HomeMy WebLinkAbout0505 8. Inspection. L~•u~icr ~u:~~• ui.?k.• nr ~~:t?~-~• t~? iu:~~1~• r~~.~,un:~t?1~• ~~iitri~~, u~,un au?~I ii~spc~•tions oi the Yro~~-
~•rty. ~ir~?~•i~led th:~i l.etuler ~haii ~i~•~• liorrc~~~~~•r nMi~•~• ~~rior 1~? :u~~• ~u~~h ~ii•~~r~~tiu~~ ~~~ceif}•in~; re:~sm~nLle cnu5e
~herefor relnted to I,ender'~ intere~t in tli~• }'ro~+~~rty.
9. Condemnation. 't'he ~~roccc~i. of :u?~• :~~~•:util nr ~•1:~iiu ior ~laui:~g~~~. ~iircct or cO1iSM~lICi1t1RI, in com~ectiou
~~~ith :in~• ron~icn~nation or othcr taking of th~~ 1'tr?~?~•r1~•. ur ~~art tht•n•ui. ~~r for ~~uu~'~~yanc~ in licu oi ~•ondemna-
tion, are hernh~~ as•i~;n~~l aml ,hnll hc ~~aid to Lcrnler.
In the e~~ent of a total t:ikin~ of tl~e Yro~?erty. th~~ ~?roc~•e~i• ,hall lu• u~,~~lic~~i to th~~ ~un~~ s~~•umd h~~ tlii~ \Iort-
;;agc, ~~~ith the execa;, if :u~~•. ~>:?i~t to Borrn~~•er. In tli~~ ~•~•rnt of :t ~~artinl t;~kin~ of th~~ Yro~u~rt~•. ~u~le.c I3orron~er ;
:ind Lender othen~•i~c• agrc~ in ~critin~. them •hall h~• a~q,li~~~l t~? tl?~• ~uu~~ •~~~•urMl 1?~• thi: \Iort~;u~;c such rropor-
tiun of tl~e ~iroceeds a~ n equnl to thnt ~?ro~~ortion ~~•hich th~ :?rnount ot tl?c su~u5 ~ecumd 1?~ tl~is \Iortga~e imme-
~?it~tely ~?rior fo tlie ~i;~i~• ut iakiu~; L~;u• tu tlic 1:?ii u~:uki~t ~~,zlu~ nf th~• Ymti~crt~• imn~c~~iiatch• prior to the ~ls+_~ of
raking. ~vith the balance ai the l~roceeds ~r,~i~1 t~ Rorro~~•cr.
If t~he Yropert~• is al?ai~done~i b~~ I3orrower or if :~Eter iiotirc h~• I.ender to Borro~ver thut the conden~nor oRer~ -
to wake nn u~~~:?rc1 or seftle ~•IAim for ~1amu~e~. Borro~~•cr faii, tu rc<~~ond to I.ender ~~~ithin 3O t~Ay~ ot the date
~?f ~uch notice. ~.~~nder i• :~utliorize~l to collect :uid s~~~,h• tl?c ~~ro~•~•c~i~ :~t Leu~ler'~ u~~tion cithc~r to restornti~n or
repair of the Pmperi,~~ or to tlu• ~~~u~s scc«red b~- thi~ \tort~;a~;c~. ~
Unless T.ender :?nd Iiorro~~•er other~~•i~~~ agree in riting, any such applicatiou oi pmceecls to princiE~al shall
not extenc. OT ~?OSt~lO11C tLe due datc of tl~e montl?l~• iu~t:?Iln~ent~ retcrred to ii~ ~~ai:~~ra~?1?: 1:u~d 'l hereof or .
~•hangc fhc un~ount oi :ucl~ instalhnents.
