HomeMy WebLinkAbout0797 8. Inspection. Len~tcr nia~~ mitk~• or ~~uti~~• t~~ I~~• iu:ul~• n•.i,~~~r~l~l~• ~•i?irie.• u~~~~i~ ~ui~l ii?,~?ectio~~s oi tlic 1'ro~~- -
erty, pmvided that Lrn~ler ~hall ~;i~•e I;orro~~•~•~• ~iotii•~~ ~~riu~• to :u~~• •u~•li in:~?ectimi ~~~c~•if~~i~~}; re:tson~tible l'tiIISC
therefor relateci to I.ender'~ interest in the Yropert~•.
9. Condemnation. 'Che ~~rorec~ls oi uny :i~~•ar~l ur ~•1ai~n for ~i:uuu~;c~. ~lirec•1 e~r rm~sc~~ucntaal, in connection
~~•ith uny conden~nntion or other takin~ of the Pmpe~rty. or ~~urt ther~~oi, ~~r tor ~•on~•c~;uu•c in li~u oi condemnit-
tion, are herebv :~ssi~nc~l nud sl~a?ll bc pnid to I.c~ulcr.
In thc c~~ent of a tot:~l tiiking of the Yro~?ert~•. tl~c~ ~~rocc~ctil, •Iwll lu• a~~~~lieyl to tlu• ~un?~ :c~umd f?~• thi. ~iort- f
gage, ~vith the excc~.s, if auy, ~u~id to Borro«•c~•. In tlie• c~~ent oi ~?urtial t:~kin~; oi thc Yropc•rt~•, unless Rortower ~
:?nd I.emler otLer~~•ise ii~ree in ~~~ritin~, them shalt I~~~ :~~~~?lic~l to th~~ .uni~ ~c~•urcvl 1,~• ti~i~ ~Iortga~ge such Propor- ~
tion of the proceeds ,i~ is ec~unl to thut_ ~importio~~ ~~•liicl~ tlic• aiuount of th~• swu~ secureei b~~ thi~ \lort.~~ge imme-
~liately prior to thc dntc of tnki»~ bear.- t~? thc faii• mark~•t r.?lu~~ of tlu~ 1'ro~?crt~• immcVii.~teh• prior to the datc af
taking, with the bnlancc of tlie ~?roceed~ ~?ai~l to Borro«•er.
If the Ymperty i~ aba~uloned by 13orro~~~er or if atter noti~•~~ b~• Lcude~• to }3orro~~•er tl~nt the conde~unor oPFer~
to make ~n a~~•ard or .ettle a~'IRlill IOl' tI:UDA~C~, iiorro~~•er ii~il. to res~roud to I.en~ler ~~•ithin 30 ~lays of the dAte
of such n~tice, Lender is autl~orizeci to c~ollect un~l u~?~?h• the ~~roc~~al~ at Lender'~ o~~tion either tu restpration or
repair of the Property or to th~• ~umc secured h~• tlii~ \lortga~;~~.
iJnless IAnder and I3orm«•er othern•ise agree in ~~~riting, ~u~~ such application of proceeds to princip~l shall
not extend or ~~ostpone the due dnte of the ~nonthh• i~i~t:tllmentc r~ferre~l to in ~?ar:~~rn~?h~ 1.~ncl 2 hereof or z
change the amount ot such instalhnents. '
10. Bonower Not Released. P:xtension of the tiuu~ tor ~n?}•~nent or ~naiifi~afion oi :unortization of the sums `
secured hy this \~Iortgage granted h~• Lender to an~~ ~ucressar iu interest of Borro~~•er ~l~all not o~zerltc to release.
in any ~uanner, the li:thilit~~ of tl?e ori~in:il Borm~~~cr :uul 13orro~~•cr'~ .ucce~sor. in intercsf. I.ender shail not Ue
require~l to commence ~~roccaiings against such succes~or ur ~r.fu~~~ to extend time for pn}~inent or othertivisc inodif~• `
:~mortizat.ion of the st»us secured b~• thi~ \lort~age 1~~' 1'Cl1S011 0~ :?n~~ ~iem.uxl mad~• h~~ thc origin:t) Borro~~~er and -
Borrower's successors in interest. ~
11. Forbe~ance by Lender Not ae W~iver. :1m• forbear:uire hv I.en~ier iu exercisin~ :~ny ri~ht or remedy
hereunder, or othernise aPforded b~• :ipplicablc I.i~~-. ~hail not be a~~•airer of or ~ireclurlc the c~ercisc of anv right.
or ren~eciy hercunder. 'Che procurement ot insarance or tl~~ j?:t}•n~ent of ta~es or other liens or charges by I.ender
shall not he s~~°ai~•er oi I.ender's ri~ht to ac~cclerate the mnturity of the indebtednes. secured hv this ~iortgage.
