HomeMy WebLinkAbout00348, lnspectioa. Lender may make or caueie to be made reaeor~able entrice upon and inepectiona of the property, providcd that I.ender ehal!
give Bortower nuUCe prior to any such ineprctiun speciCying reaaunvGle caue-e iherefur relutrd to l.ender'e interaat in the Property.
9. Condemnation. The proi.~eeds of any eward or claim for dnme~gee, direct or conEaeyuential, in conneetion with any oondemnation or
other taking of the property, or part thereof, or for conveyance in lieu of condemnntion, are hereby aeaigned and ehall be paid to l.ender.
In tAe event of a totnl taking of the Property, the proceeds ehall be applied 1o the euma eecured by this Mortgage, with the e:cess, if any,
paid to Bomower. In the event oi a partial taking ot the Pruperty, unleae E3orrower and l.ender otherwiee agree in writing, there shall be
epplied tn the euma secured by thie Mortgxge euch pmportiun of lhe proceeds ae ia equa! to that proportion v~hich the amuunt of the eums
~ecured by this Mortgage immediately priot to the dair uf tuking t-cara tu the fuir market value of the Property immediately prior to the date of
talung, with lhe balance of the proceeda paid to Borruwer.
If the Property ie abandened by Borrower, or if, after notice by I.endcr to l3orruwer that the rnndemnor oftere to mnke an award or setde a
claim for damegea, E3orrower faila to ma{x~nd to I.ender v~nth~n :i0 dxya after the date euch nouce ia ma~led, t.ender ie authorised t,ornilect and
dpply the proceeds, at Lender'e optioo, either to reetoration or rept~ir of the property or ta the sume secured by this Mortgage.
Unleee Lender end Horrower otherwiee agme in writing, any such upplicatioo of proceeda ta principal ahall not extend or poetpone thedue
date of the monthly inetallmenlei referred to in paruqraphe 1 and 2 hereof or change the amount of auch installmrntn.
10. Borrower Not Relexaed. Ext~neion of the time fur puym~nt or r:x,dification of amortizatiun of the aume aecurc~f by this MortgaQe
~anted by I.ender to any succrcu+or in interest of Borruwer ahall not operate to relee+se, in any manner, the liubility of the original Borrower
.~nd &~rrower's succe~:;ors in interest. I.ender shall nut be reyuircd tc~ n,mmr.nce proceedingec againet such eucceesor or refune w extend time
for pu> mrnt or otherw•i:~e moclify umortizatiun uf th~~ tiwns ae~-un~ci by this AtortKaKe by reaw~n ot :~ny dcmand made by theoriginal Borrower
,ind liorruwer's aurccw:u~rs i~i intenwt.
1 l. Forbearence by I.ender Not a Waiver. Any forbearancr by t.ender in exereiaing any right or remedy hereunder, or otherwiee
<ifforded by npplicable law, ehall not be a w•aiver of or preclude ihe exerciae of any such right or remedy. 7'he procurement of ineurance or the
payment of taaes or other liene or charges by icnder ehull not be a wtiiver uf I.ender'a right to accelerate the maturity of the indebted~ess
~crured by this Mortgage.
1`l. Remediee Cumuletive. A-1 rnmedira provid.d in thia M11ortKxKe are diatinct and cumulative to any other right or remedy under thie
Mortcage or afforded by law or eyuity, and may be exerciae~i cvncurrently, independently or eucceseively.
13. Sucressora and Asaigne liound; Joi~t and Several I.iabilily: ('aptione. The covenanta and agreementa herein contained ahall
:`lTi.'~, u:u i~iC ~:j`}:~.5 ::ii.^.u::v:: 1;~:::~~ :.....i :^. ~~i ..,8^y.".:':::.. ....~~ ........... ...^.~ ''..3..°:~'.^.9 Qf I nn~o~ gnri {L~rr^:!'°~ ::f`j~`: ~..^. :ti:C ~.:3.....v..o v~
paragraph 17 hereo[. All covenants and aqreements uf E3orrower ahall be joint and aeveral.'The captiona and headinga of the paragrapha of
this hlortgaK~ are for covenirnce anly and are not to be used to interpret or define the provisions hereof.
