HomeMy WebLinkAbout0417 A. Inepection. I.ender may make or cauac to be made reasonabie ent~es upoo and inapectione oithe pruperty, provided that l,e~der ehal!
give Horrower notice prio~ to any euch inepection apecifying reaeonable cauee lherefor related b l.ender'e intereat in the Property.
9. Condemnation. 'R~e proceeds of any award or claim fo~ damages, direct or co~aequential, io connection with any oondemnation or
other takiry~ of the pmperty, o~ part thereof, or fo~ conveyance in lieu uf condemnation, are hereby esaigned and ehall be paid to I.ender.
in the event of a total taking oT the Property, the procccde shall be applied to the eums eecured by thie Mortgage. with the e:ceee, if any,
paid w Borrower. In the event of e partial taking ot the Property, unless Borrower and l.ende~ otherwiee agree in writing, there ahaU be
applied to the euma eecured by this Mortgage auch proportion of the procecde ae ie equsl to that proportio~ which the amount of the sums
secured by this Mortgage isnmediately prio~ to the date ot taking beare to the fair market value olthe Property immediately prior to the date oI
taking, with the balancr o! the proceeda paid to Borrower.
If the Pcoperty is abandoned by E3orrower, or if, after nolice by l~ender to fiorrower thet the rnndemnor offere b make an award or settle a
claim for damages, Borrower taile to reapond to l.ender within 30 days atier the date auch notice is mailed, l.ender is authorized f~ collect and
upply the procee,da, at Lender'e option, either to reetoration or repair of the property or to lhe eums eecured by this Mortgage. '
Unlees l.ender and E3orrower othervr-iee agree in writiog, any euch applicatio~ of proceede to principal ehall notextend or postpone thedue
date of the monthly inetallments refernd to in pa~agrapha 1 and 2 hereof or change the amount of euch inetallments.
!0. Borrower Not Released. Fxteneion of the time for paymant or modificntion of amortization of the aums aecured by this Mortgage
Kranted by l,ender to any aucceaeor in intereat of i3orrower ahall not operate t~ release, in any manner, the liability of the original E3orrower
~?nd E3orrower'e Bucceasora in intereat. I~e~de~ shul) not be required W commence proceedingR agai~et auch aucceasor or refuse to eztend time
Cur puyment or otherwise modi[y umorlization of the sumx aecured by thie Morigage by reasun uf any demand made by the original Borrower
.~nd F3orn?wei x succesrwra in interest.
11. Forbearence by Lender Not a Weiver. Any forbearance by I.ender in e:ercieing any right or remedy hereunder, or otherwiee
Hfforded by applicable law, ahall not be a waiverotor preclude lhe exerciee of any auch riRht or remedy. The procurement of insurance or the
payment of ta:es or othe~ liena or charges by I.euder shall not be a waiver of I.ender s right to accelerate the maturity of the indebtednees
aecured by thie Mortgage.
12. Remediee Cumulative. All remediea provided in thia Mort~age are distinct and cumulative to any other right or remedy under thie
Mortgage or afforded by law or equity, and may be exercised concurrenUy, independently or eucceseively.
1:~. Succeseors and Aseigne Bound; Joint and Several Liebility; Captione. The covenanta and agreemente herein cuntained shall
bind, and the riRhts hernunder ehall inurn to, the reapective aucceaeors and aeaigna of Lender and E3orrower, subject to the provieiona of
paragraph I7 hereof. All covenanta and agreements of Borrower ahall be joint and several. The captions and headinge of the paragraphe of
thia Mortgage are for cnvenience only and are not to be used to interpret or define the proviaione hereof.
14. Notice. Except tor uny notice required under a~pplicable law to be given in unother munner, (a) any notice to Borrower provided for in
thia Mortgage ahall be given by mailing auch notice by certified mail addreased to Borrower at the Property Addreas or at auch other addreae ae
Fiorrower may designate by notice to I.ender ~s provided hernin, and (b) any notice to l.ender ehall be qiven by certified mail, return receipt
requeated, to l.ender'e addrese stated herein or to such other address as I.ender may deaignate by notice to Borrower as provided herein. My
notice provided for in this Mortgage ahall be deemed to have been given to E3orrower or I.ender when given in the manner designated herein.
1:~. lTn iform Mortgage; Governing Law; Severability. Thia form of mortgage combinea uniform rnvenante for national uae and non-
uniform covenanta with limited variations by juriadiction to wnstitute a uni[orm security inatrument cuvering rnal property. Thia Mortgage
~ha~ll be Kovemeci by the law of the juriadiction in which the E'roperty ia locatad. In the event that ~ny provieion or clauae of thia Mortgage or
the Note contlicts with aipplicable law, such a,nflict ahall not affect other provisions of this Mnrtgage or the Note which can be given effect
withuut the ainilictinK pruvision, and to thie end the proviaiona ot the MortK~Kr ~nd the Note are declared to be xeverable.
