HomeMy WebLinkAbout0606 8. lnepectio~. I.ender may make or cauue to be made reaso~able entries upon and inapection~ of the property, provided that I.ender ahall
give E3~rrower notice prior to any such inspection specifying rnasonable wuee therefor related W l.ender'e interest in the Property.
9. Condemnation. The proceeds of any award or claim for damagea. direct or con~equential, in connection with any oondemnetion or
other tsking uf the property, or part thenwi, or for conveyance in lieu of condem~ation, are heoeby aseigned and shall ba paid to I.ender.
in the event o[ a total taking o[ the Property, the praceeda ehall be applied to the sume secured by this Mortgage, with the exceaa, i[ any,
paid to Borrower. In the eveat oi a pattial taking of the Property, unless Borrower end l.end~ othe~wise a~ree in wtiting, there shall be
applied to the sume secured by thia Mortgage such pmportion of the pta.~eeda as ie eyual to that ptoporiion which the amount otthe eums
eecured by thie Mottgage immediatety prior to the dace of taking bean to the fair market value oithe Properiy immedietely prior to the date of
taking. with the balanca o! the proeeeds paid to $orrower.
lf the Property is abandoned by Borrower, or if, after notice by l.ender to Borrower that the wndemno~ oP[ere to make an award or eettle a
ctaim for damages, Borrower tails to respond to I.ender within 30 deys after the date such notice ia mailed, Lender is authorised to rnllect and
apply the proceeds, at Lender's option, either to restoration or repair of the property or to the suma secured by thip Mortgage.
Unlese I.ender and Borrower otherwise agree in writing, any such application of proceeda W principal ahall ~ot extend or postpone thedue
date of the monthly i~etallments refen~ed to in paragraphs 1 and 2 hereof or change the amount of auch installments.
10. Borrower Not Releaeed. Extenaion ot the lime tor paymant or modification otamortization of the aume eecured by thie Mortgage
granted by Lender to any aucceasor in intereet of Rorrowe~ shaU not operate to releaae, in any manner, the liabitity of the origina! Bortower
and Borrower'e aucceasora in intereat. l.ender shall not be required to commence proceedinge againat auch aucceasor or refuse to extend time
for payment or otherwise modify amortization of the aume aecured 6y this Mortgage by reseon of stny demand made by the original 8orrower
und Borrower e successore in intereat.
11. Forbearanoe by I.ender Not a Waiver. My [orbearance by Lender in exercieing any right or remedy hereunder, or otherwiee
afforded by applicable law. ehall not be a waiver of or preclude the e:erciae of any such right or retnedy. The procurement of ineurana or the
payment of taxea or other tiena or charqee by Lender shall not be a waiver of I.ender'e right to accelerate the maturity of the indebtednese
secured by thie Mortgage.
12. Remedies Cumulative. All remedies provided in thie Mortgage are diednct and cumulative to any other right or remedy under thia
Mortgage or afforded by law or equity, and may be exercieed ooncurrently, independently or euccessively.
I3. Succeesors and Aseigne Baund: Joint aad Saveral I.iabllity; Captione. The coveaante and agreemente hereirt contained ahall
bind, and the rights hernunder ahall inure to, the reapective succeaeora and aeeigna o! Lender and Borrower, subject to lhe proviaione of
paragraph 17 hereof. All covenanta and agreemente of Borrower ahaU be joint and eeveral. The captiona and headinge of the paragraphs of
thia Mortgaqe are for covenience onty and am not to be ueed to interpret or define the provieione hereof.
t 4. Notice. F.xcept for any notice required under applicable !aw to be given in another manner, (a1 any notice to Borrower provided for in
this Mortgage shall be given by mailing auch notice by certified mail addreased to Borrower at the Property Addreas or at such olher addt~ees aa
t3orrower may deaignate by notice to l.ender as provided herein, and (b) any notice to Lender ehall be given by certi6ed mail, return reoeipt
requested, to l~ender's address atated hemin or to sucb other addreee ae l.ender may designate by notice to Borrower an provided herein_ My
notice provided for in thia Mortgage shall b~ deemed to have been given to Botrower or I.ender when given in the manner designated herein.
~ I5. Uniform Mottgege; Governing I.aw; Severability. Thia torm of mortgage comliines uniform rnvenanta fornational useand non-
uniform covenar.ts with limited variations by juriediMion to constitute a uniformBecurity instrurt~eni rnvering rea) property. This Mortgage
shall be govemcd by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or
the Note contlicts with applicable law, such conflict ahall not affect other provisions of this Mortgage or the Note which can be given eNect
without the conflicting provision, and to thia end the proviaiona of the Mortgaqe and the Note are declared to be aeverable.
