HomeMy WebLinkAbout1710 8. Inspecdc~u. l.c~ider ~~ui} ~uAk~• ur i•u~~~ to IK• u?:?~Ir r~:?,uu.?l,l~• ~•ntrir~ u~Nn~ :tu~l ins~?~tiuus o~ th~ Prop- !
et~y~ pro~~ided tl?ai l.cnder ~ht~ll ~i~e liurro~+•cr noti~•~• ~~riur tu :u~}• •uc•li i~~•~KCiiou .~?c~•if~•~nK rexsuenl~lc cause ~
,
therefor related to I.~~~aer'F intecest in the Propcri~. ;
9. CondsmnatioA. The ~~roc~~is of :lOV :~~~:anl ur ~•lain~ lOt 112i111A(;(~. direct ur cons~~~uential, in connection ~
~vith,~ny con~icn~~~ation or othcr tnking of tl~c Pro{K~rt_~•, or ~~uH thcmof, ur for eom•c~tin~•e in licu ot comlemna- :
a
tion, art~ hereby :~.c~:gacYi and •hnll l~e ~~uid to i.cudcr. ~
In the event o[ t? tot:?1 taking of the YroE~crt~•, the ~?roc~tirh ~hull ix~ a~~?~~lic~1 to the .uu~c sc~•urc~! 1,~• thi~ \tort- ;
gbge. ~~ith the excess, if .in~, ~~aid to BorroNCr. In the e~•c~?1 of p:~rlii~l ti?kiuK oi the Yro~~erty, unlc~s 13armwer i
:u?d I.ender otl~en~isc ngrec in ~rriting, ti~em sluill IK :~~~pli~~l to thc~ •unr ,ce~irc~l b~ this ~lort~age sucl? propor- "
tion of the proceeds i~.c is equal to that pro{wrtiu~i ~rhich the 1plOlllll p~ tI1C S111115 secared b~ tl~is ~[ortgage imme-
diately prior to thc datc oi takinR 1,cars to thc iair ut:u'ket raluc• ui tl~e Pro~iert~ in~nu~liutcl~ priur to the dute of
taking~ with the balAnce ui the pruceecis ~~ai~l t~ Iiorro~ er.
lf the Pro~~ert~~ is abandonc~l b~ Borrower or it aftcr nutice br L~•udcr to Borro~~•cr thnt the conden~nor oFEc~ ,
to u~ake an a~~nrd or settle a claim for dnu~agc~,. Borno~rer inil. to ms~~o~id to I.~~~~i~r ~~~ri»>? :~o ~i:~~•s of the date
of such notice, I.ender is ~~uthoriaal to collect :?nd :i~?~?l~ tl~e ~~rocccds .11, I.ender ~ optia~ eitlier to mstorntion or
repair of the Property or to thc ~uu~s sccurecl b~' tl~is \(ortk.~;:c.
Unless Iw:nder and Borro~ver othenvise ugrce in ~eriiing, an~ such application ot proceccis to principAl shali
' not extend or ~~ost~~one fiic dtte datc oi ti~e ~uouthiy iust::lliuent.~ refermct to in i?ar.igra~~iis l aeed ~ 2 hereoi or
change the amount. of ~uch installments.
10. Borrower Not Released. bctension of the tiulc tor ~?a~ nient or maiificntiou of amortiaution of t~he sums
secured by this riortgage gmnteci b} I.ender to an~ successor in intemst of Borro~ver sl~all not opernte to release,
in nny mAnner, the liabilit~~ of the origin:?1 RorroHCr ~nd Iiorrower'~ successor in intemst. I.ender shall not be
requirecl to commenee proeeeciiugs against suel~ sucee~or or refu~e to extend time for pr~yment or othernrise modity
amortisation of the sum~ secureci M- this ~tott~uge by renson of an~ dent3nd ma~le b~• the ori~innl Rorro~~er and
Borrower's successors in interest..
11. Forbearance by Lender Not a Waiver. :1u~ torbe~raizce 1~~ I.ender in e.rercising any ri~ht or remed~~
hereunder, or other~~ ise afiorcle~i b~ applicable ls~r, ~t~all not l~e u~~ ni~ cr of or preclude the exercise o{ any right
or remeciy hereunder. Ti~c procurement of ins~~rnncc or tlic ment o~ t~~cs or otl~er licns or charges by T.ender
shal) not he a~tai~zr ot I.ender'~ right ta :.cceler:~te the ~naturit~ of tl~e indebtecinec~ sec~~red hy this ~iortgage.
