HomeMy WebLinkAbout0954 A. Inepection. l.ender may make or cauae to be made reaaonable rntriee upon and inepetitivne of the pruperty, provided that I.ender Hhu1f
Kive }3urrow•er notice prior to any auch indpection dpecifyinR reasonable ceuee therefor related to l.ender's ~ntereet in the Property.
9. ('ondemnRtion. The proceeda of any award or claim for damagee, direct or conaeyuential, in connection with any cundemnatiun ur
other taking of the property, or part thereot, or for conveyance in lieu of condemnation, are hereby nsaigned und eha11 be paid to I.ender.
In the e~~ent of a Wtal tuking of the Property, the proceeda ehail be applied to the aume secured by thie ~lortgxge, with the exceaa, if any,
paid to Borrower. In the event of a partial taking of the Pmperty, unleesa E~orrower nnd I.er.der othervvise aRree in w•riting, there ehf~ll be
npplicd to the aume secured by thia Mortgage auch proportie~n nf the prMeede; ae ie equal G~ that proportion which the amount c~f the aums
aecured by this Rlortgage immediutely prior to the date of taking bearc+ to the fair market ~•~lue of the E'ruperty immedi~teiy prior to the date of
taking, w~th the bt?lance of t~e proceeda paid to Borrower.
lf the Property ia abandonFd by [3orrower, or if, after notice bv Ixnder to B~>rrower thnt the condemnor offere to make nn awxrd or settle n
claim for damages, Borrower faile to reapond to Lender within 30 da>•a after the date such notice ie mailed, I.ender is authorized to cullect and
apply the prceeeds, at I.ender's option, either to reatoration or repair of the property or to the sume secured by this Mo?tgaKe.
tlnlesa i,ender and Borrower otherw~iae aE{ree in w•ritin~, any euch application of proc~~cda to principiil ehnll not extend or poatpone thedue
date of the monthly installmenta reierred to in paragraphs 1 and 2 hereof or chanRe the amount of auch inetallmenta.
10. E3orrow•er Not Relet~aed. Extension of the time for paym,nt or modifir?tion uf c;~nortiaation of the sums srcurrd by this ;11nrtKa~;r
?,~ranted by I.ender to any euccessor in interest of Bormaer ahall not operate to rele:~se, in ~~nti• manner, the liability of the origina! F3orTOw•er
and Borrow•er's successors in interest. l.ender shall not be required to commence procetd~nKs aRainst such successor or refuse to extend timr
fur pa~•mrat ur utherw•ise modify umurtszatiun u: l~lt FUf115 tiPl'UCtKI f~y this ~turt~;.~~;i• hy r~ ;~~~~n uf any~ demund madr Ly thc• uriKin.il Burrow•er
and FiorroH•er's succes~,rs in interest.
11. Forbearance by Lender Not a Waiver. Any forbearance by l.ender in exercisinK an~• riKht or remecly hereunder, or atherµ•ise
xfforded by applicable law, shall not be a waiver of or pre^]ude the exercir~e of any such riKht or remedy. The procurement oi inaurance or the
payment of taxes ur other liens or charges by [.ender ahnlt not be a waiver nf I.ender's riKht to accelerate the maturity of the indebtedneas
aecared by thia Mortgage.
I'~. Remediea Cumulative. All remedies provided in thia hiortgaKe are distinct and cumi:lative to any other riKht ~~r remedy under thia
itortrage or afforded by law or equity, and may be exercise~i concurrently, independently or succesaively.
13. Successore and Aseigne Bound; Joint and Severat Liability; Captiona. The covenants and nRreements herein cuntained ahall
bind, and the ri~;hts hereunder shall inure to, the respective auccessors and assigns of I.ender and Rnrrower, su6ject to the provisiona of
paraKraph 17 hereof. All covenants and agreements of E3orrower shall be joint and se~•eral. The captiuns und headin~;s of the parakraphs of
this :1lortgaKe are for co~~enience only and are n~t ti~ be used to interpret or detine the provisions hereof.
