HomeMy WebLinkAbout0236 8. Inspectioa. Lender may make or cause W be made csaaoaable entrie~ upop and iASpeMions of the property, pwvided that Lender shali . `
~ive Bo~owe~ notice prior to any such uupsction specifyir?S e~easonable csu~s theref~ nlsted to Lender's interest in the Property.
8. Condemnadon.'i~e prooeed~ of any awar~ or clsim for daq~a~N. dir~t ar aonae9uential, IA CO[fI1lCL10l1 WIW a[?y Ca[Il~E[~119hOQ Oi ;
otber takiu~ ot the property. or part thereof~ O[ r~ OOpVly8llOf Cp ~ Of OOAdM11A~OQ. are hereby awi~ned and ehaU be psid b Lender. ;
Ia the eve~t af e totsl tnkinQ oi the Pcop~rty. We pmcee~di shall be applied to the ~um~ ~ecured by this Mortgega ~~h the exoas. i[ any. `
paid to Borrower. In ths event of ~ partial takin8 oi We Properiy. unleM Borrower and Lender otherwise agree in writinS. there shall be i
applied Lo ths ~um~ ~ecuced by thi~ Mort~a~s such pioportion oi the pmceeda as u equal b that proportiaa which the amount of tha sum~
aecured by this MortQa~e imaaediately prior to the date of tuking bsan to the fair markd vslue of the Property immediatety prior to the date of
taking. with the balana3 of the prooeeda paid to Borrower.
If the Prope~ty is ebendoned by Bottower. or ii, aReY notice by Lender to BorroM?er that the oondemnor offers to make an a~rard os ~ettle a
claim for dama~es. Boriwwer faib to respoad to I~ader within 30 days atles Lhe date such notice ia msiled, Lendar ia autlwrised to coUect and
apply the proceeds. at Lend~'s option. eithez b re~toration or repair o[ the property or to the sums sec~ued by this Mortga~e.
Ualas Le~der aad Horrow~er otheswi~e agrbe in writin~. anY such applicatioa of pioosedsto principe?1 shall not e:tend or postpons the due
date of the moathly instalimenta nferred to in puaQraphs 1 and 2 hereof or change the amoant oi euch inatallmenb.
10. Borrower Not Relea~ed. Estension of the time for pay~aant or modification of amortization of the sums aecured by this Moctgage
granted by Lende~ to any successor in intereat of Borrower ahaU not operate to release, in any manner. the liability of the original Borrower
aad Borrower's aucceaeors in interes~ l.e~der ahall not be required b oommence proceedings againat auch aucceseor or refwe Lo e:tend time
for paymeot or uthetwiae modity amortization of the sums aecured hy thia Mortgage by reaaon of any demend made by the otiginal Borrower
and Borrower
s aucceeaors in interest. •
11. Forbearanoe by Le~der Not a Wdver. Any forbearance by Lender in ea~erc~aing any righL or remedy hereunder. or otherwi~e
agorded by applicabla law. ehall not be a waiv~ of or priclude the e~cercise of any such right or remedy. The procurement of uuurenoe or the
paya4ent of Laxes or other liens or chargea by Lendes ahall not be a waiver of Lender
s right to accelerate the maturity of the~indebtedness
eecured by this Mortgage. - ~
12 Remedie~ Cua~ulative. All remedies provided in this Mortgage are diatinct aad comulative to any other right or remedy nnd~ this
Mortgege or afforded by law or equity. and may be exercieed ooncurrendy, independently or anooessively. ~
13. Suooesson and Aeaign~ Bound; Joint and Several Liabillty: Captions. The oovenasb and agreem~te hereia oontained shall
biad. and the righta hereunder shall inure to. the reepective succeeeore and aasigns of Lender and Borrower, aubject to the provisions of
paragraph 1? hereof. All covenants and agreements of Borrower ehall be joint and several. The captioas and headings of the paragraphe of
this Mortgage are for covenieace only and are not to be used to interpret or define the proviaione hereof.
14. Notioe. Except for any notice required under applicable law to be given in -another manner, (a) any notice to Borrower pmvided for in
this Mortgage ahall be given by mailing each notice by certified mail addresaed to Borrower at the Property Addreea or at auch other addnss es
Barrower may deaignate by notioe to Lender ae provided herein, and (b) any notioe to L.ender ahall be given by certified mail, seturn reoeipt
requested, to Lender's address etated herein or to such other addreea ae Lenler may deeignate by notice to Borrow~t aa provided herein. My
notice provided for in this Mortgage ehall be dcemed b have been given to Borrower or Lender wheo given ia the manner deeignated herein.
~ 15. Uaiform Mort~age; Governiag Law; 3everability._'l~is form of mortgage combinee uniform oovenanta for national uee and non-
uniform covenants with limited vatiatiane by juriedietion to oonatitute a uniform eecurity inatrument covering real pmptrty. This Mortgage
ehall be governed by the law olthe juriediction in which the Property ie iocated. In the event that any pmviaion or clauee of this Mortgage or
the Note conflicts with applicable law, snch conflict ahall not affect other provisione of thie ~Mortgage or the Note which can be given effect
wittiout the oontlicting provision, and to this end the provisions of the Mortgage and the Note are declend to be eeverable.
