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HomeMy WebLinkAbout0904A. Inapection. I.ender may make or cauee to be made reaamiAbleenlric~ upon and inapectiona of the property, p~ovided that I.ender shall ~;ive E3orrov-er notice priur to any auch inspeclion epecifying rruaonuble cauee therefor related to I.rndei 8 intereat in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or conaeyuential, in connectiun with any condemnation or ~~ther taking of the property, or part thern~f, or [or cunveyance in lieu of c~ndemnatiun, are herrby nriaigned and ahall be paid tn I.ender. !n the event of a total tnking uf the Property, the proctirds sha!! be appiicd to thc sums se: ured by this 1lorigage, with the cxcrae, itar-y, paid to ~rwwer. !n the even! of a partial taking of the Prvpe~ty, unlrxa BonruNer and l.ender otherwieze aKne in writing, there ehall be :~pplied to the sums xecured by thia Mortgage auch proportion of the procec~s ua is eyut~l to that proporlion which the amount of the auma ~~rured by this Mortgnge immedintely prior to the date of taking beara w lhe fair market value of the 1'roperiy immediately prior to thedate of u_king, v~~th the balnnce of the proci~da paid to tiorrower. . lf lhe Pmperty is abandoned by l3orrower, or if, after notice by l.ender to 13~~rrower thut the rnndemnor offera to make nn award or aettle a ~~laim for damages, I3orn~wer fnila to respond to l.endrr w~thin .i0 d~ys s~fter the date such nutice ie mailed, I,ender is authorized to collect and :~pply the proceeda, At I.ender'a option, either to restoration or repair of the property or to the auma secured by this Mortgage. ~ Unleex I.ender and [3orrower otherwiae agree in writing, any auch applicatiun of proceeda to princippl shall not extrnd or postpone the due d:~te of the monthly installmente referred to in parngraphs I aud 2 hemuf or change the amount of such instaUments. 10. E3~rrower Not Rrleas~d. Extena~c,n nf the time fos paym ~nt or m~xlificution of amortization uf the sums secureci by this lllortKaKe ~ranted by t.ender to any auccessor in intrreat of li~~rruw~er shzill n~t operate to rrlease, in any manner, the li.ibility of the oriKina! Korruwer .+nd Rorrower's sucn~ssurs in intrrest. I.ender shall nut tx~ requirc~i to c~~mmence pr«•c~K1i~Kx:~Kuinxt such succet;sor or rrfuse to extend time n~r pa~~ment or otherwise m~~1i[>• amortizatiun uf th~- sums .c~•un~1 b~• thi~ !11urt~;:~~;~• by reusun uf nn~• demand mude by theuriKin.il Borruwer ::nd I{~~rruwer's vucc•e.sur:~ in int~~n~t. 11. Horbearance by Lende~ Not n VI'aiver. Any forbearancr by l,ender in exercisinK any right or remecly hereunder, or otherwise ~ffurded by applicable law, shaU not be a wniver of or preclude the exercise uf any aurh riKht or remcdy. The pnxrurement of insur~tnce or the ~~ayment of taxes or other liens or ch~rKes by I.ender shaill nut br a wgiver of l.ender'~ ri~;ht w accelerate the m~-turity of the indebtedness ~~•curnd by this MortgaKe. 1'L. Nemediea Cumulative. AI! remedies pruvided in this MortRaRe are distinct rand cumultitive to any other right or remedy under this ~t~~rtrage or lfforded by law or eyuity, and may be exercisrri concurrently, independrntly or succesaively. 1:;. Suceessora und Aexiqne Bound; Joint and 5everal i.iability: Captions. The cuven.ints and agreemrn~s hemin contained shall hind, ~~nd the riKhts herrunder s:~all inure to, the respective s~cceasors and nssigns of I.ender and Borrower, subject to the provi$ione of pnraKrap6 17 he~mf. All covenants and agreements oC E3c-rrower shnll be j~~int nnd sever~l. The cap[iona and headinKa of the paraKrapha of this ~lurtg~ige ~re for covenience onl~ and arn not to be used to interpret or define the provisions herruf. 