HomeMy WebLinkAbout0391 8. InspeciioA. l.ender u~ny n~nkc or ~:w;e to Ix• ~n:ule r~•:wouuid~• ~•ntrie. u~?on :u?d inspectia~s ot the Prop-
erty, provideci that Lender shall gi~~e I3orroo•cl' 11Qhc~~ i?rior tc~ auy ~u~•li iu~pcetinn •pecif~•in~ rcusonuble cause
therefor related to Lender's intcrost in thc Yropcrtv.
9. Condemnatiot~. 'Che proccecis oi ,u~y u~vanl a~• ~~laiu? for ~lan?uges. direct or conseqaentinl, in connection
with any condemnation or other takin~ of tlie Yropcrt~•, or ~?nrt tl~creoE, or for com•c:~~ance in lieu of condemna-
tion, are hereby assi~nM1 nnd shnll be paid to I.ender•.
In the event of t? total taking of the Propcrt.~•, thc ~~rc~~~vl• ~lulll 1?e u~?~?ticYi to tl~c ~u~m ~ecurec! 1,~ this ~1ort-
gAgc, with the excess, if :~ny. paid to Borro~rcr. In the event of u ~~artinl takiu~ of the Yro~x~rt~, unless Aurrower
:?nd i.ender other~~ise ngree-uu~ritin~, them si?all be i?p~~licci to tlu~ ~u~rn sccured 1?~ this \Iort~a e ~uch propor-
tion of the proceeds us is equAl to t.hat ~~roportion ~~•1?ich thc amount of thc sums ~ecurecl b~~ this ~~ortgagc imme- ,
diately prior to the datc ot tnking bea~ to thc tnir nu?rket ~•.~lue of the Propert~ immc~cliatel~ prior ~8" the date of
taking, with the balance of the proceecis ~~ai~l to Borto~~•er.
If the Property is nbnndoneci by I3orro~ver or if ntter notice b~• Lender to Borro~ver that the condemnor of~ers -
to make au awarci or settle n elaim for damages, liorro~rer fails to responci to I.ender within 30 days of the date
of such ~iotice, I.ender is ~uthorizccl to collect :~n~! a~?~~1~~ the proccc~ci~ :?t I.ci~der ~ option eitl~er to restoration or
repair of the Property or to t.hc ~ums secureci b~ this \(ortga~e. '
Unless I.ender nnd Borro~ver othenvisc agree in ~vriting, an~ such application of proceeds t0 ~)T111ClpAI shail
not extend or postpone tlie due date of the montlily installments refermci fo in par.~grapl?s 1 and 2 hereof or
ch~nge the nmount ot such instalhnents.
10. Borrower Not Released. Fxtension of the tin~~ for ~?nv~nent or u~alification of umortization ot the sums
,~~nr~ i~y t>»S ~~tortgage g~?nt~ i>y i.ender to any succe~sor in interest. of Borro~ver ~hul! not opcrate to release,
in any n~nnner, tlie littbiliti• of the original Burro~~•er ancl 13or~b~~•cr'~ ~uccessor in intemst. l.encier shall not be
reryuireci to commence proceedings against sttcl~ successor or refusc to extend time tor pavment or othernise modify
amortization of the sums secured b~~ this \iortgngc h~• reason of :ui~ dems?nd ~:~:~dc 6~- the otiginal Borro~~•er and
Borrower's successors in int~re~t.
11. Forbearance by I.ender Not a Waiver. :1nf forUcarn~icc bv I.ender in exereising any right or remedy
i?ereunder, or othenvise nfforcieci bv applieable ln~r, sh~it not bc u~~•:?i~•er of or preclude the exereise of anv right
or remcxiy hereunder. Thc ptocurement of insurancc or tl~e payment of taxes or other liens or chArges by I.ender
shall not be n~vni~•er of I.ender's right to necelcr~te thc mnturit~ of thc indebteciness secured by this ~Tortgage.
12: Remedies Cumnt~tive. All remedie• providc~l in this \(ort~Agc nre distinct and cumulative to any other
right ur remeci~~ »nder this \iortgage or affor~lerl b}• ln~~• or equity, anci m~~• he exercisecl concurrently, indeF?end-
ently or successively.
. 13. Successors auid Assigns Bound; Joint and 3everal Liability: Captions. The co~•enantc and agreement~.r
herein contained shttll bind, ~nd the rights hereimder sl~ali inum to. thc res~~ectiv~~ .ucce`o?s :~nd A~signs of T.ender
and Borro«~er, ~ui>ject. to the prorisio~z~ ot ~?ara~~:~ph 17 hemoi. :111 covcnnntc and ~?~reementc of Borro~er shal)
be joint, :?nd cc~-eml. The caPtions an~l headin~, of thc ~?.iragra~?h~ of thi~ \fortga~c am for con~~enience only and
are not to be used to interpret~ or definc the ~~m~•ision~ hereof.
