HomeMy WebLinkAbout0942 d. tn~pection. Lender muy make or cause to be mede rea~onable entnes upon and insperuon~ o[the property, pruvida+d that I.ender rhall
?n~e E3orrower notice prio~ to any such inspection sperifying reasonable cau~e therefo~ telated to Lender's interest in the Ptoperty.
9. ('ondemnation. 'I~e prcxYeds of any award or cltiim [or damages, dir~ct or consequenUel, in rn~nection with any ct~ndemnatiun or
~~ther talcing of the property, o~ pert thercaf, or for conveyanct in lieu of eondemnetion, are hereby assigned and ehall be paid to l.ender.
In the event of a total taking of the Property, the proc~ecis ahall be applied to the sums aecured by this Mortgxge, with the e=cees, it any,
paid to Borrower. I~ the event of a partial taking of the Property, unlees Borrowes and Lender ocAerv?1ee agtee in wriUng, there ehall he
applied to the aume eecured by this Mortgage such proportic~n of the procreds se is equal to that proportio~ which the amount of the sums
secured by this Mortgage immediately prior to the date o[ txking beare to the fair market value of the Piroperty immediately prior to the date of
taking, with the balancY of the proceeds paid w Aorrower.
If the Property ia abandoned by Borrower, or if, after notice by Iender to Ronower that the condemnor offere to make an award or aettle a
rlaim for dnmagea, E3orrower fails to reapond to Lender within :30 days after the date auch notice is mailed, l.ender ie authorized to collcrt and
apply the proceeds, at l.ender'a option, either to restoration or repair ot the property or to the sume aecured by thie Mortgage.
L~nlesa I.ender and Borrower otherwise agiee in writirsg, any ~~~ch application of proceeda w principal ahall not extend or postpone the due
date of the monthl~• installments referred to in paragrapha 1 and 2 hereof or change the amount of auch inatallments.
10. Borrower Not Released. Extension of the time for paym ~nt or modification af amortization of the sumb ~ecured b~ thie hlortKaKe
~,~ranted by l.ender to any successor in intereat uf Borrow•er shail not operate to releaese. in any manner, the liability uf the origina) Borrower
and Korrower's auccessora in interest. lender shall not be required to commence pruceed~ngs agxinat such successor or refuae to extend time
f~~r payment or utherw•ise modify t~mortization of the sums securrd by this ~1ortKaKc h~• r.~;?sun of an~~ demand made by the oriRinal ftorrow•er
und &~rruwer's successurs in interest.
11. Forbearance by Lender Not s R'aiver. Any fnrbearanc~ by l.ender in exPrcisinR any right or remedy hereunder, or otherwise
afforded by applicable law, ahall not be a waiver of or preclude the exercise of ar.y such riKht or remedy. The procurement of insurance or the
payment of taxes or other liene or chargee by Lender shall not be a waiver of I.ender'a right W nccelerate the maturi!y af the indebtednesa
secured by thia Mortgage.
12 Remedies Cumulative. All remediea pmvided in this hlortgage am diatinct and cum~:lativr ta any other right or remedy under thia '
~tortrage or afforded by lav? or equity, and may be exercise~l concurrently, independently or succeacivel~•.
13. Succesaors and Assigne Bound; Joint and Several Liebility; Captiona.7'he covenantc+ and aRreements herein a,ntained shali
hind, and the rights hereunder shall inure to, the respective successora and assigna of I.ender and Borrower, subject to the pro~•isions of
~:~ragraph 17 hereof. All co~•euants and agreements of E3ormwer shali be joint and se~•eral. The captions and headinga of the paraKraphs of
this ~lortgage are for covenience only and are not to be used to interpret or define the provisions hereof.
i a. Not~ce. F,ticept f~rr am• notice reyuired under ~ppficablN law to be kivrn in anoth ~r m.inner, xny notice to ?i~~rruwer pro~•idcd for in
this Mort~;age shnt. be given by mailing such notice by rertified mail addressed to Bormv~ er at the f'roperty Address ur at such other addretza as
Rorrower may deaignate by notice to Lender as pmvided herein, and Ib? nny notice to I.ende: shall be given by certified mail. retarn receipt
reouested, ~o I.ender's address stated herein or to ~uch other addres.g as I.ender may desiKnate b~• notice to E;orrower ax pmvided herein. An~-
notice provided for in thia Mo?tgage shall be deemed to ha~e been given to E3orrow•er or [.rnder when Kiven in the manner desiKnated herein.
I~. L'nstorm Mortgage; Governing Law; Severability.'I'his form of mortKaKe combincK; uniform rn~~rnants for national use and non-
uniforrn coeennnts Kith limited variations by jurisdiction to constitute a uniform securit~~ instrument coverin~; real property. This btortgage
,hall be Ko~•erned by the law of the jurisdicti~n in which the Property is located. ln the e.•ent that any provi~ion or ciause of this Mortgage or
the Note conflicts w~th applicable iaw, such conflict shall not affect other pro~~isi~ns of this MurtguKe or the Note a•hich can be Kiven effect
w~ithout the conflictinR pro~-ision, and to this end the pro~~isions of the btortgaRe and the Note are declared to be se~•erable.
