HomeMy WebLinkAbout0804 8. Inspection. l.ende~ mey make or cauee to be made reasonabl: entries upon and inepections of the propetty, pmvided that I.ender ehall
ti~ive E3orrower notice prior to any euch i~epeclion aper6fying reaeonable cauae thereto~ relatecl to l.ender'a interest in the Property.
9. Condemnation. 7T:e p~ocecds of any award o~ claim for damages, direct or coneequential, in connectio~ wiih any condemnation or
~~the~ tt+king of the property, or part thereot, or for conveyance in lieu of condemnation, are hereby assigned and ehall be paid to l.ender.
in the eve~t ot a total txking of the Property, the procecde ehall be applied to the sume aecured 6y this Mortgage, with the e:cees, if any,
paid to E3orrower. In the event of a partial taking o[ the Property, unlees E3orrower and I.ender otherwise agree in writing, there ehall be
applied to the sume aecured by this Mortgage euch proportion of the pr«~ecds as ia equal to that proportion which t??e anount of the eums
secured by thia Mortgage immediately prior to the date of taking bears to the [air market value of the E'roperty immediately prior to the date of
taking, with the balanca of the proceede paid to Borrower.
l f the Property ie abandoned by Rorrower, or ii, after notice by l.ender to f3orrower thst the condemnor offera to make an award or eetde e
~•1Nim for damagee, Borrower faits to reepond w Lende~ within 30 daye after the date euch notice ia mailed, Lender is authorized to collect and
;?pply the proceeda, ut Ixnder's option, either to rnatoration or repair of the pruperty or to the aums secured by this Mortgage.
l!nleae l.ende~ and Borrower otherwiee agree in writing, any such application of proceeda to principal shall not extend or poetpone the due
~i~~te of the monthly inetalimentei reterred to i~ paragraphe I and 2 hereof or change the amount of such inetallments.
li? Rorrower Not Released. Extension of the time for paym~nt or modification ot amoriization of the aums secured by thie Mortgage
i[ranted by l.ender to eny succeasor in i~terest of Borrower shaii not operate to relense, in any manner, the liability of the original t3orrower
une! kk~rrowei s successora in intereat. [.ender ehall not be required to rnmmence prcx~erdings against such aucreasor or refuae to eztend time
f~ ~r pay~ryrnt or otherwise modify nmortizatiun of the sums secvred by this Mortguge by reason of any demand made by the original I3orrower
.~nd t3orrower's auttrsaors in interest. '
1 i. Forbearance by Lender Not a Weiver. My forbearance by Lender in exercieing any right or remedy hereunder, or otherwiae
:i fforded by applicable law, ahall not be a waiver of or preclude the e:ercise of any euch right or remedy. The procurement of inaurance or the
p<~yment of taxes or other liena or chargea by I.ender shall not be a waiver of I.ender'e right to accelerate the maturity of the indebtednesa '
.ecured by thia Mortgage.
12. Remediea Cumulative. All mmediea provided in thia Mortgage are dietinM and cumulative to any other right or remedy under this
~tortgage or afforded by law or equity, and muy be e=erciecVl concurrently, independently or aucceasively. .
13. Succesaore and Aseigne Bound; Joint and Several Liability; Captione. The rnvenanta and agreements herein contained shall
t,ind, and the righta hernunder shall inure to, the respective aucceseors and aseigns of l.ender and Borrower, subject to the provisione of
paragraph 17 hereof. All covenants and agreemente of Borrower ahall be jnint and aeveral. The captions and headinge of the paragrapha of
this Mortgage are for covenience only xnd are not to be used to interpret or define the provieione hereof.
14. Notice. Exmpt for any nolice required under applicable law to be given in another manner, (a) any notice to Rorrower provided for in
this Mortgaqe ahall beqiven by mailing such notice by certified mail addressed to Eiorroweratthr Property Addresaor at such other address as
tiorrower may designate by notice to l.ender as provided herein, and (b) aey notice to [.ender ahall be given by certified mail, return receipt
reyuested, to l.endei s addresa stated herein or to auch other address as I.ender mey deaignate by notice to Borrower se pmvided herein. Any
rn,tice pmvided for in this Mortgage shall be deemed to have been given to f3orrower or I.ender when given in the manner designated herein.
1 Uniform Mortgage; Govecning Law; Severability. This form of mortgage combines uniform oovenante for national uae and non-
uniform covenanta with limited variations by jurisdiction to conatitute a uniform security inatrument covering real property. This Mortgage
=hall be governed by the law of the juriadiction in which the Property ia located. In the event that any provision or clauee of this Morigage or
the Note conflicts with applicable law, such conflict shali not affect other provisiona of this Murtgage or the Note which can be given effect
withou: the confl~cting provision, and to this end the provisions of the MortgaRe and the Note are declared to be severabie.
