HomeMy WebLinkAbout1287ti. Inspection. l.e~der may make or caue-e to be maide nasonsible rntriex u~x~n and inapec•tiunx uf the pruperty, provided thal I.endere~hull
~;ive E3orrower notice prior to any such inspectiun apecifyinK reusunable cauxe therefo~ retuted to I.ender's interrxl in the Property.
9. Condemnation. The pnx~reda of any uw~-rd or claim for damilges, direct or conw.~quential, in connecUon with nny rnndrmn~tiun or
~~ther taking of the property, o~ part thereof, ot fur conveyam~e in lieu of condrmnution, are hereby aae~igned nnd ehall be paid to Ixnder.
In the event of a total triking of the Elroperty, the proceecis ehul) t~ npplied to the aums scrurcd by this Murtgage, with the excesa, if uny,
E:~id to l3orn~wer. In the event of a partial taking of the Ymperty, unlrxa li~,rruwer aind l.ender nthe~+riae agrEr in writinK, thern ehull ~e
:~pptit~cl to the aume securrd by this Mortgage aurh propartic+n of the proceeds ne ia equal to tht-t pn~purtiun which the umuunt of the aume
,c~ un~d by thie Mortgi~ge immc~iately priur to the date of ttikinK t~e~rx to thr fi~i~ market vtilue of the 1'roperty immediatrly prior to the date of
taking, w•ith the b~liince ot the pn-ccrd9 pt-id to Bnrmwer.
If the Property ie nbnndoned by Eiurrower, or if, after notice by I,rnder to Rorrower that the condc~mn~~r offers to make t~n awnrd or aettle fi
~•laim fur dt~muKes, E3orn~wer fuils tn fe~pund to I.ender within :il) dnys after the dette ~uch notice ie m.+ilcd, l.ender is authorizcd u~collect and
:-pply the pra~eeds, ut I.~nder'a option, either to restoration or rrpair of the prupertv or to thr sums secunKl by thia MortgaKe.
Unlesz~ lxnder a~d Borrower otherv-•i~ agn•e in writinK, any such appiication uf paKerci~ to principai ~huil notextend or postpune thedue
date of the munthly installments referrrd tu in parn~craiphx 1~nd Z her~~~( or chanKe the umount of auch ineu~limenta.
10. Born-wer Not Kelea~ed. F.xtension of the timc~ for paym~M or mcxlificatiun uf .~muriizatiun of the sumti sec•urc~l by this MurtK~~KE
~;ranted by I.~~nder to any suct•esu~r in interest of li~~rmwer sh:ill nut uF~rut~ tu relra~r, in uny munner, the Iiubility of th~• uri{~n.~l liorruwer
and R~~rruw•er'ti suciy~ssurs in intemst. l.~~nder sh.-I) nut fH~ n~~uireY) to iti~mmc•nce pruc~~Klin~, :~~;uintit ~uch succrtisnr or refuse t~~ extend time
i~~r pa~•ment ur othcn+•isr m~xiify .~martizatiun of th~• ~ums s~tivn~l b~~ this ~turtk:~k~~ I~y n•.isun uf any d~•m.~nd ~n,~d~~ by thruriKina~l linrruwrr
:U1lI I~~~RUWPr'~ suir~wsur~ in intenwt. .
l l. Morbearance by LenAer NM a VYniver. Any furtx•arunce by I.endrr in exrn•ivinK uny riKht ur remtYly hereunder, cuuthentihsr
:~fforded hy t-pplirable laN, shaU not t-e a vraiver nf c~r pnrlude the exerci+e uf <~ny ~urh riKht or rrm~dy.'1'hF pnwurt~mrnt uf in4urance or th~•
p.irment uf taxes or other liens or churKes by 1.~•nder sh,ill not tx a w.iiver uf [.ender's ri~;ht tu a~•celrrutt• thr in:Uurity of the indebti~dness
,~~c•urecl by this NortgnKe.