14. Nutic•e. F:xcept tor any notice rc~uire~ under upplicable law• to be Ki~•rn in xnoth.r manner, (a1 any notice to Borrower provided forin
chis MortgaKe xh~+ll be ~civen by mailing auch notice by certi ~ rd m.iil nddressecl to Rorn,wer at the Property Add resa or at auch other address ae
F~~rruwer may drsign.Ur by notice to l.ender as pro~~ided herein, and 1b- any nutice to l.ender ehall be given by certified mail, return receipt
rNC~uesit~l, t:~ Iw~nder'r t~ddreas stated herein or to such other addrexx as I.ender may dexiqnate by notice to I3orrower ax provided herein. My
rn~tice provided for in this htortgaKe shall Fx deemcd to have t~een given to Eiorrower or I.ender when given in the rr.anner deaignated herein.
15. Uniform Mortgage; Go~•erning I.xw; Severabitity.l'his form otmortgage combinea uniform covenanta for national uaeand non-
uniform rrven.~nt~ with limited variationr~ by jurisdiction to runetitute a uniform security instrument co~•ering real property. This Aiortgage
,hal! F-r Ko~~ernrd 'n~ the tr,w• cif the jurisdicti~>n in whi~h the F'roperty is Icx~ated. In the event that any provision or clause of this Mortgage or
the Nute cunflicts with app!icable la-w, such cun(lict sha[1 nut affect other proviaions of this 4fortgage or the Note which can be given effect
M•ithout tFe rnnflictinK provisiun, .~nd tu this end the pru~~isiuns uf the 1lortguKe and the tvote are declared tu be severable. •
16. Burrower'x Copy. Horrower shall be furnish:d a cc,nfor.med copy of the Note xnd of thia MortKage a;the time of e:ecution or atter
recqrdation hereof. _ _, ~ •
17.'I~nnefer of thc Yroperty; Asaumption. It all ur any part of the F'roperty or an interest therein is sold or traneferred by Borrower
w-ithout l.ender's prior written con~ent, excludinEC la! the creatiun of a lien or encumbrance sutx~rdinate to this Mortgage, lb) the creation of a
purchase money security interest for houxehuld app'.iances, lc1 a transfer by devise, descent or by operation of law upon the death of a joint
trnant or (d) the ~ant ofany leasekuld interrst of three years or lrss not tY~ntaining an optio~ to purchaee, I.ender may, at [.ender's option,
declare all the sums secured by this ;~lurtgaKe to t~e immed~ate:y due a~~d pa~•able. L.ender shal! have waived such option to accelerate if, prior
tu the sale or transfer, l.ender and the persim to whom the E'roperty is tr~ be suld or transferred reach agreement in writing that thecredit ofeuch
persun is xalisfactnry to I.ender and that the intertwt pa~•alile on the sums sPCVred by thix MortKage shall be at such rate as Lender shall
reyuest. i[ I.ender hss w•aiveci the optiun to acc-f•ler.+t~• pruv~dec! in this paraKraph 1i, and if t~~rruw•er's ~ucceasor in interest has executed a
M~ritten axsumptiun aKrer~ment .~cceptrd in writinq by I.e•ndPr, I.~•nder shali rrlease Hurrower from all ~~bliKatiuna under this MortKage and the
\ ute.
If [.ender exerc~ses su~•h optiun tu .~cc~c•l~~ate, ( xnder tihall rna~l finrruwrr nutice of acerlrration in accurdance wiih pnragraph.l4 hereof.
~uch noticr sheill pru~•idt~ a peri~K~ uf n~~t le., th:+n:i~~d:~~•s fr~~m tht•datt~ the nnti~•e i4 rnailecl within v~hich liorruwer mac pav thesumadeclared
due. If Borruwer fails ti~ pay such ;ums pri~~r tn the f•xpir.~Unn ~~f sue•h prn~xl, I.~mder may, ~•~thuat turther notice or demand on Eiorrower,
!nvoke any remPdies ~~rmiu~~ bc par:+Kranh IK herc~~f.
