HomeMy WebLinkAbout11388. Inepectioa. I.ender may make or cauae to be made reaaonable entries upon and inepectione of the ptoperty, provided that l.ender ehall
Kive E3orrower notice prior to any such inapection epecifying rea,~onable cauee therefo~ related w l.ender'e i~tereet in the Property.
9. Gondemnation. The pra.~c~rds of a~y award or claim for damages, direct or coneeyueMial, in connectiun with any oo~demnation or
~~ther te~king of the property, or pavt thereof, or for conveyaace in lieu of condemnation, are hereby assig~ed and ehali be pa~d b i.ender.
lo the event oi a total taking of the Peoperty, the proceede ehall be applied to the auma secured by thie Murtgage, with the exceae, if any,
pnid to Borrower. In the event of a partial taking of the Property, unleae Borrower and Lende~ otherwiee agree in writing, there ehall be
applied W the suma eecured by this Mortg~+ge euch proportion ot the proceede as is equal to that proportion which the amou~t of the sume
:~ecured by this Mortgage immediately prio~ to the date ~f taki~g bea~a to the fair market value of the Yroperty immediately prior to the date of
ttik-ng, with the balan~ of the proceeds paid to l3orrower.
If the Property ie abando~ed by Borrower, o~ if, aPxr notice by I.ender to Eiorrower that the condemnoroffere to make an award oreettle a
claim for dumages, I3orrower [ails w reapond to l.ender within 30 days aRer the date such notice is mailed, l.e~der is authurixed t,~ coiiect and
apply the proceede, at I.ender's option, either to restoration or repair of the property or to the sums aecured by this Mortgage.
Unleea l.ender and Borrower otherwiee aRree in writing, any such appiication of proceeda to principal ahall not extend or poetpone thedue
ciate of the munthly installme~te referred tu in parugruphs 1 and 2 hereof or change the amount of auch inatallmente.
10. E3orrower Not Released. F.xtenaion of the time for paym~nt or modification of amortization uf the suma secured by this Morfgage
Kranted by I.ender to any succet~or in intemst of 13orrower shaU not operate to release, in i~ny manner, the liability of the origina) E3orrower
and F3orrower's succrssors in intemst. I.ender shull not be reyuind to commence proceeciingx ugninst such succesaor or mfuse to extend time
f~~r puyment ur otherwise m«lify .~mortizutiun of th~• sums ~ecund by this :lfurtKage by re.~w~n uf any dem.ind m.ide by theoriginal Borrower
und tiorruwer's aun•rsw,rc in interE~t.
i l. horbearance by I.ender Not a Waiver. Any forbearance by I.ender in exercising nny right or remedy hernunder, or otherwiae
affurded by appiicable law, ahall not be ~ waiver of or preclude the exemise of ~ny such right or mmedy. The procurement of inaurance or the
E~~iyment of taxes or other liens or charges by l~ender ahull not he a waiver of I.ender'a right to accelerate the maiurity of the indebtedness
scrumd by thia Mortgage.
1`l. Itemediee Cumulative. All r+emediea pmvided in this Mortgage are distinct and cum-:lative to any other right or mmedy under thia
\torteage or nftorded by law or equity, and may be exerciacVi rnncurrently, independently or auccesaively.
13. Suecessora and Aasigne I;ound; Joint and Several Liability; Captione. The cocenants and ugreementa herein c~ntt~ined shall
t~ind, a~nd thr riKhta hernunder shall inure to, the respeclive succexeors nnd asaigns of I.ender ~nd I3orrower, subject to the provisions of
parugraph 17 hereof. All co~•enants a~nd agreements ot 43orrower ahall be joint and aevert~l. The captions and hendings of the paragraphs of
this blortKage are for covenience only und am not to be used to interpret or define the provisiuns hereof
14. Notice. F.xmpt for any notirn required undc•r .1~pltl'III/If' law tu he ~iven in another manner, ~a- s~ny notice tu &,rrov-er pro~~ided for in
t his ~tortk.iKe shal! begieen by mailing such notice by certified mail .~ddresaed to Rorrower nt the ['n-periy Addreas ur at such other address as
fiorrower may desiQnate b~ notice to l.ender fis provided hemin, and 1b) any notice to I.ender ahxll be given by certified mail, return receipt
r~~c~uestecl, to IA~nder's address stated herein or to such other s~ddrexs ns t.ender may desiKnate by notice to Borrower aa provided iiernin. Any
nutice pro~•ided for in this MortgaKe shall be deemed to have been given to F3orrov-er or t.ender when given in the manner deaignated herein.
15. Uniform Mortgage; Governing l.aw; Severability. This form of mortgage combines uniform covenants for national use and non-
uniform cuvenants with limited variations by jurisdiction to constitute ~ uniform security instrument c~verin~; real property. This Mortgage
~hall be kovemEd by the I:~w of the jurisdiction in which the 1'roperty is IocatYd. In the event that any pruviaion or clause of this Mortgage or
t he \ute contlicts with applic~hle 1aw, such con0ict shall not affect other provisions of this 111ortKaKe or the Note which can be given effect.
~. ~thuut the ~y~nflictinK pn-visiun, and to this trnd the proviaionx of the MortgaKe t~nd the Note are declared to be severable.
I6. 13or~~,wer's Copy. E3orrower shall be furnished a conforrncd n~py of the Nute and of this Mortgage at the time of execution or after
rt~•urdatiun hereof.
