HomeMy WebLinkAbout1180 8. Inspsction. Lender ~uny w~tk~• or ~•ausr t~i {x~ uuul~~ r~•u~unut?I~• ~•ntrie. ~q?on :?u~l inc~?eetions o[ th~~ Prop-
~rl,y, ~~rovided ti~nt I.ender •liali ~i~•e Rorro~~•er ??oti~•e ~?ric~r to :~m• ~uc~h in~~~e~tion ~~?c~ii~~ii~k rensonable cause
therefor related to I.ender's internst in thc Yropcrtv.
9. Condemnaiion. 'The ~~roceMic of uny a~~•nni or ~•l:lim for ~I:una~;e~, direcl or consec~ucnt.ial, in conneetion
~~•ith :u?y conctemnntion or other tnki~~~ ot th~ Ym~x~N~•, ur ~?:~rt th~~r~~of, or for ron~•eyance in licu of conclemna-
tion, are hereby ussi~;ne~i and shnll I~e paicl ta l.ender.
In the e~ent of R totnl taking of tlie YropeN~•, the pmc~~ecl~ shxll I?e u~?~?lieyi to the ~u~m ~ccurc~l 1?y this ~tort-
~;r~ge, ~~ith Ihe exc~~:~, i[ any. ~?~id to Borro~~•er. In th~ c~•ent of ~?itrti:tl tAkin~ of the Yro~?cr4y. iuiless Aormwer
:?nd I.ender other~~ise nRrce in ~vritin~. tlicro shall Ix• a~?pliMl to th~~ ~um: •c~urc~i b~• this \(ortgage such propor- '
tion of the proceeds i~s is equa! to that ~~roportiuu ~~•hich tlie au~ow~t o[ tlic sum~ ~ecureci by this ~iortgage imme-
diately prior to the dnte of takin~ I~c.~r to the [s?ir mark~•t ~•a~luc of thc• 1'ropert~• immcYlistel~• prior to the date of
tAking, with the balnuce of the procecds ~~ui~l to Borro~~er.
If the Pro~~erty is abnn~lonc~i h~ I3orron•er or it :?ftcr noticc b~• i.e~iaer to I3orro~ver that the co~idemnor of~en~,
to tnake An a~~•t?rd or settle a cluim for ~lainnges, Borro~~~cr inil~ to res~?ond to I.encicr ~vithin 30 days of the datc
of sueh notice, I.ender is authorized to coltect arnl 3p~~1~ the ~rrur~~al~ .it Lender'~ option eitLer to restorntion or
repair of the Property or to th~ sums secure~l b~• this \(ortRa~e.
Unlea~ I.ender nnd Borrower ottienvise agree in ~vriting, uny such application of proceeds to principal shall
not extend or postpone the due date of thc ~nontl~ly instatlln~cnts referred to in ~?arugra~~hs 1 and 2 hereof or
change the n~nount oi such installn~ents.
10. Bonowe: Not Released. Fxtensiou of t.l?c ti~nc tor ~?a~u~e~~t or ~nalification ot ~mortiaation of the sums
s~~cured b,y this Mortgage grnntecl b~~ I.ender to ~?n~ succec~or in interest of Borror:cr shAll not opernte to release,
in ~tny mnnner, the IiRhilih• of tl~e originnl BorroN•er and I3orro~vcr'~ succ~.sor~ in intemst. T.ender shall not be
requin~l to commencc proceedings i~gninst such succe~sor or rcfu~e to extend time for pnyment or othenvise modify
:~inortiaation of the sun~.~ ~ecured h~~ this ~iortKsgc h~• reasou of an}• ~lc~naml ~nade b~ the originAi Rorm~ver and
Borron+er's successors iu in~erest. ~ .
ll. Forbearance by Lender Not a Waiver. :1n~ forbe:~r~u~cc l,~ 1.ender in exercising Any right~or remedy
hereunder, or othern isc ~f~'orcleci by npplicablc ln~~•, shall not 1~ a~~ ~i~•er of or precludc the exercise oi any right
_r _at_ _t. l._ r ~..1_
~P T@T1lCt7V IICTCI1RtiCT. •111C jiiOCUI'8111CI1L UI 11iS1iC.iiil'C UI' Int• ~r.1~'uR'iti ut i~sti[-~ c7i Ucuci iici~a 'vi w~ai~w ur i.cinaci
~hall not be a~vai~~cr of I.ender'~ rigl?t to nceeler.~te the mnturit}• ot the indebteclnes.~ seeureci by this viortgage.
