HomeMy WebLinkAbout0959 8. In~pection, l.e~der may make or cause to be made reasonable entries upon a~d inspections of the property, provided that l,er?der ehal!
give Borrower notice prio~ to any euch inepection specifying reasonable cause therefor related to l.ender's interest in ihe Property.
9. Condemnatioa. The proceeds o[ any awe?rd or claim for dama~e~, direct or coneequential, in connection with any oondemnation or
ocher caking of the property, or part thereof, or for conveyance in lieu of rnndemnation, are hereby asaigned and shall be paid b Lender.
In the event o[ a total taking of the Property, the proceeda ahall be applied to the suma eecured by thie Mortgage, with the e:oas. if any.
paid to Borrower. In the event of a partial taking of the Propetty, unlea Borrower and l.ender otherwise agree in writit~g, there shaU be
applied to the auma aecured by this Mortgage euch proportion of the proceede aa is equal to that proportion which the ainourit of the eums
eecured by thia Mortgage immediately prior to the date of taking beare to the fair market value of the Property immediately prior to the date of
taking, with the balanoa of the proceeds paid to Borrower.
If the Property is abandoned by Borrowar. or if. aRer notice by Lender to Borrower that the oondemnor of~en to make an awsrd or eetde a
claua for damages, Boreower faib to reepond to Lender within 30 days afterr the date such notioe ie mailed, Lender is authorised to coUect and
apply the proceeds, at Lender
s option, either to reatoration or repair of the property or to the aume secured by this Mortgege.
Unlese Lender and Borrower otherwise agree in writing, any such appGcation of pmceede to princiRal shall not extend or postpone the due
date o! the monthly inatallmenta nferred to in paragraphs I and 2 hereof or change the emount of euch instaUments.
10. Borrower Not Released. Exteneion of the time for paymant or modification of smortization of the sums aecured by thie Mortgage
granted by I.ender to any aucceseor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower
and Borrower'e euccessora in intereat. I.ender shall not be required to commence pmceedinge against such eucceasor or refuae to e:tead tune
for payment or otherwiee modify amortization of the suma aecured by this INortgage by reseon of any demand made by the origina) Borrowa
and Borrower a successors in intereat.
11. Forbearance by Lender Not a R?aiver. My torbearance by Lender in e:erciaing any right or remedy hereunder. or otherwise
lafforded by applicable law, ahall not be a waiver of or preclude the e:erriee of any euch right or remedy. The procurement of inBUrance or the
payment ot tazea or other liene or charges by Lender ehall not be a waiver of Lender's right to accelerate the tinaturity of the indebtedneas _
secured by thia Mortgage. -
12 Remedies Cumulative. All remediea provided in thia Mortgege are distinct end cumulative to any other right or remedy under this
Mortgage or aftorded by law or equity, and may be exerciee~i concurrently, independendy or suoceaeively.
13. 3uccesaore and Aseigns Bound; Joint and Several Liebility; Captiona. The oovenants and aRreements herein oontained ehall
bind, and the rights hereunder ahall inure to, the reapective aucceseore and aseigne of Lender and Borrower, subject to the provisione of
paragraph 17 hereof. All covenants and agreements of Borrower ahalt be joint and several. The captions and headings of the paragraphe of
this Mortgage are for covenience only and are not to be uaed to interpret or define the proviaiona hereof.
14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrowerprovided for in
this Mortgage shall be given by mailing such notice by certi6ed mail addreaeed to Borrower at the Property Addrese or at euch other addreas as
E3orrower may deaignate by notice to Lender as provided herein, and (b) any notice to I.ender ehall be given by certified mail, return receipt
requested, to Lender's addreas stated herein or to auch other address as Lender may designate by notice to Borrower aa provided herein. My
notice provided for in thia Mortgage ahali be deemed to have been given to Borrower or Lender when given in the manner designated herein.
15. Uniform Mortgage; Goveming Law; 3everability. Thia formofmortgagecombinee uniform covenanta for national ueeand non-
uniform covenants with limited variations by juriadiction to rnnetitute a uniform secnrity instrument oovering real pmperty. This Mortgege
shal) be governed by the law of the juriadiction in which the Property is located. In the event that any proviaion or clause of thie Mortgage or
the Note conflicie with applicable Iaw, such conflict shaU not at~'ect other proviaions 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 declered to be eeverable.
16. Borrower's Copy. Borrower ahall be furniehed a conformed rnpy of the Note and of this Mortgage at the time of eaecution or after
recordation hereof.
