HomeMy WebLinkAbout0702S. Inepection. l.ender may make or caw~e to be made reaeonable e~tries upon and i~epectione of Ihe propeirty, provided that l.ende~ ehnll
give Borrower notice prio~ to any auch inspection apecifying reasonable cause therefor releted to I.e~der's intereet in the Properiy.
9. Condeta~ation.'I~e proceede of any award or claim for damages, direct or coneequential, in connection with a~y rnndemnation or
other taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby aesigned and shall be paid b l.ender.
In the event of a total taking ot the Property. the proneeda ehall be applied to the aume aecured by this Mortgage, with lhe excess, if any,
paid to Borrowe~. In the eve~t o[ a partial taking ot the Property, unleea Borrower and l.ender otherwiee a~ree in writing. there ehall be
applied to the sums eecured by thie Mortgage such proportion of the proceede as is equal to that proportion which the amount ot the euma
eecured by this Morigage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of
taking, v~th the balanc~ o! the proceeda paid to Borrower.
If the Property is abandoned by Korrower, or it, after notice by l.ender to I3orrower that the condemnor offers to make an award or eetUe a
claim for damagea, E3orrower faila to respond to Lender within 30 days aRer the date auch notice ie mailed. l.ender ie suthorized tocollect and
apply the proceeda, at Lender'e option, either io restoration or repair of the property or to the sume secured by thie Mortgage.
• U~leae I.ender and Borrower otherwiee agree in writing, a~y such applicatiun of proceeda to principal ehall not extend or poetpone the due
date of the monthly inatallmente referrrd to in paragraphs 1 and 2 hereof ur change the amount of euch instaUments.
l0. Borrower Not Released. F.xtension of the time tor pnym ~nt or modification of ~mortizaiiun otthe sums aecured by this Mortgage
Kranted by [.ender to any succeseor in interest of Borrower ahall not operate to release, in nny manner, the liability otthe original Borrower
and I3orn~wer's successurx in internst. l.ender shnll not be required to commence p~oceedinKa against auch eucresxor or refuse to extend time
for puyment or othervvise modify umoriization uf the sums sccured by this MortKuge by rcuex,n of nny demand made by theoriginal f3orrower
and liorrn~ver's succ~exsurs in interest.
1 l. Forbearance by I.ender Not a Waiver. Any forbearance by I.ender in exercising any right or remedy hereunder, or otherwiee
aftorded by applicable law, ahall not be n waiver of or preclude the exerciae ot any such right or rnmedy. The prceurement of inaurance or the
payment of ta~ces or other liene or chargea by I.ender shall not be a waiver ot l.ender'a right to accelerate the maturity of the indebtedneae
secured by thie Murtgage.
12 Remediea Cumulative. All remedies pmvided in this Mortgage are disti~ct and cumulative to any other rightor remedy under this
A1urte-age or af[orded by law or equity, and may be exercise~i concurrently,.independently or succeasively_ ~
l:i_ Successora and Aseigne Bound; Joint and Several Liability; Ceptione. The covenanta and agreements herein cuntained shall
t»nd, and the righta hereunder ahall inure to, the respective sucret~sors xnd asaigns of l.ender and E3orrower, subject to the provisione of
paragraph 1 ~ hereof. All covenantx and agreementa uf Borrower shall be joint and several. The captions and headinge of the paragrapha of
this Morigage are for covenience only and arn not to be uaed to interpret or define the proviaions hereof.
1 a. Notice. F:xcept for nny notice required under applic~ble luw to he Kiven in a~other munner, l.~l nny notice tc~ I3orruwer provided for in
this Mortgage shall begiven by mailing auch notice by ceriified mail addressed to Eiorrower at the i'roperty Addressor at such otheraddreae ae
Rorrower may designate by notice to I.ender as provided herein, and Ib) any notice to t.ender ahall be given by certified mail, retum receipt
rcquesteci, to t.ender's address st~~led herein or to such other addrexs as t.ender may deaignate by notirn to E3orrower ax provided herein. Any
notice pro~~ded for in this MortgaKe ahall be deemed to have been given to Borrower or l.ender when given in the manner designated herein.
15. Unitorm Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenanta for national use and non-
unifurm covenants with limited varinteons by jurisdiMion to constitute a uniform security inatrument a~vering real pmperty.'1'his Mortgage
shall be Koverned by the lav- of the jurisdiction in which the I'roperty is locatcvl. ln the e~•ent that any provision or clause o[ this Mortgage or
the Ncte conilic~a w~ih applicable law, such a,nilict shaU not affect other provisions of this MortgnRe or the Note wnich can be given effect
w~thout the cronflicting provisiun, and to this end the provisions of the hlortgage and the Note are declared to t~e severable.
16. Borrower's Copy. Ilorrower shall be furnished a conformed rnpv of the IVote and of this Mortgage at the time of execution or atter
rccordation herEOf.
