HomeMy WebLinkAbout08578. Ipopection. I.ender may make or cauee to be made reasonable entriee upon and inspections of the prnperty, provided that Lender ahaU
give Bor~ower notice prior to any euch inspection epecifying reaeonable cauee therefor related to Lender's interest i~ the Property,
9. Condemnation. `I'he proceeds of any award or claim [or damages, direct or consequential, in connection with any ooAdeinnation or
other taking of the pmperiy, or part thereof, or for conveyance in lieu of condemnation, are hereby seeigned and ehal! be paid to I,ender.
In the event ot a total taking ot the Property, the proceede ahall be applied b the aums eecured by thia Mortgsge, with the escees~;f any~
Faid to Borrower. I~ the event of a paetial taking of the Property. unieaa F3orrower and l.ender otherwise agree in w~ting~ the~ ~~ ~
applied to the aums eecured by thie Mortgage euch proportion of the proceede ae is equal to that proportion which the amount of the eume
eecured by thie Mortgage immediately prior to the date ot taking beare to the fair market value of the Property immediately prior to the date of
taking, with the balanca of the ptoceede paid to Borrower.
if the !'roperty ie abandoned by Borrower, or if, aftez notice by Lender to Borrower that the oondemnor offere to make an award o: setde a
claim for damagea, Borrower faila to reapond to I.ender within 30 daye after the date such notice ie mailed, Lender ia authorized tocopect and
apply the pra~eeds, at Lender'e option, either to restoration or repair of the property or to the sutns eecured by this Mortgage.
U~lees Lender and Borrower otherwiae agree in writing, any euch application of proceede to principal ahall not e:tend or poetpone the due
date of the monthly inetallmenta referred to in paragraphe 1 and 2 hereof or change the amount of euch inetallments.
10. Borrower Not Reteaeed. Extension of the time for paymant or modification of amortization of the auma eecured by thi~ Mortga~e
granted by I.ender to any aucceaxur in intereat of Eiorrower shall not operate to re~ease, in any manner, the liability of the original Borrower
and Aorrower'a sucressors in intereat_ l.ender shall not be requind to commence proceedings against auch auccessor or refuae to extend time
for payment or otherwi4e modify amortization uf lhe suma secured by thie Mortgage by reaiwn of any demand made by the original Borrower
•and Borrower's successurs in interest_
11. Forbearence by Lender Not a Waiver. Any torbearance by [.ender in exercieing any right or remedy hereunder, or otherwise
afYorded by applicable law, shall not be a waiver of or preclude the exerriae of any auch right or remedy. The procurement of inaurance or the
payment of taxea or other liena or chargea by I,ender ahall not be a ~vaiver of Lender e right to accelerate the maturity of the indebtedness
secured by thie Mortgage.
12 Remediee Gumulative. All remedies provided in thie Mortgage are dietinct and cumulative to any other right or rea ~y under this
Mortrage or affo-ded by 1aw or equity, and may be e:errieerl concurrently, independently or eucceseively.
!3. 3uccessors and Ax~igna Bound; Joint and Several Liability; Captiona. Thernvenante and agreementa herein conlainedehall
bind, and the rights hereunder ahall inure to, the respective successore and asaigns of Lender and ~3orrower, eubject to the pmvieione of
paragraph 17 hereof. All covenanta and agreementa of Borrower ahall be jaint and eeveral. The captiona and headinga of the paragraphs of
this Mortgage are fm :.~ovenience only and are not to be ueed to interprei or define the pmviaione hereof.
14. Notiee. Except for any notice required under applicable law to be qiven in another manner, (a) any notice to Borrower pcovided for in
thia Murtgage shaU be given by mailing sech notice by certi6ed mail addres,ged to $orrower at the Property Addreae or at auch other adcireae ae
Rorrow•er may designate by notice to Lender as pTOVided herein, and (b) any notice to Lender shall be given by certified mail, return receipt
requeated, to l.ender'a addresa stated herein or to such other address as Lender may deaignate by notice to Borrower as provided herein. My
notice pro ,idrd for in this Mortgage ahall be deemed to have been given to Boa~wer or Lender when given in the manner designated herein.
:5. Uniform Mortgage; Governing Law; Severability. This form of mortgage combinea uniform covenante for national uee and non-
aniform covenanta with limited variations by jurisdiction to constitute a uniform security instrument rnvering real property.7'}~is Mortgage
shall be governed b3 the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or
the Notr contl:cts with applicable law, such conflict shall not affect other provisiona of this Mortgage or the Note w6ich can be given eft'ect
w~thout the cUntlic:ing provision, and to this end the provisians of the Mortgage and the Note are declared to be severable.
:6. Borrower'w Crpy. Borrower shall be fumiehed a conformed copy of the Note and of thie MortgsQe at the time of execution or after
r<<vrdaiion hereof. .
