HomeMy WebLinkAbout0792 8. Inopectiob. Lender may make or cauee to be made reawnable entriee upoa and inspections of the property, provided that Lender shall
give Borrower notice prior to any euch inspection epecifyi~g reasonable ca~ee therefor related to Lender'~ intetest in the Property.
9. Coademaation. 7t~e proceeds of any award or claim for damages, dinct or consequential. in connection with any oondemnetion or
other taking ot the property. or part thenwf, or fo~ conveyance in lieu oi condemnation, are hereby asaigned and shaU be paid to I.ender.
In the event of a total taking of the Property, the pmceeds shall be applied to the auans secured by this Mortgage. with the ~oees. if any,
paid to Borrower. I~ the event oi a partial taking of the Property, unleas Borrower and I.ender otherwisa agree in writing, there shaU be
applied to the suma eecured by this Mortgage auch proportion of the proceed~ as is equal to that proportion which the amout?t of the sams
eecured by this Moctgage ima?ediately psior to the date of talring bears to the fair markc~t value of the Property immediately prior to thedete of
taki~g. with the balancv of the proceeds paid to Borrowrer.
If the Property is abandoned by Bore~ower. or if, aRer notice by Lender to Bortower that the oand~anur ofl~r* to ~+elce an avrard or setde a
claim for damages, Bormwer fails to respond to I.ender within 30 days aftsr the date such notioe ia mailed. Lender is authorised to collect and
apply the proceeds, at I.ender's option, either to restoration or repair of the pmperty or to the eume secured by this Mortgege.
Unlese Lender and Bormwer othervviee agrce ia writing. any auch application of proceeds to principal shall not extend or postpone the due
date of the monthly inatallmente referred to in paragraphs 1 and 2 hereof or change the amount of such installments.
10. Borrower Not Released. E:tension of the time for paymant or modification of amortization of the auma eecured by thie Mortgege
grantrd by Lender to any succeaeor in intereet ot Borrower ehall not operate to releaee, in any manner, the liability of the original Borrower
and Borrower e successors in interest I.ender ahall not be required to oommence proceedings againet euch auccessor or refuee to e:tend time
for payment or otherwiae modify amortization of the sums aecund by thia Mortgage by reseon of any demand made by the original Borrower
and Borrower a succeasora in intereat.
11. Forbearance by Lender Not a Waiver. My forbearance by Lender in exercising any tight or nmedy heteunder, or otherwise
aftorded by applicable law. ahall not be a waiver of or preclude the exerrise of any auch right or remedy. The procurement of insurance or the
payment of taxee or other liena or charges by Lender ahell not be a waiver of Lender s tight to aocelerate the maturity of the indebtednese
aecured by this Mortgage.
12 Remediea Cumulative. All remediea provided in thie Mortgage are distinct and cumulative to any other right or remedy under thie
Mortgage or afforded by law or equity, and may be exerciee~i ooncurrently, independeady or suoceasively.
13. Succesaore and Aseigna Bound; Joint aad Several Liability; Captione. The covenants and agreementa herein oontained ahall
bind, and the righte hereund~ ehall inure to, the reapective succeseors and assigns of Lender and Borrower, eubject to the pmvisions of
paragraph 17 hereof. All covenanta and agreementa of Borrower shall be joint and eeveral. The captione and headings of the paragraphs of
this Mortgage are for covenience only and are not to be used to interpret or define the pmvieiona hereof.
14. Notice. Except for any notice requved under appl~cable law to be given in another manner, (a) any notice to Borrower provided for in
thia Mortgage ahall be given by mailing such notice by certified mail addressed to Borrower at the Property Addresa or at euch other address aa
Borrower may deeignate by notice to I.ender ae pmvided herein, and (b) any notice to I.ender ehall be given by cert;ii~d mail, return receipt
requested, to Lender'B address atated herein or to auch other addresa ae Lender may designate by notice ta Borrower ae provided herein. Any
notice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
15. Uniform Mortgage; Goveraing I.aw; 3everability.'lLis form of mortgage combines uniform oovenants for national uee and non- '
uniform covenanta with limited variationa by juriadiction to oonatitute a uniform eecurity instrucuent eovering real property_'I~is Mortgage
sheill be governed by the law of the juriadiction in which the Property ia located. In the event that any pmvu+ion or clause of this Mortgage or
the Note conflicts with applicable law, auch conilict shall not afl'ect other provisions of this Mortgage or the Note which can be given effect
without the rnnflicting proviaion, and to this end the provieions of the Mottgage and the Note are declared to be severable.