1 a. Notice. F:xcept for .~n~~ nutice r~~uired under applic~ib!e luw• tu t~e ~;iven ~n ,~n~~th;r mannc•r, ta) any nu[icr!~~ liurruw•t•r pru~~idt ~3 f~,r in
this 111ort~;aQe ~hall begiven by mailinK such notice by certified mail addressed to Borruwer at the Yro~ rty Ad~ir~ss ur at such other addreKS ag
F3nrrower may desiQnate by notice to l.ender as provided herein, and Ibl any nMice to I.ende: shall tx ~iven by~ certified mail, return receipt
reyuested, to l.ender's address stated herein or to such other address as l.ender may desiKnate b~~ notice t~~ t~rrower ae provided herein. An~•
noticr pruvided for in this blortg:~ge shall be deemed to have been given to E3orruw•er ur I.ender when Kiven in the manner desiKnated herein.
15. Uniform :1lortgage; Governing Law: Severability. This form of mortKaKe cnmbines uniForm c~~vrnants for national use and non-
uniform co~•enan~5 vrith limited ~•ariations by jurisdiction tu a~natitute a uniform securit~• inctrun~ent caverin~; real pr~~peR~•. This 11ortKaKe
;hall be Ku~•erned b~• the law of the jurisdiction in which the I'ropert~• is {ocated. In the~ e~•a~nt tha! any prnvi~iun or clause of this ~tort~aqe or
the tiute c~~nflicts w~th applicable law, such cunflict shali not affect other provisions of this AturtKaKe or the ~iotr v~~hich can bc• ~;i~•en effect
~•ithuut the conilicti~i~; pru~•ision, and to this end the provisions of the l~lortRaKr and the Nute are declared t~~ tu~ sevFrable.
i6. Borrot~er's Copy. E3onower sha11 be furnished a confor.ned copy of the :v'ote and of this blortaage at the time of execution or after
re:•ordxtion hereof.
1 ~ Tranr~fer of the Property; Assumption. If all or any part of the f'roperty ~~r ~~n interest therein is sold or transferred by Ron~,wer
withuut (.ender':= prior written consent, excludinR lal the creatiun of a lien or encumbrance subordinate to this DlortgaKe, (b) the creati<<n of a
purchase mone}• security interest for household app;iances, tc1 a transfe- by de~•ise, descent or by uperation of law upun the death of a joint
tenant or ld) the Rrant of any leasehold interest of three years or leas not containinR an option to purchase, I,ender may, at i.ender's option,
dc~clare all the aums secureu by this Mortgage tu be immediately due and payable. Lender shall ha~~e waived such option to accelerate if, prior
~ t~'~~ to the sale or transfer. I.ender and the peraon to whom the F'ropert~• is to be sold or transferred reach aKreement in a~ritinQ that the credit of su~h
~erson is satisfactr~n• u~ I.ender and that ~he interest ~a ~e shall be at such rate as I.ender shall
- ? payable nn the sumti securecl b~~ this liortk F
rt~yuest. If Lender has N•aived the option to accrlerate prnvided in this para~raph 1~, and if f~urruwer's succes~or in inteTest has executed a
~•ritten assumptiun aKreement accepted in w•ritinK by Lender, (.endershall release Borrow•er frum al) obliKations under this :~1ortKaKr and the
i \ute.
' If t.ender exercises such u tinn to accelerate. I_knder shall mail E;orrov~•Pr nr,tice of accelerativn in accordance w~ith
~ p par:,Kr:~ph I-~ hereof.
~uch notire shall prn~~ide a peri~xl of not less than :~l~ da~~s frum the date t he n~~tice is rr.ailid within ahich Kurruw•er mav pa~~ the• ~ums declarc~d
~ duf~. lf Rorr~~w~er fail~ to pa~• such ~ums prinr t~~ the expiratti~~n ~~f such peri~~, l,ender may~, w•ithuut further n~tice ~>r dem:~nd on f3~~rr~rw•i~r,
in~•oke an~~ remE~dies permitte~ h}~ para~,rravh 1?+ hc~re~~f.
