HomeMy WebLinkAbout1522 ri. lnepection. (.ender may make or cause to be made reasonable entries upon and i+:epeclions of the property, provided that (.ender shall
Kive Burrower r:ottce prior w any such inspection specifying reasonable cause therefor related to Lender's interest in the Property.
'.1. ('ondemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or
ether taking of the property, or part thereof, or for rnnveyance in lieu of rnndemnation. are hereby assigned and shall be paid w Lender.
In the event of a wk+l t:+king of the Property, the proceeds shall be applied to tl:e sums secured by this Mortgage, with the excess, if any,
paid to Borrower. In the event of a partial taking of the Property, unless Borower and (.ender otherwise agree in writing, there shall be
applied w the sums secured by this Mortgage such proportion of the proceeds ae is equal w that proportion which the amount of the soma
aet•ured by this Mortgage immediately prior to the date of taking bears w the fair market value otthe Property immediately prior w thedate of
taking, with the balance of the proceeds paid w Eorrower.
If the Property is abandoned by Borrower, or if, after notice by (.ender to Borrower that the condemnor otfere w make an award or settle a
claim for damages, Borrower fails w respond to Lender within a0 days after the date such notice is mailed, (.ender is authorized w collect and
:tppiy the proceeds, at Lender's option, either to restoration or repair of the property or to the sums secured by this Mortgage.
l!nless Lender an j Borrower otherwise agree in writing, any such application of proceeds w principal shall not extend or postpone the due
date of thF monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments.
111. Borrower Not Released. Extension of tote tame for payment or modification of amortization of the sums secured by this Mortgage
granted by (.ender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower
and Borrower's successors in interest. (.ender shall not be required to commence proceedings against such successor or refuse w extend time
tier payment or otherwise m~Ktify amortization of the sums s+rurctl by this Mortgage by reason of any demand made by theoriginal Borrower
:+nd Borrower's ::uiressors 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, 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 (.ender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness
,scored by this Mortgage.
1'l. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this
Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively.
i:i. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall
hind, and the sights hereurtd^r shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of
t~:+ragraph 1? hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of
thts i\iortgage are for covenience only and are not to be used to interpret or define the provisions hereof.
t a. Notice. Except for any notice rcYluired under applicable law to be given in another manner, tat any notice to Borrower provided fur in
this Mortgage shall be given by mailing such notice by certified mail addressed to Borrov? er at the Property Address or at such other address as
Korrower may designate by notice to (.ender as provided herein, and (b) any notice w Lender shall be given by certified mail, return receipt
requested, to Lender's address stated herein or to such other address as (.ender may designate by notice to Borrower as provided herein. Any
notice provided for in this Mortgage shall be deemed t<~ have been given to Borrower or Ixnder when given in the manner designated herein.
1:~. Uniform Mortgage; Governing I,aw; Severability. 'Phis form of mortgaKe combines uniform covenants for national use and non-
uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument rnvering real property. This Mortgage
shall b+• 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 \ote conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect •
without the conflicting pmvisior*, and to this end the provisions of the 1liortgage and the Note are declared to be severable.
16. Borrower's Copy. Borrawer shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after
rcro?dation hereof
) 7. Transfer of the Property; Assumption. IC all or any part of the Property or an interest therein is sold or transferred by Borrower
without Lender's prior written consent, excluding la1 the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a
,~an•hase money security interest for household appliances, ic) a transfer by devise, descent or by operation of law upon the death of a joint
tenant or Id? the grant of any, leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender's option,
dcrlare all Lhe sums soured by this Mortgage to be immediately due and pay able. Lender shall have waived such option to accelerate if, prior
t~ ~ the sale or transfer, (.ender and the person to whom the Property is w be sold or transferred reach agreement in writing that the credit of such
person is satisfacton w Lender and that the interest payable on the sums secured by this Mcrtgage shall be at such rate as (.ender shall
r~uest. If Lender has waived t;te o f+tion to accc•terate provided in this paragraph 17, and if Borrower's successor in interest has exeraed a
~sritten ussump:ion agreement acmptc~l in w-ritinq by [.ender. (.ender shall release Borrower from all obligations under this Mortgageand the
ate.
If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof.
such notin• shall provide a peri:xi of nut les+than al?days from thedate the notice is mailed within which Borrower may pay thesums declared
~ due. If Borrower fails to pay Ouch sums prior to the expiration of such period. Lender may, without further notice or demand on borrower,
invoke any remedies permitted by par.+granh Iri hereof.
~ 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or
s agreement of Borrower in this Mortgage, including the covenants to pay whendue any sumssecured by this Mortgage, Lender
prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereofspecifying: (1)the breach;(2)theaetion
required to cure such breach;l3? a date. not less than 30 days from the date the notice is mailed to Borrower, by which such
t+reach must be cured; and (d) that failure to cure such breach on or before the date specified in the notice may result in
~ :+cceieration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice shall
i 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 cured on or
txfore 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 collect 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. '
i9. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of thesums secured by this Mortgage, Borrower shall have
the ril;ht to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior w entry of a judga:ent enforcing
this :iiortgage if: ia) Borrower pays Lender all sums which would he then due under this ;Mortgage, the Note and notes securing Future
Advances, if any. had no aereler+tion rxcurrrd; Ib1 Fiorn,•,vercures all breaches of any other covenants or agreements of 13orrowerconGained in
ih+s Mortgage; Ic) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower
- cY,ntained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited w, reasonable
atwrnev's fees; and ld ~ BorroN•er takes such action as Lender may reasonably require to assure that the lien of this Mortgage, t.endei 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 full force and effect as if no acceleration had occurred.
'l0. Assignment of Rents; Appointment of Receiver. As additional security hereunder. Borrower hereby assigns w Lender the rents
of the Property, provided that Borrower shall, prior w acceleration under paragraph lri hereof or abandonment of the Property, have the right
z to collect and retain such rents as they become due and payable.
a i'pon acceleration under paragraph 18 hereof or abandonment of the Property. Lender shall be entitled to have a receiver appoir.:ed by a
court to enter upon, take possession of and manage the Property and to e•ollect the rents of the Property, including those past due. All rents
collected by the receiver shall be applied first to pay meat of the assts of management of the Property and collection of rents, including, but not
- limited to, receiver's fees, premiums on receiver's bonds and reasonable atwrney's fees, and then to the sums secured by this Mortgage. The
receiver shall be liable tar ac~Y~unt only for those rents actually received.
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