HomeMy WebLinkAbout0674 8. lA~pectioa. Lender mqy make or cause to be made reasonable entries upon and iaspection~ of the property. provided that Lender ehal!
give Boirowe~ notice prior to any such inspection ~pecifying reasonable caues thetefor related to Lender'~ interest in the Ptoperty.
9. Coademaation.'I1ie proceeda of aay awrard or claiaa for damages. direct or ooneequential. in connection with any oondemnatioa or
other taking ot ~he property. or part thereof. oc for conveyance ia tieu of condemnation. are hereby asaigned and aha116s paid to IBnder_ .
In We eveat of a total taking of the Property, the proceeds ahaU be epplied b the sums eecused by this Mortgege. wi W the eucess, if any.
paid to Boirov~er. Ia the event oi a partial taking of the Propesty. unleas Borrower and Lender otherwise agree in writing~ Were shall be
applied to the suma secured by this Mortgage such proportion of the proceeds aa ia equal to that pmportion which the amount of the eums
secured by this Mortgage immadiatdy prior to the date of taking bears to the lair market value of the Property immediate~yr prior to the date of
caking. ~viW the balanoa of the prooeeds paid to Borrower.
If We Property is abandoaed by Borrower, or if, sRer notice by Lender Lo Borrower that the oondemnor offers to make an award or eetde a
claim for damagee, Borrower faiL to respond to Lender within 30 days aft,er the dste auch notice is mailed. Lend~r ia authorised to collect and
apply t!?e prooeeds, at I.ender
s optian. ath~ to e+estoration or repair of the property or to the auma secured by this Mortgage.
Ualees Leader and Borrower otherwise agree in v?riting, any snch application of pmceeds to principal ahall not ~tend or poetpone the due
date of the moathly installmenta nferred to in paragraphs 1 and 2 hereof or change We amount of such installmeats. .
IQ Borrower Not Released. E:tenaion of the time for paymant or modification of emortization of the eume eecured by thia Mortgage
granted by Lender w any auccessor in intereat of Borrower shall not operate to releaee. in any mannet, the Gability of the original Bormwer
and Borrow~'s aucreeaors in intereat Lender shall not be required b oommence proeeedings against such auccesaor or refuse to extend time
for payment or otherwise modify amortization of the sume secured by thie Mortgage by reason of any demand made by the original Borrower
and Borrower'a aucceasora in interest. '
11. Forbearaaoe b~ Lender Not a Waiver. Any forbearance by Lend~ in e:ercising any right or remedy hereunder. or otherwise
aPforded by appticabk law, shall not be a waivet of or preclude t]ie e:en:ise of any such cight or remedy. The procurement of inenranee or the
payment ot ta:es or oWer liens or chargee by Lendez shaU not be a waiver of Lender
a right to eooelerate the maturity of the indebtednese
secured by this Mortgage_
12 Remedies Cnmulative. All remediee provided in thie Mortgage are distinct and cnmulative to any other right or remedy under this
Mortgage or afforded by la~v or eqnity. and may be ezercise~l ooacnrrently, independendy or suooesaively. ~
13. 3ucoeasors and Msigas Boand; Joint and 3everal Liability; Captioae. The coveaants and ag?~eementa herein oontained ehall ~
bind, and the rights hereunder ahall inure to. the reepective aucceasore and assigne of Lender and Borrower. eubject to the provieions of
paragraph 17 hereaf All oovenants and agreementa of Borrower shall be joint and eeveral. The captions and headinga of the paragraphs of
this Mortgage are for rnvenience only and are not w be used so ujterpcet or de5ne the provisioae hereof.
14_ Notice. E:cept for any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided forin
t hia Mortgage ahaU be given by mailing such notice by certified mail addressed to Borrower at the Property Addreee or a~ duch other addrees ae
E3orrower may deaignate by notice to Lender as provided herein, and (b) any notice to L.ender ehall be given by certified mail, nt~ua reoeipt
requested, to I.end~'a addrese atated herein or to auch other address aa Lender may deaignate by notice to Borrower ea pmvided herein. My
notice provided for in this Mortgage ahall be deemed to have been givea to Borrower or Lender when given in the manner designated herein.
15. Uaiform l[ortgage; Governiag I.aw; Severability.'Ihia form of mortgage combinee uniform oovenanfa for national uee and non- :
uniform coveaante with limited variations by jurisdiction to rnnstitute a uniform aecurity inetnuuenf wvering real property.'Phie Mortgege
ahall be governed by the law of the juriadiction in which the Property ia located. In the event that any provision or clause of this Mortgage or
the Note conflicts with appliceble law. such rnnflict shall not aftect other provieiona of thiB Mortgage or the NoLe which can be given effect
without the rnnflicting proviaion, and to this end the proviaiuna of the Mortgage and the Note are deciared to be severable.
