HomeMy WebLinkAbout11438. Inepection. I.ender may make or cauee to be made reasonable entriee upon and inapectione of the property, provided that I.ende~ ehall
give Borrower notice prior Lo any such i~spectio~ aprcifying reasunable cause therefor related to I.ender'e intemst i~ the E'roperly.
9. Coademnatiun. The proceeda ot any award or claim for damugea, direct or coneeyuential, in connectiun with any oondemnation o~
other taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hemby asaigned and ehall be paid to l.ender.
In the event of a total taking of the Property, the pra~eeda ehall be applied to the ~ume aecured by thie Murtgage, with the e:cesa, if any,
paid to l3orrower. ln the event of a pariial taking of the Propcriy, unleas E3orrower and I.endpr otherwiae agree in writing, ihere ehall be
applied to the auma secured by this Mortga~;e auch proportion of the proceeds ae ia equal to that proportion which the amount of lhe aums
eiecured by this MortKage immediately prior to the date uf ttiking beara to the fair market value of the Property immecliately prior to thedate of
takinq, with the balanca of the proceede paid to 13orrower.
Itlhe Property is abandoned by Borrower, or if, after notice by•I.ender to f3orrower that the rnndemnorotYers to make a~ award or eettie a
claim for dumugea, E3orruwer fails to reepond to l.ender within 30 days nfter the date auch notice is mailed, I.ender ia authorized to collect and
t~pply the proceede, at I.ender's option, eithe~ to reatorutiun or repair of lhe property or to the aums xecured by this Mortgage.
Unless I.ender and Borrower utherwise agree in wtiting, any auch applicatiun uf pra~erda toprincipal ahall not extend or poatpone the due
date of the monthly insta4menta referred to in pF-ragrupha 1 and 2 hereotor change the nmount of auch inelallmente.
10. Rorrower Not Keleased. Extenaion of ihe time for paym ~nt or modifici+tiun of amortiz.~tion of the suma ezecurcvi Ly thia Mortgage
Kranted by I.ender to :iny sumeavor in interest ~f l~rmwer shall nut operute to rele.+se, in ~~y mnnner, thc liahility of lhe ori~cinal l3orroMer
and Borrower'x succresaurb in interest. l.ender shal) not t-e reyuind to a,mmenm procee~tintis t+gainst auch succexeur ur mfuae to extend timr
fnr payment or otherwise m~Klify .~mortization uf the tiums ~e~•urt~l hy this AturttiaKe b~• re.4+un uf .-ny demund mude by theurigina~) Borrnwer
and f~~ROwer's succ~wu,r. in inten-sl.
11. horbearance by I.ender Not a Waiver. Any fort-earaince by I.ender in exerciainK any right or rem~dy hereunder, orotherwise
affordrd by applicable lr.w, ahall nnt be a wiliver of or prcrlude the exemise of any such riKht or mmedy. 7'he procurement otinsuranm or the
payment of taxes or other liens or chargea by I.ender s6a11 not be a wi~iver of I.ender'e right to acceleratr the muturity of the indebtedneiss
secured by thia Mortgage.
1'l. Remedies Cumulative. All rrmedies pro~•ided in this 111ortqaKe are distinct and cum~:lntive tu any uther right or remedy under thie
Mortc•age or afforded by law or equity, and may be exercisctl rnncurrendy, independently or auccessively_
l:i. ~ucceaaore and Asaigna Round; Joint and Severa) Liability; CaptionR. The covenanta and agreementa herein contained ahall
hind, and the riKhtx hereunder shall inurn to, the mspective succeasurs And aasigns of l.ender and Rorrow•er, subjr.rt to thN provisiona of
par.~gr:~ph 17 hemof. All covenantx iind agreementc of liorn-wer shail be joint and severul. The cnptiona nnd headinge of the para~traphs of
this bturtgage are for rnvenience only and are not to t-e used to interpret or define the provisions henv~f.
1•1. Notire. M:xcrpt fur any nuticr rcr~uired under applic:+hle I:-w to M~ ~;i~•rn in anuth•: r manner. (a) any notier to l~,rruwer provid~Yl fur in
this MortKage sh~l! Ix-gi~•en by mailin~; such notim by certified m.iil addmssrc~ to 13orn~wer at the f'n-{-erty Addreay ur ~+t auch other address ae
Fiorrower may dexiKn.~te by notim to I.ender as provided herein, and Ib1 any notice to l.ende: shull he gi~~en by certified mail, return receipt
reyuewtevl, to I.ender'e; address statecl hernin or to such other addreM.~ ~is I.ender may desiKnate by notice to 13otrower aK provided herein. Any
notice pru~~ideci fur in this Mortgage shalf l~e deemed to have been gi~en to }iorruwer or I.ender when given in the manne~ dreiKnated hernin.
15. llniform NortRxge; Governing I.aw; Sr.verability. This furm of mortKaKecombinrs uniform n,vrnants for national use~+nd non-
unifurm co~•en~nts w~th limitrd ~•ariations b}• jurisdiction to ainstitute a unifurm Scr:urity instruroent cY.~•erin~; teal property. This ~lortgage
:hull be Koverned by the law of the jurisdictiun in which the Yropertt is iuc•atrd. In the e~•ent that any prc-vicion or clause of this ;~turtgage or
th~ :\ote i~onilicts with applicable law, such c<~nllict shal! not affect other pro~•isions of this Atortgagr or the Note which can be Kiven effect
w•ithuut the a-n(lictinK pro~~ision, and to this end the provisiuns of the MortgaKe :~nd the !vote are declared to t~e ar~~rr.~hle.
16. E3orrower's t:opy. Eiorrower shall be fumished a conformed copy of lhe Notr and of thia MortKaRe at the time ~~f execution ur ~ifter
recordation hereat.
