HomeMy WebLinkAbout0375 8. Inapection. I.ender mey make or cauee b be msde reawasbla entrio~ upot? and iwpections of the property. provided that l.eadet ~hall
give Borrowa notice prior to any such inopection ~pecifying reasonable cause therefa nlated to l.ender's interest in the Property. ;
9. Condemnatlon.'!Ue pmceeda otany award or ciaim for damages, direM or consequential, in connection with any oondemnatio~ or =
other taking of the property. or part thereof. or fos conveyanoe in lieu of oondemnatioa. are hereby esaigned and shall be paid to I,ender. s
In the even~ of a btal taking of the Ptoperty. the proceed~ aha11 be applied to the sums eecured by this Morlgage. wi W the ~oees. if any,
paid to Borrower. In the event of a partial te?ting of the Property, unless Borrow~ and Lender otherwiae agrea in writing, there ehall be s
applied fo the aums secured by this MorEga~e auch pmportion of the proeeede aa is equal to that proportion which the amount of the sums i
secured by this Mortgage immediately prior to the date of taking beara to the fair anarket value of the Property unmediately prior b the date of
takinB. with the balanca of the proceeda paid to Borrowes.
I[ the Propert,y is abendoned by Borrower, or if. atkr notice by Lender to Borrower thst the oondemnor offers to make an awar+d or settle a
claim for damagea. Borrower faila to respond to Lender within 30 days after the date such notice ia mailed. I.eader ia authorised b oollect aad
apply the pmc~eds. at I.eader's option, either to restoration or repair of the pmperiy or to the aums secured by thia Mortgage.
Unleas Lender sad Borrower othetwiee agree in writing. any such application of proceeds to principal shap not eztend or postpone the due
date of the monthly inetallments teferred to in paragraphs t and 2 hereof or change the amount of such installments.
10. Horrower Not Releaaed. Extenaion ot the time fdr paym=nt o: modification of amortization of the suaia eecured by this Mortgage
granted by Lender to any eucceasor in intereat of Borrower ehall not operate to release. in any manner. the liability of the original Boirower
and Borrower's eucceseora in interea~ l.ender shall not be required to oommence proceedings against such succgaeor or refuee to extend time
for payrment or otherwiae modity amortizalion ot the euma secured by thia Mortgage by reason of any demand made by the original Borrower
and Borrower's successors in interes~
11. Forbearanoe by Lender Not a VNaiver. My forbearance by Lender in e:ercieing any ri~ht or remedy hernunder, or otherwiee
` afforded by applicable law, aha11 not be a waiver of or preclude the e:erciae of any such right or remedy. The procurement of insurance or the
payment of tax~ or other liens or chasgea by Lend~ shaU not be a waiver of I.endei
e right to socelerate the maturity of the indebtedness
aecared by this Mortgage.
12 Remedles G~mulative. All remedies provided in thie Mortgage are diatinct and cumutative to any~other right or remedy under this
Mortgage or atC'orded by law or equity, and may be ezerrise~! ooncure~enUy. independendy or suocessively.
13. 3ucceeeore and Asaigne Bound; Joiat and 3everal Liability; Cgptjons. Tlie covenants and agreemente herein contained ehall
bind, and the rights hereunder shall inure to, the tespective auccessors and aseigna of Lender and Borrower, subject to the proviaions of
paragraph ~1? hereof. All covenants and agreements of Borrower shall be joint and eeveral. The captione and headinge of the paragraphs ot
thie Mortgage ae+e for rnvenieace only and are not to be used to interpret or define the proviaione hereof.
19. Notice, Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in
thia Mortgage ahall be given by mailing auch notice by certified mait addresaed to Borrower at the Property Addreae or at auch other addresa as
Borrower may deaignate by notice b I.ender as provided herein, and (b) any notice to Lender ehall be given by ceilified mail, return reoeipt
requested, to Lender'e addrese atated herein or to euch other aadrees aa I.ender may deaignate by notice to Borrower as pmvided herein. Any
notice provided for in thia Mortgage ehall be deemed to have been given to Borrower or Lender when given in the manner deeignated herein.
15. UniCorm b~ortgage; Governing Law; 3everability. Thia form of mortgage combines uniform covenanta for national uee and non-
uniform rnvenants with timited variatione by jurisdiction to o~netitnte a uniform security instrumenk oovering real property, This Mortgage
ahall be governed by the law of the jurisdiction in which the Property is located. In the event that any proviaion or clauee of this Mortgage or
the Note conflicts with applicable law, such rnnflict ahall not affect other pmviaions of this Mortgage or the Note which can be given effect
without the oonflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severabk.
