HomeMy WebLinkAbout01318. Inspeclion. IA nder may mAke ur cnuer to Ue miide musunable rnirira u{wn and ine{xrtions of the property, provided thnt l.ender shull
~;ive E;urruw~er notice prior to any auch inaprction speci[yinR rrusunuble caur~e therefor rnl~tecl to l.e~der's intereat in the Proprrty.
9. Condemnation. The prcx~s of uny awttrd or claim for damages, dinrt or roneeyucntial, in connection with t~ny condemnation or
uther tr-king of the property, or part thereuf, or for conveyunce in lieu of condemn~tiun, are hereby ast~igned and ahiill be paid to l.ender.
In thr evrnt of a tot~~l tiiking of the Nn~perty, the proceecle shnll be appliec! to the e~uma gecund by thiA MurtKs~ge, wilh the exceece, if uny.
p.~id to 13orn~wer. In the event of a pAriin) tnking of the Pn~perty, unless Eiorruwer and I.ender otherwirfe .~gree in writing, therr ahull be
;~noliNtl tn the xuma ttecort~ hv thiw AlurtirneP nurh nmr-nrtinn nf -hP nrrrwvic Ha i~ w~ual t~~ Ihnt mm~nrtinn WF~irI~ ~tia omnaraf ,.P ~1.., o....,..
, _ _- -- - --
::trurcyl hy thie Mortgage immecliately prior to the date of tnicing t-eura u- the fair market vi~lue of the Properly immedialely prior to thedute of
takinK, with the bnlance af the proc~ceds paid to Rotn~wer.
!f the Property is t~bund~ned by 1~-rn~wrr, or if, after naticr bp I.endrr to F3orrnw•er that the cv~ndemnor ofiers to muke nn aw~rd or artUe a
~•laim for damaKes, &,rruwer fa~ila to rea{x,nd to l.ender within :i0 days after the date auch nuticr is maii~rl, l.rnder is r-uihorizcd to collect and
:+pply the pnxeeda, nt I.ender's optiu~, ei!her tc~ matorntion or npiiir of the property or to the ~ums securcd by thix MurtgaKe.
Unless t.ender nnd t~rrower otherwise aKree in writinK. ~ny such ap~lication of pmceeda to principal nhnll nat extend or postpune thrdue
~iute uf the monthly insta~limrntx refrrred to in para~crapha 1 and 2 herr~~f or cha~;Ke the amount of such inalnllmente.
10. Korrowrr Not Nrlrased. E:xtension uf the time !or p:iym ~nl or modificatiun of umortica/iun of thr sums secured by this MortKage
~;r.~na~cl b~• I.rndrr to .im~ sucY•rs~~r in intemst of I~~rruwer ~h.~ll nut opcrate to rel~•.~se, in uny manner, thr liubility of the uriginal liurruwer
:~nd IturruN•er'~ cuiYyssurs in inten•~t. I.endrr ~hall nut tx rtr~uire~c~ tu iY~mmrnce pnK•r~din~;s aKi~inst ~uch succea.w~r ur mfuse tu exlend time
l~~r !,a>•~nrnt ur ~~th~~rWi.e m~Klif~• amortizutinn uf ihe~ tiun~..erun~cl by thix ~1nrtK:~~i• b~• n•a.~~n ut any dem:~nd nr,idr h}~ thruri~,rinal I;urruwer
;~nd Iturru~~•~~r'ti suir~~.a~~rs in inten•.t.
