HomeMy WebLinkAbout0888 !3. lnrpection. l.e~der may make or caure to be made reasonadie entrie~ upon snd in~pection~ of the property, provided that l.ender ahall
give Borruwer notice prior to any auch inepecliun epecifying reasonable cauee therefor related to l.ender's inte~eat in the Property.
9. Condem~ation.'[?~e proceeda of any award or claim fo~ damagee, direct or conseque~tial, in connection with a~y condemnation or
other taking of the p~operty, or pa~t thereof, or for conveysnce in lieu of oondemnation, an hereby aseigned and shall be paid to l.ender.
In the event ot a total taki~g of the Property, the pmceeds ahall be ap~:fied to the suras eecured by this Mortgage, with the exce~s, if any,
paid to Horrower. In the event of a pa'sl taking of the Property. unle+~ Borrower and l.ender otherwiee agree in wriling, there shall be
applied to the euma secured by this Mortgage such pmportion of the proceed~ as is equsl to that pmportion which the amount of the eums
secured by this Aiortgage immediqtely prio~ to the date of taking bears to the fair market value of the Property immediately prior to the dete of
taking, with the balancr of the proceeda paid to Borrower.
If the Property ia abandoned by Borrower, or if, after notice by Lender to Borrower that the oondemnor otiere to make an award or settk a
claim fo~ dameges. Borrower [nils to reapond to Lender within ~ days after the date such nodce ia mailed, I.ender ia authorised to coUect and
apply the proceeds, at Lender s option, either b reetoration or repair of the property or to the sume secured by this Mort~age.
Unleae [.ender and Borrower otherwise agree in writing, any such epplication of proceeda to principal ahaU not e:tend or postpone the due
date of the monthly inatallmente referred to in paragraphs 1 and 2 hereof or change the amount of euch inatallmenta.
10. Borrower Not Relearsed. F.xtension of the time for paymant or modification of amortization of the auma aecund by thie Mortgage
~anted by l.ender to any succeasor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower
nnd E3orrower's auccea$ora in intereat. I.ender ahall not be required to commence proc~eedinga againat such auccessor or refuee to extend time
for payment or otherwiae modify amortizatiun otlhe sume aecured by this Mortgage by reason of any demand made by the original E3orrower
and Eiorrower s auccessors in intereat.
1 l. Forbearance by Lender Not a Waiver. Any forbearance by Lender in e:erciaing any right or remedy hereunder, or otherwise
afiorded by applicable law, ehaU not be a v?aiver of or preclude the e:ercise of any such right or remedy. The procurement of insurance or the
payment of taxee or other liene or chargea by Lender ehall not be a waiver of [.ender'e right to accelerete the maturity of the indebtednese
secured by thie Mortgage.
12 Remediea Cumulative. All remediee provided i~i thia Mortgage are dietinct and cumulative to any other right or remedy under thie
Mortgage or afforded by law or equity, and may be exercieewi concurrently, independently or aucceaeively.
13_ Succeeeore and Asaigne Bound; Joint and Several Liability; Captione. The covenants and agreements herein contained ahall
t?ind, and the righte hereunder ahall inure to, the reapective succeasore and assigna of Lender and Borrower, aubject to the provieione of
paragraph 17 hereof. All covenants and agreemente of ~3orrower ahall be joint and eeveral. The captiona and headinge of the paragrapha of
this Mortgage are for covenience only and are not to be used to interpret or define the proviaione hereof.
14. Notice. Except for any notice required under applicable lnw to be given in another manner,la) any notice to Borrower provided forin
this ~tortgaKe shall be given by mailing auch notice by certified mail addresaed to Borrower at the Property Addresa or at auch other addreae as
Borrower may deaignate by notice to [.ender as provided herein, and (b) any notice to Lender ehall be given by certified mail, return receipt
requested, to Lender's address stated hernin or to auch other address as I.ender may designate by notice to f3orrower ae provided herein. Any
notice provided for in this Mortgage ahall be deemed lo have been given to E3orrower or I.ender when given in the manner designated herein.
15. Uniform Mortgage; Governing I.aw; Severability. This form of mortgage combinea uniform rnvenante for national use and non-
uniform covenanta with limited variationa by jurisdiction to conatitute a uniform security instrunient covering real property. This Mortgage
ahall be governed by the Iaw of the jurisdiction in which the Propeity is located. In the event that any proviaion or clause of this Mortgage or
the Note conflicte with applicable law, such contlict shall not affect other provisiona of this Mortgage or the Note which can be given effect
without the conflicting provision, and to this end the proviaions of the Mortgage and the Note are declared to be aeverable.
16. Borrower'e Copy. Borrower aha11 be furniahed a conformed copy of the Note and of thia Mortgage at the time of eaecution or after
recordation hereof.
