HomeMy WebLinkAbout1828 ~ 8. Inapection. l.en~ler ~i~u~' ~nuke or ~•:~u•~• to IK• ~u:~~l~• r~•:uu~r~bl~• ~~~?lri~•. u~?o~i iui~l ins~?rctious o! th~~ Pro~~-
erty, ~~rov~,leci tlud Lend~~r ~liall gi~•c liorru~~'er uolii•~• ~~rior t~? :u~~• •urli ius~n~cliu~~ .•~~i~cif~~iuK nus~~~ai,le rause
Eherefot relateci to I.ender'. interest in thc Nro~~erty.
9. Condemnation. 'Chc ~?rocceds oi :u?~~ :~~~~:~ni ur ~•Itiiui ior ~i:uua~~:. direcl or cons~~~ucntial, in con~icctiot~
~rith :u~v conden~ni~tion ur otl~er takiu~ of tlie Yro~K~rt~ . or ~?:~rt tlicreat, or for ~•ou~•ey:inc~e in liru of condemnu-
tion, are hereby :?~.~i~ncyl auid sluill I,c pnid to l.e~?dcr.
In the e~•cnt• ot n total tuking of the Yro~~en~•, tlic ~~ro~~•~vi~ ~Ir?II 1N• a~q?li~vl to tlic• ~~uu. sccured h~• thi~ ~lort-
guge, ~cith the excess, it :?n~~. ~?:~id to Borro~~•er. l~~ tli~ e~•rnt of a i?a?rtial tukinR of tl~e 1'ro~K•r~~•, unle.ti Borrower
:u~d Lender otliet~eisc uK~~ in ~~titin~. them ~l~all IK• :~~?~~li~yi to thi• ~un~: •~~~•urcrl h~ this \lortK:~~c •uch propor-
tion of the proceecls as iG eGual to tl?at pro{~ortion ~rliich tl?e :ui~ount o[ thc suu~s sccurect 1?}~ this ~Iottgnge imme-
diately prior to tl~e dnte ot tnkii~g hear 1~~ the t:iir ~uurk~~t ~•~~lue of th~~ i'ro~?ert~• i~nin~~iinteh prior to the dnte oi
taking, with tl~e balancc of thc ~?rocc~ds ~,aid to Borro~ra•.
If the Yroperty is :~bs~?clonc~i by I3orro~~cr or if :ifter ~~otiee 1?~• L~•uder to I3orm~~•cr that the conden~nor oRers
to mnke ~?n :?~~nrci or settle u ~laim for d~mi~ges. Tiorrou•er inil~ l0 1'CS~lOI1lI tA l.ender ~~ithin 30 ~la,ys oi the date
of such uoticc, I.ender is :iuthoriz~yt to ~•oUcct :uul a~?pl~ thc ~~nx~•~~1~ :~t l.cnder'~ optia~ eiW~cr to rc,torntion or
repair of the Propert~ or to thi~'~unts xecurc~i 1?~• thi. \lortg~ke.
Unless I.ender and I3orrower other~vise agree in ~vriting, any such npplication of ptoceeds tu princi{~nl shall
uot extend or postpone tLe due date ot tl?e montl?1}• iu.t.~l;u~ents ref~rrecl ta in ~utr.igrn~~h~ 1 and 2 hereof or
change the an~ount. of such instnllments.
10, i~orrawer Nof Aelectx~d. F.xtencion nf th~ tiu~~ fm• p:t~•~nent or m«lificatiou oi amortisntion of the sums
,ecureci by this ~lortgugc grnntecl by I.encicr to nn~ ~ucccc~or in intcrest of I3orro~scr sl~all not o~~crntc to release.
in :iny ~ut?nner, tl?e liahilit~ of thc originsl Borro~~cr :u?d liorroa•er'~ succec5or iu intemst. I.ender shall not be
requirecl to con~mence ~~ro~cedings against• such succG~sar or mfu~c to extend tinie for payment or othenvisc niodify
:~mortiaation of the suius secured b~• thi~ \Iott~ngc h~• rensou of :im• ~icmnnd mndc h~ tl~c ori~inal Rorrot~er and
Borrower's successors in interest.
