HomeMy WebLinkAbout26458. Inepection. I.e~der may make or cauee to be made reasonable entries upon and inepectiona of the properiy, provided that [.ende~ ahall
give Borrowe~ notice p~or to aay such inepection epecifying reasonable cause therefor related to l.ender's intereet in the Property.
9. Condemnstion. The proceeda of any award or claim for damagea, direct or conaequential, in connectio~ with any oondemnation or
uther taking of the property, or part thereof, or for conveyance in lieu of conder.~nation, are hereby assigned and ehaU be paid to I.ender.
In the event of a tcta) taking of the Property, the proceeda ahall be applied to the auma secured by this Mortgage, with the exceas, if any,
paid to E3orrower. In the event of a partial taking of the Property, unleea E3orrower and Lender otherwiae agree in writing, there shall be
:~pplied to the auma eecured by this Mortgage auch propottion of the proceede as ia equal to that pmportio~ which !he amount of the auma
~crured by thia iNortRage immediately prior to the date of taking beara to the fai~ market value oflhe Property immediately priorto the dateo[
tuking, with the bulancr of the procE.rds paid to I3orrower. ,
lf the I'roperty ia abandoned by ~3orrower, or it after notice by l.ender to E3orrower that the condemnor of[ere to makr an aw ard or eettte a
claim for dnmagea, Borrower Cails W respond to l.ender within 30 days aRer the date auch notice is mailed, lxnder is authorized to cflllect and
~~ppiy the ptocecda, ut,I,ender s option, either to reatoration or repair uf the property or to the euma secured by thie Mortgage.
Unleas I.ende~ and E3orrowe~ otherwise a~ee in writing, any auch application of proceeda to principal ahall nol extend or postpone the due
ei:ite ot the monthly installments rnferred to in paragraphb i and 2 hereof or change the amount of auch inatallments.
10_ Rorrower Not Released. Extension of the time Cor paym~nt or modification of amorlization of the aums secured by this Mortgage
tirnnted by l.ender to any succe~~r in internst of E3orrower shnll not operate to relexxe, in any munner, the liability of the ori~inal Borrower
und I3orrower's succes.4ors in interest. I.ender shall not be required to eommence pr~-ceedings aKainst such successor or rnfuse to extend time
t~ ~r puyment or othrrwise moclify :unortizatiun of the tiums s~rurccl by this MortKaKr try ma.s~,n of nny demund made by the original E3orrower
:~nd li~~rrow~r s succcwcu-rs in inte~~~t.
11. I~'orbearance by l.ender iVot a~11~'aiver. Any [orbeairance by [.ender in exercising any right or remedy hereunde~, or otherwise
:-fforded by applicable law, shall not be A waiver of or preclude the exercise ot ~ny surh riQht or remedy. The procurnment of inaurance or the
F~:~yment of taxes or other liens or charges by I.ender sh~ll not be a waiver of I.ender's right tc~ accelerate the maturity of the indef~tednesa
.trured by thin Mortgage.
12. Remediea Cumulative. All mmedies provided in this Mortgage are distinct and cumulntive to any other riqht or remedy under thia
~lortrage or afforded by law or eyuily, and may be exercise~i concurrently, independently or successively.
1:~. Succesaora and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained ahall
hind, and the rights hereunder shall inure to, the respective successors and assigns of I.ender and F3urrower, subject to the provisions of
paraKraph 17 hereof. All covenantx and a~reements of Borrower shnll be joint ~nd several. The captions and headings otthe paragraphs oC
this Nlurtgage are for covenienm only and are not to be used to interpret or define the provisions hereof
1~t. Notice. Excrpt for r~n~ nutice nY~uired under applic:~ble law to be ~;iven in anoth~r manner, la) any notice to Borruwer prnvided forin
t h is A1ort~aKe shall begiven by mailing such notice by certified mF~il addressed to I3orrowerat the Pruperty Addreasor at such otheraddrees as
t;urrovrer may desiKnate b~• notice to I.ender as pmvided herein, and lb1 ~ny notirn tn I.ender shall be given by rnrtified mail, return receipt
n~c~ uested, tu I.ender's addre.~s stated herein or to such other address as l.ender may designate by notice to I3orrower ax pmvided herein. Any
rn~tice pru~•ided for in this hlort~;age shall be deemed to have been gi~en to F3orrvwer or l.ender when given in lhe manner designated herein.
1:~. t?ni form Mortgage; Governing Law; SeverAbility. This form of mortgage combines uniform covenants for national use and non-
uniform rn~•enants w•ith limited variations by jurisdiction to oonstitute a uniform security instrument a,vereng real property. This btortgage
~ha:l he ~;uverned b}• the law of the jurisdiction in which the I'roperty is loc~tecf. ln the eve~t thnt any provision or clause of this Mortgage or
eh~~ tiute conflicts with applicable law, such conflict shall not affect other pro~ isiuns of this DtortQage or the Note which can be given effect
•..~ithuut the ctimtlicli~K prorision, and to this end thr pruvisions of the MortKaKe and the Note are declared to be severable.
lfi. Rorrow•er's Copy. Borrower shall be furnishrd a conformed copy of the Note and of thia Mortgaqe at the time of execution or aftkr
n~c•ordution hereof.