12. Remedies Cumulative. All remedic~ provirletii in thi~ ~Iortg~~~ am distinct aud camulntive to any other
right or remed~~ wuler thi~ ~[ortgAge or affo~Yie~l h~• la~~- or e•quit~•, :in~l mz?n c~~ exerci~ed ~oncurrentlv. independ-
ent•lv or succes,~ivelv.
13. Successors and Assigns Bound; loint and Several Liability; Captions. TI?c~ co~•enants and ngreements
{~erein contained sh3ll hind, and thc ri~hfs hcrcundcr ~hzll imu•c~ to. thc respecti~~~• ~uc~c~ror~ an~l :~ssigns of I,ender
:?nci Rurrot~-er, ~uhjeet to the ~?ro~•isionz.~?f ~~:u•agr.~~~l~ 17 L~r~•of. :111 ~o~•~nant~ ;tncl a~recment~ of Borm«er shail
t~e joint and ~i~•cral. The ~•a~~tion~ :ui~l hc.iding• of the ~~.ir.i~;r:~~?h< of thi~ ~lortg~~;e arc for ~•on~•enicnce onl~• and
are not to be used to interpret or ~iefinc thc ~~m~~isions hercof.
14. Notice. ~n~• not~icc to Borro~rcr ~n-o~•i~ic•~l for in thi~ \lort~;a~~• •lixll h~• ~i~•c~e I?y mailinK ~ucli noticc i~~•
' ~~ertiGeti ii~ail :uldre~seci to Borro~~~er :~t thc• Y~o~iert~• :~~i~ire~~ ~tafe~l 1?elo~~•. ~•sc•e~~t tor :u~~• notiee mquire~l i~nder
j ~~:u•uKrxpl~ 18 hereof to he given to Borro~~•er in the nuu~ner ~~re~cril?e~l 1?~- ~?}~~~li~•~b]e~ 1:?~~•. :1n~• notice ~~rovided ;
~ tor in this \Iortgage ~hall be ~lcemcYi to ha~~e heen c:iren tc, Rorro~cer ~~•hen ~;i~•c~n in th~~ nr.inner ~iesi~nated herein.
15. Uniiorm Mortgage: Govetning Law; Severability. 'I'I~i~ for~n of inort~a~c con~bine~ unifor~n corenants
~ for nat.ional use anci non-uniform co~•enant~ «•ith limite~l ~•ari:ttion~ In• jurisdiction to constitute a uniform seeu-
! rity instrument covering real ~~ropert.y. 'l'hi~ ~Iort~a~c sh:?Il he ~o~•ernc~l h~• thc la~~- of thc jurisdiction in ~vhich ~
i the Propert}• is located_ Iu the e~•ent ihat an}• ~iro~•i~ion or clause of this ~Iortgage or thc: \Totc conflicts tvith
f :ippticable la~v, such conflict shall nok .~ffect other ~~ro~•i~ion~ of thi~ \(o}~tgage or the Note ti~rhich can be given
s effect ~~•it.hout the conflicting ~~ro~~ision, :u~d to thi~ ~nci the ~~ro~•isiom of the \tortgage ~nrl the \otc are declared
; to be severable_
i 16. Borrower's Copy. 13orro~ti~cr ~hail hc furnishe~l ronformezi co~i~- of this \Iortgage at thc time of execu-
i tion or after reconlat~ion hereof.
