HomeMy WebLinkAbout2120 8. Inspection. I.cndrr u?z?~• n?~ke or ~•au,~• to IN• ~nau1~~ r~•:?~~~iu~bl~~ ~~uh•i~~, u~?un :?u~l ins~?ectiou, ol ti?e ProE~-
~rty, pn?vided thnt Lender ~linll ~ive )iorro~~•~~r noti~•c ~~rior to ;iti~• :ui•h ii~•~~ectiini ~~~ccii}•inK rrnsona~le cuuse
ti?erefor relateci to I.encler's inten~t in thc k'ropert;v.
9. Condemnation. 'I'he proccecls of any :~~~•anl or ~I:iin? tor dauu:~~c~, elircM ur consc~~uential, in connection
with imy condemnntion or other takin~; ui the Prop~~rt~•. or j?;~rt th~~r~~of, ur for ~~om•eya~n~e in lieu of condemna-
tion, ure hereb~~ a~ci~;ncri and shall he p~i~! !n I.en~l~r.
In the c~~cnt of n totnl taking of thc Yropcrt~•. Nu~ ~~ro~•~~~~k ~hall I,r u~?~?lic~l to th~• ~um~ ~e~~nrrl I~~~ this ~1ort-
gnge, ~~•ith tl~e excca,, if anv. ~?ai~i to Borro~~•er. In th~ ~•~~ent of :a ~?l1Tf1RI t21If1O~,* A~ t~i4 I'm~?crt~'. i~nless Borrower
:?nd I.ender otheneise aKre~ in ~~•ritin~. tl?em shnll I?c• :t~~~~licYl to Ih~• ~um~ .c~•ur~vl h~• thi~ \lort~;akc such propor-
tion of tl?e proceeds as is equal to that proportion ~~•hich tl?c timuunt of ti?c sun~s ~ecure~l hy thi~ \[ortga~e im~ne-
~iiately prior to tl?c datc of tnkin~; benr tu tl~e f~ir ~u:uk~~t ~•alu~• ~~f th~ Pro~~ert~• imn~c~ii:?teh• prior to the date of
taking, with the bnlancc of the procec~l~ ~~~i~l 1o Borro~rer.
If the Yropert~' is :iblmionccl b~• 13orro~~•cr or if aftcr noticc 1?~• Leuder to Rorro«•cr that thc condemnor offers
to make un n~~•nrci or settlc a ~laint for ~lzu~~~es. Borro~~•cr fail~ to re~~?on~l to l.en~icr ~~ithin 30 da~•~ of the date
of such notice, I.ender i. aiitl?orizcYl to collrct an~l a~?~~h• the ~?ro~•~~cY1~ st Lender'~ o~~tion eitl?er to restoration or
repair of the Property or to th~~ ~i~ms securc~l h~~ tl~i~ \(ortKH~;e.
Llnlcss I.~nder anci I3orrower other~~ isc agree in ~vriting, any such applicxtion of procecds tu principxl shall
not extend or ~~ostponc the due ~late o: thr• ~uonthl~~ i»~tall~ncnt. rcierrc~l to iu ~,arakra~?h. I and 'l hereof or
~~l~ange the :i~uount. of such instalime~its.
10. Borrower Not Released. P:xten~ion of the tiu~~• for ~~:?yment or malifi~xtion of amortizntion of the sums
secured hy this ~iortguge grnnted b~ i.ender to any ~uccessur in intcrest of Borro~~~er ~hall not operate to release,
in anv mnnner, thc linbilit}~ of the original_Borro~~~er and Rar~b~~•~~r's succe~sor: in interest. l.ender shull not be
requireci to commence ~n-oceeclin~ agninst ~uch ~ucce.sor or mtu~~ to extend time tor pnyment or othenvise modify
:uuort.ization of tl~c sums ~ecureci b~• thic \Iort~a~c 1?~• ret~son c?f .in~• ~Iemand nuide h}~ the ori~inal Borro~ver and
Borro~ver's succe_csors in interest.
11. Forbearance by Lender Not a Waiver. _~m• forlxr:~rance b~ 1.ender in exercisin~ :~n~ right or remedy
hereunder, or othernise at~orcie~i b}• applic~ble Is~~•, shnll not bc• a~~•si~•cr of or preclu~ic the exercise of uny right
or ren~cci~• herc~inder. 'I'lic procur~ment of in~uran~e or thc ~?z~•~ucnt of taxe~ or oti?cr licns or charges by T.ender
shall not be a~~~ai~•er of T.ender'~ right to a~•celerste tLe ~untarih• of tl~e indebtedne~. secural b~ this \~iort~age.
