HomeMy WebLinkAbout1680 8. Inspection. Lender may make or caws to be made reasonable entries upon and uupections of Ws property,provided that bender shall
give Borrower notice prior to any each inspection specifying reasonable cause therefor related to Lender's interest is the Property.
9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or
other taking of Ws property. ar part thereof. or far conveyance is Ueu of condemnation, are hereby assigned and shall be paid to Lender.
In the event of a total taking of the Property, the proceeds shall be applied to the auras secured by this Mortgage, with the recess, if any,
paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, Were shall be
applied to We auras secured by this Mortgage such proportion of We proceeds as is equal to that proportion which the amount of the auras
secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to We date of
taking, wild We balance of We pcoeeeds paid to Borrower.
If the Property is abandoned by Borrower, a if, aRer notice by Lender to Borrower Wat the condemnor offers to make an award or settle a
claim for damages, Borrower fails to respond to Lender within 30 days aR~ We date such notice is mailed, Lender is authorised to collect and
apply We proceeds, at Lender's option, eiWer to restoration or repair of the property or to We sums secured by this Mortgage.
Unless Lender and Borrower oWerwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due
date of the monthly installments referred to in paragraphs 1 and 2 hereof or change We amount of such installments.
10. Borrower Not Released. Extension of the time for payment or modification of amortization of the soma secured by thin Mortgage
granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, We liability of the original Borrower
and Borrower s auoceasore in interest. Lender shall not be required to commence proceedings against such aucceasor or refuse to eztend time
for payment or otherwise modify amortization of the soma secured by Wis Mortgage by reason of any demand made by the original Borrows!
and Borrower a sucoeesors in interest.
11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or oWerwise
afforded by applicable law, shall not be a waive: of or preclude the exercise of any such right or remedy. The procurement of insurance or We
payment of fazes or older liens or charges by Lender shall not be a waiver of Lender
a right to accelerate We maturity of the indebtedness
secured by this Mortgage.
12 Remedies Cumulative. AU remedies provided in Wis Mortgage are distinct and cumulative to any other right or remedy under this
Mortgage or afforded by lew or equity, and may be exercised concurrently, independently or suaoeseively.
13 Suecessora and Assigns Bound; Joint and Several Liability; Captions. The eovenanta and agreements herein contained shall
bind, and the rights hereunder shall inure to, We respective sucoeeeore and assigns of Lender and Borrower, subject to We provisions of
paragraph 17 hereof. AU covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of
this Mortgage are for covenience only and are not to be used to interpret or define the provisions hereof..
14. Notice. Except for any notice required under applicable law to be given in anoWer manner, (a) attynotice to Borrower provided for in
this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as
Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt
requested, to Lender's address stated herein or to ouch older address as Lender may designate by notice to Borrower as provided herein. Any
notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non-
uniform covenants wild limited variations by jurisdiction to constitute a uniform security instrument covering real propcrt~•. This Mortgage
shall be governed by We law of the jurisdiction in which We Property is located. In the event that any provision or clause of this Mortgage or
the Note rnnflicts wild applicable law, such conflict shall not affect older provisions of Wia Mortgage or We Note which can be given effect
without We conflicting provision, and to this end We provisions of the Mortgage and We Note are declared to be severable.
16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of Wis Mortgage at the time of execution or after
recordation hereof.
17.1tansfer of the Property; Assumption. If all or any part of the Property or an interest Werein is sold or transferred by Borrower
without Lender's prior written consent, excluding (a) We creation of a lien or encumbrance subordinate to this Mortgage, (b) We creation of a
purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint
tenant or (d) We grant of any leasehold interest of Wree years or less not containing an option to purchase, Lender may, at Lender
a option,
declare all We soma secured by Wis Mortgage to be immediately due and payable. Lender shall 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 transferred reach agreement in writing that the credit of such
person is satisfactory to Lender and that We interest payable on We soma secured by Wis Mortgage shall be at such rate as Lender shall
request. If Lender has waived We option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has executed a
written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under Wis Mortgage and the
Note_ .
If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof.
Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the soma 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 paragraph 18 hereof.
18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or
agreement of Borrower in this Mortgage, including the covenants to pay when due any some secured by this Mortgage, Lender
prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action
required to cure such breach; (3) a date, not less than 30 days firom the date the notice is mailed to Borrower, by which each
E breach must be cured; and (4) that failure to cure such breach on air before the date specified in the notice may result in
acceleration of the soma secured by this Mortgage, forecla~sure by judicial pra~ceeding and sale of the Property. The notice shall
further inform Borrower of the right to reinstate aRer acceleration and the right to assert in the foreclosure pra~ceeding the
i non-ezietence of a default or any other defense of Borrower to aceeleration and foreclosure. If the breach is not cured on or
~ before 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
4 entitled to collect in such praiceeding all expenses of foreclosure. including, but not limited to, reasonable attorney's fees, and
costa of documentary evidence, abstracts and title reports.
19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by Wis Mortgage, Borrower shall have
the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing
~ this Mortgage if: (a) Borrower pays Lender all sums which would be then due under Wis Mortgage, We Note and notes securing Future
Advances, if any, had no acceleration occurred; (b) Borrower cures al! breaches of any other covenants or agreements of Borrower contained in
Wia Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing We oovenante and agreements of Borrower
contained in this Mortgage and in enforcing Lender a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable
attorney 8 fees; and (d) Borrower takes such action as Lender may reasonably require to assure W at the lien of Wis Mortgage. Lender's interest
E in the Property and Borrower s obligation to pay We soma secured by this Mortgage shall continue unimpaired. Upon such payment and care
by Borrower, thin Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred.
20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents
of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property. have the right
to collect and retain such yenta ae they become due and payable.
Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a
court to enter~pon, take possession of and manage the Property and to collect We rents of the Property, including Wove past due. All rents
collected by We receiver shall be applied first to payment of the scale of managementof the Property and collection of rents, including, but not
limited to, receiver's foes, premiums on receiver's bonds and reasonable attorney's fees, and then to W e sums secured by this Mortgage. The
receiver shall be liable to aeoount only for those rents actually received.
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