HomeMy WebLinkAbout1654., • ~~r-~ l
• . ~: ,
8. Inspsation. Lead~r may make or caws b be made rsew~able ~trie~ upoa and iiupectioiu of We property. provided that Lsnde: ~haU
~ive Bo~row~e notia pria b any ~~h inapsc~fion ~ped~yia~ e~eawnable caws therefa~ related to IwadR'~ interart ia W~ Prop~ety.
9. ('.o~demn~tloa.'!L~ pcooed~ oi aay award o: claim for daaue~e~ direct ~ coiuequentiel. in ooanectloa aith aqy oond~mn~tlon ae
otL~e taHns ot th~ D~'oD«RY. a~ paet Wenot. or fae ooawy~nos ia lien oi voudamnsNoq ar~ hereby a~ed aad shali b~ paid to I~der.
In the weat oi a total takin~ of t1u Prop~rty. th~ proo~sd~ ~hall be applied to the ~um~ ~ecured by thi~ Mort~aje. with the ~coeM. if iu-Y.
paid to Bo:row~r. In th~ w~nt a[ a paelial taldn~ of tbe Proqety. unleM Bo:row~ and Lsndee oth~ew~i~s a~ree ia wrltin~. th~r~ ~h~ll be
app8d to th~ snm~ Mcnied by thi~ Matsa~ ~uch proportioa ot the pmceed~ u u eqnal tu that proportion rrhicb We amonnt of the snm~
~scor~d by thi~ Maartsa~ ieemediat~ly prtor to ths dat~s of takin~ bean to the fair marlut valne oitbe Propaty immediately p:ior to the datA ot
takin~. with th~ balanw a~ th~ proa~d~ paid to Horeowa.
If th~ Prop~ i~ abaudond by Boee~w~. or i~ aRa notias by I.wde: to Ho~row~r that the oondanaa oQeis to make ew ~ward or «ttM •
claim tor dam~es. Borro~wr faila to rMpond to Lwnder within 30 day~ aMr We dste ~ncb aotios i~ nuiled. LsAdee b autlwrised 10 ooll~ct ~ad
ap~l,jr @u p~ooMd~, ~t Leaad~e'~ opdon. dth~r to ratoratlon or rep~ir oi the pmpe~f~y a~ to We ~nm~ Ncund by tbi~ Moct~~.
Unl~ Iwad~e and Borrow~e othawiN ~~ in wr[tin~. aa~- snch application oiproc~d~ to piiadpal ~haU not ea~t~d a~ po~epo~ ~Mdw
dat~ ct ~» monthl,~r Wstalla4~at~ r~tar~d t~ in yara~raph~ 1 and s hereof or cha~a ebs amonnt of snch in~tallmenb.
10. Horrower Not lielea~ed. ~t~don of the time for paymu-t or modilicetion of eaaortisation of the ~ums ~ecwred by tbi~ 11Io~~
~raated by Leadec to aqy ~uoawor in intaest of Horrower ahall not operats to relea~e, in any manner. the liabili4j- a~ ths od~inal Borrowes
and Botrower'~ sua~wr~ ia intaw~ Lss-der ahell no! be required to oommence Proceedin~ a~tin~t ~uch suooawr or seTu~s to e~tend time
foar p~yment or otherwi~e modiiy- araortization of the ~uau ~ecured by thi~ Mortga~e by reawn of any demand me~de by the or~inal Boerowae
and Borcowar'~ ~n~ces~ors in interest.
11. Forbearanos by I.ender No! a Wdver. My forbsarewos by Lendez in e:ercidn~ aay ri~ht o~ rsmedy hereund~r. or oth~ewiN
aKorded by appHcable laMr. ~ha11 not be a Mraive~ of or precluds ths ~ari~s of any ~uch ~ht os remedy. The procurement of in~nsaaos or the
payme~t of ta~ce~ or oth~r li~u oz char~e~ by Lemder~~haU not bs a wdver of Leade~~ rl~ht to aooslaate the matniity o~ the indebtedne~s
~ecvrsd by thi~ Mort~e~e.
12 Remedie~ G~mnlative. All remedi~ p~ovided in thi~ Mort~a~e ers di~tinct and cumaLtivs to aqy othe~ ri~bt o~ remedy nadee thi~
Mortra~s or atYarded by law or equiqr. and me~y bs ~ecri~sii ooacurrsatly. indspendendy or ~nooe~dvdy.
