HomeMy WebLinkAbout27578. Inspectio~. l.ender may make or cause to be made reasonable e~triee upon and i~epertiune of the property, provided that l.ender ehal)
give E3orrower notice prior to any such inapection epecifying rnaeonable cauee therefor related to I.endei a intereat in the Property.
9. Condem~ation. The proc~cede of any award or claim for damages, direct or rnneequential, in connection with any oondemnation or
other taking of the property, or part thereof, or for conveyance in tieu of condemnation, ere hereby aesi~~ed and ehall be peid to l.ender.
In the event of a tutal taking of the Property, the proceede ahall be applied to the sume aecured by this Mortgage, wiih thc exceas, if any,
~-aid to Borrower. In the event of a partial taking of the Pirope~ty, unleae E3orrower and I.ender otherwiee agree in writing, there ehall be
n{.~plied to the sume eecured by thie Mortgage euch proportion ot the proceede ae ie equal to that proportion which the amount of the aume
secured by this Mortguge immediately prior lo the date of taking beara to the tair market value of the Property immediately prior to the date of
taking, with the balencY of the proc~eeda paid to E3oreower.
I[the Property ie abandoned by Borrower, or if, after notice by l.ender to Rorrower that the rnndemnor offere to make an award or se-tle e
claim tor damagea, Borrower faile to reapond to I.ender within 30 days afte~ the date such notice ie mailed, I.ender is authorized to coUect and
apply the proce~,*da, at l.ender s option. either to restoration or repiiir of th~ property or to the auma secured by this Mortgage.
Unlesa I.ender and E3orrower otherwiee a~ee in writing, any auch application of proceeds to principal shall not extend or poetpone the due
date uf the monthly inetallments referred to in paragiraphs 1 and 2 hereof or chunge the amount of euch inatallmenta.
10. Borrower Not Releaaed. F.xtenaion ot the time for paymant or modification of amortization otthe suma secured by this Mortgaqe
Etranted by I.ender to Any~,ucresaor in interest of l;orrower shall not operate tu rele:iae, in any manner, the liability otthe original Borrower
and I3orrower's Rucceaso~ in inlemst. l~ender ahall not he required to rnmmence praceeclinga ngainst auch succesaor or refuae to extend time
for puyment or uthcrwise mudi[y nmortization of thc sums sccurcd by this Mortgt~Ke by ret~,w~n of nny dem~nd made by the original Rorrower
and F~rrower's succe~~rs in interext.
11. Forbearsnce by Lender Not a Waiver. Any forbearunce by t.ender in exercising any right or remedy hereunder, or otherwiee
:ifforded by applicable law, ahall not be a waiver of or preclude the exercise of any auch right or remedy. The procurement of insurance or the
payment of taxes or other liena or chargea by (xnder shall not be a waiver of l~ender'a right to accelerate the maturity of the indebtedneae
secured by this Mortgage.
12. Nemediea Cumulative. All mmedies pmvided in thia Mort~age arn distinM and cumulative to any other right or remedy under thia
Morti-age or afforded by law or equity, and may be exerciee~i concurrendy, independently or succeaeively.
13_ Succeasora and Aaeigne Bound; Joint and Several Liability; Captione. The rnvenants and agreements herein contained ahall
bind, and the righta hereunder ahall inurn to, the respective successora and assigns of lxnder and f3orrower, subject to the provisiona of
p~nigraph 1? hereof. Al) co~enanta and agreemrnts of Borrower ahall be joint and severul. The captiona and headings of the paragraphe of
this Mort{tage are fur covenience only and are not to be used to interpret or define the proviaiona hereof.
I4. hotice. Except for any notice required under applicnble I.~w to t~e Kiven in t-nothzr manner, (al ~ny notice tu E3orrower provided Corin
t h ia 1lturtgnge ahall be given by mailing such notice by certi fied mail add ressed to [3orrower at the Pn~perty Add resa or at such ulher addreas as
I;~~rrower may designate by notice to Ixnder as provided herein, and (b) any notice to I.ender ahall be givPn by certified mail, return receipt
reyueatEd, tu l.ender's addresx sts~ted herein or to such other addreas :is l.ender may deaignate by notice to E3ortower ax provided herein. Any
nutice provided for in this Mortgage shall be deemed to have been given to Borrower or I.ender when given in the manner deaignated herein.
15. Uniform Mortgage; Governing Law; Severability. This form o[mortgage combines uniform eovenants for national use and non-
un~form coven:~nts with limited varintions by jurisdiction to conr~titute a uniform security instrument cuvering real property. This Mortgage
~haU be Kuverned by the lt~w of the jurisdiction in which the F'roperty is located. In the event that any provision or clause of thie Mortgage or
~he Note contlictr, w~th applicable law, such conflict shall nat affect other provisions ot this Mortgage or the Note which can be given eftect
x•ithout the n~~flicting pru~~ision, and to this end the provisions of the Mortgage and the Note are declared to be aeverable.