17. TrAnsfer of the Property: Aasumption. If all or any part of the E'ruperty or an interest themin is sold or Uansferred by F3orrower
! thout I.en~cr ~ prior written consent, excluding lal the creation of ai lien or encumbrance subordinate to this Mo
rtgaQe, (b- the creatian uf a
~~ ~urchase money security interest for household applinnces, (c) s~ transfer by devise, d~scent or by operation ot law upon the death of a joint
tt•nant or (d) the gra~nt of any leasehold interest of three years or less not containing an option to pumhaxe, l.ender may, at Lender s option,
~i~~clam s~ll the sums secure~l by this MortRage to be immediately due and payable. I.ender shall have waived such option to accelerate if, prior
t~, the sale or tranbfer, (~ender an~ the person to whom the F'ropert~ is m be suld or transferred reach aKreement in writinR!hat thecredit otsuch
~~~~rson is s~itisf:icton• tu I.endrr and that ~he interest payable un the sums scrurcd by this 11ortKage shall be at such rate as Lender shall
r~•quest. If Ixnder h.is w•aived the oplion to accrterate prm~ided in this paraKraph 17, and if (~~rruwer's successor in interest ha!? executed a
~+ ritten :issumption aKreement accepted in w•ritinK hy I.ender,l.endershaU release Rurruwer from all obligatiuns underthis Mortgage and the
\ i,te.
If l.ender exercises such uption to accrlerate. I.ender shall m:iil Borrower notim of acceleration in acrnrdance with paragraph 14 hereof.
~uch notice shall providr a periud of not IEws than :i(-d.~ys from the date the nuticr is maile~l w•Nhin ~chich 13orruwer mav pav thesums declared
'~ui'• 1f Rorruwer fails tu pay s~ch sums prior to the expir~tiun of such ~xr:~~1, I.ender m.iy. without further notim or demand on t9orrower,
~n~•oke an~~ remedies permiUcd by paraKranh Itt hercy~f.
lii. Acceleration; ltemedies. F,xcept as provided in paragraph 17 hereof. uaon Borrower's brexch of any covenant or
:~~reement otBorrow~er in thix Mortgage, including the covenants to pay w hen due any sumasecu~ed by thie Mortgage, Lender
E~rior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action
rc~yuired to cure such breach; (3} a date. not less than 30 days from the date the notiee is mailed to Borrower, by whieh euch
t~reach must be cured; and (4) that failure to cure such breach on or before the date apeciGed in the notice may reault in
:~c•celeration of thesums secured by thia Diurtgage. foreclosure by judicial proceeding end saleofthe Property.The noticeshall
further inform Borrower of the right to reinstate aRer acceleration and the right to assert in the foreclosure proceeding the
non-e:istence of a default or any other defense ot Borrower to acceleration and foreclosure. Itthe breach is not cured on or
t-e~fore the date specified in the notice. Lender al I.ender'a option may declare all of the aums secured by this Mortgage to be
immediately due and payable N ithout turtherdema~d and may foreclose this Mortgage by judicial proceeding. LendPr shall be
t~ntiUed to collect in such proceedin~ all expenseex otforeclosure. including. but not limitecl to. reaxonable attorney's feea. and
~•usts of docum~ntary evidence. abstracts and title reports.
t9. Borrower's Right to Reinstate. NotwithstnndinK I.ender's acceleration oftheaumssecurcd by this MortgaKe, I3urrowershall have
t he right to have any proceeclinqs begun by I.ender tu enforce this MortgaKe discontinued at any time prior to entry of a judgment entorcing
this MortgaRe if: la> 13orrower pays I.ender all sums which wauld be then due under this Mortgage, the Note and notea scrurinQ Future
Advances, if any, had no acceleration occurred; lb- I3orrower cures all bmaches of any other covenanta or agreementa of E3orrower contained in
this Mortgage; (c) B~rrower pays all masonable expenses incurred by [.ender in enforcing the covenante and agreementa of E3orrower
contained in this Mortgage and in enforcing l.ender's remedies as pro~•ided in paragraph IS hereof, including, but not limited to, reasonablr
~-ttorney's fees; and Idl F3orrower takes such action as I.ender may seasonably require to assure that the lien of this Mort~age, l.ender's interest
i n the Property and F3orrower's obligation tu pay the sums xerured by this Mortgage ahall continue unimpaired. Upon such payment and cure
by }3orrower, this Mo~age and the obligations secured hereby shall remain in ful! torce and effect as if no acceleration had occurred.
`l(1_ Asaignment of Renta; Appointment of Receiver. As additional security hemander, Borrower hereby asaigns to Lender the renta
~~f the Property, provided that Borrower shall, prior to acceleration under paragraph 1 Shermf orabandonment of the Property, huve theright
to collect and mtain such renta as they become due and ~-ayable. •-
Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a
cuurt to enterapon, take possession of and manage the Property and to collect the rents of the Property, including those pasf due. All rnnta
collected by the receiver ahall be applied first to payment of the cost~: of management of the Pmperty and collection of rente, including, but not
limited tri, receiver's fees, premiums un receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The
receiver shall be liable to account only for those renta actually received.
BOOK 346 PA~E 2640