HomeMy WebLinkAbout0036 ~
8. Iaspection. I.ender ~nnti• nu?ke or ~•su.e t~~ Ix• nu~dc reu~uuul,l~~ ~•~~trirs u~,m? uu~l insj?eetia~s of t.he Prop-
i~rl•y, pro~•iciecl that Lencter til~ull ~ive Rorro~~•er i?olice ~~rior to :un• ~ueh ins~?retio~~ s~~eei[yinK reasonable cause
therefor relateci to I.ender's intemst in thc Yroperl,y.
9. Condemnation. The proceeds of any :~~~~nrcl or c•lairo fur dsn~~ges, direet or consequential, in connection
~~•ith un,y condemnntion or other t~king of the Propcrty. or ~~;~rt thercoi, ~~r for c•om•cyan~•e in lieu of condemna-
t~ion, are hereby assi~;ned and shall be paid ta i.ei~der.
In thc c~~ent of a tot~l taking of the Yro!?ert~•, the ~irorrcxl~ ~hall 1?~ u~~~di~~cl to the wms ~ecured by t.his ~iort-
Kiige, ~vith the excess, ii t?ny. ~?Ai~~ to Borrower. In tlu~ event of ai p:?rti31 takin~ of the Yro~~crty, unless Borrower
:uid I.ender othen~•ise ngree in ~~•ritin~, them sl?nll be ap~~lic~1 to th~ sun~~ sccureci b~ this ~tort~zige suci? propor-
tion of the proceeds ,ts is equt?1 to thttt proportion ~~hicli thc nmount oi tl~c sums secureci by this \iortgage imme-
~liately prior to thc date of tAkin~ t~ear. to the fair n~:~rk~ t ~~alar of the Property immc~clintel~• prior to the date of
taking, with the bnlance of the F~raceeds ~?nid to Rorro~~•cr.
If the Propert~• is abaudonecl by Borro«•er or it :~iter ~iotice b~• i.cnder to Borro~~•er that the coudemr~or offers
to make an uwnrd or settJe a ciaim for damages, Borro~~•cr fail~ to mspond to I.ender ~~~ithin 30 days of thc date
of sueh notice, I.ender is st~thoriz~til to collect :tnd sp~?ly tl~e ~~roc~Y.ds ttt Lender's option eitl?er to restorntion or ~
repair of the Property or to thc ~ums secured by thi~ \iort~a~e. ~
Unless I.cnder and Borro~ver othenvisc agree in ~vriting, uny such application of proceeds to principal shall ,
not extend or postponc the due dAte ot thc monthly instnlimcnts rcierred to in pnragra~?hs 1 and 2 hereof or '
chnnge the amount of such installments. ~
10. Borrower Not Released. F.xtension o[ the tin~e for p~~y~nent or maiification of an~ortization of the sums ~
~ecured by this ~tortgage gtanted b~~ I.ender to an~ .uccessor in intercst of Borro~ver shail not operate to release,
in any manner, the liabilitt• of the original Rorrower ~nd I3orro~~•cr's ~uccessors in interest. i.ender shall not Ue f
requirect to commenee ~~roceeclings against such successor or mfu~e to extemi time for p~~~menf or othertvise modify f
:~mortizat.ion o[ the sums secureci h~~ this \iort~age b~• reason of an~• ~ie~i~nnd roade bt• the originAl Borm~~•er and ~
Borro~ver's successors in interest. #
11. Forbeasance by Lender Not a Waiver. :1uy forbea~•~~mc b~~ I.ender in exercisiug any rsght or remedy ~
hereuuder, or othenvise afforcled b~• applicAble lnn , shn11 not be :~•siver of or preclude the exercise of any rig~ht.
