HomeMy WebLinkAbout1643 8. InapectlOn. Lender may make or cause b be made reasonable entries upon and inspections of the property, provided that Lender shall
give Borrower notice prior b any such inspection specifying reasonable cause therefor related b Lender's interest in the Property.
9. COAdemnatlOn. The proceeds of any award or claim for damages, direct or rnnsequential, in connection with any condemnation or
other taking of the property, or part thereof, or for conveyance in lieu of condemnation, are herby assigned and shall be paid b Lender. '
In the event of a total taking of the Property, the proceeds shall be applied b the Bums secured by this Mortgage, with the ezoess, if any,
paid b Borrower. In the event of a partial taking of the ProperRy, unless Borrower and Lender otherwise agree in writing, there shall be '
applied b the sums secured by this Mortgage such proportion of the proceeds as is equal b that proportion which the amount of We sums s
secured by this Mortgage immediately prior b the date of taking bears b the fair market value of the Property immediately prior b the date of
taking, with the balance of the proceeds paid b Borrower. #
If the Property is abandoned by Borrower, or if, after notice by Lender b Borrower that the condemnor offers b make an award or settle a i
claim for damages, Borrower fails b r~eepond b Lender within 30 days after the date such notice is mailed, Lender is authorised b collect and 's
apply the proceeds, at Lender's option, either b restoration or repair of the property or b the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds b principal shall not eztend or postpone the due
date of the monthly installments referred b in paragraphs 1 and 2 hereof or change the amount of such inatalhnents.
10. Borrower Not Released. Extension of the time for payment or modification of amortization of the some secured by this Mortgage
granted by Lender b any successor in interest of Borrower shall not operate b release, in any manner, the liability of the original Borrower
and Borrower a successors in interest. Lender shall not be required b commence proceedings against such successor or refuse b e:tend time
for payment or otherwise modify amortization of the some secured by this Mortgage by reason of any demand made by the original Borrower
and Borrower's successors in interest.
11. Forbearance by Lender Not a R?aiver. Any forbearance by Le»der 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 each right or remedy. The procurement of insurance or the
payment of taxes or other liens or charges by Lender shall not be a waiver of Lenders right b accelerate the maturity of the indebtedness
secured by this Mortgage.
12 Remedies Cumulative: All remedies provided in this Mortgage are distinct and cumulative b any other right or remedy under this
Mortgage or afforded by law or equity, and may be exercised concurrently. independently or auooeeaively.
13.3ucceasore and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall
bind, and the rights hereunder shall inure b, the respective auccesaors and assigns of Lender and Borrower, subjeM b the provisions of
paragraph 17 hereof. All 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 b be used b interpret or define the provisions hereof.
14. Notice. Except for any notice required under applicable law b be given in another manner, (a) any notice b Borrower provided for in
this Mortgage shall be given by mailing such notice by certified mail addressed b Borrower at the Property Address or at such other address as
Borrower may designate by notice b Lender as provided herein, and (b) any notice b Lender shall be given by certified mail, return receipt
requested, b I.ender'a address stated herein or b such other address as Lender may designate by notice b Borrower ae provided herein. Any
notice provided for in this Mortgage shall be deemed b have been given b Borrower or Lender when given in the manner designated herein.
15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniformeovenante for national use and non- .
uniform covenants with limited variations by jurisdiction b constitute a uniform security instrument covering real property. This Mortgage
shall be governed by the law of the jurisdiction in which the Property ie located. In the event that any provision or clause of this Mortgage or
the Note conflicts with applicable law, such conflict shall not afteM other provisions of this Mortgage or the Note which can be given effect
without the rnnflicting provision, and b this end the provisions of the Mortgage and the Note are declared b be severable.
16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of execution or after
rernrdation 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
a prior written consent, ezcluding (a) the creation of a lien or encumbrance subordinate b 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 less not containing an option b purchase, Lender may, at Lenders option,
declare all the soma secured by this Mortgage b be immediately due and payable. Lender shall have waived such option b accelerate if, prior
b the sale of transfer, Lender and the person b whom the Property is b be sold or transferred reach agreement in writing that the credit of such
person is satisfactory b Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall
request. If Lender has waived the option b accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a
written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations ender this Mortgage and the
Note.
~ If Lender exercises such option b accelerate, Lender shall mail Borrower notice of acceleration in aoeordance with paragraph 14 hereoL
Such notice shall provide a period of not less than 30 days from the date the notice is n-.ailed within which Borrower may pay thesuma declared
due. If Borrower fails b 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 1? hereof, upon Borrower's breach of any covenant or
agreement o~ Borrower in this Mortgage, including the covenants to pay when due any sums 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 from the date the notice ie 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 of the sums secured by this Mortgage, foreclosure by judicial proceeding and 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-eziatence 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 of the sums secured by this Mortgage to be
immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be
entitled to collect in such proceeding all ezpenaes otforeclosure, including, but not limited to, reasonable attorney's tees, and
costs of documentary evidence, abstracts and title reports.
19. Borrower's Right to Reinstate. NotwithatandingLsnder's acceleration of the sums secured by this Mortgage, Borrower shall have
the right to have any proceedings begun by bender b enforce this Mortgage disrnntinued at any time prior b 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 Future
1 Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Bon;
ower contained in
this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower
contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited b, reasonable`
attorney's fees; and (d) Borrower takes such action as Lender may reasonably require b assure that the lien of this Mortgage, Lender a interest
in the Property and Borrower's obligation b pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and care
by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect ae if no acceleration had occurred.
Z0. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns b Lender the rents
of the Property, provided that Borrower shall, prior b acceleration under paragraph 18 hereof or abandonment of the Property, have the right
b 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 entitled b have a receiver appointed by a
e court b enter.upon, possession of and manage the Property and to rnllect the rents of the Property, including those past due. All rents
1 collected by the receivahall be applied first b payment ottee costa of management of the Property and rnllection of rents, including, but not
limited b, receiver's [sea, premiums on receiver's bonds and reasonable attorney's fees, and then b the sums secured by this Mortgage. The
receiver shall be liable b account only for those rents actually received.
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