HomeMy WebLinkAbout0579 H. IAipBCLJOA. l.endes may ma~e or cause to be made eeawnable entrios upon and inspections of the property, provided that L.ender ehall
Kive Borrower notice prior to any auch inepertion specifying reasonable cauee therefor related to l.ender's interest in the Property.
9. Condemnatioa. The pra.~eede of any award or claim for damages, direct or conBequential, in conne.rtion with any oondemnation or
other taking of the pmperty, or part thereof, or for rnnveyance in liau oi oondemnation, an hereby aeaigned and shall be paid to Lender.
In the event of a total taking of the Property, the pra.~eede shall be applied to the suma eecured by this Mortgage, with the excess, if any,
paid to Borrower. ln the event of a partial taking ot the Property, unleae Borrowe~ and l.ender otherwiee agree in writing. there ahall be
applied to the aums eecured by this Mortgage auch pmportion of the praxrds ae is equel to that proportion which the amount of the sums
aecured by thie Mottgage immediately prior to the date of taking beare to the fair market value of the Property imwediately prior to the daLe of
taking, with the balanca of the proceeds paid Lo Borrower.
If the Property is abandoned by Borrower, or if, after notice by I.ender to Bo~ower that the oondemnorofYers to make an award oreetUe a
ctaim for damagea, Borrower fails W reepond to l.ender within 30 daye ali.er the date auch notice is mailed, Lender ia authoriud to collect and
~pply the prooeeds, at Gender's option, either to restoration or repair of the property or to the aums secured by this Mortgege.
Unlese [.ender and Borrower otherwiee agree in wtiting, any such applicatio~ of proceeds to principal ahall not extend or poetpone the due
date of the monthly inatallmenta referred t~o in paragraphs 1 and 2~ereof or change the amount of auch inatallments.
10. Borrower Not Releaeed. E:tenaion of the time for paymant or modification of amortization of the aums eecured by thie Mortgage
Kranted by I.ender to any succeseor in interest of Borrower ahall not operate to releaee, in any manner, the liability of the original Borrower
and $orrower a succesaore in intereet. l.ender shall not be required to oommence proceedings against euch sueeeasor or retuae to e:tend time
for payment or otherwise modify amortizption of the sums secured by this Mortgage by reason of any demand made by the original ~3orrowe~r
<~nd Bomowera auccessors in interes~
11. Forbearance by I.ender Not s VPaiver. My forbearance by I.ender in e:erciaing any right or remedy hereunder, or otherwiee
xPforded by applicable law, ahall not be a waiver of or preclude the e:ercise of any auch right or remedy. The prorurement of ineurance or the
payment of ta~ces or other liene or charges by Lender ehaU not be a waiver of l.ender s right to accelerate the maturity of the indebtedneea
3ecured by this Mortgage. ~
12 Remediee Cumulative. All remediee provided in this Mortgage are distinct and cumulative W any other right or remedy under thie
~iortgage or afforded by law or equity, and may be eaerciae~i eoncurrently, independently or suoceaeively.
13_ Succeeeora and Aeeigne Bound; doint and Several Liability; Captions. The rnvenanta and agreementa herein rnntained ehall
bind, and the righte hereunder ehaU inure to, the reepective aucceeeors and aseigns of L.ender and Borrower, subject to the proviaiona of
paragraph 1? hereof. All covenanta and agreements of Borrower shall be joint and eeveral. The captions and headenga of the paragrephe of
this Mortgage are for covenience only and are not w be uged to interpret or define the proviaions hereof.
I 4. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to E3orrower provided for in
this Mortgage ehall be given by mailing auch notice by certified mail addreased to Borrower at the Property Address or at auch otheraddrese as
Borrower may designate by notice to Lender as provided herein, and (b) any notice W I.ender ahall be given by certified mail, return receipt
requested, to Lender's address etated hereia or to such other address as I.ender may deaignate by notice to Borrower as provided herein. Any
notice provided for in this Mortgage shall be deemed to have been given to $orrower or Lender when givrn in the manner designated herein.
15. Uniform Mortgage; Governing Law; Severability. This fortn of mortgage combinea uniform oovenan ts for national uee and non-
uniform covenanta with limited variatians by jurisdiction to ovnetitute a uniform security instruruent covering real Droperty. Thia MSitgage
shall be governed by the law of the jurisdiction in which the Property ia located. In the event that any provia+ion or clauae of this Mortgage or
the Note conilicta with applicable law, such conflict ahall not affect other proviaiona of this Mortgage or the Note which can be given effect
w~thout the rnnflicting proviaion, and to thia end the proviaiona of the Mortgage and the Note are declared to be severable.
16. Borrower'B Copy. ~3orrower shall be furniehed a conformed rnpy of the Note and of thia Mortgage at the time of execution or after
recordation hereof.
