HomeMy WebLinkAbout03798. Inspection. I.ender may meke or cauee to be made reasonable entrirs upon and inspections of the property, provided that I.ender ehall
give Borrower notice prior to any auch inepection epecifying ceasonable cause therefor related to I.ender's interest in the Property.
9. Condemnation.'11~e pra~eeda of any awaid or claim for damages, direct or consequential, in connection with any oondemnation or
other taking of the pmperty, or part theceof, or for conveyance in Geu of oondemnation, are hereby assigned and ehall be paid b Lender.
In lhe event of a total taking of the Property, ihe proceede ehall be applied to the suma eecured by ihis Mortg;.ea, w~th the exc~e, if any,
paid to Borrower. [n the event of a paetial taking of the Property, ur-leae Borrower and Lender otherwiee agree in vvriting, there ehaU be
applied to the eume eecured by this Mortgage such proportion of the procceds as is equal b that proportion which the amount of the suma
secured by thie Mortgage immediately prior to the date of takiag beare to the fair market value of the Property immediately prior to the date of
taking. vrith the balanc~ of the proceeds paid to Borrower.
If the Yroperty ia aba~doned by Borrower, or if, after notice by I.ender to Borrower that the mndem~or ot'fers to make an award or settle a
claim fot damages, Borrower fails to respond to Lender within 30 days after the date such notice ia mailed, Lender is authorized b coUect and
apply the proceeds. at I.ender's opGon, either to restoration or repair of the property or to the aums aecured by thia Mortgage.
Unleas I.ender and Borrower otherwiee agree in writing, any auch application of proceeda to principal ahall not extend or postpone thedue
date of the monthly inatallmente referred to in paragrapha I and 2 hereof or change the amount of auch ioatallmente.
10. Borrower Not Released. Extension of the time tor paym ~nt or modificetion of amoriization of the auma eecured by thie Mortgage
~ranted by Ixnder to any successor in interest of Rorrower ahall not operate to relexse, in any manner, the liability of the original Borrower
and Borrower'a auccess~rs in interea~ I.ende~ ahall not be required to rnmmence procee~lings against such aucceasor or refuse to extend time
for payment or otherwise modify nmortization of the sums secured by this Morigage by res~n of nny demnnd made by the original Borrower
:-nd E3orrower s successorx in inte~eat.
11. Forbearance by I.ender Not a Riaiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwiae
afforded by applicable law, ahall not be a waiver of or preclude the exerciee of any auch right or remedy. The pmcurement of inaurance or the
payment of taxes or other liene or chargea by Lender ahall not be a waiver of L.ender'a right to accelerate the maturity of the indebtednesa
secured by this Mortgage.
12 Remediee Cumulative. All rnmedies provided in thie Mortgage are distinct and cnmulative to any other right or remedy under thia
Mortrage or aftorded by law or equity, and m~y be exescised concurrendy, independently or aucceseively.
13. Succeseore and Aseigne Bound; Joint and Several Liability; Ceptione. The covenanta and agreementa herein contained ahall
bind, and the righta hereunder shall inure to, the respective autt~esaora and asaigna ot I.ender and f3orrower, subject to the provieione of
paragraph 17 hereof. All covenants and agreements of Horrower ahall be joint and several. The captions and headinga of the paragraphs of
this Mortgage are for covenienee only and are not to be used to inlerpret or define the proviaions hereof. ~
14. Notice. Except for any notice required under applicable law to be given in nnother manner,lA- any notice to Rorruwer provided for in
thia MurtAage ahaU be given by mailing such notice by certified mail addresaed to Borrower at the Pn~perty Address or at such other address as
I3orrower may designate by notice to I.ender as pmviJed hernin, and (b- any notice to Lender ahall be given by certified mail, return receipt
requested, to I.endei s addreas atated hemin or to such other addresa as Lender may designate by notice to Borrower ax provided herein. Any
nutice provided for in this Mortgage ahall be deemed to have been given to Borrower or I.ender when given in the manner deaignated herein.
