HomeMy WebLinkAbout0959 N. Inepection. l.ender may make or cauae to be made reaeonableentt~es upon and inepectiune of the pruprrty, provided ihat Ixnder ehall
Kive ~rrower notice prior to any auch inepecuon specifying reaeonable cause therefor related to l.ender's interest in the Property.
9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in cunnection with any condemnation or
other taking of the propPrty, or part theteof, or for conveyance in lieu of condemnation, are hereby aseigned and ehull be paid to l.ender.
In the event of a tot~~l taking of the Property, the procrede ehall be a~plied to the aume eecurzcl by thiR hlortgage, with the excese, if any,
paid to t;orrower. In the event of a partial takinQ of the Pwperty, unlees f3urrower and Ixnder otherw•ie~e agree in writing, there ehall be
uppliec! to the sumc~ secured by this hiortgage auch proportion of the proc•E~e ae ie eyual tv thflt p~oportion which the <?muunt of the eams
secured by this !1lortgage immediately prior to the date of taking beare u~ the fnir market value of the Yroperty immediately ~rior to the date of
taking, ~?~th the balancr of the proceeds paid to Borrower.
If the Yropert~• ie ahan~oned by E3orrow~er, or if, after notice by [.ender to BorTUw•er th~~t the condemnor offera to make an award or settle a
claim for damaRea, E~rr,ow•er faile to reapond to I.ender a~thin 30 days after the dnte auch notice ia mailyd, [.ender ie authorized tn cc,llect and
~ipply the proceeds, at I.ender'e option, either to reatorntion or repair of the pruperty or to the sums secured by thia tlluitKnge.
Unleas I.ender and f3orrower otherwise agree in w~ritinR, any such application of proceede to principal bhall not extend or ~watpone the due
date uf the monthly instaqmenta referred to in paragraphs 1 and `2 hereof or chanKe the amount oF auch inatallmente.
10. E3orroK•er Not Released. F.xtenaiun of the time for paym ~nt or modific:~tion of amortization of the sums scrured by this A1ort~{aKe
~;rxnted by I.endrr to an}• succe~sor in intere;t of f;urroµ•er shall not operate to rele;~se, in any manner, the liabilit~• of the uriKinal F~~rruK•er
and f3orrower's succr~surs in interest. l.ender shall not be required t~ cY>mme~nce pr~~rt•~~clin~s aKainst tiurh suc~essor or ref~ne to extend time
f~~r p~i>~mrnt c~r utherw~ise muc~~f}• amurtizatiun uf thc•,ums .~Y•un~ b~• this ~1urtKa~;t~ hy rru,on of an}• demand m;ide h}• the ~~riKinA~ F3URUK'er
:ind tiurro~~er's tiuccessnrs in interrat.
1 1. Forbearance by Lender Not a R'niver. Any forbearance b~• l.endrr in exercisin~ any right or remE~p hereunder, ur utherµ~ise
afforded b~~ applicable law, shali not be ~ w•ai~~er of or preclude the exerciwe of an}• such riKht or remedy. The procurement uf insurance ur the
payment of txYes or other liens or churKes by l,ender shall not be a waiv~rr of [xnder's right to accelerate the maturity of the indebtedneas
secured by thia ~lortga~e.
11?. Hemedies Cumulative. All remc~riiea provided in this !1lortkaKe are distinct and cumclative to any other riKht or remedy under this
~lurtc-age or afforded hy law ~~r equity, and may be exerciseri concurrently, independentl~• or aucce~sively.
13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covraant~s and aKreements herein c~,ntained shall
hind, and the rikhts hereunder shaU inure to, the resprctive successera and assiRns of l,ender and F3orrower, subject to the provisiona of
paraRraph 17 hercr~f. All covenants and aKreements of ~rrower sh~il be joint and ~everal. The captiung and headink, r~f the paraKraphs uf
this 11~~rt~aKe are for co~~enience unly and arc not to be usttil to interpret ur define the pro~•isions herc~uf.