10. Borrower Not Released. F.xtensiou uf.thc tini~~ for ~,.?}•mcut or maiificxtion of amorliz~tion of the snms
~ecured hy this ~4ortguge granteci I~~~ I.en~lcr to nm• ~uccc:sor in intcrest oi Borm~ver ~h:~ll not opcra?tc to release,
i~? any mnnner. tlic liahilif~• of the ori~inal Rorro~~•cr arn! Bortr~~•~~r's succe~sor~ in intere~t. i.ender chall not i?e
reyuirecl to comn~euce ~n~oceeriings agflinst. ~uch <~~ccec~or or mfu~~~ to c~tend time for pavment or other~vise modify
:u?iortiznt.ion of the ~ums secured h~~ thi~ ~iort~;~g~ h~ reason of :u~~• cieroa~id uuirle b~- the ori~innl Borro~~•er and
}3orro~ver's successois in interest.
ll. Forbearance by Lender Not a Wciiver. :1n~• forbcaranc~~ h.~ I.ender in excrcisin~ iu~~• right or remeciy ~
I~creander, or othcrn•isc aflonied h~• ap~ilicAbic i;~~~•, shall ~iot bc ~~•~i~•er of or ~~reclude the eeercise of an~~ right
i~r reme~iy hereunder. 'Ch~~ ~?rocurement of insura~nce or tl~e ~?;tyn?cnf of tsxe~ or othcr liens or charges by i.ender
~hall not be <~':ii~•cr i~i I.ender'~ ri~ht to accelcr.iic the n~atnrit~- oi the indebicdnes~ ~ecurcd 1?~- this ~iortgage.
12. Remedies Cumulative. 111 renu~lic~ ~n•o~•idctil in thi~ ~tort~a~e are di~tin~t and cumul:?tive to any other
right ~n• remcch- un~icr thi. ~Iort~;a~e or aRonlcYl 1~~• la~~• ur ~•~uit~~. :?n~3 ma~• he exemi~eci co~icurrentl~, independ-
,.nt.h• or ~i~rce~ci~~ch•_ -
13. Successors and Assigns Bound; Joint and Several Liability; Captions. 'The co~•en:u~ts an~i agreement~
hereii~ cont:~ined ~hall 1?in~i, snci the ri~hts hereiwder ~L~il inurc• to. thc~ re~pecti~•~ ~uc~e--or~ and assigns of Lender
:~nd Rorru~~•er. ~uLj~~ct tu thr ~~mri~ion~ of ~r.u•aRr:+}~l~ 17 I?~•r~•ot. =1ll ~•o~•~~nant~ :u~~l ~Qrecment~ of Bormner shall
;~e joii~t. :uid ~c~•ei:11. 'Che ~~:?~~tion• an~l lica~lin~• of th~~ ~~.~r:i~ru~?h~ ~~f tlii~ \(m•t~a~c arc for con~•enience only and
:?re not to be useci to interpret or ~iefinc thc j~m~•i~io~r lun•eof. =
14. Notice. .1n}• notice io I3orron•~r ~~ro~•idc~l for in thi~ \I~?~~t~aL~~ ~L;?II h~ ;:i~-e•n h~• nuiilin~; s~i~h notice bt-
~•ertified u3:tii1 :uidre..~e+l to I3orro~~•cr ut tLe P~opert}• _1~i~ir~~~~ ~tut~~~l hrlu~~-. ~•~~•c~~t ior an~• naii~e require~i under
i~:u•:igra~?i~ 18 hereof to he gi~~c•n to Borro~ce•r in thc• ~u.~an~•r ~?r,~:~•ril?c~! h~• a~~~~li~~::hit~ l.~~c- :~u~• noti~~ ~~rovide~l
ior in this \Iortgagc ~l~all he ~lcemc~l to h:~r•e hecn gi~-c•i? t~~ l3orro~~~~•r ~~~iien ~i~•~•n in thc• inanncr ~le~i~natc~i herein.
