HomeMy WebLinkAbout0729 8. Inspection. l.en~ler iiutt• ?nak~• ur ~•ausr to I?~• ~uu~l~• r~•~~,u~?uhl~• ~•~~iric•. u~,on ,uut inspe~•tion+ ot th~• Yro~?-
crty, Em?~~i~lecl ihnt I.en~ler ,h.~ll };i~•e Rorra~~•~•r noti~•i~ ~?ri~n• to ;tn~• ~u~•h ins~?ecti~~i .y~ec~ifying reusonable causc
ti~erefor rclated to I.ender'~ intcirst in thc Yropcrt~.
9. Condemnation. 'Che pracee~lc of nm~ u~?~nri! or ~~luin~ tor ilamu~e~. ~lirect or ~~onsequential, in connection
~~•ith :in~• cou~lenu?atia~ or otl?cr takin~; ~f the 1'rtipert~•, or ~~:~ri th~~reof, ~r for com•ev;im•r in licu of condemnn-
~ tion, nre herehy assi~;n~~i am1 shall i~ paid to I.en~l~r.
In the e~•ent of n tot~l taking of tl~e Yropert~•, the ~?ro~•~•~~~1~ ~h.~ll h~• ~~~?~?tic~l to thc ~um• •e~urctii I~~• this ~tort-
~;uge, ~vith the exces,, if an~~. ~?ai~i to I3orro~~~~r. ln tl~~ e~~ent of ~r,~riial takiu~ of the Yro~~cri~•, unle~s Rormwer
:?ud I.ender other~~•ise agrec in ~vritin~, them sl~all Lc~ a~y~li~yl to th~~ ~wu~ .c•~•i~nyl hy thi~ \tortg.+~c :~uch propor-
tion of the }~roceeds :~s is equnl to thnt ~~ro~~ortion ~~•hich the amount of the swus ~ecur~~l,by thic \fort~age imme-
~liately ~?rioy to thc ~intc~ of takin~; hciirs to thc fair mark~•t ~•~ilu~• of th~• Pro~~ertr imn~c~liateh• prior to the ~fate of
taking, with the h;~la»ce of the p~roceed~ ~~ai~l to Rorro~rcr.
If the Propert~ is ahaudo~~eci b~~ 13orro~~•cr or if after notic~c h~• L~~u~icr to Fiorro~cer th~t thc e•oiuleiunor offer:
to nt:~ke ~n a~~•nrci or :ettle a claim for ~lan~a~es, Rorro~ser fail, to res;~ond to Leuder ~cithin 30 ~1a~~s of the date
ot sttch notice, I,ender i~ :?uthorizcvl to collect :u~~l a~?~~1~• the ~~ro~•~•c~1~ :it L~~u~ter'~ option eitlicr to i~estoratiw~ or
re~air of the Property or to the ~w»s sec•ureci b~~ thi. \lortKu~e•.
Unless Lcuder and Borro~~•er'other~~•ise ugree iu ~vriting, :ury such application oi }~roceeds to principal shall
uot extend or postpouc iLe due ~ute ot the monthh• installuu~nt. referm~l to in ~,ar.?gra~~l~~ 1 and 2 hereot or
change the i~moiu~i oi such instnlhuents.
10. Borrower Not Released. I:xtension of tlic tiiuc tor ~?a~~inent or u~aiifi~~ation ~f ;~mortization of the sums
:ccureci hy this \iortguge Kranted h~• I.ender to an~• ~ucccssor iu interest of Borro~rer sl~~il not. opernte to release,
in any ma~u?er, fhe linhilit~• of the ori~inal RorroK•er and Rorro~~~c~r's successor~ iu interest. I.eoder shall not be
reyuired to cO111111C1MC }~l'OPecYling. ;igfliiict ~ucl~ ~ucre~~or or mfi~~~~ to extend time far pn~ ment or otl~envise modif~-
:unortization of the ~un~s secured b~• thi~ \Iortgage rencon of :u~~~ ~icman~l ma~1c h~~ the ori~inal Rorro~ver and
Rorrower's successors in interest.
11. Forbearance by Lender Not a Waiver. :~ii~• forhearanec bv i.ender in exercisiug nny ri~ht or remedy
liereunder, or uthen~ise ttffonied b~• :~l~plicable la~~•, ~hall uot be :t n-ai~•er of or prechide the exercise of ~n~~ right
ur reme~it hereu~uler. TI?c• ~~rocurement ~f in~uran~c or thc~ ~~syn~ent ot taxe~ or oth~r liens or charges b,v i.ender
~hall not he a~~•ai~•cr of Lendcr'. ri~ht to a~celerate thc n~aturi6~• oi the inde6tedn~~c. .ec,ured b~• this \(ort~uge.
12. Remedies Cumulative. :1ll reme~lie~ ~~ro~~ide~i in thi~ \Iort~HQ~ am dist.inct and cwnuiative to anv other
right or remed~~ ~in~icr thi~ \Iortga~i~ or ;ittor~i~~~l i?~• la~~~ or c•quit~•. :?nd ma~• h~ excrci~ed concurrentl~•, independ-
rnth• or ~ucces..iveh•.
