HomeMy WebLinkAbout0532 8. IaspeMion. Lei?der may make or esuse to be made reawnabk entrie~ upon and inapections of the pmperty. pmvided that Lender shal!
give Bo~rrower notioe prior to any such inspection specifying reasonable cawe thenfor related to l.endei s interest in the Pmperty.
8. COpdO~A~UOD. The prooeeds of any award or claim for dama~es, direct or cojuequential, in connactioa with any oondemnatioa or
other taking of the property. or part thereof, or for conveyance in lieu of oondemnalion. are hereby a.aigned and shall be paid to I.ender.
In the event of a btal taking of the Property, the proceeds shall be applisd to the eums secured by this Mortgage. wieh the exceas. if any,
paid to Borrower. In the event of a paitial taking of the Property, unle~s Borrowez and Lender otherwiea agree in writing. then ehall be
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applied to the sums aecured by this Mortgage such pmportion of the proaeds as is equal to that pwportion which the amout~t of the eums
secvred by this Mortgage immediately prior to the date of taking bean to the fair market value of the Property immediaLely prior to the date of
talcing. with the balana3 of the proceeds paid to Borrower.
If the Property is abandoaed by Borrower. or if. aiter notioe by Lender to Borrower thaL the oondemaor offeis to make an award or settle a -
claim [or damages, Borrower fails to reepond to Lender arithin 30 days afl,er the date auch notioe ia mailed. Lender is authorized to coUect aad
apply the proceeda. at I.ender s option. either to restoration or repair of the property or to the swns secured by thia Mortgage.
Unlees Lender and Borrower otherwise agree in writinS. anY such application of pcoceede to principal shall not ~tend or postpone the due
date of the monthly inetallments referred to in paragraphs 1 and 2 hereof or change the amount of such installmenb.
10. Borrower Not Released. Extension of the time for paymsnt or modification of amortization of the eume aecured by this Mortgage
granted by Lender to any aucceeeor in interest of Botrower shaU not operate to releaee, in any manner, the liability of the original Borrower
and Borrower's succesaore in interest. Lender ahall not be tequired to wmmence pmceedinge againat auch aucceseor or refuae to e:tend time
for payment or otherwiae modify amortization of the aums aecured by thia Mortgage by reason of any demand made by the original Borrow~
and Borrower's aucceeaora in interest. ~
I1. Forbearanoe by Leader Not s R?aiver. My forbearance by Lender in e:em.ising any right or nmedy hereunder. or otherwise
afforded by applicable law, ahall not be a waiver of or preclude the e:erciee of any such right or remedy. The procurement of ineurance or the
payment of tazes or other liens or chargea by I.ender ahall not be e waiver of Lender e right tQ socelerate the maturity of the indebtedneas
secured by this Mortgage.
12 Remediee Cumulative. All remedies provided in thia Mortgage are distinct and cvmulative to any other right or remedy under this
Mortgage or at'forded by law or equiyr, and may be e~cercieed concurrendy, independently or eucceseively.
13. 3ucceasors and Assigna Bound; Joint and 3everal Liability; Captione.'11~e oovenanta and agreementa herein contained ehall
bind, and the righta hereunder shall inure to, the reapective aucceaeors and assigne of Lender and Borrower, aubject to the pmvisions of
paragraph 1? hereof. All covenanta and agreements of Borrower shall be joint and eeveral. The captions and headinga of the paragrapha of
thia Mortgage are for covenience only and are not to be ueed to interpret or define the provieiona hereof.
14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in
thie Mortgage ahall be given by ~nailing auch notice by certified mail addmaeed to Borrower at the Property Addreas or at auch other address as
Borrower may designate by notice to Lender ea provided herein, and (b) any notice to I.ender ehall be given by certified mail, returu receipt
requested, to Lender
a addrese etated herein or to auch other addreea ea Lender may deeignate by notice to Borrower as pmvided herein. Any -
notice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein_
15. Uni[orm Mortgage; Governing I.aw; 3everability. Thia form of mortgage combinea uniform oovenanta for national uee and non-
uniform covenanta with limited variationa by jurisdiction to oonatitute a uniform security inatrument covering real property. This Mortgage
ahaU be governed by the law of the jurisdiction in which the Property ia located. In the event that any proviBion or clauae of this Mortgage or
the Note rnnflicte wiLh applicable law, auch confliM shall not affect other proviaiona of this Mortgage or the Note which can be given eYfect _
without the oonflicting prbviaion, and to this end the provisiona of the Mortgage and the Note are declared to be severable.
16. Borrower's Copy. Borrower ahall be furnished a conformed copy of the Note and of thie Mortgage at the time of e:ecution or after
recordation hereof.