1 fi_ I;orrower'e Copy. E3orruwer shall be furnisheci n conformed copy of the Note and o£thia Mortgage at the time of eaecution or after
recordation hereof.
l7. Traneter ot the Property; Aesumption. If all or any part ot the F'roperty or an intereat lherein ia sold or tranaferred by Iiorrower
~•ithout l,ender'a prinr written coneent, excluding Ia) the creation of a lien or encumbrance eubordinate to thia Mortgage, (h) the creation of a
purchaxe money security interest for houxehold appliances, (c) n tranefer by deviae, descent or by operation of law upon the death of a joint
tc~nant or !d1 the Qrant of any leasehold intereat of three ~evra or lesa not containinR an option to purchase, I.ender may, at Lender'e option,
declare all the suma securcrt by thie Mort~age to be immedi~tely due and payable. I.ender ahall have waived such uption to accelerate if, prior
to the:u~leor tranafer, l,ender and the person to whom the I'roperty is to besuld or traneferred reach agreement in writing that thecreditof auch
person is aatisfactory to I.ender and that the interest paynble on the suma secured by this MortKaKe shall be at such rate ns I.ender ahall
rryuest_ If I.ender has waived the option to acce(erate pnrvided in thie pnraKraph 17, and if Borrower s auccessor in interest hua executed a
w•rilten axxumplion :~Kreemenl :+ccept~d in writinK by I.ender, l.ender ehall release Burrower from all obliKations under thia Mortgage t?nd the
i \ute_
' If I.ender exercisrx yuch option to nccel~ratP, l.ender sht~ll mail Rormwer notice of acceleration in accordance with part~graph 14 hereot
~ luch notice shall rovid~ a
I p {~c~ri~Klufnutletisthan:il?ds~}•sfromthedati•then~~ticeismailerlwithinwhichF3orn?wermaypavtheaumsdeclared
i due. If I;orrower fails to pay such sums prior to the expiraiion of such perind, Lender ms?y, with~~ut further notim or demand on Eiorrower.
~ ~nvoke:ir.p reme~cliew permitted b~• par:iKraoh IK herir~f.
` 18. Acceleration; RemedieA. E:cept se provided in paragraph 17 hereof. upon Borrower's breach of any rnvenant or
~ agreement of Borrower in thia MortRage. including the covenante to pay when due any sume eecured by this Mortgege. Lender
s prior to acceleration shall mail notice to Borrower es provided in paragraph 14 hereofepecifying: (1)the breach;(2) the action
~ required to cure such breach; (3) a dete. not lees than 30 days trom the date the notice ie mailed to Borrower, by which euch
¢ breach muet be cured: and (4) ihat failure to cure auch breach on or before the date epeciCed in the notice may result in
~ ~ccelerationofthesumsaecuredbythiaMortgage.forecloaurebyjudicialproceedingandsaleoftheProperty.Thenoticeshall
~ further inform E3orrower otthe right to reinetate aRer acceleration and the right to aeaert in the forecloaure proceeding the
non-existence of a default or any other detenae of Rorrower to acceleration and foreclosure. lf the breach ie not cured on or
betore the date apeciCed in the notice. Lender at lxnder's option mey declare all of the sume aecured by this Mortgage to be
immediately due and payeble v? ithout further demAnd end may foreclose this Mortgage by judicial proceeding. Lender Hhall be
~ ~~ntitled to collect in euch proceeding all expenses of torrclosure. including. but not limited to, rexe~onable attorney'a fees. and
~•ostx otdocumentary evidence. nbstracts and title reporte.
~ 19. ~3orrower'e Right to Reinetate. NotwithetandinQ I,ender's acceleration otthe aume secured by thie Mortgage, E3orrower ahall have
the right to ha~ e any proceedinKa be~tun by l,ender to enforce this MortKaRe diacontinued at any time prior W entry of a ju~gment enforcing
~ thia Mortgage iL• In) Rormwer pays I,ender all auma which would be then due under this Mortgage, the Note and notea securing Future
~ Advances,ifany,hadnoaccelerationuccurnd;Ib?~rn?wercuresallbreacheaofanyothercovenantaoragreementAOfBorrowercontainedin
~ thie MortKaRe; Ic1 I~rmwer pays all rna:wnable eapensex incurred by I.ender in enforcinq the covenante and aKreements of Borrower
~ rnntained in thie MortRaKe and in enfurcinQ l.ender's remeclies as provided in para~[raph lA hereof, including, but not limited to, reasonable
atturney'e feex; and ~d! Korrower takeP such nctinn aA I.ender mny reasunnbly require to assure that thelien of lhia MortgaRe, [.endei e intereat
in the 1'roperty and 1~rniwer's obliKation to pay the aumw xir~ured by thiP Mort~nKe sh~ll conlinue unimpaired. lipon such payment and cure
~ hy 1~?rrower, thie Mort~aKe and the obliQationa RecurMt hereby ehell remain in full force and effect as if no acmleration had occurred.
_ 'L0. Aeaignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hPreby aeseigns k? I.ender the rente
' ~~f the t'roperiy, pro~~ded LhAt Rormwer ehnll, prior to acceleration under para~[raph 18hern~for abandonment uf the E'roperty, have theright
i to collect and retain euch rent8 ae they become due and payable.
~ llpon accvleration under paraRraph 1 N hermf or ebandonmenl of the !'roperty, l.ender ehnl) t?e entitled to have a receiver appointed by a
~ court to enter upnn, take powxeasion of and manaRe the I'roperty and to collect the renls of the !'roperty, includinR thoae past due. All rente+
rnllected by the receiver Ahall be applied firxt to payment of the c~oeta of manaQement of the Property and collection of renta, including, but not
~ limited to, nrriver'e feea, premiume on receirer's 1x?nds and reaROnable atU?rney's feee, and then to the eums aecured by thie MortqaRe. The
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~ receiver ahall t?e IiaMe tn account only for thc~e rentn actually received.
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