17. Transfer ot the Property; Asaumption. I[ all or any part of the 1'roperty or an interest therein is sold or transferred by F3c,rrower
w•ithuut I.ender'F prio~ writlen consent, excluding la) the creation of a lien or encumbrnnce subordinate to this Mortgage, lb) the creation of a
E~urcha:ie money security interest for household appliances, lc1 a transfer by de~ise, d:scent or by operation of law upon thedeath of a jo~nt
t~~n~int ~~~ (dl the Krant of any le~isehold interrst of three years or less not containing an option to purchase, l.ender may, at l.ender's option,
di~~lare all the sums secureu by this M~,rtgaRe to be immediately due and payable. I.ender shall have waived such optiun to accelerate if, prior
t~ ~ the sale or transfer, I.ender and the person to v~ hom the Yroperty is to be sotd or transterred mach aRreement in writing that thecredit of auch
~,t~rsun is satisf.u•ton• t~~ I ~r.der and that the interest payable un the sums ~ecurcd by this MortgaKe shalt be :~t such rate as I.ender shall
rfti~uest. If lxnder has waivrd the option to accelerate pro~•ided in this paraKraph 1~, and if l3orruw•er's succes.gor in interest has executed a
written assumptinn aKreement accepted in w ritinK by Ixnder, l.endershali rrle.~e Kurrower from all obliKations underthis MortKageand the
\ i ~te.
If l.ender exerciseti such optiun co accelerate. I.c•nder shall m<+il Hurn,v-er notice of acc~eleratiun in amxdance with paragraph 14 hereof.
~uch notice shall pro~•idr .i periud uf not Icrs than :ill days frum thedate the nuti~r is mailecl within which Rorn~wer may pay thesums declared
~1ue. If fiorruwer f.iiis !o puy~ such sums prior to tt~e expir~tion of such peri~xl, I.ender may, v-ithout further nutice or drmund on 13orrower.
inv~~ke:~n~~ remedic~ pFrmitttxl b~• par:~Kra~h lR herrof.
18. Acceleration; Remedies. Ezcept as providcd in paregreph 17 hereof. upon Borrower's breach of any covenant or
:+~reement of Rorrower in thia Nortqage. including the covenantd to pay when due any aums aecored by this Mortgage. Lender
prior to acceleration shall mai) ootice to Borrower ax provided in paraqraph 14 hereofspecifying: (1)thebreach;l'l)theaction
required to cure such breach; (3) a date, not leas than 30 days from the date the notice ie mailed to Borrower. by which auch
t~reach must be cured; and (4) that failure to cure auch breach on or before the date specified in the notice may result in
acceleration of the sums secured by this Mortgaqe. forecloKUre by judieial proceedingand saleofthe Property.The noticeahall
:::riher intorn~ Boi rowat ~f ti:~ ri~l~i [o rrinniair aRer aci,-rirratiun and the right to esaert in the foreclosure proceeding the
non-exiatence of a default or any other defenae of Borrower to acceleration end toreclosure. If the breach is not cured on or
tx~forn_ the date apecified in the notice. Lender at Lender'a option may declare all of the aums aecured by this Mortgage to be
immediately due and payable v-•ithout furtherdemand and may foreclose this Mortgage by judicial proceeding. l.ender ahal) be
~~ntitled to collect in such proceeding all expenses of toreclosure. including. but not limited to. reasonable attorney's fees. and
iv-~ts of dorumentary evidence. abstracta and title reports.
19. E3orrower's Right to Reinatate. Notwithetandin~ t.ender's acceleration oftheaumssecured by thza Mortgage, E3orrower shall have
the righ. tn have any proceedinRa begun by I.ender to enforce this Murt~aKe discontinued at any time prior to entry of a judgment enforcinK
thia MortgaKe if: (a1 Borrower pays I.ender all sums which would be then due under thia Mortgage, the Note and notes aecuring Futam
Advances, if any, had no acceleration occurred; Ib) Bormwer cures all breaches of any other covenante or agreements of Borrower contained in
this Mort~age; Icl E3orrower payA all reasonable expenses incurred by I.ender in enforcing the covenants and agreementa of I3orrower
rnntained in this Mortgage and in enforcing I.ender's remedies ag provided in paragraph 18 hereof, including, but not limited to, reasonablR
:-itorney's fees: and ~d- Fiorrower takes auch aMion as I.ender may masonably require to assure that the lien of this Mortgage, [.ender's interest
in the Property and f3ormwer's obligation to pay the sums secured by this Mortgage ahall continue unimpaired. Up~n such payment and cure
by Borrower, this Mortgage and the obliqations secured hereby shall remain in full force and effect as if no acceleration had occurred.
20. Asaignment of Renta; Appointment of Receiver. As additional security hereunder, Borrower hereby assigna to Lender the rents
uf the Yroperty, provided that I3orrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right
t~, collect and retain such rents as ihey become due and payable.
Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.ender shall be entitled to have a receiver appointrd by a
court to enter upon, take possession of and manage lhe Property and to collect the renta of the Property, including those past due. All rents
coUected by the receiver shall be applied firat to payment of the costa of management of the Pmperty and collection of tents, including, but not
limited to, receiver'e fees, premiuma on receiver's bonds and reasonahle attorney a fees, and then to the sums secur~rd by thie Mortgage_ The
receiver ahall be liable to acoount only for those rnnte actually received.
~.~~,x349 P~~E~1s3y
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