HomeMy WebLinkAbout1412N. lnepection. l.ender may muke or cuuae tu be made rrusunuble entriea up~~n und inapectiuna uf the pruperty, provided that la nder ehttll
~~~~e t3urrower notice prior to any euch insprction epecifyinq rcuaont~ble cuuse there(or relnted to l.rnder's inirreat in the E'~operty.
9. Cundemnation. 7'he proc~c~ds of uny award or claim for damugea, direct or n~nseyuentiul, in connecliun with any c~ndemnation or
~~ther txkinR of the property, or part therrof, or for conveyance in lieu of condem~ntion, are hereby aeu;igned a~nd ehall be paid to I.ender.
in the event of a total taking of the F'roperty, the proceeda anall t-e applied to the xumx secu~rcl by thix MortkaKe, with the excesa, if any,
G~.~id to t3orrowcr. In the event of a paetial taking of the i'roperty, unlrxe+ Borrower and I.ender othervvie~e agree in writing, there aht~ll be
,~,~piird to the aums aecured by lhie Mortgage auch proportion of the procecde xe is eyual tu that proportion which the amount of the aums
.~•rured by thia Mortgage immediaitely prior to the date of taking brars tn Ihe fair market ~ ulue of the F'roperty ~mmediutely prior to the date uf
t:~kinK, wi-h lhe balancr ot the pmceeda paid to Borrower.
If the Pcoperty is abt~ndoned by Borrower, or it, aRer notice by lxnder to Borruwe~ that the rnndemnor offers to miike an award or e~ettle a
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1{~ply the proceeds, at l.ender'g aption, either to reetorAtion or rrpair o[ the pmperty or t~ the suma secured by this hlortgage.
lJniese l.ender and E3orrower utherwise aRree in writing, any such appliration of proceeds to principal shAll not extend or poelpone the due
~i<~te of the monthly inatallments referred to in parngrapha 1 nnd 2 hereof or chnnKe the amount of such ine~tullmentA.
l0. Bocrow~er Not Releused. F.xtenaiun of thr time fi-r paym~nt ur mixlificntion of amortizatiun nf the sums securrd by this 4lortgF-gr
~ r.inted b~~ Ik~nder tu any succeasor in intemst of Rc~rrr~wer shali not operate t~~ :-ele:~se, io uny mnnner, the liabiti/y of the uriKi::al Rorrower
~n~1 ltorruwer'~c succeavors in interest. l.ender shull not be rE~c~uirecl to cti,mmPnce pnx•~~c~clin~;~ ukainwt yuch suirr.~o~ rrtr tefuse to exte~3d timr
;~ ~r pu}•mrnt or nthrn+•ise m~Niify amurtir.a~tiun of th~• ~umti sirunKl by thi:c Alurtg:~~;i• b}~ rea~un ~if any demand mad~~ hy throriKinail Korruwer
~n~l Iturruwer's su~r~ysnrs in interEwt.
l 1. Forbearunce by l.ender Not a Waiver. Any forbc~arance b}• t.endf•r in exerciainK xny riKht or remrdy herrunder, or othervvise
~ ffurded by applicahlP lnw, ahull not be a waiver of or prlk~lude the exerciae of any such riKht or reme~y. "fhe pr~K~uremi•nt of insurance or thr
,~:~~•ment of taxrs ur other liens or chargea by~ (,~nder shall not tx .~ w•aiver of i.ender's riKht to xcYelrrate the maturily of the indebtrdneys
~~•~ ured by this lllortgage.
1'L. Remediea Cumulative. All mmeciirs provided in this McrtkaKe are distinct and cumulative to any other riKht or remEdp under thie~
•~~.ii."dkr v~ af~~:~c-~I ~y iriw ur ryuiiy, ~+u~! inay br exrrcisr~i cuncurrentiy, independentiy or succre~~veiy.
l:~. Successors and Assigns Eiound; Joint and 5eeeral Liability; Captiona. The cy~venants and ,iKreements herein ~~ntuined shull
k~~nd, and the riKhts hereunder shall inure to, the respcrtive succc.tis:,rb xnd assiKns uf I.ender and 13~~rruwer, gabject to the provisiuns of
~~araKraph 17 hereof. All co~•enant~ and aKreements of t3orn,wer shall be joint and rseveral. The captionR and headinKs of the paraKraphs of
this ;1lurtgage nre for co~•enienrn unly and are nut to be useci to interpret ur define the pro~~isiona herenf.
