HomeMy WebLinkAbout2285 8. Inspciction. Li~n~ler ~nn~~ mnk~~ or ~•r?t?s~~ to I~~• i:i,ul~• r~•~?,on:~l?I~~ ~•~~iri~~: u~~on ziu~l ins~~crtia?s oi thc Proj~- ~
~'r~Y, 1??•o~'i~led tl~at I.c•ndei• ~I~nll ~;i~~e liorro~~•e~~ uoti~~c ~n•iur tu ,?n~• ~u~•1? ins~~eMioi? ~~~ecifyin~; rcusonilhlC cAt15e ~
' therefor relatcd to Lender's intcrest in tha l'roperl.y.
9. Condemnation, 'I'he ~~roceeds of ,~m~ :i~~•nr~l ur ~•lnin~ for ~I~inu~~;e~, direct c~r cc,~isequent.ial, in connection ~
~vith i~n~• con~icmni~tion or c~thcr tnkin~; of thc 1'ro~~rri~~. or ~?:zrl thc~rrot, or for r~n~•cy,uu~c in lieu of condemnn- ~
tion, are hcreb~~ assi~;nc~l :lmi sht~ll be ~~nid to l.cn~lci•. - ~
In the c~•ent uf totnl takin~; oi tlie Pro~~crl~•, tlu~ ~?roc~~~~~1, •h~ill i?i~ u~~~~lie~l to thr. ~um, ~ccure~l If~~ this \tort-
~i~ge, «•itli the ~xc~~s<; if ;in~•, ~mi~l to Rorron~er, ln tlu~ crent of u ~~,u•tial takin~; 06 thc 1'ropc~rt~•, unless Rorrower
;~nd l.ender other~~•is~~ ;~~rec in ~~•ritin~, tlicre shnll he ai~?~ili~~~l tu tlu~ su~n• •cc~nr~l h~~ t!~i~ \Iort~;t~ge such propor-
tioi: of the proceeds tis is cqunl to thnt ~~roporiiou ~~•I~icli tlu~ t~~uount oi ihr. su~us secw•e~l Ly this \[ortgt?fie imme-
~iintely~ prior to thc datc of takin~ bcar: tn the f»i~• iniu~k~~t ~•:ilu~~ of tlu~ 1'ruE~ert~~ immcdintel~~ ~u•ior to the dnte of
taking, witlti the h,~ln~?ce of the ~?1•oceeds ~~~icl tu l3orr~~~•er. $
If tlic I'rop~rt~' i: abau~loncd b~~ 13orro~~~er or if after noti;~~~ hy I.ende~• lo Rorro~~•er thnt the condemnor of~ers ~
to make nn z~~~~nrd or ~ettle ti ~lnin~ for ~inma~;es, 13orro~~•cr fails to res~ionrl to I.ender ~+~itl~in 30 da~~s of t.he datc
of Such notice, I.ender is zuthorized to collect an~l a~qil~• the ~n•ucre~i: ait Len~ier':.~,}~tion citlicr to restornt~ion or
re~~air of the Propertti or to thr siims secttred bt• tliis \(oi•f~ii~~ . ~
tlnless I.ander :nul Rorro~ver other~~•is~~ agree in ~vriting, ;~n}~ such iipplicfltiun of ~~rocecds to principal shall ~
, not extenci or ~~ostpoti~ the due ~lt~tc of thc monthl~~ instnlln~c~?i, referrecl to i~i p~?i•.i~raislis 1 nnd 2 hercof or
ch.uige the amount~ of such insf~ihnents. ~ ~ ~ ~
10. Borrower Not Released. T;~tension of tlic timc for ~~a~~inent. or n~odification of :una•tizstion of the swns
secured by this ~tortg~ge grnnteci b~~ T.ender to nm• successor in interest af Borro~~~er sLall not o~~erate to release,
in any mnn?~er, thc linhilih~ of the originnl Borro~~•er and Rorroi~~~r's s~icce.~so~ iu interest. T.ender shall not be ~
reqiiirc~t to commenee ~~roceedings ngainst such succe~~or or refu~~ to extend tin~c Ior ~~nyment or ot.her~~~ise madif~•
:unort~izntion oi thc siiins sccured h~~ this \fort~age h~• renson of :?m' (IE'lll:lll(~ lllR(IC h~• fhe ori~in:tl 1?orro~~•er and ~
Rorro~c~er's successors in interest. -
11. Forbearesnce by Lender Not a Waiver. An~• fonc~ni•~iicc br I.ender in exercising nny-right or remedy _
hereunder, or othcr~~~ise affordcd b~• npplicablc 1~~~•, shnll not he i? ~~•ai~•cr oi o~• ~~recltuic thc exercise of ~nt~ right
or ren~edy liereiuider. 'I'lic proctn•ement of insw•nnce or ti~e ~~a~•ment of tnxes or other liens or cl~arges by I.ender ,
shall not be :i ~v,~i~•ei• ot T.e~ider'~ right to accelei•ate tlic mnturitv of the indebteclness secureci bp this il~iortgage.