16_ Borrower's Copy. Borrower shall be furnished a conformed rnpy of the Note and of this Mortgage at the time of e:ecution or after
recordation hereof.
1 i_ 'l~anafer of the Property; Aseumption. If all or any part of the Property or an intereat therein ie sold or traneferred by Borrower .
Kzthout I.ender a prior written consent, excluding (a) the rreation of a lien or encumbrance eubordinate to this Mortgage, (b) the ereation of a
purchase money sec~rity intereet for household appliances, (c) a lransfer by deviae, descent or by operation of law upon the death of a joint
tenant or (d) the grant of any leasehold intereet of three yeara or lesa not oontaining an op~on to purchase. Lender may, at Lender's option,
declare aU the suma secured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior
to the sale or transfer, Lender and the person to whom the Property is to be sold or tranaferted reach agreement in writing that the credit of such
person is satisfactory w Lender and that the interest payable on the sums aecured by this Mortgage ahalt be at such rate as Lender ahall
request. lf Lender has waived the option to accelerate provided in this paragraph 17, and if Bonowe~'s succeasor in interest has e:ecuted a :
w~ritten asaumption agre~ement accepted in writing by Lender, Lender ahall releaee Borrower from all obligationa under this Mortgage and the
\ ote.
I f Lender ~ercises such option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof.
Such notice shall provide a period of nut less than 30 days from thedate the notice ia cr.ailed within which Borrower may pay the sums 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 paragranh lR hereof.
~ 18. Acreleration; Remediea Ezcept as provided in paragraph 17 hereof. upon Borrower'e breach of aay oovenant or
agreemeat ai Borrower in this Mortgage, including the oovenants to pay when due any ewns secured by thie Mortgage, Lender
~ prior to acoeleration ahall mail notice to Borrower ae provided in paragraph 14 hereof specifying. (1) the breach; (2) the action
required to care suc6 breach; (3) a date, not less than 30 daye from the date the notice ia mailed to Borrower, by which euc6
` bresc6 must be cured; and (4) that failure to cure euch breach on or before the date specified in the notice may resnlt in
; acceleration otthe sume secured by thia Mortgage, forecloeure by judicial proceediag and asle of the Property. The aotice ehall
further inform Borrower ot the right to reinatate atter acceleration and the right to t~sxert in the foreclosure proceeding the
~ non-ezisteace of a default or any other defense of Borrower to acceleration and forecloeure. If the breach ie not cured on or
before t6e date apecified in the notice, Lender at Lender'e option may declare all of the aums aecared by thie Mortgage to be
~ immediately due and payable without further demand and may farw~lose this Mortgage by judicial proc~eeding. Lender ehall be
entitled to rnllect in such proceeding all e:penaes of toreclosure, including, buE not limited to. reasonable attorney'ri fees, and ~
costs of documentary evidence. abstracte and title reporte. "
19. Bomower's Right to Reinatate. Notwithatanding Lender's acceleration of the eums ec~red by thia Mortgage, Borrower shall have
tne right to have any prooeedings begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing
` this Mortgage if (a) Borrower pays Lender all suma which would be then due under this Mortgage, the Note and notes eecur.::g I~ture
Advances, if any~ had no acceleration occurred; (b) Borrower cures all breaches of any other covenante or egreementa of Borrower contained in
; this Mortgage; (c) Borrorrer pays all reaAOnable e:pensee incurred by Lender in enforcing the covenants and agreement8 of Borrower
contained in this Mortgage and in enfotring I.ender'e remedies as pmvided in paragraph 18 hereof, including, but not limited to, reaeonable
attorney a feea; and (d) Borrower takes auch action as Lender may reaaonably require to aeaure that the lien of thia Mortgage, I.ender'e intereBt
i n the Property and Borrower's obligation to pay the sums eecared by this Mortgage shall continue unimpaired. Upon such payment and cure
; by Borrower, this Mortgage and the obligations aecured hereby ahall rnmain in full force and effect as if no acceleration had occurred.
_ Z0. Assignment of Rente; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby aeaigne to I.ender the rente
of the Property, provided that Borrower ahall, prior to aoceleration under paragraph 18 hereof or abandonment of the Pro
to rnUect and rrtain such rents ae they become due and payable. P~Y,havetheright
' Upon aoceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entiUed to have a receiver appointed by a
` court to enter.upon, take poseeasion of and manage the Propetty and to collect the renta of the Property, including thoee past due. All renta
collccted by the receiver ahall be applied firet to payment of the coats of management of the Property and eollection of rente, including~ but not
- limited to, receivei e fees, premiums on receiver'e bonde and reasonable attorney e fees, and then to the suma secured by this Mortgage. The
receiver shall be liable to acoount only for thoee rents actualty received.
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