HomeMy WebLinkAbout0400 8. Inepectio~. l.ende~ may make or cauee to be made reaeonable eMriea upon and inapectione of the property, provided that I.ender ehall
give E3orrower nutice prior b any euch inepection epecifying reasonable cause therefor related to l.ender'e intereat in the Property.
9. Co~demnation. The proceeds of any award or claim for damages, direct or co~sequential, in connection with any oondemnation or
other taking ot the property, or part thereof. or fo~ conveya~ce in lieu of condemnation, are hereby aeaig~ed und ehall be paid to l.ender.
In the event of a total taking of lhe Pooperty, the proceeds ahaU be epplied to the eume eecured by thie Mortgage, with the excees, if any,
paid to Borrower. In the event of e partial taking of the P~operty, unleee Borrower and l.ender otherwiee agree in writing, there ehall be
applied to the eume eecured by this Mortgage euch pmportion of the proceede se ia equal to that proportion which the amount of the euma
eecured by lhie Mortgage immediately prior to the date of taking beare to the fair market value of the I'roperly immediately prior to the date of
taking, with the balanca of the proceeds paid to Eiorrower.
I[ the Property is abandoned by Borrower, or if, after notice by l.ender to E3orrower that the rnndemnor offere to make an award or eettle a
claim for damages, Borrower faile b reepond to Lender within 30 daye after the date euch notice ie mailed, l.ender ie authorized to rnUect and
apply the proceeds, at Lender a option, either to reetoration or repair of the property or to the suma eecured by this Mortgage.
Uoleae I.eader and Borrower otherwise agree in writing, any auch application of prncc~eds to principal ehall not extend or poetpone the due
date of the monthiy inela!lmenta referred to in paragraphe 1 and 2 hereof o~ change the amounl ot euch inatallmente.
10. Borrower Nut Releaeed. Exteneion of the time for paymant or modification of amortization otthe eums aecurcd by thie Mortgage
~ranted by l.ender to any auccesaor in intrreat of Horrower ahall not operate to releaae, in any manner, the liability ot the originnl Borrower
and Borrower's aucceasors in intereat. [rnder ahall not be required to cummence pmceedinKe agninet such avcceasor or refuae to extend time .
for payment or otherwiae mudify nmoriization of thc auma secured by this Mortge~ge by rewwn of any demand made by the original I3orrower
t~nd k~c~rmwer'e sucresaura in intereat.
11. Forbesrance by l.ender Not s Waiver. Any forbearance by Lender in exerciaing any right or remedy hereunder, or otherwiee
aftorded by applicable law, ehall not be a waiver of or preclude the exereiee of any euch right or remedy. The procurement of ineurence or the
payment of taxea or other liene or chargea by [.ender shall not be a waiver of I.ender'a right to accelerate the maturity ot the indebtedneae
arcured by thie Mortgage.
12. Remediee Cumulative. Al) remediea provided in this 119ortgage are disti~ct and cumulative to any other right or remedy under this
Mortgage or afforded by law or equity, and may be exereieed concurrently, independently or succeaeively.
13. Succeesore and Aeeigne Bound; Joint and Several Liebility; Captione.'It~e covenante and agreementa herein conteined shall
bind, and the righte hereunder ehall inure to, the respective auccesaora and eseigne of l.ender and Fiorrower, subject to the provieions of
paragraph 17 hereof. All covenante and a~eemente ot Borrower ehaU be joint and aeveral. The captione and headinga of the paragraphs of
this Mortgage are for covenience only and are not to be uscd to interpret or define the provieione hereof.
14. Notice. Except for any notice required under applicable lava to be Riven in another manner, la) any notice to Korrower provided for in
this Mortgage shal) be given by ma:ling such notice by certified mail addresaed to E3orrower at the Property Addresa or at euch other addreee as
Borrower may deaignate by notice to l.ende~ aa provided hernin, and (b) any notice to I.ender ahall be given by certified mail, ret~un receipt
requested, to l.ender a addrees atated hemin or to auch other address as l.ender may deeignate by notice to Borrower se provided hemin. Any
notice provided [or in this Mortguge ahall be deemed to have been given to Eiorrower or t~ender when given in the manner deeignated herein.
15. Unitorm Mortgage; Governing Law; Severability.'I?~is form of mortgagecombines uniform cnvenante for national uee and non-
uniform covenanta with limited variations by jurisdiciion to conatitute a uniform aecurity instrument covering rnal property. Thie Mortgage
,hail be governed by the law of the jurisdiction in which the Property is located. ln the event that any proviRion or clause of this Mortgage or
the NotP contlicte wilh applicable Itive, such conflict ahall not affect other pmviaions of this Mortgage or the Note which can be given effect
without the conilicting pmvision, and to this end lhe pm~iaions ot the Mortguge and the Nate are declared to be aeverable.
16. Borrower'e Copy. Borrower shall be furniahed a conformed copy o[ the Note and of this Mortgage at the time otexecution or after
recordation hereof.
