HomeMy WebLinkAbout0118 ri. Inepection. l.ender may make or caue+e to br made reasunable entriea upon and inapectiuns ut Ihe proprrty, pruvided that l.endet ahaU
Kive Bnrruv~er notice prior u~ xny auch irea~•tion e{~crifying reue?unuble cuuae therefur relateci to t~nder'e interrat in the F'roperty.
!1. Co~drmnstion. The pr~nrda of any award ar claim for de~mugea, direct ur connequential, in cunnection with ~ny condemnation or
~~thrr p?king of the pu,perty, ur part thenr,f, or fur conveyance in lieu of condemnatiun, are hereby nxnigned und ehull be paid W l.ender.
!n the event of a tc~tul tukinK of the Yroperty, the proceede shxll be applied tu the e~ume~ Becured by thie Moriguge, with the exceas, if any,
pe?id to tiornnver. In the evrnt oi n pnrtial tuking ot the Property, unlesx I3orrower und (.ender otherwise agree in writing, there ehall be
:?pplicd tu the suma secured by thie blurtgage such proportion of the proceeds as is rqual to thAt proportion which the amount of the auma
wecvrrd by thia Martgage ~mmecliutely prior to the date of taking beere W the fair market vnlue of the 1'ropeRy imme<liately prior tc~ thedate of
t;iking, with the bulnncr of the pruceede paid to Borrower.
lf the Pruperty ia abAndoned by Rorrower, or if, after notice by I.ender to E3orrower that the condemnor at~ere to make an award or eettle a
cluim for damagea. F3orrower f~ila to reaEx~nd to t.euder within 30 days after the date such notice is mailed, l.ender ie authurized to collect and
apply the pru.:eede, xt l,ender's uption, either to rrstoraUun or repnir of the property or u~ the euma secured by this Mortgage.
l'nleeu~ Irnder nnd tiorruwer otherw•iue agree in writing, any euch applicntion of prvreeda to principal shall not extend or poatpone the due
d.ite uf the monthly insu~llmenta rrferred to in paraKraphs 1 and 'L hereof or change the amount of euch inatallmenta.
11~. Ei~rrower Not Releaai•d. Extensiun of the time for puym~nt or mc~dification of amortizntion of the auma secured by this Mnrtgage
Krante~ci by [.ender to any succexs~~r in interest of I3orrvwer shall not operate to rele:?ae, in any m.~nner, the linbility of the original I3orrower
c,nd itormwer's suctirasors in interest. l.ender ahall not be myuired to commence proereciinqs against auch eucce~+or or refuse to e:tend time
fur pa>~ment or otFirrwise m~H~ify :~murhtati~~n of the sum~c ~ecured by this MortKaKe hy reti~~n ~~C any dem.?nd ma~de by the origina! Borrower
.~nd lt~vruwer'c yucrewsors in inten~,t.
1 i. Forbeurance by Lcnder Not a Waiver. Any forbearunce by l.ender in exerciaing any right or remedy hereunder, or otherwie~e
:iffordc~l by applicable Iaw, shull not be a w•ui~•er of or preclude the exercise of any such right or remedy. The procurement of inaurance or the
payment of tnxea or other liena or chnrKes by l.ender ahall not be a waiver of lrnder'a riKht w accelerate the maturity of the indebtedneas
~ecurcvi b~~ thia 11ortKage.
1'l. Remediee~ ('umulative. All remedie~ pro~rided in this Mortgaqe are diatinct and cumulntive to any other right or remedy under thia
~lartgage ur affarded by law or eyuity, and may be exerciseii concurrently, independendy or aucceseively.
13. Succesaors and Adeigne f3ound; Joint and Several l.iability; Captione. The covenante and agreemenia hercin contained ahall
bind, and thP rights hemunder sha? inure to, the respectiee successors and aseigns of I.ender and E3ormwer, subject to the provieiune of
pxragraph 17 hereof. Ali covenants and a~,?reemen~a of E3orrower shall be joint and severul. The captions and headinga of the paragrapha of
th~~ Mortg~Ke are for rnvenience only an~+ sre not to be used to interpret or define the proviaions hereof.
