HomeMy WebLinkAbout0879 8. lnspection. I.eader may make or cause to be made reaso~able entriea upon and inspections of the property, provided that Lender shal!
give Borrower notice prior fo any euch inspectior? sperifying reasonable cause therefor related to l.ender's intereet in the Property.
9. Coqdemnation.'It~e proceeds of any ~watd oi C1qin? fos da~~s, direct or coneequential, in rnnnection with any oondemnation or
other taking of the property. or part thereof, or for~oonveyanoe in liw~taondemnation. are hereby aesigried and shall be paid to Lender.
In the event of a total talcing of the Property, the proceeds ehall be applied to the sums eecured by thie Mortgage, with the exc~ess, if any.
paid to Borrower. In the event of a partial taking of the PropeKy. unleas Borrower and I.ender otherwise agree in writing. there ehell be
applied to the sums secured by this Mortgage euch proportion of the proceede as ia equal to that proportion which the amount of the eums
aecured by this Mortgege immediately prior to the date of taicing beare to the fair merket value of the Property immediately prior to the date of
talung. with the balanca of the pmceede paid to Borrower.
Ii the Pcoperty is abandoned by Borrower. or if, aft~er notioe by Lender to Borrower that the oondemnor of'[ers to make an award or eetde a
claim for damages, Borrower fails to reapond to I.ender within 30 days aRer the date auch notioe ie mailed. I.ender ia authorized to collect and
apply the proceeds. at Lendei s option. either to teetoration or repair of the property or to the aums eecured by this Mortgage.
Unless Lender and Borrower otherwiee agree in writing, any auch application of pmceeds to principal ehall not e:tend or poetpone the due
date of the monthly installmente referred to in paragrapha 1 and 2 hereof or change the amount of euch installments.
10. Borrower Not Releaeed. Extenaion of the time for paymant or modification of amortization of the aume eecured by thie Mortgage
gran2ed by Lender to any aucceaeor in intereet of Borrower ahall not operate to release, in any manner, the liability of the original Borrower
and Borrower'a euccessore in intereaL Lender ahall not be required to oommence proceedings againat such successor or refuse to e:tend time ~
tor payment or otherwise modify amortization of the aume aecured by this Mortgage by reason of any demand made by the original Borrower
and Borrower s auccessors in interest.
11. Forbearance by Lender Not a VBaiver. My forbearance by Lender in e:ercieing any right or remedy hereunder, or otheTwiee
_ af~orded by applicable law, shaU not be a waiver of or preclude the e:erciee of any auch right or remedy. The procurement of ineuranoe or the
paymeat of taxes or other liene or charges by Lender ahall not be a waiver of Lender's right to accelerate the maturity of the indebtednesa
secured by thie Mortgage.
12 Remedies Gtimulative. All rrmedies provided in thie Mortgage are diatinct and cumulative to any other right or remedy under this
Mortgage or afiorded by law or equity, and may be exerciaeri ooncurrently, independently or aucceaeively.
13. Suceeseors and Assigns Bound; Joint and 3everal Liability; Captione. The covenante and agreementa herein contained ahall
bind, and the righte hereunder ahall inure to, the reapective successore and aeaigne of Lender and Borrower, aubject to the provieions of
paragraph 17 hereof. Al! rnvenanta and agreemente of liorrower ehall be joint and eeveral. The captions and headinga of the paragrapha of
this Mortgage are for covenience only and are not to be used to interpret or define the provieione hereof.
14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in
thia Mortgage ahall be given by mailing euch notice by certified mail addreased to Borrower at the Property Addreea or at euch other addreee as
Borrower may designate by notice to I.ender ua provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt
requeated, to Lender's addreas stated hernin or to auch other address as Lender may deaignate by notice to Borrower aa provided herein. Any
notice provided for in this Mortgage shail Ee deemed to have been given to Borrower or I.ender when given in the manner deaignated herein.
15. Uniform Mortgage; Goveraing I.aw; Severability. Thia form of mortgage combinea uniform oovenante for national use and non-
uniform covenants vrith limited variationa by jnrisdiction to oonatitute a uniform security instrument eavering real property. Thie Mortgage
shall be governed by the law of the jurisdiMion in which the Property is located. In the event that any provu+ion or clause of this Mortgage or
the Note conflicts with applicable law, such rnntlict shall not af'fect other provisiona of this Mortgage or the Note which can be given effect ~
without the conflicting provision, and to thia end the provisions of the Mortgage and the Note are declared to be severable.
