HomeMy WebLinkAbout0919 8. la~pectioa. Lende~ may make or cawe to be made nawnable entrie~ upon aad iiupectio~ of the peoperty. pmvided that Leader shall
Rive Borrower notice prior to any such inipection specifying reasoaable cause therefor related to Let~det'~ intere~t in the Property.
9. Condea~n~tton. The pwcaed~ of any eward or claim for daaaages. direM or consequential, iA connectioa with any ooddanaatioa or
other takin~ of the property. or part thereof, or for oonveyance in Ueu of oondemnation. ars hereby assigned and shaU be paid to L,ender.
In the event of a btal taking of the PropeKy, the prooeeds ~}?all be applied to the sums secured by thia iriortgage, with We anoew. if any.
paid to Borrower. Ia the event of e partial taking of the Property, unlew Borrower and Lendez otherwise agree ia writin~, thsre shall be
appGed to the sums secured by thu Mortgage such proportioa of the prooeede as u equal to that proportion which the amount of the ~ums
secured by this Mortgage immediately prior to t'ae date of taking bears b the fair market value of the Property immediately prior to the date oi
taking, with the balance of the pmceeda paid b Borrower. .
If ehe Property ia abandoned by Borrower. or if, alter aotice by Lender to Borrower thet the condemnor oPfen to make an a~rard or ~ettle a
claim for damages, Borrower fails b reepond to I.ender within 30 days aRer the date such notice is mailed. Lend~ ia authorired W collect and
aPply che proceeds, at Lendez'e option, either to nabration or repair of the properiy or to the eums secured by this Most~age.
Unless I.eader and Borrow~r otherwiee agree in writing, any such applicatioa of proceeds b principal shaU not e=tend or postpone the due
date of the monthly inataAauenfa referrad to in paragraphs 1 and 2 hereof or chenge the amount of such inafallmeab.
10. Bortower Not Released. E:tenaion of the time for paymant or modification of amortization of the suma secured by thia Mortgage
K-anted by Lender to any aucceeeor in intereet of Borrower ehall not operate to release, in any manner. the liability of the original Borrower
and Borrower's eucceaeora in intereai Lender shall not be required to oommence proceedings againet such auccessor or nfuae to extend time
for payment or otherwiae modify amortization of the sume secured by thie Mortgage by reason of any demend made by the original Borrower
and Borrower s succesaora in interest.
11. Rorbearanoe by Lender Not a Riaiver. Any forbearance by Lender in ezerciaing aay right or remedy hereunder. or otherwise
afforded by epplicable law. shall not be a waiver of or preclude the e~cercise of any euch right or remedy.'l~e pmcurement of inaurance or the
payment of t~ other liena or chargea by Lender shaU not be a waiver of Lender s right to accelerate the matarity of the indehtednesa
secured by thie~gage.
12 Remediea Cumulative. All remedies pmvided in this Mortgage are distinct and cum~ilative to any other rig6t or remedy uader this
Mortgeae or afforded by law or equity. and may be ~ercise~i ooncurrendy. independendy or euccesaively. ,
13. 3uccessors and Aeeigne Bound; Joint and 3everal l3ebility; Captione. The covenanta and agreementa henin rnntained ahall
bind, and the righta hereunder ehall inure to. the reapective succeeeore and asaigns of Lender and Borrower. aubject to the pmviaions of
paragraph 17 hereof. All covenante and agreements of Borrower ehall be joint and eeveral. The captions and headings of the paragraphs of
thie Mortgage are for rnvenience only and are not to be ueed to intetpret or define the provieions hereof.
l4_ Notice. Except for any notice required under applicable law to be given in a1wW~ manner, (a) any notice to Borrower provided for in
t h ia Mortgage shall be given by mailing euch notice by certified mail addreeeed to Bonowtr at t2?e Property Addreea or at such other address es
f3orrower may deaignate by notice to I.ender a8 provided herein, and (b) any notice to Lender ehall be given by certified mail, return receipt
TequeeLed, to Lender's addreaa atated herein or to such other addrese as Lender may designate by notice to Borrower ae pmvided 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; Governing l.aw; 3everability. Thie form of mortgage combinea uniform oovenanta for national uee and non-
urtiform covenanta with limited variations by juriediction to oonetitute a uniform eecurity instrument oovering real property. ~is Mortgage
shall be governed by the law of the jurisdiction in which the Property is located. In the event that any proviaion or clauee of this Mortgage or
the Note conflicta with appiicable law, auch confliM ahall not affect other provieiona of thie Mortgage or the Note which can be givea effect
w~thou[ the rnnflicting proviaion, and to thia end the proviaions of the Mortgage and the Note are declared to be severable.
