HomeMy WebLinkAbout0059 u. Sz~ ^a~- ...w4a rA~~~ a~ M mede reaaonable entriex uaon and inepectiuna of the property, pruvided that l.endet shall
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give f~rruwer notice prior to nny auch inapectiuo specifying reasonable cauee therefor related to l~rnder's intereat in the Ptoperty.
9. Condemnation. The pro~reds of nny award or claim for damages, direct or coneequential, in connection with any condemnatiun or
other taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby aaaig~ed and ehall be paid to l.ender.
In the eve~t of a total taking of the Property, the proceede ehafl be applied to the aums eecund by thia Mortgage, with the exceae, if any,
paid to E3orrower. In the event ot a pariial taking of the Property, unleea Borrower and.l.ender otherwiee agree in writing, there ehall be
applied to the eums aecured by thie Mortgage auch proportion of the pra~ev.rla ae ie equal to that proportion which the amount of the auma
secured by this Mortgage immediately prior to the date of taking beare to the fair market value of the Property immediately prior to the date of
taking, with the balanc+~ of the proceeda paid to Borrower.
If the Property ia abandoned by Borrower, or if, aRer notice by l.ender to E3orrower that the rnndemnor offers to make an award or eettle e
claim for damages, ~3arrower faile to reapond 1o I.ender within 30 daye after the date such notice ie mailed, Lender is authorized to collect and
apply the proceede, ut I~nder's option, either to reetoration o~ repair of the property or to the euma eecured by this Mortgage.
Unleae l.ender and ~orrower otherwiee agree in writing, any euch application of proceeds to principal ahall not e:tend or poetpone ihe due
date of the monthly inetallmenta referred to in paragraphs 1 and 2 hereof or change the amount of euch inetallmente.
10. Borrower Not Released. F.xteneion of the time [or paym~nt or modification of amortization oithe suma aecured by this Mortgage
lcrnnted by l.ender to any auccesaor in intemat of Rorrower ahall not operate to releuse, in any manner, the liability of the original Bortawer
and 13orrower's succeasora in i~tereat. l.ender shall not be required to commence proceedings ugainat auch succesaor or refuae to extend time
~fur p~ymrnt or otherwise mcxlify nmortiz~tion of the sums secured by this Mortgage by reaxon of any demand made by the original Borrower
and &~rrower's succeefaors in inte~~t.
1 t. Forbearance by I.ender Not a Waiver. My forbearance by Lender in exercieing any right or remedy hereunder, or otherwiee
afforded by applicable law, ehall not be a waiver of or preclude the exercise of any auch right or remedy. The procurement of ineurance or 1he
payment of taxee or other liens or chargea by Lender ehall not be a waiver of l.ender'e right to accelerate the maturity of the indebtedness
secured by this Mortgage.
12. Remediea Cumulative. All remediea provided in thia Mortgage are diatinct and cumulative to any other right or remedy under thie
hlortgage or afforded by law or equity, and may be exerciee~ concurrendy, independently or succesaively.
13. Succesaora and Aseigne Bound; Joint and Several Liebility; Ceptions. The covenants and aqreementa herein rnntained ahall
bind, and the riqhte hereunder ahall inure to, the respective succeaeora and assigne of I.ender and Borrower, eubject to the ptoviaions of
paragraph 1? hereof. All covenants and agreemente of Borrower shall be joint and aeveral. The captions and headings of the paragrapha of
this Mortgage are for covenience only and a~e not to be used to interptet or define the provisiona herec?f_
1~1. Notice. F.xcept fo~ any notice required under :~pplicable law to be given in nnother manner, (al any notice to Eiorrower provided for in
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Borrower may designate by notice to l.ender as provided herein, and (bl any notice to Lender ahall be qiven by certified mail, return receipt
requested, to Lender's addreea atated hernin or to such other address as l.ender may designate by notice to Borrower as provided herein. Any
notice pruvided for in this Mortgage shall be deemed to hnve been given to Bormwer or Lender when given in the manner deeignated herein.
15. Unitorm Mortgage; Governing Law; Severability. This form of mortgage combinee uniform covenants for national useand non-
uniform covenants with limited variations by juriadiction to constitute a uniform security inatrument covering real property, Thie Mortgage
shall be governed by the law ~f the jurisdiction in which the Yroperty is located. [n the event that any pmvision or clause of thia Mortgage or
the 1\ote conflicts v~7th applicable law, such conflict shall not affect other proviaions of this bturtgage or the Note which can be given effect
w•ithout the conttictinK pro~~sion, and to this end the provisions of the MortRage and the Note are declared to be severable.