1?_ 'ISransfer of the Ptoperty; Asaumption. If ali or any part of the Property or an intereat themin is aold or tranaferred by Borrower
without I.endei
a prior written conaent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a
purchase money eecurity interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of e joint
tenant or (d) lhe grant of any leasehold interest of three years or lesa not oontaining an option to purchase, Lender may, at Lender a option,
declarn all Lhe eums eecured by this Mortgage to be immediately due and payable. Lender ahall have waived auch option to accelerate if, prior
to the sale or transfer, L.ender and the persan to whom the Property is to be aold or tranaferred reach agreement in writing that the credit of such
person ia satiafactory to Lender and that the interest payable on the aums aecured by this Mortgage ehall be at auch rate as Lender ahall
i request. If I.ender has waived the option to accelerate provided in thia paragraph 17, and if Bonower's succesaor in interest has executed a
written assumption aqreement ~ccepted in writing by Ixnder, i.ender ahall release Borrower from all obligations under this Mortgage and the
i ~i ote.
s If Lender exercises such option to accelerate, I.ender ahaU mail E3orrower noliceof acceleration in accordance with paragraph 14 hereof
` ~uch notice shall provide a period of not let;s than :i0days from the date the notice is mailed within which Borrower may pay the aums dectared
~ due_ If Borrower fails to pay such suma prior to the expiration of surh period, Lender may, without further notice or demand on E3orrower,
~ ~nvoke any remedies permitted by paraqraoh 18 hereof.
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` 18. Acceleration: Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower'e breach of any oovenant or
~ agreement of Borrower in thia Mortgage. including the oovenante to pay when due any eume eecured by thie Mortgage, Lender
~ prior to acceleration shall mail notice to Borrower se provided in paragraph 14 hereof epecifyiag: (1) the breach; (2) the action
~ required to cure auch breach: (3) a date. not lese than 30 days from the date t6e notice ia mailed to Borrower, by which euch
~ breaeh must be cared; and (4) that failure to cure auch breach on or before the date epecified in the notice may result in
~ ecceleration of the aums secured by this Mortgage, foreclosure by judicial proceeding aad eale of the Property. The notice ahall
~ further inform Borrower of the right to reinstate after acceleration and the right to aseert in the toreclosure prceeeding the
non-eziatence of a detault or any other defense of Borrower to acceleration and forecloaure. If the breach ie not ewed on or
~ before the date apeciGed in the notice. Lender at Lender's option may declare all of the euma aecured by this Mortgage to be
~ immediately due and payable without further demand and mny forecloae this Mortgage by judiciel prceeeding. Lender shall be
~ entitled to collect in auch proceeding all expenses of foreclosure. including, but not limited to. reasonable attorney's tees. and
costs of documentary evidence. abatracta and title reports. ~
~ 19. Borrower'e Right to Reinetate. Notwithatanding I.ender's accelerapon of the eums aecured by thia Mortgage, Borrower shall have
~ y p g beg p ry ~ gment enforcing
~ the right to have an roceedin s un by I.ender to enforce thia Mortgage discontinued at any time rior to ent of a~ud
this Mortgage if: (a) Aorrower pays Lender all suma which would be then due under this Mortgage, the Note and notes eecuring Future
M' Advancea, if any, had no acceleration occurred; lb) Borrower cures all breachee of any other covenanta or agteemente of Borrower contained in
h~.
this Mortgage; (c1 Borrower pays all reasonable expenaes incurred by Lender in enforcing the covenante and agreements of Borrower
~ contained in this Mort{taqe and in enforcing Lendei a remedies as provided in paragraph 1 S hereof, including, but not limited to, reasonable
~ attorney's fees; and Id) Borrower takea auch action as [.ender may reasonably require to asaure that the lien of thia Mortgage, Lendei e interest
in the Property and Borrower's obligation to pay the auma secured by this Mortgage ahall continue unimpaired. Upon such payment and cure
- by Borrower, this Mortgnge and the obligationa eecured hereby ahall remain in full force and effect as if no acceleration had occurred.
20. Aesignment of RentB; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby aeaigna to Lender the rente
of the Property, provided that Borrower shall, prior to acceleradon under paragraph IS heteof or abandonment ot the Property, have the right
? to collect and retain such rents as they become due and payable.
Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a '
=n oourt to enter upon, take poxseesion of and manaqe the Property and to collect the renta of the Property, including thoee pest due. All rnnts
: ooUected by the receiver ehall be applied first to payment of the costs of management of the Property and rnllection of rente, including, but not
iimited to, receiver'a feea, premiums on receiver's bonda and reasonable attomey's feea, and then to the eums aec~tred by thia Mortgage. The
receiver ehall be liable to account only for those rents actually received.
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