16. Borrower's Copy. Borrower ehall be furniahed a conformed oopy of the Note and of thia Mortgage at the time of e:ecation or after
recordation hereof.
17.1Yanefer of the Property; Aesumption. If all or any part of the Property or an intereat therein ia eold or tranaferred by Borrower
without Lender e prior written rnnsent, e:cluding (a) the creation of a lien or encumbrance suboreinate to this Mortgage, (b) the creation of a
purchaae money aecurity intereat for houeehold appliances, (c) a tranafer by deviae, descent or by operation of law upon the death of a joint
tenant or (d) the grant of any leaeehoid intereat of three yeara or lesa not oontaining an option to purchaee, Lender may. at Lender'e option,
declare all the sume secured by Lhis Mortgage to be immediately due and payable. Lender shall have waived auch option to aocelerate if, prior
to the sale or transfer. Lender and the peraon to whom the Property ia to be eold or transferred reach agreement in writing Lhat the credit of such
person ia eatisfartory to Lender and that the interest payable on the aums aecured by this Mortgage shall be at such rate se Lender ahall t
request. If Lender haa waived the option to accelerate provided in this paragraph 17, and if Borrowei s succeasor in intereat has executed a
~-ritten assumption agreement accepted in writing by Lender, Lender ehall release Borrower from all obligationa under thie Mortgage and the
\ ote_
= If Lender exercises auch option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof.
tiuch notice shall provide a period of not less than 30 days from the date the notice ia nr.ailed within which Borrower may pay the suma declared
; due. If Borrower fails to pay auch suma prior to the expiration of such period, Lender may, without further notice or demand on E3orrower,
~ invoke any remedies permitted by paragraoh 18 hereof.
; 18. Aoceleration; Remedies. Ezcept ae provided in paragraph 17 hereof, upon Borrower'a breach of aay oovenant or
g agreement of Borrower ia thie Mortgage. including the oovenants to pay when due any eums eecured by this Mortgage, Lender .
€ prior to acceleration ahail mail notice to Borrower ae provided in paragraph 14 6ereof epeciiyiag: (1) the breach; (2) the action
~ required to cure such breac6; (3) a date. not lese than 30 days from the date the notice is mailed to Borrower, by which euch
breac6 must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in
t acceleration of the eume eecured by thie Mortgage, foreclosure by judiciei proceeding and sale of the Property. The notice ehall
~ further inform Borrower of the right to reinatate after acceleration and t6e right to aeaert in t6e foreclosure proceeding the
~ non-ezietence of a default or any other de[ense of Borrower to acceleratioa and forecloeure. If the breach ia not cured on or
~ before the date epeci6ed in the notice, Lender at Lender'e option may declare all of t6e sums eecured by thie Mortgage to be
F immediately due and psyable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be
k entitled to collect in auch proceeding all e:penses of forecloaure. including, but not limited to, reaeonable attorney's feee, and
; costs ot documentary evidence, abatracte and title reports.
; 19. Borrower's Right to Reinstate. Notwithatanding Lender'a acceleration of the suma eecured by thia Mortgage, Borrower ahall have
~ the right to have any proceedings begun by Lender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing
~ thie Mortgage if: (a) Borrower pays I.ender all auma which would be then due under this Mortgage, the Note and notee eecuring Future
- Advancea, if any, had no acceleration oocurred; (b) Borrower cures alt breachea of any other covenxnta or agreements of Borrower contained in
~ thia Mortgage; (c) Borrower paye all reasonable e:pensea incurred by [.ender in enforcing the covenant8 and agreemente of Borrower
contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reaeonable
attorney e fees; and (d) Borrower takee auch action as I.ender may reasonably require to asaure that fhe lien of this Mortgage, Lender'a intereet
: in the Property and Borrower s obligation to pay the suma secured by thi8 Mortgage shall rnntinne unimpaired. Upon euch payment and cure
by Borrower, thia Mortgage and the obligations eecured hereby ahall remain in full force and effect as if no acceleration had oa.•urred.
x 20. Assignment of Rente; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby asaigna to I.enderthe rente
` of the Property. pmvided that Borrower ahall, prior to soceleration under paragraph IS hereof or abandonment of the Property, have the right
to collect and retain euch rente as they become due and payable. J
Upon aooeleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have e receiver appointed by a I
court to enter upon, take poseeeaion of and manage the Property and to collect the rente of Lhe Property, including thoee paet due. All renta ~
collected by the receiver ehall be applied firat to payment ot the oosta of management of the Propeity and rnllection of rente, including, but not '
iimited to, receiver'a feea, premiums on receiver's.bonde and reasonabie attomey'e feee, and then to the sume aecured by thia Mortgage. The
reoeiver shall be liabie to aooount only for those renta actually received. ,
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