HomeMy WebLinkAbout29748. Iaspection. Lender may make o~ cause b be made reswnable entrie~ upon and inapectiona of the property. provided that Lende~ shall
~ive Borrvwer notice prior to any euch insp~ctio~ ~pecitying reaaonable cawe therefor related to I.ender's inten~t iu the Penperty.
8. Coademnatioa. 91~e proceeds o[ any award or ciaim for damages. direct or coniaquential. in connectioa with aay ooadenaatiou or
other taking of the property, or part thereof, or for rnnveyanoe in Geu of oondeinnation. an hereby assigned and shaU be paid to I.ender.
In the event of a total takir-g o[ the PropeKy, the proceeds shall be applied to the sums secured by thi~ Mortgage. w ith the esce~a, J any,
paid to BoROwer. In the event o[ a partia) taking o[ the Pmperty, unless Borrower and Lender otherwiae a~ree ia writing. then shaU be
Applied to the sume eecured by this Mortgage s~ech proportion o[ the proceeds as is equal to that proportion which the amount of tl~e suau
eecured by this Mortgage im~ediatsly prior to the date of Laking bears to the fair market value of tbe Property immediately priorto thedate of
ceking, with the balan~ of the proceeds paid b Borrowlr:
I[ the Property is abandoned by Bor~ower, or if, after notice by Lender to Borrower that the eondemnor offers to make an award or settk a
claim for damages, Borrower fails to respond to I.ender within 30 daye atter the date such notice is mailed, Lender is authorized b collect and
t~pply the proceeds. at I.ender'a option. either b restoretion or repair of the pmperty or to the aums secured by thia Mortgage.
Unlees Lender and Borrowe~ otherwise agree in writing, any such applicatioa of proceeds to principal ahall not estend or postpone the due
date of the monthly inatallmenta mferred to in paragraphs 1 and 2 hereof or change the amount of such installmeats.
l0. Iiorrower Not Releaeed. Extrnsion ot the time for paym=nt or modification of amortization of the aums aecured by this Mdrt{~age
Kranted by I.ender to any aucceaeor in intereat of E3orrower ahaU not operate to releaae, in any manner, the liability of the original Borrower
.~nd Borrower e aucceasora in intereat. I.ender ahalt not be required to oommence proceedings againat auch auci.~eeeor or refuse b eztend time
fnr payment or otherwise modify amortization of the sume aecured by this Mortgage by reaeon of any demand made by the original Borrower
xnd Borrower s sucres,4ors in interest.
l l. Forbearance by Lender Not a VNaiver. Any [orbearance by [ender in e:ercising any right or remedy hereunder, or otherwise
afforded by applicable laa, ehall not be e waiver o[or preclude the exerciee of any euch right or remedy. The procurement of insurance or the
payment of taues or other liena or chargea by I.ender ehall not be a waiver of l.ender s right to accelerate the maturity of the indebtedneas
secured by thia Mortgage.
12 Remedies Cumulative. All remediea pmvided in thia Mortgage are dietinct and cumulative to any other right or remedy under this
btortrage or afforded by law or equity, and may be e:erciee~i concurrendy, independently or euccesaively.
13. 3uccesaore and Aaeigne Bound; Joint and Several Liability; Captiona. The covenants and agreementa herein oontained ahall
bind, and the rights hereunder ahall inure to, the reapective succeaeors and aseigns of I.ender and Borrower, aubject to the provisions of
paragraph 17 hereof. All covenante and agreementa of Borrower ehall be joint and eeveral. The captione and headinga of the paragraphs of
thia Mortgage are tw rnvenience only and are not to be used to interpret or define the proviaions hereof,
14. Notice. F xcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in
thia Mortgage ahall be given by mailing such notice by certified mail addreseeci to Borrower at the Property Addresaor at such other addrees aa
13orrower may designate by notice to Lender as provided herein, and (b) any notice to I.ender ahall be given by certified mail, retnrn reoeipt
requested, to I.en ier'n addreas rtated herein or to auch other address ae I.ender may designate by notice to Borrower aa pmvided herein. My
notice pro~~ded fur in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein
15. Un i form Mortgage; Governing Law; Severability. This form of mortgage rnmbinea uniform oovenanta for national nee and non-
unifurm co.•enanta with limited variationa by juriadiction to rnnetitute a uniform eecurity instrument oovering real property. Thia Mortgage
shall be ~overned by the law of the juriediction in which the Property ia located. In the event that any provixion or clause of this Mortgage or
the Note contlicts with applicable law, auch conflict shall not aftect other proviaions of this Mortgage or the Note which can be given ePfect
without the rnnflicting proviaion, and to this end the provisione of the Mortgage and the Note are declared to be severabie.