, 12. Remedies Cumulative. :111 remedic~ ~~ro~~idc~l in thi~ \tortgngc are ~listinct anci cumul~tive to any other ~
- i•ight ur ~rmed~~ imcler this ~lortgage or atlorde~l h~- la~r or cc~uit~•, an~l mai~~ be exercised conc~u•rentl~~, independ-
- enth~ or succes~i~~elv.
~ 13. Successors and Assigns Bound; Joint and Several Liabilityt Captions. 'I'lie co~•ennnts :tnd agreement~
: l~erein contained shzll bind, ~»d the rinhts hereu~~der ~hall im~r~~ io, the respective ~uccessors nnci ~ssigns of I.ender
:~ud 13orro~~•cr, ~uhject fo the pro~•i~ion:: of ~r.ii,ngr:~~~l? 17 hcrcof. :111 co~•enflnt~ s~nd n~reenients of Borron•er shall ~
~ " be joint aud ~e~•cral. 'I'he ~~aptians .incl heaciings of tlic ~mr.i~ru~~h: Ol I~13~ \tortgn~e .~re tor com~enience oul~~ and
. are not to he used to intcrpret or ~lefine tl?e pro~•ision~ hereot'. -
14. Notice. Any notice to l3orra«~cr ~~rovidecl for in thi~ \lortkt?~;c• ~h,?11 he ~;i~•en i~~~ ~usiliu~ stich notice b~~ . ~
~~ertifieci ~usil a~idre~sed to I3orro~ti•cr:i~ the P~o~~erl.~• a~iclr~~:~ .taic~l~i?e~lo~c. eyce~~t for ~n}• notice require~l under ~
~~aragrapl: 1$ hereof to I~e ~i~•cn to Rorro~~•cr in thc n~ann~•r ~ur: crihe~l L~• ~~p~~licablc lu~~•. :1n~• notice ~~roti~ided ' ~
for in this \[ort n e~l~nil be ~leemezl to h.t~•c heen ~ g f
g g gi~•en to I3orro~~•c~~ ~cLcn ~~~en in the mznner desi n~ted herein. #
15. Uniforni Mortgage; Goveming Law; Severability. '['hi~ torm of ~uortga~e combines uniform co~•enauts ~
for ~iationnl usc ~i~d non-uniforn~ covcnant~ ~~~ith li~uitecl ~•:~ri~tion~ b~~ jurisdiction to constii~ite n uniform sectt-
rity instrun~ent rovering real ~~ropert}~. This \[ortgs~e ~hall he ~;o~•erne~i t?~• fhe la~r oi the jurisdiction in ~v~~ich ~
~ the Propert~• is located. Iu ti?e e~•ent thaf pro~~isio» or clause of this ~Iort.gage or the \~ote conflicts ~cith
- applicable la«•, such conflict shall not. a~'ect other ~~ro~-isions of thi~ ~Iortgage or the \Totc ~vhich ca~i be given ~
effect «~ithout tlic ~~onilicti:~n ~~rorision, a>>d to this end ~l~e ~~ro~-isiou~ of the \Iortg:~gc .znd thc I~'ote ~re declared ~
t~ be severstble. . ~
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16. Borrower's Copy, . I3orro~~•cr sl~all I,c iurnislic~i ;i ronfornicd co~~}~ of this ~iortg~gc at~ thc timc of e~:ecu- ?
