HomeMy WebLinkAbout00518. Inbpection. l~c•nJer muy mt~kr or cuuse tu be mt~de reaeunuLleentrica u{x~n and ine{xK•Iiunx of thr proprrty, providrd ihat l.ender ehiill
Kive Bora~wer notice prior W nny auch inapt.rtion specifying reasoni+ble cuue~e thrrefo~ ~elutrd to l.ender's intereat in the f'roperty.
9. Condemnation. The proceecls of any award o~ clnim for dnmagex, direct or cunseyuentinl, in connectic~n with any cundemnution or
~,ther tuking af thr pn~perty, ur pnirt thereof, or for conveyance in lieu of condrmnatiun, are hereby aesignc~d and xhF~ll be ~xid to l.ender.
!n the event of a total tnking of the I'roperty, the proceeds ahiill be upplied to the xums secured by this MortQt+ge, with the exceea, if a~y.
paid to 13orn~wer. ln the event af a partial taking uf the Pmprrty, unlras liorrower t~nd l.ender othervvise agrc~ in writing, thern eh~ll be
applied to the sums aerure~t by thie Mortgxge auch proportion of the procerda ax is eyui~l tn thzit pruportion which the t~muunt of the sums
xecured by this Murtguge immediately prior to the date of takinK beflra to the fnir mnrket vs-lueoCthr F'roperty immediutrly prio~to thedatrof
taking, w~th the bAli~nce of the pn~ceeds ?nid to I3or~uwer.
If the Procertv is abunduned by l3orruwer, or if, aRer notice by l.ender tc liorrow•er tht-t the condemnor offers to make nn nwa~d or aettle a
Cla:m !o~ dumuges, Bormwer fuila t~i respond to l.ender within .~1) (~U)'N i1IIP~ lhP Q31Ie NLLC[1 f10U1'C 18 Rltilltll, l.el-tie~ ~u auiit~~ ~acti w~ul~cii 87:u
upply the proceecls, at I.ender's oplion, either to reatorntion or repuir uf the property or to the suma securcd by ihie- MortgaKe.
Unlet;s l.ender and ~nower otherwi~ xKrre in writing, any such application of proceeds u~ principnl ah.~ll not extend ur Ex,~tpune the due
date of the monthly instnllmentx refernd w in pt~ragra}~hs 1 and 'L hrreof or change the iimount of auch inst~llmenls.
111. Borrow•er Not Released. F.xtensiun of the iime for pa>~m ~nt nr m~Klific~tiun of i-mortiaatiu~ uf /hr sums sc~•urrcl by thia MortKs~Ke
Kr:-ntrd by I.ender to an}~ succ~rau,r in iotere~:t uf 13~~rn~wer shal! not uperatr to relea~c, in .~np m.-nner, the liubility o[ the ori{;inul liorruw~er
~uid Borruwer'~ sun•essurs in interevt. I.ender Kh.-11 not lK• r~Y~uirecl to.ti~mmencr prucc~~linti~.~~;xinst such suc-cessur ur refuse tuextend timr
fur pa~•mt•nt ur othcrvrise m~Klify umurtir..-tiun uf thr sumti xecunal b~• this 11urt~;:~~;c by re:~su~ uf .~ny demand ~nadr Ly thi•uritiin.-1 Rurrower
.~nd l~urn~wer's .uccc~sors in interest.
1 I. Horbearance by Lender Not a Waiver. Any torbearunce by Iwnder in exerciFing any riKM or remrdy hereunder, or otherwise
affordrd by npplic.~hle Iflw, shall nut br F~ w.-iver of or pre~c•lude the exercise uf .~ny ~uch riKht or remcdy.l'he pn~curement uf inaurance or the
payment of taxex or other liens or charKc•a by I.ender ~hall not be .~ wniver of 1.~ nder's riKht u~ accelerute the muturity of the indebtrdnrsa
scrured by this A~1ort}CaKe.
1`l. Remedies Cumulative. Al) remeclirs provided in this ~lcrtgaKe are distinct and cumulative to .iny uther riKht or rem~d~• under this
~1~vtr.~Ke or affor~eci by law or eyui-y, and may t-e exe~ciac~! rnncurrently, independently or sucres.cively.
1:;. Successors and Asaigns F3ound; Joint and Sevc ral [.iubility: Capliony. The coven.-nti+ and a~re~rmrnts hrrein contained shal!
bind, and the rikhts herrunder ~hall inure to, the res~x~ctivz• succ•esM~rs and aresiKns of IA~nder and Iiorrower, subject tu thr provisim~s of
par.itiraph 17 hereof. All cu~•rnants .ind aKrermrnts of l~~rrower sha!1 be joint and xrveral_ The captions and hradinKs of the pz+raKraphs of
th6s ~1ort~;.~Ke are for cuve~ieni~ only and are not tn t-e usccl to i~terpret or define the p~uviaiunx hercrif.
