HomeMy WebLinkAbout2119 8. Inspectioa. I.euder wa~• uiuk~ ur ~•uu;e to I?i• ~n.ui~~ r~:?~uu:?I~l~• ~~ntrie• u~~on iuui in~pcciiuus oi th~~ Yrop-
crt.y, p~b~~i~led that i.ender shull ~;ive Burro~v~~r notic~~ ~~rior tu :?i~~• :a~~l~ ins~?ectioii .~~e<•ifyiti~ re:tsonablr cause
therefor related to I.ender', intemst. in thc Yropcrt~.
9. CoademnaHon. The ~iroceeds of iuiv :?~~'~n~ ~~r ~'ltliu? to~• ~iiunages, ~lirect ur consequentinl, in connec~,ion
~~•ith any cou~lenuutition or other taking uf tl?c• 1'ro~K•rt~•, or ~~urt ihercot, or ior ~•on~•c:~':u~ce in licu of condemnii- ~
tion, are hereby ac~ikocxi and sl~all lx~ paid to l.ender.
In the event ot a tukul txki~~g of tl~c Ym~~crt~•, the ~n-o~~c~vi~ ~h~?ll 1?~~ a~q~tic~i to tlic ~un?s securcvl h~'.this ~tort-
~;ag~, ~vith tl~e excess, if any. ~?aid to Borro~ver. In ihc e~~cnt of ~~i?rtisl t:~kin~ of thc Yro~?ertt•, unless I3orrower ~
anci I.ender otliera•ise i?~ree in ~vritin~, them siiull h~~ t~~?~~licYi t~? th~~ ~un?: se~•un~l l,v this \IortKuge sueh ~~ropor- ;
tion of the procceds ,?s is eyunl to tl?at proportion ~~•hicli tlic au~o~u~t of the suni~ sccured I~~~ this \[ortgage imme- ~
diately prior to the dnte of taking beur~ to the fnir uuu•k~~t ~•uhu~ of thr Nropert~ in~nu~lintcl~ prior to the dttte ot ~
taking, with the bnlauce of the proceecis ~?~id to Borro~~•er. ~
If the Property is ab;u~doned by Borro~ver or if atte~• noti~e I?~• Lcuder to Borro~~•cr thAt the condemnor offers
to m~?ke an n~vnrci ur settlc u claim for ~lamage" Borron~er fails to res~~ond to I.endcr ~vithin 30 dA~•s of the date ~
of such notice, i.ender i~ :tuthorized to collect auel ni?~~1~• f!re ~n•oce~til~ at I.ender'~ option eitLer to restorntion or ~
repair of the Property or to thc ~ums sec~irai b~• thi~ \lortKa~;e.
Unless Lcnder and Aorro~ver otl~envise agree in ~vriting, any such :~pplication of procee~i4 to principal shall ~
not extend or (iosi~~one tlie due date of thc n~onthlv insf:illments refermrl to in par.~graplis 1 and 2 hereof or ~
change the :~n?uunt of such instAllments.
10. Bonower Not Released. I;xtcnsiou of th~ tin~e for ~?u~•~nent or malificatio» o( a~nortization of the sun~s
sccured by this \~Iortgagc grnntect 1~~ I.cnder to nn~• ~ucccs~or in intcrest ot Borron•er shall not• opernte to release.
in :~ny n~ttnner, the liahilit~• of the original Rorro«er nied 13orro~~'rr's succeson i~~ interest. i.ender shall not he f
requirc~l to commence ~?roceedings against sucl? cuccec~or or rnfus~~ to extend time for payment or othenvise modif~ ;
:uuortizntion of ti~e sums secureci b~ this \tort~s~c h~ reason ui :u~}' ~Icman~l ~nn~ic b~• the origin~tl Aorro~~•er and }
Borro~ver's successors in interest, i
~ 11. Forbearance by Lender Not a Wanver. :1ny forbe:~rnnce In• 1.ender in exercisi~~~ anv ri~ht or remedy ;
hereunder, or othern ise nfforcieci 1~~- applicnUle ln~~•, shatl not he a~~•airer of or preclude the exercise of any right.
