HomeMy WebLinkAbout0037 8. Iaspection. Lender may make or cawe b be made reswaable entrie~ upon Rnd in~pection~ of the property. provided that I.ender ~hall
give Borrow~ notic8 prior to any ~uch inepectioa specityin~ reaaonable caws therefor related to Lendar i iaterest ia the ProperRy. ,
9. CondemnsNoa. The prooeeds of eny award or clsim for damaQe~, direct or con~equential, in conaection witb any oopdemne~tioa or ~
other taldn~ of the pmperty, or part thsreoi, or f~ oonveyanc~s ia tie+~ oi ooademnatioa, are hereby a~si~ned and ~hall bs paid to Lender. i
la the eveqt of R toLal taking of the PropsrtY. ~e prooesds ~hell be spplied to the sum~ ~ecured by this Mortgage. with the e~coea, ii any.
paid to Borrower. Ia the event of a partial taking of the Property. unles~ Borrower and I.ender othenvi~e a~ree in aritin~. there shaU be ~
applied b the ~umi secured by thia M~a~e ~uch propwtion of the prooeeds as ie equal to that proportion ~rhich the amount of We suau =
aecured by this Mortgage immediataly prior to the date of taking beare to.the fair market value of the Propsrty immediately prior to the date of ~
taking. ~vith the balanoa of the prooeed~ paid to Borrower. .
If the Prope:ty u abandoaed by Boie~o~rer. or if. aRer natice by Leades b Borrow~r that the oonaemnor oge» to make an a~vard or ~ettle a
claim for dame~es. Borro~rer faila to rapond to Lend~ within 90 deys aRez th~ date ~uch notioe u mailed. Leader u auWorised b ooUect aad '
apply the prooeed~. at Lend~'~ option. either to restoration o~r repair of the property or to the eums ~ecwred by this MoYt~s~a
Unless Lender and Borrower otherwise a~ree ia writin8. any ~uch applicatio~ of prooeeds to principal ahall ~t ~tend or postpoae the due >
date of the monthly inatallments nferred to in puagraphe 1 and 2 hereof or chan~e the amount of ~uch uutallmeat~. °
10. Borrower Not Releaeed. Extension of the time for paymaat or madification of amortiaation of ehe sums secured by this Mortgage ;
grantcd by I.ender b any euccessor ia inter6et oi Borrower ehaU not operate to relesse. in any manner. the liability of the oriQinel Borrower . ~
and Borrower's successore in interea~ I.ender ahell not be required to aommenoe pmceedings againat such eucceawr or refuse to enend time
for payment or otherwiae modify amortization of the aums secured by thia Mortgage by reason of any demand made by the original8orroNre~
and BorrowQ s euocessors in interest.
11. Forbearanoe by I.eader Not a R?aiver. My forbearanoe by I.ender in e~cercieing any right or nmedy hereunder, or otherwise
afforded by applicable law. shall not be a waiva of or preclude the exerrise oi any such right or remedy. T6e procurement of insuranoe or the .
payment of ta:ea ~ other liens or charges by Leader shall not be a waiver of Lender's right to aooel~afe the mawuity of the indebtedness
eecund by chis Mottgage.
IZ Remedie~ Camul~tive. Ap remedies provided in this Mortgage an diatinct and cumulative b ar~y other ri~ht or remedy under this ~
Mortgage or afforded by law or equity, and mey be racercise~l o~ncurrently. independendy or succeaaively. }
13. Suooeswn and Aesigns Bound; Joint and 8everal I.Inbilftp; Capdons. The oovenanfs and agrcements herein oontaiaed shall 3
bind. and the rights herennder shall inure to, the reapective auccessors and assigos of Lender and Borrower. sabject to the provisions of
paragraph 17 hereof. All covenants aad agreementaof Borrower shaU be joint and ~everal.'Phe captions and headinge of t~e paragraphs of
thie Mortgage are for covenience oaly and are not to be nsed to int,erpret or define the provisioas hereof. '
1~. Nofice. Except for any notice required under applicable law to be given in aaother manner, (a) eny notice to Borrower provided for in
thie Mortgage ahall be given by mailing such notice by certified mail addreesed b Borrower at the Property Adclreea or at euch other address as
Borrower may designate by notioe to I.ender as pmvided herein. and (b) any notioe to Lender ehall be given by certified mail. return teceipt :
requeated, to Leader'a addrees stated herein or to such other eddreea as Lender may deeignate by notioe to Borrower aa provided henin. Any
notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Leader whea givar in the manner designated henin.
15. Uaiform ~ortga~e; Goveraing I.aw; 3everability. Thia form of mortgagecombines uniform oovenants for aational use and non- '
unifor[n covenaata with limited variationa by juriediction to obnatitute a uniform security inetrument oovering real property. This Mortgage
shall be governed by !he law of the juriadiction in which the Property is located. In the event that any pmviaion or clause of this 1Vlorfgage or
tKe Note conflicte with applicable law. auch contUM ahall not affect other provisioaa of thie Mortgsge or the Note which can be giyen e~ect
arithout the oonflicting provision, and to thia end the proviaions of the Mortgage and the Note are declared to be eeverable.
