HomeMy WebLinkAbout2589tt. l~epection. l.cmder mtiy muke or caue~ tu t-c~ mude reaxunablrentrirx upon t+nd inapcti•tiuna of the property, pruvidrd that I.ender ahull
~:ive Rorrower notice prior to t+ny auch inspection spe~rifying mxxonxblr ct~use thereior relntr:i tu I.ender's interrat in the F'ruprrty.
9. Condemnation. "!'he prix~da of any award or clnim for dtimaKea, direct or cunaequentinl, in connrc/iun w•ith any a,ndrmna/iun or
~~the~ tnking of the pmperty, o~ part thereof, or for conveyunce in lieu of n-ndemn:ition, are hrmby uxxiKned t~nd ehxll l-e puid to I.rndrr.
In the event of a tat~l tr~king of the F'roperty, the proceecis ahalt be applied to the aums aecured by thix Mortgiige, with the ezce~, i[ any,
~~:~id to Barruwer. !n the e~•eM of a partial taking of the Pruperty, unlexa Rorrower :ind I.rnder utherwi~r aKrcr in writing, therr ahull Fx:
~pplieci W the sums secured b~ this Mortgage such proportion of the pro~r~~cl4 as is ~wu:il U, that propurtion which thr amuunt of the xumx
:~~c~rcd by this MortKt~ge immedit~tely prior to the dute of takinti txxrs u~ the fuir market value of the t'roperty immediataiy prior to thedt~te uf
e:iking, with the balaince of the pn,cc~e•ds paid to Born~wer.
If the Ymperty ie abanduned by Bortower, or if, Fifter notire by lxnder to Rorrower that thr cti~ndemnurofferx tc, make an av-xrd ur ~ttle a
, l;iim fi~r ds~mi-Kes, Borrower fails to res~wnd to l.ender within 30 days tifter the dute such noticr is mailecl, l.ender is iiuthorized ui collrct and
:tpph• thr proceeds, at l,ender's option, either to restoratiun or rc•pair of the property ur to the vumx ~ecurcd by this :NortguKe.
l~nle,:s l.ender:ind t3orrower othemioe agree in writing, t~ny such appiicatiun of proi~reda to principal yhall not extend or poatpone thedue
~i:ite of the monthiy instnllmentx mferred to in par<<Kraphs 1 and `2 her~~f or chanKe the a~muunt of xuch in~t~llmrnta.
1~-. Borrower Nol Released. E:xtrnsiun of the time for p.~ym ~nt ur m«1ifi~~ution uf .imortirutiun uf tht• aums sec•arcd by thie MurtKaKe
,; r.-nted b}• Iwmder to ,~m~ succeswr in inierest ui 1{orn,wer shall not operute to rrlr:~sr, in an~~ m.~nn~~r, the li~~bility of the oriKina) liorruwer
,nd ltorroH•i~r'~ successurs in intemst. I.ender shall nut tx• re~e~uirc~l tu i,~mmence pnx•c~.dinKs aKaintit sui•h succeysur nr refuse tu rxtend timr
~, ~~ p:~ym~•nt ~~r utherwi.r m~Klify :~murtiz.~tiun utth~• sums .e~c•unr! bc this Alurt~;a~;r hy rea.:un ~~f any dt•m.+nd made by th~•U(IKIO:II I;OR(1WC~
u~d Iturr~neer's succesW~r~ in inti•re.t.
11. Horbearence by Lrnder Not a VI'aiva r. An~• forikarance h~• IA•nd+~r in exer<•isinK .-ny riKht or rrmrcly heri~under, or otherw•i~e
i ff~ ~rcletl bV applic~b~e Iaw, shall nut t~e a~•aieee of or preclude the exrrci~e of <~np such riKht or rrmrdy. '1'hF~ pnxurement uf inaurance or the
;~:+>~inent of taxrs or other liens or chnrKes by l.ender shull nut tx~ :~ wa~iver of I.c•nder's riKht tu u~relerate the maturity uf the indebtedness
~~~~•urr~d b3• this Mortga~e.
