HomeMy WebLinkAbout2584 8. Inspection, l.ender mey make or cauee b be made reaion~We entries upon e~nd inepertions of the property, provided that I.ender shall
give Borrower notice prior to any auch inapection apecifyinR nason~ble causs thetefor related to Lender'e intereat in the Property.
9. Coademnation. The proeeede ot any award or claim for damages, direct or consequential, in connection with any oondemnauon or
other taicing of the property, or part thereof, or for conveyance in lieu of rnndemnation, are hereby tu;eig~ed and ahall be paid to Lender.
In the event of a total taking of the Property, the proceede ehall be applied to the sums eecured by thie Mortgage, with the e:cese, if any,
paid to Borrower. In the event of a partial taking of the Propezty, unleea Borrower and l.ender othenviee agree in writing, there shall be
applied to the sums secured by this Mortgage such proportion of the proceede aa ie equal to that proportion which the amount of the sums
eecured by thia Mortgage immediately prior to the date of taking bears to the fair market velue of the Property immediately prior to the date of
taking, with the balance o[ the proceeda paid to Borrower.
If the Property ie abandoned by Borrower, or it, aRer notice by Lendet to Bo:rower that the condemnor oPfera to make an award or eettle a
claim for damagea, Borrower faile to reepond to Lender within 30 days after the date such notice is mailed, Lender is authorized to coUect and
apply lhe proceede, at Lender
e option, either to reatoration or repair of the property or to the eums aecured by thie Mortgage.
Unlesa l.ender and Borrower otherwiee agree in writing, any such applicstion of proceede to prinripal ehall not e:tend or postpone the due
date of the monthly inatallmenta referred to in paragrapha 1 and 2 henof or change the amount of euch installmenta.
10. Borrower Not Releaeed. F.xteneion of the time for paym~nt or modificatioo of an~ortization of the sums aecured by thie Mortgage
Qranted by l.ender to any aucceeaor in intereet of E3orrower ahall not operate to release, in any manner, the liability of the original Bormwer
xnd Borrower a succeasors in intereat. I.ender ahail not be required to oommence proceedinga against euch aucceesor or refuee to e:tend time
for payment or otherwu+e modify amortization olthe sume aecured by thia MortgaKe by reason of any demand made by the origina! Borrower
and F3orrower's aucceasors in interest.
11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exerciaing any right or remedy hereunder. or otherwiae
afforded by applicable law, ehall not be a waiver of or preclude the exercine of any euch right or rEmedy. The procurement ot inaurance ar the
payment of taaea or other liena or chargee by Lender ahap not be a waiver of i.~ider'e rigni ~o acceieraie ihe maturity of the indebtedneae
secured by thie Mortgage_ .
12 Remedies Cumulstive. All remedies provided in thie Mortgage are diatinct ~nd cumulative to any other right or remedy under thia
Mortgage or afforded by law or equity, and may be exerciseri rnncurrently, independently or aucceesively.
13. Succeaeors and Aeaigne Bound; Joint and Several Liability; Captions. The rnvenantb and agreementa hernin oontained ehall
bind, and the rights hereunder ahnll inute to, the reapective auccesaors and aesigna of Lender and l3orrower, subject to the provisions of
paragraph 17 hereof. All covenanta and agreements of Borrower ehall be joint and aeveral. The captiona and headinga of the paragraphe of
thia Mortgage are for covenience only and Rre not to be used to interpret or define the provieiona hereof.
14. Notice. F.xcept for any notice required under applicable !aw to be Ri~ en in another manner, (a1 any notice to Borrower provided for in
thia Mortgage sha11 be given by mailing such notice by i-ertified mail addresaed to Borrower at the Property Addresa or at such other addre8e as
Borrower may designate by notice to I.ender as provided herein, and (b) any natice to l.ender ahall be given by certified m~l, return receipt
requeated, to l.ender's addresa atated herein or to such other address as I.ender m:?y designate by notice to Borrower as provided herein. Any
nMice pro~ided for in this blortgage shall be deemed to have been given to I3orrower or I.ender when given in the manner designated herein.
15. Uniform Mortgage; Governing Law; SeverabiliRy. Thie form of mort{~age combines uniform covenanta for national uae and non-
uni[orm covenanta with limited variations by juriadiction to conetitute a uniform security instrunient covering real property. This Mortgage
shall be governed by the law of the jurisdiction in which the Property is Iceated. In the event that any proviaion or clauae of this Mortgage or
the 1\ote confiicts with applicable law, such conflict shali not aFFect other proviaione~ of this 141c~rtRage or ihe Note which can be given effeet
w•ithout the cunflicting pmvision, and to this end the provisions of the MortKaKe and the Note are declared tc~ tx severable.
16. Borrower's Copy. Borrower ahall be furnished a rnnformed copy of the Nute and of this Mortgage nt the time uf execution or after
recordation hereof.
