HomeMy WebLinkAbout0094 8. ln~pectioa. i.sadee me~y make or c~we b be made re~oaabls eat~ upoa and in~pectioa~ ~t ~q prope~ty. pruvided~+ t Lendet ~hall
~ive Borrowe~ notic~ pitior w any wch iaspectioa ipecifyin~ roswasbk csuas thuefor rel~ted to I.epd~ar'~ interat iu W~ hoperqr. -
9. Coadamnatlon.'11~s pcooeeda oi any aw~erd or claiai for dame~e~, direct or ooa~eouential. in coaaectiou with u~y oondemaatioa a~
other tatia~ of the prop~ty. a: psrt thereot. os far oonwyaaoe ia lieu of oond~mnation. ars h~eby wi~?ed end rhaU b~ paid to Lendes.
In the eveat ot s toW takir~ oi tbe Propeity. the proceed~ ~hall be applied to We sums ~ecnred by thi~ blart~ep. with the esoeM. it aay.
paid to Borruwer. IA the event ot a partial tatin~ of the Pirope~ty~ nnles~ Bore~o~ver aad Lender oth~swi~s a~res ia writin~~ W~rs ~haU bs
applied to the sum~ ~ec+u~ed by tbia Mo~a~e psopo~tion at the prooeed~ eu u equal to Wat propostion which Ws amount at the ~uma
~ecvred by this Mortia~e immediately pcios ~o We date of tskin~ be~n to the fair mark~t value ottha Psopsrty immediately prior b the date of
tekinB. wiW We balance ot the prooesd~ paid to Borrower. ~
If the Properq? L abendoned by Bae~ow+er. or i~ atter aotios by Lsader to Borraw~ that ths ooad~annor offen b make an awud or ~ettk •
claim for dama~es. 8orrower fi~ib ~o re~pond to Lender within 30 days ait~r the date ~nch notioe f~ mailed. Leader u authorised to oollect and
aPP1Y the prooeed~. at Leadere option. dthet to restoration os repair oi tlys p:operqr o: to tb~ ~ww ~ecured by thi~ Mart~e~a
Unlas Lend~ aad Borro~res otherwi~e eQree in writia~, any auch applicatioa of pmceed~ to principal sh~ll not estend a postpone the dw ~
date of We montlily uut~llment~ refernd ~o ia parsgrapha 1 and 2 hereof or chan~ We amouut oi such i~utallments. ~
10. Borrow~er Not Relea~ed. Ertenaion of the time fos pa~ymaat or modi5cadon of amortisation of thc suma ~ecured by tl~i~ MottQuu~e
grantcd by Leader to any sucaeawr in iat~st of Borrower shall no! operate to releeue, in any mannes. the liability of the oriQinel Borrowror
and Bozrow~'a suooeswn in int~eresk L~der ehaU not be reqnired to o~mmeaoe prooeedings against auch suooee~or or refnss to extend time
for payment os otherwise modity emortization of the swae aecured by this Mottgage by reawa of aay demand made by the original Botroaer
and Borrower's auoce~wrs in intere~t
11. Forbear~noe bp Lender Not a Waiver. Any forbesranca by L~des in ~erddag aay ~ht or remedy berennder. ~ othesw~i~e
afforded by applicable law. shall ad be a wai~ror of or praclnde the e:ercise of any snch right or remedy.'R~e proc~u~t of insnranca o: tbe
payment of taxes ~ othe: ti~s or charga by Lender shall not be a waiver of Lendei's right to aooelarate the maturity af We indebtedaeM
secvred by this Mortge~ge.
12 Remedie~ Cmm~lative. All remedies p~covided in this Martgage are diitiact end cmm~ladve to any other ri~ht or remedy nnd~ thia
Mortgage or afforded by law or eqniqr. and may be esezcise~t concu~tly. independendy or enaoes~ively.
13 Suooes~ors and Assi~ Bonnd; Joint and Severel Liability; Captioa~. The covenaats and agreements herein oontained shall
bind, and the righb henunder shall inure to, We iespective successors and aaiQns ~ L~d~ and Bore~ower. snbject to the provisions of
paragrap6l? hereof. All ooveaanb and agreements of Borrow~ shall be jant and ~everal.'Rre captions and headings of tbe paragraphs of
thie Martgage an for coveni~oe onty aad are not to be used to interpret ar de8ne the provisiow heceof.
14. Notice. E:oept for any notice required under applicaWe law to be given in another pnanner. (a) any notioe to Borrower provided for in
this Moitgage shall be giv~ by mailing snch notioe by oertified mail addr~ssed to Borrower lf the Pmpert~Addreee or at anch other addre~s as
Bosrow~ may desigaate by notice to Lender as pmvided herein, and (b) any notice to Lender shall be givea by oertified mei1. return seoeipt
requested, to I.ender'a address atated hcrein or to sudr other addnes as Lender may designate by notioe to Borrower aa provided herein. My
notioe provided for in thia Mortgege shaU be deemed to have been given to Borro~ or Lender when given in We manner de~ignated h~ein.
15. Unitorm Mortga~e; Governin~ Law; SeverabiUty.'ibis form of moztgage aombines unitorm oovenanta for national u~e and non-
uniform oovensata w+ith limited variations by jurisdiction to oonatibiLe a uniform sec~uity instrum~t oovering real propaty.'lbis Mort~age
e6all be goveraed by the law of the jurisdiction in which We Property is located. In the event tl~at any provision or dauee of this Mortgage or
the Note ooailicts with applicabte laa, sach oontlict shaU not a!'tect other provieiona of this Mortgage or ihe Note ~vhich can be gives effect
withont the ooaflicting pmvision, and to this end the proviaione of the Mortgage and the Note are declared to be severable.
