HomeMy WebLinkAbout07308. Inepectioa. I.ender may make or cauae to be made reaeonable entries upon and inspertione uf the property, provided that I.enderahnll
Kive 8orrower notice prior to any auch inepection epeci[ying rexeunable cauae therefor related to l.ender e iotereat in the Property.
9. Condemnation. The proceeda of uny awxrd or claim for damuKes, dicect or ronsequential, in connection witt~ any condemnation or
~aher tnkinR of the property, or part thereof, or for conveyanre in lieu ot condemnc+tion, Are herrby ueaigned and ehall be paid to l.ender.
ln the event of ~ total tt-king of the I'rope~ty, the proceecl~ e~hull be applied to the aums ezecured by thie Martgage, with the eaceae, if any,
paid to lioROwer. In the eveM of n partial takiog of 1he Properiy. unlese E3orr~wer and l.ender otherwiee flltree in writing, ihere ehall be
:~pplied to lhe suma eecured by thie Mortgage auch proportion of the proceecls ne is eyual to that proportion which the amount of the euma
~~~•ured by tkia Mortgage immediately prior to lhe dule ot tnking bears k~ the fair market vnlue of the I'ruperty immediately prior to thedate of
tuking, witn the bals~nc~ of the pnx~ectila paid to Ror~ower.
1 f the F'roperty ie abanduned by E3or~wer, o~ i[, aRer notice by I,ender to E;orrower that the rnn+lemnor of'fera to make an award or se111e a
~•I:~im for damages. F3orruwer faila to respond to l~ende~ within 30 days aCter the date auch notice is maited, l.ender is authorized to collect and
;~Nply the proceeds, at l.ender's option, either to restoration ur repxir of the property ar to the eume aecured by this MortgaKe.
llnlesa Irende~ and I3orrower otherwise agreein wriling, any sucfi application of proceeda toprincipal ahai) not extend or poetpc~ne thedue
~f:-te of the monthly inatallmenls ieferred to in par~Krpphs 1 and 2 hereof or chanKe the amount ot auch installmente.
10. Borrower Not Releaeed. F.xtenxiun of the time for pn~ m~nt or mexlification of amortiz~tion ot the sums aecured by this Morlgage
~;runled by l.ender to uny xucces.w~r in intemst nt 13~,rn,wer shall not ~~perate to mleuse, in .~ny m~nner, the liubility ot the originat Borrower
und li~~rruwe~ :~ ~uccc~sars in intemst. l.ender shall n~-t be n~uireci to commence pn~cetiKiinKs s+gs~inxt such auccr~u~r or refnae to extend time
~~ ~r pu>•mrnt ur otherwise m«liCy :~mortizati~m uf thc• tiuma ~:~~•ural in• this \1urtKuKr by re:~w~n uf any drmand mude by theoriginal lioaower
.~n~1 KurruWCr's su~r~:ti::~~rs in intrn~;t. ~
l l. Horbearnnce by Lender Not a Waiver. Any forbearunce by I.ender in exen°isinK i~ny right or mmedy hereunder, or otherwiae
uffurJed by upplicuble It~w, ahall not be a waiver of or preclude the exercisr of any xuch riKht or mmedy. The procu~ement o[insurance or the
E~:~yment uf taxes or other liens or churges by lxnder sh:~ll not be a waiver of I.ender's righl to accelerate the maturity of the indehtedness
.t~•urrd by this Mortgnge. '
1'L Remediee Cumulative. Alt•remeciies pmvideci in this Morlg~Ke are distinct nnd cumclative ti> any other riyeht or rnmedy under this
\t~~rirnge or afforded by law or equity, nnd mny be exercixcVl concurrently, independently or succraxively:
l:i. Succeaxors and ARaigne f;ound; Joint and Several l.iability: Captione. The rnvenantx and aKmements herein cvntained shall
h~nd, and the rightx henunder shsdl inum to, the rc~pective succee~xor~ and asaiKns of l.ender and tiorruwer, subject to the provisions of
p.~raKraph ( 7 her~~-f. All c~rvenantr~ :~nd ~-greementt~ of Bormv~•er shall be juint and xeveral. The c~ptinns and heudinKs of the parxKrepha of
thiti ~tortgake are for c~veniencc only and ure not to t-r uscd t~, inlerpret ur define the proviAiona hereof.