12 Remedies Cumulative. 411 mmeciic~ providcvl in ti~i~ ~tort;a~e nre distinct and cumulutive to any other
right ur mmeci~ under tl~i~ \tortgage or aRorded b~• Ir.~~- ar equit~ .:uici may 1~c exemiseci concurrentl~ , independ-
ently or successivFly_
13. Suceessors amd Assigns Bound; loint and Several Liability: Captions. The coren:~nts and agreements ~
i~erein contnineci shAll l~ind. :?nd tlie rights liereunder ~hall inurc to. thc respecti~c ~ucc~:~ors and a~signs of i.ender ~
.ind I3orron•er, a~hjcet to tl~c pro~ isiol?• of ~r,~r:~graph 1 i Lereoi. :VI co~•enznts an~i n~memm~ts of Borroner shall
be joint .uid ~e~•ernl_ The ea~~tion~ :ui~l hea~lin~ of the ~?ar:i~rn~~h~ oi thi~ ~[ortga~e am for com•enience only and ~
are not to be used to interpret or ~lefinc t hc pm~ isions herco{. ~
14. Notice. Any notice to Borm~~-cr ~?m~idcrl for i~~ thi~ ~lort~a~~• ~Iritl Ix• ~i~•c~n bti n~ailin~ suc~~ noticc b~
cer[ified ~uail .i~ldmcsec! to Borro~~er at the P-ropert~ :\~l~tnw~ ~tutcYi i?elo~.~. exce~~t for an~- noticc requimd under
~?:?r.~gr:~ph 18 hereof to !?c ~ircn to Borro~~-cr in the m::nner ~?rc~cril~l h~- ap~~licnble la~~. ~n~ notice provided
for in this ~[ortgage ~ha11 I~c ~iecmc~i to hn~•c 1~cen gi~•cn to Borm~~er ~chen given in t!?~ m:inncr ctesign~tai herein.
15. Uniform Mortgage; Governing Law: Severability. 'Chi~ torni of mort~lge combii?e~ aniform co~~en~nts
for nationul use and non-uniforn~ co~enant~ «itl~ limited ~-:?riation~ by juri~diction to constitute uniform secu-
' rity instrument covering reat pro~~erty. This \[ort~agc ~hall he go~•erned hy the la~ti• ot thc jurisctiction in which
i the Property is located. In tlic c~ent thRt :?n~ pro~ision oi• ~lause of this \Iortgagc ar the \ote con8icts ~vith
~ applicable lu~~•, such conflict shall not a?ftect other ~~mrision~ of ihi~ \[o~tgage or the ~Tote ~hich can be given
effect ~vithout thc conflicting ~~rorision, and to this end the ~~m~'i~ions ~f the \(ortgxgc :ind th~ \ote ure declared
~ to be severable.
16. Borrower's Copy. Borro~~~er ~hail i~e furni•hc~i a confonued cop~• of this \iortgage at the t.ime of execu-
tion or after reconlation iiercof_
17. ?raasfer of the Property; Assumption. If all or ;~n~- ~~art nf thc Propett~• ar an interest therein is sold
or tr+nsferreci h~• Borro~tier ~ritlioi~t i.ender ~ ~~rior ~~-rittct~ ~•onsc:ni. ex~l~iding 1 ~1 tl~e creati~n nf a lien or encum-
brance ~uhoiYiinate to thi~ \tort~age. tb~ tl~e ~reation of :i ~?+~r~~lr.i~~• ~:ione~ ~ccuritr inter~~t tor household appli-
;?nce~. Ic) a tra~~ier br de~•i~c, descent or b~ o~?eration of la~~- u}~on tl~c~ ~ie:stli oi a joint tet?nnt or ldl the grant of
au~ lea..~cliold intcm=t oi tl~rcc ~c.ir or lc~• ~iot rontainin~; .u~ o~?tiu~? to ~?i~mh.i~c. I.ender ma~. at I.ender'~ option,
declate all the ~~~u~~ ~ec«recl 1?~• thi~ \iortg:~~e tr? he inui;+yliai~~i~- ~ln~~ ancl !?a~•:~ble. Le~t~ler ~hall ha~•e ~~ai~•ed such
option to :?ccelerate if. ~?rior to tl~e ~:tle or trnn~ier. i.eu~ler au~l Ihc~ ~?+~ro~i to ~~•iwm thc• Yro~~ert~ is to be sold or _
trxnsferred macl~ agmen?cut in ~criting that thc ~nylit oi <u~•l~ ~?cr~on i~ ~.eti~f:~ctun- t~ I.ender :.nd that. the interest
pa~able on t}?e ~i~ms ~ccureci br thi~ ~(ortguKc ~i~all I,~• :it ~u~h r~?tc I.c~~der ~I~all m~~ue:st. It t.endcr has wai~•ed
il~e option to :~cceler,ite ~~rorided in tLis ~?aragr:~~~l~ 17 an~l ii Borm~rer': ~uccec5or in interest l~a~~ executect a writ- ~
tcu assttmption agreetnent :?cceptc~! in ~~ntin~ h~ 1.~>n~ler. I.cn~icr ~h~li mlcase Borro~cer fmn~ all obligations u:ider
t his \iartgagc ~nd thc ~'ote.
