HomeMy WebLinkAbout0382 8. Inepectioa. l.ender may make or cauae to be made reasonable entri~ upon and inspectio~s of the properly, provided that I.ender ehall
give Borruwe~ ~otice prior to any such i~spection epecifying reaaonable cause therefor related w Ixnder's incereet in the Property.
9. Condemnation. The proreeds af any awnnd or claim for damages, direct or coneeque~tial, in connection vrith any aondea?oation or
other taking of the property, or pert thereof, or for conveyance i~ lieu of condemnation, are hereby assigned and ehall be paid to I.ender.
In the event ot a btal taking of the Property, tfie proceeds ahall be applied to the aums eecured by this Mortgege, with the e:ceaa, if any,
paid to Eiorrower. in the event ot a partial taking ot the Property, unleea BoROwer and I.ender otherwise agree in writing,lhere sha11 be
applied to the auma secured by this Mortgage such proportion of the proceeds as ia equal to that proportion which the amount o[ the suma
eecured by thia Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of
teking, with the balance of the pmceeds paid Ro Borrower.
Itthe Property is abandoned by Bormwer, or if, atter notice by lender W Borrower that the oondemnor offers to make an award or settle a
claim for damages, Borrower faile to respond to Lender within 30 days after the date euch notice ie mailed, Lender is authoriud to collect and
apply the proceeda, at l.ender s option, either to reatoration or repair of the property or to the sums eecured by thia Mortgege.
Unlees Lender end Borrower otherwiee agree in writing, any such application of proceeds to principal shali not ea~tend oT postpone the due
date ot the monthly inatallmenta referred to in paragrapha 1 and 2 hereof or change the amount of euch installments.
10. Borrower Not Beleaned. Extenaion of the time for paym~nt or-~odification of amortization of the eums secured by this Mortgage
yRanted by I.ender to any aucceaaor in intereet of Borrower ahall not operate to releaae, in any manner, the liability of the original Borrower
and Borrower'a auccessors in intereat. l.ender ehall not be required to commence proceedinge againat auch succeasor or refuae to extend time
for payment or otherwiae modify amortization otthe auma secured by this Mortgage by reason of any demand made by the original Iiortowe:
und I3orrowei e successora in intereat.
1 l. Forbearance by I.ender Not a Waiver. My forbea~ance 6y I.ender in e:ercising any right or remedy hereunder; oT otherwiae
afforded by applicable law, ehall not be a waiver of or preclude the e:erciee of any auch right or remedy.l'he procurement of ineurance or the
payment of taxes or other liene or chargee by Lender ahall not be a waiver of Lender e right to accelerate the maturity of the indebtednese
secured by thie Mortgage.
12 Remedies Cumulative. All remediea provided in thie Mortgage are dietinM and cumulative to any other right or remedy under thia
Mortgage or afforded by law or equity, and may be exerciee~i concurrently, independently or successively.
13. 3occeasore and Aaeigne Bound; Joiat and Severel Lia'~ility; Captione. The covenente and agreemente herein contained ehall
bind, and the rights hereunder ahall inure to, the reepective aucceesora and ae~igaa of I.ender snd Borrower, aubjert to the proviaions of
paragraph 17 hereof. All covenants and agreementa of Borrower ehall be joint and eeveral. The captiona and headinga of the paragraphe of
this Mortgage are for covenience only and are not to be uaed W interpret or define the provieione hereof.
l4. Notice. Except for any notice required under appficable law to be given in another manner,-lai any notice to Borrower provided forin
this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Addresa or at such other addreas as
F3orrov?er may designate by notice to l.ender :?s provided herein, and (b) any notice to lender shalt be givew by certified maii, return receipt
requeated, to I.endei s address stated herein or to auch other addreas as l.ender may designate by notice to Borrower as pmvided herein. My
notice provided for in this Mortgage shalt be deemed to have been given to Borrower or Lender when given in the manner deaignated herein.
