HomeMy WebLinkAbout0623 8. Iaspectlou. I.eader may make or caws eo bs made rewoaabk entries upon and 'u?spectioru otthe proparRy. provided tlu~t Leader ~hall
Qive Borrower notioe prior to any such inspectio~ specibriug reawnwble cauae therefa related to Lender'~ interest in the Property. .
9. CO~IIIeO1Qa~011. The pmoeeds of eu?y award or claim for damaQe+. ditect os coa~e4ueAtiel. ia roAnectioa ~vith aay oand~nation or
oWer takiag of the pe~op~ty. or part thereof. or for ooaveyance in Ueu ot oondemnation. sre he~eby asriSned and shadl be Wud b I.eadet.
In the event of a total takin~ of the Propsrty, the pmoseda shall be applied.to tbe ~uau ~ecured by thu Mortga~e. with the eucess. if any.
paid to Borrower. In the event of a padial talcing of the Propetty. unlen BorroN?er end Lei?der oWez~vi~s aBres ia writin~, then shall be
applied t~o the sums secured by this Mort~age wch proPortion ot the procaed~ eu u equal to that pioportioa which the amoant of the sums
aecwed by this Mort~sge immedistely Prior to We date ot tairin~ besn to We fair.m~rket value of the PropettY immediately pryur to the date of
taking: with the balaaoe of tbe pe~ocesd~ P+nd to Borrower.
Iithe Property i~ abendoned by Borrowe:. or if. aRer notica by Lender to BoRO~ Wat We oondeaanor otfen to make an award os ~ettle a
claim for damages. Aorrower fails to respond to Leader ~rithin 30 day~ aRer the date ~~ch notias u mailed. I.eade: is suthorised Lo ooUect and
8PP1Y the proceeds, at I.ender's optioa. eithez to redoration or repair of the p~operty or to tl~s suau ~ecured by thia Mort~nge.
Unlcss Lender aad Borrower oWerwiee a~ree in wr~ting. anY snch sPPlication of prooeed~ b principal shall not ea~teud ~ po~tpone the due
date of the month~y installmenta referred to ia pera~raph~ 1 aud 2 he~reof or change We amount of snch uutallmeafs.
10. Borrower Not Released. Factension of che a~ae for paymsn~ or modificeaon of amortisaaon oithe suma.ec~ued by this MortBage
granted by Lendez to any succeseor in inter~! of Bonawer shall not operate b release, in anY manner, the liability of the original Borrower
and Borrower's su~cesson in interes~ Lender shall not be required to oummenoe proceedin8s a8ainst anch suoceesor or refuse to e:t~d time
for paymeat or othawiee modify smortization of the sums eecured bY this Mort8a8e by nason of eny demand madP by the original Bormwer
and Bormwei e suooesaors in interest.
11. Forbearanoe by Lender Not a Waiver. My forbearanoe by Lender in esercising any ri8ht or nmedy hereunder. or oWetvvise
afforded by applicabk law. ahall not be a waiver of or preclude the ~e~rcise of any snch right or nmedy.'Ihe pmc~r~ent of insoranoe or the
payment of ta:es or othu liens or charges by I.ender ahall aot be a waiver of I.ender s right b aooelerate the mahuity of the indebtedness
secused by this Mortgaga
12 Itemedies Cumulattve. All remediea provided in this MostBeBe are distinct and cumulative to any other right or nmedy under thia
Mortgage or afforded by.law or eqnity, and may be exerc;se~l ooncun~enUy. independendy or suocessively.
13. 3ncoessors and Assigns Bound; Joint au~ Several I.iability; Captions.'1lie oovenanta and agreementa henin oontained shall
bind. and the righta hereunder ahall inure to. tbe respective auoceswse and aseigns of I.ender and Borrowa. subject to the proviaions of
paragraph 17 hereoL All covenanta end agreementa of Borrowe~r ehall be joint and ~sv~zsl. The captione and headings of the paragraphs of
thia Mortgage ar~ for covenieace only and are not to be used Lo interpret or de5ne tha paroviaiona hereof.
14. Notioe. E:cept for any notice required under applicable law to be 8iven in another maaner. (a) any notice to Borrow~ pmvided for in
thie Mortgage ahall be given by mailing such notice by certified mail addreesed to Bore+ower at the Property Addrees or at snch other addreas as
Borrower may designate by notice b Leader as provided herein. and (b) ~ny notice to I.ender ahall be given by cestified mail. nt~un reoeipt •
requeated, to Lendei
a address atated haein or to such other address ae I.ender may designate by notice to Boirower as provided here~in. Any
notice provided for in thie Mortgege ahall be deemed to have been given to Borwwez or Lender when given in the menner designated herein.
15. Uniform Mortgage; Governing Law; 3everability. This form of mortgage combines uniform oovenants for national use and non-
unifornn covenanta wiW limited variations by jnriediction to wnetitute a uniform eecurity insttuneent oovering real propetty.lLis Mortgage •
shall be governed by the law of the jarisdiction in which the ProRedy ia located. In the event that any proviaion or clauee of this Mortgage or
the Note conflicta wiW applicable law, such rnntlict ehall not afYect other pmviaiona of this Mortgage or !he Note which can be given effect
without the oontlicting provision. and to this end the pmvisiona of the Mortgage and the Note are declared to be severable.
