HomeMy WebLinkAbout0992 H. lnepection. I~ender may make o? cauae to be made renaonabie ent.~ea up~n nnd ~nepertiund uf the prvperty, provided thet l.rnder ehxll
~;ive t~rruwer notice prior to any euch ?nepectiun eperifying reaeonabk cauee therefor relaled to I.ender'e intrreat in the Properly.
9. Condemnation. The p~oceeda uf any xward or claim for damages, direct or conae~yuential, in cunnrction with any condemnation ur
other takinK of the property, or part thereof, ur for conveyance in lieu of condemnation, ere hereby adaiKnecl and ehall be paid ta Ixnder.
In the rvent of a tott?1 taking of the f'rvperiy, the pnx-reda ahaU be applied to the eume errured by thie M<,rtgaQe, with the e:cese, if t~ny,
paid to li~~rrower_ ln the event ot A partial taking o[ the Pmperty, unleoe f3orrower and l.ender otherwiae agree in writinq, there ehall be
:~pplied tu the numx eecured by thia Mortgage such proportion nf the prexe~ede? ue ia eyunl to that pruportic,n which the ~mount of the aume
yecured hy this 111ortKage immedistely prior to the date of txking bexre tci the fair mtuket velue uf the i'roperty immediately priot to the date of
taking, with the balance of the proceeda paid to Borrower.
If the Yn>pert~~ ie abandoned by ~rrow~rr, or if, after notice by Irnder to f3orrower thst the condemnor offere to make an award or aettle a
claim for damagea, Bormwer faile to reepond to Lender within daye nfter the dxte Kuch notice ie mailed, I.ender ie authunzed to collect and
~~DD1Y the Dsoceede, at t.ender'a option, either to reetoration or rept?ir of the property or to the aume aecured b~ this Moitgage.
l!nleae t.er.der and F3orrower otherwise agree in w~ritinK, any such Applicetion of pnK~eecle tu principal ehall nut extend or postp~mr thedue
~iate of the monthlv inetnUments referred to in paragrnphs 1 and 'l hermf or change the xmount of euch inet~llmenta.
iti. ~orrower Not ReleaAe~i. E:xtrnyiun ~~f the iim~ f~~r p~i>•tii: nt OT Tilix"~iti~'iilSiiTi tif .?miirtiz.itir~n af the ~ume dreured by thiA 11ortKa~;r
~ rf~nted by I.ender to a~y s~ccea~n in interret of Kurrower ehall not'operate to rele~~ye, in any manner, the l~ability of the oriRint~l fi~~rrower
and F~orrow•er's succe~sura in interest. I.ender shall n~rt }re~ nY~uired to n~mmence pn~~•reKlinKx a~.iinst Nuch surceasor ur refuae tu extend time
fnr payment ur uthc~r~•ise modify .~murtizad~~n uf the sums s~runK1 by this UortKa~;c~ hy~ masun of ;?np dem.~nd mud~• by thr uriKinal iiurruwer
.u~d K~~rruwer'y Kuccee:~~~rs in !nterewt.
I 1. Forbearanee by Lender Not a 1~aiver. Any forbearance by I~ender in exercisinK any right ur remcdy hereunder, or otherwiHe
.:fforded by epplicable law, shaU not Le a w•aiver of or precludc• the exerciee af ~nr auch riKht ur remedy. 7'he procuiement of inaurance or the
p~ayment of taxes or other liena or chargee by l.ender shxll not be a waiver of l.ender'e riKht to accelerate the maturity of the indebtedness
.rcured by thiR '~lortgt~ge.
1'L. Kemedied Cumulative. All remedies providec! in this 11urtKHKe are dietinct and cumi:lat:ve to ~ny other riKht ur remedy under thie
tit~~rti•aKe ur afforded by law or cquitp, and may be exerciae~l rnncurrently, indepr~dently or succFSSi~~ely.