I'?. Remedies Cumuleti~•e. All remrdies pruvided in this \tartkaKe are distinct und cun~ulati~~e to any uther right or remcdy under this
~1~~rtr~~Ke or afforded by law ur eyuity, and may be exercise~l concurrrntly, independently or succeasively.
1:~. Successors and r~~siKns }3~und; Joint and Several Lixbility; Captions. "fhe co~•rnanta and aKrcPments herein contained xhall
~~ind, and the riKhts here;:nder shall inure to, the respective succr~+urs and ax,iKnx uf I.rnder und fi~~rrr~w•er, suUjrc-t tu the pru~•isiuns of
E-:~raKraph 17 henr~f. All c~~~•enants and aKrrements nf F3orrowet shatl tx• j~~int .ind several. Tl~e captiuns and headinKs of the p~ra~;ruphs of
±hi. ~lurtka~;e ar~• fur covenience only and are not to Ir~ uscd to interpret or define the provitii~~ns hereof.
1-i \iotice. F.ec•t~pt fur ::m• nutice r~K~uirc•d unde•r .~ppli~•<~t,le la«• tu !x• ~;i~-rn in annther manni~r. ~a~ .~n~• n„ti~•e t~~ liurruwer prm•ided for in
''~i. 11e~riK:~~;e shal) be Ki~•en b~• mailin~; such nuti~-e b~• certified mail:~ddn•ssecl ;o liorrower at the !'ruprrty Adrire~s ur at ~uch uth.~r address as
i:~~rruw•c•r ma}• desiKnatF• b~• notice to I.ender :i~ pro~•id~d hemin, and ~ bi <~n~• nutice ti~ 1.~•nder ,hull tx ti~~•en hy c•ertifitd mail, return rtti•eipt
r.~~uested, to !.~•nder's address statecl herein ~~r to such uther adrin:~s as Iw•nder mu~~ dc•siKnatf• b~• nutice tu Fi~~rruwer a. pr:,videcl herein. Am•
r;~~tice pru~•idrd for in this ~tortK.-Ke ~hall he dcti~mecf to ha~•e bc~c~n Ki~~en t~~ fi~~rruw•er or I.e•r.dt•r when given in the manner detiiKnutEd herein.
1~~. Uniform ~lort~age; Gcn~ernina LaK•; Sev~rxb::ity.1'his form uf murtKaKe c~,n~binc•s unifurr.~ a,vrnantx f~~r nat:unal use and nun-
•inifurm c~~~•enunts w•ith limit~~ci ~•anatiuns h~• jurisdicti~~n to i•nnstituta-:1 unifnrm ~e~vnt~• instrun~rnt r~~~•f•r.n~; real pru~~rtc. "This ~1urtK.i~;e
~'~~~~i br ko~•enuY! b~• the law• of the jurisdictiun in w•hich the Yru~xrrtt• is I~N•at~~_ In thee~•ent that am• prm•i~iun or cl.iuse uf thiti ;11urtKaKe or
; h~• \ott~ cunflict. w~th applicablt• law•, such conllect sh.~ll m~t affe~e•t uther pro~•isiuns of thi. \turtKaKr ur the tiute w hich can IK• Kivrn effect
•.~ ~thuut tt~~• c~ r.t?ictiny; pro~•i.iun, and to this end th~• pru~•i.iuns uf the \1ortKakt• and tht• \ute arc• dt•cl.ir~•d tu Ix• ~r~•erablc•.
1 t; Barrow•er's Copy. Fiorrr~wer shall }~e f~~rni~hed a cunformfd copy ~,f the tintc~ .~nd nf this ~1oriKaKe at the time r~f exerutiun or z~fter
-rc~ordatiun hereof.
