HomeMy WebLinkAbout0046 8. ln~poction. I.ender msy make or cawe to be made reasonable entrie~ upoa at~d iaapections oitbe property. provided that Lender shaU
~ive Borrower notioe prior to any such iaapection specifyiag reawnable caws ~fa~ related to'i.es~der's interest in ehe Property. ~
9. COpd8l11AR~Op.'11~e proceeds of any award or claim for damaRe~. ditect or consequential.~~OMlC~lO[1 Wt~}l 8Ay QOAdE[p[18tlOi! Oi
other taWng of the property, or part thereof, or for conveyance i~ lieu of oundemaation, are hereby asaigned and ~hall be paid to Lender.
I~ the eveat of a total taking of the Paoperty, the proceads ahall be applied to the sums ~ecured by this Mortgage, with the e~ccew, if any.
paid to Borrower. ln the event oi a partial taking of the Propesty, unlesa Borrower and Lender otherwiee ~gree in writinQ, there ahall be
appUed to the sums secured by this Mortgage ~uch proportion of the proceeds ai is equal b that proportion which the amount of the swas
secured by this Mortgege i:nmediately prior to the date of taking bean to the fair market value of the Property immediately prior to the date of
talcing. with the balanee of We proceeds paid to Borrower. ~
the Property ia abandoned by Bormwer, or if. aRe; notioe by Leader to Bormwer that the oondemnor oHere to make an award or settle a
claua for da~nege~, Borsower faib to respoad b Lender withia 30 days aR~er the date auch notice ia mailed, L,ender ia authorized to coUect and
spply the proceede, at L~der
s option, either b restoration or repair of the property or to the sums securad by this Mortgage.
Unleas Lender and Borrower otherwise agree in v?ritir~g, any such application of prooeeds b principal shall not eactend or postpone the due
date of the monthly inatallments referred to in psragraphs 1 and 2 heteof or change the amount of such inatalimeats.
10. Borrower Not Released. Eatension of the time for paymant or modification of amortization of the suma eecured by this Mortgage
granted by Lender to any succeeaor in inlerest of Borrower ahal! not operate to release, in any manner, the liebitity of the original Borrower
and Borrower's aucceeaors in inte~eat Lender ehall not be required to oommeace proceedinge againet auch sucoeseor or refuse to e:tend time
for payment or otherwiae modify amortizetion of the sume secured by this Mortgage by reason of any demand made by the original Borrower
and Borrowei
s succeasore in interest. .
i l. Fosbearanoe by l.ender Not a Waiver. Any forbearance by Lender in ezercising any right or remedy hereunder. or otherwise
alYorded by applicable law, ehaU not be a waiver of or preclude the exerciae of aay auch right or remedy. The psocurement of inaurance or the
payment of tases or oth~ liene or charges by I.ender ahall not be a waiver of I.ender
a right to accelerale the maturity of the indebtednese -
secured by this Mortgage. _
12. Itemedjes Cumulative. All remediee pzovided in thie Mortgage are dietinct and cumulative to any other right or remecly under this
Mortgage or afforded by law or equity, and may be euercise~l ooncnrrently. independently or suooeasively. -
13. Succeeeors and Aesigns Bound; Joint and Several Liability; Captions. The oovenanta and egteemenfa herein oontained ehall
' bind, and the righte hereunde~ ehall inure to. the respective aucseasors and assigns of Lender and Borrower. eubject to the provieiona of
paragraph 1? hereof. All covenants and agreements of Borrower ehall be joint and eeveral. The captions and headings of the paragrapha of
thie Mottgage are for covenience only and are not to be used to interpret or define the provisiona hereof.
14. Notice. Except for ar~y notice required under applicable law to be given in another manner. (a) any notice to Borrower ptovided for in
thia Mortgage ahall be given by mailing such notice by certified mail addressed to Borrower at the Property Addrees or at ench other addrese as
Borrower may designate by notice to Lender ae provided herein, and (b) any notice to L.ender ehail be given by certified mail, return reaeipt
requeeted, to Lender'a addreae etated herein or to such other addreee as Lender may deaignate by notice to Borrower as pmvided herein. My
notice pmvided for in thie Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein.
15. Uaiform Mortgage; Governing Law; 3everability. This form of mortgage combinea uniform wvenants for national w~e and non-
uniform covenants with limited variaGona by jurisdiction to oonatitute a uniform eecurity instrument oovezing real property. This Mortgage
ahall be govemed by the law of the jurisdiction in which the Property is located. In the event that any pmvieion or clanee of thie Mortgage or
the Note rnnilicta with applicable law, auch rnniliM shail not affect other provieiona ol thie Mortgage or the Note which can be given effect
without the oonAicting provision, and to thia end the proviaiona of the Mortgage and the Note are declared to be severable.
16. Borrower's Copy. Sorrower shall be fumished a conformed oopy of the Note and of thia Mortgage at the time of execntion or after
recordation hereof. .
