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HomeMy WebLinkAbout1120 & on. I.ender ?nay roake or cattse to 1?e iuude ~tiusouai~le entries u~wu etnd inspectiais of the Prop- erty~ provided that I.ender shal! give Aorron•er notice prior to any sucl~ ins{~ectiai s~>ecitying reasonable cause therefor relsted to Lender'a interest in the Property. 8. Coad~maation. The proceeds of any nwarrl or claim ior damages, direet or consequentisl, in connection with any condemnation or other taking of ti~e Yro~,erty,•or ~?urt tl~eceof, or for conveyanoe in lieu of condemna- tion, are hereby assignecl and shall be paid ta I.ender. In the event of e total taking of the Propert,y, tiie proce~edg shall l,e a~~~~lieci to ttie su~ns secut~ed by this Mort- gage~ with the excess, if any, paid to Borr+~wer. In the event ot a paMia! taking of tho Yroperty, unless Borrower nbd I.ender otherwise agrec in ~riting, there shall l~e ap~ilied to the sums secured by this \iortgage such propor- tion of the proceeds ae is equal to that proportion which the amount of the sums secured by this 1liortgage imnne- ~ii~?tely prior to thc ciate of taking bear$ to the inir mnrket vAluc oi thc Propcrty immeciiately prior to the date of taking, with the balance oi the proceeds ~~aid to Borrow er, If the Proaetty is abaadoncd by Borrower or iI after notice b~~ I.et~der to Bortower that the condemnor offers to muke an a~rurd or settle A rlaim for damages, Aorto~ver fails to resEwnd to I.ender within 30 days oi the date of such notice,l.ender is authori:ed to collect und apply tl~c proccecls at. t.ender'x option either to restoration or repair of t~he Property or to the sums secureci by thi~ \tortqage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principat shali not e~cte~d or postpone tl~e due datc of tl~e monthly installments re[errec! to i~i parAgra~~Ls 1 and 2 hereof or change the amount ot such installmeAts. 10. Borsorver Not ~loewd Extension of the tin~e for ~,uyment or ~nodification of amottisation of the sums secured by thia Mortgage gcanted by i.ender to any successor in interest• of Bomower sl~all not operate to release, in any manner, the liabilit.y oi the original Borrower und Borro~vcr's successors in interest. I.ender shall not be required to commence proceeciings against such succesaor or refuse to extend time !or payment or otherwise medify nmortisation of the sums secured by this \iortgagc hy reason of nny den~and madc by t.he original Borrower and Borrowec's successors in interest. _ 11. Forb~rance by Lender Not a Waiver. Any forbearance by I.ender in exeroising an~ right or remedy hereunder, or othernrise a~orded by opplicablc la~t , sliull not I~e n~vaiver af or preclude the exercise of any right or remedy hereunder. Thc procurement of insurance or tl~e ~~syment of tax~ or other liens or charges by T.endet shall not be ~vaiver of I.ender's right to accelernte the maturity of fhe indebtedness secured liy this Mortgage. 12. Remedies Cumulati~e. All remedies nrovideci in thi~ \~Iortgage are distinct and cumulative to any other ~ right or remed~~ un~er t.his \~tortgage or nffotderi t~y lanr or ectuit~y, :ind ~nay be exercised concurrently, independ- ently or successively. 13. Successors and Assigas Bouad; loint aad Several I.iability; Captions. The corennnts and agreements herein contained shall bind, nnd the right~ hereu~ider shall inure to, the respective succes~ors And assigns of Lender and I3orro~rrer, subject to the provisions of ~iaragrn~~h 17 l~crcof. ~11 covenants and aqreemenfs of Borrower shali be joint and se~•er~l. The raptions and headin~s oi the paragra~~hs of this ~tortgage are for convenience only and nre not to be used to interpret or clefine the provisions hereof. 14. Notice. Any notice to Borrower providrd for in this ~lortgage shall be given by mailing such notice by cert.ified mnil nddre,ssed to Borroner :tt tt~e P~opert~ addm:• statc~i l~clo~•, except for an~ notice requireci under ~?arngrnph 18 hereof to be given to Borro~~•er in the wanner ~~rescribe~i by applicaUle lan .?1ny notice provided tor in this \tortgagc shall l~c deemed to l~ave hcen given to Borro~~•er when given in Ehc mrtnner designateci herein. 