16. E3orrower's Copy. Borrower shall be furnished a confor.ned copy of the Note acd of this MortAage at the timr of execution or after
rr•curdation hereof.
17. Transfer of the Property; Aasumption. If all or any part of the Property or an interest therein is sold or transferred by Rorrow•er
~~ithout l.ender's prior w~ritten consent, exduding (a) the creation of a lien or encumbrance subordinate to this MortgaKe, lb1 the creation of a
~ purc~ase money aecurity interest for heusehold appliances, lc) a transfe- by devise, descent or by operation of law up.,n the death of a joint
' tenant or (d) the Rrant of any leasehold interest of three years or leas not containinR an option to purchase, Lender may, at I.ender's nption.
! <ieclare a:l the suma securea by this Mortgage to be immediately due and pa} able. Lender shall have ~a aived such option to accelerate if, prior
~ to the sale or transfer, Ixnder and the person to whom the Propertc is to be sold or transferred reach a~reement in w~riting that the credit of auch
~
J persun is satisfactory to l.ender and that the interest payable un the sums secured by this ~lortgaKe shall be at such r:te as l.ender shall
~ reyuest. If l.ender has w•aived the option to accelerate provideci in this pazlKraph 17, and if Korrow•er's successor in interest has executc~cl a
~ ritten assumptiun aQreement accepted in w~ritinK by I.ender, l.ender shall release Borrow•er from all ubliKations under this ~tortgaQe and the
9 tiute.
E If Lxnder exercises such o t:on to accelerate. I,ender shall mail Bortower nutice of acmleratiun in accordance with ara
j P p Kraph 1-i hereof.
E ~uch notice shall prm•ide a period of n~t less than 30 days from thedate the nutice is mailed within which EZorrow•er may pa>• the sums declar~
due. If Borrower fails to pay such sumc prior to the expiration of such period, l.ender may, without further notice or demand on Eiorrower,
; ~nvoke any remedies permitt~cl bp paraKraoh IK hereof.
i
f 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, u;~on Borrower's breach ot any coa enant or
~ aRreement of Borrov~•er in thie Mortgage, including the covenanta to pay when due any sums secured by this i'Iortgage. Lender
prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (21 the action
~ required to cure such breach: (3) a date. not leas than 30 days from the date the notice ia mailed to Borrower, by which such
breach must be cured: and (4) that failure to cure such breach on or before the date apecified in the notice may result in
~cceleration of the aume secured by this Mortgage, forecloaure by judicial proceeding and sate of the Yroperty. The notice ahall
~ further inform Borrower of the right to reinstate after acceleration and the ri~ht to asaert in the foreclosure prceeeding the t
~ non-existence of a default or any other defenae of Borrower to acceleration and forecloeure. If the breach is not cured on or
~ before the date specified in the notice. Lender at Lender'a option may declare all of the sums secured by this Mortgage to be
~ immediately due and pa~ able without further demand and may foreclose this Mortgage by judicial proceeding. I.ender shall be
t•ntitled to collect in s~ch proceeding all e:penses otforeclosure, including. but not limited to, reaaonable attorney's fees, and
; costa of documentary evidence, abstracts and title reports. '
~ 19. Borrower'e Right to Reinetate. NotwithstandinR I.ender's acceleration of the sums secured by this Mortgage, Rorrower ghall have
~ the right tn have any proceedings begun by I.ender to enforce thie MurtgaRe discontinued at any time prior to entry• of a judgment enforcinR
this Mortgage if: (a) Borrower pays [.ender all aums which would be then due under thia D'Iortgage, the Note and notes securinR Future
Advancea, if any, had no accelera:ion occurred; (b1 Borrower cures all breaches of any other covenanta or sgreements of f3orrower contained in
this MortQaRe; (c) I3orrower pays all reasonable expenses incurred by [.ender in enforcing the covenants and aRreements of Eiorrower
~ contained in this Mortgage and in enforcinq Lender's remedies as provided in paragraph 18 hereof, includinQ, but not limited to, reasonable
° attorney's fees; and Id) Borrower takes such action as Lender may reasonably require to asaure that the lien of thia Mortgaqe, I.ender's interest
~ in the Property and Borrower's obligation to pay the sums aecured by this Mortgage ahall continue unimpaired. Upon auch payment and cure
` by ~3orrower, this Iliortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred.
! 20. Aseignment of Rente; Appointment of Receiver. As additiona) security hereunder, Borrower hereby asaigns to Lender the renta
` of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right
to collect and retain such rente as they become due and payable. _
lipon acceleration under paragraph 18 hereo[or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a
~ court to enter upon, take posseseion of and manage the Property and to collect the rente of the Property, including those past due. All rents
~ collected by the receiver shall be applied first to payment of the coata of manaqement of the Property and collection of rente, including, but not
= limited to, receiver'e fees, premiums on receiver's bonds and rreasonable attornev a fees, and then to the suma secured by this MortgaRe.1'he
receiver ahall be liabie W account only for those rente actually received.
I:r, /,11 Pa~E tJ`t~
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