HomeMy WebLinkAbout0453 8. Inepection. I.ender moy make ur cause to be made reasonable entrie~ upon and inspectiono af the property, proviae~i ti~at I.enurr ei~nii
Rive Iiorrower notice prior to any euch inapectiun apecifying reuaonable eauee therefor relate~ ~ J~nder's interest in the Property.
9. Condemnation. The pra.~eeds of any award or claim for damages, direct or conaequential, in connection with any oondemnation ot
ocher taking of the pru~rty, ur part thereof, oc for conveysnce in lieu of condemnation, are hereby aseigned and ahall be paid to Lender.
In the event of a Wtal taking of the Property, the proceeds ehal) be applied to the sume aecured by this Mortgage, with the exceae, if any,
paid to Borcower. In the event of a partial taking ot the Property, unleea Bortower and I.endet otherwise agree in writing, there ahall be
applied w the aums aecured by this Mortgage euch proportion of the proceeda as ia equal to that proportion which the amount of the sums
secu~ed by thia Mortgage immediatrly prior to the date of taking beare to the fair market value of the Property immediately prior b the date of
taking, with the balanci of the p~+ncreda paid to Borrower.
lf the Property ia abandoned by Borrower, or if, aRer notice by I.ender to Borrower that the condemnor offers ta make an award or eettle a
claim fot damagea, Borrower faila to reapond to l.ender within 30 days after the date auch notice ia mailed, L.ender ie authorized tocollect and
npply the proreeda, at Lertder's option, either to reatoration or repair of the proper4yor lo the suma eecured by thie Mortgage.
llniess [.ender and Horrower otherwise agree in writing, any such application of proceeda to principal shall not extend or postpone the due
date of the monthly installments referred to in paragraphs i and 2 hereof or change the amount of•such inetetlments. ~
10. Borrower Not Released. Extenaion of the time for paymant or modification of amortization of the aums secured by this Mortgage
~anted by Lender to any successor in interest of I~orrower ahai! not operate to release. in any maneer. the liability of the original $orrower
and E3orrower'a aucceasora in intemsl. l.ender ahall not be required to commence proc~edinga againat such auccesaor or refuae to extend time
for pnyment or otherv?ise mcxiiCy nmoriization of the suma secured by this Murtgage by reason of any demand made by the original Borrower
and I3orrower's succes.vors in interest.
! 1. Forbearanc~e by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwiee
~ afiorded by applicable law, ahall not be a waiver of or preclude the exerciae of any auch right or remedy. The procurement of insurance or the
payment of taxea or othet liena or chargea by Lender shall not be a waiver of L.ender B right to aoc~elerate the maturity of the indebtedneas
secuted by this Mortgage. '
I'l. Remediee Cumulative. All remediea provided in thia Moztgage are distinct and cumulative to any other right or rnmedy under thia -
Mortgage or afforded by law or equity, and may be exerciserl ooncurrendy, independently or eucceesively. '
13. Succesaors and Asaigns Bound; Joint and Several Liability; Captions. The covenanta and agreements herein contained ehall '
bind, and the righta hereunder shall inure to, the reapective succeasors and assigns of Lender and Borrower. eubject to the provieions of
paragraph 17 hereof. All covenanis.and agreements of Borrower nhall be joint and several. The captiona and headinga of the paragraphe of
this Mortgage are for covenience only and are not to be used to interpret or define the provisiona hereof.
t$. NdLiCC. E x~e~i fos sr.y notire req~:ited ~~n.iPr Applicable law to be ~tiven in another manner, (a) any notice to E3orrower provided for in
thia Mortgage sha11 be given by mailing auch notice by mrtified mail addressed to Borrower at the Yroperty Address or at such oiher a3dress a6
$orrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender shaU be given by certified mail, retutn receipt~
requested, to l.ender's addreefs stated herein or to such other addreas as Lender may designate by notice to Borrower aa provided herein Any
notice provided for in thia Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein.
15_ Uniform Mortgage; Governing Law; 3everability. This form of mortgage combinea uniform covenanta for national use and non- _
uniform covenants with limited varixtions by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage
ahall be governed by the law of the juriadiction in which the Property is located. In the event that any provision or clause of this Mortgage or
the Note conflicts with applicable law, auch conflict shaU not affect other provisions of this Mortgage or the Note which can be given effect
w~thout the rnnflictinq provision, and to this end the provisions of the Mortgage and the Note are declared to be severable.
