HomeMy WebLinkAbout0051 8. Ia~pectioa. l.ender ma~y make or cauee to be made reasonable entiie~ upon and inspectiona of the ptrDperty, provided that I.ender ~hall
give Borrowar rtotioe prior to any such inspectioa ~pe~ibring ~oasonabk cawe the~efor related to Lender's interest in the Property.
9. Co~demnwtioa. 'l~e proceeds of any award ar claim tor dameae/. direct or conaequentisl. in rnnnection with any oondemnation ot
other taking of the property, or psrt then~ot. or for conveyance in lieu of oondemnation. an hereby easigned and ehall be paid to Lender.
In the event oi s total taking of the Property, the proceeds shall be applied to the sums eecured by thie Mortgege. with the ~ceas. if any,
paid to Borrower. [p the eveat of a partial taking of the Property, unle~s Borrower and Lender othenvise agree in writing. there ehaU be
applied to the euma secwred by this Mortgage euch proportio~ of the proceeds aa ia equal to thet proportion which the amount of the aums
secured by thia Mortgage immedistely prior to the date of talwig beare to the fair market value of the Property immediately prior to the date of
taking, with the balanea of the proceede paid to Borrawer.
If the Property ie abandoned by Borrower, or if. aRer aotioe by I.ender to Borrower that tha oondemnor offers to make an award or settle a
claim for damages, Borrower fails to respond to I.ender rvithin 30 days aft~er the date such notioe is mailed, Lender is authorirsd b coAect and
apply the proceeds. at Lender'e optioa. either to restoration or repair of the property or W the sums secured by this Mortgage.
Unlees Lender and Borrower otherwiee agree in writing, any such appUcation of prooeeds to principal ahell not e~tend or postpone the due
date of the monthly inetallmente referred to in paragrephs 1 aad 2 hereof or change the amount of snch installmenta.
10. Borrower 1~Fot Releaaed. E:teneion of the time for paymsnt or modification of amortization of the suma secured by this Mortgage
granted by Lendet to any succeseor in intereat of Borrower ahall not operate to releaee, in any manner, the liability of the original Borrower
and Borrower'e succeasors in intereat I.ender ehall not be required to oommence proceedings againat such euocessor or refuee to e:tend time
for payment or otherwise modify amortization of the suma eecured by this Mortgage by reaeoa of any dema~d made by the original Borrower
and Borrowei s auccesaore in interest.
11. Forbearance by Lender Not a R?aiver. My forbearance by Lender in e:ercising any right or remedy hereunder. or otherwise
afforded by applicable law, ehall not be a waiver of or preclude the e:erciee of any auch right or remedy. The procuremen! of inaurance or the
payment of taues or other liena or chargee by Lender ehall not be e waiver of Lender
s right to accelerate the maturity of the indebtedaeas
aecured by this Mortgage.
12. Remedie~ G~mulative. All remediee provided in this Mortgage are diatinct and cumulative to any other right or remedy nnder this
Mortgage or afforded by law or equity. and may be exerciee~i ooncurrendy, independently or succeseively.
13. 3uccesaors and Assigna Bound; Joiat and 3everal Liability; Captions. The oovenants and ag~eements herein oontained shall
bind, and the righta hereunder shall inure to, the respcctive succe+seore and assigns of Lender and Bor~ower, aubject to the provieions of.
paragraph 17 hereof. All rnvenanta and egreements of Borrower ehall be joint and eeveral.'I~e captione and headings of the paragraphs of
this Mortgage are for covenience only and are not to be uaed to interpret or define the pmvieione hereof.
14. Notice. Eacept for any notic8 required under applicable law to be given in another manner, (a) any notice to Borrower provided for in
thie Mortgage shaU be given by mailing auch notice by certified mail addreaeed to Borrower at the Property Addreea or at such other addrese as
Borrower may deeignate by notice to Lender ae pmvided herein. and (b) any notice to Lender ahall be given by certified mail, retura receipt
requested, to Lender's addresa afsted herein or to euch other address ae Lender may deaignate by notice to Borrower as provided herein. My
notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
15. Uniform Mortgage; Governing I.aw; 3everability. Thia form of mortgage rnmbines uniform oovenanta for national use and aon-
uniform covenanta with limited variationa by juriediction to oonatitute a uniform aecurity instrument oovering real pmperty.'17»s Mortgege
ahall be govemed by the law of the juriadiction in which the Property is located. In the event that any provieion or clauee of this Mortgege or
the Note contlicta with applicable law. auch conflict ahall not afiect other pmvieions of this Mortgage or the Note which can be given effect
without the oonflicting proviaion, and to this end the provieions of the Mortgage and the Note are declared to be eeverable.
