HomeMy WebLinkAbout1087 8. In~pectlon. Leader may make or cawe to be made rea~oneble entries upon aad inspectioru of the pmp~ty. provided that Lender shall
give Borrowes notice prior to any sach in~pectioa specifying reawnsbk cause therefor related b Lender's intenat in the Propesty.
8. Gotldemnltbn. 'I~e proceed~ of any award o~ claim for damage~, direct or coiuequential, iA coaaection with eny ooudemnation or
other takin~ of thepcopyrty. or part thereot~ or far conveyaaoe in Uen of oondeinnation, ars hereby assigned sad shall be paid to Lender.
In the evaat of a bta} takin~ oi ~na rropeisy. tne y~voe~is ehail be appliai iv ihe ~uau ~ecured by t6i~ Mo~tga~0. ~?ith ths e~ccea. if any.
paid to Borrowsr. In th~ event of a partial takin~ of the Proper~y. unlee~ Bormwer and Lender oWerwiie agree in writia~. Were ~hull be
applied to the sums ~ecured by thii Mout~age such proportion oithe prooeeds aa ia equal to that proportion which the aanount of the suma
sccnred by tbi~ Mort~a~e itnmediately prior to the dste of tslring bears tu the fair market value of the Property immediatel,y prior to the date of
takia~. v?ith the be~lanca of the pmoeeds paid to Botrower.
If the Property ia abandoned by Borrower. or if. aRer notice by I.eader to Borrower that the oondemnor offer~ to make an a~vard or sdtle a
claim for damages. Botcower fails to respond to Lender within 30 days aR~er the date such notice is mailed. Lender ia authorir~ed ~o ooUect and
apply the prooeeds. at Lender's optiop. either to restoration or repair o! the property or to the eums secured by lhis Mortgage.
Unleas Lender and Borrower otherwise agrce in writing~ any such application of prooeeds to principal sha]1 not estend or po~tpone We due
date of the moathly inatallments referred to in paragraphs 1 and 2 he:eof or change the auwunt of euch instaUments.
10. Borrower Not Released. E:tension of the time for paymsnt or modification of amortisation of the auma secured by this Mortgage
granted by Lend~ to any succeseor in intereet of Borrower shall not operab to releas~. in any manner. the liability of the originai Bormwer
and Borrower
a successora in interea~ I,ender ahall not be required to oommence proceedinge against auch succeaeor or refuse to estead time
for payment or otherwise modify amortization of the aume eecared by thia Mortgage by reason of any demand made by the originei Borrowe:
and Borrower a succeasora in intereet.
11. Forbearanoe by Lender Not a R?aiver. My forb~rance by I.ender in e:erciaing any right or remedy hereunder. or otherwise
afforded by applicable law. ahall not be a waiver of or preclude the ezerciee of any euch right or remedy. The procurement of inaurance or the
peyment of tazea or other liene or charges by Len~er ahsl! nut be s x~siver of Lender'a right to socelerate the msturity of fhe indebtedae~e
aecured by this Mortgage.
12 Remedles Gtimulative. All remediea provided in thie Mortgage are dietinct and cumalative to any other right or remedy under this
Mortgege or afforded by law or equity. and mey be e:ercise~i concure~enUy. independendy or su~ively.
13. 3ucceseore and Aesigna Bound; Joiat and 3everal Liability; Captioae. The oovenant8 and agreemente herein oontained shall
bind, and the righte hereunder shall inure to. the respective eucceeaots and essigns of Lender and Borrower, eubject to the provisiona of
paragraph 17 hereof. All covenanta and agreemente of Borrow~ shall be joint and eeveral. The captiona and headings of the paragraphs of
this Mortgage are for covenience only and are not to be ueed to interpret or de5ne the provisions hereof.
14. Notice. Except for any aotice required under applicable law to be given in another manner, (a) any notice to Borrower pmvided forin
thie Mortgage shall be given by mailing euch notice by certified mail addreesed to Borrower at the Property Addresa or at sach other addnse as
Borrower may deaignate by notice to Lender as pmvided herein, and (b) any notice to Lender shall be given by certified mail. return receipt
requeated, to Lender e addreas stated herein or to auch other address as Lender may de~ignate by notice to Borrower as provided herein. Any
notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or LendeT when given in the manner designafed herein.
15. Uaiform Mortgage; Goveruing I.aw; 3everability. Thia form of mortgageoombines uniform oovenanta for natioaal use and non-
uniform oovenante with limited variations by juriediction to oonetitute a uniform security instnunent wvering real property,'Phis ]4lortgege
shall be governed by the law of the jariediction in which the Property ia located. In the event that any provieioa or cla~ee of thie Mortgage or
the Note contlicts with applicable law, such conflict shall not at~'ect other proviaions of this Mortgage or the Note which can be given ef~ect
without the conAicting proviaion, and to this end the proviaiona of the Mortgage and the Note are declared to be eeverable.
