HomeMy WebLinkAbout0176S. lnepectiott. lxnder may make or cauee to br n~ade reaeunable entriee u~-n and inepertio~e ~~f the property, p~ovided that Lender ehaU
give E3orrower notice prior b any such inepectiu~ epecifying maeonable cauee there(or relate~l to Irnder'6 intereet in the Properly.
9. Condemnation. The pr«.~eede of any award o~ claim for damages, direct or cuneeyuential, in connection with any oondemnatiun or
other taking uf the property, or part therec,[, or [or conveyance in lieu of rnademnatiuo, are hereby aaeigned and ehall be paid to Irnder.
In the event ot a total taking ot the Property, the proccede ehull be applird to lhe auma eecured by thes Mo~age, with the exceee, if any,
paid to E3oroower. In the event of a partial talcing of the Property, unleea liorruwe~ and l.ende~ otherwiee agree in writing, there ehall be
epplied W the aums aecured by this Mortgage such propurtion ot the proceede as is eyual to that proportion which the amount of the sume
ee~vred by thia Morigage immediately prior to the date of taking beare to the fair ma~ket value uf thc Yroperty immediately prior tu thedate of
taking, with the balanca of the proceeda puid to Borrower.
If the Property is abandoned by Eiorrower, or if, afier notice by l.ender to l3urrower that the cundemnur offera to make an award or eettle e
claim fo~ damagee, F3orrower faile b reepund to I.ender within :3(-daye after the date such notice is mailed, l.e~der is authorized b collect and
npply the pra.~eeda, at l~ender's option, either to reetoratioo or repair o[ the property or to the eume aecured by thie Mortgage.
Unlese l.ender and Borrower otherwise aqree in writing, uny auch application otproceede to principal ahatl not extend or poatpone thedue
date of the munthly inetallmenta referred W in para~apha 1 and 2 hereof or change the amount of euch installmente.
10. Borrower hot Released. F:xtenaio~ of the time for paym~nt or modification of amortization of the aums secured by thia Mortgage
1[rnnted by I.ender to any auccesaor in internst of Born,wer shali ~ot operate to release, in any manner, the liability of the original Borrower
and E3orruwer's aucceasora in intereat_ Ixnder ahall not be required to c~-mmence proceedingx ugainet such Ruccexsor or refuse to extend time
for payment or otherwise mudify amortiz~tiun of the suma secund by this Mortgagc by rearu~n of any demand made by theoriginal Borrower
~-nd Borrower s succes~,rx in interest.
l 1. Forbearance by l.ender Not e Weiver. Any forbearnncw by Icnder in exercieing any right or remedy hereunder, or ntherwiee
aftorded by applicable law, shall not be a waiver of or preclude the exerciae of any such right or remedy. The procurement of inaurnnce or the
payment of taxee or other liens or chargea by I.ender shal) not be a waiver ot I.ender'e right to accelerate the maturity of the indebtednese
aecured by thie Mortgage. '
12 Remediee Cumulative. All remediee provided in thia Mortgage are dietinct and cumulative to any other right or remedy under thia
Mortgage or afforded by law or equity, and may be exereiserl rnncurrently, independentiy or succesaively.
13. Succeeewre end Aseigne Bound; Joint and Several Liability; Captione. The covenanta and agreementa herein contained ahall
bind, and the riqhta hereunder ahall inure to, the respective succeaeors and aasigne of I~ender and Horrower, subject to the proviaiona of
paragraph ; T hereof. All covenants and agreementa of Borrower ahall be joint and several. The captiona and headings of the paragraphe of
th~a Mortgage are ior cvvenience only and are not to be uard to interpret or define the provisione hereof.
14. Notice. Except for any notim reyuired under applicable law to bp Kiven in nnother manner,la) any notice tn 13~~rrower provided for in
thia Mortgage shaU be qi~ en by mailing such notice by certified m~il addresaed to Borrower at the Property Addreas or at such other addrees aB
K~trower m:t~ drssgnate by notice to l.ender as pruvidecl herein, and Ib) any notice to I.ender ahall bP given by certified mail, retum receipt
reyuested, to I.ender's address swted herein or to auch other address as I.ender may deaignate by natice to I~rrower s~a provided herein. Any
notice pro~~ded tor in this Mortgage ahall be deemed to have been given to Borrower or I~ender when given in the manner designated hemin_
1:,. l iniform Mortgage; Governing I.aw; Severability. This [orm of mortgage combincs uniform rnvenants for national uae and non-
uniform covenanta with -imited variations by juriadiction to conatiwte a uniform security instrument cuvering real property. Thia Mortgage
shs~ll be guvemed by the law of the jurisdiction in which the Pruperty ia localrcl. In the evrnt that any provieion or clauae of this Mortgage os
the Note conflicts with applicable law, such conflict shall not affect other provisions of this Murtgage or the Note which can be given ef[ect
without the contlicting provision, and to this end the proviaions of the Murtgage and the Note are declared to be severable.
16. Borrower'e Copy. E3orrower shall be furniahed a contormed copy of the Note and of this Mortgaqe at the time of execut~on or after
recordation hereof.
