HomeMy WebLinkAbout1412 8. Inipection. l.coder may make or cause to be made reasonable e~tries upon and inspectiona of the property, provided that Lender ehall
givc Borrower notioe prior to any euch inspection specifjring reasonable cauee therefor related W l.ender's interest in the Property.
9. Condem~etion.'R~e proceeda of any award or claim fot damagea, direct or coneequential, in connection with any oondcwnation or ;
other taking of the property, or pact thereof, or for conveyance in lieu of condemnation, are hereby assigned and ehall be paid W IBnder.
In the event of a total taking of the Property, the proceeds ehaq be epplied to the aums secured by thie Mortgage, with the escees, if any,
paid w Borrower. In the event of a partial taking of the Property, unlese ~3orrower and I.ender otherwiee agree in writing, there ahall be
applied to the sums eecured by this Murtgage euch pmportion of the proceede ae ia equal to that propoKion which the amount of the sums
Aecured by thie Mortgage immediately prior to the date of taking beara to the fair market value otthe Property immediately prior to the date oi
taking, with the balanca of the proceeda paid to Borrower.
If the Property ia abandoned by Borrower, or if, after notice by [.ender to Borrower that the oondemnor offere to make an award or eetde a ~
claim for damages, Borrower fails to reapond to I.ender within 30 days after the date auch notice ie mailed. Lender is authorized to collect and
apply the proceeds, at Lender a option, either to restoration or repair of the property or to the aume eecured by thie Mortgage.
Unlesa Lender and Borrower otherwiee agree in writing, any eu~h application of proceede to principal ehall not extead or poetpone the due
date of the monthly inatallment8 referred fu in paragraphe 1 and 2 herrof or change the amount of such installments.
10. Borrower Not Releaeed. Extension of the time for paym~nt or modification of amortization of Lhe eums aecured by thia Mortgage
Kranted by Lendet to any auccessor in interest of Borrower ehall not operate to releaac, in any manner, the liability of the original Borrower
and Borrower's euccesaora in interest. I.ender shall not be required to commence proc~eedinge againat auch succeasor or refuse to eztend tia?e
for payment or otherwise modify amortization of the sums aecured by this Mortgnge by reason of any demand made by the original Borrower
t?nd Borrower'a successots in interest.
11. Forbearance by Lender Not a Walver. Any forbearance by Lende~ in e:ercieing any right or remedy hereunder, or otherwiee
af#'orded by applicable law, shall not be a waiver of or preclude the ezerciee of aqy such right or rnmedy. The procurement of ins~uance or the
payment of taxea or other liene or charges by I.ender shall not be a waiver of Lender'e right to accelerate the maturity of the indebtednese
secured by thie Mortgage.
12 Remedies Cumulative. All remediea provided in thia Mortgage are dietinct and cumulative to any other right or remedy under thie
Mortgage or afforded by law or equity, and may be eacerciee~i ooncurrently, independently or aucceseively.
13. Successors and Asaigns Bound; Joint and Several Liability; Captione. The covenanta and agreementa herein contained ehall
bind, and the rights hereunder ahall inure to, the reapective succeaeors and asaigns of I.ender and Borrower, subject to the provieiona of
paragraph 17 hereof. All covenants and a~eements of E3orrower ahall be joint and eeveral. The captions and headinga of the paragrapha of
this Mortgage are for covenience only and are not to be used to interpret or define the provisions hereof.
14. Notice. Except for any notice required under applicabie law to be given in another manner, (a) stny notim to Borrower provided for in
thie Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Addreas or at such other addrese as
F3orrower mey designate by notice to Lender as provided herein, and (b) any notice to I.ender ahaU be given by certified mail, return receipt
requ~sted, to Lender's addreas atated fierein or to such other address as Lender may designate by notice to Borrower ea provided herein. My
notice provided for in this Mortgage ehall be deemed to have been given to Borrower or l.ender when given in the manner deaignated herein.
15. Uniform Mortgage; Governing Law; Severability. Thia form of mortgage rnmbinee uniforro oovenants for national use and non-
uniform covenants with limited variationa by juriadiction to rnnstitute a uniform aecurity instrument rnvering real property. This Mortgage ?
