HomeMy WebLinkAbout0727 8. In~pectioA. Lender mRy make or ceuse to be anade reowaable entries upon aad 'uupectioni of the pmpertY. Provided that Lender shall ~
give Borrower notioe prior W aay such uupection specibnn~ re~o~?able cause t~fo: relatzd to l.ander's intere~t in ths Prope~y.
9. Cobdea?a~tion.'[~e prooeed~ of any award or claim tos dama~ta. direct o~ rna~equential. in connection vrith any ooademaatioa or
oth~ taluna oi the property. or pert W~eoi. or for conveyanoe in liaa of ooademaation. are he~eby a~aigned and shaU be paid to I~der.
Ia the eveAt of a total takinQ of t1~e PropedY. We proceed~ ~hall be appiied b t6e s~ ~ecnred by this I?~ort~eQe. with the escea. if any. :
paid~to Borrower. In the evant ~ a partid taWn~ oi tl~e ProP~t1. ~~O*~ ~der otherai~s aRree ia writing. there shsll be i
applied Lo the aums ~ecured by. this Mo~a~e a~h propo~tion ot the W'oceed~ as is equal to tha! proportion which the amount of We ~um~ ;
secured bY this Mortgate immediately prior to the dats ~ talans bears b the fair market value of the Propeaty immediately prior to the date ot '
taking. with the balanat ot tha prooeeds Paid to Borrower. -
If the Prop~b? ia abandoned by Borrower. a: it. after aotioe by I~ender to Botrower that the oondemnor oPfere to make aa award or ~ettle a
claim for damage~. Bosrower faile b respoad to Lender withia 30 d~n atter the date such notioe ia mailed. Lender is authorised to coUect and
apply the proceeds. at I.endds option. eiWer to n~toration a repair of the ProP~Y or to the sums secured by this Mortga~e.
Unless I.ender and Botro~rer othawise +~ree in writine. aa~? sa~ aPPbcation of proceed~ t~o principal s6~11 not ~d o~r postpone the due
dete of the monthly iaHallmeats referred ~o in parsSrap6s 1 aad 2 6ereof or chsnge the amount of sUch irutallmeata.
10. Borrower Not Relea~ed. F.ztenaioa of the time for paymant ~ modificatioa of amortization of the suma aecured by thia Mortgage
granted by I.ender to any aucceasor in interest of Boreovrer shall not operete to relea~e. in any manner. the liability of the original Borrower k
and Borrower'a successon in inter~t Lender shaU not be required to ooa~mence pmceedinge aBainst auch succesaor or refuse to e:teAd time
for payment or otherwiee modify amoctization of the aama secvred bY this Mortgage by reaeon of any demand made by the original Botrower
and Borrower s sucaaeora in intereet-
11. Forbearanos by Leader Nat a Wai~er. Any forbearanoe by I.enda in euercising any ri8ht or remedy herennder. or otherwi~e •
afforded by applicable law. shall not be a waiver of or preclude the ese~ciie of anY such right or remec~y. The procueement of iasuranoe or the
payment of tazes or other liau or cherges by Lendes ~haU not be a~vaiv~ of Lender
s right fo aocelerate the maturity of the indebf~odness
eecured by this Mortgage. ;
12 Remedies Cumulative. AU remedies peovided in thia MactBage are distinct and evmulative to any other ri~ht or remedy under this
Mortgage or afforded by law or e4uity. and ma3? be ezarise~l ooncu~°dy. adrpende°dy or suoceeaively. #
13. 3nooeseora and Aaip~s Bound; .Ioint and Several I.iabtlit}
. Csptions.'lLe oovenaats and agreemente herein oontained shall
bind, and the righta hereunda shall inuro to, the ~espective suoceasoie aad eaai6a of I.ender aad Borrower. eubject to the proviaiona of
paragraph 17 hereof. AU covenants aad agreementa of Borrower shaU be ioint aad several. The captions and headings of the paregraphs of
thia Mortgage are f~ covenience only and are not to be used to interp~t or define the provisions hereof.
14. Notlce. E:oept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in
this Mortgage shall be given by mailing auch notice by.oerti5ed mail addreseed to Borrower at the Property Addrees or at such other addreea as ;
Borrower msy designate by aotice to I.endez as provided hereia. and (b) any notice to Lender shall be given by certified mail, return reoeipt
requested, to L.eada's addrese stated herein or to sach other addreas as Lende~ may designate by notice to Borrower as provided herein. Any
notice provided for in this Mortgage shall be dcea~d to have bcex~ given to Borrowa or Lender when given in the manna deaignated he+ran. ~
15. Uniform Mortgage; Governipg I.aw; 3everabilitp. This form of mortgage oombines uniform oovenanta f~r national use and non-
unifoim covenanta ~?ith limited variationa hy jnrisdiction to oonstitote a aniform eecurity instnuuent oovering real property.'ll~is Mortgage -
ahall be governed by the laa of the jurisdietioa in Mrhich the PropertY is locat~ed. In the event that any pmviaion or clauee of this Mortgage or
the Note conflicta with applicable law, such contlict shall not a6ect othez proviaions of this Mortgage or the Note which can be given effect
without the conflicting pmviaion, and to thia end the pmvisions of the Mortgage and the Note are declared to be severable.
