HomeMy WebLinkAbout0065 8. lnapectioa. I.ende~ may make or cause to be made reaw~4ble entries upoa Md inspection~ of the Rroperty, provided that I.ender shal!
give Bor~ower ~otice prior to any such inspectio~ specitying reasoaable cewe therefor related to I.ender's intenet in the Properiy.
9. Condemn~tloa. The prooeeds of any award or claim for damages. direct or con~eque~tial, in connection with any oondemnation or
othe~ taking of the pmper4y. or part thereof, or for rnnveyance in lieu of oondeannation, are hereby aeaigned and shap be paid to Lender.
In the event of a Lotal taking of the Property, the proceede shall be applied to the ~ums eecured by thie Mortgage. with the e:ces~, if any.
paid to Borrower. Ia the event of a partial taking of the Property. unless Aorrower and Lender otherwiee agree in writing, Lhere shall be
applied to the auma secund by it?is Mortga~e such proportion of the proceeds ae iu equal to that proportion which the amount of the suma
secured by thia Mortgage immediately prior to the date oi taking bears to the fair market value of the Property immediately prior to the date of
taking. with the balana3 of the proceeda paid to Borrower.
It the Property is abandoned by Borrower. or if, aRer aotioe by I.ender to Borrower that the condemnor ofYers to m alce an award or settle a
claim for damages. Bormwer [ails to respond to Lender within 30 days after the dete such notice is mailed. Lender ie authorized to collect and
apply ihe proceeds, at I.ender s option. either to rcebration or repair ot the pmperty or to the sums secured by this Mortgage.
URI89s I.lAtIli Slld BOT[OWC! O~}ICiWI~ 8$TE@ III WllWlg, any euch application of pe~oceeds b principal shap not eztend or pwtpone thedue
date of the monthiy installments referred b in paragraphs 1 and 2 hereof or change the amoant of such instaUmeats.
10. Borrower Not Releaeed. E:tension of the time for paym=nt or modification of amorti:ation of the sume aecured by this Mortgage
granted by I.ender to any eucceaeor in intereat of Borrower ehall not opetate to release, in any manner, the liability of the original Borrower
and Borrowei e succesaors in interee~ L,ender ehall not be required to oommence proceedings egainat such aucceasor or refuee to e:tend time
tor payment or otherwiee modify iunortization of the auma eecured by this Mortgage by reason of any demand made by the original Borrower
and Borrowei a succeeeors in intereat.
11. Pbrbearanoe by I.ender Not s R?aiver. My forbearance by I.ender in exercieing any right or remedy hereunder. or oiherwiee
afforded by applicable lnw. shaU not be a waiver of or preclude the ezerciee of any such right or remedy. The procurement of ineuranoe or the
payment of tues or other liena or chargee by Lendet shall not be a waiver of I.ender's right to accelerate the maturity of the indebtedness
eecured by this Mottgage.
12. Remedies Gtimulative. All remedies pmvided in this Mortgage are dietinct and cumulative to any other right or remedy under this
Mortgage w afforded by law or equity, and mayr be e:ercise~i ooacurnntly, independently or suoceaeively.
13. 3ucceseors and Aesigns Bound; Joint and 3everal I.iability; Captions. The oovenants and agreemente herein contained ehall
bind, and the righte hereunder shall inure to. Lhe respective aucceeeors and assigns of I.ender and Borrower, aubject to the pmviaiona of
paragraph 1? hereof. All rnvenante and agreemente ~f Borrower ahall be joint and eeveral. The captions snd headinge of the paragraphe of
this :Vlortgage are for covenience only and are not to be used to interpret or define the provisions hereof.
14. Notice. E:cept for eny notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in ~
thie Mortgage ahall be given by mailing auch notice by certified mail addreseed to Borrower at the Property Addreea or at euch other addrees ae
Borrower may deeignate by notice to Lender ae provided herein. and (b) any notice to Lender ahall be Biven by certi6ed mail, nturn receipt
requeated, to [.ender'e addrese sLated herein or to auch other addresa as Lender may deaignate by notice to Borrower as provided herein. Any
notice provided for in thie Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated hereu?.
15. Uniform Mortgage; Governing I.aw; 3everability.'1l~ia form of mortgage rnmbinea uniform oovenants for national uee and non-
uniform covenanta with limited variatione by jariadiction to oonatitute a uniform aecurity inatrument oovering real property. Thie Mortgege
ahall be governed by the law of the jariediction in which the Property is located. In ~he event that any provision ot clauae of this Mortgage or
the Note conflicte with applicable law, anch conflict ahall not af~ect other provieiona of this Mortgage or the Note which can be given ef~ect
without the conflicting proviaion, and to thia end the proviaiona of the Mortgage and the Note are declared to be severable_
16. Borrower's Copy. Borrower ahall be furnished a conformed oopy of the Note and of thia Mortgage at the time of execution or after
recordation hereof.