13. Successors and Assigns Bound; Joint and Several Liability; Captions. 'Che co~•en.u~t~ ~nd a~reement~
herein contained shall hind, an~t the ri~hts hereun~ler ~hal) in?u•r to, the respectiv~~ ~ucce~~o~. and a~signs of I.ender
:~nd R~rro~~-cr. ~ui?jc~ct to thc »rm-i~iom oi ~~.~ra~~:~~~h 17 h~~rroi. .111 cu~•c~nant~ au~i a~reement~ of Aorm~+er shall
I,e joint :~n~i ~e~•cral. 't'he ~a~~tion~ an~l hcading: of tlu• ~~:?ra~~ra~~h< uf thi~ \(ort~a~c• :ire for c•om-enience oniy and
:~re not to be useci to inter~~ret or ~lefinc• thc• ~~ro~~i~ion~ hrrc~oi.
14. Notice. am• uoticc to-Borro~~•~•?~ ~?ro~•i~ic~l tinr in tl?i~ \lurt~;a~~~ ~h:?I1 h~~ ~i~-~•n ~uailin~; ~uch noticc b~-
~~ertiiie~l mail a~l~lre~sc~i to Rorro~~•~~r :?t thc Y~ojiertr :~~1~1r~•:: :t.?tc~1 In~lo~c. exc~e~~t tor :?n~- notic~ require~l under
i~.?ru~;r~i~~h 18 lie~reoi to 1~c~ gi~•~~n to I3on•o~~•c•r in th~• ucui?i~•r ~~~r.~crit~~~~i h~- ap~?lirahlc 1.i~~-_ :1n}• noticc ~~rotide~i
for in thi: \iort~l~~~ ~Lail in~ ~ice~nc~l to h:?~•c hec~n ~i~•~•u to Rorr~~~~-~~r ~~~hen t;i~•~~n in th~~ muuner ~lesiRnatc~ herein.
; 15. Uniform Mortgage; Governing Law: $everabiliiy. "flii~ iorm of ~nortgi?~;e~ ~•~~iiil>in~ ~ ur~iforn~ co~•enr~ntc
for nation:~l n~e ~~n~i n~m-uniforn~ ~o~•eu~uit~ ~~itfi lin~itc~l ~~ariatia.?~ I,~• ;uri=<liction to con~titute a uniform secu-
~ rity in~t.ruuient co~~erinr real ~~ro~~erty. Thi~ \tort~ag~ ~halt I~c r~o~•erne~i h~- fhe la~~• of thc jurisdiction in ~vhich
~ the Yro~?ert~~ i. loc:~ted. In thc e~•eut tl~<~t :u~}• ~~ro~•i~ion or ~•1au~r of thi~ ~Iortga~c or thc \ote conflictc ~~ith
~ ~+I~P~icable la~r, such conflict ~hall not aRect otlier ~?ro~~i~iun~ ~f thi~ \lo;t~a~c or th~ \otc .which can be given
' ~•ffect n-ithout fih~ ~onfli~ting ~?ro~~ision. an~l to thi~ ~~mi the ~~ro~-i=i~~n~ of tl~e ~(ort~a~e snd the \Tote are ~ieclared
` ?o be severnble.
' 16. Borrower's Copy. Rorro~cer ~hall h~• (i~rni<L~~~i ~~o~iio?•nic~i ~•op~• of thi~ \[ortKage at the time of execu-
$
tion or after reconlation hereof.
f 17. Transfer ot the Property; Assumption. If :?It or ~im• ~~arf of thc Yropert~~ or :u~ interest therein is sold
~ nr txansierrc~i I~orro~ve~• ~~•ithont I.~nd~r'~ ~~rior ~~•rittcn ron~ent. cxcluding lal the cmltion of a lien or encum-
S
k hrance ~uhor~linate t~~ tl~i~ \iortga~;c. ~h? the~ ~•r~~rition ~i ~nn•~•h:~~~~ ~uone~~ =ecurit~- intcre~t for household appli-
~
; ;~nce:, ic? h~:?»;i~r Ir~• ~ic~-i~c. ~t~~•~~nt or hr ~?~~~•r:~tion nt l:n~ ~ii~~~n th~~ ~1~~:?tfi ~f :i joint tcn:int or ~dl the grant of
~ ;~nt~ lea•rholcl interc~~t nti three rr:~r~ or ic~, ~~ot ~•~mtainin~; :u~ „~~tirm tu ~~ur~•h.~~~•. T.rndei- ma~•. at I.ender's option.
