HomeMy WebLinkAbout0512 8. In~pectiop. Lender may make or cause to be made rea~onabk eatria upon and inspectione of the properRy. pmvided that Leade: shall ;
give Borrowei notice prior to any such inapection specifying reasonable canss thenfor related to Lender's intereet ia the Property. i
9. Condemnation. 'I~e prooeeds of any award or claim for dama~es. direct or oonaequential, i~ conAecaon with any oonaemnaaon or ~
other taking of the propetty, or patt thereof, or for convsygnc~ in lieu of mndemnation, ara herel~y auignsd and ~hall be poid to I.ender.
In the event of a total taking of the Property, We proceeds shaU be applied to tha sums secured by this Mortgage, with the e~coees, if any.
paid to Borrower. Ia the event of a partial taking of the Pevperty, unleea Borrower and Lend~ other~vise agiree in writing. there shaU be
applied to the sums secured by thie Morf~age such pmportion of the pmooeds ae is equsl to that proportion which the amouat of the sums
secured by this Mortgage immediately prior to the date of taking bean to the fair market value of the Properiy immediately prior to the date of
taking, with the balanca of the proceecis yaid to Borrower. ?
If the Property is abandoaed by Bormwer. or if, aRer notice by Lend~ to Borrc--- r,_~,...__.~..er_~......_~_ _ +
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claim for damages, Borrower fails to reepond to I.eAder within 30 days aR~er the date such notice is mailed, I.ender is authorized to oollect and
apply the pmceeds, at I.ender's option. eiW~ to reatoratioa or repair of the property or to !he sums secured by this Mortgage.
Unleas Lendu and Borrower otheswiee agree in writing, any iuch applicatioa of proceeds to principal shall not estend or poetpone the due !
date of the monthly installments referred to in paragra~s 1 and 2 hereof or change the amoanL of such installments. ~
10. Borrower Not Released. E:tenaioa of the time for paymant or modification of amortizatio~ of the sua4e secured by this Morlgage
granted by Lender b any aucceseor in interest of Borrower shall not operate to nlease, in any manner, the liability of the original Borrower >
and Borrower's euoceesors in inteceat I,ender shall not be required to oommence proceedings egainst auch euoceesor or nfuse to e:tend time '
for payment or otherwiae modify amortization of the auma secured by thia Mortgage by reason of any demand made by the otiginal Borrower
and Borrow~ s auccesaore in interest.
11. Forbearanoe by Lender Not a Waiver. My forbearance by Lender in e:ercising any iight or remedy 6enunder. or otherwise
aPforded by applicable law, ehall not be a waiver of or preclude the e~cerciee of any such right
or remedy. The procurement of inauranoe or the ~
payment of taues or ot1?er Uens or charges by I.ender ahall not be a waiver of Lender's right to aooderate the maturity of the indebtedneee '
secured by thie Mortgage. ;
12 Remediee Cumulative. All remediea pmvided in thie Mortgage are distinct and cumulative to any other right or remedy under this
Mortgage or afforded by lawr or eqnity. and may be e:er~ciee~i ooncurrently, independently or suooeasively.
13. 3ucoeeeors and Asaigne Bound; Joint and 3everal Liabillty; Capttona The covenante and agreements herein oontained ahall
bind, and the rights-hereunder shall inun to. the respective eucteasore and easigns of l.ender and Norrower. aubject to the pmviaions of
paragraph 17 hereoi All rnvenanta and agreemente of Borrowrr ehall be joint and eeveral. The captiona and headings of the paragraphs of
thia Mortgage are for covenience only and are not to be used to interpret or define the proviaiona haeof. ;
14. Notice. Eacept for any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided for in ;
thia Mortgage ehall be given by mailing such notice by certified mail addreaeed to Borrower at the Prope~ty Addreea or at such other addrees as
Borrower may d~ignste by notice to Lender as pmvided herein, and (b) any notice to I.ender ehall be given by certified mail. return receipt ;
requeated. to Lender's addreae atated herein or to auch oth~ addrees as Lender may deeignate by notice to Borrower as provided herein. Any
notice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender whea given in the maaner deaignated herein.
15. Uaitorm Alortgage; Governi~g Law; 3everability. Thia form of mortgagecombinea uniform oovenante for national use and non- ,
uniform covenante with lunited variations by juriediction to oonstitute a uniform security instrument oovering real property.'I1iie Mortgage '
ahall be governed by the law of the jurisdiction in which the Property ie located. In the event that any proviaion or clauee of thie Mortgage or '
the Note conflicta with applicable law, such conflict shall not afTect othe= provisions of this Mortgege or the Note which can be given efiect
without the rnnfticting proviaion, and to thia end the proviaions of the Mortgage and the Note are declared to be eeverable.