16. Borrower's Copy. Borrowa sha11 be iurniahed a oonformed oopy of the Note and of thie Mortgage at the time of e:ecution or aRer
recordation hereof. '
17. 'l5renafer of the Property; Aaeumption. If all or anY Pazt of the Propaty or an interest therein ia eold or traneferred by Borrower i
without Lender
a prior written coosent, e:cluding (a) the Qeation of a lien or encumbrance aubordinaLe to thia Mortgage. (b) the creation of a ~
purchese money eecnrity interest for house6oW applianoea, (c) a tranafcr.by deviee, deecent or by ope~ration of law upon the death of a joint
tenant or (d) the grant of any leasehold intereat of three years or leas not oontnininB an oP~on to purchase, Lender may, at I.ende~s optioa,
declare all the auma securea by this Mortgage to be immedietelY dne and payeble. I.ender shall have waived auch option to eocelerate it; prior ~
to the sale or tranafer, Lend~ and the peison to arhom the Property is to be sold or transferi+ed reach agn~ement in writing that the credit of such
pereon is eatiefactory to Lendu and that We intereat payable on the aums aecured by thia Mortgsge shall be at auch rate as Lender ahall
reqnest. If Lender has waived the option to aooelerate pro~?ided 'u? this ParaBraph 17. and if Borrowez
a eaocesaor in interest hae e:ec~ted a
written assamption agreement sooepted in writinB by Lender, I.ender ahall releaae Borrower firom all obligations under thia Mortgage and the
Note. .
If Lender exercisee such option to acoelerate, I.ender shall mail Borrower notice of aoceleration in accordance with paragraph 14 hereot
' Such notice shall provide a period of not lesa than 30 days from the date the notice ia mailed within which Bonower may pay the auma dedered i
~ due. If Borrowa faits to pay such suma prior to the ezpaation of euch period, Lender may, without furtha notice or d~and on $orrower, ;
~ invoke any remedies permitted by paraBraoh IS herrot ~
18. Acceleration; Remediea E:oept as provided in poragrap6 17 hereof, upon Borrower's breach of any oovenant or
agreement of Borrower in this ~lortgase, inclnding tLe eovenants to PaY v~?hen due any sume aecured by thie Nortgage, Lender
prior to soceleratioa ehall mail notice to Borrowrer as provided in paragraph 14 hereof specifying: (1) the breach; (2) the adion
required to cnre such breach; (3) a date, not leas t6an 30 daya frnm the date the notice ie mailed to Borrower, by which such
breach mast be cured; and (4) t6at failare to cure snch breach on or before t6e date epecified in the aotice may reeult in
acceleration of the sums aecured by tLis l[ortgage, foreclosnre by
judicial proceeding and sale of the Property. The notice aball
further inform Bor.rower of t6e right to reinstate alter soceleration and the right to assert ia the foreclosure proceeding the
non-euetence of a defaalt or any ot6er defense of Borrower to aoceleration and forecloeure. If the breach is not cared on or
before the date epecified in t6e notice, Lcade~r at Lender's option may declare all of the suma secured by this Mortgage to be ~
immediately due and payeble without furtberdemand snd may forecloee tWs Mortgage by judicial proceeding. Lender ahap be - ~
entitled to collect in such prooeeding all ~penses of foreclosure, including, but not limi~ed to. reasonable attorney's fees, and ~
coets of documentary evidence. ab~tracts and title reporta r
19. Borrower's Etight to Reinstate. Not~vithstending Lend~s accel~ation of the snma eecured by thia Mortgage, E;orrower ahaU have =
the right to have any ptooeedings begvn by I.ender to enforoe thia Mortgage disoontinued at any time prior to entry of a judgment enfot~cing s
thia Mortgage if: (a) Borrovrer paya Lender all snma which ~vould be then due under thia Mortgage, the Note and notes eecuring Fntvre
Advancea. if any, bad no acceleration oceurred; (b) Borro~ves c+~res a11 breachee of any other covenante or agreements of Borrower contained in
thie Mortgage; (c) Borrower paye all reasonable ezPenses incnrred by Lender in enforcing the oovenants and agreements of Bois~ower
aontained in thia Mortgage and in enforcing I.endez's remedies as prdvided in paragraph 18 hereof, including, but not limited to. reasonable
~ attorney's fees; and (d) Borrowa takes snch adion ae I.ender may eeasonabiy require to assnre that the li~ of thie Mortgage. Lender's interest ~
in the Property and Borrower e obligation to pay the snms secured by this Mortgage shall oontinue unimpaired. Upon such payment and cnre
~ by Borrower. thie Mortgage and the obligations secured h~eby sha11 r~sin in fu11 force and effect as if no aooeleration had occurred. ~
~ Z0. Assignm~t ot Reat~ Appointment of Receiver. As additioaa! secnrity heteunder. Borrower hereby aseigns to Lender the r~ta ~
~ of the Property, provided that Bormwer ehall, P~rior to a~ooekration ~nder paragraph 18 hereof or abandonment of the Property. hsve the right
~ co oolled and retain such rents aa they become dne and p~yabk_
Upon aoceleretion under paragraph 18 he~eof or abandonment of the Property. Lender ahall be entided to have a reoeiv~ appointed by e
? oo~rt to enter.npon, take posseasion of and manage the Proparty and to ooUect the rente of the Property, including thoee past due. All tenta
coUected by the reoeiver shall be applied 5tst to payment of the oosts of management of the Property and collection of rente, inclnding. but not
timited to, receiver'a fees, preminms on reoeiver'a bonds and reaeonabie attorney's fces, and then to the eams eecured by this Mortgage. The
receiver ahall be tiable to aooonnt only for tha~e raita actually reoeived.
aoo~?87 ~ 72~
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