1'I.. Kemedies Cumulative. All remedies pru~•id~~cl in this ~1urtKaKe are distinct and cumulative tu any uthrr riKht ~,r rem~dy under thiK
~tortre~ge or afCurded by lt~w• or c*~~uity, and m~iy t~ exrrcis~~1 concurrently, independently or succrasi~~Ply.
I:i. Succc~sors and Assigns ~3ound; Joiwt and Severi~l I.iability; CaptionH.'1'FIP POY~•nantr: and :l}(~f`(•(I1PIlI3 Flf'~PI11 COptFiLOPdshall
hind, and the ritihts hereunder shall inure to, the rrspecti~~e suc~rti.u~rrc and a~ssiKns of I.~nder and Fiorrow•er, subjec•t to the pruvisiuns of
~ p.+raKraph 17 hereuL All cuveneints and aKrecrments of li~~rn~w•er sh:~ll 1-e juint and several. The c:~ptiuns and he.-dinK:; of the paraKraphs of
this ~lurtgaKr are for ru~~rnience only and are not to tx• ustd tu interpret or define the pru~•itiiuns h~~re~~f.
~ I-1. Notic~•. l:xc~•pt fnr :im• n~~tic~~ n•yuin•d und~•r applii•ablc~ I:~w- t~ t-c~ ~;i~•t~n in .~nuthi•r munnrr. ~a~ :~ny n~~tic~• tu IG~rruw~•r pru~•idrd fur in
t his AtortKatieshall tx~Ki~•rn b~• mailinK such notici• by c~rtifie~cl m:iil addreasc~cl to RorruNer.it thi• 1'ruFx•rty Addr~•xs ur:it such uthrr addreas as
i;urruK•er ma~• d~•si~;nate by nntice to I.ender xs pru~~ided herein, and Ib1 any n~dicr tu lA•nder shall Fie kiven bp certificd mail, mturn receipt
~ rrc;uestrd, to 1.~•nder's .~ddress statt~ci he•rein ~~r to such uther addn:k+:zs I,c•nder mxy desiKn:ite t~y notim tu liorroarr ati pro~•ided herein. Any
n~dice pru~~idrd for in this ~1~,rtK.~Ke shalf Ix~ dc~~m~Ki tu hare txrn ~,~iven tn li~~rn~w•er or I.e•ndF~r w•hen Ki+•~•n in the m.-nner dt•siKn.it~~l herein.
~ l:i. l'niform !ltoriat~Ke; GoverninK I.t~w•; Srverability. This form of mortKa~;er~~mbines unifurm ~Y~v~•nunts for natiunal utieand non-
~ ~iniCurm cu~•enantx w•ith limit~Yl vnriations bv juritidictiun t~- ~y,nstitut~• u uniform seY•urih• in~trunu•nt cu~•rrin~; re.il pru~•rh•. "I'his ~1~~rty~aKe
j ~h.-il fk~ Kuvem~d by tl~l.-µ• of thr jurisdictiun in K•hich the Yn~~x•rt~• iti lix ~tc~l. In the i~~~~•nt th:i; an~• pr~~vi~i~~n ~~r claus~~ uf thi, ~turtKake ot
thr `:ott• cunfli.-ts w~ith applie.~ble la~~•, snch cunflict ~hall nut cstfr~~t uther pru~•i~inns uf thi, ~1~~rt~;:i~;~• ur the ti~~tt• w•h~ch c:~n tx• Kiven effcrt
~ithuut the cnntlictinK pru~~itiiun, :ind tu this t•nd the yrm•isiuns of the 1lurtka~;~• and thr .\ott~ :~m dt•l•larc•d t~, tk• si•~•erahle.
