HomeMy WebLinkAbout0940 8. In~pection. L.ender may malce or cause to be made re~ao~a~We enttie~ upon and inspection~ of the pmperty, provided thet Lender ~hall
give Bormwa notios piior f~o enY such itupec.~tion ~pecifjriag reasonable caus~ tha~efos rc'~ated to I.endei s inte~t in the Property.
9. CondemnaUon. The prooeed~ oi et~y awerd os claim for dama~e+. direc~ ~ co~?~e9uential, in rnnnsrtian with any ooadaanation or
oth~ taking of We propsrty. or part thereof, or for coaveyaace in lieu of condsmnation, are hereby as~igned and ehall bs paid b Lend~.
la the event of a total taking of the Propedy. theprooeed~ ~hall be applied to the ~ums secured by thi~ Mottgage. with the eueen. i! any.
paid to Borrower. In the event of a partial taking of the Propaty~ unle~s Borrower and Lender otherwise a8ree ia vrri6n~. there ~hall be
applied b the sums secured by thu Mort~age such pmportio~ o! d?e proceeds as is equal to that pro~ortion which the amount of ~he sams
secured by thii Mortgage immedietely prior to the dat~e of taking be~n b the fair market value of the Propedy immediately p~nor to We date of
takiiig, with the balanca oi the proceeds paid to Borrower.
I[ the PropeiRy ii abandoaed by Borrower. or if, aRer notioe by Lender to Borrower thet the oondemnor offers to make an a~vard or sdtle a
claim for damaQes. Borrower fails to respoad to Lender within 30 dayp afte~ the date such notice is mailed. Lead~ ia auWorir~ed to coUect and '
apply the pmceeds, st Lendet'~ optioa. either fp restoration or repair of the propetty or to the sums secured by thi~ Mortgage.
Unlesa Lender and Borrower otherwiee aBree in writine. any such application of prooeeds to principal she11 not ~tend or postpone the due
date of the monthly iastallments nfcrred fo in para8raphs 1 and 2 hereof or change the amo~wt of anch installments.
10. Borrowee Not Released. E:tension of the time for payma~t or modification of amortizatioa of the aums sccured by thia Mortgege
granted by Lender to any successor in intereat of Borrower ahall not operate to releaee. in any wanner. tt~e liebility of the origina) $orrower
and Borrower's succeesocs in interee~ Lender shall not be required to oommence proceedings against such euccessor or refuse to eztend time
for payment or otherwise modify amortization of the euma eecured by thie Mortgage by reason of any demand made by the origiaal Borrower
and Borrower'e aua.~esaors in interest. - .
i l. Forbearanoe by I.ende~ Not a N?aiver. My forbearance by Lender in e:ercising any ri8ht or nmedy hereunder, or otherwise _
~Pforded by app?icable laa. shall not be a waiver of or preclude the euercise of any such right or remedy.'ILe procurement of insuranoe or the
payment of t~ea or other liena or chargee by Lender ahall not be a weiver of Lender's iight to aocelerate the matnrity of the indebtedncse .
eecured by this Mortgage.
12 Remedi~ Ctimulative. All remedies provided in this Mortgage are diatinct and cumulative to any oWer right or remedy nnder this -
Mortgage or afforded by law or equity. and may be e~erciee~l aoacurrendy. independently or suooeasively. ;
13. 3ucceewrs and AselBne Bound; Join~ and Several Liability; Captions. The oovenanta and agreementa herein oontained ahall
bind, and'the righte hereunder ahall inure to, the reapective succ~eseors and aseigne of Lender and Borrower, eubject to the pmvisions of
paragtaph 1? hereof. Ali covenante and agreemente of Borrower shail be joint and eeveral. The captione and h~?dings of the paragraphs of :
thia Mortgage are for covenience only awd are not to be ueed to intespnt or de8ne the pmviaione hereof.
14. Notice. E:cept for any notice required under applicable law to be given in anothc~r manner, (a) any notice to Borrower pmvided for in ~
thia Mortgage a~all be given by mailing auch notice by certified mail addreased to Borcower at the Property Addreae or at auch other addrees aa
E3orrower may deBignate by notice to Lender aa provided herein, and (b) aay aotice to L.ender ahall be given by certified mail, retura receipt
requeated. to Lender s addreas atated herein or to auch other addreea as L.ender may deeignate by notice to Borrower aa provided herein. Any
notice pmvided for in this Mortgage shalt be deemed to have been given to Borrower ar Lender when given in We manaer deeignated herein.
15. Uniform Mortgage; Governing I.aw; 3everability. Thia form of mortgage combinea uniform oovenanta for national use and non-
uniform covenanta with limited variatione by jnriadiction to aonstitute a uniform eecurity instrument oovering real pmperty.'lliie Mortgage
ehall be governed by the lavv o[the juriadiction in which the Property ia located. In the event that any provieion or clause of thi8 Mortgage or .
the Note rnnAicts with applicabie law. such conAict shall aot affect othei provisions of this Mortgage or the Note which can be given effect
without the oonflicting proviaion, and to thia end the provisiona of the Mortgage and the Note are declared to be eeverable.