11. Forbearaace by Lender Not a Waiver. :~i?~ forbe:?rn~me b~ I.ender ~n exercisin~ any right or remed~
hereunder, or othenrise naorded h~ applicable In~~•, cLall not 1?c ai~•er of or preclude the exercise oi any right
or ren~edy 1?erciindcr. 'Chc procumnicnt of insurance or thc ~~syment ot t.axc~ or oti?er liens or chA:ges hy I.ender
shnll not bc u~~~:ii~er af I.ender's right to accclcr.?te tl~e mnturit.~~ of the indeUtednec. securc~ci hy this \~tortgage.
12. Remedies Cumulative. '111 remeciic~ pro~•idcyl in thi:: ~tort~n~c are distinct 1nd cumulati~•e to nnv other _
right or remedl• wuler this \fort~a~c or af~ordcYi h~• la~~- ~r equitt•. :?n~l m~}• hc• exerci~ed concurrently, independ-
entl~ or succe.ccivel~ .
13. Suceessors and Assiqns Bound; Joint and Several Liability: Captions. TI?~ co~•en:?nt~ nnd aRreements
~ierein containeci shall bincl, and the ri~hts hereunder ~h;?II inure to, thc respecti~•e ~i~cc~~~on ancl ~csigns of I.ender
;~nd Rorro~~er. ~uhject to th~ pm~'isiom of ~r.u-agra~~L 17 l~emof. :\ll co~•enAnts und n~;reement~ oi Aorroner shall
be joint :~nd ~ereral. The c.~ptiom :tn~l headin~~ of the ~?:u.~{:r.?~~h< of thi~ \[ortg~~e ~n for com•enience onl~ and
are not to be used to interpret or definc the ~~rovision~ hcrcot.
14. Notice. An~ noticc to Borro~~•er ~?m.•ideyt fur in tiii~ \lort~ug~• ~liull ix• gi~•en br mailinK ~ucl? notice h~
~•ertifieci ~uail a~i~ite.~sed to Borro~~•er at the P~opert~• :1~ldr~•~~ ~t:itcci hclo~~•, exce~it for :u?r notice require~l under
~r.ir.i~raph 18 I~ereof to l~c ~it~~n to Borrn~~-cr in the~ manncr ~?re~crihc~l 1~~• a~~plirt~hle la~~~. _1n~ notice provideci
for in thi~ 1[ort~~t~;c ~hail i?c ~leeincYl to ha~•e l.ec~n ~;i~-en to Iiorm«•er ~~-hen ~iren in tl?~ manncr ctesignatc~l herein.
15. Uniform Mortgage; Goveming I.aw: Severability. 'Chi< iorm of n~ortgaKc rombin~~ imifonn co~•enants
for nafional u~e and non-~miforn~ corenant~ «itl~ 1in~itc~: ~-ariatiou~ jurisdiction to constitute a uniforni secu-
rity inctniment covering re31 ~~ropert~ _ Thi~ \{ort~a~c ~hall be ~;o~~ernc~i 1?~• the la~~• of thc jurisciiction in «hich
the Ympert.ti i~ locntecl. In fllC C~Clif Illdt an~ ~~ro~•i~ion or ~l~i~se of this \Iortgage or the \ote conflicts ~vith
, applicable In~ti•, such conflict ~hall not at~cct other ~~ro~'i~ion~ ot thi~ ~[o~tgage or the ~ote ~~hich can be gi~en
efiect~ ~~ithout tl~e conflicting ~~ro~•ision, and to tl~is en~1 the ~~ro~-i~ion~ of.thc \Iortgage :~nd the 1~ote are deelared
to be severable_
16. Boriower's Copy. Rorro~~er ~hall bc furnisl?e+l ronformecl cop~ of thi~ ~Iort~~;;c at, the time of execu-
~ tion or after recorciation hereof_
( 17. Transfer of the Property; Assumption. if all or anr ~~art of thc Propert~• or an interest therein is sold
or t~nstermti b~• T3orro~cr ~vithout I.endcr ~ prior ~~•ritfcu ~~on~cnt. ~x~hidin~ !al ihe ercation of a lien or encum--
hrance ~ubonlinate to tl?i~ \lortga~;e. ~1?1 th~ ~mation oi .i ~?ur~•h:i~~~ monc~- ~ecurit~• intcr~~t for l~ousehold appli-
unces. Icl transfer b~• ~le~•ise. descent or h~- o~?cration of la«- u~?on thc ~lcatl~ oi a joint tenant ar 1"d) the grant of
:?n~ leaschold inferc~t of thrce rear> or Ic:.~ not ~•ontaiuin~ an o~?tiun ~o ~~~rrcl~a~c. Lendcr ~na~ _ at I.ender's opt~ion.