16. Barroa•er's Copy. I~~rruwc•r sh:-1! !~e furni.h~-~1 .~ c•~~nf~~rn~rd nipy uf thr \i~tr and ~~f this :11+~rtka~;e at the tim~• nf exerut~un u: ~fter
! rtY~urdatiun hrrc~~f.
i;. Transfer of the Properiy; A~yumption. If .~II or any part uf the }'m~•rt}• ur.in interest therein is s~~ld ~3r tra:~sferred tn• linrruw•cr
~ r^ w•ithuut I.ender's prior w•rittrn cunsent, rxcludinh ia~ the cn•atiun uf a lie~n ur encumbrance .ubnrdin:ite G~ this \turtKaKe, lhl the creatiun of a
, purchas~ mune~ srcurity intrre~t f~r househuld appl-anct•s, lc) a tr~nsfer by Je~•ise, d:scent or by upf~rxtion of law~ u{Nin the drath oi a juint
tenant or (dl ihe Kr~n~~f any leasrhuld interest uf thrt~• years ur letis nut c•untaininK an ~,ption t~i purch.ise, I.ender ma•.•, at (.ender's uption.
eleclarn all the sums securect by thi~ ~lnrtkaK~• to 1~ immeciiately duc• :ind p.~}•ab1r. I.ender xhall ha~•e wai~•tri such uption to acrelerate if, pri<~r
tu the ~aleoStra~~sfer, l.enderand thP ~rs~~n tu whum thc• Yropert>• iti to M• tiuld ur tr~n:~ferrf~el reach a~;r~•ment in writinK thut thecrc~it of such
p~~r.un is catiRfm•ton• to I.end~r und that the• int~•re~t p:-}:~hl~~ un thi• sum~ ~ec~in~l by thi~ \1~~rtk~:~y;e .hall Ix• at tiuch rate ~~ IAnder Sh.~ll
rer~utwt. If Lrnder hus w•ai~•iY1 the option tn :icc~•1~•rntt• pru~•idi~d in tniti par:~~;r.~ph 1 ~. :ind if K~~rruwrr'~ su~~c~•vsvr i~ intrrE~st h:-s rXfN'UIt1'I :i
t~•rittrn a,sumptiun aKrc~~mrnt a~•~•cpt~•d in writink by Ixnd~•r, Li•ndi•r ~h:~t! rt•1~•ase It~~rn~w•t•r fr+,rn :~II ~~bl~k.-hnn, undt•r thiti 11~~rtKaKr and the
\~~te.
If l.ende•r ~~sE•rci.~~s w~~h optiun tu ac~•~•1~•r:tti•. 1.~•nd~•r ~h:~ll m:lil Iturr~~w•rr nutic~• uf ac•~•e•1~•rau„n in :u•curdun~-~• w•ith para~;raph 14 hereof.
~u~•h nutice ~h:.ll pru~-ide~:~ pe•riiKi nf n~~t li•cs than :i~~ d:ips fr~~m the~d:~tf• th~• n~~ti~•<• i~ n.;~ilt~el w•ithin vehi~•h K«rrnw~rr m.~~• ~,:~~• th~• ~ums dt~cl:IffYI
~I~e•. If k~~rr„K•e•r fails tn pa~~ sui•h .ums priur tn th~~ t•rpir.tti~;n ~~f w~•h p~•rn~d. LPnd~•r rna}•, without furtht•r nnti~•e~ r~r dt~man~! nn Ikirruw•er,
invuke xn}- remedie~ti ~~~•rmi[ttvi b~• p;-r:~~ranh Ir+ h~•r~Y~f.