1 L\otice. Exrrpt for am• n~~tice rc•quirrd undc•r applicuhle law~ tu tx• };i~rn in anuth_•r m.~nnrr. ~al tin~• nr~tice!~ ftrrm~wer pru~•idcd forin
this 1lurtk.~Kr shall begi~•en by mailingsuch noticehy certified mail addressed to Bnrmw•er at the Yr~~perty Addre~aur at such other addreas as
tiorruw~er may desiKnate by notice to I.ender as prm•ided here~n, e+nd Ib~ any notice to Ixnde. Fhall be Kiven by certifiecl mail, return receipt
rc•quested, tu I.ender's address stated herein or to such uther addrras as I.ender ma~~ desiQ~ate by notice t~~ &~rrower ~e provided herein. Any~
rn~tice pru~•idc~ for in this 11ortKaKe shall be dcK med to hace been gi~~en t~~ E~C~rruwer or f,en~ier when given in the manner desi~;n~ted herein.
l:i. l'niform Nort~ege; Governing I.aw•; Se~~erability. This [urm of morty;.i~;e rombinrs un~form c•~~~~enants fur natiunal use and non-
uniG~rm co~enants w•ith limil~~ ~•.inations b~~ junsdicti~~n to constitute ~i uniform sEY~urit~~ instrunient c~o~•erin{; real pruperty. 7'his ~lortgage
.hall be ku~~ernrd b~~ the law of the jurisdiction in w~hich thr Yrup^rte is located. in the e~~ent th~t an~~ pro~•ision or clause nf this 1~1ort~aqe or
the \~~tr cunflzcts w~th applicable law, such cunflict shall nut affect other pru~~isiuns uf this ~1urtKaKr crr the tiute w•hich can be Ki~•en effect
~t~ithuut the cuntlictinK pro~•isi~~n, and to this end the pro~•isions of the biurtKaKe and the Note are declared to he se~~erablr.
I f,. Rorrow~er's Copy. Borrow•er shal! be furnishcd a conforneci cop~ of the ?~crte ard of this :4lortkaqe at the time of execution ur after
r~•~~ordation hereof.
1;. 1'ranafer of ihe Property; As~umption. If all or any part of the Prupert~• ur an interest therein is suld or tranKfened b~• Rurrower
~~~ith~~ut {.ender':- prior written consent, excludinK Ia) the creatiun of a lien or encumbran<•e subordinate to this Mort~;aRe, ib~ the creation of a
pur~~hase muney security intPrest for huusehold appliances, Ic1 a transfe- h~~ devise, d.ccent or by operation of i~iw upon the death uf a joint
, !e~nant ur ldl the Rrant of any leasehold interest of three ~•ears or le~s n~~t containinK an ~ption to pur:hase, I.ender ma., at l,ender's :~ptiun,
; declare all the sums securecf b~~ this ilortKaKe to be immediatelt• due and payable. [.ender shall h~ve waived such option to accelerate if, pric+r
~ t~~ the ~ale or transfer, I.ender and the person tu w•hom the F'ropertt• is to be soid orlransferred reach aKreement in K~ritinK that the credit of such
j ~~t~r,i~n iti ~atitifaci~~n• t~~ I.ender and that ~he interr~t pa}~ahle un thc~ ~ams serur~d by thi:: :11urt~;.~Ke shall be at such rate as I.ender ~h.ill
~ r~-yurst. If I.ender ha5 w~ai~~ed the upti~~n tu accelerate pr~~~~ded ~n thi~ par:~Kraph i~, .~nd if Finrrnu•er's succ~sor in interest has rxecu.ed a
f «ntten u;yum tiun .i p K 1,< K' K
{ p Kreement acce ted in w~ritin bt• l,ender. I,~~ndershall release f3urrow~er from .~ll ~~hli ~•~ti~ns undE•r this'11ort a e and the
i \ ~>te.
~ [f I,rndt•r rxrrci,es .uch uptiun tn acceleratc~. I.c•nder shall mail H~~rr~~w•er notice of acceleratiun in accordance u•~th ~ara~raph 1 d hereof.
~ ~uch notice ~h.ill prm•ide a peri~~ ~~f n~t less than :ti~ da~•s frum tht• date the nntice ic rnail~vl w-ithin ~chich R~~rrr~wf~r ma~~ pa~• the sums declared
' ~iue. If Rurrn«~e~r fails tr~ p;t~• su~ h~ums pri~~r t~~ th~~ c•xpiratinn ~~f such pc~ri~~d. lh~nder ma}~, «•ithnut furthPr n«tic•e~ ~~r demand ~m Ilorrox~er,
~ ~nvoke anc remedit•:: pE•rmitttYl h~• para~r:~oh !n hrrenf.
