HomeMy WebLinkAbout0818 8. la~pectlon. [ender may maks or cawe to bs made reuonabk entrie~ np~a ~ad inspections otthe p~aperty, ptovided tlwt iwod~ ~haU
~ive Borrower ~oties prio~ to any such inspection specifjrin~ iesw~?able cauae fhenfa related to I.endar'~ iatee~eN iu tM Property
8. Coademnatloa. 71~e praoeeda of any swud ot claim for dsma~a. direct or conaequenti~l. in oo~neciion with aar ooad~auiatioo a~
other takin~ o! the property, or part thereot, or foe conveyanca in lieu of oondemaation. ars he~eby a~ed and ~h~ll be paid f~o Leader.
[n the eveat of ~ total takin~ ot the Pcopsrty, the pmceeda shdl be applied to tl~s sum~ ~ecured by thia Moctsa,~s, witl~ tM azoeM. J~q~r,
paid to Borrower. In the eve~t ot a partial takinQ of ths P[oparty, unlew Borro~rer and Larde~ otM~wriM ~ree in ~?ritiat. tM~e ~haq b~
applied w the ~u~ru aecured by thiu Mo~aQs such proportion of the proctied~ as iu eQupl w that p~oportiao ~rbicb tbe ~maw/ d tbe aws
~ecured by thu Mortga~e imiaediately prior to the date of takin~ bean b the fair muket value otthe Pwperty imm~diate~jr prio~ to tiie date of
taking, wiW the balai?ce of the proceed~ psid to Borro~rer. .
It the Pmperty u abandoned by Borrowe~, or il, aRer aotiue by Leader b Bocrowe~ that tl~e ooadaanor oQer~ to m~ an awaed or ~ettk •
claim for damatta. Borrower Iaib to re~pond b I.ender within 30 days eRer th~ date snch notios u mailed, I.enda i~ wtborir~d to colhct aud
spply the pmcxed~. at Lender's option, eithe: b re~bration or repeir of th~ pmpetty or to tbe sum~ iecured b~ tl~i~ ~qa
Unless Lender and Borrower oWerwi~e a~res in ariting. sny ~uch spplication oiproceed~ b p~i.acipal rhaU not estwd ar postpooe tbe dne
date of the monthly installmenfs referred to in paragraplu 1 snd 2 bereo! or cbanQe tbe amouat ot ~och iastallmeata.
10. Borrower Not Relea~ed. Estension ot the tims for paymsnt or modification of amoitization of tl~e wm~ ~ecured by thisMortsa~e
granted by Lender to any successor in interest ot Borrower shall not operete to retea~e. in any manner, tl~e liability ott6e orisiaal Borro~rer
and Borrowrr a succeseors in iaterest L.ender shall not be requirod to oommence pra.~eedings aQainst snch a~ccea~or ~ edwe t~o extaid tiine
[or payment or otherwise modify amortization of the sums secured by thia Moirtgege by reason of any demand made 4y t6eorisind Borrower
and Eiorrower
s succeasoro in interest.
1-1. Forbear~noe by Lender Not a Wdver. Any [orbearanoe by l.euder iw aercisin~ any ri~ht o~ remedy lieeeaader. ae othenvi~e
aftorded by epplicable law, ahall not be a waiver of or preclude the e~cercise of any sncb right or remedy.'t7ie procaremeat of iruoraoce a~ the
payment of t~e~ or other liens or chargw by Lender ~hall not be a weiver of Lender's right to aooekrate t!?e maturit~r of the indebtedneM
eecured by this Mortgage.
l2 Remedle~ Cumulatlve. Al! remediea provided in this MortgaQe an distiact and cvmnlative to any atl~er ri~6t or remedy ander this
Mortgage ot ef[orded by law or equity, and may be ezercis~rl wacurrendy. indepeadendy or snoDe~rively.
13. Suooeswrs and Assigns Bound; Joint and Sevaral Llebillty; Caption~. The oovenanb and agreemeat~ berein ooatained ~hall
bind, and the rights hereunder shall inun w, the rospective eucceason and aa~igns ~ I.ender and Bortower. ~abjeet to tbe proviaiau ot
paragraph 17 hereof. All rnvenanta and agrcementa of'Borrower shaU be joint and ~svetal.'lbe captiotu aod he~dinp oi ebe paraaraplu d
this Mortgage are for coveaience only and an not to be used to in4rpret or define We proviaiotu haeof.
14. Notice. k xcep/ for any notice required under applicable law to be given in anothrr manner, (a) any notice to Borrow~ provided for in
this Mortgage aha11 be given by mailing euch notice by certified mail addreaaed to Borrower aEthe Property Addreasor atsocb other addren a~
E3orrower may designate by notioe to Lender as provided herein, and (b) any notice to I.ender shaU be gives by certified mail. rdurn receipt
requested, to Lender's addrees stated herein or to such other addrese aa I.ender may designate by notioe to Bormver as pmvided herein Any
notice provided tor i~ this Mortgage ehall be dcemed to have been Qiven to Borrower or Lender ~vhea given ia tlx manae~ de~ignated haan.
I5. Unitorm Mortgage; Governing l.ew; Severability.'l7~is form of mortgage combiaes unifarm ooveflants for national weaad noa-
uniform covenants with limited variations by jurisdiction to oonstitute a uniform security instrumeat oovering real property,'l1~is Mort~a~e -
ahall be governed by the law of the juriadiction in which the Property ia located. In the event that any provision or danse of thi~ Mortgage o~
the Note conflicta with appliceble law, such conflict shall not aft'ect other pmvisions of thie Mortgage or the Note which can be givea effeet
without the conflictinR proviaion, and to this end the proviaiona o[ the Mortgage and the Note are declared to be severable.
