HomeMy WebLinkAbout0370 H. inepection. l.ender may muke or ca~se to be made re~eunebleentries upon and inepectionx of the pruperiy, provided that I.ender ehall
give E~orrower notice prior to any euch inepection apecifying ceasonable cause therefor reltited to l.ender's interest io the P:~operty.
9. Condemnation. 7'he proccr~de of any award or claim for damages, direct or coneeque~tial, in connection with aay condemnation or
other taking of the property, or part thereof, or for conveyance in lieu of condemnxtion, are hereby asaigned and shall be paid to l.ender.
In the event of a tottrl taking of the Property, the proceeda ehall be applied to the auma eiecured by this Morigage, with the excese, if any,
paid to Borrower. In the event of a partial taking of the Property, unlexe f3orrower and l.ender atherwiee u~ee itt writing, there ehall be
applied to the auma secured by thie Mortgage euch proportion of the proceeda na ie eyual to thnt propurtion which the amount of lhe aums
eecured by thia Mortgage immediately prior to the date of taking beara to the fai~ market ~•alue of the Nroperty immediately priorto thedate of
taking, with the balanca of the proceeda paid to Borrower.
I f the Property is abanduned by Borrower, or if, after notice by Lender to &~rrower lhat the condemnur offera to make an eward or aettle a
claim for damagea, Borrower faila to respond to l.ende~ within 30 days after the dale auch notice is mailed, l.ender ie authorized to collect and
apply lhe pra.~ecda, at Lender
e option, either to rcetoration or rnpair of the property or to the aume eecured by thie Mortgage.
lfnlese L.ender and BoROwer otherwiee agree in writing, any auch applicatio~ of proceeda lo principal ehalt not extend or poatpone thedue
date of the monthly inetallments referred to in paragrapha 1 t?nd 2 heteof or change the amuunt ot auch inetallmente.
10. l3orrower Not Released. Fxtension of the time for paym ~nt or modi6catiun of amortization of the sums aecu~ed by this Mortgage
Mcranted by I.ender to any sucY~essor in intereat of E3orrower ehall not uperate to release, in ~ny manner, the linbility of the original I3orrower
and Borrower's successurs in intereat. l.ender shall not be required to commence pnx~eedinKr~ tigainst Auch succcasor or refuse to extend time
fo~ pu~~mrnt or othemisr modify nmortizntion of the sums securcd F?y thia Murt~.~Ke by rca~,n uf any demz~nd mnde by theoriginal t;orrowcr
and F~rrower's yucrc~surs in inte~rst.
1 l. Forbearance by I.ender Not a Waiver. Any forbearance by i,ender in exercising any right or remedy hereunder, or otherwise
afforded by npplicable law, ahall not be n waiver of or preclude the execrise of any auch right or remedy. The procurement of inau~ance or the
payment of taxes or other liena or charges by I,ender ahal) not be a waiver of Ixnder'a right to uccelerate the maturity of the indebtedneas
secured by this MortgHKe_
12. Remediee Cumulative. All remediea provided in this Mortgage are dietinct and cumulative to any uther right or rnmedy under thia
:1lorigage or atforded by law or eyuity, and may be eaercise~i cwncurrently, independently or succeseively.
t:;. Succesaure and Aaaigna ~iound; Joint and Several Liability; Captione. 7'he covenante and agreementa herein contained ahall
bind, and the riQhta hereunder ahall inure to, the reapecti~e succeaeors and aseigna of I.ender and Rorrower, aubject to the proviaiona of
paa~graph 17 hereof. All covenants ~nd agreementa of Rorrower ahull be joint and several.l'he captiona and headinga of the paragraphs of
this Mortgage are for co~ enience only nnd arn not to be used to interpret or define the proviaiona hereof.
14. Notice. Excepl for any nolicc~ reyuirrd un~lev applicable law to he Riven in unother mz~nner, (n1 any notice to F3orrovver providedlor in
this Mortgage shali be given by mniling such noti~r by certified mail addreawed to F3orrower at the Pn~perty Addreas or at auch other addreas as
E3ormwer may deaignate by noticv to I,e~der ~~s pruvided herein, and Ibl any notim to t.ender ahall be given by certified mail, return receipt
requested, to I.ender's addrnas atated hemin or to such other addrexs xa l.ender may designate bv notice to Borrower as provided hernin. Any
notice provided for in this Mortgage shall be deemed to have been given to F3orruNer or l.ender whrn gi~~en in the manner deaignated herein.
1 i. Uniform Mortgage; Governing I,aw; Severability.'I'his form of mortg:~Ke cambinrs uniform covenants for nationa) uaeand non-
u~iform covenants with limited variations by jurisdiction to constitute a uniform security instruneent cuvering real property. This lltortgage
shall be go~ erned by the law of the jurisdiction in which the Yruperty is located. In the event that any provision or clauae of this Mortgage or
the Note conflicta with applicable law, such cunflict ,hal) nut affect other pru~•isions of this MurtKa~e or the Note which can be Qiven effect
without the conflictinK pruvisior., iind to this end the pmvisions of the MortKaKe ,tnd the Nute are declarEd to be arverable.
16. Borrowec'e Copy. Borrower ehall be fumished a rnnformed copy of the Note and of this Mortgage at the time of execution or after
recordation hereof.