16. Borrower's Copy. Borrower ehall be fumiahed a rnnformed oopy of the Note and of thie Mortgage at the time of execution or after
recordation hereof.
17_ 'i~anefer of the Property; Aasumption. If all or any part of the Property or an interest therein is sold or tranaferred by Borrower
w~thout I.ender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a
' purchase money security interest for houeehold appliancea, (c) a transfer by devise, descent or by operation of law upon the death of a joint
tenant or (d) the grant of any leasehold interest of three yeara or lesa not containing an option to purchase, Lender may, at Lender's option,
; declare all the aums secured by this Mortgage to be immediately due and payable. Lender ahall have waived auch option to accelerate if, prior
I to the sale or tranafer, Lender and the person to whom the Property ia to be sold or transferred reach agreement in writing that the credit of such
~ person is satisfactory to Lender and that the interest payable on the auma secured by this Mortgage aha11 be at auch rate as Lender ahail
~ request. If [.ender has waived the option to aecelerate provided in this paragraph 17, and if Bonower a successor in interest has executed a
~ w~ritten assumption agreement accepted in writing by Lender, Lender ahall release Borrower from all obligatione under thia Mortgage and the
€ Note. .
~ If Lender exerciaea such option to accelerate, Lender ahali mail Borrower notice of acceleration in accordance with paragraph 14 hereof.
~ Such notice shall provide a period of not less than 30 days from the date the notice is rnailed within which Borrower may pay the aums declared _
~ due. If Borrower fails to pay auch suma prior to the expiration of such period, Lender may, without further notice or demandon ~3orrower,
~ invoke any. remedies permitted by paragraoh 18 hereof
~
~ 18. Aoceleration; Remediee. Ezcept as provided in paragraph 17 hereof. upon Borrower'e breach of aoy oovenant or
~ agreement of Borrower in this Mortgage, including the oovenants to pay when due any sums eecured by this Morigage, Lender
r prior to acceleration shal! mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2! t6e action
required to cure such breach; (3) a date, not leas than 30 daya from the date the notice is mailed to Borrower, by which auch
~ breach must be cured; and (4) that failure to cnre such breach on or before the date apecified in the notice may result in
~ acceleration of the sums eecured by thia Mortgage, forecloaure by judicial proceeding and sale of the Property. The notice ehall .
~ further inform Borrower ot the right to reinstate aiter aoceleration and the right to aesert in the forecloeure proceeding the
~ non-e:istence of a default or any other defense of Borrower to acceleration and foreclosure. If the breac6 is not cured on or ~
before the date apecified in the notice, Lender et Lender'e option may declare all of the sume secured by thia Mortgage to be
~ immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be
~ entitled to collect in such proceeding all e:penses of foreclosure. including, but not limited to. reasonable attorney's fees, and
~ costs of documentary evidence, abatracts and title reporta.
_ 19. Borrower'e Right to Reinatate. Notwithatanding Lender'a acceleration of the suma secured by this Mortgage, Borrower ahall have
= the right !o have any proceedinge begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enfotcing
;~y thia Mortgage if: (a) Bormwer paya Lender all aums which would be then due under thie Mortgage, the Note and notes securing Future
Advancea, if any, had no acceleration occurred; (b) Borrower cures all brnachea of any other covenante or agreemente of Borrower contained in
- this Mortgage; (c) Borrower pays all reasonable expenaes incurred by Lender in enforcing the covenante and agreemente of Borrower
;a5 oontained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable
attorney e fees; and Id) Borrower takea euch action as Lender may reasonably require to aasure that the lien of thia Mortgage, Lender's interest
in the Property and Borrower s obligation to pay the aums secured by this Mortgage ahall continue ununpaired. Upon auch payment and cure
y~ by Borrower, this Mortgage and the obligatione eec~red hereby ahall remain in full force and effect as if no acceleration had occuaed.
20. Aeeignment of Rents; Appointment of Beceiver. As additional security hereunder, Borrower hereby aasigna to Lender the rente
~ of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right
_ to collect and retain auch rents aa they become due and payable.
=Y' Upon acceleration under paragraph 18 6ereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a
- court to enter.npon, take poseeseion of and manage the Property and to rnllect the rente ot the Property, including those past due. All rente
oollected by the receiver ehall be applied firat to payment of the coats of management of the Property and rnllection of rente, including, but not
limited to, receiver'a fees, precniuma on receiver e bonda and reasonable attorney'e fees, and then to the aums eecured by this Mortgege. The
~~t reoeiver ahall be liable to acoount oniy for thoae rents actually received.
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