HomeMy WebLinkAbout0693 8. Inapection. I.encier ~uny n~ak~• or i•uu•c to lx• ~u:i~lr ~~~~it~uiual?lc ~~uu•ir~ u~~on tin~t ins~icctiotis of the Yrop-
crty, ~?mvideci that L~nder shall gi~~e I3orrc~~cer noti~•~+ ~~rior to tu?y .u~•li im~~ectiot; :~~~ccifying reasonable cause
theretor related to I.ender's interest in tl~c Yrupcrt•y.
9. Condemnation. The proceeds of any u~~nni or ~~1nim ior damt?ge~, direct or consequential, in connection
~~•ith anv coi~denmation or other taking of ll~e Yropert.y. ur ~?art tiicreof, or for ron~~cyKnce in lieu oi condemna-
tion, ure hereby ~ssiKned nnc s iail i~c paid to l.ender. .
In the e~•ent of a totnl taiking of the Propert;v, the ~irocc~cci~ ~I~xll lu• a~q~lic~ci to tl~e ~wm ~e~ured hy this \tort-
guge, with the excc~~, ii ~ny. paid to Borro~~•er. I~~ th~ c~~eut of ~~artial tnkin~ ot thc Yro~~erty, ~~nless 13orrower }
:~ud I.ender otiien~'1RP R~,tCI' lu ~~ili1~~C;, iiicii• Si]:.~: :.j1jl~:Cf~ !O t~1P Slllll: SCf`lli('~~ t~11S ~1A1't(;.i~C ~llCjl pTO~OT-
tion of the proceeds ns is equsl to that proportio» ~ci?icli tl~c n~naunt ot the sum~ sect~reci by this \iortgage imme-
~iiately prior to the datc of takiug I~can to the fair miu~k~~t ~•iiluc~ ui' th~~ Yropcrt~• inunecfintel~ prior to the date of
taking, with t~he balance of the proceecis ~~ai~i to Borro~er.
If the Pro~~erty is :ib;?ndoned b~• IIorrower or ii after uoticc h~ Lender to Borro~r•er that the condemnor oRers
to mnke un n~~Arci or >~ttle n c•laim for ~iz~nages, Borro~~•er fails to re~~~ond to I.ender cvithin 30 ~ia~•s of the date ~
of such notice, I.ender i~ .~uthorized to collect un~l a~q~l~~ th~ ~n•occecl~ at Lcnder'~ option eithc~r to restoration or
repair ot the Propert~~ or to thc ~ams securec~ b~- thi~ ~IortKa~c. -
Unleas I.ender and Borro~ver atl~envise agree in ~vriting, nny such application oi proceeds to priucipal shall
uot e?ttenci or postpone the due date of the monthh• installu~ent~ retcrm~l to in pArugra~~hs l.~nd 2 hereof or
change tlie amount of such installments.
~ 10. Borrower Not Released. F,xtension of the tin~e for ~?a}•~nent or maiification of nmortization of the sums ;
~ecured by this \Sortgage granted l~~• i.ender to ~ny ~uccessor in interest of Borrower ~Lall not. oper~te to release.
in uny manner, tl~c liahilit~~ of the origin:?1 Borrow•er and Borro~~•er's succe~son in interest. I.ender shall not be
reqoirecl to commence ~~ra eedings ~gainst such s~tcces~or or refu~e to e~tend time for pa~ ment or othenvise modif~
:?mottizntion of the sums secured h~~ thi~ ~tor!~n~~ ~•Y MPACnII of ;u~~• ~icmnmi ~n:tde b~• the original Aorro~~•er And ~
. . ;
Rorrower's successors in interest. :
11. Forbearance by Lender Not a Waiver. :1n~• forbe~r3ncr. b~~ I.endei• in exercisin~ t?ny right or remedy ;
hereunder, or other~vise Af~orcled 1~~• applicablc la~~•, shall nof he :i ~sai~~er of or preclude the exercise of any right ~
: or remeciy hercunder. Thc pmcurement of insur~nce or tl~c ~?a~ment of taxes or other li~ns or churges by I.ender r
shall not hc a~~•ai~•er uf T.ender's right to a~celer:ite the maturit~~ of the indebtednca~ secured by this '.4lortgage. •
12. Remedies Cumulative. All reme~iies {~mviclMl in thi~ \[ort~age 3re distinct aud ctimulati~~e to any other ~
right m• mmt,Ki~• un~icr thi~ \tortga~c or at~onlc~l 1?~• li~~~• or c~quit~•, ami mu~• lx~ ~xerci~eci concurrently, independ-
~~nth• or succes~i~~el~ .