If I.ender exercises <ucli ul~tion to acceierute. l.ender ~hall ~:?ail I3orro~~er notice oi acceleration in accordance
~+~itL ~n~ragrcipL 14 hercof_ ~uch noti~~e ~liall ~~ro~~i~k ~?erial ~f not 1~~-~ than 30 iia}•: irom the date the notice is
maileci ~~itl~in ~~'hich Ron~o«-~r nr.iy }r.:~ thc ~wi?.~ ~leclarecl ~iu~~. i~ Borrow•cr fail< to ~~a~ ~uch ~um~ prior to the
~~xniration ~u~~h ~mriai, I.c~?der nia~-. »•itl:out furilu~r noti~•~• c~r ~Icur.u~~l or Rorro~t•cr. int-oke am• remedie. per-
u~itteci In• paragra~~h 18 he*+~o1.
\u~-[-~ttotcat l,~O~E\_t~TS. Ki?t'1'Oi~'1•r:?n~l Le~n~l~~r fm•th~~r c~~E•~•u:u~t .utcl arree .~s follo~«:
18. Accelecation; Remedies. Ex~•e~~t :r.- ~~ro~'i~l:til in ~~ar:t~;r:ijdi 1" liemoi. u~wn Rorro~cer'~ hreach of an~-
~~u~•~uant or :~grerment of Borro~~-er in tl~i~ ~lort~;.~~;~~. in~lu~lin~; th~• cu~-enxnt~ to ~~a~• ~chcn due ant• ~ums secured
by this ~iortguge, Lender prior to ucce!er.?~i~?n ~l~all i~u~ii noti~e to Korro~cer pro~-~~iccl in ~~aragraph 14 hereof i
:~,ecif~•in~;: i I1 the brcacb: ~21 tLe aef~ion rr~~uir~yl tv cum ~uch I,r~•a~h: ;3r a dste. not 1~~~ than thirt~ da~-s fram ~
the ilate tlie notice i~ ~nail~til to Borm~~'er. 1?~- «'I!i~'I+ ~u~'~i hr~'acli n:u~! 1?r cuntil: an~i ~~11 tl~at iailum to cure such ~
t
bmach on or i?efore thc dalc ~~~e~ificK! iu the• noti~~~ n~a~' re~iilt iu a~~elersti~m oi tl~e ~un~~ ~ecurecl i?~ this \lortgagc
;u;d sale uf the Yro~~ert~. If thc t?rea~h i. not curett on or !?e•fam th~• ~latc~ ~~~ecificYi in thc notice. I,en~ler at. I.ender'~ ~
option roa}• ~Irclare al! of thc• ~i:im ~ecure~l I?~• thi~ ~lort~.i~c to ix~ ii~~~uc~liatel~ ~lue an~1 payable witlwut further
demand sn~! n?:~~ fom~l~re thi~ ~tort~:~~;~• 1?~• ~u,li~isl i?rcMC~ylri:~. I.~•n~ler ~hall 1~ ~~ntitlctii to collect in such proceeci-
ing alt ex~~emc~ of foreclosure_ inchulin~. hut not li~uitcyl to, rea~on.thlc attorne~'~ iees, and costs of doeementan
evidence, abstract~ .~n~i title re~?ort~_
aoox~l Pac~~.70$ ~
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