15. Uniform Mortgage; Governing Law; Severability. This form of mortgagecombines uniform covenants for national use and non•
'uniform covenanta with limited variations by jurisdiction to constitute a uniform security instrument a,vering real pmperty. This Mortgage
shalt be qoverned by the law of the jurisdiction in which the Property is located. In lhe event that any provision or clause of this Morigage or
the Note conflicta with applicable law, such contlict Aha1) not atfect other pmvisions of this 111urtgage or the Note which can be given effect
without the conflicting provision, and to this end the provisions ot the ldortgage and the Note are declared to be severable_
16. Borrower's Copy. I3orrower ahail be furniahed a cunformed copy of the Note and of thia Mortgage at the time of execution or after
recordation hereof. '
17. ~'I~anefer of the Property; Aseumption. If all or any part of the Propetty or an interest therein ia sold or traneferred by E3orrower
-J without Lender's prior v~-ritten consent, excluding (a? the creation of a lien or encumbrance subordinate t~ this Mortgage, (b) the creation of a
pumhase money aecurity interest for houaehold appliancea, (c) a transfer by devise, d~scent or by operation of law upon the death ota joint
tenant or fd) the grant of any leasehold intereat of three yeara or less not containing an option to purchase, l.ender mey, at I.ender's option,
~ti~` declare all the sums secured by this Mortgage to be immediately due and payabie. (.ender shall have waived such option to accelerate if, prior
to the sale or tranafer. I.ender and the person to whom the I'roperty ia to be sold or transferred rnach aQreement in writing that the credit of such
~ person is satis[actory to Ixnder and that the interest paynbie on the sums secured by this Mortgage shall be at auch rate as I.ender ahall
request. If I.ender has waived the option to accelerate provided in this paragraph 17, and if t3orrovrer a succeasor in interest has executed a
~•ritten assumption agreement accepted in writinK by Ixnder, l.ender shali release Borrower from aIl obligations underthis Mortqage and the
\1ote. •
If I.ender exercises sueh uption t~, acc~rlerate,l.ender shall mail Korruwer notice of aceeleration in acrnrdance with paragraph 14 hereof.
~uch notice shall provide a period of not les.s than 30 days from thedate the notice is mailed within which Rorrower may paY the sums declared
due. tf Rorrower [ails to pay such sums prior to the expiration of such period, I.ender may, without further nutice or demand on E3orrower,
invoke any remedies permitted b~ paraKraoh IFi hereof.
18. Acreleration; Remedies. E:cept ae provided in paragraph 17 hereof, upon Borrower's breach of any covenant or
agreement of Borrower in this Mortgage, including the covenants to pay when due any aumasecured by thie Mortgage. Lender
prior to acceleratiur. shall mail notice to Borrower ae provided in psragraph 14 hereof specifying: (1-the breach; (2) the aMion
required to cure such breach; (3) a date. not less then 30 daya ftom the date the notice is mailed to Borrower, by which such
breach muat be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may result in
acceleration of the eume aecured by thie Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice ehall
further intorm Borrower of the right to reinstate aRer acceleration and the right to asaert in the fureclosure proceeding the
non-existence of a default or any other defense of Iiorrower to aceeleration and torecloaure. lf the breach ie not cured on or
before the date specified in the notice. Lender at i.ender's option may declare all of the snms secured by this Mortgage to be
immediately due and payable without furtherdemand and may foreclosethis Mortgage by judicial proceeding. Lenderahull be
entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's Ceea. and
costs of documentary evidence. abstracts and title reports.
19. Borrower's Right to Reinetate. Notwithatanding I.ender s acceleration of the sums secured by this Mortgage, Rorrower shall have
the right to have any proceedings begun by l.ender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing
, thia Mortgage if: (a) Borrower pays [.ender all sums which would be then due under this Mortgage, lhe Note and notes eecuring Future
Advancee, if any, had no acceleration occurred; ib- Borrower cures all breachea of any other"covenanta or agreements of Borrower contained in
thie Mortgage; (c) Borrower pays all reasonable expenaes incurred by Lender in enforcing the covenante and agreements of Borrower
oontained in this Mortgage and in enforcing L.ender's remedies as provided in paraqraph IS hereof, including, but not limited to, reasonable
attomey's fees; and (d) Borron er takea auch aMion as Lender may reasonably require to assure that the lien of this Mortgage, Lender e intereet
in the Property and Borrower s obligation to pay the suma secured by this Mortqage ahall rnntinue unimpaited. Upon auch payment and cure
by Borrower, thie Mortgage and the obliqations aecured hereby ahalt mmain in fu11 force and effect as if no acceleration had occurred_
20. Aeeignment of Rente; Appointment of Receiver. As addetional security here4nder, Borrower hereby assigna tn Lender the renta
of the Property, provided that Borrower ahail, prior tu acceleration undet paragraph 18 hereof or abandonment of the Property, have the right
to collect and retain auch rents ae they become due and payable.
Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a
court to enter upon, take posaesaion of and manage the Property and to collect the rents of the Yroperty, including thoee paet due. All renta
rnllected by the receiver ahall be applied first to payment of the eoste of management of the Property and rnllection of rente, including. but r~ot
limited to, receiver's feee, premiuma on receiver e bonda and reasonable attomey'e teea, and then to the suma eecured by thie Mortgage. The
receiver ahall be liable to acoount only for thoee rente actuaQy received.
~'K3~9 eN~E 380
Btlt~K
~ - ~; _ ,~ ~
~ '~ ~,...,~.= _ t_~~. ~.~-~. r .. , ~f ~