1 a. Noticr. Exee•pt for nny nutiir nr~uirc~c! under .ippli~•aibl~ law tn !x~ Ki~•en in annther mann~~r. ~a1 any notice to Korruwer providcd for in thi, blortK:~Ke sh~111x~Ki~•en by mniling sach notice b~•certific~l mail addre;ctied t~ f3ormwer at the {'rapert;~ Addressor at such otheraddress as ltnrrow•er map drsiKnate bp notin~ to I,ender ax providt>d herein, :~nd (b) any nuticr to l.ender shall be Kiven by certified mail, return receipt r~.~uested, to I~~nder's addrt:+s statr~ he~ein or to such othrr addre~ us I.ender may designate by nutice to f3orrower ~s provided herein. Am• rn~tice proeidc~i fur in this ;11ortKaKe shal! be deemed to ha~ve t~•n given to f3~~rrower or I.ender when given in the manner designated herein. 15. Uniform 11ortKage; Governing l.t~w•; 5e~•erxbility. This form of mortKake combinew uniiorm rn~•enants for national useand non- ~~nifurm co~•en:~nts w~ith limitad ~~areations bv jurisdictiun tu constitute u ui~it'orm sc~c•uri.y instrument i~e•verin~; rral pr~,pert~•. This Mortgage ~hall tx~ Ku~•erniK1 b~• th~~ I.~w• uE the jurisdirtiun in which the !'ropt•rty is IcK•ated. In the e~~ent that any pro~•isiun or clause oi this Mortgage or !t~t• tiutr confiirts w•ith applic.ible laa, cuch conflict shall not affect other pro~~iwiun5 of thiti MurtK.eKr ur the Note w•hich can be Riven effect ~..~ithuut the c~~ntlirtin~ omvi~i~~n :~nd tn thic nnri tha nrna~ici~,n~ nf 1{,~ \(...-~..,.... ...d ~ti.. A?.,~,. .„ a,,,.l..~..a •,, t... - .-~~.. - - - -- - ---- - .., _~,.."., ...... ...~ ...,.. ...~ ..~..~.... ... .,~ .,~ .a.' u.a.. lfi. Barrow•er's Copy. fi~~rruw•er shxll t-e furnish~d .~ conturmc~ cupy uf the Nute .ind of this hlortKuKe at the time of execution or after r~~~~urclation hereof. 17. Transter of the Yroperty; r~sxumption. If al) or aut part uf the I'roperty or an interest therein is suld or transferred b~• &~rruwer _ ~.~ itho~t I.ender's prior K•ritten consent, excludinK ~al the creation ~~f a lien ur encumbrance,utwrdinate tri this \lurtgaKe, Ib- the creatiun of .~ ~~7 purc!~~-se maney security interest for household appli.inces, Ic- a transfer h~ devise, d~scrnt or by oprration oi law upon the death of a joint `i nani or ldl the Kr~int of am• leasehold interest of three yearx or le~ not containinK an option to purchase, l.~ nder ma~~, at l~ender's option, ~~`,~ `1`~i~Y•I.+re all the ,um~ securect by this 11ortKa~e to t~ immediately due and pa}•able. [.ender shall havc wai~•cd ~uch option to accelerate if, prios I \ t~~ the saleor tr<:nsfcr, l.ender and the persun u, whom the f'ropem• is to tx suld ur transfermd rrach aKrrement in w•ritinK that thecreditof such ! ;~~~rs~~n is satisfactor}• tu I.ender and th:-t the interest payable on the tiums secure~l by this M11ort~;aKr shall tv_~ :~t such rate as I.ender shall ! rc~c~urst. If Ixnder h:ss N•aict~! the uption to a~•cele•rnte pru~•ide•d in thiti p:uuKraph I~. anci if fiurn~u•er'ti su~•cessor in interest has executed a ~ .~riri~•nassumptionay;recmentaccc~pttKlinw-ritinKh~•Ixnder.(Andershali:elcaseliurrowerfrum:~llobliK.itiunsunderthis~lortKaKrandthe ~ ~:ute. ' If l.endrr eKercises such uptiun tu accelc•ra:E•. I,c•nder shr~{I mai) fiurrow•er nutice uf a'~CCCleration in accurdance w•ith paraKraph la hereof. i ~uchnoticeshall~ro~•idraperi~xlofnotlr~sth:~n:i(id:n•~frumth~•clatc~th~nuticei~rr.ail~~lw•ithin~•hichR~rr~~werm;~~pa>~thesums~crlared ? ~IUP. I~ RORON'er tailc tu p;~}~ such s~:mti pri~~P t~~ the c-apiratinn uf sui•h Ex•ri~xl. Iw•nder mac. K•ith~~ut further nutice or dem~nd un Ik~rrow~er, ~n~•uke an~• reinedit•s p~rmitttrl by pxraKr:ioh l~ hi•ny~f. IS. Acreleration; Remedie~. Except xs providc-d in paraKraph 17 