17. Tranater of the Property; Aseumption. If all or any part of the Property or an intereat therein ia eold or tranaferred by Borrower
w~thout Lender
a prior written consent, eacluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a
purchase muacy se~urily intereat for houaehold appliances, (c) a transfer by deviae, d~ecent or by operation of law upon the death of a joint
tenant or (d) !he grant of any leasehold interest of three years or less not rnntaining an option to purchase, Lender may, at Lender s option,
declare all the sums secured by thia Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior
to the ~ale or transfer, Lender and the person to whom the Property is to be aold or tranaferred reach agreement in writing that the credit of such
peraon is satisfactory to Lender and that the interest payable on the suma aecured by this Mortgage sha11 be at euch rate as Lender ahall
' requeat_ If Lender has waived the option to accelerate pmvided in this paragraph 17, and if Borrower's successor in interest haa executed a
M•ritten asaumption s~greement accepted in writing by Lender. I.endershall release Borrowerfrom all obligations under this Mortgage and the
ti ote.
` If [,ender e~cerci.ges such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof.
~ Such notice ehaD provide a period of not less than 30 daya from the date the notice ia rnailed within which Borrowermay pay theauma declared
' due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on E3orrower,
~ ~nvoke any remedies permitted by paragraoh 18 hereof.
18. Acceleration; Remediea. Ezcept se provided in paragraph 17 hereof. upon Borrower's breach of any oovenant or
agreement of Borrower in this Mortgage, including the oovenat~ta to pay when due any eume secvred by thie Mortgage, Lender
§ prior to acceleration shall mai! notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2)the action
; required to cure auch breach; (3) a date, not lesa than 30 daye from the date t6e notice ie mailed to Borrower, by w6ic6 such
~ breach muat be cured; and (4) that feilure to cure such breach on or before the date apecified in the notice may result in
E acceleration of the aums secured by thie Mortgage, foreclosure by judicial proceedingand ealeof the Property. The noticeshall
~ further inform Borrower of t6e right to reinatate aRer acceleration and the right to aeaert in the foreclosure proceeding the
~ non-ezietence of a defeult or nny other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or
g before the date epecified in the notice, Lender at Lender's option may declare all of the euma secvred by this biortgage to be
a immediately due and payable without further demand and may toreclose thie Mortgage by judicial proceeding. Lender shall be
~ entitled to collect in euch proceeding all expenaes otforeelosure. including, but not limited to, reasonable attorney's tees, and
~ coste of documentary evidence. abstracta and title reporta.
' 19. Borrower'e Right to Reinetate. Notwithatanding Lender's acceteration of the aums eecured by thie Mortgage, Borrower ahall have
~ the right to have any proceedings begun by L,ender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing
thia Mortgage if: (a) Borrower pays Lender all suma which wouid be then due under this Mortgage, the Note and notes aecuring Future
Advancee, if any, had no acceleration occurred; (b) Borrower curee all breaches of any other rnvenante or agreemente of Borrowercontained in
thia Mortgage; (c) Borrower pays ail reasonable e:pen8es incurred by Lender in enforcing the rnvenants and agreementa of Borrower
oontained in thie Mortgage and in enforcing Lender's remedies aa provided in paragraph 18 hereof, including, but not iimited to, reasonable
` attorney's feea; and (d) Borrower takea such action as Lender may reaaonably require to asaure that the lien of thia Mortgage, Lender'e interest
; in the Property and Borrowei e obligation to pey the sums secured by this Mortgage ahall continue uniropaired. Upon such payment and cure
by Borrower, thie Mortgage and the obligations eecured hereby ahall remain in full force and effect ae if no acceleration had occurred.
20. Aesignment ot Renta; Appointment of Receiver. As additional security hereunder, Borrower hereby asaigne to Lenderthe rente
of the Property, provided that Borrower ehall, prior to acceleration under paraaraph 18 hereof or abandonment of the Property. have the right
to collect and =etain such rente as they become due and payable.
Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a reoeiver appointed by a
_ oourt to Qnter-upon, take poasesaion of and menage the Property and to collect the rente of the Property, including thoee past due. All renta
- collected by the receiver ahalt be applied first to payment of the coata of management of the Property and collection of renta, including, but not
~ limited to, receiver's feea, premiume on receiver e bonds and reasonable attorney~e fees, and then to the sums eecured by thie Mortgage. The
receiver ahali be liable to acoount only for those renta actually received.
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~o~.3f~5 ~A~E 958
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