HomeMy WebLinkAbout0518 8. laspection. I,ender may make or cauae to be made reasonable entries upon and inapectione of the property, pmvided thet Lender shall
give Boitower notice prior to any such inepection sperifying reaao~able cause therelor related to Lendei s interest in the Property.
9. CondemnatloA.'11~e proc~ceda ot any award or claim for damages, direct or conseyuential, in connection with any oondemnation or
other taking of the pmperty, or pert thereof, or for co~veyance in lieu of condemnation, are hereby aasigned aad shall be paid to I.ender.
In the event of a total taking of the Property, the proceede ehall be applied to the sums secured by thia Mortgage, with the e:cees, if any,
paid to Borrower. In the event of a partial taking ot the Property. unlesa Borrower and Lender otherwiee agree in writing, there ehall be
applied to the suraa secured by this Mortgege such pmportion oi the proceeds as is equal to that pmportion which the amodnt of the sums
secured by this Mortgage immediately prior to the date of taking beara to the fsir market value of the Property immediately prior to the date of
taking, with the balanc~ of the proceede paid to Bon~ower.
It the Property is abandoned by Borrower, or if, after notice by Lender to Borrowes that the oondemnor offera to make an award or settle a
claun [or damages, Borrower fails to reapond to I.ender within 30 days after the date such notice ie mailed, Lender is authorized to collect and
apply the proceeds, at I.ender's option. either to restoralion or repair of the property or to the eume eecored by thia Mortgage.
Unleas Lender and Borrower otherwiee agree in writing, any euch applicatioa of proceeds to principal ehall not e:tend or postpone thedue
date of the monthly inatallmente referred to in paragrapha 1 and 2 hereof or change the amount of auch inetallments.
10. Borrower Not Released. Exteneion of the time for paymant or modification of amortization of the auma eecured by thia Mortgage
granted by l.ender to any eucceseor in intereet of Borrower ahall not operwte to releaee, in any manner, the liability of the original Borrower
and Borrower's succeesora in intereet~ I.ender ahall not be ~equired to commence proceedings against such succeseor or refuse to exLend time .
for payment or otherwise modify amortization of the sums eecured by this Mortgage by reason of any demand made by the original Borrower
and Borrower's successors in intereat.
11. Forbearance by Lender Not a R/aiver. My forbearance by Lend~ in e:erciaing any right or remedy hereunder, or otherwise
afiorded by applicable law, ahall not be a waiver of or preclude the e:erciee of any auch right or remedy. The procurement of insurance or the
paymeot of taxes or other liens or chargea by I.ender ahall not be a waiver of I.ender e right to accelerate the maturity of the iadebtedness
aecured by thia Mortgage. .
12 Remedies Cumulative. All remediea provided in this Mortgage are dietinct and cumulative to any other right or remedy under this
Mortgage or afforded by law or equity, and may be e~cercise~i ooncurrently, independendy or succeseively.
13. Sucoessore and Assigns Bound; Joint and Several I.iability; Captiona. The covenants and agreernents herein oontained ehall
bind, and the Tighte hereunder ahall inure to, the reapective aucceaeors and sesigna of Lender and Borrower, aubject to the provisione oi
paragraph 17 hereof. All covenants and agreementa of Borrower ahall be joint and several.'I'he capbions and headinga of the paragrapha of
thia Mortgage are for covenience only and are not to be uaed to interpret or define the proviaione hereof.
14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to E3orrower provided for in
thia Mortgage shall be given by mailing such notice by certified mail addreased to Botrower at the Properiy Addrese or at euch other addseee ae
Borrower may deaignate by notice to Lender as pmvided herein, and (b) any notice to Lender shall be given by certified mail. return reoeipt
requested, to Lender's addresa atated herein or to such other address as Lender may deaignate by notice to Borrower as provided herein_ My
notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignaLed herein
15. Unitorm Mortgage; Governing Law; 3everability. Thie form of mottgage rnmbines uniform oovenante for national uee and non-
uniform c~venanta with limited variations by jurisdiction to constitute a uniform security inatruruent covering real property. This Mortgage
shaU be governed by the law of the juriadiction in which the Property is located. In the event that any provision or clause of this Mortgage or
the Note conflicts with applicable law, auch conQict shall not afiect other provisions of this Mortgage or the Note which can be given ef~ect
without the conllicting provision, and to this end the proviaions of the Mortgage and the Note are declared to be eeverable_
16. Borrower'e Copy. Borrower ahall be furnished a conformed copy of the Note and of this Mortgage at the time of eaecutioa or after
recordation hereof.
