HomeMy WebLinkAbout1509. ~. 1~~.
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8. Ia~p~otion. Iwnd~r m~y m~lc~ or d~nw to b~ aiad~ ewwnabb entriN upoa and insp~cdon~ oiths p~op~c~y. P~'ovlded tDat Lasd~ ~U
~iw Bo~re~owa notio~ peice ~o any amcb izup~edon ~cibrins reaaoa~bl~ caws thuefas r~ad to LendR'~ inbrMt in W~ Proqeqr.
9. Cosdaen~doa.lLa paoNd~ oi ~a,y ~ward or claim for dama~M, dir~ct or ooa~sqwa~ial, ia oonn~ioa wiW aq~r ooad~maa~on ae
otha taldn~ o~ tM D~oDuq-. a P~rt ~ or foe conwy~aas in lien oi oondeonnatia~. aer h~by aMisad and s~all b~ paid to Iwud~.
In !b~ w~at oi R total takin~ o! th~ Prop~rf,y. th~ proa~d~ ~hall bs applied to t!~ aun~ Ncnred by lhis Morti~. with ~ oz~.w~„ ~i W.
paid `o Bon~owa. In t1N w~at o[ a Fae~id ~akin~ oi th~ Properqr. nnlew Boerowa and Iw:-d~e otMewiN a~ew in wr[~. ~~haU b~
~PD~ t~ ilu wao~ ~.wrd b~r tbi~ Marts~ aich p~oyoeda- at th~ prooeed~ ~u u eqnal bo that pcopor~ion which the amonat ot ~~om~
~.vrrd by ~hi~ Maets~ i~m~diat~y peior to th~ dab oi hldns bean ~o t~a i~ir market valw of the Pcoqrty ima~diats~jr p:ior to tlw daM at
ta~in~. wlth ~ bal~no~ at th~ pe~oa~d~ paid to Horrow~z. -
Iith~ Propaqr b abandond by Boe:ow~r. os i~ aRa noNa by Lwndee to Borro~r tbat t1w oondea~no: oi[u~ to m~ ~a award or wttV a
claim ~ dam~M. Borro~ra fi~ib b rwpond to Iwad~ wltbia 90 day~ a!!ee the date ~~ notla i~ maild, Iwnda i~ an~o:it~d b oolMat ~nd
~ap~y t~ p~oa~d~. at Iw~nd~r'~ optlon. dth~e ~o rwtoration or rpair oi f~ prop~qr a~ b tb~ ~nms s~cured by tbir Moc~~.
Ual~ Iwod~c aad Bo:row~c o~wiN ~stw ia writitW~ ~4Y ~h applicatlon oiproa~d~ fo p=inaipal ~h~ll not ~zfa~d ae po~on~ ~ dw
daM a~ tlu n~oat~r fnat~llm~d r~fiseyd to ia par~ra~ 1 and 9 b~noi or chan~ tb~ ~onat of ~ncb ia~talim~ah.
10. Borrowes Not RelatNd. Bact~adon a[ th~ tim~tor p~nant or moditlcation of ~mortisatlon of ths ~nm~ wcured by tbi~ b[o~ap
~rant~d by I.ead~r to aqy ~uaoMw: in iatan~t oi Haerow~r ~11 not ope~ate to relea~e~ in any mann~r~ the liab~lit,p of th~ o~ind Borrow~
and Bore+o~ree'e snoaaot~ ia iatawR Lnda shall not b~ rpnired to oonsmeno~ proosedin~ ~ain~t ~nch moce~~ or reEu~e to s~ct~nd lim~
fa payna~nt or oth~ris~ modi~y uaortisation oithe snm~ ~.vred by thi~ Moct~a~e by rea~on of any dem~d made by the a~i~inal Boerowe~
aad Borrmwe'~ ~uaoawn ia intarM~
11. Forb~araao~ b~r I.end~ar N~ a Wdver. Any forbeanwos by Le~id~e in ~ud~in~ uy- rt~ht ae nm~jr h~seundsr, az otherwlN
affo~ded by applicabl~ law, sh~ll not b~ a waiver of or prclud~ the e~~rdN at any ~uch ri~ht os remedy. The p~ocur~meat of in~n~aos ar tb~
p~ynNUt oi taue~ ar oth~ liuu or char~M by Lender ~hall not be a ~rdv~r of Lez~da'~ ~ht ~o aoabrate tbe matarlbr o~ th~ ind~bt~ednas
~~cord by this Moef~an. - .
12 Remed~es Cmm~lad~e. All r~diN pcovided in thi~ Mort~a~e ars distind and cmm~Ltiw to ~ny otha ~ht or na~edp nad~ thi~
Morf~a~~ a: attioedd by law or pnity~ aad may b~acerci~cl ooncurcenW-. indrpend~utly ~~nooNdvely.