E 17. Transfer of the Properiy; Assumption. If all or :un• ~~art oi thc Property or an interest therein is sold
E or transferred h~~ 13orro~~cr ~~•ithout l.ender'~ ~~rior ~~•ritten ~•on~ent. ~~x~luding (al the creation of a lien or encum--
~ brance ~ul~or~iinate to thi~ \lort~age. Ihl thc ~~reution of ~mmha~c~ ninncr ~ecurii}- interest for household appli-
:~nces. (c) n transier b~- ~Ic~•isc. ~lescent or h~~ o~mr~tiou of 1:~~~- u~mr~ tiie ~lcath of a joint ~tenant or Icll the ~rant of
:in~• lcasc•hold int~~re~t of three ~-car~ or lc~~ »ot ~~ontaiuin~ :ui option to ~?i~rci?:isc. T.~uder m~~-. at T.ender's option,
! ~ieclare all the siim~ •ecured h~• thi~ \Iort~;a~~ to h~~ imn~ediatel~- ~in~~ aml Z~.i~•:?f?le. T.encier ~hall have «~ai~•ed such
option to ac~~eler.~te ii. ~?rior to tlic~ ~alc or tran~Cer. Lc~n~lcr :u~~l ih~• ~~cr~on to ~~•ho~n tiie Yro~iert~~ is to bc sold or
i transferred much agrecment i~i ~~•riting tl?at the ~re~lit oi ~iic•h ~~er~on i~ ~ati~f.tctor}• to I.c~ider and that• the interest
` ~?ayable on the ~mu~ ~ec•ured i~}- thi~ \[ortga~e ~hall ire at >u~l~ rat~~ u~ L~n~ler shall rcyuest. if I.ender has waived
I the o}~tion to :icrclerate ~~rovide~l iu thi~ ~~arngraph 17 an~l if Rorro~~•er'~ ~uccessor in interest La~ executed a~vrit-
f ten ass~~mption agreement .?ccepte~l in ~~~ritin~ L~~ !.~•n~ier. Len~ter ~hall release Borro~~~er from all obligations under
~
this ~tort•gagc 3nd thc ~ote. '
If I.ender exercises such option to acccleratc. I.ender ~l~sll ~nail 13orro«•cr notice of acceleration in accordance
~~~ith ~,ara~r.~j?h l4 hemof. ~ucl? noti~•~~ ~h.?1! ~~ro~•i~l~~ ~?erial of not le~~ than 30 ~ia~•s frotn the date the notice is
mailecl ~~-ithin ~~•hic4? Rorro~~•er ma~~ i?a~•. the SUIll~ decl;tre~l ~hu•. If Borro~~•cr fail~ to ps~- ~uch :ums prior to the i
~~x~?iration of =uc1~ ~~criai. 1.cmler ~ua~~. ~~-ithoi~t turther noti~•c or ~Ie~~uanrl on Borro~~•er. im•okc :im~ remeciies per- ~
initted by ~>arugraph 18 hereof. ~
' \ux-['~i~~?x~~ l'u~•N~:~~T,. K~n•r~?~s~~r an~l L~•ucl~~r ftn•th~~r ~•c?~-~•nant an~l a;~reo follo~cs: ~
~
18. Acceleration; Remedies. {•:xre~it ~~ru~•i~i~~~l in ~?,i~:i~;r:i~~l~ 17 hc•reof. »~ron Borro~cer'~ hreuch of an~- k
~~o~~cnant or agrecuicnt of Borro~~•c~r in ilii~ ~Iort~;ag~~. in~lu~lin~; tlu• ~~u~•~~nant~ tc? ~~a}• ~~•li~~n ~1ue any tiunz~ secured ~
by thi~ ~Iortgage, Lernler prior to ac~elc~ration ~hall ~nxil notic•c to Borrow•er a~ ~iro~•i~le~1 in par3graph 14 hereof ~
s~~ecil~'in~;: 111 tl?c lire.icl~: 1`ll the:ictiun n•yuire~l to rw•c• ~u~•li hr~•ach: ~31 a~1ate. not le~~ than thirt~' days from
the date the noticc~ i~ u?c~ile~i to 13orro«~cr. I~~~ ~~~lii~~h ~u~~l~ hrru~l? mu~t lm curc~l; .u~~1 ~4 i that failure to cure such ~
brcach un or hefore tlie dat~ ~~~ecific~l in th~~ noti~e ma~• re~ult in ac~clcration of thc ~inm ~c~ure~l by thi~ ~iortgage '
:ind sale of the Yropcrt~•. If tl~c brea~li i~ not ~•iu•c~~~ on on c~forc th~ datc• ~~~ecified in the notice, i.cnder a~ I.ender'~
optiun maS~ ~lecl:~m all of t6c :un~~ ~ecured h~- thi~ ~(ort~;a~;e to b~• i~~uu~•~liateh• due and ~~a~able ~~•ithout further
dc~~~and anrl uia~• fomclusc t6i~ ~tort~agc~ h~• ju~li~•ixl ~?ro~ee~~lin~; L~~n~ier ~hall be entitle~l to collcct in such ~iroceeci-
ing all cx~~enses of forcclo~ure, inelu~ling. hut not liuiitc~~l tu, rea•onal?Ic~ attornc~~'~ icc~, :and costs of documentan~ _ ;
evidence, abstracts and titlc re~?orts. ~
L
OR ~
640!( f'A(:f ~JU ~
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