1& Borrower's Copy. Borrower ahall be fumiahed a conformed oopy of the Note and of thia Mortgage at the time of ~ecution or after ;
recordation hereof.
1T.'i~anefer of the Property; Aesumption. If all or any pert of the Property or an intereat therein ie eold or transferred by Borrower
without Lender's prior written conseat, eaccluding (a) the creation of a lien or encumbrance anbordinate to this Mortgage. (b) the creation of a
purehaee money security interest for houeehold appliances, (c) a transfer by devise. descent or by operation of law upon the death of a joint '
tenant or (d) the grant of any leseehold intereet of three years or leas aot oontaining an option to purchaae. Lender may, at Lendei's option, }
declare all the suma secured by this Mortgage to be immediately due and peyable. Lender ahall have waived such option to accelerate if, prior
to the sale or transfer, Lender aad the peraon to whom the Property ia to be eold or tranaferred reach sgreement in writing that the cndit of euch
peraon is satiafactory to Lender and that the interest payable on the aums eecured by this Mortgage ehall be at auch rate aa L.ender ehall
request_ If Lender has waived the option to accelerate pmvided in thia paragraph I7, and if Borrowei s succeseor in interest haa e:ecuted a
w~ritten assumption agreement accepted in writing by Lender, Lender ahall releaee Bonower from all obligationa under this Mortgage and the
Note.
If Lender exercises auch option to accelerate, I.ender shall mail Borrower notice of aooeleration in accordance with paragraph 14 hereoL
Such notice ahall provide a period of not tess than 30 days from thedate the notice ia mailed within which Borrower may pay the suma declared
due. If Borrowet fails to pay such aums prior to the expiration of such period, Lender may, without further notice or demand on E3orrower,
j invoke any remedies permitted by paragraoh 18 hereof.
~ 18. Acceleration; Remedies. Ezcept se provided in paragraph 17 hereof, upon Borrower'e breach of any oovenant or
agreement of Borrower in thia Mortgage, including the oovenante to pay whea due any sums Becured by thie Mortgage, Lender
' prior to acceleration shall mail notice to Borrower ae provided in paragraph 14 6ereof epecitying: (1) the breach; (2) the action
reqwred w cure such breach; (3) a date, not lese than 30 daya from the date the notice ie mailed to Borrower, by which euch
; breach muet be cured; and (4) that failure to cure auch breach on or before the date specified in the notice may result in
; accelerat ion of the suma secured by thie Mortgage, forecloeure by judicial proceeding end sale of the Property. The notice shall
f further inform Borrower of the right to reinatate after acceleration and the right to aesert in the [orecloeure proceeding t6e
s non-ezistence of a defeult or any other defenee of Borrower to acceleration and foreclosnre. If the breach ie not cured on or
s before the date epecified in the notice, Lender at I.ender'e option may declare all of the sume aecured by thie Mortgage to be
~ immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ehall be
; entitled to oollect in such proceeding all ezpenses of foreclosare, including, but not limited to, reasonable attorney's feea. and
~ coata of documentary evidence, abstracts and title reporte.
19. Borrower's Right to Reinetate. Notwithatanding Lender a acceleration of the autns eecured by thia Mortgage, Borrower ahall have
~ the right to have any proceedinge begun by I.ender to enforce thia Mortgage diecontinued at any time prior to eatry of a judgment enforcing
~ thia Mortgage if: (a) Borrower paya Lender all suma which would be then due under thie Mortgage, the Note and notea securing Future
; Advancee, if any, had no acceleration occurred; (b) Borrower curea all breachea of any otherrnvenanta or agreements of Borrower contained in
~ thie Mortgage; (c) Botrower paye all reseonable e:pensee incurred by Lender in enforcing the oovenants and agreemente of Borrower
oontained in this Mortgage and in enforcing Lender's rnmediee as provided in paragraph 18 hereof, including, but not limited to, reasonable
atiomey's fees; and (d) Borrower takee auch action as Lender may reasonably require to seaure that the lien of thie Mortgage, Lender's intereet
in the Property and Borrower e obligation to pay the aums aecured by thie 1liortgage ahall oontinue unimpaired. Upon auch payment and cure
by Borrower, this Mortgage and the obligationa eecured hereby shall remain in full force and effect as if no acceleration had occnrred.
20. Assignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby aesigna to L,ender the rents
i of the Property. provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right
to rnUect and retain auch rente ae they become due and payabte_
Upon acoeleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entided to have a receiver appointed by a
oo~ut to enternpon, take posaession of and manage the Property and to oollect the rents of the Property, induding thoee past due. All renta
oollected by the receiver shall be applied first to payment of the oosta o[management of the Property and rnUection of renta, including, but not
limited to, receiver a feea, premiuma on receive~a bonda and reasoneble attorney's fees, and then to the euma eecured by thie Mortgage. The
; receiver ahall be liable to aooount only for those renta actually received.
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