HomeMy WebLinkAbout07858. lnspection. I.ender may make or cauee to be made ~euaunable entri~ upo~ and inepectiuns of the property, pmvided that I.ende-ahall
K~~e 13orn,wer notice prior to any such inapection apecifying reaaonabfe cauee therefor related to I.ender'e intereat in the Property.
9. Condemnation. The procceds of any award o~ claim for damagea, direct or coneeyuential, in connection with a~y condem~ation or
other txking uf the property, or part thereof, or for conveyance in lieu of cundemnation, are hereby aseigned and shati be paid to [.ender.
In the event of a total taking ot the Property, the proceeda shall be applied to the auma secured by thia Mortgage, with the exceae, if any,
paid b Borrower. Ir- the event of a pnrtial taking of the Property, unleae E3oROwer and I.ender otherwiae agree i~ writing, there ahall be
applied w the aume aecured by thie Mortgage euch proportion of the proceede as ia equal io that proportion which the amount of the eums
secured by thia Morts[aqe immediatelv prior to the date of takin~ beara b the fair market value of the F'mpertv immwiiately ~rinr tn thn.~,.t....f
taking, with the balance of the proceeda pf.id to Borrower.
If the Property ia aba~doned by Borrower, or if, after notice by l.ender to E3orrower that the condemnoroffers to make an award or aettle a
claim for damugea, t3orrower faila to respond to l.ender within 30 days after the date auch notice is mailed, l.ender ia authorized tocollect and
:~pply the proceeda, at l.endei s option, either to reatoration or repair of the property or to the sums aecured by thie Mortgage_
Unlesa I.ender and Borrower otherwiae agree in writing, any auch t~pplication of proceeda to principal shali not extend or postpone the due
dute of the monthly instxllmenta referrrd to in parngraphs i and 2 hereo[ or change the amount of euch inatallmente.
10. f3orrower Not Releaeed. Extension of the time fi~r ~sym~nt or modification uCamortizntion of the aums xcrured by this Mortgage
~ran/ed by t.ender to any successor in interest of E3orrower shnll not opernte /o rrlease, in ~ny manner, the liAbility of the originul E3orrower
und F3orn~wer's succrssors in interest. I.ender shall nut t-e reyuired to oommence proceedinKs nRi~inst such sucrea~or or mfuse to extend time
Cor payment or othervrise mociify nmortiz:ition of the sums src•ured b~• this 111orttiuKr by rr.~M~n uf .~ny demand made iry theuriginal Rormwer
:~nd }3orro.ver's successurs in interrst.
11. Forbearance by Lender Not a Waiver. Any forbearance by l.ender in cxerci~inK nny riKht or mmedy hemunder, or otherwise
afforded by applicable law, shall not be tt wui~ er of or preclude the exe~cise of any such right ur remedy. The procurement of inyurance or the
F~~~yment of taxes or other liens or chargea by l.ender ahall not be n waiver of l.ender'a right to accelerate the maturity ot the indebtedneas
4 .ecured by this Mortgage.
12 Nemediea Cumulative. All remedies provided in thia Murtgage are distinct and cumulative to Uny other right or remedy under thia
~tortrage or afforded by law or equity, and may be exercise~l concurrently, independentty or succeaxively.
l3. Succesaore and Asaigna Bound; Joint and Several Liability; Captione. 7'he covenants and agreemente herein contained shal)
t~ind, and the rights hereunder shall inure to, the respective succrxsors and asxigna of l.ender and liorrower, subject to the proviaiona of
parugraph 17 hermL Al! covenants nnd agreementa of f;orrower shall be juint and aeveral. The captions and headinKs of the paragrnpha of
this ~tortgage are for mvenience only and am not to be used to interpcet or define the pmvieiona herc~f_
1-1. Notice. Exmpt for any no-im rcr~uin~d under upplicable lav- to he Ki~•en in unother mannf•r, (al uny nutice to li~~rrower pruvided tor in
this btortKage shall be Kiven by mailinK such notice by certified mail nddmbgecl to Bc~rn~wer at the I'ruperty Addre~ss or at such other addresa ae
Fiurruwer may dc~iKna~te by notice lo l.ender ns providecl herein, and Ib) any notice t~, l.ender shall be Kiven by certified mail, return receipt
rryuesled, tu l.ender's address stated herein or to such other nddress as l.ender may desiKns~te by notice to E3onower a-x provided herein. Any
nulice proeid~d for in this 6'IortgaKe shall tie deemeei to have been given to t3ormwer or I.ender when given in the manner designated hernin.
15. Uniform Hortgage; Governin~ I.aw; Severability.'!'his form of mortgaKr eambines unifc,rm covenants for national useand non-
uniform co~enants with limited variations by jurisdicti~~n to amstitute ~ uniforin security instrument cY~verin~; real property.l'his Mortqage
~hull be ~~overned by the law of the juriadictiun in which the !'roperiy is loc.ited. in the e~•rnt that any pruvi~ion or clause of this Mortgage or
the Nute cuntlic~s with applicable law, such conflict Rhall nut ~ffect uther pruvicions uf this 111ortKaKe o~ the (`ote which can be given effect
~cithout the cY~nilictinK pru~•ision, and to this end the provisions uf the MoriKage :ind th~ l~tote are dPClarecl to 1-e severable.
l6. Barrower's Copy. Bom~wer shall be turnished a cunformed cc~py of the Note and ~.tthiK MurtKaKe nt the time of execution or after
r~ordatic,n hereof.