13. Succesaora and AAxigne Bound; Joint end Several l.iability; ('aptione.'I'he covenants and .~Kreemrntti herein c~~ntained ~hall
hind, and the riKhtR hereunder shall inure to, the respe~•tiee succrs~,rs and assiKnx of I.~nder and Rc~rruwrr, ~ub~c~-t tu the prm•isiunH uf
E~;~r.~Kraph 17 herc~~f. All cc~venants und ~t{(rc~ments uf t~~rrow•er shall be ioint and e+evrr.il 'fhe c~ptions xnd hea~itnk~ ~~f the paraKraphs uf
~1_!'rtK<~Ke are f~~r c~~rPni~~n~•.• ~mh• :+nd :~rt~ n~~t tn h<~ uscd tc~ intrrpret nr define the proriei~ros herr~~f.
1~. tioticr. h:xcept fur an~• n~~tirf• n•yu~red under applirahlF I.iw• t~~ tx• ~;i~ en in anuth ~r m<u~nc~r. ~ ai .int~ nutice tn f3~~r*uw~er pnn ~di d fur ~n
this ~1~~rt~;aKe shal! be Kiven b~• mailinK such noti~ e by certified mail addressed to Rorro~~•er at the Pru{~rty Addrrss ur.it auch other addreas aF
ti~,rrow•er m~~• deqiKnate by nutice to l.ender aA prnvided herein, ~ind ~b? any noticf• to l.ende: ahall be Kiven by certified mail, return rec:eipt
r~.aueated, tu l,ender's ad~resc stated hrrein ~~r t~~ tiuch uther ~~ddn•sv :is I.c•nder may desiKn~ite t>~~ notice t~~ Rurruw•er aa pmv~drd herein. Any
n~ ~t~~•c• pr~~~~ided fur in thi~ ~toreKa~;e tih~~ll tx~ deemt~l to ha~•e Fx~~n Ki~•en t~~ 13~,tt~~µ~er ~~r l.~•nder when Kiven in thc• m:~nnf~r dr,iKnatrd herein.
1:i t'nitorm ~1ort~aKe: GoverninK l.ew; tieverability. This form o[murtKake e~~mhint~v unifnrm cm•f~nants fur natinna! uar ~ind nun-
~nifurm c~~~~en.ints w•ith (imitc~ci ~•ariatiun, h}~ junsdictiun tu cnn,titute a uni(orm ~c~•unt~• instrcment ci~~~c•rin~; rt•<?1 pruFK•rt~~- Thi~; 11~~rtK£~Ke
~i~all tx• ~;+n~ernc~1 hy the law~ uf the junsdirti~~n in H•hich .he F'ruprrty kK at<d. In the e•~ ~•n~ that .~n~• prnvi~i~~n nr clautir nf thi~ 11urtKaKe of
! h~~ \~~tt• c•nnflicts w~ith applicable !aw•, such c•unfiict .h.~ll n~~t affect uther pru~•~siuns ~~f thi~ ~1urtK~iKt• ur tht• 1ut~• w hu•t~ ran t~t• kive?~ effect
tit ~chuut thc• ~•un~lictinti pni~ isi~~n, .ind to thia en~1 tht• provi4iuna of the ~lurtyCaKc• und ttie tiute am declared tn b~• ~P~•rr.ihlc•.