! 6. Bo~rower's Copy. Borrower shall be furnished a confornoed oopy of the Note and of this Martgage at We time ot~ecntion or atter
~ecordation hereof. ~
17. Trenster ut the Property; Assumption. If al1 or any part of the Propaty or an in~ thaein ~ soW or traasferrsd by Hocrower
'withaut I.ender
s prior written consent. eucluding (a) the creation of a lien or encumbrance subordinate to this Mortsage, (b) the creatioa of a
purchase money eecurity interest tor household appliances, (c) a transfer by devise, deaoeat or by opaatioa o! law apon the death ofa joiat
tenant or (d) the grant of any leasehold intereat of three years or leas not oontaining an option to purchase, Gend~r may, at Lefldet'a option,
declare all the sums eecured by thie Mortgage to be immediatelydue and payable. Lendar shall have ~vaived ~b option toacederateif, prior
t<? the eale or tranefer, L.ender and the perewn to whom the Property ia to be sold or traneferred reach egreemmt in writing that the ceedit of ~ch
person is satisfactory to Le~der and that the intereat payable on the euma secured by thia Mortgage shall be at such tste as I.esder shall
requeat. I[ l.ender has waived the option to accelerate provided in this paragraph 17. and if Borrower
a suoceeeo~ in interest has aecuted a
written assumption aqreement accepted in writing by I.ender, I.ender shall release Borrowet trom all obligatioos undert6isMortgageandtbe
Note.
It I.ender exercieee auch option to accelerate, Gender shs11 mail E3orrower notice of accetefation in accordance with paraaraph 14 hereoL
Such notice ehall pmvide a period of not lesa then 30 daya from the date the notice is Q.ailed within which Bormwer may pay the sums declared
due. If Borrower faile W pay auch euma prior to the expiration of euch period, Lender may, without turthe~ notice or demand on E3orrower,
i ~nvoke any remediea permitted by pazagraoh 18 hereof. .
18. Acceleration; Remedies. Escept as provided in paragraph 17 l~ereof. npon Borrower's b~ch of anp oorenaat or
agreement ot Borrower in t6is Mortgage. Inctudjng tbe oovenanta to pay w~hen due any wms se~red bp tl~is Yastsate, I.eader
prior to acceleration shall mail notice to Borrower ae pmvided in paragraph 14 hereotspecityinF(1)t6e brn~c6;(Z) tbeadion
requlred to cure such breach; (3) a date, not less than 30 daya trom the date the notioe is mailed w Borrowrer, by wr6ic5 wch
breach must be cured; and (4) that fallure to cure such breach on or betore the date speciti~d in t6e notioe ma~ result in
acoeleration of the sums secured by thir Mortgege, torectosure by judIcial proceedin~ and sale of t6e Pr+operty.lbe notice ~hall
further inform Borrower of the right to reinetate aBer acceleration and the ri~6t to assert m tLe for~clowre prooeed~ t6e
non-e:fetenoe ot a detault or any other defenae of Borrower to aoceleration and forecbwre. If t6e br~ac6 i~ nat aQed oa or
before the date specified in the notice, Lender at Lender'~ option may declare aD of tLe sums ~ecared b~ this Yort~ate to be
immediately due and payable without further demand and may toreclose thjs Mort~ase by jndicid proeeedin~. Lender s6dl be ~
entitled to ool lect in such proceeding all e:penaea of lorecloeure, including. but not Itmited to, rea~onab{e attorney's fees. and
coets ot documentary evidence. abstracts and title reports.
19. Borrower's Right to Reinafete. Notwithstanding Lender
a acceleratioo otthe sums secured by this Mortgage, Borrov?er shall have
the right to have any prooeedings begun by [.ender to enforce thia Mortgage dircontinued at any time prior to mtry of a jud~ment eaforcing
thie. Mortgage if: (a) Hnrnower pays Lender al1 euma which would be then due under this MortQag~ the Note bnd twtes securing Fbtwt
Advances, if any, had no soceleration occurred; (b) Barrower cures aU breachea of any other oovenanL or ajreewa?b of Borrower oontained in
thia Mortgege; (c) Borrower paya all reasonable ~penaee incvrred by Lender in enforcing the oovenant~ and agreaoents of Bormwer
wntained in thid Mortgege and in enforcing Lender's rrmedie8 aa provided in paragraph 18 bereof. indadins, bat not timiLed to, iea~onaWe
attorney e feea; and (d) Borrower takea such action as Lender may reasonably require to assure that t6e tim dtlw Mortgage, Lmdds interaR
in the Property and Borrower's obligation to pay the suma eecured by this Mortgage ahall oontinoe unimpaired_ Upon snch paymeat and rnre
by Borrower, this Mortgage and the obligations eecured hereby ahall remain in full force and effect as if no aooekration had occurred.
20. Aasi~nment ot Reats; Appointment of Receiver. Aa additiona! security hereander, Borrowa h~eby assigw to I.ender the rents
of the Property, provided that Borrower shall, prior to aoceleration under paragraph 18 hereof or abandoammt of the Property. have tbe riabt
to rnllect and retain such renta ea they become due and payable.
Upon accekration under paragraph 18 hereof or abandonment of the Property, Lender ahall be eatitled to t~ve a eeoeiver appointed by a E
coeirt to enter npon, take posaeseion ot and manage the Property and to collect the rent~ o[ the Peop~ty, including tlw~e pa~t due. All reab
oollected by the re~oeiver ahell be applied first to payment of the ooete oimanagement of the Property and aollectioa of ~ents, incloding, but not
Fimited to, nceiver's fees. premiums on receiverr's bonds and reasoneble attorney's fees, and then to the aoms ~ecared bp thi~ Moet~a~e.'!be
receiver ehall be liable to acoount only for thoee rente actually received.
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