or remed~' hemunder. The procuren~ent of insurancc or thr ~?n~~~ueut of taxes or other liens or chArges bv I.ender
sh.?ll not i~e a~~•ai~~cr of I.ender's right to ncceler~te th~ ~u~t~~rit~ of the indebtedncc~ ~ecured h}~ this \~tortgage. ,
12. Remedies Cumulative. r111 remc~liec pmvidecl in thi~ ~iort~;nKc are distinct :?n~l cumulnt.ive to anv other ~
right or remecl~~ w~dcr this ~tort~~ge or at~orrlc~l 1?~• lao' nr ~~~uit~~. an~i n~a~• 1x~ exemi~e~1 concurrently. independ- ;
rntiv or successively. ;
13. Successors amd Assigns Bound: Joint and Several Liability; Captions. 'Ch~~ co~•ensnt~: nncl agreements j
I~erein contained sl~all bind, and the ri~hts hemw~~ler ~Lall inure to. the respectivc~ ~ucces~or and assigns of I.ender }
:tincl Borro~~•cr, ~uhject to the ~~ro~~isiou~ of ~+:u•agraph 1 i h~~reof. _~11 co~~enant~ xml agmements of Borro~er shall
lie joint nud ~c~•cr.il. Thc ~a~~tions an~l Leadin~~ oi the ~?cu•aKra~~lr ~~i thi~ ~Iort~agc• :~m for c~oin•eniencc onl,y and
:tire not to be useci to interpret. or ~iefinc~ tl~c~ ~~ro~•i.ion~ hereof. . .
14. Notice. ~n}• notice to Iiorro~c~r ~?ro~idcYl tor in thi~ ~Ior1~;uK~• ~ls;?11 Le #;i~'cn hr iuAili~i~: ~uch noticc b~-
~•ertifiec? wail a~l~~mssed to Borro~~•er :?t the YropeH~ :1~l~ir~~~~ ~t:~tcyl i?elo.r, exeept for an~• notice require~i u~ider
~~:u•u~rz{?h 18 hereof to he git•~n to Rorro~~~er in th~• iu.tnucr ~?r~~crihc~l h~- xpplicshle ls~~-. .1u~• notice pmvi~ied F
iorin thi~ \lottgu~e ~iiall 1?c decme~l to h~~•c hcen ~iren to I3orm~~•cr ~~•hc~? ~ie•rn in the ~uanncr designateti herein.
IS. Uniiorm Mortgage: Governing Law: Severability. 'Chi~ forni oi ~uortKa~;~ ~ombinc~ uniform co~•enlnts
for national use ancl non-uniforn~ covenant~ ~~ith lin~itecl ~~ariation~ In• jurisdiction to constitute a imiform secu- _
rity instrwuent covering real ~~ropert•~•. Thi~ \[ort~age shall bc ~;o~•erne~i bti tl?e lat~• of the jurisdiction in ~vhich
the Ymperty i~ located. I~z th~ c~-ent tliat :in~• pro~•i~ion or ~lausc of this llortgage or tl~e :\Tote con8icts ~vith
upplicable la«~, such conflict shall not ai~ect other ~~mi•i~ion~ of t(~i~ ~tortgage or the \ote «•hich can be given
effect ~~•ithout the ~onflicting pro~~ision, .~nd to thi~ en~l the pro~~i~ion~ of thc ~fortga~c .in~i thc I~ote am declared
~ to be severable.
E 16. Borrower's Copy. Borro~~~er ~i~all bc furnisix~~t ~•onfo~-~ncd co~?~• of thi~ ~[ort~:~ge at thc time of execu-
I
~ tion or sfter recorclation hereof.
~ 1?. Transfer of the Property: Assumption. if :~l1 0: an~• ~~srt of thc Yroperty or an interest therein is sold
or tr:tnsferrerl b}- Borro~~•er ~~•ithout Lender'~ prior ~srittcr} ~~o~?,cut. ex~luclii?~; (al tl?e crcatioii of a lien or encum-
brance ~ul,onlinate to tl?i~ ~tortgage. ~I?1 th~• ~~iration ~?f a ~?ur~•I~:i~~~ n?~ne~' ~r.curit~• interest for hoi~sehold appli
~u~ce::. Icl .i U•:~n~fer I?}- ~lc~ise. ~Icscent or i?~• u;~~•ratiou ~~f ls~~- i~~~~~n th~~ ~!cath of :i joint tenant or ldl the grant of