16. I3orrower's Copy. E3orrower shall be furniahed a a,nformed rnpy of the Note and of this Mortgage at the time of executiun or after
r urdatiun hereof.
}~, ~ l7_ Tranater of the Property; Aseumption. lf aU or any part of the f'roperty or an interest therein is sold or transferred by Borrower
'`~..•ithout I ender s prior writlen consent, exeiuding la) the creation of a lien or encumbrance subordinate to thie Mortgage, (b) the creation of a
E~urchase money xecurity intereat for househotd appliances, (c) a transfer by devise, deacent or by operation of law upon :he death of a joint
tenant or ld) !he grant o[ any leasehold internat of three years or leas not containing an option to purchase, l.ender may, at [.ender a option,
declare all the aums securea by this Mortgage to be immediately due and payable. I.ender shall have waived such option to accelerate if, prior
to the sale or tranaier, l.ender and the person to whom the Property is to be suld or transferred mach agreement in writing that thecredit of such
E~eruon is satie=f1C~R to lxnder and that the interest payable on the sums aecured by this MortK~ge shall be at such rate as I.ender shall
rEquest. If I.ender ha~s waived the option .o accelerate provideci in this paraKrlph 17, and if fiorroveer'b successor in interest has executed a
:~•ritten sL+sumption aKreement accepted in writinK by I.ender, l.endershall releaxe Bnrr~~wer from ~llobligatiuns underthis Mortgaqeandthe
ti ute.
If I.ender exerci~ such option to acceleratr, l.ender shall mail Born,wer nodce of acceleration in accordance with paragraph 14 hereof.
~uch notim shall provide a period of not less than 31) days frum the date the notice ia mailed within which B~rrower may paY thesums declared
due. If Iiorruwer ffiils to pay such xums prior to the expiration c-f such period, I.ender may, without further notice or demand on t~rrovrer,
~nvoke any remedies permitted by part~Kranh Iti herer-f.
18. Acceleration; Remedies. Bxcept as provided in paragraph 17 hereof. upon Borrower'e breach ot any covenant or
a~Rreement of Borrower in thie Mortgage. including the rnvenanta to pay when due any sume secured by this Mortgage. Lender
prior to acceleration ahall mail notice to E3orrower as provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action
required to cure such breach; (3) a date. not lesa thnn 30 days from the dete the notice ia mailed to Borrower. by which such
t-reach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice mey result in
t~cceleration of the auma aecured by thie Mortgege. forecloaure by judicial proceeding and saleof the Property. The notice shall
further inform Borrower of the right to reinatate after acceleration and the right to assert in the foreclosure prceeeding the
nun-ezistence of a default or any other defense of Borrower to acceleration and forecloeure. If the breach ie not cured on or
Iri•fore the date apecified in the notice. Lender at Lender's option may declare all of the auma aecured by thie Mortgage to be
immediately due and payable without furtherdemand and mey foreclose this Mortgage by judicial proceeding. Lenderahall be
~~ntitled to collect in auch proceeding all expenses ottoreclosure. including. but not limited to. reaeonable attorney's fees. and
~•ostx of documentary evidence, abstracts and title reporte.
19. Rorrower's Right to Reinstate. Notwithslanding Ixnder's acceleration of theaums aecured by this Mortgage, E3orrower shall have
the right to have any proceedings begun by I.ender to enforce this Mort~aqe diacontinued at any time prior to entry o[a judqment enforcing
this Mortgage if: (a) Bornower pays [.ender all sums which would be then due under this Mortgaqe, the Note and notea securing Futum
Advancea, if any, had no acceleration occurred; lb) Botn-wer curea al l brnachea of any other coven ants or agreements of Borruwer rnn tained in
thia Mortgage; Ic) I3orrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower
contained in thie Mortgage and in enforcing Lender'a mmedies as provided in paragraph 18 hereof, including, but not limited to, reasonable
<ittorney's fees; and ~dl F3orrower takea auch action as [.ender may reasonably require to aasure that the lien of this Mortgage, l.ender'a interest
in the Property and I3orrower's obligation to pay the sumA secured by this Mortgaqe shall continue unimpaired. ()pon auch paymentand cure
by Borrower, this Mortgage and the obligatiuns aecured hereby shall remain in fuU force and effect as if no acceleration had occurred.
20. Assignment of Rents; Appointment of Receiver. As addilional eecurity hereunder, Borrower hereby assigna to Lender the renta
of the Property, provided that E3orrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right
to collect and retain auch renfs as they become due and payable.
Upon ncceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a
court to enter-upon, take poseesaion of and manage the Property and to rnllect the renta of the Properiy, including thoee past due. All rents
collected by the receiver ahall be applied first to payment of the costs otmanagement of the Property and collection of rents, including, but not
limited to, receiver a fees, premiuma on receiver's bonda and reasonable attorney's fees, and then to the auma secured by thie Mortgage. The
receiver ahall be liable to acoount only for those rents actually received.
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