16. Borrower's Copy. Borrower shaU be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after
recordation hereof.
I7_ Tranafer of the Property; Assumption. If alt or any part of the Property or an intereat therein is sold or tranaferred by Borrower
without I.ender's prior written conaent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a
purchaee money security interest for houeehold appliances, (c) a transfer by devise, deacent or hp operation of law upon the death of a joint
tenant or (d) the grant of any ieasehold inteceat of three years or less not containing an optio?ti to purchase, L.ender may, at Lender's option,
declare all the aums secured by this Mottgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior
to the sale or transfer, Lender and the person to whom the F'roperty is to be aold or tranaferred reach agreement in writing that the credit of euch
person is eatisfactorv to Lender ni~d that the iaterest payable on the sumc+ secured by this MortfcaQe shall be at such rate as Lender ahall
request. If I.ender has waived the optian to accelerate provided in this paragraph 17, and if E3orrower's succesaor in interest has executed a
written asaumption agreement accepted in writing by I.ender, Lender shall release Borrower from all obligations under this 1Nortgage ~nd the •
Note.
If l.ender exercises such option to accelerate, i.ender shail mai! Borrower notice of acceleration in accordance with paragraph 14 hereof.
Such notice shall provide a period of not less than 30 days from thedate the notice is mailed within which Borrower may pay the sums declared
1~ rt..~.,..,Pr fa;ta r~ na~ such sums orior to the expiration of such period, I.ender may, without further notice or demand on Korrower,
mvoke any remedies permitted by paragrauh lR hereuf.
18. Acceleration; Remediea. Except as provided in paragreph 1? hereof. upon Borrower's breach of any oovenant or
agreement of Borrower in this Mortgage, including the cavenanta to pay when due any sums secured by this Mortgage, Lender
prior to acceteration ahaii mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breac6;(2) the action
required to cure such breach; (3) a date, not lesa than 30 daya from the date the notice ia mailed to Borrower, by which such
breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in
ncceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and aele of the Property. The ~otice ahall
further inform Borrower otthe right to reinsiate efter acceleration and the right to esaert in the foreclosure prceeeding the
non-existence of a default or any other defense of Borrower to aceeleration and forecloeure. If the breach is not cured on or
before the date epeci£ed in the notice. Lender at Lender's option may declare all of the eums secured by this Mortgage to be
immediately due and payable without further demand and may forecloaethis Mortgage by judiciel proceeding. I,ender shall be
entitled to collect in such proceeding all expenses of foreclosure. including. but not limited to. reasoneble attorney's feea. and
costs of documentarv evidence. abstracts and title reporta.
19. Borrower's Right to Reinstate. Notw~thatanding I.ender'a ucceleration ofthe suma secured by thie Morigage, Borrower shall have
the right to have any prviceedings begun by I.ender to enforce ihis Mortgage discontinued at any time prior to entry of a judgment enforcing
this Mortgage if; (a) Borrower paya Lender all sums which would be then due under this Mortgage, the Note and notea securing Future
Advances, if any, had no acceleration occurred; (b) Borrowet cums all breaches of any other covenanta or agreements of Borrower contained in
thia l~tortgage; (c) Borrvwer pays all reasonable expensea incurred by L.ender in enforcing the covenants and agreements of Borrower
contained in this MortgaRe and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable
attorney's feea; and Id) Borrower takea such action as Lender may reasonably require W asaurethat the lien of this Mortgage, Lendei e intere8t
in the Property and &>rrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure
b} Borrower, this Nortgage and the obligations secured hemby shatl remain in full t'orce and effect as if no acceleration had cecurred.
Z0. Aseignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby asaigns to I.ender the rents
of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Propetty, have the right
to collect and retnin such rnnts aa they become due and payable.
Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a ceceiver appointed by a
oourt to enterypon, take possesaion of and manage the Property and to collect the rents of the Property, including those past due. All rente
collected by the receiver shall be applied first to payment of the coats of management of the Property and rnllection of rents, including, but not
limited to, receiver's fees, premiuma on receiver's bonds and reasonable attomey's feea, and then to the sums secured by this Mortgage. The
receiver ahall be liable to acoount only for those rents actually received.
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