declare al) the sum~ ~ecurecl 1?}• tl~i~ \Iort~;at;e to he imumdi:~tel~- ~luc :~ml ~~a~-able_ Len~ler ~hall ha~~e ~~-ai~•ed sueh
option to ac~clcr.itc if. ~~rior to thc ~alc or tr:n~icr, I.cmlcr :~u~i tl~~• ~?cr-on to ~~hoiu thc Yropcrtt is to be sold ~r
tmnsferrecl reach agmen~ent in ~critinfi tl~a[ the c•rcYl:t oi ~ierl~ ~?er~on i~ ~.+tisfactorn to Lender and that the interest
payable on tile ~u~n~ ~ecure~l b~• thi~ ~lortgage ~Irill i?c :it ~ucli r:~te Len~ler shall request_ If I.ender has wai<<ed
the option :?ceelerate ~~ro~•i~ic~l in this ~~aragr:?~?I~ 17 an~l i! Borro~cer~~ succe~or in interest has executeci a writ-
ccn assumption agrecment ac~~pt~~cl in ~.riting 1~~- L~•n~icr. I.e~i~icr s!?all re?ca~c Borro«•cr from all ohligations under
this ~'Iortgagc and thc l~Tote.
If t.ender exercises sucl~ option to acceier.?te. I.ender ~h,?11 ~n~iii Borro«~er notice of accele ~ation i= uccordance
~;•itl: ~?aragra;~h 14 hercof. ~uch noti~c• ~hall ~~rn~•i~l~~ a ~?eri~xi of ?wt le~~ than 30 ~lay~ iro~n tl c d~tte the notice i~
wailed ~~-ithin ~cl~ich Borro~~•er ~ua}• {?3}• thc smu~ de~larc~l ~lu~•_ If l3orro~~•er fails to pa~ >;•~h ~~»u~ prior to the
cxpiration ot ~urL ~~erial. Lcn~ier ma}•. «-ithout iutth~~r noti~~~• or ~lemxn~l on BorroH•er, ir~~~uce an~ remeclies per-
?nittEd b}~ ~>aragra~il? 181~ereof. -
~ ~O\-j~\INOI:~[ ~~(/\'F:\:\\T1. ~;(~PC~1~~'l•1':ID(~ 1.(•lil~l•1' ~lll't~l!'1' l'O~'Pila'illt iill(i :l~l'P,P A~ ~~~I~~ON'~:
18. Acceleraiion; Remedies. F:~eept :i~ ~?r~?~•i~led iu ~?ar.+~;r:i~?li {7 Lemof. u~wn Borm~~-cr'~ t;reaeh of a~~
co~~enant. or a~ree~uent of Rorro~cer in tlii~ ~(ort~;:~~:~•. inclu~iin~; the cu~-enant~ to {~a~- ~~'hen ~tue xn~ sums secured
b~~ this ~iortgage, Le~zder ~~rior to aceeler.ition ~hall wail notirr. to Borro~rcr a~ pro~•ideci in paragraph 14 hereot
s~~ecif~•in~;: ~ il the• breach: 121 the:«tiun re~~uircvl to cure ~uch hreach: ~3~ a dste•. not Ic~~ than thirty da~~ fron~
thc ~iatc thc notirc i~ mailc~l to Bon-o~~~~•r. a'hich ~u~•h I~rc.tc•li ~nu~t hc ~urc~1: and i41 that failum to cu:c such
breaeh on or !?efore thc ~late ~~?ecifictil in the noii~~• ma~ reau~t in a~~eler:?tion of the wm~ ~ecurecl h~ this ~lortg~ge
;ind ssle of the Propert~•. If thc hma~h i~ not ~•tirc~t on or hefom thi~ date ~~iecificxl in tlie notice, 1.cnder at t.ender's
option iua~ ~lecl:~re all of the ~um~ ~ecurecl b~• tlii~ ~lort~u~;c to bc inw?cciiatcl< <iue :1i1(I (13~~aUle itti~out tarther
demand and ma~ fomclo~e thi~ ~fortg:?~~ I~~~ ju~li~ia~! ~~rocc~eylin~;. L~nder sliall be ~ntitlect to collect in cuch pt'oceed-
ing :~ll ex~?en~es of foreclo.ure. includin~;, hut not liu?it<yl to, mu~onuhlc~ attorne~'~ fee~, :?n~i cost~ oi documentary
e~idence, abstracts an~t titlc n~~~ort~.
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