17. Transfer ot the !'roperty; Assumption. If all or any part ~~f the Prnperty ur an interest therein is sold or trnnaferred b~ t3urrower
withuut l.ender's prior writtrn consent, escludinK (al the cm~tiun of :~ lien ur encumbr:;nce suix~r~in.ite tn thix ~tortK~sge, lb1 the creation of a
purchase muney sec~rity interest for household applinr±.~s, Ic1 a trunsfe.- by devise, descent or by operation of l.iw upon the death uf a juint
trnant or ld) the Krant of any leasehofd inter-rst of threc years or leas not ix~ntaininK an option to purchase. I.ender may, at I.ender's option,
drela-e all the sums secured by this MurtKaKe to be immediately due and payable. l~ender shall ha~•e waived such option to accelerate if, prior
to thr ~~le or transfer, l.ender and lhe person to whom the Yroperty is to be suld or tr.insferred reach .iKreement in writing lhat the credit of such
Fx~rsun is satisfacton to l.ender and that th~~ interrat payable on the sums ~~ti•ur~~l by this 11ortKatie' Sf1IIII he at such rate us Ixnder shall
r.ti~ut~t. IC I.rnder h.is w•ai~•ed the optiun to ac~Y•lerate pn-~•idrd in this paraKraph 27, and if I3~~rroK•er's succet;sur in interc~t hay excrutcv~ a
w~ritten assumptiun aKreement acceptt~d in uritinK by f.~nder, lxndrrtihali release Fiorruwer frum all nbliKatiuns underthis ~tortkaKeand the
\ ute_
If I.endrr exercitir~ ~uch uptiun tu accelerate. I.ender shall mail Korrow•rr nutice of accrleratiun in accordance with par~graph 14 hereof.
~uch nutice sh:~li prm•idr a periocl of nut leas than :illdays fn:m thed<it~• the nutice ~c mailed within v-•hich liurmw~er may pav thesums declarcd
dur. If Borrow•er f.iils to pay auch sums prior to the expiration uf tiuch Ex~n~x1, la•nder m,i~~, w•ithuut further noticr ur demand on liwrrow-er.
invuke ~~ny rrmedit~s permiuevi by para~;rauh 1 K hen~,f.
18. Acceleration; Remedies. Except as pro~ided in paragraph 17 hereof. upon Rorrower's breach otany covenant or
i~greement of Borrow•er in this Mortgage. including the covenants to pay when due any sums secured by thir+ Nortgage. Lender
prior to acceleration shall mail notice to Korrower as provided in paragraph 14 hereof specifying: (1) the breach; (21the action
required to cure such breach; (3) a datr. not less tfian 311 days from the date the notice ie mailed to I~rrower. by which duch
tireach muat be cured; and (4) that failure to cure such breach on or before the date apecified in the notice may result in
acceleration otthe sums secured by this Nortgage, foreclosure by judicial proceedingand saleofthe Property.The noticeahall
further intorm Borrower otthe right to reinetate afler acceleration and the right to assert in lhe toreclosure prceeeding the
non-existence of a detault or any other defense of I3orrow•er to acceleration and forecloaure. If the breach ia not cured on or
tx fore the date apecified in the notice, I.ender at Lender'r~ option may declare all of the eums secured by this Mortgage to be
immediately due and payable withuut further demand and may forecloae this Mortgage by judicial proceeding. I.ender shall t-e
~•ntitled to collect in such proceeding all expensex of forrclosure, including. but not limited to. res~onable attorney's fees. and
costs of documentury evidence. abstracts and tiUe reports.
i y. Borrower'a Right to Rei natete. NotwithstandinK I.ender's acceieration of the auma secured by this Mortgage, i3~rruwer shall ha~•e
the riqht tn have any pn-ceedinKs beQun b~ l.ender to enform thi~ 111ortkage discontinued at any time prior tn entry of a judgment rnforcinR
this Mortqage if: (a) Borrower pays I.ender all sums which w•r~uld }-e then due under this Mort~age, the Note ~nd notes securinK Future
Advancea, if any, had no acceleratiun uccurred; (b- F3~rrnwer cures all breaches of any other rnvenanta or agreements of f3orruw•er contained in
this N1ortKage; (c> F3orrower pays al) reasunable expenses incurred by l.ender in enfomin~ the covenants and aKreementa of l3orrower
a~ntained in thia MortgaRe and in enforcing I.ender's remedies as provided in paragraph 18 hereof, includinR, but not limited to, reaaonablP
attorney's [ees; and tdi Borrower takes euch action as I.ender may reasunably require to assurethat the lien of this ~lfort{~age, l.ender's intereat
in the Yroperty and E3~rrower's obliqation to pay the suma secured by this Mort~age ahall continue unimpaired_ Upon such payment and cure
by E3orrower, this Mortqage and the obligations xecured hereby shall remain in full force and effect as if no arceleration had occurred.
'LQ. Aasignment nf Rente; Appointment of Receiver. As additional security hereunder, I3orrower hereby asaigns to Lenderthe renta
of the Property, provided that I3orrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right
to colleM and retain such rente as they become due and payable.
Upon acceleration under paragraph IS hereof or abandonment of the Property, l.ender ahall be entitled to have a receiver appointed by a
court to enter-upun, take possession of and manage the Property and to collect the rents of the Property, including those past due. All rents
collected by the receiver ahall be applied first to payment of the costs of manaRemento[the Property and rnllection of rents, including, but not
limited to, receiver's fees, premiums on receiver's bonda and reasonable attomey's feea, and then to the aums aecured by this Mortgage. The
receiver ahall be liable to acoount only for those rents actually received. ~
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