11. horbeurance by Lender Not a V1'Hiver. Am• fi~rbr~ir.~nce by I.~•ndrr in exen•isink :int• riKht ur remedy hereunder, orutherwise
:~ffordecl by applicable iAW, shall not t-e u wai~•er iif ur prrclude the exercise of any au~•h ri~;ht ~~r rem~~cly. The prcKUrement of insuranm or the
p:iyment uf taxes or other lirns or charKes by IAnder shs-11 not tx• a w•:~iver of t~ender's right u~ ~iccelerate the maturity of the indebtednras
~~~c~ured by this !11ortKaKe.
i i'.. i~ritic`UiC`~ ~.~lui~iiii6iiiiC. tlii rCIIICU~Cy }/rUr7UCYi Itl ii711 i~iUri+',ii~r Fi[r u1Sii11Ci UIIU CuUluitttlYr LU i10Y ~~tllr~ f1~,Il[ O~ lCII11'(lY Uf1dCT [hi3
~lorira~e or uffurded by law or eyuity, tind rnay be exercis~xl c~ncurrently, independently~ or succer;sively. -
l:t. ~ucceyaors and Aasigns 13ound; Joinl ttnd ~veral t.iability; Captiuns.'I'he a-ven¢ir~ts and aKreemrnts herein c~mt~~ined ehall
hind, ,~nd the riKhts hereunder ah.ill inure to, lhe reS~fY'U~'e su~ress~:rs and assiKns of I.endcr and 13~~rrower, suLject to the provisions of
pa:aKr:+ph 17 herf~~f. All co~•en.~nts and aKrcrments of 13~>rrow•er sha~ll tx joint und se~~eral. 7'he captiun~ and heudinKs of the paraKraphs of
thi. ~tort};a~;e .irc• for co~•enien.~e unly :~nd ure not tu be usecl to interpret or define the provitiiuns herec~f.
1~. Notiee. ExcrE,t fur :~n}• nutire rc~~uired und~~r appticable I:+K• t~~ Ix• {;iven in anutlr: r m:~nnc•r. lal any m~ti~•t• tu Korru~eer pruvided forin
t hia \lnrt~;x~;e shall tx~Ki~•~~n by m.iilinK such notice b~• certifiecl mail ~iddre~sed tu Rorn~w•erat thc~ 1'ruEx~rty elddre+~ur at such other uddress as
lturru~+~rr may d~•siKnate b}~ nutim tu [A•nder .is pruridctil hrrein, und Ibl an~• nuti:e t~~ I.e•nder shall tx• Ki~en b~• certifird m~il, return receip:
r~,~uested. u~ 1 w•nd~~r's addrrss statc~f he•rein or to surh other addrrss .is fA•nder m:-y dr~iKnate by nntice tu E3~~rrower ax providcd herein. Any
n~ ~tict• pru~•idcY1 fur in thiti \tort~aKe shall be dc~rn ~1 to h.ive tx~c•n Ki~•en to It~~rroK~cr or lAV~der w•hen given in th~• manner desi~natEd herein.
1:~. l'niform Murt~aRe; Gu~~erning I.~ta~•; tieveri~ hility. Thi. furm uf mort~~+Kc• cumbine•s unifurm rnvc•n.+nt~s fur national use and nun-
~,nifurm r~~~•t•n:~nts a•ith fimittrl ~~ariatiun, hy juri~di~•tiun to cti,nstitutE• a uniform ,ecurity instrun~~•nt a~veriny; real property. This 11ortgaKe
~h:~ll b~~ ~;~~vc~rneri bv thr I~a:+~ ~~f the jurisdictiun in K•hich the Yroperty i~ I~x•atcd. In thr e~~~~t that .in~~ pro~•i~iun orclau~e~ of this 11urtKaKeor
~ hr \~~t~~ c~~nflict~ ~~•ith 31(1lllli'AIIIf• law•, such cunflict ~h:ill nut affc~c~t uther pri~~•itiiun. uf thi, \1urtK.+Ke ur the \ute w•hich c:in tx• given effert
:~ ith~~ut tht• ~•~~n(lirtink pr~~•isiun, and U~ th+~ ~~nd th~~ prucivi~~ns uf thi~ ~1urt~;.~Ke :-nd thf• Nute are d~rl.vrd to Ix• severable.
