HomeMy WebLinkAbout0385 8. ln~pectlon. Lendsr msy make or cauae to bs mede e~0e?~bl~ enp~ upon~~'uupsction~ of the pwperty. pcovided that Lender ahaU ~
give Borrowes notica prior ~o eay such inspection ~pecifyie~ re~ionabk cauas related to Lender's interest in the Pwperty.
S. CondemnRtton.'l~e prooeed~ of any award o~ c,laim for damage~, direct or con~equential. in coanection with
e4 aqy oondaanatioa or
oW~ tekin~ of the property. or p~rt thereof. or fa convey.aoe in Uw of ooademneaoA, are hereby assi~ned and .haU be paid b I.ender.
Ia the eveat oi e toW takin~ of the Property. We proossds shaU be applied to tbe sums ~ecured by this Mort~a~e, with the esoeN. if any, ~
paid to Borrower. In We eveat ot a partial tairinQ of the Property. unles~ Borrower and Lender oWe:wi~e a~ae in wrritin~. then ~haU be
applied tu the sums eecured by thia MortQa~e auch propostion of tAe prooeeds aa is equal to Wat proportion which the au~ount of the eume
secured by thi~ MortgaQe immediately ~ior to !he date of tating beais to the fair market value of the Property immediately prior to the date of
takin6. ~vith the balaaca of the prooeed~ paid to Aorrower.
If the Propert,y i,~ absudoaed by Bortower. or i~ aRer notioe by Lende~ to Borro~rer that tbe o~ndemnorot~ets to ma~e an awrard or setfle a
claim for damages. Borrower faiL to re~pond to L~eader within 30 days eft~er the daEe such aotice is meiled. I~euder is authorised b oollect and
apply the proceed~~ at Lend~'s optioa, either to restoration or repair of the prop~ty or W the snaas eec~red by this Most~age, '
Unlea Lender and Borrower otherwise agree in ariting, any such application of p:ooeeds b principal shall twt extend or postpone the due
date of the monthly uutallm~ts referred to in psragrapha 1 and 2 hereo! or change We aawant of such installments.
10. Borrower Not Released. E:tenaion of the time for paymant or modi6cation of amortization otthe aums eecured by this Mortgage
granted by Lender to any sncc:~sor in interest of Borrowar ahall aoL operate Lo release. iu any maaner~ tGe liability of the original Borrower i
and Boirower's aucceesors in interest, I,ender shall not be required to oommenae pmceedings against auch suocEawr or retuse to e:tend time
for payrment or otherwiae modify amortisation of the aums aecured by this Mortgage by reason of any demand made by the original Borrewe~
and Borrower's auocessoro in interest.
11. Forbearaaoe by Y.ender Not a Waiver. My forbearai?oe by Lende~r in ~en~sing any right ar remedy heraunder. or otherwi~e
at~orded by applicable law, shall aot be a waiver of or pnclude the exerc~se of any such right or remedj?. The procurement of inauranoe or the
payment of t~es ~ othet liens or charges by Lende~ shall not be a waiver of Leader's righ! to aooelerate the maturity of the indebtedneas
eecund by fhis Mortgage. .
12 Remedies Cymulative. AU remedies pmvided in this Mortgage are distind and cnmulative to aay other right or remedy under this
Mortgage or afforded by ls~r or equiqr, and may be eserciaerl ooncurrently, indep~dentl~r or suooeesivtly. ~
13. 8uooessors and Aseigns Boand; Juint end 3everal Liability; Captiotu.'I~e oovenants aad agreementa herein oontained ahell
bind, and the righte hereunda shall inure to~ the eeape~.-tive sncoesaors and assigaa of Leadrr and Bormwer, aubject to the pmvisiona of
paragraph 17 hereoL All covenan~s and agreements of Borrower shaU be joint and seve~al. T6e captions and hesdings of the paragrapha of
chie Mortgage are for rnvenience only and are nat to be used to interpret or de5ne the ~ovisiona hezeof,
14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in
thia Mottgage shall be given by mailing sach notice by certified mail addreseed to Borrower at the Property Addtess or at such other address as
Borrower may designate by notice to I.ender as pmvided herein. and (b) eny notice to I.ender shall be given by certi5ed mail, return reoeipt
requeeted, to Lende~r's addrees stated herein or to anch other addreea aa Lender m~y designate by aotice to Borrower aa provided henin. Any
notice pmvided for in this Mortgage shall be deemed to have been given w Borrower or I.ender Prhen given in the manner deaignated here~in. ~
15. Uniform Mortgage; Governing Law; 3everabitity. ~is form ofmortgage oombines uniform oovenants for nationsl uae and non-
nnitorm oovenants writh limited variationa by jurisdiction to oonatitote a unifaran aecnrity inatrument oovering real property. Thia Mortgage ~
ahall be govemed by the law of the jnrisdiction in which the Property is located. In the event that any provision or clauee of tliis Mortgage or
the Note conilicts wit6 applicable law. euch oonfliM ahall not affect other provieione of thia Mortgage or the Note ahich can lie given effect ~
withoat the oontlicting pmviaion. and to this ead the pravisions of the Mortgage and the Note are declared to be geverabl~ >
1& Borr+ower's Copy. Bormwer ahall be furniahed a oonfornned oopy of the Note and of thia Mortgage at the time of euecution or aft~er i
reoordation hereoL
17. 'itiranofer of the Property; Atsumption. If all ar any part of the Property or an iaterest thei+ein ia sold or ~ansferred by Borrower =
without Lender's prior written consent, esduding (a) the creatioa of a lien or encumbrsnce snboidinate to thia Mortgage, (b) the creation of a ~
purchaee inoney eecority interest for househoW appliances, (c) a transfer by deviee, descent or by operation of law npon the death of a joint
tenant or (d) the grant of eny leatehold interest of three yeata or lesa not oontaining an option to p~rc}?see. Lender may, at I.ender's option. ~
declare all tbe snms eecured by this Mortgage to be immediately due and payable. Leada shatl have waived such option to aooe2erate if; prior =
co the sale or transfer, Lender and the person to whom the Property ia to be sold or transferred reach egreement in writing thet the credi! of snc6
person ia satisfacbry to Lender and that the interpst payable on the aums eecured by thia Morigege shall be at such rate as Lender shell
requeat. If Lender haa waived the option to aocelerate provided in this paragraph 17. and if Borrowee's suooeesor in intereat has e~cecuted a
wntien aseumption egreement socepted in writing by I.ender, I.ender ehall retease Borrower from all obligatione under this Mortgage and the ;
Note.