13. Successors ~d Assigns Bound: Joint and Several Liability; Captions. 'Che co~~en~nt~ and 3~reementc
herei~i confaineci cliall bind..~nd the right~ hereuuder ~hall inurc to, the respecti~~~ suc~c~•son anct Acsigns of T,ender
:~nd Borro«-cr. ~ul?ject to the ~~ro~•ision~ oi ~~:u•a~;raph 1~ h~r~~of. .\Il co~•enant~ .uut .~~men~ent~ of Borrower shall
he )oint. :~n~l ~c~•eral. '1'lic ~•.~~~tion~ and headiu~~ of the ~r?r:igra~~li~ of thi~ \(ort~;a~~ .ire for com•eniencc only and
:~re not to be used to inter~~ret or define the ~?m~~i~ion• hereof_
14. Notice. :1m~ notice to Borro~~-er ~~ro~•ided ior iu thi~ \fort~a~~• •hull h~• ~,i~-~~n ~ti ~nailin~ •ucl~ notice bv ;
~•ertified iu:~ii :?rl~lressed to Borm~ti•cr at thc Propert~• :~~ldre•~~ ~tatcKt hc~lo~~-. ~~xcc~~t for :~n~• noticc requirc~ iuider ~
~~:i~•:igr~?}~h 18 lu~reof to he ~iven to Iiorro~~~er in th~ ~usiux~l' ~11'PSCCI~)MI I1~' ~~)~)I1C.1~)Ie la~ti•. :1ny notice provide~
*or in this ~lort~a~e"~hall hc decmecl to l~a~•e hecn ~i~•cn to Iiorron-er ~~-hcu givcn in the mnnner designnte~i herein. '_s
i 15. Uniform Mortgage; Governing Law: $everability. '1'hi~ forni of niort~a~e combine~ uniforn~ co~~enants f
for national i?se ancl non-uniform co~•enant~ «•itl~ limite~l ~-ariatiou~ h~~ juri~diction to constitute a uniform sectt- ~
! rity instntment covering real ~?ropertti. This \(ortga~c ~I~all hc ~o~•erne~i h~• thc i~n oi the jurisdiction in which s
~ the Yropert~ i~ loc:?teci. In thc c~•ent that an~• ~~ro~•isi~ii or ~•l:~u~c of thi~ \[ortgage or the \ote conflicts with f
~ ;?pplicnble Ia~.•, suc)i conflict shall not af~ect other pro~-i~iom of thi= ~(ortga~e or tl~c Note «hicl~ can be gi~en <
~ effect ~~-ithout the ~onflicting ~~ro~~ision. an~i to thi~ encl the ~~ro~~ision~ of the ~[ortgage an~i thc ~Tote are declared ?
~ to be severable.
16. Borrowei s Copy. Borro~~•er ~hall he iurnishe~i c•onformed co~,}- of tlii~ ~Iort~age at the time of execu-
` rion or after reconlat•ion hereot. - =
~ 17. Trcrosfer of the Property: Assumption. if :~Il or an~• ~~art of thc Property or an interest therein is sold a
° or transferred i~y Borro~~er ~~ithout Len~ier'~ ~~rior «•rittc~n ~~onscnt. cxrludin~ ial tl?c creation ot a lien or encum- ~
~ hrance ~ul?onlinafc~ to tl?i~ ~tortgage. ~h1 the em:itiun ~~i :i {~~u~cl~a~c• ~none~' ~cci~rit~- i:~tere~t for ho~isehold appli-
~ :?nce~. ~r) a h•an~fer h~• ile~•i~r. ~l~~~c~nt ur b~- o~x>r.iticm ~f 1s~~- u~~on tl?e~ ~lesth of << joint tcnant or id) the grant of
~ .u?y~ leasrhol~i intere~t of three ~•car~ or Ir:: not ~•ont.?ii~in~; :u? n~~tiu? to ~nn'rl~:?~c. Lcuder m~~•. at T.ender's option.