16. Borrower'e Copy. Borrower ahall be f~uniahed a conformed oopy of the Not~e and of thie Mortgage at the time of e:ecntion or after
recordation hereof.
17. Tranefer of the Property; Assumption. If all or any pad of the Prop~ty or an interest thenin ia sold or tranaferred by Borrower
without Lendefa prior written coneen~ e~ccluding (a) the creation of a lien or encumbrence eubordinate to thia Mortgage. (b) the creation of a
purchaee rnoney eecnrity intereat for household appliances, (c) a transfer by deviee. deecent or by operation of law upon the death of a joint
tenanL or (d) the grant of any leaeehold intereet of three yeara or less not oontaining an optioa to p~rchase, Lender may, at Lendels option.
declare all the suma ~ecured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to aooelerate if. prior
to the sale or trs~nafer, Lender and the pe~son to whom the Property ie to be sold or tranaferred reach agreement in writing that the credit of euch
peteon is satisfactory to Lender and that the intereet payable on the aums aecured by thia Mortgage ahall be at such rate as Lender ahall
request. If Lender has waived the option to aocelerate provided in this paragraph 17. and if Rorrower's succeesor in interest has ~ecuted a
written aesamption agreemeat aocepted in writinB by Lender, I.ender ahall release Borrower from all obligationa under this Mortgage and the
' Note.
~ If Lender ~ercisea such option to accelezate, Lender ehall mail Borrower notice of acceleration in aoeordance with paragraph 14 hereoL
Such notice ahall provide a period of not less than 3(1 days from the date the notice ia ~ailed within which Borrower may pay the auma declared
; due. If Borrower faila to pay aach euma prior to the expiration of auch period. Lender may, withont further notice or demand on Eiorrow~. ~
E invoke any remedies p~mitted by paragraoh 18 hereof.
~ 18. Aaceleration; Remediea F~cept se provided in paragraph 17 6ereof, upon Borrower'e breach of any oovenant or
~ agreement of Borrower in thia Mortgage, including the oovenante to pay whea due any same s~ by this Yortgage, I.ender
~ prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action
required to cure such breac6; (3) sdate,"not less than 30 days 5rom the date t6e notice is mailed to Borrower, by which sush
~ breach must be cured; and (4) that failure to cure such breach oa or before the date specified in the notice may reeult in
aooeleration of the suaie eei.~ured by this Mortgage, foreclosure by judicial prw,~eeding and sale of the Property. The notice shall
furtber inform Borrower of the right to reinstate after acceleration and the right to a8eert in the foreclosure proceeding the
non-ezistence of a default or any ot6er defenae of Borrower to aooeleration and foreclosare. If the breach is not cured on or
before the date specified in the notice. I.ender at Lender'8 option may declare ali of the sums secured by thie Mortgage to be
immediatelX due and payable without furtber demand and may foreclose thie Mortgage by judicial proceeding. Lender ehall be
entitled to collect in such proceeding all ezpenses of foreclosure, including, ~t not limited to. reaeoneble attorney'e fees, and
costs of documentary evidence, abstracta and title reporta.
19. Borrower'e Right to Reinetate. Notwithstanding Lender's acceleration of the suma secured by thie Mortgage, Borrower shail have
the right to have any prooeedinga be8an by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgmeat enforcing
thia Mortgage if: (a) Borrower pays Lender all suma which would be then due nader ihie Mortgage, the Note aad notes eecnring Future
Advancee, if any, had no acceleration occ~rred; (b) Borrower cures all breaches of any other oovenante or agreemente of Borrower contained in
ihis Mortgage; (c) Borrower pays all reasonable e:pensee incurred by Lender in enforcing the oovenant8 and agreemente of Borrower
, aontained ia thie Mortgage and in enforcing Lender's remedies ae provided ia paragraph 18 hereof, including, but not limited to, ressonable
~ attorneyb fees; and (d) Borrower talces auch action ae Lender may reasonably require to aesure that the lien of thia Mortgagq I.end~'s interest
in the Property and Borrowef s obligation to pay the sums secured by thia Mortgage shall oontinue unimpaired. Upon such payment and enre
~ by Botrower, thie Mortgage and the obligatione secnred hereby ehall remain in full force and effect ae if no aoceleratio~ad occurred.
~ 20. Aeeignment of Rents; Appointment of Receiver. As additional eecnrity herennder. Borrower hereby aseigna to nder the renta •
~ of the Property, provided that Borrower shall, prior to aooel~ation under paragraph IS hereof or abandonment of the Property, have the right
` to rnllect and retain anch rents as they become due and payable.
~ Upon sooeleration unde~ paragraph 18 hereof or abandonment of the Property. Lender ehall be entided to have a receiver appointed by a
~ oo~ut to enter~npon, take poaseaeion of and manage the Property and to rnUect the rente of the Property, including those past due. All rents .
~ oollected by the receiver ahaU be applied fuat to payment of the aosts of management of the Property and oollection of rente. including. bnt not
~ limited to, receiver's fees, preminms on receiver'e bonds and reasonable attorne}~e feea, and then to the sums eecured by this Mortgage.'I1~e
~ reoeiver ahall be liabie to aooount only for thaee rente actually reueived.
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