17. Tranyfer of the I'roperty; Aasumption. If ~11 or an}• parl of the 1'n,perty ur an interrst therein is sold c,r transferred by -,orrower
~ nhuut I,ender's oriur written consent, excludink la1 the cteation of a lien or encumbrancr subordinate u~ this Mort~aKe, ib) the creation of a
purchase money security interest for household appliances, lc) a transfer by de~ ise, d.scentor by operation of Inw upun the death of a jcint
tc~nant or ldt the Rrant of any leasehold interest of three years or less not containinK an option to purchase, I.ender may, at I.ender's option,
~1tti-!are all the sums secured by this htort~age to be immediately due and payable. I.ender shall have wai~ ed surh optiun to accelerate if, prior
' t~ ~ the sale or transfer, I.ender and the person u~ whom the Pruperty is to be sold or transferred reach aKreement in vvritinK that the credit of such
~ pt~rs~~n is s.disfacton~ to IA~nder :ind that the interest payable on the sum~: scrurrcl by this 11ortK.iKr shall be at such rate .-s I.ender shall
' rw~uc~t. If la•nder has w•aici~l the uptiun to accelerate pruvided in thic paraKr:iph 1 i, and if F3orruwer s succrssur in interext has executEd a
' «riUen a:~sumptiun aiKr~ti~mrnt accepled in writinK by 1 A~nder, l.~•nder sh.ill release liorrower from all obliKati~-ns underthis blortgage and the
~ \ ute.
` if I.ender exercis~~ s~ch optiun to accelerate,i.ender shall m.~il Rurruveer nutice of arc~~leration in nrn~rdancr with paraKraph 14 hereof.
f ~uchnoticeshaltproeideaperiod~~fnotlts,~th.~n:i(Idaysfrumth~•datethenutii•ei,rr.:-iledw•ithinwhirhKurroNrrmaypavthesumsdeclared
l ~iue. If R~~rrower fails tu pay such sums priur to the expir.~tion of such perir~, I.ender may, w•ithout further notue or demand on }3~~rrower.
~ :n~oke.im• remrcfic~s ~rmittrd b~• par:i~;r.~oh I?t here~~f_
I8. Acceleration; Remedies. F.:cept xa provided in paragraph 17 hereof, upon Borrower's breach ot any covenant or
aiKreement of Iiorrower in this Mortgage. including the cuvenants to pay when due any sumssecured by thir~ Mortgaqe, Lender
prior to acceleration ahall mail notice to Bormwer xr~ provided in paragraph 14 hereofepecifying:l l) the breach; (2) the action
required to cure such breach;l3) a date, not less than 30 days from the date the notice ia mailed to Rorrower. by which such
breach muat be cured; and (4) that failure to cure such breach on or betore the date apecified in the notice may reault in
accelerat ion ot the suma secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice shall
further inform Borrower uf the riqht to reinstate atter acceleration and the right to assert in the foreclosure prceeeding the
n~-n-e:istence ot a default or any other detense ot Rorrower to acceleration and forecloaure. If the breach ia not cured on or
tx>for~ the date specified in the notice. l.ender at I.ender's option may declare all of the sums Hecured by this Mortqage to be
immedietely due and payable v- ithout furtherdemand and may foreclose this Mortgage by judicial proceeding. I.ender ~hnll be
t•ntitted to collect in such proceeding all expenaex of foreclosure, including. but not limited to. reasonabie attorney's fees, and
i•~-tits of documentary evidence. abstracts and title reports.
19. I3orrower'a Right to Reinstate. Notv-ithstandinK I.ender's acceleration of the sums secured by this MortgaRe, Rorrow•er shall have
the riKht to have any proceedings t-eKun by I.ender to enfurcr thia MortgaKe discontinued at any time prior to entr~• of a judKment enforcinK
this hiortgage iE la- Borruwer pays I.ender all sums which w~-uld t-e then due under this Mortgage, the Note and notes securing Future
:'ldvancea, if any. had no acceleration occurred: Ib) E3orruwer curea all breaches of any other rnvenants or agreements of Borrower containrd in
this MortRaQe; Ic) F3orrower pays all reasunable expensea incurred by I.ender in enforcing the covenants and agreements of Korrower
contained in this MortKaRe and in enforcinQ I.ender's remedies as provided in paragraph 18 hereof, includinR, but not limited to, reasonable
attorney's fees; and Id- Borrower takes such action as l.ender may reasunably require lo assure that the lien of this Mortgage, l.ender'a interest
in the Property and i3orroveer's obligation to pay the sums secured by this Mortgage ahall cuntinue unimpaired. Upun auch payment and cure
by 13orrower, this Mort~aRe and the obliKations secured hereby shall remain in full force and effect aa if no acceleration had occurred.
20. Assignment otRents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigna to I.enderthe rente
~~f the Property, provided that E3orrower sha11, prior to acceleration under paragraph 1 S hereof or abandonment of the Property, have the right
to collect and retain such rents as they become due and payable.
Upon acceleration under paraQraph 1 A hereof or abandonment of the Property, I.ender shall be entitled to have a receiver appointed by a
court to enter-upon, take posaes,qion of and manage the Property and to collect the renta of the Property, includinq thoae past due. AU renta
~rollected by the receiver ahall be applied first to payment of the rnsts of management of the Property and collection otrenta, including, bvt not
limited to, receiver'a feea, premiums on receiver's bonda and reasonable attorney's fees, and then to the aums secured by thie Mortqage. 7'he
receiver shall be liable to acrnunt only~ for those renta actually received.
t,..~;Y 349 ~~~~ 7~6
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