HomeMy WebLinkAbout0413 8. Inepection. l.ender may make or cauxe to be made ~easonable entri~ upon and inapections of the property, p~ovided that I.ende~ ehaU
give Borrowe~ notice prior to any auch inepertion epecifying reaeonable cause therefor related to I.ender's interest in the Property.
9. Co~demnatioa. The procecde of any award or claim for damages, direct or co~eequentiel, in connection wilh any oondemnation or
other taking of the pmperty, or part thereot, or for conveyance i~ lieu of condem~ation, are he~eby aaeigned and sht~ll be paid to l.ender.
In the event ot a total taking ot the Property, the proceede ahaU be applied to the auma secured by thie Mortgage, with the e:ceae, if any,
paid to E3orrower. In the event of a partial taking of the Pcoperty, unleee Born~wer and I.ende~ otherwiee agree in writing, there ehall be
applied to the aume eecured by thie Mortgage such proportion of the proceeds us is equsl to that proportion which the amount of the eume
secured by this Mortgage immediately prior to the date of taking beare ta the fair market value otthe Property immediately prior to thedate of
taking, with the balanca of the proceede paid to E3orrower.
If the Property ia abandoned by Borrower, or if, after notice by I.ender to Borrowe~ lhat the rnndemnor of~era to make an award or eettle a
claim [or damagee, Borrower faile to reepond to Lender within :i0 daye atter the date auch notice ie mailed, l.ender ie authorized tocollect and
t~pply the proceede, at l.ender's option, either to reetoration or repair of the pmperty or to the sums eecured by thie Mortgage.
Unleee I.ender and Borrower otherwiee agree in writing, any auch application otproceeda to principal ehall not extend or poetpone the due
date of the monthly inataUmente referred to in paragraphs 1 and 2 hereof or change the amount of auch inetallmente.
!0. Borrower Not Released. Extensio~ of the time for paym~nt or modification of amor?ization of the aums secured by this Morigage
~cranted by I.ender to any aucceaeor in interest of E3orrower shall not operate to rnlease, in any manner, the liability of the original Eiorrower
and Borrower'e successore in intereat. l.ender ahall not be required to commence proc~eedinge againat auch auccesaor or refuae to extend time
for payment or otherwise modify amortization of the suma aecured by this Mortguge by reason of any demand made by the original Borrowe~
and E3orrovrer s sucresa~ra in inlerest.
11. Forbearance by l.ender Not a Waiver. Any forbearance by Lender in exercieing any right or remedy hereunder, or otherwise
f~fforded by applicable law, ahall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of ineurance or the
payment of tazee or other liene or chargea by Lender ahall not be a waiver of Lender'e right to accelerate the maturity of lhe indebtednese
~ecun~ci by thia Mortgage.
12 Remediee Cumulative. All remediea provided in this Mortgage are diatinct and cumulative to any other right or remedy under thia
Mortgage or afforded by law ot equity, and may be exercise~i concurrently, independently or aucceaeively.
13. Succeasore and Aseigne Bound; Joint and Several Liability; Captione. The covenants and agreemente herein contained ahall
t»nd, and the righta hereunder shall inure to, the reepective eucceaeors and aseigns of I.ender and Borrower, aubject to the proviaiona of
p~+ragraph 17 hereof. All covenanta and agreementa of Borrower ahall be joint and eeveral. The captiona and headinga of the paragrapha of
this Mortgage arn for rnvenience only und are not to be uacd to interpret or define the proviaione hereof.
14. Notice. F:xcept for any notice required under applicable law to be given in another manner, la) any notice to ~3orrower provided fo~ in
this Mortgageshall be given by mailing auch notice by certified mait addreased to Borrower at the Property Addreaaor at such other addrese as
ftorrower may dessignate by notice to I.ender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt
req uested, to Lender's addresa stated herein or to auch other addreae as l.ender may designate by notice to Borrower ax provided herein. Any
n~~tice provided tor in thia Mortgage shall be deemed to have been given to I3orrower or Ixnder when given in the manner designated herein.
15. Uniform lMlortgage; Governing Law; Severability. Thia form of mortgage combines uniform rnvenants for national uae and non-
uniform covenants with limited variationa by juriediction to conatitute a uniform security instrument covering real property. This Mortgage
,hall be governed by the law otthe jurisdiction in which the Property ia located. ln the event that any proviniun or clause of this Mortgage or
the Note contlicts with applicable law, auch conllict shall not aftect other provisiona of this Mortgage or the Note which can be given effect
without the rnnAicting proviaion, and to thia end the pmvisions of the hlorlgage and the Note are declared to be severable.
l6. E3orrower'e Copy. Borrower ahall be furniahed a conformed copy of the Note and of thia Morlgage at the time of execution or after
recordation hereof.