17. Tranafer of the Property; Aasumption. if alt or any part of the I'roperty or nn interest therein is sold or trana[erred by F3orrower
w~thout Ixnder's prior written consent, excluJing Ia1 the creatiun of a lien or encumbrance subordinate to this Mortgage, lbl the creation of a
purchase :nunr.y ~•urity interest for household appliances, lc) A transfer by devise, deacent or by operation of.law upon the death of a joint
tenant or ld) the Qrant of any leasehold interest of three years ur less not contnining an oplion to purchase, I.ender may, at [.ender s option,
declaremil the sums secured by this Mortgage to be immediately due and pnyable. I.ender ahall have waived auch optiun to accelerate if, prior
to the sale or tranafer, l.ender and the peraon to whom the Yroperty is to be sold or tranafrrred reach aRreement in writing lhat the credit of auch
person is salisfactory G~ (,ender and that the interest payable on the sums secured by this MortKaKe ahall be at such rate as l.ender ahall
reyuest. If Ixnder has w•aived the option to acc~rlerate proeidcvi in this paraKraph l i, and if I3orrower'x successor in interext has executed a
~~ritten ~~sxumptiun aKreement accepted in writinK by I.ender, I.rndershall release Borrower trom aUobliKatiuns underthis MortgaRe and the
\ ute.
If I.ender exerciser+ such option to accelerate, l.ender shall mai) Bormwer nntii~e of acceleration in acc~rdance with paragraph 14 hereof.
tiuch notice shall provid~ a peri~xl ofnot lesx than :tOd:~ys fmm thedate the notice is mailed within which Rorn~wermay pay thesum~ declared
due_ If B~-rrower fails to pa~~ auch sums prior to the expiration uf sueh peri~-d, I.rnder may, without further notice or dem:~nd on Borrower,
~nvuke any remedie~ pern~ittcYl bl• para~,-rauh ltt hrre~~t.
IS. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any rnvenant or
agreement ot fiorrow•er in thia Nortgege. including the covenants to pay when due any sums aecured by this'.1lortgage. Lender
prior to acceleretion shall mail notice to E3orrower as provided in paragraph 14 hereofepecifying: (1)the breach; (2) the action
reyuired to cure such breach;l3) a date. not lese than 30 days from the date the notice is mailed to liorrower, by which euch
breach must be cured; and (41 that failure to cure such breach on or before the date specified in the notice may result in
Hcceleration ot the suma secured by thix Mortgage, torecloaure by judicial proceeding and sale of the Property. The notice shall
further inform Eiorrower of the right to reinatate after acceleration und the right to aeaert in the foreclosure proceeding the
non-existence of a default or any other detenae of Borrower to acceleration and foreclosure. If the breach is not cured on or
before the date apecified in the notice. Lender at Lender's option mey declare all of the sums secured by this Mortgage to be
immediately due and payable without furtherdemand and may foreclose thie Mortgage by judicial proceeding. Lender shall be
~~ntitled lo collect in such proceeding all expenet~x otforeclosure. including. but not limited to. reaxonable attorney's fees. and
~•oats of documentary evidence. abstracts and title reports.
19. Borrower'e Riqht to Reinstate. Notwithstandin~ I.ender's acceleration of the suma secured by thie Mortgage, I3orrowershall have
the right to have any proceedings begun by I,ender to enforce this Mort~axe discontinuec! at any time prior to entry of a judqment enforcing
this Mortgage if: (a1 f3orrower pays I.ender all sums which would 1-e then due under this Mortgage, the Note and notex aecuring Future
Advancea, if any, had no acceleration cecurred; l b) Borrower cures all breachea of any other covenants or agreements of Borrower contained in
this Mortgage; (c1 E3orrower pays all reasonable expenses incurred by I.ender in enforcing the rnvenants and aqreements ot E3orrower
contained in this Mortgaqe and in enforcing I.ender e remedies as provided in paragraph lA hereof, including, but not limited to, reasonable
attorney 8 fees; and Id) E3~rrower takes such action as l.ender ma~ reasonably require to assure that thelien of this Mottgage, l.ender's intereat
in the Property and I3orrower's obliqation to pay the sums secured by this Mortqage ahall continue unimpaired. Upon auch payment and cvre
by I3orrower,- this Mortgage and the ubligations aecured hereby shall remain in full force and effect as if no acceleration had occurred.
20. Aseighment of Renta; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby aseigne to Lender the rente
of the Property, provided that Eiorrower shall, prior to acreleration under paragraph 18 hereof or abandonment of the Property, have the right
to collect and retain such rents as they become due and payable.
Upon acceleration under paragraph 18 hereof or abandonment of the Property, Ixnder ahaU be entitled to have a receiver appointed by a
oourt to enter-upon, take posxesaion of and manage the Property and to coilect the rents ot the Property, including thoee past due. All renta
oollected by the receiver ahall be applied first to payment of the cvsta of management of the Froperty and rnllection of rents, including, but not
limited to, receiver's feea, premiuma on receiver's bonds and reasonable aitorney a fees, and then to the auma secured by this Mortgage. The
receiver ahall be liable to amount only tor those renta actually received.
t~71~( J~~ P~GE 7~
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