1•1. Notiee. Exi•ept for ~~m• nutice nY~uin~i unclrr applicabie i:~~a• tu t~e Ki~ en in anuth~~r m:-nner, l.U an~ nutice to Ii~~rruN•er pro~•ided tur in
t h~: \1ortKaKe shall tx ~iven bv mailinK such notice by certific~ muil ~iddrrssrd to Rorn~wer at the !'ro{x•rty Addre~s ur at such other.-ddress ae
tt~ ~rr~~Ner may desiKnate by nutice to I.endrr as providrd hrrein, and (b> any nutice tu I.ender shall be Kiven by certified mail, return receip:
r~r~uested, to l.ender's addrecs state~cl herein or to such other addreu .is i.ender m:-t• dc:siKnate by notim to F3urroK•er ar provided nerein_ Any
n. ~tice procided for in this 4lurtq.~Ke shali be deemeei to have bc~en given tu &~trower or I.ender when givrn in thr manner desiKnate<1 herein.
l:i_ Uniform Mort~Hge; Governing {.ew ; Severability.'t'his form of murtKatie cnmbincs uniform cY~ven.~nts for natiunal use and non-
~.,niform c~n~enant~5 w~th limitrd eariations by jurisdiction to runstitutt~ u uniform se~•urity instrunient c-~~~~erin~; reul property. This MortKage
,h:~ll tx~ ~;o~~rrncd by the IaN of the jurisdiction i~ w•hich the }'roperty is I~x•atE~~. In the e~~rnt that a~~y pruvi~iun ur cla~u~ uf this MortKaqe or
±~~~• \utr ronflict~~ w•ith applicablr law, such con']ict shall not aff~rt othrr pru~•isiuns uf thi~ MurtKage ur thr Nutr which cun t-e KivPr. effect
•.~ :thout the c-unflictinK pnn~ision, and to thi~ end the provi.iuns of the Alurcy;u~;e and the tiutr are declurEV1 tu t-r s~~vi•rablF.
16. Barrower'e Copy. Rorrovver shall be furnishecl .i conformcd copy uf the tinte and of this Mnrtk.iKe at the timr of execution or after
r~•~~urd~tiun hereof.
17. Transfer ot the Property: Axsumption. !f all or any part of the }'ruperty ur an intcrrst therein is suld ~~r transferrerl bv R~~rruw~er
•.+ ithuut t,rnder's prior written ce~nsent, excludinK lal the creation of a lien or encumbranc•e su}N~rdinate to this MurtKaKe, lbl the creation oi .~
E~ur~•hase mone~ scrurity interest for househuld appliances, fc1 a tranxfer by de~•ise, d.s~~cnt or by uperition of law• upon the death of a juint
<<•n.int nr (d) the Krant of any leasehold interest ~f thme yr:~rs or less not cY~ntaininK an ~~ptiun tu purchase, i.ender may, at I.ender's oPtion,
; i~•~~lare •r_II ihe sums secured by this Mort~;aKe tn t-e imrnedjately due a~d pay.ible. 1~ nder shall huc•e w;~i~~rci ;urh optiun to accelerate if, prior
t~ ~ the saleor trt~nsfer, l.ender and the ~~erson to whr~m the f'ru~x>rty is to tx• sold or tr.intiferrcd re•ach :-Kreeinrnt in w~ritinQ thai the credit ofsuch
~~e•rsun is sati,factory to (,~•ndc. and that tht~ intcrc•st pa}•abl_ nn ihe tium. RlY'UifYI Il~' (~111 \1nrtKakc shaU tx• at ti~ch rate a~ I.c•ndcr shall
r~~{uf•~t. If I.ender hilti K'2UYEYI ~F1P uptiun tu :iccel~•rate provid~•d ir: thi~ para~Kraph 1~, .ind if Rurr~~..•e•r'~ su~~•rssor in interect h:lF PXE'CUIEYI A
~.•,-itt~~n assumptiern a~;reement accept~K1 in w-ritiny; tn• IA~ne~er, I,~•~dt~rshall releuse fiorruw~er frum atl uL-:i~;ati:ms underthis Afr~rtKaKeand the
\ ~ ~te.
If I.endrr exerci~~•s such optiun to :~ccele~rate, 1 xnder sh.ill m.ij~ IinrrnN~rr nutice uf acceleration in accord:m~•e w•ith para~aph i a hereof.