15. Uniform Mortgaqe; Governing Law: Severability. "I'hi~ iorn~ of mort~a~;c ~•umhinc: uniform co~~enants
ior uation:il i~se anci nan-uniforn~ co~•enatit~ ~~•ith lin~i#cwl ~~:u•iatio~i~ 1~~• ii~risdiction to con~titi~te a ~iniforn~ secu-
ritV instriunent co~~ering real ~?ropert}•- 'I'hi~ \lor~~a~e ~hcill he ~o~~erne~l b~• the 1~~~~ o? t~e jurisdict.ion in ~~~hieh
~ the Ymperty is.loc:~teci. Iu the c~-eut that ;i?i~- ~~ro~•i~ion or ~lai~ae oi thi~ \Zor~gage or the \ote conflicts ~vith f
' applicable 11~, ~ucl~ conflict~ shall not :~Rect otl~er ~?ro~-i~ioi~~ oi thi~ \tortgage or t}~e \otc «~hich can be ~iven
~ ~~ffect ~vithout th~ conflictin~ ~~ro~-ision. sllt~ t0 t}li~ cn~i the ~~ro~-i~ion~ of tli~ \I~rt~uge :in~t the \ote :~re ~ieclt;red _
' to be sevetable. '
; 16. Borrowei s Copy. Rorro~~~er ~hall hc furnish~•~1 ~~~nfornicd ~•~~5~~' of ti~i~ ~[ortragf• at thc time of execu-
_ ~ion or after reconiat.ion liereof.
€ 17. ?sansfer of the Properiy; Assumption. If ali or am• ~~art ~~i tl~c Pro~?ertc or an interest therein i§ sold
¢ ~>r tran~ierred I~~• Rorro«•cr ~~-ithout I.en~lcr'~ ~~rior ~~~ritt~~n ron~c~nt, r~c~ludi?:~ ~a~ tl~e crcatiou of a lien or encum-
„ hrunce ~ul~oiviin~tr tu thi~ ~[ort~;a~;e. ~h? th~~ ~~rc~:ition i?f :i ~nu•<•ii.i~~~ ~i~one~• ~ecurit.r intcri~.:t for iiousehold appli-
; ,:nre~. ~cl tr:insfer h~- ~Ie~-i~c~. ~i~~~~•ent ~u• }n- o~~c~~•uti~m oi lai«• n,,u~~ thr ~ie•:~tli ~~i joint t~~ncinf oi• i~ll tl?e grant of
a ;?n~- lca~~•hol~l iute~re~t of tln•c~• ; car~ ur 1~-~ ~:ot ~•untais~i~~~: :~i~ o~,ti~m tu ~nurha~~•. i.en~ler ma~•. :?t i.ender's option.
r ~leclare c?ll the ~i~nr. ~i~~•ure<I L~- rhi~ \(orsc:~c;~• t~~ hc~ in~n~c~liat~~l~- ~lur :u~~i ~~:i~•ahlc. Lenrl~r ~h.ill ha~~e ~~3i~~ed such
~ ~ijrtie?n !o ai•~•elerat~• ii. ~n•ior t~r thc• ~ale c?r tran~f~~r. L~~ii~icr :uui tLc ~,cr~on to ~~•hom the Yropert•~~ i~ to be sold or
~ trunsier~ecl rcacL agreci~~ent i~? ~~~riting tliat the ~•rr~iit uf ~i~rh ~~cr~un i~ ~ati;iactor~• to Lender ancl that the interest
~ t~z1'nble on the ~tuns ~c~~urc~i b}~ thi~ ~lort~;~i~~• ~h:~ll I~~• ai ~ui~l~ ?~at~• L~~u~ler ~l~all rc~~uc~t. If i.ender l~as ~~•aived
tl~e option'to a~~celer,~te ~n•o~'ide~l in ti~i~ t~aragra}~h 17 ctin~1 it li~~rr~~~-er'~ ~iuce~~or in intere~t hu~ executed a writ-
~ ten a~sumption agreemcnt a~•~•c~~te~! in ~~-ritin~ h~• L~~n~ier. Le~rnirr ~I~all r~~le~<<~ Borrmec~r tirou~ :~ll ahli~ations under
~ thic ~i~rtga~e and thc \ote.