I Z Tranafer of the Property; Aasumption. If all or any part of the f'roperty or an interext therein ia suld ur tranaferred by I3~rrower
without Ixnder's prior written conaent, excluding ( a) the creation of a lien or encumbrance aubordinate to this Nort~aRe, (61 the creation of a
pur~h:uie m.:ney security interest Cor household appliances, lc) a transfer by devise, d:xcent ar by operation of law upon thedeath ota joint
tenant or (d) the jtrant of any leasehold interest of three yeare or less not containing An option to purchase, l.ender may, at Ixnder's option,
,I declarn r..ti the sums aecurecl by this 111ortgage to be immediately due and payable. Lender ahall ha~•e wuived such option to acceleraie if, prior
; tothetrJeortr2neter.l.enderaltidie~etedhto~iAtb?nt}MPro~pb~ljl5dto8esoldortransferredreachaKreemen/inwritin~thatthecreditofauch
i perao» is rati:ractory to I.ende~h[~II?~b1Y~C~'l~~SN~Ae aA At~~ums secured by this 111ortgaKe shall be e~t au<~h rate as [.ender shall
F requt~K, if 1..-~der has w~aived~ltLfiNU:addMl~aA pFo~d i~f tMit~faraRraph 17, and i( BorrowPr's successur in intereet has executed a
; crit:tn arz;~;;~nption HKreement accepted in writinK b~ I.ender, I.e~dershall releuae Rorrower from all obliKations under this MortgaReand the
~ ti~ite.
If Lender extrcises such up:ion u~ accelerate, I,ender ehall mail Rorrr~wer noticeo[acceleraliun in accurdance with paragraph 14 hereof.
~ ~uch notice shall provide a perioci ofnot lea.c than :i~)day~ from thedate the nutic:e is rr.ailerl w~ihin which $ormw•er may paY thesumsdeclared
due. [f fiorrower fails to pav such sums prior tn the expiration of such periocl, I.end~r ma~, withuut further notice or demand on E3orrower,
~ ~nvoke any remedies permittecl by paraQr~oh Iri hereof.
~ 18. Acceleration: Remedies. E:cept as provided in paraqraph 17 herec>f, upon Borrower's breach of any oovenant or
agreement of E3orrower in thia Mortgage. including the covenanta to pay when due a~y aums aecured by this ?Ylortgage, Lender
~ prior to acceleration shali mail notice to E3orrower as provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action
~ required to cure auch breach; (3) a date, not lesa than 30 dAys from the date the notice. ia mailed to i3orrower. by which such
~ breach must be cured; and (4) that failure to cure such breach on or before the date speciCed in the notice may result in
~ t?cceleretion of the suma secured by this Mortgage. toreclosure by judicial proceeding and saleofthe Property.The noticeshall
further inform Borrorver of the right to reinstate after acceleration and the right to aasert in the foreclosure proceeding the
~ non-exietence of a detauit or any othcr defenae ot Borrower to acceleration and forecloeure. If the breach ia not cured on or
before the date specified in the notice. I.ender at Lender's option may declare all ot the eums eecured by this NortQage to be
~ immediately due and payable w•ithout furtherdemund xnd m~y foreclosethisMortgaqe by judicial prnceeding. Lender ahalt be
~ t~ntiUed to rnllect in such proceecling all expenser: c~f [oreclosure, includin~. but not limited to, rea~onable attorney'R fees, and
roRts of documentary evidence. abstracts and title rep~~rta.
~ 19. ~3orrou er's Right to Reinatate. Notwithstandin~ I,ender's acceleration uf the ~uma secured by this MortRaKe, Borrower shall have
the riKht to ha~•e any proceedinKs beKun by I.ender to c•nforce this MortK:~Ke di.continuecl at any time prior to entry nf a judKment enforcinK
this tilortgaqe if: Ia1 [3ozmw•er pays i.ender all sums whirh would he then due under this Mortgage, the Note and notrs scxurinK Future
~ Ad~ ancet+, if any, had no acceleration occurred; lbl &~rrov?er cures al! brencheK of any othercovenantsor agreements of F3orruw•ercontaincd in
E thie MortRaRe; fc) Rorrower pays aU reaeonable expenses incurred by I,ender in enforcing the covenants and aQrermentt~ of Rorrower
Y rnntained in this Mortga~e and in enforcin~ l.ender'e rrmedies as provided in paraKraph 1 R hereof, indudinR, but not limiled to, reasonxble
~ attorney's fees; and Idi Borrower takea such action as Lender may reayona bly require to asc+ure that the lien of this ;11ort~aKe, l.ender's intereet
` in the Ptoperty and Born,wer's ~bliqation to pay the aums secur.~i by this MortKage shall continue unimpaired. l'p~m such payment and ccre
e
~ by Borrower, this MortgaQe and the obliQations secured hereby ahall rrmain in full f~~rce and effect as if no acceleration had occurred.
; `l0. Aeaignment of Rents; Appointment of Keceiver. As addrtiunal ~curity hereunder, tiorrower hereby ase~iKnc+ tv I.ender the rents
g ~~f the Yroperty, provided that E3orroN•er shall, prior to acceleration under paraRraph IK hereof ~r abandonment of the Property, have the riRht
' tu collect and retnin such rents as they become due and p~_r•able.
~ court to ente u'eration under paraEtraph 1R hereof or abandonment of the Yroperty. I.ender shaU he entitled to have a receiver appointed by a
pon, take posseagiun of and manaKe thP Pruperty ~ind to cullcrt the rent» of the YruE~rty, including those past due. All rents
~ rnllerted by the receivPr ahall be applied itrxt to payment of the a~stx of m.~nnKem~~nt nf the Yroperty and rnllection of rents, inclading, but not
~ limited to, receiver's fees, premiums on receiver's Fx~nds and reaxonable attorney~s fec~c, and thPU t~ the sums secured br thie MortgaRe. Ttir
~ receiver ahall be liable to acrnunt only for those rents actually received.
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