HomeMy WebLinkAbout25858. Inepection. Ixnder may make or cauee to be made reasonable entriee upon a~d inapectione of the property, provided that I.endsr shall
gi~e Borrower notice prior to any auch iaepection apecifying reasonable cause therefor relat~ed to I.ender'e intereat in the Property.
9. Cundemnation. The procet.•da of any award or claim for dan-agee, direct or conseyuential, in connection with any condemnetion or
other taking of the properiy, or part thereof, or for conveyance in lieu of condemnation, are hereby aaeigned and ehal! be paid to Lender.
In the event ot a totel taking ot the Property, the proceede ahal! be appLed to the aume eecured by thie Mortgage, with the excess. if any,
paid w Borruwer. In the event of a partial taking of the Property, unleae Borrower and I.ender otherwiee agree in writing, there shall be
applied to the sume secured by lhis Mortgage auch proportion of the proceede as is equal to that proportion which the amount of the sums
aecured by thie Mortgage i~emediately prior to thP date of txking beara to the fair market value oithe Property immediately prior to the date of
taking, with the bnlsnca of the proceede paid to Borrower.
If the P~operty ie abandoned by Bcrrower. or if, after notice by l.ender to Borrower that the condemnor offers to make aa award or setde a
:.3aim far damagca. Borrower fssla to reapond !o Lender within :30 deye after the date euch notice ia mailed. I.ender ia authorized tocoUectand
app~y ihe proceeds, at Lender'e option, either to rcetoration or repair of the pr~perty or to the auma secured by thie Mortgage.
Unleae Lender and Borrower otherwiee agree in writing, any auch application of proceede to principal ahall not extend or postpone the due
date of the monthly inetallmenie referred to in paragraphs 1 and 2 hereof or change the amount of such inatallmente.
10. E3orrower Not Released. ~xtension of the time for paym~nt or modification of amortization of the sume aecured by this biortgage
Kranted by I.ender to any succesaor in interest of Borrower ahall not operate to release, in any manner, the liability of the origiaal Borrower
and Borrower's successocs in interest. I.ender shall not be required to commence proceedings pgainet auch auCOeasor or refuae to extend time
fur payment or otherv~ ise modify amortization ot the suma secureci by thia Mortgage by reason of any demand made by the original Borrower
and I3orrowei s succc:;so~s in intemat.
I 1. Forbearance by Lender Not a Waiver. Any forbearance by I.ender in e:ereiaing any right or remedy hereunder. or otherwiee
afforded by applicable law, shall ~ot be a waiver of or prectude the exerciae oi any such tight or remedy. The procurrment of ineurance or the
payment of taxes or other liene or chargea by I.ender shall noE be a waiver of I.ender e righl to accelerate the maturity of the indebtedneae
yecured by this Mortgage.
12. Remediea Cumulative. All remediei+ provided in thia Mortgage are dietinct and cumulative to any other right or remedy under thie
:~1ort~ age or affomed by law or equity, and may be exercieert concurrently, independently or succeseively.
13. Succeseors and Aaeigne F3ound; Joint and Several Liability; Captione. The covenants and aRreementa herein coatained ehall
t~ind, and the rights hereunder shali inure to, the reapective successora and aaeigne of Lender and Rorrower, aubject to the provisione of
paragruph 1? hereof. All covenants and aRreements of Borrower ahall t-e joint and several. The captiona and headings of /he paragraphe of
this htortga~e are for cuvenience only and are not to be used to interpret or define the pmviaiona hereof.
14. Notice. Except for any notire required under applicabie lav- to be Riven in another manner, la1 any notice to Borrower provided for in
this MnrtKage shaU be given by mailing such notice by certified mail addresaed to Borrower at the Property Addrese or at such oiher addrese ae
BorruNCr mny designate by notice to Lender as pro~ided herein, and (b) any notice to Lender shall be given by certified mail, return receipt
requested, to I.ender's addrea.q stated herein or to auch other address as Lender may deaignate by notice to Borrower as ptovided t-erein. Any
notice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein.
17. lJniform Mortgage; Governing Law; Severability. This form of martgage combines uniform oovenanta for national uae and non-
uniforrr. covenunts with limited variationa by jurisdiction to ~onatitute a uniform security instrument covering real property. This Mortgage
shall be governed by the law of the jurisdiction in which the Property is lecated_ In the evPnt that any provit+ion or clauae of this Mortgnge or
the Note conflicts w~th npplicable law, such conflict shall not affect other proviaions otthis Mortgage or the Note which can be given effect
without the contiicting provision, and to this end the provisions of the Mortgage and the Note are declared to be aeverable.