~ 1H. Accelerxtion; Remedies. Except as provided in parxqraph 17 hereof, u;x>n Borrower's breach of any co~•enant or
~ x~reement of Borrow•er in this ~fort~Hge, including the co~•enxnts to pay when due an~ sums secured by this:Nortgaqe, I.ender
prior to acceleration ~hall mail notice to Borrovver ne provided in paragraph 14 hereof ~pecifying: (1) the breach; (2) the action
reyuired to cure ~uch breach;131 a date, not less than 30 days from the date the ~otice ie mailed to Borrower, by which auch
~ hreach muyt be cured; and 141 that tailure to cure such breach on or before the date epecified in the notice may result in
xccelerxtion of thesums secured by this ltortga~e, foreclosure by judicial proceeding and saleof the Yroperty. The notice ahall
further inform BorroK•er of the right to reinstate aRer acceleration and the right to assert in the foreclosure proceeding the
~ non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured an or
hefore the date speciFed in the notice, Lender at Lender's option may declare all of the sums secured by thi5 ytort~aae to be
~ immediately due and p~y~xble w~ithout furtherdemtind xnd ma~• foreclosethis Mortgage b~• judicial proceedinq. [.ender shall be
~ c~ntitled to collect in ~uch proceedinR all ~xpenses of foreclosurc~, includinQ, but not limited to, reaxonable attorne~•'s fees, and
~ ~•~>~ts of documc•ntxn• evidence, abstrxcts and title reports.
~ 1 y. F3orrower's Right to Reinatate. NutwithstandinK I.ender's acceleration of thP aums securecl by this 11ortQaKe. I~nrr~w~er;;hall have
~ the right to ha~~e anv proceedinqs beKun h}• [,ender to enforce this ~tort~aK;~ discont;nued at any time prior to entry of a judKment rnforcinK
n this tltort~aKN if: ~a~ F3~~rrower pa~•s I.ender all sums which w~ould be then due under this ?~tort~aRe, the Note and nates secunnQ Future
:~d~~ances. if ant~, had no acceleratiun uccurreci; tb~ E3orr~w•er cures all hreachesof anc other co<<enante or sKreemenG~ of Horruw•er c~,ntained in
this ~1~>rtKaKe; Icl Borr~~wer pays all reasonable expenses incurred by I.ender in enforcinK the covenanGs and aKreement,g ~~f Iiorrow•er
c untained in this ltortKaQe and in enforcinQ (.ende;'s remedies as pro~~ided in paraKraph 1 R hereof, includinR, bat n~~t lin~itc~c3 tu. reasonable
t •~tturney'g fees: and i d~ Rorro;~~er takes such action as I.ender may reasonably require tu asaure that the lien of thi~ hiort~aKe, I.ende-'s intereat
` in the Yrupert~• and Rorrower'c obliKation to pa~ the sums secured b~• this btort~aKe shall continue unimpaired. Upon such pa}•ment and cure
h~~ I3orrow~er, this htortKaRe and the obliQationa secured hereby shali remain in full force and efiect as if no acceleration had occurred.
'"lQ. Aseignment of Rente; Appointment of Receiver. As additional security hereunder. Borrower hereby assigns tn I.ender the rents
~~f the Property, pro~~ided that ~rrower shall, prior to acceleratiun under paragraph I K hereot"or abandonment of the Property, have the right
tn collect and retain such rents as they become due and payable.
~ lipon accelF~ration under paraRraph iH hereof or aband~~nment nf the F'roperty. I.~~nder shall he entitlcyl t~~ ha~~e a receiver appointed b~• a
~ < ~~urt t~ enter uFx~n. take possrasion of and manaRe the Property and to collect the renG~ of tht• Property, includinR thnae paNt due. All renGc
~ cullected b~• the receiver ~hall be applie~! first tn payment of the costs of rnanaKement of the Property and collection of rents, including, but n~~i
~ limited to, receiver'c fee~, premiums on receiver's bonds and reasonable attorney's fees, and then to the Rum~ aecured by this ;~1ort{~aRe. The
~ recei~~er shail he liable tr, account nnly for those rents actually re~eived.
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- ~ 402 p~~ 959
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