17• 1~ansCer of the Property; Assumption. IC ali or any part of the Property or an interest therein is eold or traneferred by Borrower
without Lender's prior written conaent, excluding (a) the cteation of a lien or encumbrarece subordinate to this Mortgage, (b) the creation of a
purchase money security interest f~r household appliancea, (c) a tranafer by devise, deacent or by operation of law upon the death of a joint
tenant or (d) the grant of any leasehold interest of three years or lese not rnntaining an option to purchase, Lender may, at Lender'e option,
deciare all the suma securea by this 111ortgage to be immediately due and payable. Lender shall have waived auch optiun to aocelerate if. prior
to the sale or tranafer, Lender and the person to whom the Property is to be sold or tranaferred reach agreement in writing that Lhe credit of acch
person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage ahall be at auch rate aa L,ender ahall
request. lf I.ender has waived the option to accelerate provided in this paragraph 17, and if E3orrow•er's successor in intere~t hae executed a
written assumptisn a~~ement accepted in w~ritinR by I.ender, l.czdershall release Borrower from all obligations under this blortgage and the
Note.
If [.endet exercises such option to accelerate: I.ender shall mail Rorr^uwer notice of acceleration in accordance with paragraph 14 hereof.
Such notice shall provide a periud of not less than :i0 days from ihe date the notice is rr.ailed within which Aurrower may paY theauma declared
due. If Ronuwer fails to pay such sums prior to Lhe expiration of such period, Le~der may, without further notice or demand on Borrower,
~nvoke any remedies permitted by paraRra~h 18 hereof.
18. Acceleration; Remedies. Except ae provided in paraqraph 17 hereof, upon Borrower'e breach of any oovenant or
agreement of Borrower in this Mortgage, including the covenanta to pay when due any au~e eecured by thid Mortgage. Lender
prior to acceleration ahalt mail notice to Borrowar as provided in parngraph 14 hereof epecifying: (1) the breach; (2) the action
required to cure such breach; (3) a date. not leas than 30 daye from the date the notice ia mailed to Rcsrrower, b~ whic6 euch
breach muat be cured; and (4) lhat failure to cure auch breach on or before the date apecified in the notice may rec~u~t in
acceleration of the suma secured by this Mortgage, foreclosure by judicial proceeding and eale of the Property.The notice ehall
further inform Borrower of the right fo reind:ste aHer acceleration and the right to sasert in the forecloaure prceeeding the
non-e:ietence of a default or any other defense of Borrower to acceleration a~d forecloeure. If the breach is not cured on or
betore the date specified in the notice, l.ender at Lender's option may declare all of the aums secured by this Mortgage to be
immediately due and payable without furtherdemand and may foreclosethis Murtgage by judicia) proceeding. Lenderehall be
entitled to collret in such proceeding ail expenses of forecloaure. including. but not limited to, reasonable ettorney'e feea, and
coste of documentary evidence. abstracts and title reports.
19. Borrower'e Right to Reinatate. Notwithatanding Lender's acceleration of the suma aecured by this Mortgage, Borrowerehall have
the right to have any proceedinKs begun by I.ender to enforce this Mort{;age diacontinued at any time prior to entry bf a judgment enforcing
thie Mortgage if: (a) f3orrower pays I.ender all sums which would be then due under this Mortgage, the Note and notee eecuring Future
Advances, if any, had no acceleration cecurred; lb) Bormwer cures al l breachea of any other covenanta ur agreements of Borrower contained in
this Mortgage; ~c) $orrower pays a11 reasonable expenses incurred by I.ender in en[orcing the covenants and agreementa of Borrower
oontained in this Mortgaqe and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable
attorney's feea; and (d) Borrower takes auch action as l.endermay maeunably require to assure that the lien of thia Mortgage, Lender's interest
in the Property and Borrower s obliKation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure
by Borrower, this Mort{~age and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred.
20. Asaiqnment of Rente; Appointment of Receiver. As additional aecurity hereunder, Borrower hereby aseigna to Lendertherente
of the Property, provided that I3orrower shall, prior to acceleration under paragraph 18 hereof or abandc>nment of the Property, have the right
to collect and retain auch renta as they become due and payable.
Upon acceleratinn under paragraph 18 hfreof or abandonment of the I'roperty, Lender shall be entitled to have a receiver appointed by a
cc,urt to entrr.upon, take possessiun of and manaqe the Propirrty and to collect the rents of the Property, including thoee paat due. All rents
collected by the receiver ahall be applied first to payment of the costs of managementof the Property and collection of rente, including, but not
limitcd to, receiver's fees, premiums on receiver's bonda and reasonable attorney a feea, and then to the aums secured by thie Mortgage. The
receiver ahall be liable to account only for those rents actually received.
G ,~Y1 JV~ P~ ~