HomeMy WebLinkAbout0018 8. Inepeclioo. l.ender may make or cauae to be made reasoasble entriee upon and in~pections of the property, provided that Lender ehal l
give Borrower notice prior to any such inspeMion ep~rifying teasonabk cause therefo~~ted to [,eade~ a intereet in the Property.
9. Condemnadoa. The proc¢eds of any award or claim for damages, ditect or con ential, in connection with any oondemnation or
other teking of the pmperty, or part thereof, or for conveyance in lieu o! condemnaaon, are hereby assigr~ed a~d snaii be paid tu I.enurr.
In !he event of a total taking of lhe Propedy, the pra,~eeda shall be applied to the suma aecured by this Mortgage, with the exceas, if any,
paid to Borrower. In the event of a partial taking of the Ptoperty, unlese Borrower and I.ender otherwiee agree in writing. there ahal) be
applied to the eams eecured by this Mortgage euch proportion of the proceeds aa ie equal to that proportion which the amount of the sume
secured by thie Mortgage immediately prior to the date of taking beara to the fair market value of the Property immediately ptior to the date of
taking. with the balanc~ of the pmceeda paid to Borrower.
If the Property ie abandoned by Borrawer. or if, after notice by I.eader to Borrower that the oondemnor offere to make an award or eettle a
claim for damagee, Borrower faiis to respond to i.ender within 30 days atter the date such notice is noailed, Lender ie authorized to coUect and
apply the proceeda. at L.endei s option, either to teatoration or repair of the property or to the eume eecured by thie Mortgage.
Unleae Lender and Bor~ower otherwiee agree in writing, any such application of proceede to principal ehall not eztend or poetpone the due
date of the monthly inatallmenta refened Lo in paragrapha 1 and 2 hereof oi chenge the amount of euch inatallmenta.
10. Borrower Not Released. Extension of the time for paym:nt or modification of amortization of the aums secured by this Mortgege
granted by Lender to any success~r in intereat of Eiorrower ahall not operate to release, in any manner, the liability ot the originai Borrower
and Borrower`a succY~asora in interest. I.ender shatl not be required to ~ommence proceedings against such succeasor or refuae to eYtend time
for payment orothenvise modify amortizatiun of the sums aecured by this Mortgage by reason of any demand made by the origina! Borrower
and Borrowei a succesaors in intereet.
11. Forbearance by I,ender Not a Waiver. Any forbearance by Lender in e:entising any right or remedy hereunder, or otherwiee
af~'orded by applicebie taw, ahall not be a waiver of or preclude the e:ercise of any auch right or remedy. The procurement of inaurance or the
payment of tazea or other liena or charges by Lender ahall not 6e a waiver of Lender
e tight to accelerate the maturity of the indebtedneas
secured by thie Mortgage.
12. Remediea Cumulative. All remedies provided in this Mortgage are distinet ana cumulative to any other right or remedy under thie
Mortgage or afforded by law or equity, and may be e:ercise~i ooncurrently, independenUy or aucceesively.
13. Successore and Aseigne Bound; doint and Several Liability; Captione. The covenante and agreements hernin rnntained ehall
bind, and the rights hereunder shall inure to, the reapective succeasors and aaaig:~e of I.ender and Bortower, aubject to the provieions of
paragraph 17 hereof, Ati covenante and agreements of Borrower s}~all be join! and eeveral. The captions and headinga of the paragrapha of
thia Mortgage are for rnvenience only and are not to be ueed to interpret or define the pmvieione hereof.
14. Notice. Except for any notice required under applicable law to be given in another manner, (a? any notice to $ortower provided forin
this Mortgage shall be given by mailing auch notice by certified mail addreased to Borrower at the Property Address or at such otheraddreee as
Borrower may designate by notice to Lender as prorided herein, and (b) any notice to Lender ehall be given by certified mail, return receipt
requeated, to Lender's addreas stated herein or to auch other address as L.ender may deaignate by notice to Botrrower as provided herein. My
notice provided for in this Mortgage shall i~e dcemed to have been given to Borrower or Lender when given in fhe manner deaignated herein.
15. Unitorm Mortgage; Governing Law; Severability. This form ofmortgagecbmbines uniform o~venants for national useand non-
uniform covenanta with limited variationa by juriediction to constitute a uniform aecurity instrument covering real property. This Mortgage
ahall be governed by the law of the jurisdiction in which the Property is lceated. In the event that any proviaion or clauee of this Mortgage or
the Note conflicfs with applicable law, such conflict shall not affect other proviaions of this Mortgage or the Note which can be given effect
without the rnnflictiag provieion, and to this end the proviaions of the Mortgage and the Note are declared to be eeverable.
