HomeMy WebLinkAbout15348. lnepectlon. I.ender may make o~ cauee to be made reasonableentriea upon and i~ep¢ctiona o[the pmperty, pmvided that L,ender ehaU
Kive Borrower notice prio~ to any auch inspr.tiun specifying reaeonable cause iheref~r related to l.ender's intcrext in the Property.
9. Condemnation. 71~e prareda of any award or cln:m for damagea, direct cr conaequential, i~ connection with any oondemnetion or
uther taking ot the property, or pact thereof, or for conveyance in lieu of co~demnation, are hernby aeaigned and ehall be paid to l.ender.
In the event of a tutal taking of the Property, the pmceeds ehull be applied to the sume eecured by this Mortgage, with the excess, i[any,
paid to I3oroower. In the event of a partial taking ~f the Property, unleeie Borrower end l.ender otherwiee agree in writing, there shall be
:~pplied to the auma eecured by this Mortgage ~-uch proportion ot the proceeds as is equal to that proportion v-hich the amount of the suma
wecured by this Moi~age immediately prior to the datc of taking bears to the fair market value oCthe Piroperty immediately prior to thedate of
txking, with the balu~ca of the proc~rda paid to ~rrower.
I[ lhe Property is atwndoned by I3orrower, or if, aRer notice by t.ender to Borruwer that the condemnor offere to make nn award or aettle a
rlaim fo~ damagea, I3orrower [aile to respond to I.ender within 30 days aRer the date auch notice is mailed, I.ende~ ie authorized to coUect and
:-pply the proceede, at I.endei s option, eilher to rnatoration or rnpnir of the property or to the sums eecured by this Mortgage.
Unleas Ixnder and Eiorrower otherwiae agme in writing, any such application of pmceeds to principal shall not extend or poetpone thedue
~iate of the monthly inataUments referred to in purugrapha 1 and 'l hereof or change the amount of euch inawllmenta.
10. Rorrower Not Releasecl. M xtension of the time for ps~ym ~nt ur modification of amortization of the sums aecured by this Mortgtige
~;ranted by I.ender to uny su~ressor in interwst of (3orroNer shi-ll no! opertite tu rnle.+se, in i~ny manner, the liability of the original Borrower
:~nd Bormw~er's successura in interest. I.ender xhall not be required to commence proceedingx aKiiinst such sucressor or refuse to extend time
for pnyment or othervvise m«lify nmurtization of th~~ ~ums scrurcd by this Mortg.-ge by mas~m of ~ny demund mude by thr~~riginal Borrower
:-nci Rorruwer's succescwrs in interrst.
1 l. Forbearance by l.ender Not a Vb'aiver. Any furbearnnce by l.ender in exercising any right or remedy hereunder, or otherwiae
.iffurded by applicable law, shall not be a waiver ~f or preclude the exrrcise of any such right or remedy. The prorurernent of inaurance or the
p~-yment of tnxes or other liens or chargex by I.ender ahali not t-c a waiver uf l.ender'a riaht to a~relerate the maturity of the indebtedneas
.NCUred by this MortgaRe.
1'?. Remediea Cumulative. All remedies pmvided in this Mortgage am diatinct and cumulative to any other right or rnmedy under thie
~lortruKe or afforded by law or equity, and may be exercise~l concurrently, independently or successively.
l:i. Succeer~ore and Asaigne~ 13ound; ~loint and Several Lisbility; Captione. The covenanta and ngreements herein contained ahall
V,ind; and the righLw hereunder shali inure to, the respective successors and assigns of I.ender and E3orrow~er, aubject to the provisiona of
paruKraph 1? hereof. All covenants and ~Kreements ot ~rrower shall be joint and several. The captions and headings of the pt~ragrapha of
this Mortgage are [or covenience oniy and am not to be used to interpret or define the proviaione hen~L
i~t. :~iotire. Exn•pt for :m~• notice nr~uired under <ipplicabie I:~w to Ix Ki~~en in another m.inner, lal any nutim to li~~rruwer provid~~1 forin
this MortKaKe shpll be given by mailinK such nolice by certific~! mail addrnsaed to Borrower at the Yrvperty Address or at such other addreae as
fiurruwer may desiKnate by notice to I~ender ns pro~•ided herein, and (b- ~tny notire to t.ender shall be given by certified mail, return receipt
r~~yuexted, to 1 A~nder's nddress statcd herein or to such uther addreas tis I.ender may desiKnate by notice to F3orrower aR provided hernin. Any
noti<r providcd for in this Atortgage shall be deemed tu have txrn gieen to Rorn~wer or l.ender when given in the manner desiqnated herein.
I:i. Uniform 1lortga~e; Governing Law•; Sevrrability. This form of mortKaKrrombines uniform cuvenanta for national use and non-
unifurm cu~•en~+nts v-~th limitt~l variatiuns by junsdiction to rnnstitute a uniform security instrument covering real property. This Mortgage
.hall tx~ Ku~•erned by the lav- of the jurisdiction in v-hich the Ymperty~ is located. [n the event that any provision or clause of this blortgage or
the \~te conflic~~ w•ith applirable law, such contlict shall n~~t afCect other provisiuns of this MortgaRe ur the Note which can be given effect
~~rthuut the cut~flictinK provisiun, und tn this end the pro~•isions uf the N1ortKaKe and the Note am declarrd to 1x severable.
16. Borrower's Copy. tiorrower shall be fumished a conformed cwpy oE the Note and of thia Mortgage at the time of execution or after
nrordation herc~f.