auy~ leas~•I?old inic~rc~t u! ti~rec ~•car.- or le~~~ nui ~•ont~iniut; sn o~~tiuii tu ~mr~•l~:i=c~. Lcn~ler roa~. at I.ender's option,
~leclare all the ~uur ~e~•ured h~- tl~i< \fort~;a~;e t~~ {,c~ imn~crti:uri~- ~in~~ .~n~l nu~•al~lc. Lendec ~hall hzi~•e ~vai~•ed such
option to :i~c•elerate if. ~~rior to the ~ale or h•au~f~•r. Lemic~r .~n~l th~• ~~e~oi? to ~~•iion? tf~e Yro~iert~• i~ to be sold or
transferreci re:tcl~ agmen~ent iu r~'riting tiiat the c~rcxiit of .~ucli ~~ec<on i~ ~.iti~iaci~r~• to I.ender and that the interest
~~ayable on tlie ~um~ ~ccured hy thi~ ~(ortgag~~ .~h:ill I~c~ :~t ~u~•h r.?t~• I.cn~ie?• ~hall re~~uest. If I.ender l~as waived
the option tu accelerate ~n-o~~ide~l in tl~i~ {~zragr,~pl~ 17 :~n~! i? Borro~~~er'~ ~ucce~~or in intere~t I~a~ executeci a writ-
ten a~sumptio~z agrcement acce~~tc~l in ~~•ritin~ h~- Len~ler. I.~~micr >liall rclcasc Borro~~er fron~ all obligations imder
this \~[ortguge and the Note. -
If t.en~ler exercises such o~?tion tu a~•celer.~tc. l.en~ler ~i~all +~~ail Borro~~•er notice of acceleration in accordanee
~~-ith ~~ar.i~;r.~~~li l4 hemoi. :+»c!~ noti~~e• ~liall i~r~~~~i~lc• j~<~rial ~~i ?i~t le<~ tLxn 30 ~lay~ froin the date the notice is
n?aileci ~~~iti~in ~~-hicl~ Borro~~•~•t• ~u.i}- ~~a~' the• sum. declare~l ~lu~~. [i Rorru~cer fail~ to ~?a~• su~h ,u~ns prior to t,he
~~.r-~~ir:ition ~?i ~i~ch ~~criai. Len~lcr uu~~•. u-ithout furtlu•r notic•~• ~?r ~ie~u:?n~l ou Borro~~cr, inroke an~~ remedies per-
witted h}' ~~aragraph 18 hereof.
~ux-l~::tt~ntat l'~?~•H:r:~~-r~. li~~rr~,~~•~~r :in~l L~~u~l~~r t'tn•th~•r ~•~?~-~~u:~ttt ~!~icl uTrcc• .i~ follo~c~:
~ 18. Acceleration: Remedies. I~.x~•~•~?t ~~r~~~~i~k~~l in ~~xr.~~r:t)~l~ 17 li~~re~?f. u~~ou Rorro~~•er'• breach of an~-
~ ~~~~~•ensnt or :+grec•~ucnt of Borr~~+-•.r in t!ii~ \I~~rt~;s~:!•. in~•laiin~; th~~ ~~~?~•enant~ to ~r.i}• ~~'hen ~luc xn~• ~ums secured
~ b~~ this \Inrt~a~;r, I.endrr ~?ricfr tv .u•cclcr.Zti~m ~Itall ~nail noti~c to Rorro~~-~ r:?~ ~?m~•idcKl in i~aragruph 14 hereof
.:~~eeii}-inT: i 1 I tli~~ breaeh: 121 tiic :~eti„n rc~~~uir~~~t t~r ~~iin• ~uc•li hr~~a~li: ~3~ a~late. not Ie~.~ than thirt~ day~ frotn
s the ~l:itc the notic~ i~ uriile~l to Rorr~m-~•r. L~- ~~•hi~•!? :ucii fn•~~a~•li roii.•t 1,~• ~urc~~l: arnl f~? that Iailure to cure such
brc.~~•h on or hefore th~ ~latc ~F?e~ific~l ~n th~~ noti~•~• ina~• rc•~ult in ac~•~•leration of thc ~tuu, :ecure~i hp this ~tortgage
,?nd ~ale of fl~e Yropert~•. If the 1?rea~h i~ not ~•um~t on or I?~~fore th~• ~late ~pecified in the noticc, i.en~ler 3t t.ender's
u~~tion ma~• ~Iccl.irc all of thc• ~un~~ .:~~curcd 1~~~ thi, ~tortku~;c to L~• iminc~iiatcl~ ~iuc .?n~l pa~ablc «•ithout further
demxnd an~i n?a~ foreclo~c thi~ \iort~:i~;~• h~• jwli~ial ~~ro~•~•~~~lin~,. L~•n~ler ~li~it !?c~ entiticKi to collect in ~uch ~uoceed-
ing :ill ex~~en~es of foreclo•ure, inclu~linK. hi~t n~~t liu~it~~l to, re:?sonalde attorne~°'~ fee~, anrt costs of documentan
evidence. ahstracts an~i titte re~?ur1~.
~ ~ ao~225 ~~~~1~.~i
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