!~. Transfer c~f the Propert~~; Assumption. If all ur any part ~~f the Yrupc•rty or an interest therein is suld ur transferred b~• liorrow•er
.. ith~~ut I.c~nder's prior w•ritten cunsent, excludin~{ U-~ the cre.itinn ~~F.i lirn ~ir encumhrarn•e subordinatr tu thi5 ~tortKaKe, tb) the creatiun of a
:~:uch.+se mone}• src•urite interest for hnusehuld .tppliam•i•s, te~ :: transfrr b~• de~~ise, d: sc; nt or h}• opvration uf law• upon the death of a joint
t~~n;int or ~di thc• Krant nf .tn~~ IeaK•huld intere~t of threc• yE•ars ~~r Iess not cuntaininK an option t<~ purchase. I.rnder m.i•.•, at I.ender's option,
'.~~.lare all the sums securt~ tn• this ~tortKaKe to be immediatc~l~• due and pa~•able. I.rnder shall ha~~e wai~•~d tiuch uptiun toac~•eier:iteif, prior
t. ~ thr sale~~r transfer, (xnder and the pertion t~~ w~hnm tne 1'r„pert~• is to t~• culd ~~r tr:+n~ferrtd rr.~ch a~re~ment in w-ritinK that the cre~dit of such
;~~•n~m i. ~.itisfacturt~ tu 1~•ndc•r and that the• intert•st pet}•.ii~lr ~~n tht• .ums ,tti•ure~i tn• thi~ ~1nrt~:iKe .h.il! }x~ :it tiurh rate as I.ender ch~+li
n•yue:t If L~•nd~•r ha~ H~.ii~•<~c1 tht• ~~pt~~~n tu ac•c~~l~•ratr ~~r~~~•id~~cl in this para~:r.~ph 1:, ard if };nrr~~w~~•r~s suci•rss~~r ir interrst hati executt~cl ~~
.~ ntten assumpti~~n ay,rrc~~me~nt a~ ceptrd in ~.•ritin~; hy L<•nder. l.ender tih:~!! re•IE :i;r Knrruw~t•r frnm ~~11 nhlikali~~n~ un.;f•rthis ~f~xt~~Ke and th~•
\ute. ~_. ~ C:
If [.t•rul~•r exrrc~ .uc•h nptiun tu ac.~e•lf•r.~tt•. 1.~•ndrr ~h:.ll rr,ai! fii~rr~~~t~r nuttce ~~f acc~•lerati~~n in a~•curdanc~• w•ith pariKraph 14 hereof.
~uc~h n~~tirt• ~hail pr~»~idE• :~ pt•rinc~ ~~f nnt lE•s. thun :t~ ~ d.~~•s frum thi• d:~!N thE• nutire is n.ail~rl u~tth~n w'hu•h Finrrucse•r in.i~~ pav thc•sums drel:ared
~lue• If fi~,rn~~~~er fatl~ tu pac such ~un~~ pri~~r t~~ th~• rxp~r:~ti~~n e~f such p~•n~x1. Le~ndi•r ma~•, u~ith~~ut further nr~ti~ e• ~~r dtmc~nd on F;orruw~r,
in~~~~ke:~n~• rem~•d~t•s permitt~~l hc par~~;ranh l~ t~rre~~f. ~
1K. ~cceleration; Remedie~. F;xeept as pru~•iA~•d in parf~~raph l7 her~~~f, upon Borrower's breach of an~• cvvenant or
:+Kreement of Barrow•er in this 11ortKuKe, includinQ the covenanty to pay w•hen due any aumsyrcured by this 1lortgaqe.l.en~er
prior to accelerati~~n whall mail not ice to Korrow•er xx pro~-idE~d in paragraph 14 hertwf specifying: U 1 thr breach; l'l) the action
rc~yutred to curF such breach;131 a date, noi le~ss than 30 dayy from thc• date the noti: e is mailed ta Borrow er, by w•hich ~uch
hrcach must t~e cured; and 141 that failure tt~ cure such breach r~n o~ betore the date e~pecified in the notice may result in
<tcceleration of thc: sums secured by this HurtKa~e, foreclosure !;~• judicial proceedinq and saleof the Property.The notiee shall
furthrr inform Borrow•er of the ri~ht to reintitate after ;~cceleration and the right to axyert in the foreclosure proceedin~ the
nun-existence ot a default ur an~~ other defentie• ot Borro~a•er to acceleration and toreclosure. It the breach ia not curE~d ~~n or
1~~for~ the date specified in the notice. I.endrr Ht Lencier's option may declare al) of the aums secured by this ltortgage to bc•
immrdiHtely due and pa~~ahle w•ithuut turtherdemand ~ind mn~• furec•Iosethis:Hort~tage by judicif-I procre~dinK. Lender shal) b~•
~~ntitled to cullect in such proceedinK ~11 e•xpentie~ of ft~reclusurt~, inrludinK, but not limited to, reas~~nablt• attorney's ters, and
~•osts of docum~~ntary r~•idenc~•, abstractv and title~ re{wrt~.