tion or ufter reconiation i~ereof. - ~ ;
~ 17. Transfer of the Property; Assumption. I1 ali or nm- ~~art ni' tiie Propert}~ or an interest, therein is sold }
t
or fransferred b~= I3orro~rcr ~~~ithout T.en~lei's ~~rior n-ritten con~ent, ezcluding the cmation of a lien or eneum- - ~
hrance ~ubordinate to thi~ \tortgage, (i?i the crea~tion ot ~n~rcli,t~e ~~~oneti• ~ec»rif~- interest for household a~pli- i
:ince~; Ic1 a h•an~fer h~~ ~le~~ise, ~lescent ~r i?}• o~~erat;on of l.i~~- i~~~on ti~e cie<ttl? ot .i joint ' nant or (cl) the grant• of z-
- un}~ lenscliolcl inferes? a~ th.-ee ~~car: or les~ not c•ontainin~ an o~rtion tu ~~urcli.isc, Lcm- .et I.ender's option, €
rieclare al1 the san~~ ~e~ured.l;~• thi~ ~tort~a~c t~~ he imu~cdiafcl~• clue an~i ~?a~•ablc. t.c_ ~r cl~all ha~•e ~vai~•ed such -
aptiun to accelerate if. prior to the ~ale or trnn~icr, l.cnder au~l the pcrson to ~4•hom thr Yropert.y is to be sold or. - _
traiisfei•red reach .;grcet~;ent ii~ «•ritii~g tl?at tl~e circlit of ~uel~ ~~~~r~on i~ =sti~f;ictrr~~ to 1.ender and that the inferest
~?ayr~ble o~2 fhe ~un~s ~cenre~l f~~- thi~ ~Iortgagc ~l~all 1~~~ .?t ~ucii ru[~• .t~ t.cn~ler ~hail rc~uest. If _I.ender h~s tvaived
tlie option tu :~cceler:ite t~rn~•icie~l in thi~ ~~aragru~~l~ 17 .in~i ii l~orrmt-~~r'~ ~iicce~~or ir~ intere~t ha~ executed a~vrit- ;
ieu ass;~;nption agrec•went .tcce~~tccl in ritin~ l~~• I.en~i~rr, Lcn~i~~r ~Lall release B~rro~~•cr from .~il obligations under
this ~iortg~tge aii~i.tiir. ~Tote. - .
' : If 1.eader ezercises such o~~tion tu ~ccelerute. I.ender shatl ~nail I3o~•ronei• iiotice of ~iccelerntion in accordance
~~-itl: ~,.u•a~,~-aj~h 1~ 1?ereui. Such notice <ha11 l~ro~~irlc .t ~~erial oi not le~~ thxn 30 ci:~~-s from the dnte tl~e ~iotice is
_ mailed ~ciihin ~~~}~ich I3urro~~•cr wat• i»~• thc CUI11J' decl~rcd ~luc. If I3orro~~~er tails ta ~~aS~ ~tteL sum~ prior to thc ~
e~pir~tion ui ~uch ~~eriod, J.ender ma~-, n-i9h:iut fi~rther i?otice or ~I~~z~ai~d on 13orro~rer, in~•oke an~~ remedies per- -
nutted liy paragraph 18 hereof. - '
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~ \o~-I;\IYOIt~i ~'o~•f~.~x~rs. Iim~ro~~•cr ~?n~l I.e2i~ler furtl~er co~-~>>tant .~u~l a~;rec .i~ i'ullo~i~s:
r 18, Acceleration; Remedies. I•:s~c~~t ~?ro~•i~led~,in ~~ar:~grnpli 'l7 Lereof, u~~un 13orro~~-er's bre~tch of an~-
• ~
co~•c:u,tnt or agreement of I3orro~rer in thi~ ~[ort~:?~,~eE'incluciin~ tl~e co~•enants to ~is~• «~hen due any sums secured
~ b~• thi~ ~tortgage, Lender ~?rior to .iccclcratio~z ~ii:~tT'fiail noticc to I3orTOC~•er a~ ~~ro~•icleci in- p~ragraph 14 hereof ~
s~~ecif~~ing: (.1) thc brcach; (2) tlsc :tctio» rec~ui~ed+tQ w~[c' ~uei~ i~reach; ~31 a~lat~~. nat Ies: thnn thirty days from
the ~late the notice i~ ~naile~l to I3orra~~-rr, In• «•liic~l~ ~~h`i~•c~li ~~j~~~ cumd; :~nd 141 thaf failure to cure such
bre~~ch ou or before the date s~ccified in the notirc ina~• re~tilt_ in acceleration of the sin?~~ secumd b• this \Iort a e
t ~
. g g ~
ancl salc of the Yropert~•. If thc brcacl~ i~ not ctn•cu aii or lmtore thc datc ~pccificci in tl~e »otice, I.ender at I.ender's ~
option ma}• ~leclare ul! of tl?c ~un~~ securc+i b~• thi~ ~(ortgage to br in~n~ediatcty due and payable «•ithout. further ~ ~
deman~i and may foreclose this \tortgn~;c b~• jurli~ial ~iroccciling: Lcndcr ~hall be entitled to collect in such proceed- ~
ing all ea~~enses of foreclo~ure; iucluding, hut not li~nitcd to, reasonttble attorncl''s fees, an~i costs of clocttmentar}~ ~
er•idence, abstracts ~nd titlc reportc. E
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