1 t. \otie~. F.scept for :-np nuti~r :~~c~uirecl under applicabl~~ I:IK' ~11 IN• Ksv~•n in .~nuth~~r m:inn~•r, la- un}• nutir~~ to Fiurruw~er prucidi•d for in
this :~1urtKa~;e shall tx Kiven by mailinK such nutice hy certified mai! addretisecl to f3orn~wer.~t thr Yru~x rty Ad~iress ~~r at such otheraddreas as
13urruw•er muy desiKnate hy noti~r tu I.ender as providcd hemin, and Ibl any nutice tu I,ender shall tx Ki~~en by crrtifi~d m.iil, return re:eept
rt~c~uested, tu I.er.der's addn :cs +tatecl herein or to such other .iddrea:s as i.ender ma~ drsi~;n:~te by notic•e to I~rruwer us prnvidcd herein. Any
nutice pro~•ide~l fur in this :~tortKaKe sh.+ll be deemed to havP Mrn gi~en t~~ IiorruK•er ur tAnder wher ~iven in the manner desiKnated herein_
1 ~. t`niform N~rtgt-ge; Go~•erning l.aw; Severubilily. This form uf mortKaKe i•umbines unifurm c~n~en.ints; for natianal use and nun-
unifurm cin•~•nantti w~th limitecl ~•ariatiuns by jurisdiction tu constitute x uniform s~rurity instrument cY,verin~ real prupert_r•. Th~s 11urtKaKe
~h:~ll tH~ yu~•rrn~d b~• the law uf thr jurisdictiun in which the I'roFx rt>• iti Ia~atcY1. !n tht• ~•~•~•nt that am• pro~•i~ion or clause of tnis !1lurtgaKe or
the ~ute c•~~nfl~e~ts w•ith .~pplieablr IaN•, such cunfli~t shall nut .~ffc~•t uther procisiun~ uf this ~1urt~;aKr ur the Nute wh:ii•h can t~r Kiven effect
~•ithuut th~~ iti~nfli~•tin~; pro~~isinn, and t~~ this t•nd the pru~~isiunx uf the ~1urtKaK~• and the ~ut~• are d~~c•I.irrd t~~ IH• tif•verabl~•.
16. Bnrruw•rr's Copy. fi~~r,n,wer sh:~ll lx~ fumi~htd a cunfurmtd cupy nf the tiotr :ind of thie; ~1ortKaKe at the timr uf excxutiun ur after
nrnrclation herrof.
I;. Transfer of th. i'roperty; r~asumptiun. If ~~ll ur am• part uf th~~ !'ro~x•ny ~~r:in intert~st thE•rein is tiuld or tr~~n~ferred by tiorrow•er
withuut IXnder's prior written consent, rxcludinK la1 the creati~~n uf .~ lien ur c~ncumbrance ;utwrd~nate tu thiti Mort~;aKe, It-- the creation uf a
p~rch~-u• mun~y ~c~ti~uniy interest for househuld appliances, tcl ai transfer by devi~e, d:scrnt nr by uperatiun of law upon .he death of a joint
t~•naint nr id) the Krant uf any leasehuld intereat uf thnr ye.+n ur Icss not iYintaininK an optiun iu pLrchase, IA~nder m:a:, at I.endei s option;
' dt~c•lare .+II the sums securew by this illortKaKe to t-e in~medi:itel~• due :~nd pa}•.ible. lxnder shall ha~•e waivcKi such uptiun to accelerate if, prior
~ tu thP sale or transfer. I.ender and the per~un t~~ whom the }'ruperty is to tx sold or trunsferred reach a~;reement in writinK that the crcdit nf such
{x~r~~~n is ti:itisf.~ctun~ tu Iw•ndei and th.it the intefest payahle un th~• sums s~curtYf by thi~ 11urtK.i~;r shall be at cuch rate .~s I.Nnder shall
nr~u~•st. If Ixndrr h.::: wai~•f•d th~~ uptiun tu acr~~l~~rati~ pruvid~•d in this para~tr:cph 17, and if R~~rn~w~r s:ucc~~sur in enEerest hus exe~c•utt~cl a
«~ritten assumptiu~i :i~,~recment ac•c~•ptecl in writin~; by Lend~•r, I.~•ndertiha~l mle.+~e Knrruwer fr~~m :il! ubliKatiuns undrrthi, tilortKaKe and the
~ ute_ ' -
If L~~ndrr ~~x~~rc~isiw tiuch nptii~n t~~ .ic~•t•li•r.~tr, I.e~ndF~r shall m:~il li~~rn~H•er nutic e of ncc~elc•satiun in a~~c•urdanre w~ith pc-raKr.iph 14 hereof.
tiuch notict• sh:-11 pruvidr :~ peri~N1 uf n~~t le~~ th:~n :i~ ~~i.-}•. frnm the~ dati~ tht• nut~<-e i~ rr,;~il~~1 w-it hin K•hi~~h Rorr~ ~w•er m:-e p.+~• the~ sum~ dcrlarecl
due. If liurru~c~r ~f:~ils t~~ pa~~ su~•h ~~sn~ priur tu thi~ c•xpiraunn of sue-h Fv•rind, l.end~•r ~nat•. w•ithuut furth~~r nutici~ or dt•mand ~n Ik~rrow•er,
u~~•ukr an~~ rt~mrdii•s pi•rmitt~-~i h~• par.~kr.~oh 1 ti h~•rt~~f.