14 BorroH•er's Ri~ht to Reinrtate. tiutH•ith~taindin~; I.c~ndt•r'ti :~c~ ~•lrratir,r. uf the:+ums sc~~urrci b~• this 1~;ortK<~Kc•. Ii~~rr~~v~~ersh:ill ha~•f~
thc~ nKht t~~ ha~~e an~• prrx•eedin~;ti }u•~;an hc I.ender U~ enf~rrce thic ~1nrt~;ake d~;cnntinu~~ at any time prior to entrp of a judKment enfurcinK
this 11ortKaKe if: la r ft~rrrow~F~r pac~ I.~•nder ~~L' sums K~h~ch w~nul~t tK• then dur under this :11urtKaKe, the :Fote and nutes sc~cvrinK F'ature
Ad~~,3nces, if an~•. had n~~ accelerati~~n ~~ccurrc-d: ~ b~ Korn,w•er currs all bre:~ches uf an~~ othPr a~~~enants or aKreemenGS of Fi~,now~er containcd i n
this 11~~rtKaKe; +ci Fi~~rr~~w•er pa}•s ~11 reacunable ex~•nst~~ incurrE~ h~• !,endrr in enforcinK the covenantr; And aKrermrnts: of Fi~~rrowFr
cuntained ~n this 11crtKaKe and in enforc~nK l.~~nder~s remediF~s a~ pr~~•~dc~ci in paraKraph It+hereof, includinK, but n~rt limitcd U,, reaxunahle
atturne_:'s fFa~s: and ~d~ fiurruw•er takr~ such actiun ac I,rr.der ma>• rea,~maFrh• requiret~,as4ure that the lien ~rf thi5 R1urtKaKe. I.en~Pr'n interest
tin the Pmpert~• and KurnrK•er's r,bliKat~r~n to pa~• the sums sec-ure~: b~• this ~1~~rtKaKc shail cuntinue unimp:iired. l'W,n s~:ch paymrntand cure
bc }iorroticer, ihis A1~~rt~aKe and the ohlikatiun5 cec-urc~d hereby -~ha11 re~ncsin in full forc~• and effect as if n~r accelrrat:or. had occ~lrrecl.
''0. AasiKnment of Rents: Appointment ot Keceiver. As additiuna! ~crurity hereunder, iiorruw•e~ hrreby assiKns G, l.enderthe renta
~~~the Propert~•, pro~•ided that $orruw•er shall, prior tu acceleratinn under paraKraph I t+herec,f or ab~ndunment of the }'roperty, have the ri~ht
tn cc~llect and retain such mnts as they tx>cume duP and p:iyable.
l'pun acceleratiun under paraKraph Ift hereof or aband~~nmen! nf the Yrupert>•. (.~nder shaU Ix~ entitled to have a receiver ap{wintrd by a
~Y~ur: t~~ ~•nter upon, take ~ssessiun of and manaKe the Propert~• and to collect the renta ot the Yroperty. ~ncludinR thuse past due. All rents
n~llected by ti~e receiaer shall tx~ applied first to payment of the eos!c of manaKement of the Property and collection of rrnts, including, but not
limitc~l to, rec•ei~er's fcrr, premium~ un rec•eiver'~ bondc and ~ea~unable attnrne~•'s fers, and then k~ the sums secured by thib Mnrt{{aKe. The
recei~~er ehall `~e liable tr~ ac:Y~unt nnlc for those renU; actuall~• recei~ed.
~~:'~~ 351,~~~E2585
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