1& Borrower'e Copy. Borrower shall be furniahed a oonformed oopy ofthe Note and of thie Mortgage at the time of ezecution or after
recordation heieof. •
17.1`ranefer of We Property; Assumption. I~ all or any part of the Property or an intereat therein ia sold or tranaferred by Borrower
without I.ender'a prior w~itten consent, exduding (a) the creation of a lien or encumbrance subordinate to thie Mortgage, (b) the creation of a
purc}?aee money eecurity intereat [or household appliancea, (c) a transfer by deviae, deecent or by operation of law upon the death of a joint .
tenant or (cf) the grant of any leaeehold interest of three yeara or less not conteining an option to purchsee, Lender may, at Lendei
s option,
declare all the awns~eecured by thie Mortgage to be immediately due and payable. I.ender shall have waived such option to accelerate if, prior
to the sale or tranefer, Lender and the person to whom the Property is to be eold or tranaferred reach agreement in writing that the credit of such
person is satiafactory to Lender and that the intereat payable on the suma eecured by thie Mortgage ahail be at auch rate as Lender shall
request. If Lender has waived the option b aocelerate provided in thia paragraph 17. end if Borrower's eucceesor in intereat has e:ecuted a
written asaumption agreement aocepted in writiiig by Lender. I.ender shall release Borrower fram all obligationa under this Mortgage and the
Note.
If Lende~ e~cenises auch option to aecelerate, Lender shall mail f3orrower notice of acoeleration in acxordance with ~aragraph 14 hereof.
j Snch notice ahaU provide a period of not less than 30 daya from thedate the notice ia tr.ailed within which Borrower may pay the auma declr,red
due. If Borrower faila to pay such aums prior to the expiration of auch period, Lender may, without further notice or demand on E3orrower,
~ invoke any remedies permitted by paragranh 18 hereof
, 18. Aoceleration; Remedies. E:cept as provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or -
agreement of Borrower ia t6is Mortgage, inclnding the oovenante to pay when dae aay sams secured by this lliottgage, Lender
prior to aoceleration s6ai1 mail notice to Borrower ae provided in paragraph 14 hereof epecifying. (1) the breach; (2) the action
required to cure such breac6; (3) a date, not leae than 30 daya from t6e dste the notice is mailed to Borrower, by which such
breach muet be cured; and (4) that failure to care such breach oa or before the date apecified in the notice may result in
acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. T6e notice shaU
further inform Borrower of the right to reinstate aRer acceleration aad the right to assert ia the forectoaure proceeding the
non-ezistence of a default or any ot6er defense of Borrower to aceeleration and foreclosure. If the breach ie not cured on or
before the date epecified in the notice. Lender at Gender's option may declare ali of the sums ee~atred by this ~ortgage to be
immediately due and payable without furt6er demand and may foreclose thie lYiortgage by judicial proceeding. Lender ehall be
entitled to collect in such proceeding all azpenaea of foreclosure, including, but not limited to, reasonable attorney'e feed, and
oosts of documentery evidence, abetracte and title reporte.
19. Borrower's Bight to Reinetate. Notwithstanding Lendei s acceleration of the aame secured by this Mortgage, Borrower ehall have
the right to have any prooeedinge begun by Lender to enforoe thia Mortgage discontinued at any time prior to entry of a judgment enforcing
this Mortgage if: (a) Borrower pays Lender all suma which would be then due nnder thie Mortgage, the Note and notes eec~ring ~ture
Advances, if any, bad no soceleration occurred; (b) Borrower cures all breachea of any other covenante or agreements of Borrower rnntained in
thie Mortgage; (c) Borrower paya all reasonable eupenaea incurred by I.ender in enforcing the covenanLe and agreementa of Borrower
oontained in thi8 Mortgage and in enforcing Lende~r's remedies ae provided in paragraph 18 hereof, including, but not limited to, reaeonable
~ ettorney'e fees; and (d) Borrower takea such action ea I.ender may reaeonably require to esaure that the lien of thie Mortgage. I.ender'sinterest
in the Property and Borrower's obligation to pay the sums eecured by this Mortgage shall continue unimpaired. Upon such payment and enre
~ by Borrower, thia Mortgage and the obligations eecured hereby shall remain in faU force and effect as if no acceleration had oocvrred.
20. Aasignment of Rents; Appointment of Reoeiver. Ae additional eecnrity hereunder, Borrower hereby asaigns to Lender the renta
~ of the Property. provided that Borrower shsll; prior to acceleration under paragraph 18 hereof or abandonment of ihe Property, have the right
~ to oolled and retain auch rents as they become due and payeble.
~ Upon acoeleration nnder paragreph 18 hereof or abandonmenYof the Property,Lender ehall be entided to have a receiver appointed by a
~ oourt to enter.apon, take poasession of and manage the Property and to collect the renta of the Property, including thoee past due. All rents
~ oollected by the receiver ahaq be applied 6rst to payment of the ooste of management of the Property and oollection of rente, including, bnt not
limited to, receiverb feea, premiuma on receiver'e bonde and reasonabie attomey's fees, and then to the suma eecured by thie Mortgage. The
~ receiver shall be liable to aooount only for thoee re~ta adually received.
~ so~~ 289 , F~~E 236 ~
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