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HomeMy WebLinkAbout0941 & Insp~ctioa. I.ender may make or cause to I~e made maeonaLle entries upon ancl inapectioi~a of the Pcop- erty, provided that I.ender st~all. give Borrov?cr notice ~?rior to anv sucl~ ins~~ectia~ K~K;cifying reasonable cauee therefor relsted to Lender's in~erest in the Yroperty. 8. Cond~aAnation. 1'he proceeds ot nny nward or e1Aim tor dan~ages, direct or consequential~ in conneution with anjr condemnation or othor taking of the Property, or part thereof, or for conveyance in lieu of condemna- - tion, ere hereby a8signed and shaU be paid to I.ender. . In the event oi a total taki~g ot the~ Property. the proccecis si~all I,e a~~~~lied to the sums secureci by this Mort- gage~ with the excess~ ii anp~ ~~aid to Borrower. In thc event oI a ~iartial taking of the Property, unleea Borro~rer nnd I.ender otherwise agree in writing, there ehalt l~e ap~~lieci to the sums seeurecl by this ~tortgage sueh propor- tion ot the proceeds as ia equal to that proportion which t!?e amount of the sums secured by thia ~tortgage imme- diately prior b the date of taking bears to U~e fair u~arket value of thc Property immaliately prior to the date oi i,aking, with the balance of the proceeds paid to Borro~er. ' If the Property is abandoned by Borrotver or if Atter notice by T.ender to Borro~ver that the condemaor offers to make an awarci or settle a claim for damages, Borrower fails to respond to I.ender within 30 days of the dste of suoh notice, I.ender is authorised to collect nnct ap~ily the procceds at I.e~~der's option either to restoration or repair of the Propertiy or to the sums secureci by this \[ortgage. Unless I.ender nnd Borrower otherwise agree in writing, any such application of proceeds to principal ahatl not extend or postpon~ the due date of the monthly installinents refcrreci to in paragra~~hs 1 and 2 hereof or chuuge the umount oi such installments. - 10. Borrower Not Rol~assd. bctension of the tin~e for ~~ayment or modiHcation o[ smor~isation of the sums • wecured by thie Mortgage granted by I.ender to anv successor in interest of Borrower sl~all not operate to release, in any manner, the liability of the original Borrower and Borroner's successors in interest. I.ender shall not be required to commence ptoceeciings against sucl~ succes.sor or refuse to extend t.ime for payment or otherwise modify nmortisation oi the sums secureci by this ~Iortgagc b,y reason of anv ~iemand made by the original Botrower and Borrower's successors in interest. 11. Forb~ance by Lsnder Not a Waiiver. Any forbearance by Lender in exercising any right or remedy her~under~ orbtherwise affor~ed by applicable la~v, sl~all not be ~vaiver of or preclude the exercise of any right or remedy hereunder. Tlie procurement ot insurance or the ~~ayment ot tax~ or other liens or charges by Lender sball not Ue a~~aiver of Lender's right to accelerate the maturity o{~the indebtedness secured by tliis Mortgage. 1Z. 8~medi~s Cumulative. All remedies provided in this ~Zortgage are distinct and cumulative to any other right or remeciy i~ndcr this ;1~iortgage or uffordeci by la~ or cquity. and may be exercised concurrently, independ- ently or successively. 13. Successors aad Assigns Bound; joint amd Several Liability; Captions. The covenants and agreements herein contained shail bind, and the rights hereunder Fhall inure to, the respective succc~ors And assigns of Lender and Borro~ver, suUject to the provisions of parsigraph 17 hereof. ~!1 covenants and agreements of Borrower shall be joint and sevcral. 