~~r in th~• ni:inn~•r ~~rc•~~•rihr~l I~~- ,~~~~~ii~al?le i~~~•. ~m~ notie~~ pro~•ideci
tor in thic \Iort~age ~hall hr ~lcellll'(I l0 IIY\'(' I1lY•n Ri~•~•n t~? Rorm«•~i ~~-li~•u t;i~•~~~~ in thc• ~uanner de~ignatc~l herein. ~
15. Uniform Mortgage; Goveming Law: Severability. '1'hi~ iuru~ ~~f ~uort~a~~~ ~~omhin~~~ uniforn~ ~•o~•enants
for national usc .u~d non-m~iforn~ co~•cnant~ ~~~itl~ Iiu~it~Yi ~:u•iaticu?~ 1~~• ~i~ris~liction to constitute a~miforn~ secu-
rity instnw~ent ro~~erin~ real ~rroE~rrt~•. "1'I?i~ \Inrt~;aK~~ ~hall I?~• ~~~~•t~rnc~l f?~- thc la~~~ of the jurisdiction in ~vhich
the Propert~~ i~ located. In ~h~• ~~rent tlu?t .~nv ~?ro~•i~iou ~?r ~•lau~r oi thi~ \lort~agc rn• the \ote conflicts ~vith
~ applicable la~~•, •uch ~•unflict ~hali not af~~~rt other ~n•~?~~i~ion~ ~?i thi~ \lort~;aKc~ or thc• \'M~ ~~~l~ich ca~? he given
{ effeet ~vithout tl~c~ conflicting ~+ro~~ision. and to thi~ ~~n~i the ~~rm-i~io~r ot th~ ~lort~agc an~l the \ote are deelared
x to be severable.
~ 16. Borrowei
s Copy. Rorm~~~cr ~hall i~c• furnish~~~l ~•onforn~c~1 ~•o}?~• of thi> \lort~age at the time of execu-
cion or after recorciation ltereof. ~
~ 17. Transfer of the Property; Assumption. 11 ali or :?m• ~~srt oi th~~ Yro{~ert~• m• an interc~t therein is sold
or transferred 1?~• 13orro~cer tisithout I.ender'~ l~rior ~~•ritten ~•ou~ent. exrlu~liu~; ~a~ tlu• ~•reation of u lien or encum- '
brance ~uhor~linatc to thi~ \Iortgsge. 11~i th~ ~•reation of ~~~nrLa~c• n~one~ ~cei~rit~ intrrc~~t for 1?oi~sehol~i appli- ~
:u~ce~. i~ ~ a trx~i~icr Ir~- ~Ie~•i~~~. ~I~~,cent ur h~• o~mrxtiou of la~~ n~~un tl~~• ~Ic~:tth ot :i joint t~~nant m• i~11 the ~rant~ of ~
any leasel~old intere~t ~f thrc~• ycar~ or Ic~~ not ~~ontaini~~~ an o~?ti~?n to ~nu•~•lia~e. I.eu~ier ~ua~•. at I.ender'c option.