17. 'I~ansfer of the Property; Aseumption. If all or any part of the Property or an interest therein ia eold or traneferred by Borrower
without Lender'e prior written consent, excluding (a) the creation of a lien or encumbrance eubordinate to thie Mortgage, (b) the creation of a
purchaee money security interest for houeehold appliancea, (c) a transfer by deviee, dcc~cent or by operation of law upon the death of a joint
tenant or (d) the grant of any leasehold intereat of three yeare or leae not oontaining an option to purchaee, Leader may. at I.ender e option,
declare all the suma secured by this Mortgage to be immediately due and payable. Lender shall fiave waived such option to accelerate if. prior
to the sale or tranafer. Lender and the person to whom the Property ia to be eold or tranaferred reach agreement in writing that the credit of such
person ia satiefactory to Lender and that the interest payable on the suma eecured by this Mortgage sha11 be at euch rate as Lender ahall
request. If Lender hae waived the option to accelerate provided in thia patagraph 17, and if Borrower's autt~easor in interes! haa e:ecuted e
written aseumption agreement aocepted in writing by [.ender, Lender ahall relesee Borrower from all obligatione under this Mortgage and the
j Note.
` If I.ender e:ercisea auch option to accelerate, Lender ahall mail Borrower notice of acceleration in socordance with paragraph 14 hereof.
, Such notice ehall provide a period of not less than 30 days from the date the notice ia Tr.ailed within which Borrower may pay the aums declared
~ due_ If Borrower faila to pay such suma prior to the expiration of auch period, Lender may, without further notice or demand on Iiorrower,
~ ?nvoke any remedies permitted by paragraoh lA hereof.
~ 18. Acceleration; Remedies. Ezcept ae prnvided in paragraph 1? hereot. upon Borrower'e breach of any oovenant or
~ agreement of Borrower in thie Mortgage, including the oovenante to pay when due any suaie aecured by this Mortgage, Lender
prior to acceleration ahall mail notice to Borrower. es provided in peragrap614 hereof epecitying: (1) the breach; (2) the action
~ required to cure such breac6; (3) a date. not leas than 30 daye from the date the notice ie mailed to Borrower, by which such
~ breach must be cured; and (4)~that failure to cure auch breach on or before the date specified in the notice may result in
~ acceleration of the eums aecured by t6is Mortgage, forecloeure by judicial proceeding and sale of the Property. The notice ehall
further inform Borrower of the rig6t to reinatate after acceleration and the rig6t to aasert in the foreclosure proceeding the
non-eziatence of a default or any other defenae of Borrower to acceleratioa and foreclosure. If the breach ia not cured oa or
before the date specified in the notice. Lender at Lender's option may declare all of the sums secured by thie Mortgage to be
immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. I.ender ehall be
entitled to collect in auch proceeding all ezpenses of toreclosure, including, but not limited to. reasonable attorney'e fees. and
~ costa of documentary evidence, abstracta and title reporte.
19. Borrower'e Right to Reinstate. Notwithatanding Lender'a acceleration of the sume aecured by thie Mortgage, Borrower ahall have
~ the right to have any proceedinga begun by Lender to enforce this Mortgage diecontinued at any time prior to entry of a judgment enforcing
~ thie Mortgage if: (a) Borrower j,aya Lender all auma which would be then due under this Mortgage. the Note and notea securing ~ture
~ Advancee, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenante or agreemente of Borrower rnntained in
thia Morlgage; (c) Borrower paya all reasonable expenaes incurred by Lender in enforcing the oovenants and agreemente of Borrower
oontained in thie Mortgage and in enforcing Lender's mmedies ae provided in paragraph 18 hereof, including, but not limited to, reaeonable
attorney e fees; and (d) Borrower takea auch action ae Lender may reasonably reqaire to seaure that the lien of thia Mortgage, Lender's intereet
in the Property and Botrower'e obligation to pay the aume eecured by thia Mortgege shall continue unimpaired. Upon such payment and cure
~ by Borrower, thie Mortgage and the obligationa secured hereby shall remain in full force and effect as if no acceleration had occurred.
~ 20. Aasigament of Rente; Appointment of fteceiver. Ae additiona! eecurity hereunder, Borrower hereby aseigna to Lender the renta
~ of the Property, pmvided that Borrower ahall. prior to aooeleration under paragraph 18 hereof or abandonment of the Property, have the right
~ to collect and retain auch rente aa they become due and payabie.
Upon aoceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have e receiver appointed by a
aourt to enter~upon, take poaeeesion of and manage the Property and to oollect the rente of the Property, including those past due. All renta
oollected by the receiver ahall be applied firat to payment of the casts of management of the Property and collection of rents, including, but not
~ lunited to, receiver'a [ees, premiuma on receiver'e bonda and reasonable attorney'e fees, and then to the eums eecured by this Mortgage. The
~ receiver ahall be liable to acoount only tor thoee renta actually received.
~
~ .
~ Q ` ~
~c~r~9~. PacE
a
7
E~
~ •
4 j`v's~ ~n~i~~~ ~ - , _ _ _ _ 2~r ~ _ _ _ . . _ r~ _ _ + ,S-y~ .F vrk"_.E
:;r: 5a i:~.~a. I r r`^~...s;'
~ ~ ,Nr.':, ; .
= i
~ ~N~~~ ~ ~