If Lenda e~cerciaes euch option to aocele~ate, I.ender shall mail Borrower notice of aocel~ation in aoootdance with paragraph 14 hereoL
Such notice shall provide a period of not lesa than 30 daya from the date the notice ia mai[ed within which Borrower may pay the auma deciared
due. If Borrower fails to pay such aums prior to the ezpiratioa of such period, I,ender may, without further notice or demand on Borrowei~
~nvoke any remediee pe:mitted by paragraoh 18 hereof.
18. Aooeieration; Remediea Ezcept as provided in paragrapb I7 hereof, upon Bonrower'e breach ot any oovenant or
agreement of Borrower in t6is Mortgage, inclnding t6e oovenanb to pay when due aay sume secured bq thie Mortgage, Lender
prior to aoceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) tbe action
required to cure such breach; (3) a date, not lese than 30 days firom the date tbe notice is mailed to Horrower, by which snch
breach me~st be cured; and (4) Lbat failnre to cure such breach on or before the date specified in the notice may reault in
acceleration of the sums secured by thie Mortgage, foreciarure by judicial proceeding aad sale of the Property. The notice shall
further inforni Borrower of the right to reinstate after aoceleration and the rig6t to aseert in t6e forectosure proceeding the
noa-e~stence of a detauk or ~ny other defense of Borrower to aoceleration and toreclosure. It the breach ia not cared oa or ~
before the date specified in the notice. Lender at I.ender's option may declare aU of the sume eecared by thie ffiortgage to be -
immediately due and payable without further demand and may forecloee thie Mortgege by jndicial proceeding. Lender ehall be
entitled to oollect in euch proceeding all ezpense8 of foreclosure, iacluding, but not limited to, reasonable attomey's feea, and
costs of documentaty evideace, abetracts and title reporte.
19. Borrower's Right to Reinatate. Notwithetanding Lender's aooeleration of the suw~ aecured by thia Mortgage, Borrower ehall have
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the right to have any prooeedinga beg~n by I,ender to enforce thia Mortgage diaoontinued at any time prior to entry of a judgment enforcing
thie Mortgage if: (a) Borrower pays Lender all aume which would be then due under this Mortgage, the Note and notes eecuring I~ture
Advanoes, if anY, had no aooeleration occntzed: (b) Botrower curea all breaches of any other oovenanta or agreements of Borrower conttained iB
thie Mortgage; (c) Horrowa pays sU reaaonable ezpenees incurred by Lender in enforcing the coveaanta and agreemente of Borrower
oontained in this Mortgage and in tnforcing Lender's remediee as provided in paragraph 18 hereof~ including, but not limited to, reaaonable
attomey's fees; and (d) Borrov~ret takes snch action as Lender may reaaonably reqnire to aseure that the lien of this Mortgage. Lender's intereet
in the P'rv~ty and Borrowet'e obligation b pay the eums eecured by thie Mortgage ahall continue unimpa.ired. Upon such payment and cure
by Borrow~, this Mottgage and the obligationa 8ecured hereby ehall remain in fnll force and effect ae if no aa:elleration had oocarred.
20. Assigumeat of Rents; Appointment of Iteceiver. Aa additional eecurity hereunder. Borrower hereby aseigns to Lender the renta
of the Property~ provided that gvrrower shaU, prior to acoeleration nnder paragiraph 18 hereof or absadonment of tbe Propaty, have the right
to oolled and retain such renta as they become dne and payable.
Upon aooeleration under paragraph 18 hereof or abendonment of the Property~ Lender shall be entided to have a receiver appointed by a '
ooart Eo enter.upon. take poeeesaion of and manage the Prop~ty and b oollect the rente of the Property, inctuding thoee past dne. All rents
aollected by the reoeiver sball be applied 5rsi to payment of the oosta of management of W e Pmperty and oollection of rents, incloding, bnt not
limited to, n~oeiver'e fees, pretninme on rEOeiver'a bonds and reaeonaWe attomey's fees, and then b the auma secnred by this Mortgage. The ±
reoeiver shall be liable to aooount only for Woee rents actually reoeived. . _
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