16. Borrower's Copy. E3orrower shall be furnished a conformed copy of the Note and otthia Mortgage at the time of execution or after
recurdation hereof. -
17. Tranefer of the Property: Asaumption. If all or any part of the Property or an interest therein is sold or tranaferred by Borrower
K•ithout I.ender s prior written consent, excluding (a) the creation ot a lien or encumbrance subordinate to this Mortgage, lb) the creation of a
purchave money security intereat for houseF~old appliances, lc) a transfer by devise, 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 containing an option to purchase, Lender may, at l.ender's option,
declare alt the sums secvred by this hlortgage to t,e immediately due and payable. Lender ahall have v? aived such option to accelerate if, prior
tu the sale or transfer; l.ender und the person w whom the Property is to be sold or tranaferred reach agreement in writing that the credit of such
person is satisfactory to I.ender and that the interest payable on the sums secured by this Mortgaqe shall be at such rate as [.ender ahall
~ request. If [.ender has wai~ed the option tu t+ccelerate provided in this paragraph 17, and if E3orrovver's succeasor in interest has executed a
i w~ritten assumption aKreement accepted in writinK by 1 xnder, l.ender stiall release Rorrower from ull obliRations under this Mortgage and the
" `ote.
~ If I.ender exercises such optiun to accelerate, I.ender shall mail Korrower notice of acceleration in accordance with paragraph 14 hereof
s 5uch notim shall provide a period of not less than :i0 days frum the dale the notice is mai?ec1 within w•hich Borrow•er ma~ pay the sums deciared
€ due. If Borrower fails to pay such sums prior to the expiration of such peri~, I.ender may, without further notice or demand on liorrower,
~ ~nvoke any remedies permitted by paraQrxoh iH hereof.
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! I8. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof. upon Borrower'e breach of any covenant or
~ agreement of Borrower in this Mortgage. including the covenanta to pay when due any aums aecured by this Mortgage, Lender
~ prior to acceleration ahall mail notice to Borrower nx provided in paragtaph 14 hereof apecifying: (1) the breach; (2) the action
~ required to cure such breach;l3) a date, not less than 30 daya from the date the notice ie meiled to Borrower, by which auch
5 breach must be cured; and (4) that failure to cure such breach on or before the date apecified in the notice may result in
~ Rcceleration of the suma secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice shall
~ further inform Borrower of the right to reinatate after acceleration and the right to assert in the foreclosure proceeding the
~ non-ezistence of a detault or any other defense of Borrower to acceleration and forecloaure. If the brPach is not cured on or
before the date epecified in the notice, I.ender at Lender's option may declare all of the sums aecured by thie Mortgage to be
~ immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender ahall be
~ entitled to co)lect in auch proceeding all expenses of foreclosure, including. but not limited to, reasonable attorney's fees. and
~ costs of documentary evidence. abstracts and title reports.
~ 19. Borrower's Right to Reinetate. Ivotwithstanding Lender's acceleration of the sums aecured by thia Mortgage, Borrower shall have
y~ the right to have any proceedinqa bequn by i.ender to enforce this Mortgage diacontinued at any time priur to entry of a judqment enforcing
thia Mortgage if: (a1 Borrower pays l.ender all suma which would be then due under this Mortgage, the Note and notex aecuring Future
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Advances, if any, had no acceleration occurred; (b) Eiorrower cures all breaches of any othercovenanta or agreements of Borrower contained in
thie Mortgaqe; Ic) Borrower pays al) reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower
~ contained in thia Mortgaqe and in enforcing l.ender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonablP
attorney's feea: and Id) Borrower takea auch action as Lender may masonably require to asaurn that the lien of this Mort~age, I.ender'a interest
in the Propertv and Rorrower's obligation to pay the aums secured by thia Mortgage ahall continue unimpaired. Upon such payment and cure
= by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleradon had occurred.
Z0. Aaeignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby assigna to Lendertherenta
of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Ptoperty, have the right
i to coUect and retain auch rente as they become due and payable.
= Upon acceleration under paraqraph 18 hereof or abandonment of the Property, Lender shall be entitled W have a receiver appointed by a
- court to enter-upon, take posaeasion of and menage the Property and to collect the rents of the Property, including those past due. All rente
collected by the receiver ahalt be applied first to payment of the costs of management of !he Property and collection of renta, including, but not
- limited to, receiver'a feea, premiuma on receiver's bonds and reasonable attorney's feea, and then to the sums eecured by this Mortgage. The
receiver ahali be liable to acoount only for thoee rents actually received_
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