i 6. Elorrower's Copy. Borrower shall be furniahed a confor.ned copy of the Note and of this iNortgage at the time of e:ecution or after
recordation hereof_ '
~~I,.~ 17. 7'ransfer oC the Yroperty; Ae~sumption. If all or an~ part of the Property or an interest thernin ~s acld or transferred by Borrower
without Lender'Epriur written consent, excluding (a) the creation of a lien or encumbrance subordinate to Lhis biortgage, (b) the creation of a
purchasc money secur+ty interest for household applinnces, tc) a transfer by deviae, descent or by operation ot law upon the death of a joint
tenant or (d) the grant of any leasehold interest of three years or lesa not containing an option to purchase, Lender may, at Lender e option,
declare alt the sums aecurea by this Mortga~e to be immediately due and payable. Ixnder aha11 have waiv.ed such option to accelerate if, prior
to the sale or tranxfer, [.ender and the persun to whom the Property is to be sold or transferred reach agreement in writing that thecredit of auch
perr,un is satisfacton• tc~ l.ender and that the interest pa}•able on the suma se.:ured by this Mortgage shall be at such rate as Lender ahall
requrst. If Ixnder has waived the option to acceierate provideci in this paraKraph 17, ~nd if Borrower's auccessor in interest has executed a
u~ritten ass+imption aRreement accepted in w•ritinq by Ixnder. [.endershall releaBe Borrower from all obligati~,ns under this Mortgage and the
ti ote.
If [xnder exercises such optiun tu accelerate. I.ender shall mail Rorrower notice of acceleration in accordance with paragraph 14 hereof
Such notice shall pro~•ide a period of nnt less than 3(~ days from thedate the notice is mailed w•ithin which Borro~rer may paY the sama declared
due. If Burrow•er fails tu p~iy such sun:s prior to the expiration of such perir.d, I.ender may, ~+ithout further notice or dema~d on $orrower,
~nvokeany reme~di~s permitt~~t1 b~• paraKraoh 1R hercr~f.
18. Acceleration; Kemediee~. Except as provided in parugraph 17 hereof, upon Borrower's breach of any covenent or
agreement of Borrower in this Mortqage. including the covenanta to pay when due any sums secured by this MoMgage, Lender
prior to acceleration ehal! mail notice to F3orrower as provided in paragraph 14 hereofepecifying: (1) the breach; (2) the action
required to cure such breach; (3) a date. not lese then 30 days from the date the notice ia mailed to Borrower, by which euc6
breach must bQ cured: and (4) that failure to cure such breach on or before the date apecified in the notice me-y result in
acceleration ot the sumK secured by this Mortgage. foreclosu re by judicial proceeding and sale of the Property. The nutice ehall
further inform Borrower of the right to reinstate after acceleration and the right to aseert in the forecloaure prceeeding the
non-e:istence of a default or any other defenr~e of Iiorrow~er to acceleratiun and forecloaure. lf the breach is not cured on or
before the date apecified in the notice, Lender at Lender's option may declare all of the eums aecured by this Mortgage to be
immediately due and payable without further demand and may forecloae this Mortgage by judicial proceeding. Lender ehall be
entitled to collect in such proceeding all expenses of foreciosure. includinq, but not limited to. reasonable attorney's feea. and
coste of documenlary evidence, abstracts and title reporta. .
19. Borrow-er's Right to Reinstate. Notwithatanding l.ender's acceleration of the aums secured'oy this Mortgage, Borrower ahall hevt
the right to have any proceedings begun by I.ender to enform thia Mortgage discontinued at any time prior to entry of a judgment enforcing
thia Mortgage if: Ia1 E3orrower pays Ixnder all suma which would be then due under thia Mortgage, the Note and notee stcuring Fvture
Advances, if any, had no acceleration occurred; lb) I3orrower cures all breachea of any other covenants or agreemente of Borrower contained in
th~s Mortqage; Icl [3orrower pays all reasonable expenses incurrad by Lender in enforcing the covenante and agreementa of Aorrower
ountained in thie Mortgage arid in entorcing I.ender's remedies as provided in paragraph 18 hereof, including, but not limited to, rr.asonable
attorney's fees; and (d1 Borrower takea auch action as I.ender may reasonably require to aasure that the lien of thie Mortgage, Lender's interest
i:. the Property and Borrower's obligation to pay the sums secured by this Murtgage ehall continue unimpaired_ Upun euch payment end cure
by Borrower, this Mortgage and the ubligations secured hereby ahal) remain in full force and effec! as if no acceleration i~ad occuned.
~J. Aaeignment of Renta; Appointment of Receiver. As additional security hereunder, Borrower hereby sesigne to Lendertherente
of the Property, provided that Borrower shall, prior to acceleration under paragraph ; 8 hereof or abandanment of the Property, have the right
to collect and retain such rents as they hecome due and payable.
Upon arceleration under paragraph IS hereof or abandonmen: ot the Property, Lender shall be entitled to have a receiver appointed by a
oourt to enter upon, take poaseasion of and manaRe the Property and to collect the rents of the Property, including thoee past due. All rente
collected by the receiver ahall be applied first to payment of the costa of management of the Property and collection of rents, including, but not
limited tn, receiver's fc-ex, premiuma on receivei e bonda and reasonable attorney's feQs, and then to the auma secured by this Mortgage. The
receiver ahall be liable to account only for thoae rents actuaily received.
o"~ 35~ i~!~;E?c~l