or remedy hercunder. The procurement oi insur~ncc or the >>a~n~ent of taxes or other liens or chArges by T.ender ~
•hali not be a~vairer of I.ender's right to sccelerate the uiaturit~• of thc indebtecines.. secureci by this \'Iortguge. ~
12. Remedies Cumulative. All remeciie~ pmvide~l in this ~IortRa~e are distinet and cumulative to any other €
right or remec~~• un~ier tl~is ~iortrage or af~orcicri 1,~• la~~• or cc~uit~r. .in~l nu?~• he exerci~ed concurrently, independ- ~
~•nth~ or ~ucce~sivch~. `
13. Successors Qnd Assigns Bound; Joint and Several I.iability; Captions. 'i'he co~•ennnt~: ~tnd agreemen~< i
lierein contAineci shall bind, cu~d the rights here~mcier ~h111 inure to, the• respecti~•~ ~iicee~sors and assigns of I.ender t
:wd Rorro~rer, ~ii3~jcet to thc ~~ro~•i~ion~ of ~~ara~raiih 17 h~~reof. r111 co~•~~n2nt~ :tud agmements of Rorrower shall . '
i~e joint. and ~c~-cral. Tl~c ~3ption~ ,~n~l I?c3din~: of khc ~?ru:i~r.~~~h~ of thi~ \iort~agc are for con~~enience only and ~
:ire not to be used to interpret or ~lefine the ~?ro~•i~ion~ hereaf. ~
14. Notice. An}• noticc to Borro~~•cr ~~m~•idc~i ior in thi~ ~IortgaK~~ ~hait br ~;i~•c•n h~ ~nailin~ such notice b,y ;
~•ertified ~n,iil .uidres~ed to Borro~~•er af the P~op~~rt :1~i~lrc•« ~tate~l hc~lo~~-. ex~e~it for .?n~• notice require~i under ;
~~ar.~grapl~ 18 hereof to he gi~•en to Borro~~•er in th~ mannrr ~?m~crilx~! h~• .?p~~licable la~~•. ~n~• noticc pro~•ided ;
~ for in this \[ortga~e shall he ~lcemc~i to hg~c hecn ~i~•c~n to Borro~~-er ~~-hen ~i~~en in thc ~u.inncr desi~nate~i l~ereiu_
; 15. Uniform Mortgage; Governing Law; Severabiliiy. 'I'i~i~ ionn ~f mort~<<gc combiiie~ tiniform co~•enants
~ tor national use and non-uniform co~~enants ~~itl~ limited ~~ariatio~~~ I?~~ juri~ctiction to conctitute u uniform secu-
rity instn~ment covering real proi~ert<<. Thi~ \Iort~ngc shall he ~;o~•erncvl h}- the l~~s of thc jurisdiction in ~vhieh
z tl~e Yrol~erty is locateci. In the c~-ent that an}• ~~ro~•ision oc clau~e of thi~ \Iortgage or the \ote conflicts with
r ;?pplicable In~r•, such conflict ~hzll not af~ect other ~?ro~•i=ion~ oi thi~ \io;tgugc or the \Totc which can hc given '
~ effect ~Fithout. the ~onfli~ting ~im~•ision. ~nd to thi~ c~u1 the ~~ro~-ision~ of thc \(ortgage :iml the Note are declared
r to be severable.
^ 16. Borrower's Copy. I3orro~cer ~h.ill fx~ fnr?~i~lie~l a~•onformcd coE~~- of this \tortgage at t.he time of execu- ~
~
r ion or after recordation hereoi.
; 17. Transfer of the Property; Assumption. If alt or ;m~• ~~art ai the Property or au interest therein is sold
or transferreci b~• I3orro«•er a•itho~~t I.endcr'~ ~?rior ~~•riit~•n c•on~ent. ex~luding (al tl~e creation of a lien or encum-
~ brance ~ubor~linate to thi~ \Iort~a~;e, ~1,~ the ~~re:ition ~~i' ~~urch.?~c• ~uone}• ~ecuritr inter~t for household appli-
.u?ce~. Icl a t~:zn.frr h}• ~ie~•i~e. ii~~•~ent or ht• o~~~•ration of lu~~- n~wn tlic~ ~le:ttl~ oi a joint t~n~tnt or idl the grant of
:uiy leas~•hol~i interc~t ot t6rcc ~•e.~r~ or 1~~:~ no± c•outsiuing ;u~ o~~tion to ~nir~~ha~c, i.ender mati-. at I.ender's option.