17_ Transfer of the Property; Aesumption. If all or any part of the i'roperty or an interest therein is sold or trana[erred by ~3orrower
without I.ender'a priur written consent, excluding (a) the crnation ota lien or encumbrance subordinate to thia Mortgage, tbl the creation of a
purchase money security interest for houeehold applinnces, (c) a transfer by deviae, d.acent or by operation of law upon the death of a joidt
~ tenant or (d- the grant of any leasehold interest u[ three years or lesa not rnntaining an nptiun to purchase, l.ender may, at I.endei s option,
~,? dectare all the sums secured by thix Mort~age to be immediately due and payable. l.ender sF,nll have waived such option to accelerate if, prior
~1 to the sale or tranafer, Lender and the peraon to whum the I'roperty is to be eold or traneferred reach aKreement in writing that thecreditof euch
'~ Jperson is satisfacG~ry to I.ender and that the interc~t payable un the aums secured by this MortKaKe shall be at such rate as I.ender shall
\reyuest. If [.ender has waived the optiun to accelerate provided in this parugruph 1?, and if liorruwer's succexxor in interest has execvtrd a
1 ~vritten assumption agreement accepted in writinK by Ixnder,l.enderAhall release K~irrower frum all obligations underthis Mortgage and the
1 ~ Note. ~
i If I.ender exercises such option tu accrlerate. I.ender shall m~il liorn-wer notice of acceleration in acrnrdance with paraKraph 14 hereof.
Such notice shall provide a period of not Irss than :i0 days Gom the datr thP notice ie rr.ailed w ithin which Borruwer may pay the sums deciared
due. If Korrower fails to pay such sums prior to the expiratiun uf such period, I.ender may, without further nutice ur demand on liorrower,
~nvoke any remediex permitted by paraQraoh 1H hrreY-f.
18. Acceleration; Remediea. E:cept ae provided in paraE[raph i7 hereot upon Rurrower's breach of any cc~venant or
agreement of Borrower in thia Mortgage. including the covenante to pay when due any eumeeecured by this Mortgaqe. l.ender
prior to acceleration ehall mail notice to E3orrower as provided in paragraph 14 hereotepecifying: (1) the breach; (2- the action
rEquired to cure euch breach; (3) a date. not lesA than 30 daye from the date the notice ie mailed to Borrower. by which euch
breach muet be cured; and (4) that feilure to cure eurh breach on or before the date epeci(ied in the notice mey result in
acceleration of the suma secured by this Mortgage. torecloaure by judicial proceeding and eale of the Property. The notice ehall
further inform Borrower of the right to reinetate after acceleration and the right to eaeert in the [oreclosure proceedinq the
non-e:ietence ota defaull or any other detense of ~3orrower to acceleration and toreclosure. If the breach ie not cured on or
before the date specified in the notice, I.ender at Lender's option may declare all ot the sums eecured by this Mortgaqe to be
immediately due and payable without furtherdemand and may foreclose thie Mortgege by judicial proceeding. l.ender ehall be
entitled to collect in auch proceeding aU e:pensea of forecloaure. including. but not limited to. rraxoneble attorney's feee. and
costs otdocumentary evid~nce. abatracte and title reporte.
19. F3orrower's Right to Beinetate. Notwithatanding I.ender's acceleration of the sums aecured by thie MuRgage, &,rrawer shall have
the right to have any proceedinqa t,egun by I.ender to entorce this Mortgage discontinued at any time prior to entry of a judgment enforcing
this Mortgage it: (a) Borrower pays I.ender all aums which would be then due under thie Murtgage, the Note and notes securing Future
Advancea, if any, had no acceleration occurred; (b) Born~wer curee all bmachea of any other covenanta or agreementa of Borrower contained in
thie Mortgage; (c) Horrower pays all reasonable expense$ incurred by l.ender in en[orcing the covenante and agreementa of Rorrower
oontained in thie Mortgage and in enforcing I.endei a rPmedies as provided in paragraph 18 hereof, including, but not limited to, reasonable
attorney'a feea; and Id1 Iiorrower takes auch action as l.ender may reaaonably require to asaurn that the lien of thia Mortgage, t.ender's interest
in the Property and Borrower's obliqatiun to pay the auma secured by this Mort~age shall continue unimpaired. Upon such payment and cure
by E3orrower, this Mortgage and the obligationa eecured hernby ahall remain in tull force and effect as if no acceleration had occurred.
'l0. Aeeignment of Rents; Appointment ot Receiver. As additional aecurity hereunder, Borrower hereby asaigne tn Lender the renta
of the Property, provided that Borrower shail, prior to acceleration under paragraph l8 hereof or abandonment of the Property, have the right
to collect and retain euch renta as they become due and payable.
Upon acceleration under paragraph IS hereof or abandonment of the Pmperty, l.ender shall be entitled to have a receiver appointrd by a
rnurt to enter upon, take poasesaion of and manage the Property and to collect the renta of the Property, including those paet due. All renta
collected by the receiver shall be applied firet to payment of the coate of managementof the Property and collection of rente, including, but not
limited to, receiver's fees, premiume on receiverb bonde and reasonable attomey'e tees, and then to the eums secured by thie Mortgage. The
receiver ahall be liable to account only tor those renta actually received.
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