16. Borr6R er'a Copy. Borrower shall be fumiahed a conformed rnpy of the Note and ot this Mortgage at the time of e:ecution or atter
recordation hereoL -
1^. Tranefer of tt~e Property; Aseumption. if all or any part of the Yroperty or an intereat themin is sold or tranaferred by E3orrower
..~ithout I.end~r'~ prior written conaent, exduding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a
.~urchase mone~• eecerity intereat for houaehold appliances, Ic1 a transfer by devise, descent or by operation of law upon the death of a jaint
~vnant or ld) the grsnt of any leasehold interest of three yeara or leas not cuntaining an option to purchase, Lender may, at Lender'e option,
j de~ 1a-e all the rums secure~l by this Mortgaqe to be immediately due and payable. I,ender ahall have waived such option to accelerate if, prior
{ t~ ~ the sale or transfer, [.ender and the person to whom the Property is to be aold or transferred reach agreement in writing that the cre~dit of auch
~ person is satisfactory to l,ender and that the intereat payuble on the sums secured by this Mortgage shall be at such rate as Lender ahall
! rE~auest. It I.ender has waived the option to accelerate pro~ ided in this paragraph 17, and if Borrower's successo~ in interest has executed a ,
~ «•ritten assumption agreement accepted in writinQ by l.ender. [.ender ahall release florrower from all obligations unde~ this Mortgage and the
\ ote.
~ I f I.ender exercisex such option to accelerate, I.endeT ahall mail &~rrower notice of acceleration in accordance with paragraph 14 hereof.
~uch notim shall provide a peri~~ of not less than :i0 days from the date the notice is rr.ailed within which Borrower may pay thesuma declared
~ clue. If Borrower fails to pay such sums prior to the expiration of such period, lxnder may, without furiher notice or demand on Fiorrower.
~ in~•oke any remeclies permittecl by par~tgranh iri hereoL
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~ 18. Acceleration; Remediea. E:cept as provided in paragraph 17 hereof. upon Borrower'e breach of any oovenaat or
~ Kgreement of E3orrower in this Mortgage. including the covenante to pay when due any aums aecured by this Mortgage, Lender
~ prior to acceleration shall mail notice to Borrower aB provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action
~ required to cure such breach; (3> a date. not lesa than 30 days from the date the notice is mailed to Borrower. by which auch
~ breach muat be cured: and t41 that failure to cure such breach on or before the date epecified in the notice may result in
~ ,?cceleration of the auma secured by this Mortgage. foreelosure by judicial proceeding and eale of the Property.The notice ehall
further inform Borrower of the right to reinatate after acceleretion and the right to assert in the foreclosure proceeding the
~ non-ezietence of a default or any other defenae of Borrower to acceleration and foreciosure. If the breach is not cured on or
~ tx fore the date sperified in the notice, Lender at Lender's option may declare all of the auma secured by this Mortgage to be
~ immediately due and payable without furtherdemand and may foreciose this Mortgage by judicial proceeding. Lender ahall be
~ t~ntitled to collect in such proceeding all expenses of foreclosure, including. but not limited to, reasonab?e attorney's fees, and
~•osts of documentary evidence. abstracts and title reports.
' 19. E3orrower's Right to Reinstate. NotwithetandinK I.ender'saccelerationoftheaumsaecuredbythieMortgage,Borrowershallhave
f the riKht to have any proceedinge bequn by [.ender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing
this Mort~cage if: ta1 Borruw•er pays I.ender all sums which wouid be then due under this Mortgage, the Note and notes securing Futurr
rldvances.ifany,hadnoamelerationoccurred;(blBorrowercuresallbreacheaofanyothercovenantaoragreeroentaofSorrowercontainedin
this MortqaRe; Ic) Borrower pays all reasunable expensea incurred by Lender in enforcing the covenants and agreements of fZorrower
` contained in this Mortqaqe and in enforcing [.ender's remedies as pmvided in paraqraph 18 hereof, including, but not limited to, reasonablP
attorney'e feea; and 1~1 E3orrower takes such action as I.ender may reasonably require to assure that the lien of this Mortgage, I.ender'e intereat
~ in the Property and Fiorrower's obligation to pay tfie aume~ secured by this Mortqage shall continue unimpaired. Upon auch payment and cure
by Borrower, this Mort~aQe and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred.
20. Assignment of Rente; Appointment of Receiver. As additional security hemunder, E3onower hereby aseigns to Lenderthe rents
~ ~~f the Prvpert~, provided that E3orrower ehall, prior to acceleration under paragraph 18 hereof or abandonment of the Ptoperty, have the right
to collect and retain such renta as they become due and payable.
Upon acceleration under paraqraph 18 hereof or abandonment of the Property, Lender ahaU be entitled to have a receiver appointed by a
rourt W enter upon, take poasession of and mannQe the Property and to collect the rentr? of the Property, including those past due. All rentx
rnliected by the receiver shall be applied firxt to payment of the ooats of management of the Pmperty and colleclion of renta, including, but~not
~ limited to, receiver's fees, premiums on receivei s bonds and reasonable attorney's feea, and then to the aums secured by this Mortgage. The
receiver ahall be liable tn account only for those rents actually received.
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