HomeMy WebLinkAbout0612 8. In~peMiop. Leader may make or cAU~s to be a~a~t re~wnabl~ entrie~ upon and inapectiona of the pmperty, pmvided that Lender ~hall
give Borrower noti~e prior to any such inspectio~ specilyinQ seawaable cawe thenfor nlated to l.ender'~ iaterest ia the Property.
8. Condemnatioa.'17~e proceed~ of any award or claim for dama~es. direct or con~eque~tial. in connection wit2? sny ooAdemnation or
other tskiYUt oi Wa propett,y. or part thenof, o~ fo~ conveyaACe in lieu ot ooAde~nnaaon, are hereby assigned and ahall bs paid to Lender.
In the event of a btal taking of the Propedy, the procesds shall be applied to the ~ums sacared by this Mortgage. Mrith the esoess. it any.
paid to Bonower. In the event of a partial takinQ ot the Property. unlee~ Bormwer and I.endar otherwise agree in writing, there shall be
applied to the wais secured by thi~ Mort~aga such proportioa of the pr+oceed~ aa ie equal to that proportion which the acnount of the sums
aecured by this Mort~a~e immediately prior to the date of taking bear~ to the fair msrket value oitha Pruyerly imm~diataly prior b the date of
taking. wiW the balanai of the proceed~ paid to Borrower.
lithe Prnperty is abandoned by Boaower. os if, slter nodce by Lende~ to Bormvrer that the oondea~nor offers to make an award or eettla a
claim !or damaQes. Horrower fails to respond to Lender within 30 dayn aRer the dete such notico is mailed, Lender ia authoriud b ooUect and
app~y the pmoeed~. at I.e~der's option. eith~ to reMoratioa or repair of lhe property or to the sums secured by this Mortgage. .
Unleas Lend~ and Borrower otherwi~e agree in writing. any such application aipmceeds to principal ehaU aot estend or postpone the due
date of the monthly inatallments referred to in paragraphs 1 and 2 henof or change the aaaunt of such installments.
10. f3orrower Not Released. E:tension of the time for paymant or modification of amortization of the suma secured by thie Mottgage
granted by l.ender to aay sucoeasor in intereat of Bonow~r shall not operate to relea~e, in any manner. the liability of the original Borrower
and Borrower's sucoeesors in interes~. Leader ahall not ba required to oommeace proceedinge egainat euch auccessor or retwe to e:tend time
for payment or oth~wise modify amortization of the auma secured by thia Mortgage by oeaeon of any demand made by the otiginal Borrower
and Borrower'e succeasore in interest. ~
11. Forbearenoe by Lender Not a Waiver. Any forbearance by [.ender in e:erciaing any right or remedy hereundes. or otherwise
afforded by applicable law, shall Ao! be e waiver of or preclude the e~erciee of any euch right or remody. The procurement of inauranoe or the
peyment of tases ar other liena or charges by Lender shall not be a waiver of Lender's right to aooeterate the maturity of the indebt~ednesa
secuml by this Mortgage. ~ ~
12 Remedies Cumuladve. All remedies provided in thia Mortgage are distinct and cumulative to aay other right or remedy under thia
Mortgage or af[orded by law or eqnity. and may be exercise~ concnrrendy. independendy or suoceesively. .
13. 3uccesaors and Assigns Bound; Joiat and 3everal Liability; Captions. The wvenaats and agnemente herein rnntained ehall
bind, and the rights hereunder shell inun to, the reepective successon and aasigns of Lender and Borrower, subjert to the pmvisions of
paragraph 17 hereof. All rnvenants and agreemente of Borrow~ ahall be joint and several. The captione and headings of the paregraphs of
thia Mortgage are for oovenieace only and are not to be used to interpret or defiae the provisiona hee~of. •
1~. Notice. Exeept for any notice required under applicable law to be ~tiven in another manne~r, (a) any notice to Borrower provided for in
thie Mortgage ahall be given by mailing such notice by certified mai! addreased to Borrower at the Property Address or at such other addrees as
Borrower may d~ignate by notice to I.eader as provided herein, and (b) any notice to Lender ehall be given by certified mail. ret~un receipt
requeated, to L~eader's address atated herein or b such other addreas es Lender may deeignate by notice to Borrower sa provided herein. My
notice pmvided for in this Mortgage shall be deemed to have been given W Borrower or I.endeir when given in the manner desigaated herein.
15. Unitorm ~[ortgage; Goveraing I.aw; Severability. Thia form of mortgage oombines uinifortn aovenants for national ~e and non-
unifomrcovenanta with limited variations by jutisdiction to oonatituLe a uniform security inatnuuent oovering real property. This Mortgage -
ahall be govemed by the law of the juriedidion in which the Property is located. In the event that any proviaion or clauee of thia Mortgage or
the Note conilicta with applicable law, auch conflict shall not agect other pmvieions of this Mortgage or the Note which csn be given effect
without the oonflicting proviaion, and to thia end the pmviaiona of the Mortgage and the Note are declared to be eeverable.