13. SnooeNOr~ aad Apipu Bound; Joint and Sevsral Li~biliq-; Caption~.11-e oove~wt~ and aacse~meab bareia oontained ~h~ll
bind. end ths ~ht~ hezeunde: ~hall inure to. the rerpecttve ~nooe~wr and a~a~a~ af Lsnder and Hoirowrer. ~ubject to the psovl~io~u a~
paraQraph 17 heraof. AU oovenanta ~ad ~reamsnt~ ot Boaowae ~haU be joint and ~nrenl.'1Le caption~ aad headin~ of the parasrap}u a~
thi~ Mact~a~e ars for ooveniencs on~y ~nd ars not to be ussd to inte=pret or de~ne th~ piovldons hereof.
14. Nodce. E:oept for eqy notice reqnired unda applicable law to bs Qiven in another maane~~ (ea any notica to Borrowez parovided f~ in
thia Mo=t~age ~hall be ~iven by mailin~ ~uch notioe by oertiQed mail addre~aed to Borrower atlhe Propsrty Addrew or at ~ otha ad~ ~s
Bosrowar may de~ignate by notioe to I.endar u provided hereia. and (b) any notica to Leader ~hall bs ~iven by oert~ed mail, rst~ua reoeipt
ne4nested. to L~der'~ addrew ~tated hersin or to wch other ~ddreM a~ Lender may de~ianeLe by notios to Borrower eu pzovided here~n. Any
notica provided for ia thir Mo~a~e ~hall bs deemed to have be~ ~iven to Bosrowsr or Lender when ~iven in the manner ded~nated heran.
16. Uaiform Mort~s~e; Governins I.aw; $everabUiq-. This form oimort~a~e combines uniform ooveaanb for national w~e and n~-
unifotm oovenanta ~rith limited variation~ by jnslsdiction to oonstitute a nniform ~ecuritY in~trnment ooverina real propezty.lbi~ Mo~a~e
~hall be ~overned byrtbe law of the juriadiction in which the Property is located. In the eve»t that any psovirion or clan~e of thia_Mo~a~e oz
the Note anllicts with applicabls law, ~uch conflict ~hall not affsct otber provirions of this Mo~sas or the Note w}uch can be Qivea eged
~vithout the oonilictin~ provi~ion. and to thi~ end the provirion~ of the Most~age and ths Note are declered to be ~sverable.
16. Barrow-er'~ Cop~-. Borrowet ~hall be furni~hed a ooaformed oopy of the Note and otthi~ Ma~t~a~e at the tims of eo~ecution or ai~
reoordatioa hereo~ ~
1Z 7~ansfer of the Property; ANUmpdou. It all or any part of the Pro~ty ar aa intere~t tbersia i~ ~old or tran~fecrsd by Borrower
withont Leadsr'~ pzior aritten oon~mt, ezcludin~ (a) the creation of a li~ or eacumbranos subordiaate to this Mort~e~s, (b) ths creation o~ a
purcheae money ~ecurity int~erest tos hon~ehold applianoe~. (c) a traa~fer by devi~s. de~oent or by ope:ation of law npon tbe death of a joint
- Q•:enant os (d) the Qraat of any leaiehold intere~t of three year~ or le~a nat oontainin~ an optioa to purcha~e, I.snder may, at I.ende~~ option.
~~ deelars all the ~um~ ~ecurea by thi~ Mort;a~e to be immediately due and payable. I.endar ~hall have waived sncb option to aooslerate if. prior
to the sele or trander. Lende: and We per~oa to whom the Property iu to be wld or tran~ferred reach a~reeanent in writin~ that the c~~editof ~ch
G~; ~~penon i~ sstisfactory to Leader and that the intere~t payable on the sums seeured by this Martgage ~hall be at such rate eu I.ender shall
reqned. If I.ender ha~ waived the option to aooelerate provided in thi~ paragraph 17, aad if Borrowds ~uooe~wr in interest has esecnted a
aritten essnmption egreemtnt aooepted in writing by Lender, I.ender ~hall release Borrower fmm all obUgations nnder thi~ MatgaQe and the
Note.