hercwf, upon Borrower's breach of any co~~enant or ~+~reement of Aorrower in this Mortgage, inrludin~ the covenants io pay w•hen due an~• r~ums xecured by this Mortgage. Lender prior to acceleration ahall mail notice to Borruwer us pruvided in paraaraph 14 hereofspecifying:111 thc: breach;l'l-theaction re~yuired to cure such breach: (3- a date. not leas than 30 days trom the date the no2ice ia mailed to Borrower. by which auch hrc:ach must F~e cured; and WI that failure to cure such brt~ach on or betore the date epecified in the notice may result in acceleration of the sums secured by this :Kort~aae. foreclosure by judicial proceeding and sale of the Property. The notice shall further inform itorrow•er of the right to teinstate after xcceleration and the riqht to asseri in the foreclosure proceedinq the non-existence of a default or ~ny other defense of BorroK er to accelerati~n and foreclosure. If the breach ia not cured on or tx•fnre the date specified in the notice. Lender at I.ender's option may declare all of the aumx securrd by this Nortgage to be immediately due and pa~•able w•ithuut turtherdemnnd and may fc~reclosethis Nortgegeby judicial proceeding. Lender sha11 be t•ntitled lo rollect in such proceeding all expenseti of foreclosure, including, but not limited to, ~easoneble attorney's fees, and ~•~~sts of docum~ntHry evidE~nce, abstri~cts and titl~ reports. 1`1. Korrow•er's ftight to ReinAtate. tiotv-ithstandinK (.ender's acceleratiun of the sums secured by this AlortgaKe. Borrow•er sh~ll h:n•e the right to have any proce~dinks ~~un by t.ender tr~ enfurce this ~turt~aKe discuntinu~cl at any time prior to entry of ~ judKment enforcinK this itori~aKe if: ta1 F3~~rruwer pays IArndFr all sumw which w~~uld t~e then due under this Mort~age, the Note and notey securinQ Future Adeances, if an~, had no acceleration occurred; ~b- {~~rn~N•er currs ~II brraches of any other covenanta or agreementr of 13ur: awer contained in this 11ortKaKe; Ic- F3arrower pays all reasunable erpensrs incurred hy I.ender in enfi~rcinR the covenantt; and aR;eements of Borrower cr~ntained in this A'IortgaQe and in enforcirsK I.ender's remedies ac providecl in paraQraph 1 H hereof, includinK, but not limited to, reasonable attorney's fees: and ~ d l Bnnower takes such actiun as i~c nder ma~ reasunably reyuire to assure that the lien of this Mort~.~e, I.ender's interest in the Property and Borrower's obliKation to pay the ~;ums securcrd by this ;11~~rtKaKe yhall continue unimpaired. Upon such payment and cure by 13orrower, this A1ortKaKe and the obliKations ~ecured hereby shal! remain in full force and effect as it no acceleration had occurred. 2~. Asaignment of Rents; Appointment of Keceiver. As additic,nal security her.under, Korr~~wer hereby asxigns to (.ender the renta nf the Pruperty, pro~~ded that I3urrower shall, prinr to acceleralic~n under par:.Rraph 18 hereof or abandonment of the Property, have theright to collect and retain such rents as they become due and payable. Upun acceleration under paragraph l8 hereof or abandonment of the Yroperty, I.ender shall be entitled to have a receiver appuinted by a eti~urt to enter upon, take possession ot and manaKe the Property and to collect the rents of the Property, including thvse past due. Al) rents collected by ihe receiver shall be applied first to payment of the costs of manaRement of the E'roperty and collection of rentt+, including, but not Gmit~d to, receiver's fees, premiums nn'receiver's bonds~and reasonable attorney's fees, and then W the aumx secured by this Mortqage. The receiver shall be liable to acrnunt only for thnse rentu actuallv received. 1 ~ ~~~~x 351 E~~~E 903 ~ i , . : . . _ - ~.