HomeMy WebLinkAbout0716 8. Iaspecdon. Leucl~r w:?)• mak~• or ~•uu~~• to IK• ~u; ~1~• n:~•un:~l~i~• ~•~?trir~ u~?uii :u~~i iu•~~~•~•tiuu~ oi thc Yroti~-
iro~~i~leci tht~t I.c•u~irr ~h:?Il Ki~•e 13urru~v.•r ~iulic~~ ~~riur lo :?m• ,u~~ti in•l?rMiuu ~I?r~•if>~in{; ;ci?~unable cau~;
rrty, ~
therefor related to I.~n~ler'+ int4rest in tlic P~{?crt~~.
9. Coademnation. The ~~roc~is ot un}' :~~~•i?r+l c~~s•l:~im ia• ~i:?u?a~c:, dircct a• ~:ou~~v~ucutiAl, iu coni~cctiou
~~~ith :~ny coudemniitiuu or otl?r.r tnkinK of th~• 1'ro~n•rt~•, ur ~?;u•~ tlirrc~?f. or for ~•ou~•cy:?u~~• in licii oi condenuiu-
tion~ are hereby a~~iKncyt nu~i shull I,c paid to l.ender.
In the event of n total t:~kiug of tt?e Yro~~crt~', tl~~• ~~ra~~•~yl• •hsll h~• :~~?~?li~yi to th~• ~oui; :r~•u?tid 1?~• thi~ \lort-
~uge, a•ith tl~e excea,, if :~n~~. ~?xid to Borro~~er. In tl~~ c~•~~nt of a ~?urtial t:~king of the Nm~x•rt~~, uule~. I3orrower
:~i:d I.ender utt~en~ise:?ri~• in ~~riting, them sl?c?11 iK• a~?~~li~vi tu ~h~• •~nn: •ecunyl b~ tl~i~ \IoNkuKc such pro~zor-
tion of the proccedc :~s i. equul to that ~?roportio~~ ~~•hi~l~ tli~_ :unount oi 11ic sun~• ~ecun~i h~• this \(ortKagc imme-
~iiately prior to thc dntr of takin~ i?ean ta thc inii` ur.u-k~~t ~:~lu~• oi th~• l'ro~?crty im~uc~iitrtcl~ prior to thc date ot 1
taking, with the bnlauce of thc ~»bcec~ls ~~ai~l to I3arro~~~er. ~
If the Yropert~ is al~a:~~oneil 1~~~ I3orro~~er or if attcr noti~•r 1.~• L~uder to Borm~~•cr ti~nt the conde~:mor oPFets
to make au a~vani or settle ~~Inim for ~imm~~es. Tiorro~~•cr fail~ to re~pond to I.c~~dcr ~vitl~in 30 dA}•s ot the datc
of sueh ~~otice, I.ender is suthorizMl tu collect ;u?d a~q?h' the ~?m~~ecyi~ :?t Le~~der~ opticu~ either tu restorntion or
rept~ir of thc Property or to thc ~wns ~ccum~i I?~ thi~ \lort};.iK~ .
ITnles.5 L~•~ider :ind Rorro~ver othern•ise agree in ~vriting, an) sueh application ot proceeds to principal sl~ull
not extend or postponc the due dnte ot the monthlti insl~lhn~nt~ retcrrc~t to i~? ~~ar:~~rnpli~ I and 3 hereof or
change the an~ount. oi s.~ch instnliinents. i
10. Borrower Not Reloased. Rxtei~sio~i of the tiu?~• for ~~:?~•u~c~~t or ~uaiificaiiun of :+mortization of t{ie sums
.~~cureci ~?v ihis \Iartgagc grnnted b~~ I.endcr to un~• ~uccc~sor in intcrc.t ot Borro~~cr shal! not opcrntc to release,
in i~ny u~nnner, thc li~bilih• of tl?e originsl l;orro~~•cr and Rorro~~•cr'~ ~ucce.,ors in intemst. I.ender shall not be
rec;uim~i to commence procee~lings ngninst such succG~sor or mfu~~~ to exteud time for pnvme»t or oth~•nvise modif~
;imortisntion ot the s~uu~ secureci A~• this ~lortga~c h~ mu~on ot :u?~• ~icmand made br the ori~i~rnl Aorro~~er and
Borrower's successors in interest.
11. Forbearaace by Lender Not a Wuiver• -1u~' forbcarnnce b~ Lender in exercising Any right or remedy
{iereunder, or othernise aaonicd b~• :~pplicablc la~~•. sl?nli r.~t I~c a~~'nircr of or preclu~le the exercise of anv rigi~t -
or reu~e~iv l?ereunder. The procuren~ent oi insurance or tl?e ~?a~ ment of taxes or other lie»s or charges by i.ender
shnll not he a~v:?irer ot 1.ender ~ right to accelen?te thc ~~u?turit~* of the indebtecinea~ secuirci 1>~ this ~Iortgt?ge.