1 T. Tranefer of the Property; Aseumptioa. If all or any part of the Property or an intereat therein is eold or traneferred by Borrower
without Lender's prior written rnneent, e:cluding (s) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a
purrhase money eecurity intereat for houaehold appliances, (c) a tranefer by deviee, 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 leas not rnntaining an option to purchase, Lender may, at Lender's option,
declare all the suma secured by this Mortgage to be immediately due and payable. L.endet ahall have waived such option to accelerate if, prior
to the sale or tranefer, Lender and the person to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of auch
person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall 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 succeasor in interest has eaecuted a
written assumption agreement accepted in writing by Lender, Lender sha11 release Borrower from all obligations under this Mortgage and the
Note.
If I.ender eaercisea such option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof.
; Such notice shall provide a period of not ?ess than 30 days from the date the notice is ~r.ailed within which Borrower may pay the sums declared
I due. If Borrower faila to pay such sums prior to the expiration ot such period, [.ender may, without further notice or demand on Eiorrower,
~ invoke any remedies permitted by pazagrauh 18 hereof. - ,
; 18. Acceleration; Remediee. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any ooveaant or
~ agreement of Borrower in thia Mortgage, including the rnvenanie to pay when due any sume eecured by this Mortgage, Lender
F prior to acceleration ahall mail notice to Borrower se provided in paragraph 14 hereof specifying: (1) the breac6; (2) the aMion _
~ required to cure euc6 breach; (3) a date, not leas than 30 days from the date the notice is mailed to Borrower, by whic6 such
~ breach must be cured; and (4) that failure to cure auch breach un or before the date specified in the notice may result in
; acceleratioo of the aume aecured by this Mortgage, foreelosure by judicial proceeding and eale of the Property. The notice ehaU
further inform Borrower of the right to reinetate aRer acceleration and the right to assert in the foreclosure prceeeding the -
; non-e:iatence ot a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or
~ before the date apecified in the notice, Lender at Lender's option may declare all of the aums aecured by this Mortgage to be
'F immediately due and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lender ahall be
; entitled to collect in such proceeding all e:penses ot foreclosure. including, but not limited to. reasonwble attorney's feea, and
? costs of documentary evidence. abstracte and title reporta.
~ 19_ Borcower'e Rig6t to Reinatate. Notwithatanding Lender's acceleradon of the suma eecured by this Mortgage, Borrower ahall have
~ the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing
~ this Mortgage iE (a) Borrower pays Lender all suma which would be then due under this Mortgage, the Note and notes securing ~ture
Advances, if any, had no acceleration eccurred; (b) Borrower curea all breaches of any other covenanta or agreemenfs of Borrower rnntained in
' thia Mortgage; (c) Borrower pays all reseonable expenses incurred by Lender in enforcing the covenants and agreementa of Borrower
~ oontained in t~ie Mortgage and in enforcing Lender'a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable
~ attorney's feea; and (d) Borrower takes such action as Lender may reasonably requve to assure that the lien of this Mortgage, Lender'a interest
- in the Property and Borrower s obligation to pay the aums secured by this Mortgage shall continue unimpaired_ lJpon such payment and cure
by Borrower, this Mortgage and the obligationa secured hereby ahall remain in full force and effect as if no acceleration had occurred.
20. Aseignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby assigna to Lender the rents
of the Ptoperty, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right
~ to collect and retain auch mnte as they become due and payable.
s Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a
oourt to enter upon, take poasesaion of and manage the Property and to collect the rente of the Property, including thoee. past due. All rente
oollected by the receiver shall be applied first to payment of the rnata of management of the Property and rnllection of renta, including, but not
ra limited to, receiver e feea, premiuma on receiver's bonda and reasonable attomey's fees, and then to the sums eecured by this Mortgage. The
~ receiver shall be liable to account only for those renta actually received.
~
~
,
0^ r,
p g~rK ~Vi, Yti; r 518
t
~
~
~
~ - - - -
f 4 ~M
;
^ : f _ '
b~ 1_ ~r ' _ ~ f.~n'-~
_ _ ' ,K cr + _
L- ~ r ~ '
_ ' ?'id"' I
" y `
. . 'a;X'r .
. . Y. . _ . .7 _ . - . _ x-