1& Borrower's Copy. Borrower shall be fumiehed a rnnformed oopy of the Note and of thia Mortgage at the time of e:ecution or after
nr.tin~niiun neteof •
17. 'I~ane[er of W e Property; Aesumption. If aU or any part of the Property or an intereat iherein ie sold or tranaferred by Borrower
without Lender'e prior written consen~ e:cluding (a) the creation of a lien or enrumbrance aubordinate to this Mortgage, (b) the creation of a
purchaee money eecurity intereat for houeehold applianoea, (c) a transfer by devise, descent or by opetation of law upon the death of a joint
tenant or (d) the grant of any leasehold intereet of three yeare or less not containing an option to parchase. Lender may. at lender'a option~
~eclare all thc euma secured by this Mortgage to be immediately due and payable. Lehder ahall have waived euch option to accelerate if, prior
~ to the eale or tranafer, Lender and the peraon to whom the Property ia to be eold or tranafernd reach agreement in writing that the credit of euch
person ia satii,fartory to I.ender and that the intereat payable on the aums aec~ired by thia Mortgage ahall be at such rate as Lender shall
; requeat. If I.ender has waived the option to accelerate provided in thia paragraph 17, and if Borrower a auccessor in intereat has e:ecvted a
' written assumption agreement accepted in writing by I.endet, Lender ehail release Borrower from all obligations under this Mortgage and the
i Note.
~ If Lender exerrisea such option to accelerate, I.ender ehall mail Borrower notice of acceleration in accordance with paragraph 14 hereof.
~ Such notice shatl provide a period of not lesa than 30 daya from the date the notice iB mailed within which Borrower may pay the auma declared
due. If Borrower faila to pay such aums prior to the expiration of such period, I.ender may, v?hthout further notice or demand on ~iorrower,
i ' invoke any remedies permitted by paragraoh IS hereof.
~ 18. Acceleration; Remedies. E:ce t se provided in ara '
P p grap6 17 hereof, upon Borrower s breach of any oovenant or
j tgreement of Borrower in thie Mortgage, including t6e oovenanta to pay w6en due any enms secured by thia Mortgage, Lender
! prior to acceleration shall uiail notice to Borrower as provided ia paragraph 14 hereof epecifying: (1) the breach; (2) the aMion
~ required to care such breach; (3) a date, aot less than 30 days from the date ihe natice ie mailed to Borrower, by which sucli =
breac6 must be cvred; and (4) that failure to cure such breech on or before t6e date epecified in the notice may resuit in
acceleration of the sume secvred by this Mortgage, toreclosure by judicial proceeding and eale of the Property. The notice ehall
further inform Borrower of t6e right to reinetate after acceleration and the right to aseert in !he foreclosure proceeding the
~ non•e:istence of a default or any other defense of Borrower to soceleration and forecloaure. If the brench ie not cured oa or
before the date specified in the notice, Lender at Lender's option may declare all ot the euma aecured by thie blortgege to be
~ immedietety due and payable without further demand and may toreclose this ~iortgage by judicial proceeding. Lender shall be
, entitled to oollect in auch proceeding sll e:pensee of torecloaure, including, but not limited to. reasonable attorney'e fees, and
~ coets of documentary evidence, abetracts and title reporte. "
~ 19. Borrower's Right to Reinetate. Notwithatanding Lender's acceleration of the eums eecured by thie Mortgage. Borrower ehall have
~ the right to have any proceedinga begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing
, thia Mortgage if: (a) Borrower paya Lender all auma which wonld be then due under this Mortgage, the Note and notes eecurinq Future
Advances, i! any, had no acceleration occurred; {b) Borrower rures a) l breach~ of any other covenante or agreemente of Borrower contained in
~ thie Mortgage; (c) Borrower pays a11 reaeonable ezpeneee incurred by Lender in enforcing the oovenante and agreementa of Borrower
~ contained in this Mortgage and in enforcing Lender'e remedies ea provided in paragraph 18 hereof, including, but not limited to, reasonable
~ attomey's feea; and (d) Borrower takes auch action aa Lender may reasonably require to aseure that the lien of thia Mortgage. Lender's intereet
in the Property and Borrower's obligation to pay the sums aecured by thie Mortgage shall continue unimpaired. Upon auch payment and c~ue
~ by Borrower, thie Mortgage and the obligationa eecured hereby ahall remain in full force and effect as if no acceleration had occurred.
~ 20. Aesignment of Rente; Appointment of Receiver. As additional securit hereunder, Borrower hereb ase'
~ Y Y ~gns to Lender the renta
4 of the P~operty, provided that Borrower shall, prior to soceleration under paragraph 18 hereof or abandonment of the Property, have the right
; to collect and retain euch renta as they become due and payable.
~ Upon aooeleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a receiver appointed by a '
~ oourt to enter.upon, take poseeaeion of and manage the Property and to collect the rente of the Property, including thoee past due. Ali rente
~ ooUected by the receiver ahall be applied first to payment of the ooeta of management of the Property end collectiion of renta, including, but not
~ limited to, receiver'e feea, premiume on receiver e bonda and reasonable attorney e feea, and then to the enms secured by thie Mortgage. The
receiver shall be liable to aooount only for thoee rente actually received.
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