1 T. 'Itiranefer of the Property; Aaeumption. 1f aU or any part of the ~tiroperty or an intereat therein ia sold or traneter.ed by E3orrower
w•ithout I.ender'a prior written consent, excluding (a) the creatiun of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a
pu rchase money security intereat for houaehold appliances, (c) a tranafer by devise, d~scent or by operation of iaw upon the death of a joint
t~nant or (d) the grant of any leasehold intereat of three years or lesa not rnntaining an option to purchase, Lender may, at Lender'a option,
cit~clare all the suma secured by thia Mortgage to be immediately due and payable. Lender ehall have waived such option to accelerate it, prior
a~ the sale or transfer, I.ender and the pereon to whom the Property is to be aold or traneferred reach aRreement in writing that the credit of euch
nerson is eatisfactory lo (.ender and that the interext payable on the suma secured by this Mortgage shall be at such rate as [.ender sha11
reyueat. If l,ender has waived the option to accelerate provided in this paragraph 17, and it E3orrower's successor in interest ha~ executed a
; written assumption agreement accepted in writing by I.ender, I.ender shal) release Borrower from all obligations under thia Mnrtgage and the
I \ ute.
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~ 1 f I.ender exercises such option tn accelerate, I.ender shall mail Rorrower notice of acceleration in accordance with paragtaph 14 hereof.
~ ~uch notice shalt provide a periud of not less than :K) days from the date thr ~otice ia mailed within which Borrower may pay the sums declared
~ ~iue•. If 13orrower fails to pay such sums prior to the expiration of such period, I.ender may, withuut further noticr or demand on fiorrower,
invoke any remedies permitted by para{zraoh IR hereof
~E 18. Acceleration; Remediee. E:cept ae provided in paragraph 17 hereof. upon Borrower'a breach of any covenanl or
~ aKreement of Borrower in thia Mortgege. including the covenante to pay when due eny aumssecured by this Mortgage. Lender
prior to ecceleration shall mail notice to Borrower ax provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action
~ rt~yuired to cure such breach; (3) a date. not leea than 30 daye from the date the notice is mailed to Rorrower. by which such
breach muet be cured; and (4) that failure to cure euch breach on or before the date epecified in the notice may result in
g acceleration of the eume aecured by this Mortgage. toreclosure by judicial proceeding and aale of the Property. The nqtice ahall
~ further intorm Borrower of the right to reinetate after acceleration and the right to assert in the foreclosure proceeding the
~ non-e:ietence of a default or any other defense of Borrower to acceleration and forecloaure. If the breach ia not cured on or
~ t~fore the date specified in the notice. Lender at Lender's option may declare all o[ the sume aecured by thie Mortgage to be
~ immediately due and payable without furtherdemand and may forecioae thie Mortgage by judicial procee•.1in~. l.ender shall be
~ ~~ntitled to collect in such prceeeding all expenses ottorecloaure. including. but not limited to. reaxonable attorne•y'x teea. and
~ coate of documentary evidence. abetracte and title reports.
~ 19. Borrower'e Right to Reinatate. Notwithstanding l.ender a acceleration of the eums aecured by this Mortgage, Korrnwershall have
the right to have any proceedings begun by i.ender to enforce thia Mortgage discontinued at any time prior to entry of a judKment enforcing
~ thie Mortgage if: (a1 Borrower pays Lender all auma which would be then due under this Mortgage, the Note and nntes s~tur:ng Future
Ad vancee, if any, had no acceleration occurred; (b) Borrower curee al l breachea of any other coven ante or agreements of &~rrower con tained in
~ thia Mortqage; (c? I3orrower pays all reasonable expensea incurred by Lender in enforcing the covenants and agreements of I3orrower
~ rnntained in thia blortgage and in enforcing l.ender'a remedies as provided in paragraph 18 hereof, includinq, but not limiled to, reasonable
~ attorney's fees; and (d) Borrower takes such action as I.ender may reaaonably require to asaure that the lien of this Mortgage, I.ender e intereet
in the Property and E3orrowei a obligation to pay the suma secured by thie Mortgage ahall continue unimpaired. Upon anch payment and cure
` by Borrower, thie Mortgage and the obligatione eecured hereby ahall remain in full force and effect as if no acceleration had occurred.
= 20. Aeeignment ot Renta; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby assiqna to Lender the rents
- ~~f the Property, provided that Borrower shall, prior to acceleralion under paragraph 18 hereof or abandonment of the Property, have the right
to collect and retain euch renfs ae they become due and payeble.
= Upon acceleration under paragraph IS hereof or abandonment of the f'roperty. Lender ahall be entitled to have a receiver appointed by a
~ ~ourt to enter upon, take posaeasion of and manage the Property and to collect the rente of the Property, including those past due. All rente
~ c~~llected by the receiver ahall be applied firat to payment of the coete+ of management of the Property and collection of rente, including, but not
W iimited to, receiver'e fees, premiume on receiver's bonds and reasonable attorney's fees, and then to the suma secured by thia Mortgage. The
~ receiver ahall be liable to account only for lhose rente actually received.
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