I7.'I~ansfer of We Property; Aeaumption. If all or any part otthe Property or an interest therein ie eold or traneferred by Borrower
without Lendefe prior written conaent, e~ccluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (ti) the creation of a
purchase money security intereat for houaehoW appliancee, (c) a transfer by devise, dxacent or b~ operation of law upon the death of a joint
tenant or (d) the grant of any leaaehold intereat of three years or leas not oontaining an option to purchase, Lender may, at Lendei
a option.
declare all the suma secured by thie Mortgage to be immediately due and payable. Lende~ahell have waived auch option to socelerate if, prior
to the aale or tranefer, Lender and the pereon to whom the Property ia to be aold or tranaferred reach agrerment in writing that the credi~ of euch
person is satisfacto"ry to Lender and that the intereat payable on the sums aecured by this Mortgage shall be at such rate as Lender aha11
requeat. If I.ender has waived the option to accel~ate provided in thia paragraph 17, and if Borrower
a succeasor in interest hae executed a
written assumption agreement socepted in writing by Lender, Lender ahall releaae Borrower from ali obligationa under thia Mortgage and the
' Note. -
If Lender acercises auch option to accelerate, Lender aha11 mail Berrower notice of soceleration in aocordance with paragraph 14 hereot
Such notice ahall provide a period of not le~sa than 30
daya from the date the notice ia ~r,ailed within which Borrower may pay the sums declared
~ due. If Borrower faila to pay such sums prior to the expiration of auch period, L.ender may, without further notice or demand on f3orrower,
~nvoke any remediea permitted by paragreoh 18 hereof.
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` I8. Acceleretion; Remedies. E:cept as provided in paragraph 17 hereot, upon Borrower'e breach of any oovenant or
~ ~ agreement o~Borrower in this Mortgage, including the oovenants ta pay when due any sume aecured by this MoKgege, Lender
prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof epecifj~iag: (1) the breach; (2) the action
required to cure such breach; (3) a date, not less than 30 daye from the date the notice is mailed to Borrower, by which such
~ breach muat be cured; and (4) that failure to cure such breach on or before the date specif ed in t6e notice may result in
acceleration otthe eums secured by this Mortgage, foreclosure by judicial proceeding and sale of the f~roperty. T6e notice ahall
further inform Borrower otthe right to reinatate after acceleration and t6e right t~ aeaert in t6e foreclosure prceeeding the
non-e:iatence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or
before the date specified in the notice, Lender at Lender's optioa may declare all of the eume secured by t6is Mortgage to be ~
immediately due and payable without furtherdemand and may foreclose thie Mortgage by judicial proceeding. Lender shall be
entitled to collect in auch proceeding al) expenses of forecloeure, including, but not limited to. reasonable attorney's feee, and
coete ot documeatary evidence, abstracte and t[Ne repocte. ,
19. Borrower'e Right to Reinetate. Notwithatanding Lender's acceleration of the aums eecnred by thia Mortgage, Borrower shall have
the right to have any proceedinga begun by Lender to enforce thia Mortgage disconrinued at any time prior to entry of a judgment enforcing
thia Mortgage if: (a) Borrower pays Lender all sums which would be then 8ue under this Mortgege, the Note and notes aecaring FWture
~ Advances, if any, had no acceleration ocxnrred; (b) Borrower cures all breachea of any other oovenante or agreementa of Boaower contained in
thie Mortgage; (c) Borrower pays all reaeonable expenses incurred by Lender in enforcing the covenants and agreemeats of Borrower
oontained iK this Mortgage and in enforcing Lender e remedies as provided in paragraph 18 hereof, including, but not limited to, reseonable
~ attorney e feea; and (d) Borrower takea such action se I.ender may reasonably require to assure that the lien of thia Mortgage, Lender's interest ~
~ in the Property and Borrower s oblig~tion to pay the auma secured by thie Mortgage ehall continue unimpaired. Upon anch payment and cure
by Borrower. this Mortgage and the obligationa eecured~ hereby ehall remain in full force and effect ae if no acceleratioa had occurred. '
~ 20. Aseignment of Rents; Appointment ot Receiver. Ae additibnal eecurity hereunder, Borrower hereby aseigna to Lender the rente
of the Property. provided that Borrower aha11, prior to aoceleration under paragraph 18 hereof or abandonment of the Property; have the right
. to coUect and retain euch rents as they become due and payable.
~ Upon acceleration nnder psragraph 18 hereof or ab~ndonment of the Property. Ixnder ahall be entiUed to have a reoeiver appoint~d by a
~ ooart to enter~upon, take posaeaeion of sitd manage the Property and to oollect the renls of the Property, includiag thoee peat due. AU rents
~ oullected by the receiver shall be applied first to payment of the ooate of management of the Pmperty and oollection of renta, including, but not
limited to, receiver'e feea, precniuma on receiver's bonds and reseonable attomey's feea, and then to the auma secured by this Mortgage. The
~ receiver ehall be liable to acoount o~ly for thoee renie actually received. .
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