If;_ Kvrrower'es ('opy. Korruwer shall he furnishrd a cunfur.n~! ci~py of tht•'1~~te ar~i uf this 11~~rtKaKe at the time of e?cecution ur ~?fter
rr~•nrd~~tion herc~f
1,'. Transfer ot the Yroperty; Aseumption. lf .ill or anp part ~~f the 1'ru~•rh• ur an ~nterest therein is t+uld ~~r tranaferred by };urruw•Fr
itno~t l.c~nder':~ pnur wnttYn c~~nsent, excludinK ~~~r the creatiun ~~f a lien or ~~ncumhranre KutH~rdin~?te W th:n MoriKaKe. (bl thc~ crPati~m nf
,~~.rchase muney s~~•urity interest for huu~:ehold applianres. ici a trantif~•- b~- de~•ine, d.KCrnt ur b~• uExratiun of iaw• upon the death uf a jc,int
\ t.•nant or ~dl the Rrant of an~• leasehold interest of thrc~c yearc ~~r lews nut rontaininK an optiun to pur.hase, l.ender may, at I.Pnder's ~~ption,
~f~•clare ull the sums Kec•ured b}• this ~1urtKaKe to be immediatt~ly due and payable. I.ender ah~?11 have waived s~ch option to:?cceleratc• if, pnor
thr saie ~~r transfer, I.ender aml the pers~m G~ w•num thf• Pn~pE~rtc i~ ti~ tx•,uld ~~r tranefe~rred re•~ch aK~c~ment in w~ritinK that the~ reclit n[r:uch
r.~m i~ sati.fuctur~~ t~~ [.~~nder ~ind that ~he~ intt~n•.t pa~.~F,le un thr vum~ se~vrc~cl hy this M~~rt~;aKe ~h.ill }k• at ~uch rate as (,c•nder ~t~all
r,~yut•vt. if Ixnder hu~ wai~c•d chc~ upti~~n t~~ arrc~l~•ratr pr~r~ ~d~•d ~n thiv p;~ruKraph 1~, ~+nd if Fi~~rru~•~•r'~; auccrs.~~r in ~nteri•~t ha:+ exc•cvtr.~ci a
i . ntten assumpti~,n a~;rr.•mc~nt ~ircepted in ~ntinK h}~ Lrndrr. Iw~nd~~rshull relrawe K~~rr~~w~t•r fn~m all „hli~;atinn~ undc•r this M~~rtKaKe and thr
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' [f (.~~ndE•r ex~~n•is~~: .uch ~~pti~,n tn :~rcrlr~r.~t~•. I:f•ndE•r ~}~,,li ~nai! Fi~~rruw•~~r n~mce uf ac~~r•leratiun in acrnrrl:~n~~c• w~ith paraKraph t a here~~f.
~ ~u~ h notu~~~ shull pr~n ictt- a pe•n„d i.,~~.t;;;., c~~,~:: f.,,..; rti,.,~•,~.. e?,.. ~.~.r;, ~,.:~,1,..1 v, ithin ~~hich R~~rn~w~rr ma~• pa~~ th~~ sum, dc•~-Iar~Ki
~ If fi~~m~u•t•r fail. tu p:~~ ,uch ~urns pn~~r tn tht• r•xpir~ti~~n nf ~urh pc•rzn~l, I.e•ndt•r rn~i~•, withnut furthe•r n~~t~i t• ur d~~mand ~m ES„rrc~K~er,
~r~~f>ke.~n~ rrm~•tii~•; prrmitt~tij b~ paraKr.~~~h l*ch~•rt~~~f.
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lti. Acceleration; RemedieA. F.XI'P~I 8A provided in para~raph 17 hereof, u,x~n Borrow•er'H breach of any cY~venent or
.+~;reement of Borruwc~r in thiK :NortQxge, includinK the cnvenant~ to pH}• K•hen due any HumSRC•cured by thix:ltortqaRe, Lender
priur to accelera!ion shall mail notice tu Borrower ~ provided in para~raph 14 hereof epecifyinq:l I 1 the breach;l'l1 the action
rt•yuired to cure such breach; (3) a date, not IeAe than 30 dayA from the date the notice ie mailed to Rorraw~er, b~~ w•hich eurh
hreach must be cured: and 141 that failurP to cure Nuch breach on or before the date specified in the notice may result in
.~<~celeretion otthe r+ums Kecured by thi~+Nort~aQe, foreclosure by judicia! proceecling and ealeof the Pruperty. The notice ahall _
~urther inform Borrower of the rikht to reinatHte atter acceleretion and the riqht to ac+r?ert in the Corecluyure proce.~dinA the