1& Borrower's Copy. Borrower ahall be furniahed a rnnformed oopy of the Note and of this Mortgage at the time of ezecution or after
recordation hereof. ~
17. Transfer of the Property; Assumptiop. If all or any part of the Property or an intereet therein ia eold or tranaferred by Borrower
without Lender's prior written rnneen~ e~ccluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a
purchaee money eecurity interest for honsehoid appliances, (c) a transfer by deviete, deecent or by operation of law upon the death of a joint
tenant or (d) the grant of any leasehold ic~terest of three years or less not oontaining an option to purchase. Lendes may, at Lender's optiaa.
declare all the euma eecuren by this Mortgage to be immediately due and payable. Lender ahali have waived auch option to amelerate if. prior
to the sale or tranafer. Lender and the pereon to whom the Property is to be eold or transferred reach agreement in writing that the credit of such
peraon ia eatiafactory to I.ender and that the intereat payable on the auma eectired by thia Mortgage ahall be at auch rate aa Lender shall
request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower
a eucceeaor in intereat has e:ecuted a
i written assumption agreement accepted in writing by I.ender, I.ender ehall releaee Borrower fiom all obligationa under this Mortgage and the
j Note. ~
~ If Lender ~ercisea auch option to accelerate, I.ender shall mail Borrower notice of soceleration in accordance with paragraph 14 hereoL
4 Such notice shall provide a period of not lesa lhan 30 days from the date the Aotice is ~ailed within which Borrower may pay the suma declared
due. If Borrower faila to pay such suma prior to the e:piration of such period, Lender may, without further notice or demand on F3orrower,
mvoke any remedies p~mitted by paragraoh 18 hereot. '
18. Acreleration; Remedies. Ezcept as provided in paragrap6 17 hereof, upon Borrower's breach of any oovenant or
agreement of Borrower tn thie Mortgage, including the oovenants to pay when due any eums secured by this Mortgage, I.ender
prior to acceleration shall mail notice to Borrower ae provided in paragraph 14 hereof epecitying: (1) the breac6; (2) the action
required to cure such breach; (3) a dete, not leas t6an 30 days from the date t6e notice is mailed to Borrower. by which snc6
breach muet be cnred; and (4) that failnre to cure such breach on or before the date specified in the notice may resuit iu
acceleration of the sums aecured by thie Mortgage, foreclosure by judicisl proceeding and sale of the Property.T6e notice ehall •
furt6er inform Bormwer of the right to reinstate aRer acceleration aad the ri~ht to assert in the foreclosure proceeding t6e
non-ezietence of a default or any other defenae of Borrower to eoceleration and foreclosure. If t6e breach ie not cure~l on or
before the dete epecified in the notice, Lender at Lender's option may declare all of the sume secured by thie Mortgage to be
immediately due and payable without further demand and may foreclose thie blortgage by judicial proceeding. Lender ehail be
entitled to rnilect in auch procceding all expensea of toreclosure, including, but not limited to, reaeonable attorney'e fees. and
coste of documentary evidence, abstructs and title reports.
19..Borrower'e Bight to Reiaetate. Notwithatanding Lendei s aoceleration of the suma eecured by thie Mortgage, Borrower ahall have
the right to have any proceedinga begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing :
thia Mortgage if: (a) Borrower paye Lender all sume which would be then due under thie Mortgage, the Note and notes eecuring ~hu~e
Advances. if any. had no acceleration occurred; (b? Borrower curee a!t breaches of any other covenante or agreemente of Borrbwer contained in .
~ this Mortgege; (e) Borrower pays all reseonable e:peneee incurred by Lender in enforcing the covenanle and agreementa of Borrower
-a oontained in thie Mortgage and in enforcing Lender'e remediee as Pro~ded in ParaBrePh 18 hereof, induding, bnt not limited to, reasonable
~ attorney a fees; and (d) Borrower takea such action ae Lender may reaaonably require to aeaure that the lien of thia Mortgege, Lender'a interert
in the Property and Borrowe~'s obligation to pay the sums aecured by thie Mortgage ahall oontinue unimpaired. Upon such payment and cure
6y Borrower, this Mortgage and the obligations aecnred hereby ahall remain in full force and effect ea if no accelrration had occurred:
20. Asaignment of Rents; Appointment of Receiver. Aa additional security hereander, Borrower hereby aseigns to Lender the rents
~ of the Property, provided that Borrower sha11, prior to aoceleration under paragraph 18 tiereof or abandonment of the Property. have the right :
to collect and retain auch rents ae lhey become due and payable. ' °
~ Upon aoceleratioa under paragraph 18 hereof or abandonment of the Property. Lender shall be entided to have a reoeiver appointed by a 3
oourt to enter ~pon, take possession of and manage the Property and to ooUect the rents of the Property, including those pest due. All reats
oollected by the receiver shall be applied first to payment of the aoete of management of the Propetty and collection of rents, including, bnt not .
~ limited to, receiver's fees, premiums on receivei s bonds and reasonable attorney's fees, and then to the aume secured by this Mortgage. The
receiver shali be liable to aooount only tor thoee rents actually received. •
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