HomeMy WebLinkAbout0467 8. Inapedion. Leader may make os caws b bs made reasonabk entries upon and inapectioru of the property. provided that Lender shall ;
give Borrower notice prior to any such inspection specifying seasonable caws thecefoe related b finder's interest in the Property.
9. Condemnation. The prooesds of any award or claim for damages. direct or oon•egnentlal. in oonnectioa with nay oondemaation or
other taking of the property. or part thereof. or for conveyance in lieu of condemnation, are hereby assigned and shall be paid b Lender.
Ia the event of a toW taking of the Property. the proceeds shall be applied b the sums secured by this Mortgage, with the esoea, if any.
paid to Borrower. Ia the event of a partial taking of the Property, unless Borrower and Laurie: otherwise ogres in writing. there sbaU bs
applied b the sums secured by Wis Mortgage such proportion of the proceeds a. is equal to that proportion which We amount of the sa~u
se~vred by this Mortgage immediately prior to We date of taking bean to the fait market value of the Property immediately psior to We date of
taking. wiW the balance of the proceeds paid b Borrower.
if N.~ D.w....•o i..lr~dnart lw rL.~.v?~iw .v;f allot nntin. hv_ i.neLr to Aoerorar that the condemnor offers to make aD award or settle a _
claim for damages. Borrower fails b respond b Lender within 30 days agar the date such notice is mailed, Lender is authorised to collect and
apply the proceed., at Lender's option. either to restoration or repair of the property or b We sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing.any such application of proceeds to principal ahaU iwt extend or postpone the due
date of the monthly instalhnents referred to in paragraph. 1 and 2 hereof os change the amount of such installanents.
10. Borrower Not Released. E:tension of the time for payment or modification of amortization of the sums second by this Mortgage
granted by Lender to any successor in interest of Borrower shall not operate to please, in any manner. the liability of the original Borrower
and Borrower's suocesson in interest. Leader shall not be required b commence proceedings against such successor or refuse to extend time
for payment or otherwise modify amortization of the sums secured by this Mortgage by pason of any demand made by the original Borrows
and Borrower's sucoesson in interest.
11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwise
afforded by applicable law, shaA not be s waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or We
payment of tares or other liens or charges by Lender shall not be a waiver of Lenders right to accelerate the maturity of the indebtedness
secured by this Mortgage.
12 Remedies Cumulative. All pmedies provided in this Mortgage are distinct and cumulative to any other right or pmedy under this
Mortgage or afforded by law or equity. and may be exescise•l concurrently, independently or snooecaively.
13 Successors and Assigw Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall
bind, and the rights hereunder shall inure to, the respective aucceseon and assigns of Lender and Harrower, subject to the provisions of
paragraph 1? hereof. All covenants and agreements of Borrower shall be joint and severer. The captions and headings of the paragraphs of
this Mortgage are for covenience only and an not to be used to interpret or define the provisions 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
this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as
Borrower may designate by notice to Lender as provided heein, and (b) any notice to Lender shall be given by certified mail, ntarn starer
requested, to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any
notice provided for in this Mortgage shall be deemed to have been given to Borrower of Lender when given in the manner designated hereon.
15. Uniform Mortgage; Governing Law; Severabiiity. This form of mortgage combines uniform oovenanta for national use and non- ;
uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage i
shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or
the Note confticta with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect
without the conflicting provision, and to this end the provisions of the Mortgage and the Note ae declared to be severable.
16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of execution or after 3
recordation hepof. r
17. Transfer of the Property; Assumption. Tf all or any part of the Property or an interest therein is sold or transferred by Borrower
without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a
purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint
tenant or (d) the grant of sny leasehold interest of three yeah or less not containing an option to purchase, Lender may, at Lender's option,
declae all the soma secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior
to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of each
person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall
request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's suoceaeor in interest has executed a ~ F
written assumption agreement accepted in writing by Lender, Lender shall please Borrower from all obligations under this Mortgage and the
Note.
If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL
Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared
due. If Borrower fails to pay such soma prior to the expiration of such period, Lender may, without farther notice or demand on Borrower, _
invoke any emedies permitted by paragraph 18 hereof.
18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or
agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Leader
prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action
required to cure such breach; (3) adore, not less than 30 days from the date the notice ie mailed to Borrower, by which such
breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice map result in
acceleration of the sums secured by this Mortgage, foreclosure by judicial prw~eding and sale of the Property. The notice shall
further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the -
non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cared on or _
before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be
immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall be
entitled to tolled in such proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and
costs of documentary evidence, abstracts and title reports.
19. Borrower's Right to Reinstate. Notwithstanding I.ender'sacceleration ofthe sums secured by this Mortgage, Borrower shall have
the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing
this Mortgage if; (a) Borrower pays Lender all anms which would be then due under this Mortgage, the Note and notes securing 1?hture
Advances, if any, had no acceleration occarred; (b) Borrower cups all beaches of any other covenants or agreements of Borrower contained in
this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower
_ contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable`
attorney's fees; and (d) Borrower takes such action as Lender may reasonably requip to assure that We lien of this Mortgage, Lender's interest
in the Property and Borrower's obligation to pay the some secured by thin Mortgage shall continue unimpaired. Upon such payment and cup
by Borrower, this Mortgage and the obligations secured hereby shall amain in full force and effcct ae if no acceleration had occurred.
Z0. Assignment of Rents; Appointment of Receiver. As additional security heeunder, Borrower heeby assigns to Lender the rents
of the Property, provided that Borrower shall, prior to acceleration under paragraph IS 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, Lender shall be entitled to have a receiver appointed by a
court to enteraipon, take possession of and manage the Property and to collect the rents of the Property, including those peat due. All Ants
collected by the receiver shall be applied first to payment of the costa of management of the Property and collection of rents, including, but not
limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the soma secured by this Mortgage. The
receiver shall be liable to account only for those rents actually received.
60~K 3~?0 PNGE 4
~7