~ 1H. Acceleration; Remedies. Except as provided in paraaraph 17 hereof, u;~or. Borrower's breach of any covensnt or
f~Rt-eemeni of Borrower ir~ thia Mortgage, including the covenants to pay v~•hen due any sume aecured by this:liortgage, I.ender
~ ~rior to acceleration shall mail notice to Borrower as provided '?n paragraph 14 hereof specifying: i 1) the breach;l`l1 the actian
~ reyuired to cure such breach: (31 a date, not lese than 30 days from the date the hotice ia mailed to Borrow•er, by which such
~ hreach musl be cured: and 14) that failure to cure such breach on or betore the date specified in the notice may result in
e+cceleration of the suma secured by this 1~lortga~e, foreclo~ure by judicial proceeding and sale of the Property. The notice ahall
8 further inform Borrower of the right to reinetate aRer acceleration and the right to asaert in the forecloaure procee~iing the
~ non-existence of a default or any other defense of Borrow•er to acceleration and forecloaure. If the br~ach is not rured on or
~ hefore the date specified in tfie notice. Lender at Lender's option mey declare all of the sum~ secured by this 5fortRa~e to be
n
~ immediately due and pacable w•ithout further demand and may foreclosethis Mortgage by judicial proceedinK. Lendc~r shall be
~ c•ntitled to cotlect in such proceedinQ all expenses of foreclosure, includinR, but not limited to, reasonable attornc~~•'x feeA, and
~ c•;,wts of documentary evidence, abstracts and title reporta.
~ 19. BorrowQr's Right to Reinetate. Notµ~ihstandinK I.ender's acceleration of the aums secured by this ~1ortKaKe, Fi~rruw~ershall ha~•e
~
s the riKht to have an~• proceedinKs beRun by I.ender to enforce this :~SortKage discortinuc~3 at any time pnor to entry of a judKment enforcinK
s tnis MortgaKe if: la~ Borrower pays I.ender a!1 sums which would be then due under thia btortKaqe, the Note and notes securinK Future
L Advances,ifan~•,hadnoaccelerationoccurred;IblBorrowercuresallbreachesofanyothera~venantsora~;reement~s~~fRorrnµ•ercontainedin
this ti;ortKa~e; Ic1 T3orrower pays a14 reasonable expenaes incurred by [.ender in enforcinR the covenants and aKreements of Borrower
rnntained in this MortKaRe and in enforcinR I.ender's remedies as provided in paraKraph 1 k hereof, includinR, but not Grnited tc7, reasonable
,ittorney's fees; and ( d ~ Rorrow•er takes such action as [,ender may reasonably require to assurF that the lien of this 41urtK~Ke, I~~nder's intereat
~ n the Propert}• and Rorrower's obliKation to pap the sums secured by this MortRaKe ahall continue unimpairPd. l''pon yuch payment and cure
h~• fiorrower, this Mort~age and the obliRations secured hereby ahall remain in full force and ef:ect as if no acceleration had occurred.
20. Aesignment of Rente; Appointment of Receiver. As additiona! security hereunder, Sorrow•er hereby assiRns to I.ender the renta
~~f the Property, pro~~ded that I3orrower shall, prior t~ acceleration under paraRraph I R hereuf or abandonment ~ithe Property, ha~~e the riKht
t~~ coliect and retain auch rents as they bec'ome due ar.d payable.
li pun acceleratinn under paraRraph lA hereof or abandonment af the Propertp, [,ender shall t~e entiklf~d t~~ ha~~e a recei ver appuintetl b~• a
ruurt tn enter upon, take poaseseion of and manaKe the Property and to collect the rentP of the Yroperty, includinK those past due. All rent~
collected by the receiver shall be applied firat to payment of the coeGa of manaqement of the Property and rnllection of renis, includinR, but not
iimited to. receiver'R fees, premiums on rE•ceiver's bonds and reasr~nable attorney'F fees, and then tr~ the sums secured by this MurcKa~;e. The
-~•ceiver shall Fm iiahle to acc~~unt onic f~r those rents actuallv re. Piver~.
a~~ ~~2 ~~,s~ 954
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