12. Remedies CumulMive. 411 remeciies ~~rovided in this ~Iortga~e arc distinct and cumulative to any other
right or re~neci~• under this ~tortgage or aRorcic.i In• la~~ or e~uit~•. :~nd mar be exerci~eci concurrently, independ-
t~ntl~~ or succe~i~ely_
13. Successors and Assigns Bound; Joint and Several Liability; Captions. 'Cl~e co~•ennnls and agreements
herein containeci si~aii i~in~i, ann ii~e rignis i?ereuuder ~iixi{ i~~urc iu. ~~IC i'1f5')tctli'i• allCCCaSdTS Rtii~ ~SSSigilS OLjRIit~B:
:ind Borro~ccr, subject to the pmri~ion~ o[ ~iara~ra~~L 17 hemot. _111 co~•enant~ snd s~gme~nents of Botto«er shall
be joint. :~nd ~e~-cral. The ~•a~~tipn< :ind i~eading~ of thc p:u•~?~;ra~~h~ ot tl~i~ \tort~a~c am for con~•enience only and ~
;ire not to be used to interpmt or ~iefinc thc pm~~ision~ hcreot.
14. Notice. ~nv not~ice to Rorro«~er ~~m~•idcd for in thi~ ~lort~;xg~• ,liall i~e ~i~•en b~ mailin~ such notice b~ ~
~•ertified mail a~ldre~~e~i to Aorroc~•~r ~t thc Propcrty :~~l~irc~~ ~tatc~ct hi•lo~r. ~xccpt for an~~ notiee required under
~~ara?~r.~ph 18 1?ereof to ix given to Rorro~.-cr in the u~anner ~1re~crihcY! h~~ applical~le I~~~•. ~ny notice provided
ior in this ~tortgage ~hnil he deemnl to ha.•c hc-en ~i~•en to Rorro~~er n•f~en ~i~•en in ti~c manner desi~nated herein
15. Uniform Mortqage; Goveming I.aw; Severability. Thi~ fonn at ~nort~aRe comUines uniforn~ co~•enants
for national use and non-uniforni co~•enant~ ~ritl? limitc~i ~•ariation~ b~• juri~diction to con~titute a uniform seeu-
rity instniment c•overing real ~iro~~ert}•. Thi~ ~Iort~age shall !~c ro~•erned b~• the la«~ of the jurisdiction in ~vhich
t.he Yropertt~ i~ loc~ted. In the e~•ent t!?at an~• pmvi~ion or clause of this \~iortgage or the Note con0icts with
.ipplicuble la~~-, such conflict shail not aft'ect othcr pro~•i~iom of thi~ ~io~t~agc or the \Tote ~vhich can be given
I ef~ect ~vithout tl?e conflicting ~?ro~•ision, and to thi~ end thc ~~ro~-i~ion~ of the \iortgage anci thc 1~Tote are declared
~ to be severable.