1 fi. Borrow•er's Cup~•. Fi~,rruw-er ~hall tx• furnish.d a c~~nformtxi copy uf thf• \ute and of this MortK:~Ke at the time of excrution or atter
'~ r~rurd:itiun hcreuC
j !;. Transfer of the Yro erty; rlssam tion_ If all or xn ~ '-
p p y part of the 1.uperh~ ~rr an ir.terest therrin is suld nr transferred b~• liorrower
~.~ tthuut IA~nder':; prinr w•ritten ennseni, excludin{; ial thF crt•a;iun of .- lien ur encumbrar.~•e sutN~rdin.it~ tu this Mort};aKe, (b) the creatiun uf a
" R~urchase m~~ney sEK•urity interest for huusrhuld appliances, (c1 ~ transfer }>y~ c~e~•ise, c1:~u-ent or by oneration of law upon the drath of a j~~int
t~•n~~nt or tdl the Krar.! uf anr le.~tiehuld intrrest of thnr years or Iess not containinK an uption to pur:hase, I,c•nder m.i•r, at I.ender's option,
~ i~•i•I.ire :-ll the swns s~xun~ En• thi~ ~1nrtKaKe to t~e imme~liatrh• dur .md payable. Iknder shall ha~•e wai~•ed such optiun tuaccelerate if, prior
t~ ~ thr sale or transfer, t.ender and the persun tn w•hnm the Pro~ rt~• i~ tn tx• ~:uld ~~r tran~ferr~~c1 reach ~-Kreement in w•riting that thecredit of such
{~~~rsun is sati~factnn• tn Lendi•r and that th~• int~•rrst p:~~~able un thc• sums ,~~•urtrl b~• this 11nrt~a~e sh.~l! t~ ut such r.itr as I,ender shal)
r;~yu~•,t. If Lendc•r h:~. acaice~i th~~ ~~ption tn arc~•lrrat~• ~yrv~~-ided in this par~y;r:~ph 1:, and i~ linr.:~wer's succe~sor in intrrect hati executed a
.~ nttt•n assumptii m:~Kn~•m~•nt ac~•~~pt~~f iu H•ricin~; h~- I.t•ndrr. I.t•nder shatl rele<ise Korruw•~r frum aIl riblikatiun; undi~r tliis ~turtk~i~;e xnd the
\~~lc-
if txnder c~x~•rcise, such ~~pti~~n tu a~•~~e•lerat~•. I.e•ndrr tih::ll m:iil fi~~rruw•er notice uf accelera:iun in acc•ordance w•ith paraKraph 14 hereof.
~ucf~ n~ ~ti~•~• ,h:iU pru~•id~• a p~•ri-rcl nf nut I~•.s than :w ~ d.iys fn ~m t h~~ d.~te thF~ nuti~•c• is rr.:11IfYI N'I~Fllfl R'I11CI1 I~OiC11N'er ma~• }~av the sums declarecl
~luc~. iC I{~~rruwi•r G~ils t~~ p:~~ su~•h :um~ priur t~~ thr expir:itiun ~~f .;u~•h pf~ri~~d. I.~•nd~•r ~n:~y. w ithuut further notice• ur d~•m.ind un fbrrrnw•er.
ui~•uke:~nt~ rrm~~dirs ut•rmitl~Y1 h~• ~~ara~;r:+oh lti ht•re•~~f.