16. Borrower'e Copy. Borrower shali be furnished a contormed oopy of the Note and of thia Mortgage at the time of execution or after
recordation hereof.
17. Tranefer of the Property; Aeaumption. If all or any part of the Property or an intereat therein ia sold or transferred by Borrower
without Lendei s prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a
purrhase money security interest for household applisncea, (c) a transfer by devise, descent or by operation of law upon the death af a joint
tenant or (d) the grant of any leasehold intereet of three yeara or lesa not containing an option to purchaee, L.ender may, at Lender'e option.
declare all the sums secured by this Mortgage to be immediately due and payabte. Lender ahall have waived such option to accelerate if, prior
to the sale or transfer, Lender and the pereon to whom the Ptoperty is to be aold or tranaferre~ reach agreement in writing that the creditof auch
person is satisfactory to Lender and that the intereat payable on the sums secured by th:s Mortgage ahall be at auch rate as Lender ahall
request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrowei a successor in interest haa executed a
written assumption agreement accepted in vvriting by [.ender. [.enderehall reiease Borrowerfrom altobiigations underthisMortqageand the
1~'ote.
If Lender exercisea such option to accelerate, l.ender Rhall mail Eiorrower 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 ia mailed within which Borrower may pav the sums declared
due. [f E3orrower faila to pay such sums prior to the expiration of such period, Lender may, without further notice or demand an 13orrower,
tnvoke any remedieg permitted by paragraoh 18 hereof.
18. Acceteration; Remediee. Except as provided in paragraph 17 t~ereof, upon Borrower'e breach of any covenant or
agreement of Borrower in thie Mortgage, including the covenante to pay when due any sume secured by thie Mortgage. Lender
prior to acceleration shall mail notice tv Borrower ae provided in paragraph 14 6ereof specifying: (1) the breach; (2) the action
required to cure euch breach: (3) a date. not lesa than 30 days from the date the notice ie maiied to Borrower, by which auch
breach must be cured; and (4) that failure to cure auch breach on or before the date epecified in the notice may result in
acceleration of the sums secured by thie Mortgage, foreclosure by judicial proceeding and sale of the Property.The noticeshall
further inform Borrower of the right to reinstate aRer acrcieration and the right to assert in the foreclosure proceeding the
non-e:ietence of a defautt or any other defenae of Borrower to aoceleration and foreclosure. If the breach is not cured on or
before the date epecified in the notice, Lender at Lender's option may declare all of t6e sume eecured by thie Mortgage to be
immediately due and payeble without further demand and msy forecloae this Mortgage by judicial proceeding. Lender shall be
entitled to coliect in euch proceeding all ezpenses of foreclosure. inclading. but not limited to. reaaonable attorney's fees, and
costs of documentary evidence. abstracts and tiile reporte.
19. Borrower'e Right to Reinatate. Notwithstanding l.ender'a acceleration of theauma secured by thie Mortgage, BorrowershaU have '
the right to have any proc~ecdinge begun by I.ender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing
this Mortgage if: (a? Borrower paya Lender all suma which would be then due under thie Mortgage, the Note and notes aeruring Future
Advancee, if any, had no acceleration occarre~l; ~b) Bormwer cures all breaches of any other covenants or agreements of Borrower rnntained in
thia Mortgage; (e) Borrower pays all reasonable expenses incurred by I~ender in enforcing the eovenante and agreemente of Botrower
rnntained in this Mort~age ar?d in enforcing [.ender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable
attorney e fees; and (d> Borrower takea such aMion as Lender may reasanably require to assure that the lien of thia Mortgage, Lender'e intereat
in the Property and f3orrower's obligation to pay the sums eecared by this Mortgage ehall rnntinue unimpaired. Upon auch payment and cure
by Borrower, this Mortgage and the obligations secured hereby ahall remain in full force and etfect as if no acceleration had occurred.
20. Aesignment of Rente; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby assigns co Lender the rents
of the Property, provided that Borrower shall, prior to acceleration under paragraph 1 H hereof oT abandonment of the Property, have the right
to collect and retain such rents as they become due and payable.
Upon acceleration under paragraph 1$ hereof or abandonment of the Property, Lender ahall be entiUed to have a receiver appointed by a
court to enter-upon, take posseseion of and manage the Property and to collect the rents of the Property, including those past due. All renta
collected by !he receiver ahal! be applied first to payment of the costs of managementof the Property and collection of rents, including, but not
limited to, receiver'e feea, premiuma on receiver's bonda and reaaonable attomey's feea, and then to the aums eerured by this Mortgage. The
receiver ehall be liable to acoount only for thoee rente actually received.
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