17~e cnptions nnd headin~s of the ~~arngrnph~ of thi~ ~[ortgagc ure for convenience only and are not to be used to interpret or definc the ~irovisions hereof. l4. Notice. Any notice to Borro~ver provided for in this \[ortgnge shall be given by mailing such notiee by certi6ed mail ~tddre~~ed to Borro~rer at' the Property Adcir~s statecl bclo«, except for an~' notice required under pxragrnph 18 liereof to be given to Borrower in the ~uanner prescrii~ecl by appiicable la~. ~ny notice provided for in tiiis ~lortgaRe shall i>c decmeti to havc i~en giren to Borrow•er when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. Thi~ form of ~norigaRe combines uniform covenants for national use and non-uniform covenants ~vith limited ~-ariations by jurisdiction to constitute a uniform seeu- rity instrument covering real ~~roperty. This llortgage shall be ~overned by the laA of the jurisdiction in whieh the Pmperty is located. In the event t1~at any provision or clause of this ~iortgage or the Note conflicts with applieable Iaw, such conflict 5ha11 not nffect. other pro~•iaions of this \io;tgage or the Note which can be g'iven ~ effect without the conflicting i~ro~ ision, and to this end the pro~-isions of the \iortgagc and t.he Note are declared ` to be severable. ' 16. Borrower's Copy. Borro~~er shall be furnisl~ed n conforn~ed copy of this \~tortgage at the time of execu- ~ tion or after recordation hereof. ~ 17. ?ramster of~the Pro d; Assum pe Y I~tion. If nll or an~ ~~art of the Property or an interest therein is sold ` or transferred b~ Borrower without Lender'~ prior ~vritten consent, excluding (a) the creation of a liep or eneum- ~ brance subordinate to tl~is ~iortgage, (bi the creation of a ~iurcLase mone~ security intemst for household appli- ances, (c) n t•rnnsfer h~~ devise, descent. or by operntion of la~~• u~?on thc death of a joint tenant or (d) the grant of iiny leaschold interest of thtec year~ or less not contaiiiing an option to }~urct~ase. Lender may. at Lender's option, declAre all the sums secureci h~~ this \iort~age to be immediatch~ ~luc and ~~ayable. i.ender shull have w$i~~ed such ; option to acceler:ite if, prior to the sale or tran~ier. I,end'er aud tl~e ~ierson to ~vhom the Property is to be sold or i trans[erred reach agteement in writing that thc credit ot such ~~e~on i~ satisfactory to I.ender and that the interest payable on the sums ~ecureci by this ~tortgage ~6a11 bc at ~ucl~ rate a.~ I.ender shall request. If I.ender has waived the option to accelerate provided in this ~iaragraph 1? and i[ Borru«er's successor in interest has executed a writ- i ten rtssumption ugreement accepted in ~~riting hy I.cnder, Lender shull mlease Bormwer from All obligations under : ' this l~iortgage and the Note. ' If I.ender exercises sucli option to ucceferatc. 1.eoder sl~~lt enail I3orro~er notice of acceleration in accordance evith ~~uragraph 14 hercof. Sucl~ notice ~I~all pro~•idc a ~?eriai oi not le~~ than 30 davs from the date the notice is mailed ~~•ithin which Borrower ~uuy pay thc sums declarai due. If ~orrower fail~ to pay such sums prior to the expiration of such ~~eriod, 1.ender m~y, ~~•ithout further noticc or ~lemand on Borrower, invoke any remedies per- ; mit~ted by paragraph 18 hereof. ~ % ~io~-I':~IFOft1i ~,'ov~x.?~TS. RorruW~er.~nd I.ender fui•thcr c~o«nant and a;i•ee as follows: ~ 18. Acceleration; Remedies. H;x~cpt u~ ~?ro~•idcY! in pan?gi•:~pli 17 l~ereof, u~?on 13orrower'~ breach of any F cu~•en:~nt or agree~nent of I3orroKCr in thi~ \tortgti~e`,includinR the co~~enants to pay H•hen due any sums secured ~ ~ by this ~tortgage, Lender prior to accelerntion shall mail notice to Borrow•er as provided in paragraph 14 hereof ; ~ sl~ecifying: (1) tl~c brcach; (2) thc aiMion require~l to cure such Lrcach; ~31 n ~1ate, not Ic~ than thirty days from . the date tl~e notice is mailed to Borro~~•rr, 1?~~ whi~l~ :uch bre~ch must I~e cure~i; ~nd (4) that failure to cure such ~ breach on or before the dntc specifiMt in ttic noti~c n~a~ result in acccleration of the swns secured by this ~iortgage ' and sale of the Yroperty. If the i?reach is not ~urect on or I,eforc thc date ~pecifieci in the notice, Lender at Lender's 1 option ~uay declare nll oi thc sums secured b~• this \Iort~aRc to I,c im~ucdiutely due and payable witi~out further ~ demand and may foreclose this ltortgagc 1?y ju~iicial procecciing. I.cnder al~all bc cntitleci to collect in such proceed- ing al! expenses of foreclasure, inclading, but not li~uiteci to, rcasonabic attorney's iees, and costs of dceumentary evidence, abstracts and title re~~orts. , . . - ~oox 245 ~ • ~ . - i : f ~ ~ua~ `"'-~~"~~'A ~-~".~°.~,.~.,s~~ e .r"r' ~ - - _ - 7,'4.,+' `MC'.'r'.~•' ~ 'e z,,;~"~`-" V _ ~ _ . ' .