~leclare all the <uiu~ ~c~~~rc~i Ir~- tLi~ ~lortgxgc tc? 1?c imu~e~liatch• ~lne an~i ~?a~•al?I~. I.~n~ler ~hall ha~•r ~~•ai~•e~1 such
option to :u•~•clerate if. ~~rior to tl~c ~ale or trau~fer. I.en~lcr :all(I II1l' ~1CTJOi1 to ~~•hom thc~ Yro~~ert}• i~ ro be sold or ~
trausierreci rcach agrec~nent i~i ~~~riting tiiut tLe ~~~r~iit uf ~uel~ ~~er~on i~ ~ati~iuctm•r to l.cn~icr an~l tl?at the interest ~
I~ayable on the ~u~?~~ ~e~i~re~l I?}~ thi~ \lortguge ~liall I,e ut ;ucli rat~~ Lender ~h.ill re~~ue~t. It Lender has ~r•ai~•ec1 ~
the optiou ta :u•i•clcr:it~• ~~?~o~•i~lecl in this ~~aragra~~l~ 17 :?n~l if I3orro~~•er'• :ucce~sor in intcrc~~t lia~ exec~ted a«rit- ~
ten assum~~tion ,?gme~nent :u•~e~?tc~l iu ~~•ritin~ I?~• I.en~ier. I.e~ui~r ~hall relea~c Borru~~•er fmm all obli~ation~ under
s
this \4ortga~e and thc Notc. a
Ii I.ender exercise~ ~u~~li v~?tiou to acceier.?te. I.ender :hall ~nail Borro~~•er uotice of :«celeration in accordance
~citL ~~ara~ra~?l~ 14 hereot. ~u~li notic•e ~hall ~~ro.-i~ie a ~~~•rial of not le.: than 30 ~l.?}•~ irom th~ datc~ the notiee i~ ~
inxiled ~~•itl~in ~~-hich Borro~~~er wac ~r.?~• tl~e sum~ declam~i ~iu~~. If Borro~~•er fail~ to ~r.i~~ su~h ~unr prior to the ~
~ ex~~iration of ~u~•h ~?crial. I.ender n~1t-. ~~~ithout turtli~r nnti~•~• or ~le?nan~1 on Borro~~•er. in~•oke .?n~• remedie~ per- ~
~ initted b,y ~?aragraph 18 hereof.
~
w ~11\-[~\IF(1RAi ~~111'E~:~~T~. I;fll'P11~~'l'TRII(~ ~.l'll(~PI' flll'tilPY PO~'Pllillli iill(~ itrl'!'P il~~t~(1~~O~C~:
~ 18. Acceleration: Remedies. I~.x~c~pt ~~ru~-i~le~l in ~~:tiraRr.t~?li I? 1?ereof. ~q~on Rorro~c~~r'~ 1?reach of :~m- ~
~•o~-enant ~r uRrcememt uf Borr~~~~•~•r in thi~ \lort~;a~~~. in~lu~linK tl?c~ ~o~~~~nant~ to ~?s~• ~~•h~n ~lu~~ :ill~' ~1t111~ secure~i -
Ly this \tortKa~;e, l.en~ier ~?rior to a~~eleration shall ~uail notic~~ to Rorrot~•er ~~ro~-i~~cd in ~~arugra~~h 14 hereol ,
~~,ecif~•inb: :1 I tl?~~ Izrea~h; ~21 thc~ :tction re~uim~l to cum ,tteli I?re•acl~: ~3~ x ~1ntc~. not 1~~•: than thirt}• da}'~ frou~ .
the ~late tiic nnti~~c~ i~ u~ail~~l to Borro~ci~r. 1~~• Hhi~l? ,uch hre.i~•h wu~t I?e ~urc~~l: an~l i4~ that i~ilur~~ to cum such
~ breach on on c~~+.~m t}~r ~1atc ~~~ecifierl in thc notice ~u~~• m~ult in ae~eleration of the ~ums sceured b~• thi• \[ortgag~
an~l salc ~~f the Yro~~ertt•_ If the bmach is not c~~red on or I?cfore thc• iiatc ~~~c~ifie~1 in thc noticc. I.cn~ler at I.ender's _
option iua~ ~terl:~rc .~ll of tlic snm~ ~ecure~t by thi~ \fortga~c to Le i~~nncyliatel~ ~lu~ an~l ~?ayable ~ritl?out further
deutiand and m:?~• fom~lose this ~IortgxKe I~}• ~u~li~ial ~?ro~ecYiin~ L~•n~1cr ~hall hc cntitle~l to collect in ~uch ~iroceeci-
~ ing afl ~x~?e~n.es of foreclosure, including, hut not lin~itcel 10, reason:il,lc• attornc}~'~ fce~. :~n~1 ~o~t~ of dorumentan• '
evidence. ah~tract~ an~i titlc re~~ort4.
~ . - . • ~ • , B001( ~5 PACE 17ZO
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