16. Borrower'e Copy. Borrower ahalt be furniahed a conformed oopy of the Note and of thia Mortgage at the dme of e~cecution or after
recordation hereof
17_ Tranefer of the Property; Aasumption. If alt or any part of the Property or an interest therein is eold or traneferred by Borrower
without I.ender s prior written consent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a
purchase money security interest for household appliancee, (c) a transfer by deviae, dcc~ccent or by operation of law upon the death of a joint
tenant or (d> the grant of any leseehold intereet of three years or lesa not oontaining an option to purchaee, Lender may. at Lender'e option,
declare all the sums aecured by this Mortgage to be immediately due and payable. Lender ahall have waived auch option to accelerate if, prior
to the sale or traneter, I.ender and the peraon to whom the Property is to be sold or transferred reach agreement in writing that lhe credit of auch
person is satisfactory to [.ender and that the interest payable on the aums aecured b}~this Mortgage aha11 be at such rate as Lender ahall
requeat. If Lender has waived the option to acrelPrate provided in this paragraph 17, and if Borrowei
a auccesasor in interest has eaecuted a
written assumption agreement accepted in vti-rit u~g by Lender, Lender shall release Borrower from al! obligations under thia Mortgage and the
~ Note.
; If Lender exercises such option to accelerate, Lender ahall mail Borrower notice of acceleration in accotdance with paragraph 14 hereoL
~ Such notice shall provide a period of not less than 30 days from the date the notice is ~r.ailed within which Borrower may pay the aums declared
~ due. If Borrower tails to pay auch sums prior to the expiration of such period, Lender may, without further notice or demand on E3orrower,
invoke any remedies permitted by paragraoh IS hereof.
l 18. Acceleration; Remedies. Escept se provided in paragraph 17 hereof, upon Borrower'e breach of any oovenant or
agreement of Borrower in thia Mortgage, including the oovenanta to pay when due any sums Becured by this Mortgage, Leader
prior to acceleration ahall mail notice to Borrower ea provided in paragraph 14 hereof specifying: (1) the breac6; (2) the action
required to cure such breach; (3) a date, not leas t6an 30 daye from the date the aotice ie mailed to Borrower, by which euch
breach must be cured; and (4) that feilure to cure auch breach on or before the date epecified in the notice may reault in
acceleration of the Buma secured by this Mortgage. foreclosure by judicial pmceeding and sale of the Property. T6e notice ehall
~ further inform Bonower of the right to reinstate aRer acoeleration and the right to aasert in the foreclos~re prceeeding the
~ non-ezietence of a default or any other defenae of Borrower io acx.e:~:
at:~r_ ~d fQrgclosure. If t6e breach ie not cured on or
before the date specified in t6e notice, Lender at Lender'e option may declare all 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 collect in such groceeding all expenses of foreclosure. including. but not limited to, reasonable attorney'e feea, and
~ ~^oats of documentary evidence. abetracta and title reports.
~ 19. Borrower'e Right to Reinatate. Notwithatanding Lender's acceleration of the euma eecured by this Mortgage, Borrower ahall have
the right to have any proceedinga begun by Leniier to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing
~ thia Mortgage if: (a) Borrower paya Lender all auma which would be then due under thie Mortgage. the Note and notes securing Ftiture
~ Advancea, if any, had no acceleration occurred; (b) Borrower curea all brnaches of any other covenants or agreementa of Borrower rnn4~ined in
thie Mortgage; (c) Borrower pays all reasonable ezpenaea incurred by Lender in enforcing the covenante and agreements of Borrower
~ contained in thie Mortgage and in enforcing Lender's remedies ae provided in paragraph 18 hereof, including, but not limited to, reasonable
~ attorney e teea; and (d) Borrower takes euch action ae Lender may reasonebly require to asaure Lhat the lien of thia Mortgage, Lender'a interest
q in the Property and Borrower a obligation to pay the aums secured by this Mortgage ahall continue unimpaired. Upon auch paymeat and cure
~ by Borrower, this Mortgage and the obligationa eecured hereby ehall remain in full force and effect as if no acceleration had occurred.
20. Asaignment of Rents; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby assigna to Lender the renta
~ of the Property, provided that Borrower ehall, prior to acceleration under paragraph 18hereoforabandonmentoftheProperty,havetheright
~ to collect and retain auch rents as they become due and payable. ~
~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entided to have a r+eceiver eppointed by a
li wurt to enter.upon, take possession of and manage the Property and to collect the rente of the Property, including Woee past due. All rente
~ oollected by the receiver ahall be appiied first to payment ot the ooet~ of management of the Property and collection of rente. including, but not
limited to, receiver'e fees, premiuma on receiver's bonde and reaeonable attorney's fees, and then to the aums eecured by this Mortgage. The
~ receiver shal) be liable to account only for those rente actually received.
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~ BQ~~ 2~~8 "792
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