HomeMy WebLinkAbout0952 8. Iaspectlon. l.e~der may make or cause to be made reasonable entriea upon and inspections of the property, provided that I.ender shall
give Horrower notice prior to any such inspection specifying reaaonable cause thsrtior nlated to (.ender'e intecrat in the Piroperly.
9. Condem~atiot~.'I1~e proceeds of any award or claim for damages, dieeci or oone~uential, in connection with any oondemnation or
other taking of the pmperty. or part thereof, or for rnnveyanoe in lieu of oondemnation, an hereby aeeigned and ehall be paid io I.ender.
In the event of a total taking of the Property, the proceeds shaU be applied to Ihe sums eecured by thie Mortgage, with the excess, ii any,
paid to Borrower. In the event of a partial taking of the Praperty, nnleas Botrowet and l.ender otherwise agree in writing, there shall be
appliad to the sums secund by this Mortgage such pmpottion of the procEeds ea is equal to that proportion which the amount of the eume
eecured by this Mortgage immediately prior to the date of taking bears w the fair market value of the Property immediately prior to the date of
taking, with the balancv of the proceeds paid to Borrower.
lf the Property ia abandoned by Borrower, or if, aRer notice by t.ender to Borrower that the condemnor offere to make an award or settle a
claim for damages, Borrower tails to respond to Lender within 30 days after the date euch notice is mailed, L.ender ia authorized to rnllect and
apply the proceeds. at Lender s option, either to restoratioa or repair of the pmperty or to the sume eecured by this Mortgage.
Unless Lender and Borrower otherwiee agree in writing, any such application of proceeds to principal ahall not e:tend or postpone the due
date of the monthly installments referred to in paragrephe 1 and 2 hereof or change the amount of such installmente.
10. Borrower Not Released. ~:teneion of the time for paym=nt or modification of amortization of the eums aecured by this Mortgage
granted by Lender to eny eucceaeor in intereat of Borrower shaU not operate to release, in any m~+n~er, the liability of the original Borrower
and Borrowei a succeasora in interes~ I.ender ehaU not be required to oommence proceedings against such eucceseor or tefuee to extend time
for pt~yment or otherwise modi[y amortization of lhe sums aecured by thie 111ortgage by reason of any demand made by theoriginal Borrower
xnd Borrowei a successore in interest.
11. Forbearance by Lender Not a Rlaiver. My forbearance by Lender in e:ercising any right or remedy hernunder, or otherwiae
a~'orded by applicable law, ehall not be a waiver of or preciude the e:erciee of any euch right or remedy. The procurement of inaurance or the
payment of tuea or other liens or chargea by I.ender ehall not be a waiver of Lender'e right to accelerate the maturity of the indebtedneae
aecured by thie Mortgage. •
12. Remedies Cumulative. All remedies pmvided i~ this Mortgage are distinct and cumulative to any other right or remedy under thie
Mortgage or afforded by law or equity. and may be e:e~cieerl ooncnrrently, independently or encceasively.
13. 3uccessors and Aesigns Bound; Jo~at and 3everal Liability; Captione.'tlie rnvenants and agreem~te herein oontained ahall
bind, and the righte hereunder ahall inure to. the reepective euccesaors and aesigns of Lender and Borrower, subject to the provisions of
paragraph I7 hereof. All covenante and egreementa of Borrower ehall be joint and eeveral. The captiona and headings of the paragraphe of
thia Mortgage are for covenience only and are not to be uaed to interpret or define the provisions hereof.
14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower pmvided for in
thie Mortgage ahall be given by mailing such notice by certified mail addreased to Borrower at the Property Addreas or at auch other addreas se
Borrower may designate by notice to Lender as provided herein, and (.b) any notice to Lender ahall be given by certi6ed mail, retum receipt
requested. to Lender'a address etated herein or to euch other addreas as Lender may designate by notice to Borrower aa provided herein. My
nodce provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein.
15. Uniform Mortgage; Governing Law; 3everability. Thia [orm of morigage combinea uniform oovenante for national use and non-
uniform covenants with limited variations by juriadiction to conatitute a uniform aecurity inatrument rnvering rnal property. This Mortgage
shall be govemed by the law of the juriadiction in which the Property is located. In the event that any provieion or clauee of this Mortgage or
the Note conflicts with applicable law. such conflict ahall not af~ect other provisions of this Mortgage or the Note which can be given effect
w~thout the contlicting proviaion, and to this end the provisiona of the Mortgage and the Note arn declared to be aeverable_
16. Borrower'e Copy. Borrower shall be furniahed a rnnformed copy of the Note and of this Mortgage at the time of e:ecution or after
recordation hereof.