12. Remedies Cumulative. All remcclie~ ~~rovidnl in thi~ ~IoH~a~c arc distinct ancl cumulntive to nn,y other
right ur mmed~' un~ler this \[ortgage or :?fforcic~l h~• la~~• or ~~uit~•. :uxl ina~• 1?r exemis~~1 concurrently. indepenci-
ently or succeccively.
13. Successors ~d Assigns Bound: Joint and Several Liability: Captions. 'Clie ~•uren:int~ nnd agreements
herein contnineci shnl) bind. :in~l tl:e ri~htc hereuu~ler ~hail inum lo. th~ respecti~•~• ~ucce~~on and acsigns of I.ender
:?n~: I3orron'cr. ~uhject to ihe pro~isiom of ~?:?rn~r.?ph 17 h~rcof• co~•enant~ 3n~1 aKrec~uent~ of Rorro~~•er shall
i?e;oint :~nd -e~'er:il. Tl~e c:i~?tiom :in~l hesdin~: of the ~?ur.tri.il~i?~ uf thi~ ~lort~~ge :~re for ~•om•enience onl~ and
~te not to be used to inierpret or ~lefinc the ~~m~ isiou~ lic~mol.
14. Notice. ~n~• notice ta Aorro~rer ~~ro~ idc~i tor in thi~ ~lort~;a~~• ~L.ill he ~i~'en 1??' ~n~ilin~ .uch notice b~
~•ertifieci u~ail :«idressect to Borro~~•er at tl?c Y:~pert~ _~~l~ire<~ ~t:ttctii iiclo~c. cxce~~t for am• notice reqi~iretl under
~~:?r.?~r:~ph 18 hereof to i?c ~i~•~~n to Borro~~•cr in thc• ~u:u~m'r ~?re~~rii?ctil I?~- ,?p~~licat?le 1.1«•. ~n~• notice ~~ro~ided
for in this \iort~a~e shall hc ~icewc+! to I?a~•c ix~ce~ ~i~•cn to Rorro~scr ~~hcn ~;i~'cn i~~ th~ n?auner rlesi~nate~i herein_
15. Unitorm Mortqage; Goveraiag Law: Severability. '1'hi~ foru~ ~f inort~age combine~ uniforn~ co~•en:?nts
for national usc and non-uniform co~•cnant~ ~~itl~ limitctil ~-ari:ttion~ 1,~ jurisdiction to constih~tc a uniforn~ secu- _
rity iustrument co~•ering re~! ~?ropcrt~~ _ Ti~i~ ~tortgaK~~ ~Lall hc ~~orernc~i h~ the la~~' 01 thc~ jurisdiction in ~vhich
the Yropert~v is locateci_ In ~lic erent tLat :u?~• pro~'ision or clau~c of tliis ~tortguge or the \otc conflicts ~vith
applicable la~~•, ~ucl~ ~•onflict ~hall not :?ffect other ~~rori~!om oi tl~i~ ~to~tgage or the \ote ~vitich cun be given
cffect ~~•ithout. the conflicting ~?ro~-ision..tind to thi~ cr.~i thc {~ro~-i~ion~ of thc \[ortgage arni the Note are declared
~ to be severable.
16. Borrowei s Copy. Borro~~er ~hall hc furnic~ic~! ~•onio~-~nec1 ro~i}- c~f thi~ ~Iortg:~ge st thc time of execu-
tion or after recorclation hereof.
