HomeMy WebLinkAbout11338. Inepect[on. l.ender may make or caueie W be made reaaonable entries upon and inepectiuns of the property, provided that l.ender ehall
Kive ~o~rower notice prior to any auch irtapection specifying reasunable cauee therefor relaled to I.ender'a intereet in the Pmperty.
9. Condemnution. '[1~e proc~eede of any award or claim for damages, direcl or coneeque~-iui, in connectiu~ with any eonderr-nauon or
~~ther laking of the properiy, or part thereof, or for conveyance i~ lieu ot condemnation, are hereby naeigned and ahall be paid to l.ender.
In the eveot ot a total taking ot lhe Property, the procec~a ehall be applied to the aume- secumd by thie Mortguge, with the exceea, if any,
pt~id to Borrower. In the event of a partial taking o[ the Property, untesa Aorrower nnd t.ender otherwise agree i~ writing, there ehnll be
~~pplied to the auma secured by thie Mortgage such proportion of the proceede ae ia equal to that proportion which the umount of the euma
iecured by thie Mortgage immediately prior to the datr of taking beaca f~- the ftti~ market value of the Property immedit~lely prior to thedate of
t.~king, with the balancti of the proceecia paid ta I3orrower.
1 f the Property ie abandoned by Horrower, or if, after notice by l.ender to Rorrower ihat the cY-ndemnor offers to muke an award or eettle a
claim Wr damugea, t;orrower [aila t~ reepond to l.ende~ within 30 days after the date such notice is mailed, I.ender ie authorized to coUect and
~~pply the proceede, at [.endei s oplion, either ta restoration or repair o[ the property or to the aums aerured by thie Mortgage.
Unlesa l.ender and Borrower otherwise agree in writing, uny auch application uf pra~eeds to prinripul ehall not extend or poatpone thedue
ci~te of the monthly inetallmenta referred to in paragraphs l and 2 hereof or change tl~e amount of auch inetalimente.
10. 13orrower Not Released. Extensiun of the time for pnym ~nt or modificatiun of umortizetion uf the suma xecurrd by this Mortgage
Kr.inted by I.ender to any succexaor in interest of i~c~rrower ehnl) not opernte tu release, in tiny manner, lhe liability ot the uriginal Borrower
und li~,rn,veer'x xuccr.~ors i~ interest. I render ~hall nut br requind tu a~mmence prexeeclingx ugainat such r~ucceasor or refuae tu extend time
f~~r p.+~ mc:nt or othervvi::e mc~lify amortization of the +umx st~turc~llry lhis \1ortK.~Ke by rcarcun nf uny demund made by thcuriKinxl Borrower
.ind liorn-wer's sucn:y.w~n+ in interest.
1 t. Morbearance by l.ender Not a Waiver. Any fort-ean-nce by l.ender in exercieing t~ny right or remedy hereunder, or otherwiee
.~ffurded by applicable law, shtiU nat trc a waiver of ur preclude the exercese ~f ~ny aueh right or rrmr.iy The procurement of insurance or the
p~-yment of taxea or other IienR or chnrKes by Icnder xhall ne~t t~ a wniver of I.ender's right to nccelerale thr maturity of the indebtednesa
,crured by thia Mortgnge.
12. Remedies Cumulative. All remedies provided in thia Mortgage are dietinct and cumclative to any other right or mmedy under this
\iortr~ge or ~Cfordecl by law or equity, and may be exercie~i concurrently, independenUy or auccessively.
i:i. Succeasors and Asai~(ne Bound; Joint and Several Liability; Captiona. The cuvenxnts and agreementx herein contained ehall
}~ind, and the rightx hemunder aht~ll inure to, the mspective aucce~rs and assaiKns ot t.ender ~nd Ebrrower, subje~t to the prov~aions of
parngraph 17 hereoL All c~vennnls t~nd agreements of Fiorrower ahall be joint and several. The captiunR and headinge of the paragraphs of
thie Mortguge nre for rnvenienrn only iind nre oot b~ t-c used to interpret or deGne the proviaiooe hercr.f.
