HomeMy WebLinkAbout2546 8. In~pection. Lender may mal~e or esure to be made rea~onable eAtries upon end irupectiocu of the pmperty, provided Wlt I.end~ shall
give Borrower aotiee prior to any ~uch inspectioa specifyin8 reasonable cau~e thenfor related w Lei?des's inten~t in tbe Property.
9. Condea~nation. The pmoeeds of acy award or claim for damages, direct or con~equential. in connection with eny oondemaatioa or
oth~ talriag of the property. or part the~eot. or for oonveyanoe in lieu of oondemnation. an henby assigned and shall be paid b Lender.
In the event of a btal taking of the Property. the proceeds rhall be applied to the suaas secured by this Mortgage. writh the esoess. if any. }
paid to Borrower. Ia the eveAt oi s partial taking ot the Property. unlea~ Borrower and Lender otherwiee agree in aritiag. there shall be ;
applied ~o the sums ~ecured by this Modgage such proportion o# the prooeeds as is equal b thet proporlion which the amount ot tbe sums {
secured by this Mortgage imrnediately prior to the date of talcing bean to the fair markd vslue of the Ptopetty immediately prior to the date of
takiag. with the balenee of the pmoecds paid to Borrower. +
If the Properq? is abandoned by Bor~owes, or if. atLer aotice by Lende~ to Borrower that the oondemnor offers to make an eward or seWe a
claim for damages. Borrower fails to nepoad to Lender witl?in 30 daye aRer the date such notice ia mailed. L.ender ia authorired to collect end
apply the prooeeds. at Lender's option. ather to tesbration or repair of the pmperty or to the suma secured by this Mortgage.
Ualesa Lender aad Borrower otherwise agree in writin6. enY such application of proceeds bprincipal shall not e~ctend or poetpone the due
date of the monthly instaUmenfa referred to in paragraphs 1 and 2 hereof or change the amount of such iastallments.
10. Borrower Not fteleased. Extension of the time for paymant or modification of amortization of the sums sec~ued by thia MoiRgage ;
granted by I.end~ to any aucceasor in intereat of Borrower shaU not operate to nlease. ia any maaner, the liability of the original Bo~rower ~
a~ Bosrower's aucoeesore in interest- Lender ahall not be reqnired to commenoe proceedings againet auch aua~easor or nfuee to estend time ~
foi•p~yment or otherwise modify amortization of the suroa secured by this Mortgage by reaeo~ of any demand made by the original Boirower s
and Borrower s sua.~easors in intere8t. ~
11. Forbearanoe by Lender Not a Waiver. Any forbearance by Lender in e~cerciaing aay righ! or nmedy here~nder. or othezwise ~
afforded by applicable law. shall not be a waiver of or preclude the e~cercise af aqy auch r~ht or remedy. The procurement of ineurance or ttie
paymeat o! ia~ces or other liens or chargea by Lender shall not be a waiver of Leadei'e t~ght to aoceleraLe the maturity of the indebtedness ~
i
secured by thia Mortgage. i
12. Itemedies Gtimnlative. All remedies pmvided in thie Mortgage are distinct and cumulative to any other right or remedy under this
Mortgege or afforded by law or equity. and may be exercieed ooacurrently. independently or suoceesively. ;
1& 3uccesaore and Assigns Bound; Joint and 3everal Liability; Captions. The oovenante and agreemente herein oontained shall f
bind. and the righte hereunder shall inure to. the reapective succeseors aad aasigne of Lender and Borrower, aubject to the pmviaione of
paragraph 17 hereof. All rnvenante and agreements of Borroarer ahall be joint and eeveral.'11~e captions and headings of the paregraphs of
thie Mortgage are for rnvenience only and are not to be used to interpret or defwe the provisions hereof.
14. Notice. Ezcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for ia
this Mortgage ahaU be given by mailing auch notice by certified mail addreeeed to Borrower at the Property Addrese or at euch othe: addnsa ea
Borrower may designate 1iy notice to Lender as pmvided herein, and (b) any notice to Lender ehall be given by certified mail, retura reoeipt ,
requeated, to Lendei
a addreas stated herein or to auch other address as Lender may deaignats by notice to Borrower as provided herein. Any
notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or I.ender when given in the manurr deeigaated he~ein.