18. Snoos~wr~ and Aaf~ Hound; Jolnt and Sevenl LiabdUt~ Capdon~. Tbs oov~ab and ~reement~ h~eedn oontained ah~ll
bind. ~nd W~ ri~hta h~naade~ shaU inurs to. the re~psctiw ~uo~w~or~ aad ud~a~ o~ Le~d~r ~nd HoaoMror. ~nb~ct to tbe peovidoa~ d
pan~raph 17 6ueoL All oovenant~ and p~eesme~ta of Boaower ~hall b~;adnt aad wveral. The captioru and headin~ oitbs panptap~s at
ebis Mortaa~e u~ fa: omr~i~na oniy and ~n Aot to b~ n~ed to interp~et or ddtn~ th~ pro~-t~don~ h~eroL
14. Nodce. Bxc»pt for aqy notios reqnired under applicsble law to be Qiven in another m~nnee, (ea eay notios to Borrower peovided fo~ in
tbi~ Mortae~e ~hall be ~iven by m Win~ ~nch notioe by osrtitied meil addreMSd to Boerow~r at the Propsrty Address ~ at ~uch othsr addr+M u
Borrower may dNi~nate by nodcs to Iender es provtded hsrein~ and (b) anY notics to Lsnda ~haU bs ~iven by oeYliQed m~il, rsb~ra rsoeipt
r~4u~ted. to Lende:'s addrew stated berein or to ~uch oth~ sddrsw u Lender mey de~i~nats by notios to Borroaer eu provid~d har~in. Aqy
noNa ~rovided for in thf~ Moart~a~e shall b~ deeaned to havs beea ~iven to Horrower or I,snda wh~ Qiven in t2-e m~a~ d~ii~o~-~d henin
16. Unitorm 1[ort~a~ei (iovsrdn~ I.~w; Bevenbiltty. Thi~ form of maet~a~s oombiaer unifosm oove~ant~ fa~ nitional ~us and nan-
aniform oovensnta ~rith limited vulation~ by jurl~didion to oon~titute a naifoctn Ncu=iq- inrtrum~nt o~verin~ rsal p~opecty.lbi~ Mort~
~h4U be ~ovemed by- the law of th~ juri~dictioa in whicb t6e Pcoperty is located. In the event that any p~ovidoa or cla~us otthis.Maet~~ ar
the Note oonlficb ~vith epplicable law, ~uch coatlict rhall not a~ec! other provjsioa~ a~ this Mort~e~e or the Note whicb can bs alven dhct
withont ths oonflictin~ providon. aad to lhii end the provi~ion~ of the Mort~~e and the Note ars decl~red to be ~sve~sbls.
18. Bonowrer'~ Copr. Borrower ~haU bs ibrni~hed a oontoemed oopy ot th~ Nots and oithi~ M~a~e at Sbe time ateacecntion or atte~
e~eoordation he~+eoi
17.15ranifer of the Propsrtyi AMUmpdon. If all ar sny paet oi tbe Propearty a an inteee~t thers~a i~ wld or tran~ferred by Borrower
withont Leades'~ peior written oonse~t~ e:cludin~ (a) the creation of a Usn or encnanbru~a snbordinate to this Mwrt~a~s„ (b) the crsatton a~ a
~~ pnrcLa~s money ~sendty inte:wt for hou~shold applianos~. (c) a trandar by devi~s. de~oeat or by opsntion of law npon the deatb at a jaaat
`~ tenant or (d) th~ srsnt of any lesishold intere~t of three yesn or leM not oontainin~ sn option to purche~s. Lsnda: msy. at Lendei'~ option,
~ declare all tbe ~ums ~ecnrea by thi~ Mo~t~a~s to bs immediately due and psyabls. Lsnder ~hall h~ve waived snch o~ioa to aooslerats if. pria~
t~ tbe~aleortrensfsr. Lsi-derandtheperwnto whom theProperty i~tobs wld ortran~ferredrssch a~~aeatin writin~thattbecreditofsnch
panon i~ ~atiafactory b Lender and that the intere~t pqyable on the ~um~ ~ecured by thi~ Mort~eQe ~hall bs at ~uch rats a~ Lesder shall
reqne~t. Ii Leader hu ~raived ths option to aooelerate provided in this para~raph 17. and if Borco~vee's suooe~aor in intere~t ha~ e:ecuted a
aritten es~umption a~reement acespted in writinQ by I.euder. Lender shall nlea~e Borrower firom all obligation~ under Lhi~ Mort~a~e and the
Note.