18. Accel~retion; Reme~liea. 1~;xcept t~s pro~•id~~f in paragraph 17 herEr~f, u~m Korrow•er's breuch of any covenant or
t~~reement of BorroN er in thi» NnrtgaKe, includin~ the covenants t~~ pey when du~~ any sumssrcurc~d by thiti ~1~~rtgaRe, I,ender
prior to acceleralion yhall mail notice to K~~rrower as pro~•ideci in para~raph ld hercof apecifying: ~ 1-the breach; ('ll theaction
required lo cure tiuch breach: 1:;1 t~ date, not Iess than 3U dsiys from the date thr notice ig mailt~d to Borrower, by w•hich such
breach must Fx cured; end ~4) that tt~ilure to cure such breach on or txfore the date specified in the notice may reyult in
:-cceleration of the sums secured by thiy ~tortgaKe, forecloyure by judicial proceeding and aule otthe Property. The notice shelJ
further intorm Borr~~wer of the right to reinstate aRer acceleration tind the right to aASert in the foreclosure proceeding the
non-existenre of a default or any ~ther defenst• of Burrow•er to acceleration and forecloaure. If the breach i~ not curc~d ~n or
tx•furn the datc• specified in tfie notice~, L~~nd~•r at Lender'y uption miiy declare all ot the eums scrured by this Nortga~e to F-e
imm~•diately due ancl pa~•able without furtherdemund t~nd mt~y turc~close this Nort~age by judicial pro~•e~•dinQ. L~~nder shtill ~•
~~ntitled to collect in ~uch proceedin~ all ~~xpentieti of furt~rlc~sur~•, includinR, but not limited to, rrt~tionable attorne•y's fees, end
~•ost~ otd~~cum~ntary c~vidence, abstracts and titli• r~~portv.
I S-. F3~rrower's Ri~{ht to Reinstate. tiotwithnt:~ndin~ 1.~•nd~•r's ac~•eleration uf the sums aecured by this btortKti~;e, t~irrowrrshall ha~~e
the riKht tn ha~~e an~~ pnx•eedinKs beKun h~ I,~•nder t~~ r~nforce~ this 11urt~aKe di~continued at am• time prior to entn uf a judKment _•nforcinK
~}~~ti ~~~~nK~K~' ~f: la~ Rorr~~w•er pays t,end~~r all tiums which wuuld }K~ then du~~ under this :~1ortKaKe, the Kote and nutes scYUnnK N'uture
Ad~•ances, if ant•, had nn ~cceler~tiun ~~ccurrrd; ~ b~ liurrnw•er i•un :ti al l breac•hr~ of any other c~~venants or aKref•ments of l3orrnwer con tainEd in
this b4ortK.-Ke: ~~~ F3nrruK-er pays all rras~mable ex~~n.E~s inevrrcd try i~•ndc~r in enforcinK the co~•enan~5 and aKreemenGs of 13orruw•er
a~ntained in this ~iortKaKe and in enforcinK I.ender'ti remedies as pnn~ided in par.iKraph I!i hermf, includinK, but not limitcd to, reason~ble
attorney's fc~es; and ~d~ };~,n„wer takes such action :is l,ertder may rea~unatily require to <~~.~ure that the lien of this ~1ort~aKe, I.ender's int.^reat
in the Property and Borrr~w•er's obliKation tu pat• the sums secured b~~ this 11ortKaKr shall cuntinuN unimpa~red. Upon such payment and cure
by F3orruwer, thiF ~1ortK.iKe and the obliKatiuns securrel hereb~• shall remain in full force and c•ffect .~s if no accrleration had occurred.
2~1. Assignment of Renta; Appointment otNeceiver. As additir,n:~l securit~• hereunder, F3orrower hereby atisigns to l.endertherents
of the I'roperty, prm•idc~ that Borrower ehall, pri~r tu ac-celeration under paraKraph 1 H herc~c~f or abandunmenl nf th~r P: operty, have theriRht
tv collert and ret~~in such rents as they become due and payable.
U{~c~n acceleration under paragraph IR hereof or .ibandonment of the Pruperty, I,ender shall }x entitlc~ to have a receiv~r ap~winted b}• a
court u~ enter uprm, take possessiun of and m~naKe the Prcperty •and to collect the rents of the Yroperty, indudinR those past due. Al! rentr~
a~llected by the receiver shall be applic~ first to payment of the costx of manaKement of the Propeny and rnllectiun of renta, includin~, but not
limited tn, receiver's fc~s, premiums on receiver's tx~nds and reasonable attnrney's fers, and ther. to the sums eiecured by this Mortgage. The
receiver shall be liable to acmunt unh• for those renta actuallv receivc~l_
_:~'~x35~ :'~GE~S4
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