N ~icclare all the ~~~m, ~e~•ure~i ln- tlii< ~iort~:u~c• t~~ Ix• iwmc~ti.itrh• ~lue an~i y~a~~ahl~. t.en~ler ~hall have ~saived such
~ uption to ac~•elerate if. ~?rior to th~~ ~ale or tran~lc~r. I.en~ler :in~l the ~~er~on to «•l~om the Yropert~ is to be sold or
~ transferreci reach cigrecment in ~~-riting thai the cr~~~lit ~f ~uc1F ~?rr~vn i~ ~ati~f.ictory to Lender and that the interest
~~ayable oa the ~i~m~ ~ccured h}• this \fortga~;c ~hall },c~ .~t ~u~li rat~~ a~ L~~mlcr shall re~~uest. It I.ender has ~vaived
~ the option to ac~•ete~.~te ~fro~•ic(ed in thic {~aragr:i~?l~ 17 .ui~! ii 13orro~~-t~r'~ ~ucce~sor in intere~t h.is e~ecuted a writ-
~ ten uss~ui~ption agreement a~•ee~~t~~l in ~critin~ I~~• L~•n~ler. Len~ier <liall relea~e Borro~cer from :ill obligationG imder -
Y t his ~iortoage and the Note.
; If I.ender exercises sncl? oE~tion tu acccier:~te. l.encier sf~alt ~nail 13orro~ver uotice of acceleration in accordanec
; i;h ~?uru~;r:i~~h l4 hereof. tiuch uoti~•c ~I~sll ~~ro~-ide a ~~c~riai uf not 1~~:; th:tll ~O l~.~~•: fr~m~ the dnte the notice is :
~uailed ~~-ithii~ ~~-Licl~ I3orro«~ei• muy~ j~.s~~ the sum~ ~leclare~l ~lu~•. If 13orru~~~cr fa113 to ~~a~• ~tu~l~ ~unr prior to the ~
" ~~z~>iration uf ~uc~h ~~eriud. I.encicr ~n.?~•. ~~-itlinut fnrtlii•r m~ti~•~~ ur +l~~~u.in~l on Borro«~er, im~okc .~n}• remeciics per- ~
- u~ittes~ b~- ~,aragrapi? lA hereof. =
~
\c~~-("~tr•~?x~i l'u~•r;~:~~•rs. I;~?rrmscr:m~l l.~m~l~~r furth~•r ~.•~n•~~ti.~nt tutcl a~;ree as follo~~~~: ~
.
i~ 18. Acceleration; Remedies. Lx~'•e~~i ~~r~~~~i~i~•~1 in ~~:u:~~i:~{~I~ I i h~~re~f. .u~~yn liorro~~•er'~ brrnch of am- '
i•u~~eu:int ~~r s~mement of Rorro~~•~•r in tl~i~ ~t~~rt~:?y~~•. ii~~lurlin~; the~ ~~~~•~~nxnt~ tu jrit~wllen ~1ui•a~n ~>um~ secured
_ this ~tortg~inc, Lender ~~rior to .iCC(~Icratiun ~Luli u?.iil notic•~• to Borm~~•er a~ ~~ro~-i~1e~1 in pa'ra~ra~~li 14 hereof
~A specif~•in~;: 1 l) the~ hreach: ~21 tLe :i~•tiim re~~uin•~1 tu cun• •u~•li hn~a~•L: +3i iiule. nut le~.: than thirt~• da~'~ from
ti~c ~lat~• tlu noticc~ i~ u~ailc~l t~? Burru++~•r. l~~• ~~-I~i~•{~ ~iu~h l~r~~u~•h mu~t In• cu?-cYl: :twi~ 1-~1 t~at failurc~ to cure such
i~reach ou or befure th~~ ~late sE~ecifie~i in the u~~tirr u~:?r m~utt in u~~~~•Ic~rati~ne oti the ~uui~ ~e~urerl Iw thi~ ~lortgage
- :?nd ~:~ic of tl~e Yro~~ert~-. I( thc hr~~:tcl~ i~ not ~~urr~t un or I~~~for~• !hr ~lx~c ~~~ecific~l in the notice, I.ender at I.ender'~
optio~i iua~~ ilecl:ire :~ll of thc •~~nis ,cc~~re~1 I~~- thi~ \lort~;a~;~• to lx~ im~u~Yliateh• duc au~ci ~~xrable ~~~itl?out further
deniand ami mt?v foreclo~e thi• ~lort~;a~;~~ In' ju~li~•ial ~~ro~re~iin~; L~•rnler ~hall I~c cntitle~i to collect in such proceed-
ing all ex~x•nses of foreclo~ure. inclu~lii?~. Irut not liiuitcrl to. r~•usonuhlc .tttornc~~''~ fec:, :~rnl cost. of documentarti'
- cvidencc, abstraMs and titlc rc~?ort~. ~
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~ BOOK iG~~ PACE ~9
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