14_ Notice. Except for any nuti~x r~r~uintii under A~PIII'III)IP I:-w to t-~ Kiv~•n in :inuth: r manner, lal any nuti~r tu li~~rrower provided for in
thix Moriguge shAll be Kiven by muilinK such notice by certifird mnil addrrxsed to t3urrower at the Pruperty Add~ei+x or ~t such other addreae us
fiurruwer may desiKnatc by notice to I~en~ier as provided herein, nnd Ib) any nutice to l.ender shi-11 be given by certified ms~il, retum receipt
r:~yuested, to l.ender'x .iddmax stated herein or to such other addre~.4 .u+ l.ender may dc~ignate by notice to 13orrower ax provided herein. Any
notice pro~•id~~ for in this Mortgage sht~U be decmed to h.~ve been given to (3orn-wer o~ I.ender when given in the manner desiKnated hernin.
I ri. Uniform Murtgage; Governing Law; Severability. This form of mort~CaKecombinex uniform covenants fnr national uxe and non-
uniform curen:~nts with limited variations by jurisdiction t~- iY~nxtitute a uniform security inatrument covering rnal property. This Mortgage
.hull F-r Kovem~d by the I.~w• of thr jurisdiclion in which the 1'roprrly is 1«•~itcd. In the evrnt that any pruvixiun or clause of this M~~rtgage or
the Notr cuntlictx w~th applicable law, auch conilict sh~dl not affrct other provieions of this MortKage or thr :Vote which can be given effect
..•~thuut thr cti~nflictinK pnn~isiun, and t~- this end lhr provisions uf the MortKaKr and lhe Note are drelaired to t-e xever.~hle.
16_ I3orrower's Copy. Iiorrower ahall be furnished s~ confonned copy of the Note and of thix Mor1K<tQe ut the time of execution or afler
rra-ord.~tion hereuf.
17. Tranyter of the Property; Aa~umption. If siU or any part of the 1'mperty ur an interrst therein ix sold or tranaferred by Borrower
w ithout 1~ender'~ prior written consent, excludin~ Is~l the cre:Uiun of a lien or encumbrancr sutx~rdinate U, thi~ Mortgf-Ke, lb- the creation of a
purchase munry security intereat for houezehuld applinncc.~, lc) ai transfer by deeise, descent ur by operation uf Inw upon ihe death of a juint
trnunt or (d1 the grant of any leasehedd interest of three yearri or le:c.9 nut cY~ntaining un optiun tu purchaese, l.ender may, at l.endei s optiun,
declare all the sums secunu by this :NortgaKe to be immedistc ~y due and payable. I.ender shall have waived auch optiun to acceler~le if, prior
to the s.~le or tranafer, I~ender and the persun tu whom thr {'roperty is to be suld or tr.+nsferrEd reach aKreement in writinK thnt the credit o[such
{HVSUn is satisfuctury tu I.ender an~l that the interc~t pu~~able un the sumx s~~curevl by this MortKaKe shall tk• at such rate as I.e:~der shall
rt~e~uest. (f l.rnder h.i+ w•,~i~~e~cl the uption tu accelerate pn~~~ided ir thi~ par:+Kraph 1'i, and if Rurrower's sucrc:tisur in intrreest has executcd a
N~ritten :-.tisumptiun aKreti•mrnt acrrpt~~c1 in w•ritin~; by l.~~nd~•r, lw•nder sh.-II rrle.~e IiurroMer frum aU ubliKatiun~c under this MurtKaKe and the
\ ute_
If I.ender exerci~u~e+ yuch uptiun to an•rlerat~•, 1 w~nder ahall mail Ror~uw~er nutice of acceler~tiun in accurdance with paraKraph 14 hereof.
