HomeMy WebLinkAbout0030 8. lnapection. Lender may make or cauee to be made rnasonable eatriea upon and inapectione uf the property, provided that Lender ahal!
give Borrower notice prior to any such inepection specitying reueonabl~~uee thernfor rclated to l.ender'a intemst in the Ptopetty.
9. Condemnation. 7?ie proceede of any award or cl~im for dama~ee, direct or consequential, in cunnection with any condemnation or
uther taking of the property, or part thereof, or for conveyance in lieu of condemnation, Are hereby asaigned a~d ehall be paid to i.ender.
In the event of a total taking of the Property, the pru.~us ahall be appiied to the euma aecurrd by thie Mortgage, with the eaceea, ii any,
paid w Borrower. ln the event of a partisl taking of the Property, unleee Borrowet and Lender otherwiee agree in writing, there ehall be
applied to the sums xecured by this Morigage such proportion of the proceede aa ia equai to that proportion which the amuunt of the auma
accured by thia Mortgage immediately prioT W the date of taking heare to the fair market value of the Property immediately prior to the date of
taking, with the balanca of the proceeds paid to Borrower.
If the Property ia abandoned by Borrower, or if, after notice by I.ender W$orrower that the condemnor of'fera to make an award or settle a
claim for damagee, Borrower fails to respond to L.ender within 30 days aft~i t ~^~ero ~o *+?A~led, Lender ia authorized to collect and
apply the proceede, at i.ender e option, either to restoration or repair uf the property or to the sume eecured by this Mortgage. .
Unless Lender and ~3orrower otherwiae a~tree in writing, any auch epplication of proceeds to pri~cipal shall not extend or poatpone the due
date of the monthly inetallmente reterred to in paragraphs 1 and 2 henof or change the amount of such inetallments. -
10. {iorrower Not Released. Extenaion of the time for paym~nt or modification of amortization of the suma secured by this Mortgage
granted by Lender to any auccessor in intereat of Borrower ahaU not operAte to releuse, in any manner, the liability of the original E3orrower
und Borrower's successors i~ intereat. i.ender ahall not be required to commence proceedinga against auch successot or refuse to extend time
for payment or otherwise modify amoriization ef the sums secured by this Mortgage by reason of any demand made by the original E3orrower
and Borrower s successora in interest.
11. Forbearance by i.ender Not e Waiver. Any torbearance by l.ender in e:erciaing any right or remedy hereunder, or otherwiae
afforded 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 ta:es or other liena or chargea by Lender ahall not be a waiver of Lender'e right to accelerate the maturity otthe indebtedness
secured by this Morigage. .
12 Remedies Cumulative. Al! rnmediee provided in thie Mortgage are diatinct and cumulative to any other right or remedy under this
Mortgage or afforded by !aw or eyuity, a~d may be e:ercise~i rnncutrently, independently or succeesively.
13. Succeasore and Aaeigne Bound; Joint and Several Liability; Captione. The covenante and agreements herein contained shall
bind, and the rights hemunder ahall inure to, the respective suc~c.~esaors and assigna of Lender and Borrower, aubject to the pmviaions of
paragraph 17 hereof. All covenanta and agreements of Borrower ehall be joint and seve~al. The captiona and headinga of the paragraphs of
thie Mortgage ate for covenience only and are not to be used to interprnt or define the provieions hereof.
14. Notice. F,xcept for any notice required under applicablelaw to be given in another manner, (a) any notice W Barrower provided for in
this Mortgage ahall be giren by mailing such notice by certified mail addresaed to Borrower at the Property Addresa or at such other addreas as
Borrower may designate by notice to Lender as provided hemin, and (b? any notice to l.ender shall be given by certified mail, return receipt
requested, to Lender's addresa stated hetein or to such other address as l.ender may deaignate by notice to Borrower an provided herein. My
notice provided for in this Mortgage ahall be deemed to have been gi~•en to Borrower or Lender when given in the manner designated herein.
15. Uniform Mortgage; Governing l.aw; Severability. This form of mortgage rombines uniform rnvenants tor national uae ai~d non-
uniform covenants with timited variations by jurisdiMion to conatitute a uniform security instrument covering real property_ 77~is Mortgage
ahall be governed by t}ie law of the jurisdiction in which the Property is located. In the event that any pmvision orclause of lhia Mortgage or
the tiote contlicts with appiicable law, such conflict shail not affect other provisions of this Mortgage or the Note which can be given effect
withoat the ronflicting pmvision, and to this end the provisions of the Mortgage and the Note are declared to be severable.