~u~•h notici• shall pro~-ide a peri~K1 uf not I~wsth:~n:f(~d.+ys frnm the•~1ate th~• nuticc~ is n.:iil~rl K•ithin ~+~hich Rorruw•erm.-v pa~~ thesums decl..rec1
'i"r. li K~~rruwrr f.iiis tu pa}• such ~ums pri~rr tn th~~ expirat~nn of .ui•h pf•riud, Li~nilt•r m:l~', K'IIf1UUI IUTLI1Pr notic~ or dem.ind un F~nrrow•er,
~r»•uke.~n}~ remf~dies pe~rmitt~~c1 hy paraKrauh lh ht•r~Y~f.
18. Acceleration; Remediex. F.xcept H4 provided in paraQraph 17 hercwf, upon Korrower's breach of any covenant or
aKreement of i3orrow~er in thiK HortgaKe, including the ccn•enants to pay w•hen dueany sumar~ecurcVl by thiK 1lortgage. Lender
prior to acceleration shel! mail notice to Borrower tv~ providc~d in paragraph i 4 hercY~f ypecifyinR: (11 the breach; l'l1 the action
r~~yuired to cure such breach; (3) a date. not le+s than 3i1 deys from the.date the notice ie maik~d to Barrower. by which such
i~reach must be cured; and (41 that failure to cure such breach on or txfore the date specified in thc notice may result in
acceleration otthe sums xecured by this:lturtgage, foreclosure by judiciel proceedinq and sale ofthe Property. The notice shall
further inform Rorrower of the riRht to reinstate aRer ucceleration and the right to aYSert in thr toreclosure procecding the
nun-existence of a default or any other defensr of Borrow•er to acceleration and forecloxure. 1 f the breach ia not cured un or
hefore the date specified in the notice. Lender at LendPr's option m~y declare al1 of the sums secured by this Mortgage to be
immedietely due and payable without furtherd~~mand Hnd mxy forecloye this:Mort~(age by judicial procec~dinR. l.ender shall be
t~ntitlc:d to collect in such proceedina ~ill expenKes of foreclosurr, includinK, but not limited to, reasonable attorney'q fees, and
~•usts of documentHry evidenc~~, ~bstract~ nnd title re~~rlK.
19. F3~rrower'K Right to Reinstate. \otw•ithst:+ndiri{; I.ender's :irceleratiun of the sums secured by this AtortKaKe, F~rro~n•er s;.all ha~•e
the riKht to ha~-e any proceedinKs t~eKun by I.er.der to enforce this 11urtKaKe discontinued at any time prior to entry of a iudKment enforcinK
this MortKaKe if: Ia1 I3urruwer pays t.ender .~li tiums which wuuld I~c then due under this blortKaR~. the Note and nutes securinK Future
Advances, if any, had no a~celeratiun occurred: ~ 61 li~~rn,wer currs :ill bmachec of an~~ other covenant8 or agreements of fiorrower e~rntaincd in
this MortRaKe; Ic) E3orrower pays all re:~son.+ble expen+rs incurred bp I.ender in enforcinK the covenants and aKreements of I;o*rower
~unts~ined in th~s MortgaQe and in enforcinQ l.ender's remeclics as pruvided in paraKraNn iR hereof, indudinK, but not limited G~, re~sonablc~
:ittornep's feea: and Id- Korruwer takes such action as I.ender may rea~unably reyuire to assurethat thelien uf this ~1ort~aKe, I,ender's intereat
in the Property and Fiormwer's obliKatiun to pay the sums secured bv ihis ~tortKaKe shall c~~ntinuz un~mpaired. Upon such payment and cure
hy ~3orr~,wer, this MortKaKe and the obliKations secure~ hrreby shall remair. in full force and effect as if no acceleration had occurred.
20. Aasignment of Rents; Appointment ot Recriver. ~ls additional security hereunder, Borrower herrby axsigna tn Lender the rents
~~f che Propercy, provided ~hat I~rrower shall, prior to acceler.ition under paraRraph 1R hereof or abandonment of the Propertp, ha~•e the right
to collect and retain such rents as they become due and pa~able_
lipun acceleration under paraQraph IK hereof or abandonment of the Property. I.ender ahall be entitled bi have a receiver appointed by a
cY~urt to enter upon, take possesrsion of and manaae the Property and to collect the rents of the Yroperty, including those past due. Ali renta
cY~Ilected by the receiver shall be applied first lo payment of the costx; of manaKement of the Property and collPCtion of renta, including, but not
limited to, receiver's fees, premiums on receiver'x twnds and reasvnable attornrv's fers, ~nd then G- the suma secured by thiR Mortgage. The
receiver shal! be li~ble to lccount only for thcse rcnts Tctually rea-eived.
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