17. 'I~anafer of the Property; Aesumption. If all or any part of the Property or an intereat therein ia sold or tranaferred by Borrower
without Lender'a prior written rnnsent, e:cluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a
purchaee money security interest for houeehold appliances, (c) a transfer by devise, d~oent or by operation of law upon the death of a joint
tenant or (d) the gTant of any ieasehold intemet of three yeara or lesa not oontaining an option to putchase, Lender may, at I.ender's optiQn,
declare all the sume securea by this Mortgage to be immediately due and payable. Lender ahall have waived such option to aocelerate if, prior
to the aale or tranefer, Lender and the person to whom the Property ie to be Bold or traneferred reach agreement in writing that the credit of auch
person is satisfactory to [.ender and that the interest payable on the aums secured by thie Mortgage ahall be at auch rate as Lender ahall
request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a
written sesumption agreement accepted in writing by Lender, Lender ahall release Borrower from all obligatians under this Mortgage and the
' Note.
! I f Lender eaerciaes such option to accelerate, l.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof.
~ Such notice shall provide a period of not leas than 30 daya from the date the notice is ~r.ailed within which Borrower may pay the sums declared
~ due. If Botrower [ails to pay such suma prior to the e:piration of such period, Lender may, without further notice or demand on I3orrower,
~ mvoke any remedies permitted by paragraoh 18 hereof. _
~ 18. Acceleratioa; Remediee. E:cept as provided in paragreph 17 hereof, upon Borrower'e breach of any oovenant or
~ agreement of Bortower in thie Mortgage, including the oovenante to pay when due any sums aecured by this Mortgage, Lender
~ prior to acceleration ahall mail notice to Borrower se provided in paragraph 14 hereof specifying: (1) the breach; (2) the action
~ required to cure such breach; (3) a date, not lese than 30 daya 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 epecified in the notice may reault in
acceleration of the aume aecured by thie Mortgage, foreclosure by judicial proceeding and eale of the Property. The notice ehall
further inform Borrower of the right to reinatate after acoeteration end t6e right to esaert in the foreclosure proceeding the
non-ezietence of a default or any other defenae of Borrower to acceleration and foreclosure. If the breach ie not cured on or
before the date specified in the notice, Lender at Lender's option may deelare all of t6e suma aecured by this Mortgage to be
immediately due and payable without further demand and may forecloae this Mortgage by judicial proceeding. Lender shall be
entitled to collect in such proceeding all e:penses ot torecloaure. including, but not limited to, reasonable attorney's feea. and
coets of documentary evidence, abatrects and title reports.
19. Borrower's Right to Reiaetate. Notwithstanding Lender's scceleration of the aums secured by thia Mortgage, Borrower shall have
the right to have any proceedinga begun by Lender W enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing
thia Mortgage if: (a) Borrower paya Lender all aums which would be then due under this Mortgage, the Note and notes secnring Future
AdvanceH, if any, had no acceleration occurred; (b) Borrower cares all breaches of any other covenants ar agreementa of Borrower contained in
~ thie Mortgage; (c) Borrower paya all reasonable eapenses incurred by Lender in enforcing the covenanta and agreementa of Borrower
contained in this Mortgage and in enforcing Lender's remedies se provided in paragraph 18 hereof, including, but not limited to, reasonable
~ attomey'e fces; and (d) Borrower takea euch action as Lender may reasonably require to aeaure that the lien of thia Mortgage, Lender'a interest
> in the Property and Borrower a obligation to pay the auma secured by thie Mortgage ahall continue unimpaired_ Upon such payment and cure
~ by Borrower, this Mortgage and the obligationa secured hereby ahaU remain in full force and effect as if no acceleration had occurred.
~ 20. Asaignment of Renta; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby aseigna to Lender the rente
~ of the Property, provided that Borrower ahall, prior to acceleration under paregraph 18 hereof or abandonment of the Property, have the right
~ to collect and retain auch rnnts as they become due and payable.
~ Upon aoceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a
~ co~ut to enter~pon, take poaeeaeion of and manage the Property and to collect the renfa of the Property, including thoee past due. All renta
~ oollected by the receiver shel! be applied first to payment of the oosta of management of the Property and collection of rente, inclnding, but not
limited to, receiver e feee, premiuma on receiver a bonda and reasonable attorney's fees, and then to the suma eecured by this Mortgage. The
~ receiver ehall be liable to account only for thoae rente actually received.
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