i a. tiotice. Exce~~t f~~r :im~ nutice rtv~uiri•d under applicablN la~• tu be given in another mannc•r, ~:i1 any nutice tn f3urruwer pru~•edEd for in
thi~ MortKf+~;e shall b~ given by mailinQ such notice by certified mxil addresaed to Borrower nt the I'ropeRy Address or at auch ather addresa as
fiorruwer may des~Raate b~ notirn to I.ender us provided herein, t~nd tb1 any notice to I.ender shall be Riven by certified mail, return receipt
rey uestrd, to I~nder's addresx atxtecl hrrein or to such other addrras as I.ender may designate by notice to E3orrower ax provided herein. An~•
nuti~~ pmvided fur in this Mortgagr shall be deemcd to have been given to liorrower or [.ender when gi~•en in the manner dexignated herein.
1~. l.'niform Mortgage; Governing I.aw; Se~ erability. Thia form of mortgage combines uniform ~~~~enunta for national use and non-
uniform co~ enants with limited variations by jurisdiction to constitute a uniform security inatrument cuvering real property. This Mortgage
.hxll he Kovernc~ b}• the law uf the jurisdiction in which the Property is located. In the event that any provision or clause of this Mort~age or
the \~~tr conflic~s with applic~ble l~~w, sunc ~onilict ~hail not affect other prm•isions of this AturtKage or the Ihote which can l~ qiven effect
w~~thuut thr cuntlictinK pn,visiun, and ~ thia rnd the pru~•ision~c of the hlurtK~~Ke and the Note are declared to bF ~:everable.
lt;. E3orrower's Copy. Fiorn,w•er shali be furniRhed a conformed copy of the Note and of this D1ortRaKe at the time of execution or after
rr.-urdation hereof.
I;.'Transfer of the Property; Aadumption. lf all or any part of the f'ruperiy or an interest therein ia sold or tranaferred by Borrower
x•~thnut [.e~nder's pri~~r written cunsent, excludinK ~al the creatic~n of a lien ~~r encumbrance subordinate to this MortgaRe, (b1 the creation of a
E~urch.~~e mnn~•y ~crurity interest for huusehold appliances, Ic) a Iranafer b~ devise, d.scent or by operation of law upon the death of a juint
tenant ~~r ldl thr Kr.int uf any leasehuld int~rest uf three ~•ears or less not contz+ining an optic,n topurchaae, l.ender may, at [.ender'soption,
~ic~c~lare all the sums sc~c~ured by this MortKaKe to be immediately due and payable. I.ender shall ha~~e waived such option to accelerate if, prior
t~~ thr K~le ur transfer, t~~nder and the pr~rson to w•hom the F'roperty is to be sold or transferred reach a~;reement in v~~-iting that the credit of auch
Ekrsun is satisfacton• u~ I.ender :?nd that the interc~t pa~•ablP on the s~ms secured by this D1ortK.iKe shall be at such rate as t.ender ahall
r.~~ut~+t. If LendPr h:lti N'ill~'P(~ ~Flf~ uption tn EiCCP~PflilF ~~UYI(IPCI lfl tF113 F13tA({Paph 17, and if Iiorrow•er's sun-essor in interest has executed a
~'nttE~n .is,u~npdun ati•rt~~ment accrpted io writin~; h~• l.ender, i.ender shall rrle~e Borrow~erfrom atlobliK:~tiona underthis MortKaKeand the
~ \ u[e.
I if I.ender exer~ises such ~~ptiun U~ ar~elerate, ( xn~ier shaU mail Rorrower notice of acceleration in ac~y~rd~nce ~•ith paraKraph 14 hereof.
i 5uch notice sh.+ll pror~de• a peri~ Nl ~~f nnt les:; than :iU d:ryc frum the date the notice is mailc~l H•ithin a~hich Borro~eer may pay the sums declxred
j due. 1 f Horrower fails tn pay such tiums priur tu the expiratiun of such ~x~ri~xl, l.ender may, w•ithout further n~tice or demand on fiorrower,
E invuke.iny~ rrmed~t~ti ~xrmitterl hy p:ir.ikrauh Is+ here~~f.