IK. Acceleration; Rc:mediek. Except N3 pr~~vidEtil in paruKraph 17 herr~f, upon Borrower'g breach of any cuvenant or
t~greement of Borrow•er in this 11ortKaRr, includinK thc~ n~venant~ tu pay when due am• sumx yecured by thiti b[ortgage, l.ender
prior tu acceleration shxll mi~i) notice to Borrower e-s providcd in paragraph 14 heri~o!'specifying: I 1) the breach; (2)the action
reyuire~l to curr such breach: (31 a date, not Iess than 3i1 dxys from th~ datr the notice is mailed to Borrower. by which auch
breuch must F-e curc~ci: and 141 that failure to cure wuch breach on or t~efore the date specified in the notice may result in
accelrration of tht• yuma xecured by thiH:Nortaake, turrclosure by judicial proceeding and saleofthe Property. The notice shall
further inform Rorrow~v nf the right to reinstate at'ter acceleration and the right to asserl in the foreclosure proceedinq the
non-eciytence of a default or any other defense ot Borrow~rr to acceleration and toreclosure. If the breach is nol.cured on or
ir..~fore the date ypecified in the notice. Lender at l.ender'~ option may declare all ot the sums serured by this Mortgage to 1~
immedii~teh• duc• s+nd payabli• K•ithout furtherdemc-nd and mHy forecluse this:Nortgage by judiciai proceedinQ. Lend~•rshall be
~•ntitled to c•ullect in such proceedinK all expen~rk of toreclosure, includinQ. but not limited to, ret+.4onable i~ttorney'v feer,. and
cutilti of documenlary• evid~~ncE•, xF-strficts a+~d title re~portw.
I 9. Borrov- er's Ni~ht to KeinRtate. IV~~tv-ithtitandin~; I knder's ac~eleratiun of the ~;ums secnred by this MortKaKe, liorrower sha11 ha~•r
the riKht t~r haee :~ny pr~Keedin~s tx~un by I.ender t~~ enforce thi~ 41~~rt~aKe discontinuc~l at any time prior to enLry uf a judKment enforcinK
this lturtKaKe if: Ia- fiormwer p.i~g I.ender all sums w•hich K~~>uld t-e then due under this ;1lurtg~iKe, the Note and nutes securinK F~fure
Advance~, if any, had no acceler.~tion o: curred; i b) Korn~wer cures .~11 breaches of am• other cm•enants or aRreementr; of 13orruw•ercont.~incd in
this ~1ortKa+Ke; Ic) f~,rrow•er pays aU reasonublr expensra incurrecl bp [.ender in en[orcinK the covenant~; and aKreements of Rorrower
contained in thi~ hlortKaKe and in enfcrcinK I.ender's rrmedies citi provid~d in paraKraph iri hereof, includinK, but not limitcd u~, reasonable
attorne~~'s feek; and i d ~ liorruwer takes such action :~s I.er.der may reasun.~bl~ reyuire tu assure that the lien of this MortKaKe, [,ender's intereat
in the I'roperty and Rorn~wer's obli~;ati~~n t~, pa~~ the ~umti secured b~~ thi~c MortKa~E• yhall continue unimn:~irecl. Upon such payment and cure
bv 1~~rroNer, thia 1~1ortKaQe and the obliK:itiuns secured hereby ~hall remain in full force and effect as if no acceleration had occurred.
`L0. Asaiqnment of Rents; Appointment of Keceiver. As .~~i~i~c~~,~al 4ecurity hereunder, Borrower hereby assiRns t,o I.endertherente
of the Property, pr.~vided that F3orrov-•er ehall, prior to acceleration under paraKraph 1 K hereof or abandonment of the Property, have theriRht
to cullert and ret~iin such rents as they F-ecome due and payable.
lipon acceleration under pa~aKraph IR hercrof or abandonment of thr Yroperty. I.ender sh.ill be entitled tu have a receiver appointed by a
courl tn enter u~~n, t~~ke pussrssion of and manaKe the F'roperty and to collect the rentrs of the I'roperty. includinR thosP past due. All rents
rnllected hy the receiver shall be applied first to payment of the cus~c of manaKement of the Property and cullection of renta, including, but not
limited to, receiver'x feen, premium~ un rec~eiver's bnnds and reasunable attorney'c fees, and then to the aums secured by this Mort~age. The
rcreiver shall be liable bi acmunt only for those rrnu; actually rece~ved.
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