~
II I.en~~er exercises ~lll'II U~)~1011 t~? acceler:~te. Lender ~h:+lt ~:iail 13orro«~er notice of ucceleration iu accordaucc _
~~itli ~~ar:s~;ra{~l? 14 liereof. ~uc•h uoti~•~• ~hall ~~ru~-i~le~ ~>~•ri~Hl ~~f tu?t than 30 rla~•s from the tiatc• tl~~ notice i~
itiailed ~~-it'r~in ~~•i~ici? liurro~rer ~s~a}• ~~a~~ the ~wm ~1e~•lare~l ,:~t~•. II 13nrro~~•rr t":til= to ~~a~• ~uc•h ~um~ ~~rior to the
~•x~~irat.ion uf ~~u•i~ ~~~~ri~Nt. 1.en;icr uui~-. ~~itl~uut firrtl~~~r n~,ti~•~~ ur ~l~~ntan~l on R~rr~~c~~r. im•ok~~ am• remedies per-
ii~itte;i hc ~?:,agra~~h 18 hereot. i
,
_ ~-,~x ~'xf~•;nc~~ 1'u~•t:x.ix-r~. Kurru~~~~~~•:in~l f.~•n~l~•r furtl~~~r r~~~~~~n~u~f ;?ml :~;;rE~c~ :i~ f~llm~-~:
~ 18. Acceleration: Remedies. 1•:z~•c•i~t :i< ~~ru~•i~lc~l in ~~:u•x~,i:+~~h I; IifYP(li. li~~un I~rirr~mer•= irre<ich ui :im-
- ~~,.~•i~;int ~n• :i~m~~~u~~nt nt" Ro?•ru~.•er in thi~ ~iortr;t~;~~. incli~~lin~~ rl~~~ ~•~~~•~•nsnt: ti~ ~~.i~- e.-hen ~tu~• .un• ~u~m secured
i~~• thi: ~luri~;a~~~. Len~ir~r ~?rior to a~~ce~ie~ration ~hall ~u.~il n~~ti~•~• tr, 13~~rron~•r ~~rm-ir1e~~ in ~?ara~;rapl~ 14 l~ereof
~~icciiyinr: ~ 1 t thr• hrca~~l~: i2r tlu• :u•tinn rc~~uir~•ri t~~ rur~• ~u~•I~ hr~~.i~•li: ;3i a~l:~t~•. nut 1~~.- than tl?irt~- day~ fro~n
= thc ~fat~• th~~ nutic~• i- ~nail~~~l tu 13on•~~~c~~r. l~~• ~cl~i~~l~ ~u~•L i~~•~~a~•h u?u~t i~r ~ur~vl: ;uu! ~4 ~ that f.~ilure to curr ,uch
hr~•cirL ~ni or i~~•.iur~• tlu~ ~l,ite• ~E~~~ri~"i~~i in•4~ir•.Si~jlic•!• iuA~'. Ceitllt in .t~•,•~~lerat iun of tl~e~ ~t~m~ ~e~•urc~1 1?~- thi: \Iortgagc•
~ :ui~t ~al~~ c?ti tiic I'ro~~~•rt~-. 11 tl~~~ hr~:ti~li i- rn~t ~•iire~~t~iii 11t~i~~~f~~rr ti~~~ ~iat~~ ~~~e~cific~l in tlie nutice, Lender:~i Lender'~
' ul~tiun iua~- ~i+~cl:im :?II t4~~• ;~uu~ ~c~•~~mrt i~~• tlii~ \I~n•t~,~~*~• t~~ tn iu~uu~~liatcl~• ~1uc anil ~~a~ablc «•iti?out further
~icinan~! an~l in:i~• forcclrn~~ thi~ \lurt~xt;c l~}- ~iuli~ixi ~~ro~•~•~•~lin~; l.~~n~lrr ~luiil he ~•ntitle~l tu colleci in :uch (~ro~ecd-
ing aii c~~;~•n~e.. uf foreclu~ :m. im~lu~linR, but not li~uit~~~l r~~. r~~:i~un:tihl~~ :?tturni•~•'~ f~~e~. :?n~i co~t~ ut ~ioeumenta:ti-
et~idence. ab~tr.~rt~ :in~l titl~~ rr~~urt~-
eoo~ z37 P~~E 504
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