~ na~n-existence of e default or any other defenye of Korrower to ecceleration and torecloxure. If the brea~h ie not currd un or
h~•f~~re the date vpecified in the notice, Lender at Lender's option may declare all ~f the Rume ycrured by thi~ 11ortKaKe to be
~ irnmt~diatrl)' (~UP tl0(~ ~)N~'t3F1IP withuut furtherdemand tind may forecloyethiH Mortqeqe by judicixl pr~?cc~eding. L~~ndt~r Khtil) be
~ t~ntitle~d to coUect in !+uch proceedin~ rall t•xpenses of foreclosure~, includinK, but not limited to, reaxc~nHblt• Htturne~y~'ti ft•e~, and
~ :~~,t~ uf d~?cumentary evid~~nce, abstr~ctY and title repurt~_
14. Borro~a~er's Right to KeinHtate. ti~,twithstandinK I,~~nder'a acceleration of the yumr securcd by this MurtKaKe•, F~~+rr~~wNr shall hxve~ ~
the nKht tu havP any proceed~nKs t~rKun bc l,~~nder tu enforce this ~turt~aKe discuntinued at any time prior to entry of ri ~udKment ~•nforc~nk
~ this :11r,rtKaK~ if: ~ai [i~~rn,wer pay~+ I.ender all sums which would t~e then due under thie ASortg~Re, the Notr and notes FecunnQ Future
~~l~•anceA,ifan~.hadnna~celerati~m~~ccurred;tb~Rorruw~rrcurewallbre~~che~;~~fanyothercovenantaorsKreemen4y~~iR~~rr~~w~rrcnnuunrdin
_ ;hi. bt~~rtKaKe; i~~~ };~~rr~~w't•r payti all reasunahle ex{~nse•s ~ncvrrc~l by lknder in enforcinK the covenant~~ .~nd aKrc~tm~mt~ nf Rurr~~~•er
~ r~~ntained in this ~t~~rtKaKP and in enf~rrinK I,ender's remediex aR prnv~deci ~n p:traKraph 14 hercrif, includinK, but n~~t l:mited tr~, reasonable
~ .ittr~rney'~= f~s: and ~ d! fir~rr~~w•rr take:: suc~h actiun as I.ender may reasnnahly require tu assure that the lien nf thix 11urtK:~Ke, I.rnder'H interE•xt
~ : n th~ Prupert~• and R~~nrrw•er's obG~xt~on tn p~c the sum~ sc•curFd b~• this ~1ortK~~Kc• ~hall cuntinue unimpaired. t'p~~n such payment and ~ur~~
~ fiorrnwer, th~a hlart~aKe and the oblfKations xecured hereby ahall remain in full force and effect as if no accrleratiun had ~MCUrred.
Y(I. AeeiRnment of Rente: Appointment of Receiver. As addit~~mxi eecurity hereunder. Korr~~wer hereby a4s~Kn~ to [.ender the rents
~ ~~f the Pruperty, proaided that F3~~rr~~wer shaU, prinr tr! arceleration un~ier paraiKraph 1 R hert~c~[or abf~ndonment of the f'ropert>~, ha~~e thenKht
~ t~~ crrliect and retain Auch rrnt+; .~g thec bec-ome due <~nd payahl~.
l'~n acceieratinn under paraKraph 1 N hercti~f nr ah:ind~~nment of thr Pmperty. I.ender whall 1~ c~ntitl~~1 t~ have a recei~~er app~intt<1 by fa
~ ~~urt U~ Fnter upm. take p~~serssion uf and manaKe :hc~ YruF~~rty and to ~ollert the rent~: ~~f the t'ro~~erty, inciudinR those past due. All rer.th
~ ~~~IlFrted by the rece~ver ahall he applied first tn payment of the rnstF of manaKement of the Yr~iperty and collection of rents. includinR, but nc~t
~ iim~tcd t~~, recei~•Fr'F ft~es, prrmiumy ~~n rF~•r~ver~s h~,nda .~nd reas~~n:~hle att~~rney~'e feeP, and then to the Hnms yecured by thix !~1~~rt;Cf?KP. "I'hc
~ r~-~ ei•:f•r shall tx~ li.~hle tn aec~>unt ~rniy f~rc thnNr re•n~.ti .i~•tu:+l!y rrcFi~cr~.
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