If Lender esercira ~nch option to aooelerate, Lender shall mail Borrower aotice of seoelecation u- aooordanas with para~reph 14 LereoL
3ach notioe shall provide s period of not le~s than 30 dey~ frnm the date the notice u mailed aithin which Borrower maY PaY the ~ums declared
due. If Borrower fails to pay such sum~ prior to the expiration of such period, I.ender may. without furthe: notioe or demand on Borro~rer,
invol~e any remedie~ permitted by paragraoh 18 h~seof.
18. Aooeleration; Remedie~. E:cept aa provlded in pare~raph 17 hereof~ npon Borrower'~ breach ot a~- oovenaat or
apresment o! Borrower in thi~ 1[ortse~e, inclndin~ the oovenants to pay when dae ~oy wm~ ~ecured by this Mort~a~e.I.eode:
prlor to aooeleration ~hall mail notios to Borrower a~ provided in p~r~rapb 14 heareot~pedly+in~: (i) t6e breacb; (2) the ad~on
reqalred to cnre ~ach breach; (3) a dtue. not leM than 30 dqy~ trom t6e date tba notioe b maUed to Borrowrer. bl ~vblch mch
b~e~ch mnst be cur+ed; aad (4) that faUure to cure such breach on or before the date ~pedtled in t6e nodce mq rewk in
~ooeler~tbn oithe m~ secured by thb Hort~a~e, foreclosure by )ndicial prooeedia~ and ~ale of the Property. The notice ~hali
tbrt6er fnform Horrower o! the ri~ht to refiutate aRer aa~eleratton ~ad the rl~ht to apert in the foreelowre proceediat the
non•ezi~tenoe oi a default or aqy other defen~e ot Borrower to aaxleration and foreclosnre. If the breach is nat cnred on or
betore the date ~pecilied in the notke. I.eader at Lender'~ option may declare ~11 of t6e sww ~ecured by thi~ ltort;a~e to bs
immediatelp due and payable without turther demand and may toreclo~e thia Mort~a~e by judfcial prooeedins. Lender ~haU be
entitled to oollect in snch proceedin~ all ~pen~es oifore~lo~ure. includin~. but not limited tu, reawnable attorneq's fees, and
eosts of docnmentary evldenoe. abtracts and title reports.
19. Borrow-er'~ Ri~ht to Rednstate. Notwithetanding Lender's aooeleratioa otthe sum~ ~scured by thi~ Mort~e~e. Horro~ver sh~ll haw
tbe ri~ht to have any pmceedin~~ be~ui by I.ender to enfarce this MortQage diroontinued at any time prior to entry of a jnd~meat eafoe~c3n~
tbi~ Mozt~a~e if: (a) Bore~ower pay~ I~end~ all s~ms which would be then dae nnder thia Mortgage, tbe Note and note~ ~scarit~ Pbtnrs
Advanae~. if anY. had no sooeleration oocurred: (b) Borrower cures sU braaches of any othe~ oovenanb or agreemeab oiBorrowror oontained in
thi~ Mort~e~e: (c) Borrowar pays all rea~onable expense~ incurred by Lender in eaforcinQ ths oaveaeab and a~reementa of Horrowee
oontained in tbis Mort~a~e and 'u- enforcin~ Lender'~ remsdies es provided in paraQraph I8 hereof, includin~~ bnt not limited ~o. ree~o~abb
attorney's fees; aad (d) Bo~rrovver takes roch action as Lender may nasonably require to as~nre that the lie~ of tbi~ Mort~a~e, Iwnder'~ iatee+e~t
ia the Propeety and Bore+ewe~s obligation to pay the ~nm~ secured by this Mortga~e shall continue ununpaired. Upon mrh paymsnt aad wn
by Borrower~ thi~ Mort;e~e and the obliQation~ secured hereby ehaU ranain in fnll foroe and dfect as if no aooeleration h~d oxarred.
20. As~ip~ment ot Renta; Appotntment of Reoelver. As additional ~ecnrity here~ader, Borrower hereby awiQn~ to Lender the eeat~
oi We Property, provided thst Borrower ~hall, prior to aaxleration under para~raph 18 henof or ebandonment of tLe Property. have ths risht
to oolleet and retain snch renb a~ they become due end payable.
Upon acceleration ander paragraph 18 heseof or abandonment of the Property, Lendet ihall be entitled to have a reoeiver.appointed by a
oomt to eater.npoa, talce poMaaion ot and mana~e the Property and to ooUect tbe ren4 of the Prop~ty, inclndinQ tho~e paat dne. All reat~
oollected by the eeoeiver ~hell be applied 5r~t to payment of t6e owte of mana~emeat of the Property and oollection of reab, inclnding. bnt not
limited to. reoeiver's teu, pTeminm~ on nceiver'~ bonds and reasonable attorney's fees. and then to the sums ~ecured by tbis Mo~a~e.'1Le
reoeiv~r shall bs ltable to aooount only for thore renb actnally received. '
~345 ~,~1507