HomeMy WebLinkAbout0338 8. Inepection. Ixnde~ may make or cauee to be made reasonable entries upon a~d iaepectione of the property, provided that l.ender shall
Kive Horrower notice prior to any such inapectio~ specifying reasonable ceuse thetetor related to I.ender'e intereet in the Properly.
9. Condemnetion. The proceeda ot any award or claim for damagee, direct or coneequential, in connection with any oondemnation or
u?her takir?g of the pmperty, or part thereof, or fo~ conveyance in lieu of rnndemnation, are hereby asaigned and shall be paid to l.ender.
In the event ot a total taking of the Piroperty, the proceede ahall be applied to ihe aume eecured by this Mortgage, with the exceas. if any,
paid to Borrnwer. In the event oi a pariial takinq of the f'roperty, u~leae Borrower and l.ender otherwiae agree in writing, there ehull be
applied to the suma secured by thia Murtgage euch proportion ot the proceede ae ie equal to that proportion which the amount of the sums
secured by thie Mortgage immediately prior to the date of taking bexre W the fair market value of the Property immediately prior to the dete of
taking, with the balanca o[ the proceede paid to Borrower.
1 f the Property ie abandoned by Borrower, or if, afte~ notice by l.ender to Borrower that the condemnur offere to make an award or eettle a
claim fo~ dnmagee. Borrower fails to reapond to l.ender within 30 days after the date euch notice is mailed, I-.ender ie authorized to collect and
apply the prooeeds, at l.endei s option, either to restoration or repair of the property or to the euma eecured by thie Mortgage.
lJnlesa I.ender and Borrower otheriviee agree in writing, any euch application of proceeds to principal shall not extend or postpone the due
cinte of the monthly installmente referred to in paragraphe 1 and 2 hereof or chanqe the amount of auch inelallmente.
10. Borrower Not Releaeed. Exteoaion of the time for paymant or modification ot amortization of the suma secured by thie Mortgage
Kranted by l.ende~ to any aucceefear in interest of Borrower ahaU not operate to rnlease, in any maaner, the liability of the original Borrower
.+nd Borrower's euccessora in interext. Lender ahall not be required iu eommence proreedinga againat such successor or refuse to extend time
f~~r Payment or otherwise modify amortization of the aums secured by this Mortgage by reaeon of nny demand mAde by the origina) Borrower
;~nd Born~wer s succe~ewra in interest.
1 I. Forbearance by Lender Not a Waiver. Any forbearance by Lender in e:ercieing any right or remedy hereunder, or otherwiee
afforded by applicable law, ahall not be a waiver of or preclude the exemiae of any such right or remedy. The procurement of ineurance or the
payment of ta:ea or other liene or chargen by Lender ahali ~ot be a waiver of Lender'e right to accelerate the maturity of the indebtednesa
secured by this Mortgage_
12. Remedies Cumulative. All remedies provided in thia Mortgage are dietinct and cumulative to any othet right or rnmedy under thia
~lortgage or afforded by !aw or equity, and may be exercise~i concurrendy, independently or eucceseively.
13. SucceBSOrs and Aseigna Bound; Joint and Several Liability; Captione. The covenants and agreementa hernin contained ahall
hind, and the rights hereunder shall inure to, the reapective sutt~easors and assigne of l.ender and Borrower, aubject to the provisione of
. . _ . . . _ : - ~ ••••a s......e:...:_..r:e--.•=~; - - :.t
paragraph i! hereot. All covenants ana agrermenu~ ui nurruwr~ nua~. ~,c a.... a.< .........y............-.....--,-...~,.. ..___ecc~__~ -
this Mortgage are for covenience only and are not to be used to interpret or define the proviaiona hereof. V'~ +
14. Notice. Except for any noticr rec~uirrd under applicable law to be gi~~en in another manner, (a1 any notice to E3orrower provided forin
t his Mortgage shall be given by mailing auch notice by certified mail addreased to Borrower at the Property Addreaa or at such other address as
kiorr~~wer may designate by notice to Lender as provided herein, and (b) any notice to Lender ehall be given by certified mail, return receipt
rcquested, to l.ender's address stated herein or to auch other address as I.ender may deaignate by notice to Borrower ax provided herein_ Any
notice provided for in this Mortgage ahall be deemed to have been given to E~orrower or l.ender when given in the manner desi~nated herein.
15_ Uniform Mortgage: Governinq Law; Severability. This form of mortgaqe combinea uniform ~ovenants for national uae and non-
uniform covenanta with limited variationa by juriadiction to conatitute a uniform security instrument covering real property. This Mortgage
shall he governed by the law of the jurisdiction in which the Property is located. In the event that any provixion or clause of this Mortgage or
t he Note conflicts with applicable law, auch conflict shall not affect othe~ proviaione~ of thia Murtgage or the Note which can be given eHect
without the conilictinR provision, and to thia end lhe pmvisions ot the Mortgage and the Note am declared to be severable.
l6. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of thia Mortgage at the time of execution or after
recordation hereof.