15. Uniform Mortgaqe: Goveining Law; Severability. Thia forn~ of niortgage con~bines uniforrtt covenants for national i~se and non-uniform covenants witli limited rariations !~y juriscliction to coustitute a uniform secu- rity instrument covering rea) proj~erty. This ~Iortgage shall be ~overnecl by thc lAn of the jurisdietion in which the Property is located. In the e~•ent that any pro~ision ar clause ~of this lriortgage or the Note conflicts with applicable law; such conflict shall not at~ect otMer ~?ro~•ision~ of this ~to~gage or the Note which can be given effect ~r•ithout the conflicting pro~ ision, and to this enrl the pm~-isions of th~ \tortgage and the Note are declared to be severable. I6. Borrower's Copy. Borro~vcr si?a11 bc furnished a conformed copy of t6is \Tortgage at the time of ~acecu- tion or after recorclation hereof. 17. Trao~sfer of the Ptoperty; Assumption. If all or un~ ~?art of the Property or an interest, therein is sold or transferred by Borrower without T,ender's prior ritten consent, eaccli~ding (a) tlie .creation of a lien or encum- brance sul?ordinate to this \ioKgage, (I,1 the crnation of a ~n~rchasc mone~ ~ecurit.~* interest for househoid appli- unces, (c) n tronsfer b~ devise, descent. or b~ ope~~tion of la~~- ti~~on the deat6 of :t joint tenunt or (dl the grant of any Ieusehold intcrost of threc yea~ or less not containiug an option to purchuse. I.ender may. at Lei~der's option, dectare alt the su~ns ~ccureci ln~ tl~is ~~Iortgsge to be immecliateh~ ~luc and payable. T.ender shall have naived sueh option to acceler:ate it. ~~rior to the sale or tmnsfcr, I.ender a~?d tl~c ~~crson to whom the Pmperty is to be sold or transferred reach agrcement in ~vriting that the creciit of .ucl~ ~~e~on is satisfactory to Lender and tliat the interest payuble on the su~ns secured by this ~Iortgage sl~all l~c at wci~ rate a.G I.ende; shall request. If Lender has waived the option to accelerate provideci in this paragraph 1? and if Borro«•er:~ succecsor in interest ~ias executed a writ- ten assumption agree~nent accepted in writing l~}• i.encler, i.eri~~er shal! release Borrower from all obligations under this biortgage and the Note. If I.ender exercises sucl~ option to accelerate. I.ender ~hall ~nail Borro~ver notice of acceleration in accordanee with parngraph 14 l~eteof. Such notice shall pro~•ide a perial of no1 le~ tl~an 30 ciaSs from the date the notice is muiled ~.ithin which Borro~ver ma~ pay the sums declarect due. If Borro~~er faii~ to pay such sums prior to the cxpiration oi such periat, Lender ms~ .~rithout futther noti~e or ~lem3n~1 on Borrower, invokc any remedies per- mitted hy parsgraph 18 hereof. \oy-T>xtFOSi?t C'ov~xa~TS. Horrower tind I.encler furthcr cor~n~nt and agree as follows: 18. Acceleration; Rea~edies. Exccpt as ~?ro~•icle~t ir~ ~~.i~-~gn~~?ti I7 hereof, u~~on Borro«•er's breach of an}- co~~enant or agree~nent of Borroa•er in tl~i~ \tortg<<ge, includin~; tl~e ~p}'enant~ to ~~ay tirhen due any sums secured by this \tortgage, Lender prior to acceleration shall n~ai! notice to Borroii~~ trs,nro~~~,ded in paragraph 14 hereof specifying: (1) t1~e breach; (21 tl~e ;~ction rc~uirc~l to cure such brcael~; i3! u date, not 1e9i3~~an thirty days from the date the notice i~ maile~l to Borroti~cr, b~ ~vl~ich such brcacl~ must I,e curccl; and (41 that failure to eure such breach on or t?efore the date specifieci in the notice way result. in ac~cleratiun_ot the swns secured by this tiortgage - and sale of the Yroperl,y. It the hmach is not curect on or l~eforc thc ciate apecified m+thc natice, Lender at Lender's option n~ay dectarc a11 of tt~c ~«rn~ ~ecurc~t b}~ this 1[ortgage to bc i~u~i~ediately due ~nd payable without further demaad and mny foteclose this llortga~c by judicial ~rroccK~iing. I,cnder ~hal) be entitlecl to collect in such proceed- ing sll ex~~enses of foreclosure, incluciing, but not liwitcxi to, reasonablc attorney's fees, and costs of documentary• evidence, abstracts and title mports. ~ ~ f ~ _ B04K 243 PACf i ~,<,s<, r,:;~. . _ . . - - _ - ~~i ,r ~.i ~ ~V r >_y'~?