16. Borrower'e Copy. Borrower ahall be furniahed a oonformed copy of the Note and of Wia Mortgage at the time of euecntion or after
recordation hrreof.
17. 'lyranefer of tbe Property; Assumption. If all or any part of the Property or aa intereat therein ia eold or tranafe=e+ed by Borrower
without Lendefs prior written coasent, ~cluding (a) the creation of a lien or encumbrance eubordinate to thie Mortgage, (b) the creation of a
purchase money security interest for hwisehold applianoeB, (c) a tranafer by devise, deacent or by operation of law upon the death of a joint
tenant or (d) the grant of any leaeehold interest of three years or less nat oontaining an option to purchase, Lender may, at Lender'e option.
declare all the aams secured by thie Mortgage to be immedietely dne and payable. Lender shall have waived auch option to accelerate if, prior
to the sale or tranafer. Lender and the person to whom the Property ia to be eold or transferred reach egreemeat in writing that the credit of such
'i person is aatiafactory to Lender and that the interest payable on the suma eecured by thia Mortgage ahall be at auch rate ae Lender ehall ~
request. If I.ender has waived the option to accelerate provided in thia paragraph 17, and if Borrower e succeasor in interest hae executed a
k written asaumption agrcement accepted in writinB by Lender, Lender ahall release Borrower from all obligationa under this Mortgage and the
~ Note.
j If I.ender ezercinea such option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL
Snch notice shall provide a period of not lesa than 30 daya from the date the notice is mailed within which Borrower may pay the suma declared
~ due. If Borrower faila to pay auch sume prior to the e:piration of such period, Lender may, without further notice or demand on Horrower,
invoke any remedies permitted by paragraoh 18 hereof.
I8. Aoceleration; Remediea E:cept as provided in paragrap6 17 hereof, npon Borrov?~er's breach of any oovenant or
agreement of Borrower in this ~ortgsge. including t6e oovenante to pay when due any sums eecured by this Mortgage, L~der
prior to aoceleration shall mail notice to Borrower as pmvided in paragraph 14 hereof specifying: (1) the breach; (2) the action
required to care auc6 breach; (3) a date, not leas thaa 30 days from the date !he notice is mailed to Borrower. by which such
breach must be cnred; and (4) that failwe to cure suc6 breach on or before the date specified in the notice may reeult in
aceeleration of the sume secured by thia Mortgage, foreclosure by judiceal proceeding and sale of the Property. The notice ehall
furt6er inform Borrower of the right to reinstate aRer aoceleration and the right to aesert in the forecloeure proceeding the
non-ezistence of a detault or any other defenae of Borrower to aoceleration and forecloeure. If the breach is not cvired on or
before the date epeciGed in t6e notice. Lender at Lender's option may declare sU of the euma secured by thie Morigage to be
immediately due and payable without further demand and may toreclose tWa Mortgege by judicial prooeeding. Lender ehall be
entitled to oollect in such proceeding all e:penses of foreclosnre. including. but not limited to. reaeonable attorney's fees, and
costs of documentary evidence, abstracta and title reports.
19. Borrower's Right to Reinetate. Notwithetanding Lender
a acceleration of the eume secured by this Mortgage, Borsower ahall have
the right to have at~y prooeedinge begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing
thia Mortgege if: (a) Borrower pays I.ender all aume which would be then due under this Mortgage, the Note and notea eecuring ~ture
~ Advances, if any,-had no acceleration occurred; (b) Borrower curee all breaches of any other oovenante or agreementa of BorroweP rnntained in
tliis ~:ortgage; (cj Borrovvrez p~ya all reasonable e~c~nses incurnd by Len~er in enf~rc~ng th~ c.avenanta and agreements of Borrower
~ oontained in this Mortgage and in enforcing I.endei e remediee aB pco~ided in peraBraph IS hereof, including. but not limited to, reasonable
~ attorney'a fees; and (d) Borrower takes such action as Lender may reaeonably require to assure that the lien of thia Mortgage, Lender's inierest
in the Prope~rty and Bormwer's obligation to pay the suma eecured by this Mortgage ahall aontinue uaimpaired. Upon auch payment and care
by Borrower, this Mortgage and the obligations eecured hereby ahall remain in full force and effect ae if no ecceleration had occurred.
Z0. Aseignmeat of Renta; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby assigns to Lender the re~nLs
of the Property, provided that Borrower ehall, prior to aoceleration under paragraph IS hereotor abandonment of the Property, have the right
to coUed aad retain such rents as they become due and payable.
Upon aooekration under paragraph 18 hereof or abandoament of the Property, Lender shall be entided to have a receive: eppointed by a "
oo~t to enter~pon, take posseasion of and manage the Property and b oollect the rente of the Property, including those peat due. All rente
ooUected by the receiver shall be applied Srst to psymeni of the oosts of management of the Property and coUection of rents. including, but not
limited to, reoeiver'r fees, premiume on reoeiver's bonda and reasonable attorney'a feea, and then to the snma secured by thia Mortgage.'ILe
rioeiver shali be liable to acaount only for thoee renta actually received.
. gooK 2$8 PacE 61~