15. Uaiform Mortgage; Governing I.aw; 3everability. This form of mortgage combinea uniform oovenanfa for national wie and non- 3
uniform covenants with limited variations by juriediction to wnatitute a uniform security inetrun~ent covering real property. Thia Mortgage ;
ahall be governed by the law of the jurisdiction in which the Propedy ia located. In the event that any provieion or clauee of thie Mortgage or #
the Note conflicte with applicable law, euch contlict shall not aPfect other provieione of this Mortgage or the Note which can be given egect {
without the oonflicting provieion, and to thie end the provisions of the Mortgage and the Note are declared to be severable. -
16. Borrower'e Copy. Borrower shall be furnished a oonformed copy of the Note and of thia Mortgage at the time of ~ecution or after
recordation hereof. ~
17. Transter of the Property; Aseumption. If all or any part of the Property or sn interest therein is eold or transferred by Borrower
without I.endei s prior written oonsen e:c ' (a) the rreation of a lien or encumbrance aubordinate to thia Mortgage. (b) the creation of s
purcllbA~~ ~ntL~est f~o d appliances, (c) a tranafer by deviee. deeoent or by operation of law upon the death of a joint
tenant~ o of three years or leas aot oontaining an option to purchase, Lender may, at Lender's option.
a~~ immediately due and payable. Lender ehall have waived auch option to aocelerate if, prior ;
to the sale or tranafer. I.ender and the peraon to whom the Property ia to be eold or traneferred ceach agreement in writing that the credit of anch
peraon is aatisfactory to I.ender and that the interest payable on the auma secured by this Mortgage shall be at auch rate as Lender shall
request. If I.ender has waived the option to accelerate provided in thie paragraph 17, and if Borrower's auccrasor in interest haa e:ecuted a
~ written asaumption agreement sooepted in writing by Lender, Lender ahall release Borrower from all obligations under this Mortgage and the
i Note.
~ If Lender e~cerciaea euch option to accelerate, I.ender ahall mail Borrower notice of acceleration in accordance v?ith pdragraph 14 hereoL
Such notice shall provide a period of not lesa than 30 days from the date the notice is ff.siled within which Borrower may pay thesuma declared
j due. If Borrowet fails to pay auch eums prior to the expiration of such period, Lender may, without further notice or demand on $orrower. _
~ invote any remediea permitted by paragraoh IS hereof. E
18. Acceleration; Remedies. Ezcept es provided ia paragraph 17 hereof. upon Borrower'e breach of any oovenant or i
f F
agreement of Borrower in thia Mortgage. inctuding the oovenante to pay when due any snms secured by this Mortgage. Lender
prior to acceleration shall mail notice to Borrower ae provided in paragraph 14 hereof epecitying: (1) the breac6; (2) t6e action i
required to cvre such breach; (3) a date, not leas than 30 daya from the date the notice is mailed to Borrower, by which eac6
breach muet be cnred; and (4) that failure to cure suc6 breac6 on or before the date speciHed in the notice may reault in
acoeleration of the suma secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall
further iniorm Borrower of the rig6t to reinetate aRer acceleration and the right to assert in the foreclosure proceeding the
non-eziatence of a default or any other defense of Borrower to acceleration snd forecloeure. If the breach is not cured on or
before the date epecified in the notice, Lender at Lender's option may declare all of the eums secured by this biortgage to be
immediately due and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lender ahall be
entitled to collect in such proceeding all ezpenses of torecloeure. including, but not limited to. reasonable attorney's feea. and
costs ot documentary evidence, abatracta and title reporfs.
19_ Borrower'a Right to Reinstate. Notwithstanding Lender a acceleration of the aums aecured by this Mortgage, Borrower shall have
the right to have any proceedinga begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforring
thia Mortgage if: ia) Borrower paya Lender all suma which would be then due under thie Morlgage. the Note and notea securing Future
~ Advancee, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenante or agreemente of Borrower contained in
~ thia Mortgage; (c) Borrower pays all reaeonable expensea incurred by Lender in enforcing the covenants and agreements of Boaower
~ rnntained in this Mortgege and in enforcing Lender'e remedies as provided in paragraph 18 hereof, including, but not limited to, reaaonable
~ attorney's feee; and id) Borrower takea such action aa Lender may reseonably require to assure that the lien of this Mortgage, Lend~~r's interest
~ in the Property and Borrower'a obligation to pay the sums eecured by this Mortgage ahall continue unimpaired. Upon auch payment and cure
; by Borrower, this Mortgage and the obligations aecured hereby ahall remain in full force and effect es if no acceleration had occvrred.
~ 20. Assignment otRenta; Appointment of Receiver. As additional aecurity hereunder, Bonower hereby assigna to Lender the rents
~ of the Property, pmvided that Borrower ahall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property. have the right
~ to collect and retain such rents ae they become due and payable.
~ Upon aoceleration under paragraph 18 hereof or abandonment of the Property, I.ender shall be entitled to have a reoeiver appointed by a
oourt to enter upon, talce poseeasion of and manage the Property and to collect the renta of the Property, including thoee paat due. All rente
~ oollected by the receiver ahall be applied firet to payment of the ooets of management of the Property and collection of rente, including, but not j
~ limited to, receiver e fees, premiume on receiver's bonds and reasonable attorney's feea, and then to the auma eecured by this Mortgage. The ~
receiver aha11 be liable to acoount only for thoae rents actnally received. ~
s
;
~ ~ ~~r 312 ~.,~;E2542