12. Remedies Cumuladve. All rem~~clie: pro~•ici~vl i~? thi~ \tort~a~e are distinet and emni~lative to any other
right or mmcYi~• ~in~ler il~i~ ~[ort~age or atiorderl h~• la~c or ~~quit~-. an~i ma~ he exemiseci concurrently. independ-
enth' OI' ~IICCCS~IYC~~'.
13. Successors and Assigns Bound; Joint and Several Liability; Captions. Tl~e ~o~•en:~nt~ anci agreement~
herein ~~ontaine~l ~hal) hind. an~i tLc ri~hi~ hereun~ler ~l~xll im~rr to, th~ ms~~ecti~~c• ~uecc~~or~ and a~sign~ of I.ender
:u~d Rorm~c~•r. ~ul~ject to thc ~~m~•i~ion~ oi ~r.~ra~r:i~?h 17 her~~of. _\11 ~•o~•en.int~ :~n~l a~mementc of Borroner shalt
}~e i~~iut .u~~l ~c•~-eral. 'I'he ~•s~?tiom :u~~i )rezidin~: of thc• ~~:u•:?~ru~~li~ ~,t thi~ \(~rt~ae;e am for com•enience onl~ ~nd
are not to be used to interpret or ~iefine th~• ~?ro~•isia~~ li~rcof.
14. Notice: _1n~• noticc to Borro~~~er pm~•i~lcd 2~?r in thi~ \lort~;ci#;~• ~i?utl ht~ ~;i~•c~n b~• mailin~: •u~•{? noticc b~
~•ertified in:~il :ui~lrc~~e~i to Rorro~scr .it tlu• Pro~~ert~• :\~l~lr~~~~ ~tat~vl h~lo~~-. ~•x~e~~t for an~• notiee requir~l under
~~ui•agr.i~~h 18 hereof to !~c ~i~•~•n io Rorroa•er in thc~ ~uanm~r ~~re~~~rihc~l h~• :~p{ili~ahle la~~•. :\n~• notice pmvide~l
ior in this \Iortgage ~hall he deen~c+l to ha~•e hcen ~i~•eu to i3nr~•o~~~c•r ~~-hcn ~ir~~n in the n~aruier design3teci herein.
15. Uniiorm Mortgage; Goveming Law; Severability. 'Chi~ ionn of niort~:igc• ~•oml»n~~ imiforn~ co~~ennnt~
for n~tional iise anc! non-i~~~iforn~ co~•enani~ ~~•itl~ limited ~•:iriztiou~ 1?~• iuris~iiction to constiti~te a unifonn secu-
rity instnnnent co~~erin~ real ~~mpert~-. Thi~ \Iort~ag~ ~h:?11 he ~~o~'erned h~• the la~~• of tlic juris~lict~ion in ~vhieh
the Yropert,y i~ locateci. In the e~~ent that :u~~• ~~ro~-isio~i or rlau~~ of thi~ \Iortgage or the ~ote conflicts with
; .?pplic:tble la~r, such conflict ~hall not :tflcct other i?ro~-i~ioti~ oi thi~ \tort~a~c or the \Tote ~~hich can bc given
cffect ~~-ithout thc ~onHicting !?ro~~ision. :ind to thi~ ell(I tllC ~?fOl'i~iom of tl~c \iort~a~e an~! the ~Tote are declared
~ to be severable. '
j 16. Borroweis Copy. Borm~~-c•r ~f,all hc tur~ii~hc~i ~•onforn~e~i ~•o~~~• ot thi~ ~iortgage at the time of execu-
~ tion or after reconlation hcrcof.
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17. Transfer of the Property; Assumption. If :?11 or :u~~• ~~art of thc Propert~• or aa~ interest therein is sold
` or transferrexl 1?}• Borro~~er ~citho~it i.end~r~ ~?rior ~~•ritt~n ~•on~ent, excludin~ ~al the creation oi a lien or encum-
~ bran~e suf?onlin~tc to thi~ ~tortgage. ~tr~ tl~c ~~reafion ~?1 :i ~»ir~•ha~~~ iuonc~ ~ecurit}- intcre~t for i~ousehold appli-
F :uiee~. ~cl tr?n~fc~r h~• ~le~~i~e. ~ie~~•ent ur h~- o{~~•rati~~n c~l Ix~c u~wn the ~ieatl~ o( a joint f~uant or id1 thc ~rant of
~ ,?n~• lca~e~hol~i intere~t uf tlirec }•e.?r~ Ur Ic:: uot ~•~mtainin#; :u~ o~?tiun t~? ~mml~:i~c. I.et~~ier mx}•. ~t I.ender's opt•ion.