1& Borrower'e Copy. Borrowdr shall be furniahed a coaformed oopy of the Note and of thi,s 1Mlortgage at the time of psecution or afte~r
reoordation hereof.
17. Transfer of tlie Property; Assumpdon. U all or any part of the Proprrty or an intereat therein is soW or transferred by Borro~rer
without Lender's prior vvritten c~onsent, e:cluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a
purchase money aecnrity inter~st for hoasehold appliancea. (c) a transfer by devise, deeoent or by operation of la~r npon the death of a joint
tenant or (d) the grant of any leaeehold 'wterest of three years or leee not ooataining an option to pnrchase, Lender may. at Lender'a option.
declare all the aums secured by thia Mortgage to be immediately due and payable. I:ender shall have waived each option to aocelerate if. prior
to the sale or transter. Lender and the pe~son to whom the Property is to be sold or transferred reach agreement in writing that the credit of such
person ia satisfacto
"ry to Lender and that the interest payable on the sume secvted by this Mortgage sheA be at ench rate as I.ender ahall
request. If Lender has waived the option to sooele~rate provided ia Wia paragraph 17, and if Borrowe~'s aaccessor in interest has esearted a
written aaeumption agreement aocepted in writing by Lender, I.ender shall release Borrower from all obligatione under thi~s Mortgage and the
Not~
If L.ender ex~ such option to aocelerate. Lender ehall mail Borrower notice of aceeleration in aooordance with paragraph 14 hereot
Such notice ahall provide a period of not Ieas than 30 days from the date the notice ia mailed within wbich Borrower may pay the aums declared
~ due. If Botrow~ faile to pay such eums prior to the e~piration of such period. I.ender may, without further notice or demand on ~3orrower,
invoke any reaiediea permitted t?y paragrauh 18 hereof. ~
; 18. Acceleration; Remedles. Lzcept as provided in parasraph 17 hereof, npon Borrower's breach of aqy oovenant or
~ agreement ot Borrowez in t6is Mortgage, inclnding the ~ovenants to pay when dne any sams secared bp this Mortgage, Lender
prior to aooeleration e6all mail notice to Borrower ae provided in paragraph 14 hereof specitying: (1) the breach; (2) t6e action
~ required to cure each breac6; (33 a date, not lesa than 30 days trom t6e dete the notice is mailed to Borrower. b~ w?bic6 e~ncb _
breec6 mnst be cnred; aad (4) tLat tailure to cnre such breach on or before the date specified in the notice may resnlt in
~ t
aoceleration of the sums secured by this Mortgage, forecloeare by judiciaf prooeeding aad sale oithe Property. The not~ce s6aU
further intorm Borrower of t6e right to reinstate aRer aooeleration and t6e risht to assert in the foreclosure prooeeding the
~ noa-ezietenoe of a default or any other defense of Borrower to soceterwtioa and foteclosure. If the breach is not cured on or
s before the date specified in thE notice, Lender at Lender's option may declare all of tbe suma sewred by this Mortgage to be
~ immediately dne and payable without fnrt6er demand and may forecloee thie Mortgase by judicial proceeding. Leader ehall be
~ entitled to oollect in such proceedtng all e:pensee ot toreclosure, including. bnt not limited to, reaeonable attorney's fees, and
costs of documentary evidence, abstracts and title reporta.
19. Borrow~'s Right to Reinstate. Notwithatanding Lender's soceleration of the aume sectued by tbis Mortgage, Borrower shall have
the right to have any pmocedings begun by I.ender to enforoe this Mortgage discontinued at any time p~ior to entry of a judganent enforcing
this Mortgage if: (a) Bor~+uwer paye Ledder all aums which wonld be then dne under this Mortgage, We Note and notes securing I~turE
Advanexs, ii any. had no aoceleration oocurred: (b) Borrower cnree all breaches of aay other covenante or agreementa of Borrower oontained in
~ this Mortgage; (c) Borrowe~r pays all reaeonable e~cpenses incurred by Lender in enforcing the oovenants and agreementa of Borrower
oontained in this Martgage and in enforcing Lender'e remedies as provided in paragraph 18 hereof, including, bnt not limited to, reasonable
attorney e fees; and (d) Borrower takes wch adion as Leader msy reasonably reqnire to aesure that the lien of thie Mortgage, Lend~'a interest
~ in the Property and Borrower's obligation to pay the suma secured by thie Mortgage ahall con6inne uaimpaired. Upon sach payment and cnre
~ by Borrowa. thie Mortgaqe and the obligationa eecured hereby ahall remain in full foroe and eftect as if no aoceleration had oocnrred.
~ 20. Asaignment of Renta; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby aesigns to Lender the r~ts
of the Property, p~rovided that Borrower ahall. piior to aooeleration nnder paragraph 18 hereof or abendonmeat of We Property. have the riQht
~ to colled and retain snch rents ea they become due and payable.
Upon acceleration under paragraph 18 hereof or abandonment of !he Property, I.ender shall be entiUed to have a reoeiver appointed bq a
~ oourt to enterupon, take poesesaion of and manage the Property and to oollect the renta of the Ptoperty, including those paet dne. All rents
~ aollected by the receiver ahall be applied first to payment of the oosts of managesnent of the Property and oollection of reab. inclnding, bnt not
limited b. receiver's fees. preminme on receiver'e bonda and reaeonable attomey's fees, and then to the anms eecured by Wis Mortgage. The
reoeiver ahall be liable to aooonnt only for those rents actually received.
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