17. Tranefer of the Property; Aasumption. If all or any part of the Property or an intereat therein ie eold or tranaferred by Borrower
w~thout Lendei s prior written conaent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b1 the creation of a
purchase money security interest for household appliances, (c) a tranafer by devise, deacent or by operation of law upon the death of a joint
tenant or (d) the grant of any leasehold interest of three yeare or lese not containing an option to purchaee, I.ender may, at [.ender
a option,
declare all the auma eerured by thie Mortgage to be immediately due and payable. Lender aha11 have waived euch option to ac~elerate if, prior
to the sale or transfer, Lender and the person to whom the Property is to be sold or tranaferred reach agteement in writing that the credit of auch
persun ia satiafactory to Lender and that the interest payable on the sums secured by thie Mortgage ahall be at auch rate as Lender shall
request. If Lender has waived the option to accelerate provided in this paragraph 17, and if $orrowei s successor in interest has e:eruted a
w•ritten assumption agreement accepted in writing by I,ender, [,ender shali release Borrower ftom all obligations under this Mortgageand the
ti ote.
I f Lender exercisea auch option to acceterate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof.
5uch notice ehall provide a period of not less than 30 daya from the date the nutice is ~uailed within which $orrower may pay the sums declared
due. If Borrower fails to pay such aums prior to the expiration of such period, I.ender may, without further notice or demand on E3orrower,
~nvoke any remediea permitted by paragranh I8 hereof.
18. Acceleration; Remedies. Ezcept ae provided in paragraph 17 hereof. upon Borrower's breach of any oovenant or
agreement of Borrower in this Mortgage, including the oovenante to pay w6en due any eums aecured by this Mortgage, Lender
prior to acceleration ahall mail notice to Borrower a8 provided in paragraph 14 hereof eperitying: (1) the breach; (2) the action
required to cure euch breach; (3) a date, not less than 30 daye from the date the notice ie mailed to Borrower, by whieh auch
breach muet be cured; and (4) that failare to cure sach breach on or before the date epecified in the notice may result in
acceleration of the euma aecured by this :Mlortgage. foreclosure by judicia! proceeding and asle otthe Property. The notice ehail
further infarm Borrower ot the right to reinatate aRer acceleretion and the right ta aasert in the foreclosure proceeding the
non-ezietence of a detault or any other defen$e of Borrower to acceleration and foreclosure. If the breach is not cwed on or
before the date epecified in the notice. Lender at Lender'e option may declare all of the euma aecured by this Mortgage to be
immediately due and payable without further demand and may forecloae this Mortgage by judicial proceeding. Lender~ahall be
entitled to collect in euch proceeding al l expensea ot toreclosure, including. but not limited to. reasonabfe attorney'a tees. and
costa of documentary evidence, abatraCta and title reports.
19. Borrower's Right to Reinatate. Notwithatanding I.ender's acceleration of thesume eecured by this Mortgage, $orrowerahall have
the right to have any proceedings begun by [.ender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing
thie Mottgage if: (a) Borrower pays Lender all suma which wonld be then due under thia Mortgage, the Note and notea ~ecuring Future
Advances, if any, had no acceleration occurred; (b) Borrowercures aU breaches of any other covenants or agreements o~'Borro~vei rnntained in
thie Mortgage; (c1 Borrower pays all reasonable expenses incurred by Lender in en[orcing the rnvenanta and agreementn of $orrower
contained in this Mortgage and in enforcing I.ender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable
attorney's fees; and (d? Borrower takea auch action ae I~ender may reasonably requirn to asaure that the lien of this Mortgage, Lender e interest
in the Property and F3orrower
a obligation to pay the suma secvred by this Mortgage shall continue unimpaired_ Upon auch payment and cure _
by I3orrower, this Mortgage and the obligationa secured hereby ahall remain in full fottr and effect se if no acceleration had occurred.
20. Aesignment of Rente; Appointment ot Receiver. As additional eecurity hereunder, E3orrower hereby assigns to Lender the renta
of the Property, provided that Borrower ahall, prior W acceleration under paragraph 18 hereofor abandonment of the Property, have Rheright
to collect and retain such rents as they become due and payable.
Upon acceleration under paragraph 18 hereof or abandonment of the Froperty, Lender shall be entitled to have a receiver appointed by a
oourt to enter upon, take posseaeion of and manage the Property and to collect the renta of the Property, including those paet dne. Ail rents
collected by the receiver ahall be applied first to payment of the ooste of management of the Property and rnilection of renta, including, but not
limited to, receiver'a fees, premiums on receiver's bonds and reasonable attorney'e fees, and then to the aums aecured by this Mortgage_ The
receiver ahall be liable to account only for those rents actually received.
` : 290 ~A~~ 579
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