16. Borrower'e Copy. Borrovver ahall be fumiahed a conformed copy of the Noce and of thie Morigage ai the ticue uf executiun ~r efter
r_rordation hereof.
17. Tranafer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower
without i.ender'e prior written consent, excluding (a) ihe creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a
purchase money security interest for houaehold appliances, (c) a transfer by deviae. deaoent or by operation of law upon the death of a joint
tenant or (d) the grant of any leasehold intereat of three years or tesa not containing an option to purchase, Lender may, at Lender's option,
declare all the sums secured by thie Mortgage to be immediately due and payabte_ Lender ahall have waived sach option to accelerate if, prior
tn the sale or tranefer, Lender and the verson to whom the Property ia to be sold or tranaferred reach agreement in writing that the c[edit of auch
person ia satisfactory to I.ender and that the interest payable on the aums aecured by this Mortgage shaii be at aucn ra~e as unaer snaii
request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's succeasor in interest has executed a
written asaumption agreement accepted in writing by Lender, l.endershal) release Borrower from all obligationa under thia Mortgage and the
Note.
If Lender exercisea such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof.
Such notice shall provide a period of not less than 30 days from the date the notice is ~r.ailed within which Borrower may pay the sums declared
due. If Borrower faila ta pay such a~rma prior to the expiration of such period, Lender may, without further notice or demand on Borrower,
~nvoke any remedies permitted by paragraoh iR hereof.
18. Acceleration; Remediea. E:cept aa provided in paragreph 17 hereot, upon Borrower's breach of any oovenant or
agreement of Borrower in thie Mortgage, including the covenante to pay when due any aume eecured by thie Mortgage, Lender
prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action
required to cure such breach; (3) a date, not less than 30 daye from the date the notice ie 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
acceleration of the eums secured by this Mortgage, forecloeure by judicial proceeding and sale of the Pr.operty. The notice ehall
further inform Borrower of the right to reinstate after acceleration and the right to aeaert in the foreciosure praceeding the
~on-ezistence of a defsult or any other defense of Borrower to acceleration end forecloeure. If the breach ie not cured on or
before the date epecified in ihe notice. Lender at Lender's option may declare all of the aums aecured by this Mortgage to be
immediately due and payable without fiirther demand and may foreclose this Mortgage by judicial proceeding. Lender shalE be
entitied to collect in auch prceeeding all ezpenaes of foreclosure. including, but not limited to. reasonable attorney's feea, and
coate of docu~eatary evidence. abatracts and title reports.
19. Borrower'e Right to Reinetate. Notwithstanding Lender s acceleration of the auma secured by thie Mortgage, Borrower ahall have
the right to have any proceedings begun by Lendet to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing
thia Mortgage if: (a) Eiorrower pays Lender sil sums which woutd be then due under this Mortgage, the Note and notes securing Future
Advances, if any, had no acceleration occurred; (b) Borrower curea all breaches of any other rnvenants or agreementa of Borrower contained in
thia Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforring the covenanta and agreemente of Borrower
contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable
attorney's feee; and (d) $otrower takea auch action as Lender may reasonably require to aesure that the lien of thia Mortgage, Lender's interest
in the Propetty and $orrower's obligation to pay the suma secured by this Mortgage ehall continue unimpaired. Upon euch payment and cure ~
by Borrower, this Mortgage and the obligatione aecured hereby ahall remain in full force and effect as if no acceleration had occurred. ~
Z0. Aasignment of Rente; Appointment of Receiver. Ae additional security hereunder, E3onower hereby assigns to Lender the rente ~
of the Property, provided that Borrower shall, prior !o acceleration under paragraph 1 S hereof or abandonment of the Property, have the right
to collect and retain such renta as they become due and payable.
Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahali be entitled to have a receiver appointed by a
oourt to enter~pon, take possession of and manage the Property and to cotlect the rents of the Property, including those paet due. All renLs
oollected by the receiver shall be applied firat to payment of the ooste of management of the Property and collection of rente, including, but not
limited to, receiver's feea, premiuma on receiver's bonde and reasonable attorney's feea, and then to the suma eecured by this Mortgage. The
receiver ahall be liable to account only for thoae rente actually received.
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