~ ~lcclare all fhc ~uin~ :~~rurrd 1~~• fLi> \1ort~;.a~c tu h~ i~u~ucili:itch- ~lu~~ :uul ~~a~-ahl~~. l.en~lcr ~hall h~ve ~rai~~ed such
option to a~~~•cler:?tc if. ~?rior to [he ~al~~ ~~r irvrtcr. I.en~ler aii~i th~ ~~er~on to ~rliom tl~e Yropert~• i~ to be sold or
transfcrred rearl~ agrcement in u-riteu~ tl~at tlic ~•r~•~iit of ~ucl~ ~x~r~un i~ ~atisfarton• to I.cn~l~•r ancl that the interest
p:~y:?ble on the ~um~ ;ceured b~• thi~ ~lort~:i~;c ~1~:iil h~• :it -nrl~ rat~• c?~ I.c•n~lc•r ~hali m~~ue~t. I[ Lender l~as «ai~ed
the option to :u~~•clerate provide~i in ti~is ~1.u•agra1~L 17 an~l ii 13c~rrmcer:. .ucce:~or in intere~t lea< executed a~vrit- -
~ tcu assu~?~ption agrecuicnt a~•cc~?ic~t in ~~•riiin~? h}- i.c~ul~r. L~•n~l~~r ~h.?11 r~le.i~c Bori•o«•cr irom all obligations under
tliis ~iortgAgc au~l t.hc• ~'otc_
` If I.en~ler exerci~e~ ~uch a~~tion t~~ ;iccclerate. Lender ~hali ~:iail Rorro«•er notice of ac~eleration in accordanec
~ e-it~i ~?araRraF,h 14 herrof. ~uch no~ ic~• ~hali ~rro~~i~l~• ~?~~ri~Nl oi not I~~~s than 30 eia~•~ iron~ the ~late the notiee i~
uutiled ~~~itLin ~cLicl? i3orro~~~~•r iua~- E~a~• the ~unr.- declarcri ~lu~~. If Borru~~-er iail~ to }?,i~• ~u~•h ~un~~ prior to thc
~ ~~apir:?tion of ,uch ~?cri~xl. Len~icr ~n.i~-. ~cithrn~t furti?c~r n~~ti~•~~ ~?r ~lenr.in~{ on Rorro~~•er. in~•oke~ am- remediec per-
~nittc,~ci b~- ~?aragraph 18 hereoi.
z ~O\-~~\IFOH\1 (~/11"E\:\\7'~. ~~i)1'1'i/t\'l'1' illil~ ~~/•111~1'1' 1~1U'~Ill~1' CII<'Pllilll~ ilTl(~ i1~:Tl'!! il~ ~~O~~O\Cti:
~ 18. Acceleration; Remedies. 1•:x~•~y~t a~ ~n~~~~~i~i~~~l in ~~sr:i~,ra~?l~ I; Ler~•c~t. ~i~wu Iiorro~~-er's breacl~ of aim-
~ ru~~e~r.urt or.~~;rec•uient of B~rrro~~-er in thi~ ~lortt;ag~~. in~~lu~link th~~ ~u~•c~nant~ to ~~a~' ~+-h~•te ~iuc an}' ~um: secured
~ b~• this ~lort~a~;e. 1.en~lc~r ~?rinr to ac~eleratiim ~ii.sll ~uait notic~• to Borro~cer ~~ro~-i~1e~l in ~?aragraph 14 hereoi
~ .~?ccif~•iu~: i 1? th~• hrc:?ch: ~2? tlic :~~•tiou n•~~uir~~,i to c~ur~• ~u~•!i In-~.•a~~h: +3? a~i:itc. not than thirty da~•s from
~ the ~lat~~ th~~ ciotic~• i~ ina~il~~~l to Borru~~•~•r. I~~• ~~•l~i~•li ~u~•li In•~•a~•I? ~mrt hr cnr~~~l: an~l 14 i ti~at failum to cure such
" hrr~ich uu or hefore the ~iat~• y?~~citic~l in the nr~ti~•~~ nr?~- rc•~ult in ac,~el~~ratinn uf tl~e~ ~uin: :e~~urc~i b~• thi~ ~iortgage
~ ;in~l s<ile oi the Yro~?c•r~~•_ If the hms~•h i~ not ~•ure~l on or h~•for~~ th~~ ~lat~~ ~pecific~i in thc notice, I,ender at I,cnder'~
~ option nu?~~ ~ie~l:im csll of the ~uui: •c~um~l h~• thi~ \IortgaaKe to {,i• inuu~~iiatel~ due und p.~~•able ~citliout futther
~ dcman~l an~l n~a}• foreclo~~ thi~ \lort~;a{~c~ I,~• jrnli~i~~l ~irur~~cylin~;. Li~niicr ~{~all hc entitle~i to ~ollcct in suci~ ~iroceeci-
~ ing all ex~?en~es ~~f foreclo;iue. includin~;. hut nut liiuitt•~l tv. rea~onabi~• uttonx~~•'> i~~e•. sn~! ~osts ot documentan•
~ evidence, ab:tracts an~i titlc rei~ort~.
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