HomeMy WebLinkAbout0687 8. Iaspeetlon. Leader mavy make or caws to be made reasonabb entries upon erect inspections of We property.provided that Leader shaA
give Borrower notice prior to any such inspection specifying reasonable cause Werefor related to Lender's interest in the Property.
9. Condemnation. The proceeds of say award os claim for dampges, direM oz coaaegaeatial, in oonnectioa witb say condemnation or j
other taking of the property, or part thereof. or [or conveyance in lieu of ouzadeaanatioa, are bweby assigned and shall bs paid to Lends:. j
In the avvnt of a k,tal taking of the Property. iha pr~3s shall bs applied to the sums secured by this 14laztgage, with the ezcess, ff any. i
paid to Borrower. In the event of a partial taking of the Property. nnlea Borrower and Lender otherwise agree in writing, there shall bs
applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that propartioa which the amount of the sums
secured by this Mortgage immediately prior to the date of taking bea» to the fair market value of We Property immediately prior to the date of
taking. with the balance of the proceeds paid to Borrower.
If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a ~
claim for damages. Borrower fails to respond to Lender within 30 days aRer the date such notice is mailed, Lender is authorized to collect and
apply the proceeds. at Lender's option, either to restoration or repair of the property or b the soma secured by this Mortgage.
Unless Leader and Borrower otherwise agree in writing. any each application of proceeds to principal shall not extend or postpone the due
date of the monthly inetallmeats referred to in paragraphs 1 and 2 hereof or change the amount of such installments. ~
10. Borrower Not Released. Extension of the time for payment or modi5cation of amortisation of the sums secured by this Mortgage
granted by Lender to any successor in interest of Borrower shall not operate b release, in any manner, the liability of the original Borrower y
and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time
for payment or otherwise modify amortization of the coma secured by this Mortgage by reason of any demand made by the original Borrower
and Borrower's successors in interest.
11. Forbearance by Lender Not a Waiver. Any forbearance by Lender is exercasiing any right or remedy hereunder. or oWerwise
afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the
payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness
secured by this Mortgage. -
12 Remedies Cmm~iative. All remedies provided in this Mortgage are distinct and cumulative to any older right or remedy under this
Mortgage or afforded by law or equity. and may be exercised concurrently, independently or enoceasively.
13. Suooessora and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreeasnte•herein contained shall
bind, and the rights hereunder shall inure to, the respective snceeasore and assigns of Lender and Borrower, subject to the provisions of
paragraph 17 hereof. AU eoveaaats and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of
this Mortgage are for eovenience only and are not to be used to interpret or de5ne 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 addreeaed to Borrower at the Property Address or at each other address as
Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, retain receipt
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 or Lender when given in the manner designated herein.
15. Uniform Mortgage; Governing Law; 3everability. This fora of mortgage combines uniform covenants for national nee and non-
uniform covenants with limited variations by jurisdiction is oonatitute a unifona security instrument covering rest property. This Mortgage j
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 c~nflicta 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 are 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
recordation hereof.
17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein ie 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 any leasehold interest of three years or less not containing an option to purchase, Leader may, at Lender's option,
declare all the soma secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior i
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 such ~
person is satisfactory to Lender end that the interest payable on the sums secured by this Mortgage shall be at each rate as Lender shall
request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a
written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the
~ Note.
If Lends exercises each option to accelerate, Lender shall mail Borrower notice of aeoeleration in accordance with paragraph 14 hereof:
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 soma declared
due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower,
invoke any remedies permitted by paragraph 18 hereof_
18. Acceleration; Remedies. Except se 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, Lender
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) a date, not leas than 30 days from the date the notice is mailed to Borrower, by which such
breach moat be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in
acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding 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-ezistence 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 some secured by this Mortgage to be
immediately due and payable without further demand and may foreclces thin Dlortgrge by jrrdicisl proceeding. Lender shall be -
entitled to collect in such proceeding all ezpenses of foreclosure, including, but not limited to, reaso_ noble attorney's fees, and
costa of documentary evidence, abstracts and title reports. '
19. Borrower's Right to Reinstate. Notwithstanding Lender
a acceleration of the sums secured by this Mortgage, Borrower shall have
the right to have any proceedings begun by Lender to enforce this Mortgage diecontinned at any time prior to entry of a~udgment enforcing {
this Mortgage if: (a) Borrower pays Lender all sums which would be then due ender this Mortgage, the Note and notes securing Future
Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches 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 a 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 require to assure that the lira of this Mortgage, Lender's interest
in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure
by Borrower, this Mortgage and the obligations secured hereby shall remain in fall force and effect se if no aooeleration had occurred.
20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents
of the Property, provided that Borrower shall. prior to acceleration ender paragraph 18 hereof or abandonment of the Property, have the right
to collect end 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 enter.upon, take poeeession of and manage the Property and to collect the rents of the Property, including those past due. All rents
collected by the receiver shall be applied first to payment of the oasts of management of the Property and collection of rents, including, but not
limited to, receiver's foes, 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.
~ooK 300 PaGE fi87