~uch notia~ sh.-II providr a periixl of ~ot Irxti th.+n :iltdays frnm thedate th~ notim iK mai1~Y1 within which RorroW er ma~ pa~• theaums declared
~1ue. If Kurruw~er f.~il. tu p:iy ~uch sums prior tu thr expirait~un otsu~•h ~ri~K1, IAndrr ma~•, w•ithuut further nutic-~ or demand ~in ik~rrower,
~nvoke.~ny rt•medic~ ~x~rmiUE~l b~• paraKrauh 1!t hrrcy~f.
IK. Acceleralion; Hemediee. Isxcept as provided in paragraph l7 hereof. upon Borrower's breach ot any rnvenant or
aKrc~emrnt of I3orrow•er in this Mortgage. including the cv~venantx to pay when due any xumssecured by thiK Mortgage.l.ender
prior to acceleration ehall mail noticr lo Borrower as provided in par~grnph 14 hercofspeci[ying: (1) the breach; (2) the action
rc~quired to cure auch breach; (3) a date. not leas than 30 days from the date the notice ia mailed to Borrower, by which auch
breach muat be cured: and (4) that failure to cure such breach on or before the date specified in the notice may reauit in
acceleralion of thr. eums aecured by thie Mortgage. foreclosure by judicial proceeding and saleofthe Property.The notice shalt
further inCurm Borrower utthe right to reinstate after acceleration and the right to esserl in the toreclosure proceeding the
non-e:iatente of a default or any other defenAe of Eiorrower to Acceleration and forecloeure. If the breach ia not cured on or
Ix fore the date specified in the notice. Lender at l,ender'x option may declare all otthe euma secured by this Mortgage tu be
immediately due and payabl~• without turtherdemand and may toreclusethis Mortgage by judicial proceeding. Lender shall be
~•ntiUed to rnUecl in xuch procecding all expensea otforecl~-sure. including. but not limited to. reaaonable attorney's feea. and
coste~ ~~f documentary evidrnce, ubstrACta and title reports.
19. I3orrower'A Right to Reinstate. Notwithstanding I.ender s acreleration of the suma eecured by this Mortgage, E3orrower shall havr
the riQht to have any pmceedinKs be~Cun by I.ender to rnforce thig MortgaKe discontinucd at an3 time prior to entry of a judgment enforcinK
thia MortgaKe if: (al Borrower pays I.ender nll sums which would t-e then due under this. MortgaRe, the Note and notea xecurinR Future
Advancra, if any, had no acceleration occurred: lb) Ik,rn~wer curea ~li breaches of any other covenants or agreemenfs of t3orrower contained in
this Mort{CaQe: Ic1 Borrower pays aU rea~nable rxpenses incurred by l.ender in enforcing the covenants and agreements of Borrower
cuntained in this Mortgage and in enfurcing I.ender's remedies as provided in paragraph 18 hereof, including, but not limitpd to, reasonablR
attorney's feea; and (d- &~rrower takea sucti action as I.ender may rn~sonably require to assure that the lien of this Mort~age, [.ender's interest
in the PrvpeHy and l3ormwer's obliKation to p~y the aums :+ecured by this Mort~aqe ahHll continue unimpaired. Upon such payment and cure
by E3orrower, thie Mort~aKe and the obligationa secured hereby shall remtiin in full force and effect as if no acceleration had occurred.
20. Assignment ot Renla; Appointment ot Receiver. As additional ~urity hereunder, Borrower hereby aseigna to Lender the rente
uf the E'roperty, provided that Iiorrower ahall, prior to acceleratiun under paragraph 18 herec-f or abandonment of the Property, have the right
w collect and retain such rents ae they become due and payable.
Upon acceleration under paragraph 18 hereof or abandonmei~t of the Property, I.ender ahall be entitled to have a receiver appointed by a
court to enter upon, take posseasion of and manage the Property and to coUect the rents of the Property, including thoae past due_ All renta
collected by the receiver shall be applied first to payment otthe cvstx of management of the Properiy and collection of rente, including, but not
limited to, receiver a fees, Fremiuma on receiver's bonda and reasonable attorney's fees, and then ta the sums aecured by this Mortgaqe. The
receiver ehall be liable to acoount only for those rente ac!ually received.
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