HomeMy WebLinkAbout2904 8. Inspection. Lender may make or cause to be made reasoaablaeatriei tnapections of the property. provided that Lender ehaA
give Borrower notice prior to any such inspection specifying reasopable csaMa~or related b Lender's interett in the Property.
9. Condemnation. The proceeds of say award or claim for damages. direct or oonaequential, in connection with any condemnation or
other taking of We property. or part Wereof. or for rnnveyance in lieu of condemnation. an 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 sums secured by this Mortgage, with the ezceas, if any,
paid to Borrower. Ia We event of a partial taking of the Propergr, unlea Borrower and Lender otherwise agree in writing, then shall be
applied to the sums secured by this Mortgage such proportion of the proceeds e. is equal to that proportion which the amount of the suaaa
secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of
taking, with We balance of the proceeds paid to Borrower.
If the Property i. abandoned by Borrower. or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a
claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice is mailed. Lender is authorised recollect and
apply the proceeds. at Lender's option. ether to restoration or repair of the property or to We sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend err pwtpone the due
date o[ the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments.
10. Borrower Not Released. Eztenaion of the time for payment or modification of amortisation of We sums secured by this Mortgage !
granted by Lender 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. Lender shall not be required to commence proceedings against such successor or refuse to a:tend time
for payment or otherwise modify amortization of the soma secured by this Mortgage by reason of any demand made by the original Borrower
and Borrower s successor in interest.
11. Forbearaaoe by Lender Not a N/aiver. Any forbearance by Lender is 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 to:es or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedneaa
secured by this Mortgage. ~ ~ ~ • s
12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy ender Chia
Mortgage or afforded by law or equity. and may be exercised concurrently. independently or suooessively.
13 Successors end Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall e
bind, and the rights hereunder shall inure to, the respective auocesson and assigns of Lender and Borrower, subject to the provisions of
paragraph 17 hereof. All covenants and agreements of Borrows shall be joint and several. The captions and headings of the paragraphs of
this Mortgage are for covenience only and an 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 another manner, (a) any notice to Borrower provided for in
this Mortgage shall be given by mailing ench notice by certified mail addressed to Borrower at the Property Address or at such other address as
Borrower stay designate by notice to Lender ere 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 such other address as Lender may designate by notice to Borrows: as provided herein. Any ;
notice provided for in thin Mortgage.ahall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
15. Uniform Mortgage; Governing Law; Severability. Thin form of mortgage combines uniform covenants for national use and non• ~
uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage
shall be 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 Note conflicts with applicable law. such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect a
without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable.
16. Borrower's Copy. Borrower shall be funushed a rnnformed copy of the Note and of this Mortgage at the time of e:ecntion or after
recordation hereof.
17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower
without Lender's prior written rnnsent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the 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) the grant of any leasehold interest of three years or lees not containing an option to pnrchaee, Lender may, at Lenders option, ~
declare all the sums secured by this 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 sucks
person is satisfactory to Lender and that the interest payable on the soma secured by this Mortgage shall be at such rate as Lender shall i
request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower a successor in interest has executed a ~
written assumption agreement accepted in writing by Lender, Lender shall release Borrower tiom al! obligations under this Mortgage and the
I Note.
If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL
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 soma 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 _
I agreement of Borrower in this Mortgage, including the oovenaata to pay when due any sums secured by thin Mortgage, Lender
prior to acceleration shall mail notice to Borrower ere provided in paragraph 14 hereof specifying: (1) the breach; (2) the action
required to cure such breach; (3) a date, not leas than 30 days from the date the notice is mailed to Borrower, by which such;
~ breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in
acceleration otthe sums secured by this Mortgage, foreclosure by judicial proceeding end sale of the Property. The notice shall
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
( before the date specified in the notice. Lender at Lender's option may declare all otthe sums secured by this Mortgage to be t
i mmediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be
C entitled to collect in such proceeding all ezpenses of foreclosure, including, but not limited to. reasonable attorney's tees, and
E costs of documentary evidence, abstraete and title reports.
19. Borrower's Right to Reinstate. NotwithstandingLender's acceleration ottee sums secured by this 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 soma which would be then due under this Mortgage. the Note and notes securing l~ture
t Advances, if any, had no acceleration occurred; (b) Borrower cures ail breaches of any other covenants or agreements ~f Borrower contained in
this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and r,greements of Borrower
contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable
attorney's foes; and (d) Borrower takes such action as Lender may reasonably regain to assure that the lien of this Mortgage, Lender's interest
in the Property and Borrowers 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.
Zl). 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 rents as they become due and payable.
Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be retitled to have a receiver appointed by a
court to enterupon, take poaeeasion of and manage the Property and to collect the rents of the Property, including those past due. All rents
collected by the receiver shall be applied fast to payment of the coats of management of the Property and wllection of rents, including, but not
~ limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The
receiver shall be liable to account only for those rents actually received.
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