16. Borrower's Copy. Borrower ahall be fumiahed a conformed copy of the Note and of this Iliortgage at the time of execution or after
recordation hez~eof.
17. Tranafer of the Property; Aasumption. If al) or any part of the Property or an intereat therein ia sold or tranaferrrd by Borrower
without l.ender's prior written conaent, excluding la) the creation of s lien or encumbrance subordinate to thia Mortgage, (b) the cmation of a
purchase money security intereat for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint
tenant or (dl the grant of any leasehold interest of three years or iess not c~ontaining an option to purchase, Lender may, at I.ender's option,
derlare alt the aums secureti by this Mortgage to be immediately due and payable. I.ender ahall have waived such option to accelerate if, prior
to the sale or transfer, Lender and the peraon to whom the Property is to be aold or transferred reach agreement in writing that the credit of such
i peraon is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shalf be at such rate as I.ender ahall
request. If Lender has waived the option to acceierate provided in this paragraph l7, and if Borrower's successor in interest has executed a
KTitten assumption agreement accepted in writing by Ixnder, I.ender shall release Borrower from all obligations under this Mortgage and the
' Notc.
If Ixnder exercises such option to accelerate, I.ender shatl mail Borrower notice of acceleration in accordance with paragraph 14 hereof.
Such notice shall provide a period of not less than days from thedate the notice is mailed within which Borrower may pay the sums declared
due. If Rorrower fails to pay such sums prior to the expiration of such period, i.ender may, without further notice or demand on Iiorrower,
~nvoke any remedies permitted by paragraoh 1R hereof. -
; l8. Acceleration; Remediea. E:cept as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or
agreement ~sf Borrower in thia Mortgage. including the covenants to pay when due any aume secured by thie Morigage, Lender
prior to acceleration a6a11 mail notice to Borrower as provided in paragraph 14 hereofapecifying: (1) the breach; (2) the action
required to cure sach breach; (3) a date. not leas than 30 daya from the date the notice ia mailed to Borrower, by which such
~ breach muat be cured; and (4) that failure to cure such breach on or before the date apecified in the notiee may result in
~ acceleration of the suma aecured by this Mortgage. foreclosure by judicial prceeeding and saleof the Property. The noticeahaU
i further inform Borrower of the right to reinstate after acceleration end the right to asaert in the foreclosure praceeding the
non-e:iatence of a defsult or eny other defenee of Borrower to aoceleration and foreclosure. If the breach is not cured on or
- before the date apecitied in the notice, I.ender at Lender's option may declare all of the eums secured by this Mortgage to be
~ immedietely due and payable without further demand and may toreclose this Mortgage by judicisl proceeding. Lender ahall be
entitled to collect in such proceeding all expenses of foreclosure. including, but not limited to. reasonable attorney's fees. and
costa of documentary evidence. abstracts and title reports. ~ ~
19. Rorrower's Right to Reinstate. Notwithatanding Lender's acceleration of the suma secured by this Mortgage, Borrowerahall have
- the right to have any proceedinga begun by [.ender to enforce this A~ortgage discontinaed at any time prior to entry of a judgment enforcing
thie Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notea securinq Future
~ Advances, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenanta or agreements of Borrowercontsiined in
thie Mortgage; (c) Borrower pays all reasonable expenses incurred by I.ender in enforcing the covenants and agreements of Borrower
- contained in this Mortgaqe and in enforcing Lender's remedies ax provided in paragraph 18 hereof. including, but not limited to, reasonable ~
- attorney e fees; and (d1 Borrow~s takes auch act:on as I.ender may reaeonably require to assure that the lien of this Mortgage, Lender'e intereat
_ ip the Property and Borrower's obligatian to pay the aums secured by this Mortgage shall continue unimpaired. Upon sach payment and cute
by Borrower, this Mortgage and the obligations secured hereby shnlt remain in full force and effect as if no acceleration had occurred.
' 2(1. Aaeignment of Renta; Appointment ot Receiven As additional aecurity hereunder, Borrower hereby assigne to Lender the rente
' of the Propetty, provided that Borrower shall, prior to acceleration under paragraph 18hereof or abandonment of the Property, have the right
to collect and rntain such rnnts as they become due and payable.
Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.ender shall be entitled to have a receiver appoi~ted by a
; oourt to enter-upon, take possession of and manage the Property and to collect the rents of the I'roperty, including thoae past due. All rents
; collected by the receiver ahall be applied first to payment of the rnsts of management of the Property au~d coliection of rente, including, but not
limited to, receivei a feea, premiums on receiver's bonds and reasonable attorney e fees, and then to the auma secured by this Mortgage. The
# receiver shall be liable to acoount only for thoae rents actually received.
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