E t8. Acceleration; Remedies. F.xcept ae pro~~ided in paragraph 17 hereof. upon Bormwer's breach of any covenant or
; xKreement of Borrow•er in this Nort~age. inrludinQ the covenante to pay when due any aumqeecured by this Mortgage, Lender
~~rior to acceleratiun shal l mail notice to Borrower ais provided in paragraph 14 hereof specifying: l1) the breach;121 the action
" r~>yuired to cure such breuch;l3) a date, not lexs than 30 days from the date the notice ie mailed to Borrower, by which euch
~ hreach must be cured; and 141 thnt failure to cure such breach on or before the date specified in the notice may result in
~ acceleration of the sume~ ~ecurcKl bc thiK Hortgage, forc~closure by judicial proceeding and sale of the Property. The notice ahall
~ further inform Borrower of the right to reinatate atter acceleration and the right to aAxert in the ~orecloeure ~roceeding the
' non-cxiatence of a deti~ult or an~ othcr defcnsc of Borrow~er tu xcceleration and forecloaure. If the breach ie not cured on or
~ tx~furt• the date apecifird in the notice, I.E~nder at Lender's option may declare all of the sums secured by this Nortgage to be
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immediatel~~ d~e and payabl~~ without furtherd~~mand xnd mn~- forecloyethis Mortgage by judicial proceeding. l.ender shall be
~ ~~ntitled to eollret in wuch prucredinK a) l expena~~~ of foreclosure, including, but not limited to, reayonsble attorne:.'s fees, and
~ ~•u~t+ uf documentary evidence, abstrnctx and title ~c•port~c.
A 39. Fiorrov~•er's KiRht to Reinstate. NotK~ithstandinK Iw~nder's accrlerationof thesumasecured by this 1lortgaKe, ~rrowershall ha~•e
~ thN riKht t~ have Einy proceedtr.Ks beKun h~~ [.ender tr~ enforce this ~tnrtKaKe di~cuntinued at any time prior to entry uf a judQment er?forcing
- thi5 ~1urtKake ~f: ~a i fi~~rro~•er pay~ I.ender all sum~ w•hich w~~uld 1~ then due under this ~lurtgaRe, the Note and notes securinQ Future
Advances, if any, had nu a~•crlrratiun rK•cu rrrK1; Ib1 Korro~s~~r cureti all breachrs of any other covenants or agteements of F3~rrow•er cuntained in
~ this i~lortKaKe; Icl 13r~rrower p.iys all reaaonablr i~xpe~nses incurred by (,ender in enforcinR the covenants and agreements uf Rorrower
- cunt:~:ned in thiN :11ort~aKe and in enf~~rcinK l,en~er'g r~mc~ie5.iw pruvided in paragraph IR hermf, including, but not limited to, reasonat~le
attorne}•'s feea; and Ic1i fiorrow~er takes such action :~s I.ender may reasonably reyuire to assure that the lien of this Mort~aKe, [.ender's interest
in thP Pro~x~rty .~nd Eiurruw~er's ~~bli~atian u~ pay tne sums tiecurrd b~• this ~1ortKaKe :+hall continue unimpairNd. Upon auch payment and cure
by Fiorrower, this 11urtKa~;e and the ~~hliKationF secured hereby sh~ll remain in full f~~rce and effect as if no acceleration had occurred.
" 'L0. Assignmrnt of KentP; Appointment ot Keceiver. As .~dditi~~n:il sec'arit~• hrreunder. Borrov~•er hereby assiKna ln l.ender the rents
! ~,f thc Property, provided that &~rro~r-er shall, prior tu acceleration under paraqraph lii herenf or abandonment of the Properly, have the right
tu c~~llect xnd retain such rent+s as they t?Erume due and payable.
l.`pon acceleraNon under paraKraph iH herenf ur abandunment uf the Yruperty. I.ender shall be entitled to have a receiver appointed by a
_ rourt to enter upcm, take pos:+rssion of and m:ina~;e thr Property and to ~•ullect the rentl: of the Pruperty, includinK those puyt duc. All rents
~3 exdlectc~ by the receir•er shall be :~pplird first to payment o[ ihe cY~stx of m<in.~Kement of the Yropertt and collection of rents, including, but not
~ l~mitkd to, recei~er's fees, Nremiumw un receiver's bonds and rea5unable atG~rney's fees, and then to the sums secured by this Mort{~aKe. The
~ !M'E'IYP[ Sflall be li:~ble t~. accti~unt unly fur thusr rent~y acKu.illy recrio•ed
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