1~1. Noiic~•. F:xtr~-t for any noticr nY~uired und~•r applicable• L•~w tu tk-~;ivi•n in :~noth: r manner, l.~l :iny nutir~• t~~ !i~-rruv~er prorid~d for in
t h i s~1urtKaKe ~haU tx Kiven by mailin~; such noticr by certifi~d mt+i! addresscvf to &,rmwer nt the Property Addrexs ur ut Huch otfier address aR
tt~ ~rruw•rr m.+y drxiKn.de F-y notice to l.ender us provided herein, and Ib) any noti~Y• to 1~•ndet sh~ill be Kiven by certifird mail, return nreipt
r~r~ueated, to I.ender's addreus st.ited hernin or to such other a~ddre:zs as I.ender may desiKnute by notice to liorrower as pro~~ded hemin. Any
n~ ~tice pru~idecl fi~r in this 1~lortg.~ge sha{I be deem~~i to have been gi~~rn to fi~~rn~wer or I~endrr when gi~en in the manner designf~ted herein.
15. Uniform MortgaRe; Gnverning l.aw; Severability. "I~his form uf mortgaKe cumhinrs uni[orin c~~venantx for nxtiunal use ~+nd nun-
a~~furm ~y~~•enants with limitrd variations b~ ~urisdictiun tu constiwte a unifurm'scrurih~ inxtrument cY~verin~ renl pr~~perty. This Mortgage
.';all i~• ~uvemc~3 by the lave uC the jurisclictiun in which the F'ru~~rty is I~K :~trd. In thi~ e~•ent that any provis:ion or cl:~use of this :Nort~aqe or
; t~~• \nte cuntlit~t+~ w•eth applicable liaw•, ~uch cti~nllicl shalt ni~t affcrt utfier pn~visivnx ~~f thiw A1ortKaKe~ or thr IVutr whmh can be Kiven effect
•.~ ~thuut the cti,nflicting aro~•isiun, and to this end the pru~~isiuns of th~~ MortKaKr :ind the Nute are d~rlared to f-c• severablt•.
16. f3orrower'x ('upy. &~rrower shi~ll t-e fumishc~l ai cun fnr:nid rnpy of the Note and of this AturtKage at the dme uf execution or :-fter
n•: ~~rdation hrrev~(.
17_ Transfer of the Property; Aseumption. If all ur any pa-t pf the !'ropert~ or an intemst themin is se~ld or tranaferred by i3e,rrower
µ ithuut l.ender'F prior w~ri~ten c~-nsent, excludinK (.~) thr creation uf a lien ur encumbrancr sulwrdinaite G~ this MortkaKe, /b) the cre~tion of a
F~urchaue money ~urity 's~terest for househuld appliances, lc- s~ transfer by de~•ise, d: ~cent ur by operation of Ixw upon the death of a joint
n•nani or ld1 the ~rant uf any leasehold interest of threr ye~rs ur leax nut cunt.~ininK an option to purchar+e, l.ender mny, at I.ender s optiun,
~ f~•~~I.+re al) the sums serur~c~f by this ~1nrtK:~Ke to be immedi.~tely due and payable_ I.ender sh.Jl have w~ived such option to accele~ate i[, pri~r
~~ ~ thf•sulrurtr,in~frr, l.enderand the person to w•hum the I'rupe~rty is to F-r sold ortrantifermd rt•ach aKreement in vvritinK that thecredit ofsuch
F,~•rsnn it~ ~:~tisf:iC10T~ L~) IRndrr and th:~t !he int~~rest pa~•atrle un th~• suma ~iK•un~l by lhis ~1ortKaKe tih.ill t~c• at such rate :~ l.ender sh:~ll
n~yurst. If la•nder h.L~t K'il~\'MI ~FIP ~,ptiun tu ucci•ler.~te p~~~~•ided in thi~ pur;iKraph +"7, and i( Ii~~rtuNer's suc•crssur in interext has executed a
~.~ riuen u.sumptiun aKrErment accrpt~~cl in writinK by I.~•ndrr, (w•nd~~rsh:ill relrxxe liurrower frum allubliKatiun~ underthis ti1~~rtKnKeand the
\~~te. • -
(f [.ender exercis~w such uptiun U+ accrl~•r:~t~•, 1 a•nder sh:~11 m:~i) Rormwer nutice uf a~~crleration in aciYirdan~r with paraKraph 14 hereof:
~u~•h noti~r vh:~ll pro~•ide a pc~ri~x1 uf nut Ir~cs than :i11 daps frum th~•dat~• th~• nuti~Y• i+ n::~il~r1 w•ithin w•hich Iiorruwer m.i~ pav the sumsdeclared
~iue•. If l;urruwer f:+i1K to pay such sums prior to thi• expiratiun uf su~•h ~x•ri~Kl, le•n~ler m:~y, withuut furth~~r n~~ti~-e ur dc•m:~nd on Ik~rruwer,
~t:~~~ke:~m rcmrdi~~ti p~~rmitt~ri b~~ par:+~;r:iuh IK h~~n~~f.