~ 16. Borroweis Copy. Borro~~er ~I~~11 be furnishc~i a~•onfo~~ued co~~~• of this ~•[ort.gage at the time of execu- ~
~ tion or sfter record~tion hereof. ~ ~
~ 17. Transfer of the Property; Assumption. If ail or an~• ~~art o[ thc Propert~y or an interest therein is sold ~
~ or transierted by 13orrower without I.encter ~ ~~rior ~~•rittcn ~~on~ent. excluding (a) fhe cteatian of a]ien or encum- ~
brance ~ut~oniinate to tl?i~ \Iortg:~ge, (1~l the cmation of :i >>urcL;?~~~ mone~ ~ecurit~• interest for household appli- ~
:u~ces. (cj a transfer 1~~ de~•ise, de~cent or h~- o~~eratirni of l:l~~' i1~~011 thc death of a joint tenant or fdl the grant of ~
any leaseliold intc:rest of tlirce ~•c~r~ or lc~.~ not ~•ontainin~; .?n option to piirch3ce, i.ender ma~ _ at I.ender's option, ~
~leclt~re all the su~us secured 1?~- ti?i~ ~tort~age to b~ inu~icdiatei~• ~tnE• and i~ayablc_ i.en~ier ~hall have ~vai~-ed such =
option to ac~elerate if. ~~rior to thc sale or t"ran fcr. i.en~ter :iud the ~ie~on to ~~hom the Property is to be sold or ~
transferrecl reacl~ agreenientT» ~triting thai the crcYlit of .~~ci~ ~?er~on i~ ~ati~facton• to Lender and that the interest 3
~?ayable on ?he ~uro~ ~ecureci by this ~tor'tgagc ~halt 1~~• at ~u~•!? ratc .i; Lcu~ier shall request. It I.ender has waive-d ~
the opt•ion to :?ceclerate provided in this ~?ara~rapl~ l7 aml il Rorroa-er'~ ~uccet:or in interest l~as executed a writ- ~
ten asswnption ugreement :icceptai in ~rriting 1,~~ Len~ler. Lrn~ler ~I?all release Borrower from all obligations under ~
this ~ortgage and the l~iotc.
If I.encler exercises sucl? o~,tiou to :icccler.itc. I.ender sh:~li ~nail I3orro~ver uotice of acceleration in uccordance
nitl! ~raragra~~h 14 hercof. Such noti~c ~h:?II ~?ro~-i~le a ~?eriwl ot not I~:. than 30 d:s~~ from the date the notice is
~ inailed ~~-ithin ~thicl~ Borrowcr n?a~ ~~ay thc su~n~ declarc~cl ~hu•. If l3orro~~•er fail~ to ~~a}' such su~i~~ prior to the
~•xpirution of such ~?crial. Lencler n~a~•. ~?-ithout furfh~~r noti~•~• or ~lemxn~i on Borro~ser, in~•oke an}• remedies per-
mitted bt p~r3graph 18 hereof. •
~ ~(?~i-I1\IFf?HDi l'c?~•r:a:~a•r•. i~orro~ccr:in~l L~~mler turth~•r ~•o~•~~?~ant and a~;ree u~ follo~cs: ~
Y~ 18. Acceleratioa; Remedies. H;x~•c~~~t ~~rot•i~ie~l in ~rn~:?Rr:i~?li 17 hrreof, u~?on 13orro~cer'~ hreach of am• ,
~ ~~~?~•en:?nt or agrecu~ent of Rorro~~-cr in tlii~ ~tort~;:~~c, in~•lu~lin~ tLc~ ~o~-enant~ to ~?x~~ ~+~I~cn duc an}• sums secuteci
~ by this ~tortgage, I.ender ~?rior to acceleration ~hall ~usil notie~~ to Borro~aer a~ pro~•idcK1 in paragraph 14 hereof
~ .~pecifyin~: I l I the bm.~ch; 121 the x~tion re~c~uire~l to cure such Irreach; ~31 a dat~•, not ie~~ than thirty davs irom
~ the date the noticr. is mailed to 13orm~~-e~r, b~• ~~'hicL such I~ce:~~•I; mu~t I~c cumd; and 14~ that failure to rure such
hreacL on or hefore thc datcl~cificd iu th~• notice iuat• re~ult in acccleration of the sum~ securecl b~ this ~tortgage
and sale of ti~e Yropc~rt~•. If thc hrcach i~ not ctur~t on or I?efor~• thc ~tate ~pecifiecl in the notice, I.ender at I.ender's
option wa~- ilecl:~re al! of thc ~un?~ ~ecm~l b~ thi~ \lort~a~e to In~ i~uu?Mliatciy due and pa~able witl?out further
demand and ma~- foreclose th~~ ~lort~s~~;~~ In' ju~licizil ~~rocciYliu~;. I,rn~ier ~hall be entitleci to collect in such procee~-
~y ing all ex~~enses ~~f fomclosure, including, but not liwit~~~i to, masonabic attorne~'~ iees, and costs of documentary
evidence, abstracts ar~d title m~~orts. -
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