14. Notice. Any notice to Borrower ~~rovideci for iu ihis ~foK~ag~~ ~l~xll be gi~-en b~• mailiu~ such notiee b~•
certified wail a~ldresseci to Borro~~~er at th~ P;opert~~ a~l~lre~; ~t~teci helo~~-. ex~•ept for an~ noticc required under
~?xragraph 18 hereof to be gi~cn to Borro~rer in tiic ~u3m~cr pmscribeci h~ applic~ble la~~-. ~n~ noticc ~~rovided
for in this \[ortgage ~hall I~e deemc~i to ha~~e i~ecn gi~•en to Borro~~•er ~~•hen gi~•en in the mauner designateci herein
15. Uniform Mortgage; Goveming I.aw; Severability. Thi~ form of ~nortgagc combine~ uniforni co~•enunts
tor nation~l nsc and non-uniforn~ cotenantc «it~~ limitc~i ~-ari3tion~ b~ jurisdiction to constitute a uniform secu-
rity instnunent eovering reai ~~ropert}•. This \Iort~age sh:ill l~e ~overneci by t~he la« of the jurisclietion in whieh
the Yroperty is loc~?teci. In thc c~~ent that any ~uo~•ision or clause of this \~Iortgage or t.he \ote conflicts ~vith
i applicable la«•, such conflict sh~ll not affect other ~~ro~-ision~ of this \Io~tgage or the Notc which can be given
~ efiect ithout the conflicting ~~rovision, 3nd to this en~l thc pro~•isious of the ~tortgage and 'the Note are declared
to be severable.
~ 16. Borrowei s Copy. Borm~~er shall be furnishe~l :i confo~hued cop~ of this \iortgage At the time of execu-
~ tion or after recordution hereof.
17. Tramsfer of the Property: Assumption. If ail or an~ ~~art of the Property or an interest therein is sold
or tmnsferred b~~ Rorroner ~~ithout I.encier'~ prior ~~ritten consent, excluding Ial tl~e creation of a Iien or encum--
brance ~uboniinate to this \[ortgage. Ibl the ~reation of a ~~trr~Lase ~none~ ~ecurit~• interest for I~ousehold appli-
~ ances, (c) a transjer b~• ~Ievise. ~ieacent or b~- o~~e~:~tion of lnti~• iq~on the ilcath of a joint tenant or ~'d? the grant of
.iny leasehold interest oi three yean or less not coM:tiuing :tn option to p~vchase. T.ender ma~~_ at I.snder's option,
deciare ull the swn~ secured h~• this ~tortgage t~o be imn~ecliatel}- rlu~~ and 2~a~~able_ t.en~ier ~hall ha~~e naived such
option to .ic~clerate if. prior to the sale or tran~fer, I.ender :~~id tl~e ~~eron to «~hom the Propert~• is to be sold or
transferr~ed reach agreement in ~eriting tl~at the crc~lit of ~ucl~ ~?erson is ~atisfacton to I.ender and that. the interest
payable on the ~u~us ~ecured by thi~ ~[ortgagc ~Lall be .?t ~u~li rate u< Lender shall request. If I.ender has waived
the option to :?ccelerate ~~mvidect in this paragrapi! 17 an~i it I3orro~~•er'~ successor in interest l~as esecuted a writ-
ten assum~~tion agreement acce~~tc~i in ~vriting b~ I.ender, I.cn~ler ~linll release Borro~~er fmm ail obligations under
S
this ~'Iortguge and the Note. ~ .
If I.ender exercises such option to accelerate. T.ender slu?Il cnail I3o?•ro~ver notice of acceleration in accordance
~~~itl~ ~?a~•agra~ih 14 hereof_ Such notice ~Latl pm~•ide a ~?eriat of not Ie~~ than 3a ~i~y~ from the date the notice is
~nailed ~cithin ~~•hich Borm~rcr wa~ ~~ay the sum~ declared ~h~c. If I3orro«er f~ils to ~~ay such sum~ prior to the
capiration of such ~~crial, I.endcr ma~•. «'ithoiii furtlicr notic~~ or ~lrroan~i on Borrower, im•oke an~ remedies per-
~ mitted by paragraph 18 hereof.
~s ~o~-i.•~IFOItAi ~.'~?~•t:r.~~T.. I;cn•~•~?~~•er and Lcncler furthc~r co~•c~nant and anj•ee as follows: j
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18. Acceleration; Remedies. f;xce~?t .i~ ~?ru~-ided in ~~ara~ralil~ 17 hcreof, u~?on Borrw~-er ~ bmach of an~
co~~enant or .igreement of Borro~~•cr in thi~ \fort~;sgc•, inclu~linK thc co~•enants to ~~a~' n'hen due an~ sums secured
~
~ Ly this ~[ortg~ge, I.ender prior to acceleration ~hall wail notice to I3orro~~•er a~ pro~•ided in paragrsph 14 hereot
specifyiug: I1) tl~e breach; (2) the uction rcyuir~til to cure such I?reach; ~3~ a datc. not ic~: than thirt_v days from
~ the ~late the notice is maile~l to Borm~~~cr, b~• «•hicL wcl~ Irreach must bc curc~l; and 14 ~ that failum to cure such
~ breach on or beforc thc datc s~~ecificd in the noti~c ma~• rc~ult in ac~eleration of thc suuis sccumd by this \Iortgage
~ ;~nd sale of the Yro~~erty. If thc hreach is not ct~rect on or 1?eforc the date .•y~eci6e~1 in the notice, I.ender ut Lender'~
option may declare all of thc ~wn~ ~ecurecl h}• thi~ ~lort~a~e to Ix• in~wc~ciiatei~ due and ~~ayable without further
~ demand and may forecla:e thi~ ~Iortga~c by ju~liciai ~rroceeciin~. L~•n~1er shall I~e entitierl to coltect in such proceed-
~ ing ali expen~es of foreclosurc, including, hut not limitecl to, rcasonablc attorn~~'s fee~, and costs of documentarS
evidence, abstracts and title re~~orts.
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