15. Uniform Mortgage; Governing Law: Severebility. Thia form of mortgage combines uniform covenanta for national uae and non-
uniform covenants with limited variationa by juriadiction to constitute a uniform security inatrument oovering real property. This Mortgage
yhall be qoverned by the law of the jurisdiction in which the Properiy is locate;l. In the event that any provic+ion or clauae of thie Mortgage or
the Note conflicta with applicable law, auch conflict shal) not affect other proviaions of ihis Mortgt~ge orthe Note which can be given effecl
without the conflicting pro~~aion, and to this end the proviaiuns of the Mortgage and the Note are declared to be eeverable_
16. Borrower's Copy. Sorrower ahall be furniahed e conformed oopy of the Note and of thia Mortgage at the time of execution or after
recordation hereof. ~
17. 'l~anafer of the Property; Aseumption. If ail or any part of the Property or an intereat therein ie aold or traneferred by Borrower
without l.ender
a prior written consent, excluding (a) the creation of a lien or encumbrance sutwrdinate to thia Mortgage, (b) the creation of a
purchaae money security interest for houaehold appliances, (c) a tranafer by deviee, dc~cent or by operation of law upon the death of a joint
~ tenant or (d) the grant of any leasehold interest of three years or lesa not containing an option to pnrchase. i.ender may, at Lender'e option,
; declare aU the aums aecured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to acceterate if, prior
t to tfie sale or transfer, Lender and the person to whom the Property is to be aold ot tranafetred reach agreement in writinq that the credit otsuch
E person is satisfactory to Lender and that the interest payable on the auma secured by this Mortgage ahall be at euch rate a$ Lender shall
~ request. It I.ender has waived the option to accelerate provided in this paragraph 17, and if Bortower s aucYesaor in intereat has executed a
3 written assumption agreement accepted in writing by I.ender, I.ender shall rnlease Borrower from all obligatior.s under thia Mortgage and the
~ ti ote.
? If Lender exercisea auch option to accelerate; I.ender shall mail Bomower notice of acceleration in sccordance with paragraph 14 hereof.
4 ~uch notice ahall provide a period of not less than 30 days from thedate the notice is mailed within which Borrower may pay the auma declared
~ ciue_ If Borrower fails to pay auch sums prior to the expiration of such period, I.ender may, without further notice or demand on E3orrower,
~ ~nvoke any remedies permitted by paraqraoh 18 hereof. .
~ 18. Acceleration; Remediea. Ezcept as provided in paragraph 17 hereof. upon Borrower's breach of any oovenanL or
~ agreement of Borrower in thia Mortgage, including the oovenanta to psy when due any eume eecured by this biortgage, Lender
prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereofepecifying: (1) the breach; (2) the action
required to cure euch breach; (3) a date, not lesa than 30 days from the date the notice ie mailed to Borrower. by which auch
s breach must be cured: and (4) that failure to rure euch breach on or before the date epecifed in the notice may reault in
acceteration of the suma secured by this Hortgage, foreclosure by judicial proceeding end sale ofthe Property.The noticeBhall
i further inform Borrower of the right to reinstate after acceleration and the right to aseert in the foreclosare proceeding the
y ~~un-e:ietence of a defauit or any other defense of Borrower to acceleration and forecloBUre. If the breach ia not cured oa or
x before the date epecified in the notice, Lender at Lender's option may decfare aU of the euma secured by this Mortgage to be
= immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be
entitled to coilect in auch proceeding all expenees otforeclosure, including. but not limited to. reasonable attorney's feee. and
i coats of documentary evidence, abatracts and titie reporte.
i 19. Borrower'e Right to Reinetate. Notwithatanding Lender's acceleration of the auma secured by this Mortgage, f3orrower ahall have
? the right to have any proceedinga hegun by Lender to enforce this Mortgage diacontinued at any time prior to entry of a judginent enforcing
thia Mortgage if: /a) BorroM+er pays I.ender all suma which would be then due under this Mortgage, the Note and notea aecuring Future
Advancea, if any, had no acceleration occuned; (b) Borrower cures a1t breaches of any other covenante or agreements of E3orrower contained in
~ thie Mortgage; (c) Borrower paya all reaaonable e:penaes incurred by Lender in enforcing the covenants and agreementa of Borrower
' rnntained in this Mortgage and in enforcing Lender'a remedies as provided in paragraph 18 hereof, including, but not limited to, reaaonabiR
auorney's feea; and f d) Borrower takes such action as Lender may reaaonably require to aesure that the lien of this Mortgage. Lender's interest
in the Property and Borrower's obligation to pay the sums secured by this Mortgage ahall continue unimpaired. Upon ench payment and cwe
by Borrower, thia Mortgage and the obligations secured hereby ahall remain in ful! force and effect ss if no acceleration had occurred.
, 20. Aseignment ot Rents; Appointment ot Receiver. Ae additional security hereunder, Borrower hereby aasigne to Lender the r~nta
of the Property, provided that Borrower sfiall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property, heve the right
' to collect and retain euch rents aa they become due and payable.
Upon acceleration under paraqraph 18 hereof or abandonment of the Property, Lender aha11 be entitled to have a receiver appointed by a
court to enter upon, take poaseasion o[ and manage the Property and to collect the rents af the Property, including thoee past due. All rente
collected by the receiver shali be epplied firat to payment of the costa of management of the Pmpetty and coliection of rente, including, but not
limited to, receiver e fees, premiuma on receiver's bonda and reasonable attomey's feea, and then to the sums aecured by this Mortgage. The
receiver ehall be liable to account only for those rente actually received.
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