17. Tranafer of the Property: Assumption. If all or any part of the Property or an internat therein is aold or tranaferred by E3orrower
w•ithout l.endei s prior written conaent, excluding (a1 the creation of a lien or encumbrance subordinate to this Mortgage, lb) the crnation of a
purchase money security interest for household appliancea, lcl a transfer by devise, d~scent or by operation of law upon the death of a joint
, tenant or (d) the grant of any leasehold interest of three years or lesa not containing an option to purchase, Lender may, at I.ender's option,
~ declarn all the sums securea by this Mortgage tu be immediately due and payable. I.ender ahal) have waived auch option to accelerate if, prior
~ t~ ~ the sale or transfer, l.ender and the person to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of euch
~ person is satisfactury to [.ender and that the interest payable un the sums secured by this Mortgage shall be at auch rate as I.ender ahal(
~ request. If Ixnder has waived the option to accelerate provided in this paragraph 17, and if ~iorrower a successor in interest has e:ecuted a
E w•ritten assumption aKreement accepted in w~ritinq by I.ender, [.ender shall release Bonower from all obligations under this Mortgage and the
t \ote.
~ If [.ender exercises such optiun to accelerate, Ixnder shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof
tiuch notice shall pro~•ide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declazed
? ciue. If Borrower fails to pay such sums pri~r to the expiratiun of such period, Lender may, without further notice or demand on Iiorrower,
` ~nvoke an~ remedies permitted by paraKraoh iR hereof.
s
~ 18. Acceleration; Remediea. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or
~ agreement of Borrower in thie Mortgage, including the covenante to pay when due any sums secured by this Mortgage. Lender
~ prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action
required to cure euch breach; (3) a date. not lese than 30 daye trom the date the notice is mailed to Borrower, by which auch
~ breach must be cured: and (4) that tailure to cure auch breach on or before the date apecified in the notice may reault in
~ ticceleration of the sume secured by this:Hortgage. toreclosure by judicial proceeding and sale of the Property.The notice shall
~ further inform Borrower of the right to reinetate efter acceleration and the right to easert in the foreclosure proceeding the
a non-eziatence of a default or any other defense ot Borrower to acceleration and foreclosure. I f the breach ie not cured on or
~ before the date apecified in the notice. Lender at I.ender's option may declare all of the sums secured by thie Mortgage to be
~ immediately due end payable without furtherdemand and may foreclose this Mortgege by judicial proceeding. Lender ahall be
~ entitled to collect in such prceeeding all expenaes of toreclosure, including. but not limited to. reesonable attorney's fees. and
~ costs of documentary evidence, abstracts and title reports.
19. Borrower'e Right to Reinstate. NotwithatandinR Lender's acceleration of the euma secured by this Mortgage, Borrower ahall have
~ the right tn have any pmceedings begun by I.ender to enforce thia Mort~age discontinued at any time prior to entry of a judgment enforcing
~ this Mortgage if: (a) f3orrower paya I.ender all sums which would be then due under this Mortgage, the Note and notea securing Future
Advancea, if any, had no acceleration occurred: (b) Borrower cures all breaches of any other covenante or agreements of Borrower contained in
= this Mortgage; (cl Rorrower pays ail reasonable expenxes incurred by I.ender in enforcing the covenante and agreemente of Borrower
- contained in thia Mortgaqe and in enforcing l.ender's remedies as provided in paragraph 18 hereof, including, but not limited to, reaeonable
attorney's fees; and Id1 I3orrower takea such action as Lender may reasonably require to asaure that the lien of this Mortgage, [.ender'a intereat
in the Property and Bormwer's obliKation to pay the aums secured liy this Mortgage shall continue unimpaired. Upon auch payment and cure
_ by E3orrower, this Mortgage and lhe obligatiuna secured hereby ahall remain in full force and effect as if no acceleration had cecurred.
~ 20. Aesignment of Renta; Appointment ot Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rente
of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right
a to collect and retain such rents as they become due and payable.
Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a
` court to enter upon, take possexsion of and manage the Propertv and to collect the renta o[ the Property, including those paat due. All rents
eollected by the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, but not
~ limited to, receiver's feea, premiuma on receiver's bonda and reasonable attorney'a fees, and then to the sums secured by this Mortgage. The
receiver shall be liable to account only for those rents actually received.
r~i [ J•~~VV r~lLi ~~V
~ _ - _ ~ _ .r- _
~ w 3
~
_ ' -
~ .~y,~~..- ~
; -