IS. Acceleration: Kemediee-. M:xcept as pruvided in part~graph 17 heny~f. upon Borrowpr'e breach of any covenant or
aKrecment of E~~rrower in this :-lorigage. including the covenants t~~ pay K hen due any eumseecured by this Mortgage.l.ender
~~riur to acceleration shall mail notice to Borrower ns provided in paragraph 14 hereofKpecifying:(1-the breach:l2-theaction
r~~yuireKl to cure such breach:13) a date. nol less then 30 dayx from the date the notice is mailed to Borrower. by which auch
t~rt•ach must be cured; and la) that failur~• to cure such breach on or F-etore the date apecified in the notice may result in
.+c•celeration of the sumd sc cured by this l~tortgage, toreclosure by judicial proeeedinq and eele of tfie Property.'f'he noticeshall
further infi~rm Korrower ot the right to reinetate after ucceleration and the right to ar~aert in the foreclosure p~ceeeding the
n~~n-ezistencY of a deCuult ~r any other detense of Borrnwer to ac~celeration and foreclosure. If the breach ie not cured on or
t~~fore the date apecific~tl in the notice. Lcnder at t.ender's option may declare all af the sums secured by this Mortgage to br
i mmediately due s~nd payable w•ithc~ut [urlher demand and may forealoxe this Mortgage by judicial proceeding. l.ender shall h~e
~~ntitled to collect in xuch proceedin~ all ezpenxrx of torecloyurr. inrluding. but not limited to, ceaxunableattorney's feeA, and
c•~~~ts of documentary evidence. abstractK and titlr reportw.
l9. I3~rrower's Right to Reinatate. ~otW~thstundinK 1.ender s ncceleratiun of thesuma securcd by this Mortgage,l3orrower ahall have
~ he right tc- h.~ve any prcx~redings }-eRun hy i.ender to enforce this MurtKuKe dixconti~ued at any time prior to entry• oC a judKment enforeing
this NortgaKe if: (a1 F3urrov-er pays I.ender all sums which wnuld t-e then due under thia htort~age, the Note and notes securing Future
Advances, if any, had no acceleration occurred; Ib) Rorrower rures ali bre~ches+ of any other covenante or agreementA of Borrower contained in
this MortKaKe; Icl Eiorrower pay~ all reasonable expensex incurred by {.ender in enforcinK the covenanta and aqreements of }3orrower
~~unwined in this Mort~aKe and in enforcinK I.ender's remedies as pro~•ided in paraKraph IA hereof, including, but not limited Lo, reasonablR
~~ trorney's fe~es: and Idl Esorrower takes such aMion ax I.ender may reas~,nably rryuere to assure that the lien of this MortKaKe, [.ender'a intereel
~i~ the Pmperty and F3orrower s obliKation to pay the sums secured by this MurtgaKe ahall continue unimpaired. U{x-n auch payment and cure
hv [iorrower, this ;4lortgage and the obli~ations secured herehy ahall remain in full lnrce and eflect as i[ no acce{eration had occnrred.
'l0. Aasignment of Rents; Appointment of Receiver. Ae additiunal 8~urity hereunder, E3orrower hereby asxigna to l.enderthe rents
~~f the f'roperty, provided that Borrower shall, prior t~- acceleration under paraKraph lAhereoforabandonment of the Property, havetheright
a~ collect and retain such mnts as they become due and payable.
Upon acceleration under paragraph l8 hereof or abandonment of the Property, Lender shall be entitled to have a receiver a.ppbinted by a
~~~,urt tr~ enter upun, take possexsion of and rnanpge the I'roperty and to c~,ilect lhe rents of the I'roperty, including those past due_ All renta
~,~1lected by the receiver shall be applied first to payment of the costs of management of the Property and collection of renta, including, but not
i~mited to, receiver's fees, premiums on receiver'a Ix~nds and reasunabte attnrney's fees, and then to the aums aecured by this Mort~age. The
rcreiver ehal) be liable to accounl only far those rente actually receieed.
~a~x 346 Nar,~ ~~~
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