,leclare ai) fhe ~nu~• .c~•um~i lr~• thi~ ~tortc;a~*~~ tu he im~uc~li:?tclti- ~i~~e .in~i ir?~•a}~le. I.cn~icr ~hall have ~~-:ti~~eci such
~ option to :u•ccler:~te if. ~~rior to the ~alc or trau~ie?•. Len~l~•r :u~~l tlie ~~eron to ~~•hoiu the Yroperty is to be sold or
~ transferreci reacL ag~rement in ~~~riting that ~he cre~lit oi' ~ucii ~~er~on i~ ~:~ti~f:set~ra~ to l.ender and that. the interest
~ ,,ay:?ble on the ~iin~~ .~curec: bt• thi~ \Iortga~c ~hall I~e ;?t ~ii~l~ z•atr I.en~icr shall rec~uest. If I.ender lias waived
r;
the o;~tion to ac~~elei:ite ~?roviderl in tl?i~ ~?aragr:i~~l, 17 alui if liorr~m•er~~ ~iiccec~or i~z intere,t ha~ executed a writ-
4; tcn assu~uption agreeu~ent :icceptc~l in ~~~ritin~; i?~~ L~~n~ier. Len~lcr ~hail rclcase Borro~~-cr from all obligations under
s t his ~~Iortgagc and thc Notc.
_ If T.ender exercises ~ucli option to acceler:it~•. Lender sLall ~nail }3orro~~~er uotice of aec~l~r3tion in accordance
~~•iti~ ~~aru~ra~~h i~ hereol. tiu~~ii notic•c ~h:?11 ~~ro~•i~l~• a ~?erial of not le.~ than 30 ~l.?~•~ froui th~ clate the notice is
~ ~r,siled ~citl~in ~i-hich 13orro~eer n~u~ ~~:i~- the ~uu„ deciare~i ~lu~~_ If Borro~~-er i~ii~ to ~~ay suel? ~wn~ prior to the ~
~•x~~iration ~?i ;uch ~~crial. Len~lc~r ~u:?~•. «~itlioiit furtli~~r notir•~• or ~Ic~uan~l on 13orro~~•cr. in~•oke an~• remeciies ~er- ;
- mitted by paragraph 18 hereof.
\~?Y-l; ~tfux~~ l'~~~~t:x.~~-r;. iit~rru~~~~~r atul (.~~n~l~~r ftn•th~~r ~•i?~•~~~iaiN ancl ~Tree ~i~ f'ollo«~.:
= 18. Acceleration; Remedies. l~:x~•~•~?t :t~ ~~r~~~ i~f~~~l i~~ ~~ara~~r:i{~li I; liere~of. ii~~un I~orro~cer ~~breach of an~-
~•u~-~~n:~nt or :i~;m~~~nent of Rorro~~•cr in thi~ ~tort~;a~;c~. inrl~ulin~ tlu~ rin~i~n;~nt~ to ~?s}• ~rhen ciue un~' swns securecl
I3~- this ~tort};zgc, Lender ~~rior to acceleration ~hall ~u:?il n~~tic•~~ to 13orro~~~~•r a~ ~iro~•i~1c~t ~n paragraph 14 hercof
.peci[yin~: I l) tl?c hrcach; (21 thc :~ction rcyuiir~l to cun• ~url? I~r~~.icl~: ~3~ .i ~iatc. n~~t I~~•~ tj~~~ c?>;rty days from
- the ~iate the noticr i• iu:~ile~l to Borro~~•c•r. h~• ~~-1?ich ;u~•li hr~~u~•1~ mu~t I~~~ ~ur~~~l: aurl ~4i that failum fo cure such
l,reaeh on or before thc~ ~I.~te s~x:eified in tl~e noti~~~ ~na~- re•~ult in ai~~•c~leration of thc~ •um~ •e~~ureci h~ this ~Iortgage
.~u~i s.ile of the Yropert}-. If the 1>re,rcb 1~ ~flt ~~w•c~~t o~j or l,eior~• thc ~1ate ~pecific~l in the notice, Len~ier at Lender's
o~~tioti iuxy ~Ieel:irc• .~Ii of tl~e :un~. ,ec•~nr~l h~~. tl~~:'~1lortka~;e~ tu I~c~ iiu~ne~ii:tteh- ~iue .us~l payable ~vitl~out further
~ ~leu~xn~1 and iu3`• foreclosc thi~ \lort~;a?};c~ I~~~ ju~li~i.?I ~~ro~•~•c•~lin~. L~~mie•?• .~luili be ~ntitlc~i to collect in such proceeci- "
ing all ex~~en~es ot foreclusurc, includin~;, hut not liniitr~l to, re:~aonubl~~ atturn~~~'~ fee~, :?rni costs of document~ry
evidence, al~stracts znd titlc repOrts.,
~ i ~t'' •
- O R , ' ' ~ *1 ~
800~ ~i ~ PAGE ~ ,
<.;
,
~ : -
~ - - - .
~ - =
~ - - ~
. - n ~ _ _ . ~ ~~K~