17. Transfer ot the Property: Assumption. If :il; or au~~' l~arf of thc Propc~t.y or an interest therein is sold
or transferrcd b~' I3orro«cr ~~•ithout I.endcr'~ ~~rior ~criticn ~~onscnt. r~~t~~din~ ~ai ihc cmat.ion of a lien or encum--
i :;;~j:~~ ;:,t.~~~!»~tr io thi~ ~[ort~uec. ~hi tl~c ~re:ition ~f a ~nu-~•La~c~ ~none~ ~ecurit~• i»tem~t for I~ousehold appli-
:uic~. Icj a tran~fer h~- ~le~•i<e. ~le~cent or In- u~?eration of 1a~r u~~un the ~leatl~ oi ci joint tenant or icil ihe grant of
:in~ leas~l?old intere~t ol tl~ree ~•car~ or Ir~~ uot ~ontainiur :u~ oI?tiun tu purcLa~c. I nnder ~u~r• :it l.ender's option,
~ieclare all the .:~un~ ~c~urc~i i?.- ~hi~ \t~rt~:<<,c to hc imu~e~!i:i~.~h- ~iue :~n~l ~~a~•:~hli~. I.en~ier ~hall lia~~e ~rai~•ed such
~ option to ac~~eler.~te i(. ~?rior fa tl?e ~~ile or tramf~r. Len~l~•r aw1 th~~ ~?er~on to ~chom tl?c j'ropert~ is to l~e sold or
trxnsEerred reach agreenient in ~~'ritii~g il~at the ~~rM1it c~f ~ucL ~?cr~on i= ~:~ti~tactor~ to I.encler an~i that the intere~t
~ payable on the ~wu~ ~ecure~l br thi~ ~Iort~;:~~;e <i~ail i?e ;?t ~u~•I? rxte Lcnder ~h.tii rc~uest. 1i I.ender I~as wai~ed
the option to :ic~clerate ~~ro~•idcKl in tlii~ ~~aragr:i~~li 17 anil ii lion~o~~'er~~ ~ucce~or i~z interest l~a~ executeci a writ-
teu assu~nption agrecinent acec{~tcti{ in ~~'rit:n~ In• Lcn~icr. I.~~u~ler ~hall rclca~e Borro~~er from alt ol?ligations under
this ~tortgage and thc \otc_
If I.ender exercises such uptiou tc? acceler.titc. I.r.nder ~Lall enai~ 13orro~~er notice of acceleraLion in accordance
~~-;tli ~raragra~?h l4 hereof. ~u~l~ notic~~ ~h~ll ~?m~-i~i~~ a ~?eriai oi not Ic~- t~~an 30 ~ia~'~ from thc ~iate the notice is
~uailecl ~~-itLin ~~hicL Borro~~~er u~a~• ~?a~ the ~un~~ declarc~l ~h~~•. Ii 13orro«~er fail~ to i~a~ ~uch ~mu~ prior to the
~•xt~iration ot ~iici~ ~?crial, I.endcr ~na}•. ~~:thotit furtlicr noti~•~~ or ~Ic~nan~t on Ror*o~~cr, in~•oke ai?}' remedi~ per-
u~itteci l~~- paragraph 18 hereof.
~ \~~r-l~~tt•~?K~t l'i?~-};~axT:. K~~rr~~~~•~•r a~n~l l.en~l.•r fw•th~~r eu~•~•uant und agree a~ follows:
~ 18. Acceleration; Remedies. I~:x~•c~?t :i~ ~~ro~-i~1~yi :n ~?:?r:i~;i:i1?I~ 1; hemot- ul?o~~ i;orro~~-er'~ hrcacii of an}-
~•o~•enant or agme~uent of Bvrro~~-er in tlii~ ~lort#;:?~:~•. it?rluilin~ thc~ ~v~•~n.~nt~ to ~~•I~cn due an~ r~ms ~ecured
~ ~y t~~is ~~ortg:~ge. I.encier ~~rior to n~cclir~tion ~Lall ~nai's notic~~ to Borratcer a~ ~~ro~•ideci in ~~aragrapl~ 14 hereoi
;pecifvin~;: ~ 1) tl~c brea~h: ~21 the :~etion rc~~uir~~~l to ~•nm ~ucl? l~re~el~: a clate. not Ic~ than thirty days ironi
the ~latc tl~r :.oticc i~ u~ailc~i to Borro~~'er. ~~'~>i~'~~ `i~~'~~ ~~r~'~~''~' »»i`'- 'x' ~l~rcK1; a~ed !4? that failum to cure such
breach on or betore the ~lntc ~~?ecifieYl in ihe noti~e n~c?}• re~tilt in :lP~eleratian_of the suu~s ~ecurecl 1>~ thi• ~iortgage
and ~ale of thc Yropert}. If the f?rcacl~ i~ not ~ur~Kt rn~ or I~i~for~~ the ~1atc ~~?ecificcl in tl~e notice, t.ender at i.ender'~
o~~tion iua~ ~teclar~ all ~f thc am~• :ecun~cl 1~~- thi• ~1ortKu~c to i?e ii~uuc~iiatel< <3ue and payable «ithout further
demanrl arnl iua)' foreclosc thi~ ~Iortgake )u~~i~is?! 1?nx'~'~"lin~. L~~n~icr ~I~xll I?c entitied to collect in such prceeed-
ing sil ex~~enses of foreclosure. includin~;. tnit not li~iiite~i to, rca~onuble attorne}•'s fees, and costs of doeumentart•
evi~ience, abstract~ an~i titlc re~~ort~.
BOOIt ~~9 PAGE 7~6
~
- _ _ - - ~
~ , - ~ F - - ~ ~ ~ T
x
x r,..,~-~„ " ~
- ` ~ :
~
- ~
- ~ _ ,