~ieclare .+11 the ~uni; •c~~in•t~~i h~- tl~i~ \Iort~a~~~~ to !x• iu~im•~Iiat~~1~- ~lu~• :uul ~~ayahlc. I.en~icr ~t~aii h~~•e ~cai~•ed such
uption to :u•~~eler.?te ii. ~,rior to the ~alc or tran~icr. Lc•n~lc•r :ui~i the ~,er~on to ~~•hon~ thc Yru~~ert.~~ is to be sold or
~ rruu~ferreci rcaeh agreei??e~~t in «~riting tl~;it t!u• ~•r~~~lit ~,f ~u~•I~ ~u~r~on i~ ~:~ti~factor~- to I.ender and that the interest
~ ~a~361e on the ~uw~ ;~~~•urecl h~• tf~i~ ~Iort it;~• ~Ii:ill Im at ~u~•h rat~~ 1.~•n~le•r ~hal) re~ ue~t. If 1.ender l~as waiveci
I " 1
~ ~he optiun to :u~~cler:~tc ~~ro~•i~ie~l in tlii~ l~ara~r,i~~l: 17 :~n~i ii R~?rru~~~cr'~ ~~~cc~essor in intere~~t ha~ executed writ-
~ «•n as~umption agrecmc~nt :u~~•c{~te~l in ~~-ritin~ h~- L~•n~le~r. !.~•n~ic~r ~hall rclca~e Borro~~•er from all ohligations ~mder
~ ~his ~iort.gf~gc and thc \otc.
~ if I.eneler exerci~e~ ~ui~l~ u~itiun te~ acceleratc. I.en~ier ~h.ill ~t~ail Rorro~~•cr noti~e of :tcc•eleration in accordaticc
' «itb ~r.IPR~;Pa~~li 14 l~err•ui. ~uch nuii<~~• ~iiall ~~r~r.i:l~• ~1cri~r~i tsvt le~== tl~s~! 30 ~l.it•~ fron~ fh~• date thc notice i~
iu.iileti ~~-ithin ~~-hi~~l~ 13orro~~•~~r u~.a~~ ~rat• t!«~ ~~uu~ ciec•larc~l ~(ii~•. If liorro~~-ce• iaii~ to ~~.~c :u~h ~um~ ~~rior to thc
~•~{rirltion ot ~aul~ ~~criaL Len~1~•r ni:t~-. ~cith~~:it ft~rtf~~~r n~~ti~•~~ ~~r ~l~•iu:in~i ~~n Ror~-o~~-t~r. in~-ok~• am- mmediec per-
u~ittcd h~- ~iara~rsph 1K hcrc:of.
'_j
- \va-[~att~~~ca~ ('m~r:x.~~~r~. K~~rr~~~?•~~r :iuil I.~~n~l~•r t'nrtl~~~r ~•~,~~~~ii:nit :u~~! u~,'r~•~~ u~ i'~?Il~?~~~~:
18. Acceleration; Remedies. I•:s~•~~~~t ~~r~~~~i~l~•~1 in ~~;ir:~~;r.t~~4~ 1' h~•rc~rf. ~i~~on 13orrc~~~~•r'~ hreach of am-
_ ~ u~-~~i~c~iif ur aKrr~~nient uf Borrin~~~~r in ~lii~ \I~~rt~;:ik~•. in~~lu~lin~ tiu• ~•u~•c•nant~ tu ~,a}• ~chen eiue an}• •u~u~ secured
Ir~- thi~ ~lort~;a~;c. Lc~n~ler ~~rior tu a~•~•cl~~ratiun ~liall in.ul nutire• to Borro~~•~~r .is ~?ro~:de~i in ~?arx~ra~~h 14 hereof
•~~ecit~'in~:: i 11 th~• t~rc~aeh: 1`l? t}~~• artivu r~•~~uim~l 1~~ ~•t~r~~ •u~•I~ i~r~•a~•I?: ~3? ~iate. not le:~ than thirty day~ fron~ -
t}ic ~latc tl~E~ uoti~~c i~ n~:til~~~l to 13vrru~~-~~r. f~~ ~~~I~i~•li ~u~•fi I~n•a~•I~ mu~t In•~~~ur~~~t: an~i 14i thai failur~• to cure such
hrc•s~~h ~rn or I~e•tc~re th~~ ~l<<t~• ~j~ecific•il in th~~ n~~ti~•e~ ~u:«• re~ult in .u•~•rleratiun of the• suiu~ ~rcure~i h~• thi~ ~tortg~igc
.~n~l s.?Ic of th~ Yro~~~~rt~-. Ii th~• Irr~~a~•h i• nut ~•in~~•~t ~m rn• I?~•for~• tli~• ~I.~t~•'~pecified in th~~~iotice,, Lender at I.encier'~
o~~tior u~s~• ~i~~ci:irc :ill o( tLe ~i~n~• :~>r~~re~~i h}- ti?i~ \Iort~;aRc tu h~~ inun~~liatel}• ~iue an~l ~ia~+:~ble «•ithout [urther
~lc~tu~uicl un~l iu.iy ~urc~•I~rc thi~ \Iortt;.t~;~~ L}• ju~ii~~i~il ~ir~~ri~~•~liu~; L~~n~irr •hall I?i~ c~i~titlecl to collect in :uch ~rrorf>ed-
` ing :ill ex~~eu:c~ uf 1ore~~lo~um. in~•lu~lin~;. l~ut n~~t liinit~•~l t~~. rc;?~ona}?I~• :ittorney'~ 1ee;, an~! co~t• of documentan•
= evi~lence, c?bstrarts :~n~i titlc re~~~ort~.
BOOK ~J7 PAGE 728
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