If I,ender ptercise~ such option to aocelrrate. Lender shall mail Borrower notice of aooeleration in aooordanoe with para~raph 14 hsre~L
Such notioe shall provide a period of not less than 30 days from the date the notice u mailed within wluch Borrower may pay the snma declared
due. If Borrowa faib to pay snch sums prior to the e:piration of such period. I.ender may, without furthe~ notioe or d~and on Bon~owe~~
invoke aay remedies permitted by paragraoh 18 hereof.
18. Aa~eleration; Bemedie~. B~cept a~ provided in para~rapb 17 6ereot, upon Borrower'~ breach ot aq1- oovenant or
a~reement of Borrower in this Mort~a~e, includin~ the ooveuanta to pay ~vhen dne aqr ~um~ secured try thia Most~a~e. Leader
prior to aeceleration ohall mail notice to Borrower as provided in para~raph 14 bereof apedly~in~: (1) the breach; (2) the adion
reqnlred to cnre wch breach; (S) s date, not lew than 30 days llrom the date tha notice i~ mailed to Borrower~ b~r wrhkh sucb
breach mwt be cured; and (4) that failure to cure such breacb on or before the date ~pecified in tha notios ma~ re~nlt in
aooelerstion otthe anms secnred by tl~ Ddort~a~e, foreclo~ure by )udiciel proceedfn~ aad sale oithe Property. T6a notice ~hall
ll~rtber inform Borrower oithe ri~ht to nin~tate atter acoeleration and the ri~t to a~oert in the foreclosnre prooeedie~ the
non-eii~teace of a default or aay other deten~e ot Borrower to aoceleration and foreclo~nre. If the breac6 i~ not cared on or
before the date ~pecified in the notice, Lender at I.ender's option may declare all ot the sums seanred by thi~ ~[o~t~a~e to bs
immediately due and payable wit6out further demand end may toreclose thts Mortga~e byindicial prooeedin~. Lender shall be
entitled to oollect in snch proceeding all e:penses of forecloaure, iaclndin~, bnt not llmited to, reawnable attoraey'~ fee~, ~od
oost~ ot documentery evidence, aMtracts and t(tle reports.
19. Borrower'~ Ritht to Rein~tate. Notwithatending Lender's aoceleration of the sums aecured by thia Mort~age. Borro~ver shall have
the ri~ht b have any prooeedings begun by Lender to enforce this Mortgage discontinued at any time prior to eatry of a jnd~mea! eafore:in~
thi~ Mo:t~age if: (s) Bon+o~ves pay~ I.ender all sums which would be then due under this Mort~age, the Note and note~ ~rin~ P1~ture
Advanoa, if any, had no aooeleration axurred: (b) Bonower cvree all breaches of any other covenants or agreemeab of Borrower oontained in
tbis biort~age; (c) Borrower pay~ aU reasonable ezpensea incurred by Lender in eaforcing the covetsant~ and agreemenb of Borrower
oontained in this Mortgege and in enforcing Lender'e remedies as provided in paragraph 18 hereof~ inclndin~, bnt nd limited to, reeuonabls
attorney'~ fees; and (~ Bo~rrower takes ~uch action es I.ender may reasonabiy require to assun that the lien of t}~i.s Martga~e, I.eader'~ interat
in the Property and Horenwer's obligation to pay the aums secured by this Mortgage ahall continue nnimpaired. Upon wch paymeat and cure
by Horrowa, thi~ Mortgage and the obligatioaa eecured hrreby ehall remain in full toroe and effect as if no aooeleration had oocurred.
20. As~ipunent of Renta; Appointment ot Reoeiver. As additional security hereunder. Borrower hereby awigns ~o Lender thereata
of the Property, provided that Borrower ehnll, prior to aaxleration under paragraph IS hereof or abandonment of the Property. have the sight
to coUect and retain such rents as they become due and payable.
Upon aocderation under paragreph 18 hereof or abandonment of the Proprrty,l.ender shall be entided to have a reaiver appointed by a
oomt to enter.npon, take posseeaion oi and manage the Propet~ty and to ooUect the rent~ of the Property~ includiag tho~e past dne. All reah
oolleeted by the reoeiver ~hall be applied fint to payment of the owta of manag~ent of the Property and oollection of renta. including. bnt aot
limited to, recxiver's fces, premiamr on reaiver's bond~ and reasonable attorney'~ fea~ and t6ea to the sums ~ecured by thi~ Mo~t~a~e. T6e
reoeiver ~hall be liable to aooonat only for thwe renta actually noeived.
g~345 P~~i6~2