16. Borrower'e Copy. Borrower ahall be furniahed a conformed copy of the Nole and of thie Mortgage at the time of ezecution or after
recordation hereof.
17. Tranefer of the Property; Aeeumpdon. If all or any part of the Property or sn intareat therein ie aold or transferred by Borrower
without Lender's prior written rnneent, e:cluding (a) the creation of a lien or encambrance aubordinate to thia Mortgage, (b) the creation of a
purrhaee moaey security intereat for houaehold appliances, (c) a transfer by deviae. descent or by operation of law npon the death of a joint
tenant or (d) the grant of any leseehold internst of three yeara or lees not containing an option to purchaee. Lender may, at Lender'e option,
declare all the aume securee by this Mortgage to be immediately due and payable. Lender shall have waived such option to aocelerate if. prior
to the sale or transfer, L.ender and the pereon to whom the Property ia to be eold or transferred reach agreeinent in writing that the credit of auch
peison is satisfactory to Lender and that the interest payable on the auma secured by this Mortgage ahall be at such rate as Lender ahall
request. If Lender haa waived the option to accelerate provided in this paragraph 17, and if Borrowele suoceesor in interest hae e:ecuted a
written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligationa under this Mortgage and the
Note.
~ If Lender e:ercises auch option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof.
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; Such notice ahall provide a period of not leas than 30 days from the date the notice is ~usiled within which Borrower may pay the sums declared
! due. If Borrower faila to pay such aums prior to the expiration of such period, I.ender may, without further notice or demand on E3orrower,
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~ invoke any remediea permitted by paragraoh 18 hereof.
~ 18. Acceleration; Remediea. Ezcept as provided in paragraph 1? hereof, up~n Borrower's breach of any oovenant or
~ ugreement of Borrower in thie Mortgage, including the oovenants to pay when due any sume se~vred by this Mortgage, Lender
prior to aoceleration ehall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action
° required to cure such breach; (3) a date, aot lese than 30 daye from t6e date the notice ia mailed to Borrower, by w6ich euch
~ breach muet be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may result in
~ acceleration of the aums secured by thie Mortgage, forecloaure by judiciel proceeding and eale of t6e Property. The notice shall
further inform Borrower of t6e rig6t to reinatate after acoeleration and the right to aesert in the forecloeure proceeding the
non•eziatence ot a default or any other defenae of Borrower to acceleration and forecioeure. If the breach is not cured on or
before t6e date epecified in the notice. Lender at Lender'e option may declare all of the suma secured by this Mortgage to be
immediately due and payable without furtherdemand and may foreciose thie Mortgage by judicial proceeding. Lender ahallbe
entitled to collect in such proceeding all e:penaes of forecloeure, including, but not limited to; reaeoneble attorney's fees, and
costa of doeumentary evidence, abatracta and title reporte.
19_ Borcower'e Right to Reinetate. Notwithstanding Lender a acceleration of the euma secured by this Mortgage, Borrower ahall have
the right to have any proceedinge begun by Lender to enforce thie Mortgage diacontinued at any time prior to entry of a judgment enforcing
~ thia Mortgage if: {a) Borrower pays Lender all sume which would be then due under thie Mortgage, the Note and notes eecuring Future
~ Advancee, if any, had no acceleration occurred; (b) Borrower cures aU breachee of any other covenante or agreementa of Borrower contained in
~ thie Mottgage; (c) Borrower pays all reaaonable expenses incurred by Lender in enforcing the oovenants and agreements of Borrower
oontained in thie Mortgage and in enforcing Lender'e remedies as provided in paragraph 18 hereof, including, but not limited to, reasoneble
attorney's fees; and (d) BoTrower takee anch action aa Lender may reasonably require to eBSUre that the lien of thia Mortgage, Lender'e intereet
= in the Property and Borrowei a obligation to pay the sums secured by thie Mortgage shall continue unimpaired. Upon auch payment and cure
~ by Borrower, this Mortgage and the obligationa eecured hereby shall remain in full forae and effect as if po acceleration had occurred.
~ 20. Assignment of Rents; Appointment of Reoeiver. As additional security hereunder, Borrower hereby assigne to I.enderthe renta
of the Property. provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right
to collect and retain such rente 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
~ aourt to enteraipon, take poesesaion of and manage the Property and to collect the rents of the Property, inclyding thoee paet due. All renta
oollected b the receiver ahall be a Led firet to
y pp ' payment of the oosta of management of the Property and collecrion of rente, including, bnt not
~ limited to. receiver's fees, premiums on receiver's bonds and reasonable attomey'a fees, and then to the auma eecured by thie Mortgage. The
receiver shall be liable to acaount only for thoee rents actually received.
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