16. Borrower's Copy. Borrower ahall be furniehed a rnnformed copy of the Note and of this Mortgage at the time ot e:ecution or after
recordetion heieof. ~
17.11~anafer of the Property; Aesumption. If all or any part of the Property or an intereat therein ie aold or traneferred by Borrower
wi:hout Lender a prior written coneent, excluding (a) the creation of a lien or encumbrance aubordinate Lo this Mortgage, (b) We creation of a
purrt~aee money security intereat for houaehold appliances, (c) a tranefer by deviee, descent or by operation of law upon the death of a joint
tenant or (d) the grant of any leasehold intereat of three yeara or less not oontaining an option to pnrchase. Lender may. at Lender's option,
declare all the suma eecurea by this Mortgage to be immediately due and payabte. Lender shait have waived auch option to aoaelerate if, prior
to the sale or transfer. [.ender and the peraon to whom the Property is to be sold or transferred reach agreement in writing that the credit of such
peraon is satisfactory to Lender and that the intereat payable on the sums secured by thie Mortgage ahall be.st such rate as Lender shall
request. If I.ender has waived the option to aooelerate provided in thie paragraph 17. and if Borrower'e aucce8sor in interest has executed a
written asaumption agreement accepted in writing by I.ender, Lender ehali release Borrower Crom atl obligations under this Mortgage and the
Note.
If Lender e~cercises such option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof.
Such notice shall provide a period of not lesa than 30 days from the date the notice ia cr.ailed within which Borrower may pay thesums declared
due_ If Borrowez fails to pay such suma prior to the ezpiratian of such periad, I.ender may, without fuither notice or demand on F3orrow~,
invoke eny remedies permitted by paragraoh 18 hereof.
18. Aoceieration; Remedies. Bzcept ae provided in paragraph 17 hereof. apon Borrower's breach of any oovenant or
agreement of Borrower in thie blortgage, including the oovenante to pay when due any sums eecured by thie ~ortgage, Lender
prior to acceleration shall 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 Iese than 30 daye trom the date the notice is mailed to Borrower, by wbich sucb
breach must be cured; and (4) thai ~failure, to cnre auch breach on or before the date specified in the notice may res~lt in
acceleration of the suma eecnred by this Mortgage. forecloaure by judicial proceeding and sale of the Property. T6e notice ehall
further ipform Borrower of t6e right to reiaetate aRer acceleration and the right to aaeert in the foreclosure proceeding the ~
non-ezistence of a default or any other defenae of Borrower to acaceleration and forecloaure. If the brearh is not eured on or
betore the date specified in the notice. Lender at Lender's option may declare all of the eums secured by this Mortgage to be ~
immediately due and payable without futtherdemand aad may foreclose this Mortgege by judicial praceeding. Lender ahall be
entitled to oollect in euch proceeding a11 ezpenaea of foreclosure, including, but not timited to. reasonable attorney's feee, and
coata otdocumentary evidence. abstracts and title reports.
19. Horrower•a Rigbt to Reinstate. Notwithstanding Lender's accelEration of the auma eecured by thia Mortgage, Borrower shall have
the right to have any proccedinga begnn by L.ender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing
this Mortgage if: (a) Borrower pays Lender all sums which would be then due under thia Murtgage, the Note and notee eecuring ~tur~e
Advancee, if any, had no acoeleration occurred; (b) 8orrower curee all breachea of any other covenante or agreementa of Borrower contained in
this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenante and agreementa of $orrower
oontained in this Mortgage and in enforcing I.ender's remedies as provided in paragraph 18 hereof. including, but not limited to, reasonable
attorney e feea; an~ id1 Borrower takes such action aa I.ender may reasonabiy require to aasure that the lien of this Mortgage, Lender'e iaterest
in the Propecty end Borrower's obligation to pay the auma serared by thia Mortgage ahall rnntinue unimpaired. Upon auch payment and cure
by Borrower, thie Mortgage and the obligations secured hereby shall remain in full force and effect as if no aooeleration had axurred.
20. Assignment of Rente; Appointment of Receiver. As additional eecarity hereunder, Borrower hereby easigna to t,ender the renta
of the Property, provided that Borrower ahatl. prior to acc:eleration under paragraph 18 hereof or abandonment of the Pro
!o collect and retain auch rents as they become due and payable. P~Y.havetheright
Upon aoceleration under paragraph 18 hereof or abandonment of the Property. Lender ahall be entitled to have a reoeiver appointed by a
oourt to enter~pon, take posee8sion of and manage the Property and to collect the renta of the Property, including thoee past due. All rents
ooUected by the receiver shaU be~applied first to payment of the ooets of management of the Property and rnllection of rent8, including, but not
limited to, receiva'a fees, premiama on receiver'e bonds and reasonable attorneyra feea, and then to the sums secured by thia Mortgage. The
reoeiver ehall be liable to acoount only for thoee rente actually reoeived. '
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