17. Tranefer of the Property; Aseumption. !f all or any part of the Yroperty or an intereat therein is eold or transferred by Borrower
w~thout l.ender s prior written conaent, excluding (a) the creation of a lien or encumbrance sutwrdinate to thie Mortgaqe, (b) the creation of a
purrhase money security intereat for houeehold appliances, (e) a tranafer by deviae, deacent or by operation of law upon the death of a joint
tenant or (d) the grant of any ieasehold internat of three yeare or lesa not containing an option to purchase, Lender may, at l.ender'a option,
declare all the auma secured by this MortgaRe to be immediately due and payable_ [.ender ahall have waived auch option to accelerate if, prior
to the sale or transfer, Lender and the person to whom the Property is tn be eold or transferred reach agreement in writing that the credit of such
peraon is satisfarU?ry to I.ender and that the interest payable on the suma secured by this Mortgage ahall be at such rate as I.ender shall
request. If I.ender has waived the option to accelerate pmvided in this paragraph 17, and if B~rrower's auccesaor in interest hae executed a
written assumption aQreement accepled in writinR by I.ender, I.ender shal) release Rorrower from all obliqations under this Mortgage and the
\ ote.
~ If I.ender exercises such option to acceler:tte, l.ender shali mail Rormwer notice of acceleration in accordance with paraqraph 14 hereof.
~ luch noticr shall provide a period of not les.g than days fr~~m the date the notim ia mailed within which Borrower may pay the sums declared
~ due. If Borrower fails to pay such suma prior to the expiration of ~uch periud, l.ender may, without further notim or demand on E3orrower,
~ ~n~oke any remedies permitted by paraQraoh iR hereof.
18. Acceleration; Remediea. F:cept as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or
S agreement of Borrower in thie Mortqsge. includinq the covenanta to pay when due any sums secured by thie Mortgage. Lender
~ prior to acceleration ahall mail notice to E3orrower ae provided in paragraph 14 hereof specifying: (1) the breach; (2) the action
~ required to cure such breach; (3) a date. not lese than 30 daya from the date the notice is mailed to Borrower, by which euch
~ breach muat be cured; and (4) that failure to cure such breach on or before the date apecified in the notice may result in
~ ecceleration otthe sums aecured by this Mortgage. foreclosure by judicial proceeding and eale of the Property. The notice ehall
further inform ~3orrower otthe right to reinatate aRer acceleration and the right to esaert in the forecloaure proceeding the
non-eziatence of a default or any other detense of Fiorrower to a~celeration and foreclosure. If the breach is not cured on or
betore the date specified in the notice, Lender at Lender's option may declare all of the eums secured by this Mortgage to be
~ immediately due and payable without furtherdemand and may forecloae this Mortgage by judicial proceeding. Lender ahall be
t•ntitled to collect in such proceeding all expenses of foreclosure. including, but not limited to, reasonable attorney's fees. and
i•oets of documentary evidence. abatracta and tiUe reporta.
~ 19. Borrower's Right to Reinatate. NotwithstandinR I.ender's acceleration of the sumseecured by thia Mortgage, E3orrower ehall have
the right to have any proceedings ~un by l.ender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enfominK
~ this Mortgage if: la) E3orruwer paya I.ender all sums which would be then due under this Mortgage, the Note and notes securing Future
Advances, if any, had nu Acceleration occurred; lb) Born?wer cures all breachea of any other covenante or agreements of Borrower contained in
this MortgaRe; /cl E3orrower pays all reasonable expenses incurred by l.ender in enforcing the covenants and agreements of I~rrower
~ cvntained in this Mortgaqe and in enforcing Lender'e mmedies as provided in paragraph 18 hereof, including, but not limited to, reasonablr
; attorney e fees; and Idl Borrower takee such action as I.ender may reasonably require to asaure that the lien of thiA Mortgage, I.ender'a intereat
= in the Propertv and Bormwer's obligation to pay the aums secured by this Mortgage ahall continue unimpaired. llpon euch payment and cure
!i by Borrower, this MortgaKe and the obligatiuns aecured hereby ahall remain in full force and effect as if no acreleration had occurred_
~ `L0. Aseignment of Rente; Appointment of Receiver. As ~dditi~~nal security hereunder, Rorrower hereby axsigna to l.ender the renta
~ uf the Property, provided that Borrower ehall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right
~ tu collect and retain auch rents as they become due and payable.
; Upon acceleration under paraqraph lR hereof or abandonment of the E'roperty, I.ender ehall be entitled to have a receiver appointed by a
~ a,urt to enter upon, take poaeesaiun of and manage the Property and to collect the rente of the F'roperty, including those past due. All rents
~ collected by the receiver ahail be applied firat to payment of the «~ata of managementof the Yroperty and rnllection of renta, including, but not
~ limited to, receiver'e feee, premiuma on receiver e Fwnda and reaaonable attorney's feea, Hnd lhen lo the aume aecured by this Mortgage. The
receiver ahal! he liable to acoount only tor those rents actually rereived.
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