18. Aceeieration; Nemedies. Except as providrd in parugraph 17 herc~f, upon Borrow•er'e breach of any covenant or
agreement oC Rorrov~•er in thiy ~lortgage. inrludina thc cuvenentx to pey when due any eume securrd by thie Mortgage. Lender
prior to acceleration ehall mail noticr to Borrower us provided in pdragreph 14 hereotepecifying:l l) the breach: (2) the action
reyuired to cure such breach;l3- a date. not lesc+ than 3O deys from the date the notice is mailed to Borrower, by which euch
breach must be cured: and (4) thut failure to curr xuch bre~ch on c~r before the date apecified in the notice may result~ in
acceleration of the HumH e~ecureel by thia Martqage, foreclo~ure by judiciel proceeding and sale otthe Property.The noticeshall
further intorm t3orrower ot ih~• right lo reinstate after ncreleration and the right to assert in the forecloBUre proceeding the
non-e:ietence of a default or any other drfense of Borrower to acceleretion and foreciosure. If the breach is not cured on or
before the date specified in the notice, I rnder at Lender'y uptioa may declare all of the eume aecured by thie Mortgage to be
immediately due and payt+ble w•ithout furtherdemHnd and may forc•clowe this Nortgage by judicial proceedinq. l.ender shall be
entilled tc~ collecl in euch proceedinQ ul l e~apensea of foreclosur~, inrludin~. but not limited to, reasonable allorney'e feer. and
cor~te otdocumentary evidence, abstractx and titl~ mporis. .
19. E3orrower'e Right to Neinetale. tiotwithstandinK l~ender'ti ac~celeratiun of the sume securcd by this MaRgage, Borrowerahall have
the rignt to have any pr<iceedinqe begun by (,ender tu enforce this !11„rt~~ge dincuntinuEd at any time prior to entry of a jt~dgment enforcing
this MortRage if: la) I3urrower pays I.~nder all sums whuh w~ruld be then due under thia Mortgage, the Note and noees eecuring Future
Advances, if any, had n~, acceleratiun cK-curred; ~ b) fiurrower cures all breaches of any other covenanEs or ~greements of Kor*ower contained in
thie Mortgage; (cl fk~rrau•er pays .+Il reasonat~le ex~•nse~ incurr~ by I.~nder :n enfurcinR the covenante and agreemente of Borrower
contained in thia Mortgage and in enforcinK I.c•nder's rrmE•die~ .~s pnw•id~Yl in pacagraph 1 H hermf, including, but not limited to, rnaeonable
attorney's fees; add Id1 f3~rrower takes xuch actiun as I.ender ma}• re:~tiom~bly require tc~ a~ture that the lien of this Mortgaqe, [.endei s interwt
in the Property and Rorrower's obliKatiun to pap the xums scc•ured b}~ this lfortgaKe shall continue unimpaired. Upon euch paymentand cure
by Borrower, this Mort~age and the ~~bliKations cecvred hvreby shall remain in futl force and effect ae if no acceleration had occurred.
20. Aesignment of Rents: Appointmenl of Keceiver. Ae :~dd~tiuna! tiecurity hereunder, E3orruN~er hereby aeseigna t~ [.enderthe:ente
~~f the Nroperty, provided that Borrow•er 5hall, pn~~r t~~ ac~~eleratir~n under paragraph 18 hereof or abandunment of the Property, have the right
to colleet and ret~~in such rrnti, as they become due and payahle.
Upon acceieratiun under par:~Kraph 1R hereof ~~r abandunment uf the i'ruperty, l~ender shall t~e entitled to have a receiver appointed by a
court t~ enter upon, take Ewssrsaiun of and manake the I'rupc~rty and to collect the renta of the Prnperty, includir.g thoee paet due. AU renta
rnllected by the receiver ahall be applied fir~t to G~ayment nf thc• cusGs of manaKement of the Ymperty and collection of renta, including, but not
limited to, recei~•er'a fees, premiumx on tecei~•er's bonds and reaaunable attorney's fers, and then t~ !he aums secured by thia Mortgage. The
receiver ahaU be liable to account only for those rent~s actually receiveci.
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