17.1Yanefer of the Property; Aeeumption. If all or any part of the Property or an intereat therein is sold or tranaferred by Borrower ;
without Lender s prior written conaent, e:cluding (a) the creation of a lien or encumbrance aubordinate to thie Mortgage, (b) the creation of a
purchase money security intereat for houaehold appliancea, (c) a tranafer by devise. desoent or by operation of law upon the death of a joint
tenant.ot (d) the grant of any leasehold interest of three yeara or less not coataining an option to purchaee, Lender may, at Lende~a option.
declare all the suma secured by this Mortgage to be immediately due and payable. Lender ehall have waived such option to aocelerate if, prior
to the sale or transfer. I.ender and the peraon to whom the Property ia to be eold or traneferred reach agreement in writing that the credit of euch
peraon ie satisfactory to Lender and that the intereat payable on the sums secured by this Mortgage ahall be at such rate as Lender shall
request_ If Lender has waived the option to accelerate provided in thie paragraph 17, and if Borrower a aucceasor in interest has eaecuted a
written asaumption agreement accepted in writing by Lender, Lender shall releaee Borrower hom all obligations under thie Mortgage and the
j Note.
EI If Lender exerciaes such option to accelerate, Lender ahall mail Borrower notice of eoceleration in accordance with paragraph 14 heteof.
4 Such notice ahail provide a period of not less than 30 daye from the date the notice is ~nailed within which Borrower may pay the sums declared
~ due. If Borrowef fails to pay such auma prior to the expiration of such period, Lender may, without further notice or demand on ~3orrower,
, ~nvoke any remediea permitted by paragraoh 18 hereof.
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18. Acceleration; Remediee. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or
agreement of Borrower in this Mortgage, including the oovenants to pay when due a~y sums secured by this Mortgage, I,ender
~ prior to acceleration ehall mail notice to Borrower as prnvided in paragraph 14 hereof epecifying: (1) the breach; (2) the action
required to cure such breach; (3) a date, not tese than 30 daya fcom the date the notice ia mailed to Borrower, by which such
breach must be cured; and (4) that failure Eo cure such breach on or before the date apecified in the notice may result in
acceleration of the suma secured by thia Mortgage, forecloaure by judicial proceeding and sale of the Property. The nottce shall
further inform Borrower of the right to reiaetate after acceleratioa and the right to assert in tbe foreclosure proceeding the
non-ezistence of a detault or any other defense of Borrower to acceleration and forecloaure. If the breach is not cured on or
before the date specified in the notice, Lender at I.ender's option may declare all of the eums secured by this Mortgage to be
immediately due and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lender shall be
entitled to collect in such proceeding all e:penaes of forecloeure. including, but not limited to, reasonable attorney'e feea, and
costs of documentary evidence, abstracte and title reporte.
19. Borrower'e Kight to Reinetate. Notwithstanding Ixnder's acceleration of the auma secured by thia 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 pays Lender all anma which would be then dne under thia Mortgage, the Note and notea eecuring Future
Advances. if any, had no aoceleration occurred; (b) Borrower cures all bteachee of any other covenante or agreement8 of Borrower contained in
~ thie Mortgage; (c) Borrower pays all reasonable e:penses incnrred by Lender in enforcing the covenanta and agreementa of Borrower
~ oontained in thie Mortgage and in enforcing Lender's remedies as provided in paragraph 18 henwf, including, but not limited to, reseonable
attorney e feee; and (d) Borrower takea such action as Lender may reasonably require to aasure that the lien of this Mortgage, Lender's interest
~ in the Property and Borrower a obligation to pay the aums aecured by thia Mortgage ahall continue unimpaired. Upoa such payment and cnre
~ by Borrower, thie Mortgage and the obligationa secured hereby ahall remain in full force and effect as if no aooeleration had occurred. ,
20. Asstgnment of Rents; Appointment of Receiver. Ae additional eecurity hereunder, Borrower hereby aseigna to I.ender the rents
of the Property, pmvided that Borrower ehall, prior to aa:eleration under paragtaph 18 hereof or abandonment of the Property, have the right
~ to coUect and retain such renta as they become due and payable. _
Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.ender ehall be entided to have a receiver appointed by a
~ oourt to enter-upon, take poeeeesion of and manage the Property and to collect the rente of the Property, including thoee past due. All rente
~ oollected by the rec~eiver ehall be applied firet to payment of the ooete of management of the Property and collection of renta, including, but not
limited to, receiver'e feee, premiume on receiver's bonds and reasonable attomey'a feea, and then to the euma secured by thie Mortgage. The
receiver ahall be liable to acoount only for those renta actually received.
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