,hall be govemed by the law of the jurisdiction in which the Property is located. In the event that any proviRion or clauae of this Mortgage or ;
the Note conflicts with applicable taw, such conflict shall not affect other provisions of this Mortqage or the Note which can be given effect ~
without the contlicting provision, and to this end the proviaiane of the Mortgage and the Note are declared ta be severable_
16. Borrower's Copy. Borrower ahall be fumiehed a conformed copy of the Note and of thie Mortgpge at the time of execution or after
recor~ation ht•reoG
i 7. 'I`ranefer of the Property; Asaumptio». If all or any part of the Property or an intereet therein ia sold or tranaferred by Borrower
without Lender's prior written consent, eacluding (a) the creation of a lien or encumbrance subordinate to this Mort{;age, (b) the creation of a, -
purchasP mone~ aecurit}• inlereat for houaefiold appliancea. (c) a tranafer by deviee, descent or by operation of law upon the death of a joint '
tenant or (d) the grant of any leasehold interest of three yeara or leas not containing an option to purchase, Lender may, at Lender's option, ~
deciare alt the aums secured by this Mortqage to be immediately due and payable. Lendet ehall have waived auch option to accelerate if, prior ~
to the sale or transfer, I,ender and the person to whom the Property is to be aold or transferred reach a~,reement in writing that the credit af euch
person ia satisfactory to Lender and that the interest payable on the sums aecured by this Mortgage shall be at such rate as Lender ahall
request. If Lender h:+s waived the option to accelerate pru~~ided in this paragraph 17, and it E3orrow~er's successor in interest has executed a
~ written assumption aAreemrnt accepted in writing by I,ender, l.ender ehall release Borrower from all obligations under this Mort~tage and the
i tiote.
f If Lender exerciaes such option to accelerate. I.ender shall mail Rormwer notice of acceleration in accordance w•ith paragraph 14 hereof.
~ Such notice sha0 pro~ ide a perind af not le~ than 30 days from the date the notim is mailed within w hich Borrower may pay the sums declared
due. if Borrower fails to pay such sums prior w the expiration of such periud, l.ender may, without further notice or demand on liorrower.
~ ~nvoke any remedies permitted by paraqranh 18 hereof.
18. Acceleration; Remedies. E:cept ae provided in paragraph 17 hereof, upon Borrower'8 breach of any covenant or
agreement of Borrower in thia Mortgage. including the covenanta to pay when due any suma eecured by thie Mortgage. Lender ?
prior to acceleration ehall maii notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action
required to cure such breach; (3) a date. not lesa than 30 days from the date the notice is mailed to Rorrower, by which auch ~
breac6 muet be cured: and (4) that failure to core such breach on or before the date specifed in the notice may reault in
acceleration of the eums Kecured by this Mortgaqe. foreclosure by judicial proceeding and ealeof the Property. The notice ahall
further inform Borrower of the right to reinstate aRer acceleretion and the right to sesert in the foreclosure proceeding the
non-eaietence of a default or any other defenae ot Borrower to acceleration and foreciosure. If the breach ia not cured on or
t~efore the date specified in the notice. Lender at Lender's option may declare a11 of the suma secured by this Mortgage to be
immediately due and payable without turther demand and may foreclose this Mortgege by judicial proceeding. I.ender ahall be
entitled to collect in such proceeding ai) e:penses ot foreclosure. including, but not limited to. reasonable attorney's tees, and
costs ot documentary evidence. abstracts and title reporta.
19. Borrower's Right to Reinstate. Notwithstanding txnder's acceleration of the aume secured by this Mortgage, Rorrower shall have
the right to have any pruceedings begun by [.ender to enforce this Mortgaqe discontinued at any Ume prior to entry of a judgment enforcing
thia Mortgage if: (a) t3orrower pays I.ender all sums which would be then due under thia Morigage, the Note and notea c~ecurinA Future
Advances, if any, had no acceleration occurred;!b) Eiorrower curea all breaches of any other covenante or agreements of Borrower contained in
~ ihis Mortgage; le) E3orrower pays all rnasonnble expenses incurred by I.ender in enforcing the covenant8 and agreements of Borrower
~ contained in this MortgaQe and in enforcing I.ender's remedies as provided in paragraph !R hereof, including, but not limited to. e~easonable
~ attorney's fees: and ld) E3orrower takes such action as Lender may reasonsibly require to assure ihat the lien of this Mortgage, Lender'a intereat
~ in the Property and Borrower's obligation to pay the sums aecured by this Mortgage shall continue unimpaired. Upon such payment and cure
~ by I3orrower, thia Mortgaqe and the obliKations secured hereby shail remain in full force and effect as if no acreleration had occurred.
~ 20. Aeeignment of Rents; Appointment of Receiver. As additi~mal secunty hereunder, Korrower hereby aaeigna to I.ender the renta
of the Property, provided that t3orrower ahall, prior to accelesation under paragraph 18 hereuf or abandonment of the Property, have the right
~ to collect and retsin such rents as they become due and payable.
Upon acceleration under paraqraph 18 hereof or abandonment of the Property, Lender shall be entitled W have a receiver appointed by a
court to enter upon, take possession of and manaqe the Property and to collect the rents of the Property, including thoae paat due. AI1 rent8
collected by the receiver ahall be applied firxt to payment of the coats of management of the Property and collection of rente, including, but not
limited to, receiver's fees, premiuma on receiver's bonda and reasonable attorney's fees, t~nd then to the auma eecured by thie Mortgage. The
receiver ehall be liable to acoount only for thoae rents actually received. ~
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