17. Tranefer of the Yroperty; Asaumption. If all or ~ny part ot the I'roperty ur an interest therein is sold or tranaferred by Korrnwer
with~wt I.ender'R prior written consent, excluding la) the creatiun of a lien or encumbr~nce sutx,rdinate tn this blortKage, f b1 the creation of a
pun•hxae money aecurity interest for household appliances, (c) a transfer by deviae, descent or by.operatiun uf law upc~n the death of a joint
tenant or (d) the Rrant of any leasehold interest of three years or leas not cwntaining an option tu purchase, [.ender may, at I.ender's opiion,
declarn All the sums secured by this MortgaKe to be immt
diately due and payable. I.ender shall have wai~•ed such option to nccelerate if, prior
to the sale or transfer. I.ender and the person to whom the Property is to be t;old or transferrt d reach aKreement in writinK that the crcrlit of euch
person is satistacton• to I.ender and that the interest p<iyable on the sums secured by this MurtKaKe shall he at such rate as l.ender shall
rrquest. If I.ender ht~s waived the option to acmlerate providect in this paraiKraph ii, and if F~rrower's successor in interest has executcd a
w-ritten ar:sumption aKreement nccepted in writinK bp I.rnder, (.~•ndershallrele~G~e Borrowerfrom:~ll obliKations underthis MortgaKe ~ndthe
V ote.
I If Ixnder exrrcises such option to accel~•rate, Lender shall mail fiorrower noticr of acceleratie~n in nccordanm with paraKraph 1 a hereof.
~ Such notice shall provide a prri~~d ofnot I~:~.c than :illdays frum tlied:~te th~• notii•e is rr ailc~d w~ithin which Borrow~er may
' due. [f 13orruwer fails to pay surh sums prior to the ex vation uf tiuc~h P~i~ thrsumsd~Y-lared
' p periixl, I~~nder may, withuut further noticr or demand on Fi~rrower:
f ~nvoke any remedies ~rmitted by para~,~rauh ltt h~n~~f.
IS. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower'~ breach of any covenant or
{ agreement of Borcower in thia Mortgage, including the covenante to pay when due any sumsaecured by thiK Mortqaae.I.ender
~ prior to acceleration ehall mail notice to Borrower as provided in paragreph 14 herc~f epecityinq: (1) the breach; (`l) the action
required to cure auch breach; (3) a date. not lexs than 30 days from the date the notice is mailed to Borrnwer, by which such
; breach muat be cured; and (4) that failure to cure xuch breach on or before the date apecified in the notice ~r~ay rexult in
~ acceleration of t6e suma secured b~ thia Mortgaqe. foreclosure by judicial procreding and eale of the Property. The noticeshall
further inform Borrow er of the right to reinatate aRer acceleration and the right to assert in the foreclosure proceeding the
non-e:istence of a default or any other detenae of E3orrower to acreleratiun and forecloaure. If the breach ia not cured un ur
before the date apecified in the notice. Lender at I.ender's option may declare all of the aums aecured by this Mortgage to be
~ emmediately due and payeble without furtherdemand and mF~y foreclosethi~lYlortgage by judicial proceedinK. l.endershall b~•
~ rntitled to collect in surh proceeding all expensc~ of foreclusum, includin~, but not limited to, reasonable attorney's lees, and
~ coxtH of documentary evidence, abatrac~~ and tiUe re~x?ri~.
~ 19. I3~rrower's Right to Reinstate. NotwithstandinK I.ender's acceler.ition of the sums secured by this MartRage, E3orrov?ershall have
~ the right t~~ have any proceedinKs beKun by I.ender to enf~~rcF this MortKa{te d~scontinued at any time prior to entry of a jud~{rnent enforcinK
~ thiA Mortgage if: Ia1 Borrower pays I.ender all sums K•hich w•ould t?e then due~ under this blortgaQe, the Note and notes securinK Future
Advancea, if any, had no acceleration occurrecl; ( b1 F3orn~w-er cures a I i breaches of any other covenants or aqreements of fiorruw~er containcd in
~ this MortQaRe; ~c1 E3~rrower pays all reasonable expenses incurre~ by I,ender in enforcing the covenants and aKreemen~s of Korrower
crontained in this MortQaKe and in enforcinK I.ender's remedies as provided in pnraKraph 18 hereof, includinR, but not limited tn, reasunable
~ attorney's fees; and Id1 Borrower takes such action as I.~~nder may re:~sunably reyuirn tu assure that the lien of this MortKaKe. I.ende~r's interr•st
in the Properiy and F3orrower's obliKatiun to pay the sums setivrtYi by thi:; ;1tc~rtKaKe shaU c~~ntinue unimpaired. tTpon such paymrnt and cure
; by Borrowe:, this Mort~aKe and the obliKations sec-ured hereby xh.ill rems~in in full force and effect as if n~~ acreler.~tion had occurred.
~ 'l0. AsRignment of Rents; Appointment ot Receiver. As additinn.~l :jecurit~• hereunder, ~~rrower hereby assiKns to I,endcr the rentx
~ nftheProperty,prr?videdthatF3orrowershall,priortoaccelerationunderparaKraphlKhereuforabandonmentoflhel'ropert,y,ha~etheriRht
to collect and retain such renta :~s they berome due and payable.
3 lJpon accelerntion under paraKraph 1H hereK?f or abandunment of thr !'roperty. I.ender Rhall t?r entitled to have a receiver appuinted by a
3 court to enter-upon, t~ike possexsion of and manaKe the Prupert~~ .ind to cnllect the renL~ of the Pruperty, includin~ thc~se p~ist due. All rents
£ collected by the receiver shall be appliecl first to payment of the rns~~ of m:~naKement nf the PropPrty ~nd rnllection of rents, includinQ, but not
limited to, receiver'e feea, premiume on receiver's Fxmds and reationaMe attorne~~'s fees, and then to the ~ums secured by this blortgaRe. Thc~
~ e
receiver sh~ll t~e liable u~ account only for th~~se rentx actu.ilh~ receivecl.
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