16. Borcower's Copy. Borrower shell be fnrniehed a conformed oopy of the Note and of this Mortgage at the time of e:ecation or after
retwrdation hereof. -
17.1`ranefer of t6e Property; Assumption. If a!1 or any part of the Property or an intenet therein ia sold or transfernd by Borrower ~
without I~nder'e prio~ written conaent, ~cluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a ~
purchaee money eecurity intereat for houeehold appliances. (c) a transfer by deviee, deecent or by operation of law upon the death of a joint _
tenant or (d) the grant of any leanehold intereat of three years or leas aof oontaining an option to pnrchaee, Leader may. at Lender's option. ;
declare all the suma eecured by thie Mortgage to be immediately due and payable. Lender shall have waived sach option to aocelerate if, prior :
to the sale or tranafer. Lender and the pereon to whom tfie Property ia io be sold or tranaferred reach agreement in writing that the credit of auch `
peraon ia eatiafactory to Lender and that the intereet payable on the aums secured by thia Mortgege ahaU be at sach rate as Lender ahall
request_ If Lender has waived !he option to accelerate provided in this paragraph 17. and if Borrower e aueceseor in interest has e~cecuted a
written asaumption agreement sooepted in writing by Lender. Lender shall release Borrower irom all obligationa under this Mortgege and the
Note.
~ If Lender e:ercisea such option to acxelerate, Lender ehall mail Borrower notice of soceleration in aocordance with paragraph 14 hereoi
Such notice ahall provide a period of not lesa than 30 days from the date the notice ie mailed within which Botrower may pay the auma declarea
due. If Borrower faile to pay such snma prior to the expiration of auch period, Lend~ may, without futther notice or d~and on Borrower,
mvoke any remediea permitte~ by paragranh 18 hereof.
18. Acceleration; Bemediea E:cept as provided in paragraph 17 6~reof, npon Borrower's bread~ of any oovenent or
agreemeat of Borrower in this Mortgage, including the eovenants to Ray when due any suma secnred by thia Mortge~e. i.eader
prior to aoceleration ahall mail aotic~e to Borrower as provided in paragraph 14 hereof specifytng: (1) the breach; (2) the action
required to cure such breac6; (3) a date, aot less than 30 days lfrom t6e date the notice is mailed to Borrower, by which anch
breach must be cured; and (4) that faiture to cure such breach on or before the date epecified in the notice may rewlt in
acceleration of the sume eecured by this Mortgage, [oreclosnre by judicial prooeedtng and eale ott6e Property. T6e notice ehall !
further inform Borrower of t6e right to reinstate atter acceleration and the right to assert in the foreclosnre proceeding the
non-enisteace ot a default or any other defense of Borrower to aoceleration and foreclosare. If the breach ls not cured on or
before t6e date specified in the notice, Leader at Lender's option may declare all of t6e sume secured by this lYlortgage to be
immediately due and payable without fi~rther demand and may foreclose thia Mortgage by judicial proceeding. Lender ahall be
entitled to collect in auch proceeding all e:penaee of foreclosure, including, but not limited to. reasonable attorney'e fees, and
coste of documentary evidence, abstracte and title reports.
19. Borrower's Rf ght to Reinatate. Notwithatanding Lender
a acceleration of the sume secured by thia Mortgage, Borrower shall have ;
~ the right to have any proceedinga beg~n by I.end~ to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing ~
thie Mortgage if: (a) Borrower paye Lender aU auma which would be then due under this Mortgage, the Note and notes securing fi~ture i
Advancea, if any, had no aoceleration occnrred; (b) Borrower curea al1 breaches of eny other oovenants or agreementa of Borrower oontained in
~ this Mortgage; (c) Borrower paye all reasonable expeneee incurred by I.ender in enforcing the oovenants and agrcements of Borrower _
oontained in thie Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof. inclnding, but not limited to, reasonable ' I
~ attorney's fees; and (d) Borrower takea euch action ae Lender may reseonably require to aseure that the Len of th~s Mortgage, L.ender'e interest ~
~ in the Property and Borrower's obligation to pay the aums secured by thia Mortgage ehnU continue uaimpaired. Upon such payment and cnre
~ by Horrower, this Mortgage and the ob~ona secured hereby shall remain in full force and effect ea if no aoceleration had oocurred.
~ 20. Aseignment of Rents; Appoin t of Receiver. As additional security hereunder, Borrower hereby assigns to I.~der the rente
of the F'roperty, provided that Borrowtr ehall, ptior to acceleration under paragraph 18 hereof or abandonment of 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, I.ender shall be entitled to have e receiver appointed by a
oourt to enternpon, take poeeession of and manage the Property and to collect the rents of the Property, including those pest due. All rente
~ oollected by the receiver ahall be applied firet to payment of the oosta of management of the Proprrty and ooUection of rents, including, but not ;
~ limited to, receiver'e feea, premiuma on receiver's bonde and reaaonable attorney's feee, and then to the eums secnred by this Mortgage. The -
~ receiver shaU be liable to acoount only for thoee renta actually received. ~
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