17_ Transfer ot the Property; Assumption. I! all o: any p.~ri ot the Property or an interest therein is xuld or transferred b~ Borrower
w•ithuut I.enJei s piior v-~ritten cunsent, excludinK lal the creation of a lien or encumbrance sut-ordinate tu this Mort~tage, (b1 the creation of a
purchase mone~ security interest for household appliances, lc{ a tr:~nsfer by devise, dcscent or by operation of lav- upon the death of a joint
!~mant or ldl the Kr~int of any leasehold interest of three years or less not containing an option to purchaxe, I.endee may, at l.ender's option,
d~rlare all the sums securea by this Mortg.iKe to be immediateh due and payable. l.ender shall have waived such option to accelerate if, prior
to 11ze sale or transfrr, I.endt-r tmd the person to whom the {'ruperiy is to be sold or transferred reach aKreement in writing that thecredit c~f auch
pt•rsun is satisfacton• tu I.ender and that the intc•rcwt pa~•ahle un lhe sums securetl hy this MortKaKr shall be at such rate as l.ender shall
reyuest_ If l.ender hus w•ai~•cKl the uptiun ;~~ accelerate pru~•i~ic~d in this para~{raph 17, und if 13orrower's succ~ssur in interest has executed a
~.~ritten a~umptiun .iKrerment a:-n•ptrd in writinK by 1.rnder, I.ender shall rele.~.~c Rurrow•er from all ubliKatiuns underthis iNurtgaQe and the
\ ute.
If I.ender exercise~ such optiun tn accelerate, (.ender shull mail liorn~wer nuti~-e of ac~rleratiun in accordanm with paraECraph 14 hereof.
~uch nutice shall pr~~~•id~~ a pPri~xl of nut I~~s th:~n 31-days frnm th~•d:-te tht~ nutice i~ rr.ail~K1 within which Korrower mny pav thesums declared
dor. If liurrow•er f:+il~ to p,iy such tiums prior tu the expirauun ~~f such periud, I.~nder map, w•ithout further notice ur demand on 13orrower,
invoke.in}• rem~•di~w permittcrl b}~ p:va~;~r:~uh In herc~~!'.
18. Acceleration; Remedies. E:cept as provided in paragraph 1? hereof, upon Borrowe~ s breach of any covenant or
agreement of Borrower in this btortgage. including the covenants to pay when due any sumesecured by thie Nortgage. t.ender
prior to acceleration shall mail n~~tice to Borrov-er ~x provided in paragraph 14 hereof specifying: (1) the breach; (2) the action
required to cure such breach; (3) a date. not leax than 30 days from the date the notice ia mailed to Borrower, by which such
breach must be cured; and 1•f1 that tailure to cure such breach on or before the date specified in the notice may reault in
xcceleration of the sums secured by this Mortga~e. toreclosure by judicial proceeding and sale of the Property. The notice shall
further inform Borrower of the right to rcinstate after acceleration and the right to aesert in the toreclosure proceeding the
non-existence of a default or any other defense of Rorrower to acceleration and foreclosure. If the breach is not cured on or
tx•fore the date ~peciCed in the notice. I.ender at Lender's option may declare all otthe suma Hecured by this Mortgaqe to be
immedi~tely duc and pa~ able withc-ut further demand and may fureclose this Mortgage by judicial proceeding.l.endershall be
~~ntitled to collect in tiuch proceedin~ all expenac~x otforecl~-sure. including. but not limited to. reac+onable attorney's feeP. and
~•osts of ducumentary evidence, abstracts and title reportK.
19. E3orrower's Right to Keinatate. NMwithstandinK I.ender's acceleration of the suma secured by this Mortgage, &-rrowershall have
the riKht tu h~ve any pmceedings h~un by I.ender to enforcr this 111ort~aKe discontinued at any time prior to entry of a judRment rnforcinK
thir ~1ortqage if: la) Korn~wer paye l.ender al) sums whirh would be then due under this Mortgage, the Note and notes securing Future
:ldvances, if any, had no acceleration occurred; (b) Rc~rn,wer cures all breaches of any other rnvenanta or agreements of E3orrower contained in
this 1iortKaQe; (c- &,rrower pays all reasonable expenses incurred by [,ender in enforcinQ the covenants and aqreemente of Korrower
c~,ntained in this MortgaQe and in enforcinQ I.ender's remedies as provided in paragraph IR hereof, including, but not limited to, reaeonable
attorney's fees: and (dl Borrower takes such action as I.ender may reasonably require to a:tisure that the lien of this blortgage, Lendei s interest
in the Property and E3orn,wer's obliKation to pay the sums secured by this Mortgage ahall continue unimpaired. ( Ipon such pay-ment and cure
by E3orrower, this MortqaKe and the o6liKations secured hereby shall remain in full force and effect as it no acceleration had oecurred.
20. Asaiqnment of Rents; Appointment of Receiver.:ls additional ~urity hereunder, Borrower hereby aessigns to Lendertherents
u( the Property, provided that E3orrower shall, prior to acceleration under paragraph 18 hereof or abandanment of the Property, have the right
to collect and ret~in such renta as they become due and payable.
Upon acceleration under paragraph IS herecrf or abandonment of the Property, I~ender shall tre entitled to have a receiver appointed by a
court to enter upon, take possef-sion of and manaqe the Properiy and to collect the renta of the F'roperty, including those past due. All rents
cvllected by the receiver shall be applied first to payment of the oosts of management of the Propetty and collection of rents, including, but not
limited to, receiver's (ees, premiums on receiver's bonds and reasonable attorney's fees, and then to the aums aecured by this Mortgage. The
receiver shall be liaLle to accuunt only for those rents actually received.
~^~x 34~ f~~~E i 534
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