It3. Acceleratian: Nemedies. I:xcept as provided in parri~raph 1? herc~c~t, u~n Borrow•er's breach of nny covenant or
.~~reement ~~f Borrow•cr in this ~lortgage. includinK the ccrvenants to pay when due any sumsscYVred by this,lfortge~e, l.ender
prior to acceleration shnl l mail notice to Borrower as pro~ ided in paru~ruph 14 hereof ~pecifying: ( l I the breach; ('ll the nction
rrquirecl to cure Kuch bmach; (:i) a dxte. not less than 30 days from the date the notice is mailed to Korrow•er. by which such
hreach must be curecf: and (4) that fa:::;re to cure such brexch on or before the date specified in the notice may result in
:iccelert~tion of the sums secured by thiti :Nort~aQe, foreclosure by judicial proceedinK and sale uf the Pro~ertp. The notice xhAll
furthe~ infurm Borrower of the rikht to reinxtnte aftcr accelrrxtion and the right to asyert in the forc closure proceeding the
nun-existence ota detault or any other detense of Rurrow•er to acceleration and foreclosure. lf the breach iH not cured on or
before the dt~t~~ ypirified in the notice. Lc~nder Ht Lender'x option may declare all of the r~ums wecured by this lfortgagr to be
imme~cliately du~• and pF~yaM~• w•itho~t furtherdemt~nd find ma~• for~•clusi• this Nortgaqe by judicial proc~=edin~. Lender shall be
~ ntitlE~d to rollect in ~uch proc~~~~dinK all expenses uf foreclosure, includin~, but not limited to, rea~unablr a-ttorne~•'~ fees, and
e~otits of dui•umentary evide•nce, abxtri~cry Hnd title• reportti.
1 S-. F3orrc-wer'x Ki~ht to Reinstate. tiutw•ithstandin~; I.c•nder's acc~~leration o[the sum~ tiec•ured by this MortgaKe, li~~rn~w~ershall ha~•F•
the rikht tn have any pmcE~c•dinKs tx~y;un by t,ender :r~ enfonr this blort~aKe discontjnued at anp time prior to entry of a judKment rn(urcinK
this 1~tortKaKe if: lai F~~~rn,w~er pays l.ender .ill sums which w•:~uld F~ then due undr: this 1~1nrtKaRe, the 1\`ote and nutc~s sec•urinK Future
Ad~•ances, i C any, had no accelera tion occurred; ! 61 Rorruwer cures :-I I bre:~cht•ti uf a ny other nn•enanta or agreements of ~rro~ er con tained in
thi~ ~turtKaKe; ~c) liorrnwer p.iys all reasunabl~• exprn~rs incurrE~l b~• I.ender in rnforcinK the c~venan~g and aRreemrnts uf Bortower
cuntained in this 11ort~~iKe and in enforcinK I,~nder's remcdies as pr~~vided in paraKraph IH hereY~f, includinK, but not limited to, reasunable
:+uorney's fees; and «I r Rurr~~w•er take4 such action as IAnder m.i~ reasunably require to asaurethat the lic•n of this bfortKaKe, I.ender's interest
in the Pruperty and Korruw•er's ~~bliKation to pay the sums sc~vre~l by this 4i ~rtKii~;f~ sh.ill cuniinue unimp:~ired. Upon such payment ~nd cure
b~~ Rorrower, this M~irt~;aye and the ubliKatiuns securecl hereby shall rrmain in full force :md effrct as if no acceleration had occurred_
Yi>. Aasignment of Rents; Appointment of Receiver. As additional security hereundrr, 13orrower herebt aawigns to I.ender the rents
of the 1'roperty, provid~l that fiorrower shall, priur to accelerition under paraKraph 1 ti here~f or abandunment of the I'roperty, have the riKht
to collect and retain such rentR as lhey hecome due ~nd payable.
llpon acceleration under paraKraph IH herc~+~f or abandonment of thc: F'roperty, I.ender shal) be entitled tn have a receiver appi~in:ecl by a
cr~urt b~ enter up,n, t~ke gnasession of and mnnaKe the Property and to collect the rent~g of the Property, including those past due. All renls
cullectcd by the receiver ehall be applied firsi u~ payment of the cr,sis of manaKement of the Pmperty and collection of renta, including, but not
limitrd to, receiver's fees, premiums on receiver's Mmds and reasunable atu~rney's fees, :~nd then to the sums secured by this MortgaKe. The
receiver shall be liable u~ account only for those rents actuall~• received.
L~~x 35~ ~~acE 1~Q