16. Borrower'8 Copy. Borrower shall be furnished a conformed oopy of the Note and of thia Mortgage at the time of e:ecution or after
recordation hereof
17. Trane[er of the Propetty; Aeaumption. If all or any part of the Property or an interest therein ie aold or tranaferred by Borrower
w-ithout Lender's prior written consent, excluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a
purchase money security interest for houaehold appliancea, (c) a transfer by devise, d~cenl or by operation of law upon the death of a joint
tenant or (d1 the grant of any leasehold interest of three yeare or leae not containing an option to purchase, Lender may, at Lender e optioa,
declare aU the sums securea by this Mortgage to be immediately due and payable. I.ender shall have waived such option to aaoelerate if; prior
to the sale or tranafer, I.ender and the person to whom the Pe~operty ia to be sold or tranaferred reach agreement in writing that the credit of sach
person is satisfactory to I.ender and that the interest paypble on the sums eecured by this Mortgage shall be at sueh rate aa I.ender shall
reyaest. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has ezecuted a
written assumption agreement accepted in writinQ by I.ender, l.enderahall retease 13orrower from all obligations underthis Mortgageand the
ti ote_
t f Lender exerciaea such option to accelerate, l.ender shall mail Borrower notice of acceleration in accordance vrith paragraph 1~ hereoL
tiuch notice shall provide a period of not less than :i0days fmm thedate the notice is mailed within which I3orrower may pay thesuma declared
riue_ I[ Koaower fails to pay such sums prior to the expiration of such periud, l.ender may, w~thout further notice or demand on t3orrower,
invoke any remedies permitted by paraKraoh Iri hereof.
18. Acceleration; Remediee. E:cept ae provided in paragraph 17 hereot. upon Borrower's breach ot any~ovenant or
t~greement of Borrower in thia Mortgage. including the covenante to pay when due any eumesecured by this Mortgage. Lender
prior to acceleration ehall mail notice to Borrower ae provided in paragraph 14 hereofepecifying: (1) the breach;(2) the actiun
required to cure such breach; (3) a dete, not lesa than 30 daya from the date the notice is mailed to Borrower. by which eucb
breach muet be cured; and (4) that failure to cure such breach on or before the date specified in t6e notice may res~lt in
accelerstion of the eums secured by thia Mortgage. toreclosure by judiciel proceeding and sale of the Property. The ootice ehall
further intorm Borrower of the right to reinetate af'ter acceleratior and the rig6t to assert in the foreclosure proceeding the
non-e:istence of a default or any other defense of Borrower to acceleration and foreclosnre. It the breach ia aot cured on or
tu fore the date apecified in the notice. Lender et Lender's option may declare al) ot t6e eume secured by this Mortgage to be
i mmediately due and payable without turther demand end may toreclose thie Mortgage by judicial proceeding. Lender shell be
~~ntitled to collect in euch proceeding all e:penses ot foreclosure. including. but not limlted to. reaaonable attorney's tees. and
~•~,sts of documentary evidence. abAtracts and title reporta.
l9. I3orrower'8 Right to Reinetate. Notwithatanding Lender a acceleration of the auma eecured by thia Mortgage, Borrowerahall have
the right b have any proceedings begun by [.ender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing
this Mortgage if: (a) Borrower pays t.ender all aums which would be then due under thie Mortgage; the Note and notea se~vring Future
Advances, if any, had no acceleration occurred; (b) Borrower cures all breachee of anyother rnvenante or agreemente of Borrowrr oontained in
this Mortgage; (c) Borrower pays all reasonable expenaea incurred by Lender in enforcing the covenanta and agree~nents of Borrower
cuntained in this Mortgage and in en[orcing Lender's remedies as provided in paragraph 18 hereof. including, but not limited to, ieasonable
attorney 8 feea; and (d) Borrower takes auch action as I.ender may reasonably require to sesure that the lien of this Mortgage. Lender'a interest
i n the Property and Borrower s obligation to pay the sums aecured by this Mortgage shall continue unimpaired. Upon each payment and cure
by Borrower, this Mortgage and the obligationa secured hereby shall remain in tull force and effect se if no aoceleration had occurred.
Z0. Aseignment of Rente; Appointment ot Receiver. Ae additional ~curity hereunder, Boaower hereby asaigas to Leader the rents
~~f the Prope~ty. provided that Borrower shall, prior to acreleration under paragreph 18 hereof or abandonment of the Property, have the right
to collect and retain euch rente as they become due and payable.
Upen acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entiUed to have a n~ceiver appointed by a
rnurt to enter upon, take posseaeion of and manage the Property and to collect the renta of the Property, including thoee past dae. All reuts
collected by the receiver ahall be applied firet to peyment of the eoeta otmanagement of the Property and rnllection of reob. inclading, bnt no!
limited to, receiver e fees, premiuma on receiver's bonda and reasonable attorney e feee, and then to the sums secured by thi~ Mortgage. The
receiver ahall be liable to acoount only fo~ those renta actually received.
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