HomeMy WebLinkAbout0817 8. In~pection. Lender mey meke or cause to be made reasoneble entries upon and inspections of the property. pwvided ihat Lender shall
give Borrower notice prior to any such inapection specifying reasonable cause therefor related to I.ender's interest in the Property.
9. Condemnatlon.'I1~e pro..,eeds otany award or claim [or damages, direct or coneequential, in connection with eny oondemnation or
othe~ takinq of the pmperty, o~ part lhereot, or for conveyance in lieu of candemnetion, are hereby aesigned and ehall be peid to l.ender.
In the event of a totel taking oI the PropeKy, the proceeds shall be epplied b the sume secured by this Mortgage, with the excew, i[ any.
paid to Borrower. in the event of a partial taking of the Property, unles~ Borrower end l.ender otherwise agree in writing, there shall be
~~pplied to the suma secured by this Mortgage such proportion of the proceeds as ie equal to that proportion which the amount ot the suma
secured by thia Mortgage immediately prior to the date ot taking bears to the fais market value of the Propedy immediately prior to the date of
t~king, with the balanc~ of the proceeds paid to Borrower.
If the Property is abandoned by I3orrower, or it, after notice by I.ender to Eiorrower that the eondemnor ofters to make an award or setde a
clxim for damagea, Borrower [ails to reapond to I.ender withirt 30 daye after the date such notice ie mailed, Lender is authorised to collect and
apply the proceede, at Lender's option. either to reatoration or repair of the property or to the sums secured by this Mortgage.
Unleae I.ender and Borrower otherwise agree in writing, any such application of proceects to principal shall not e:tend or postpone the due
date of the monthly inetallme~ta referred to in paraqrephe 1 and 2 h~reof or thange the amount of such in~tallmente.
10. Rorrower Not Reteaeed. Eztenaion of the time for paymant or modi5cation of amortization of the aume secured by thie Mortgage .
Kranted by Lender to any eucceaeor in interest of Borrower ahall not operate to release, in any manner, the liability of the original Borrower
:ind E3orrower'e aucceasors in intereat. l.ender ahall not be required to rnmmence pmceedings againat auch euceeesor or retuse to e:tend time
f~~r payment or otherwiee modify amortization otthe auma Becured by thie Mortgage by reaeon ot any demand made by the original Borrower
.~nd &?rrov?era succeaeore in interest.
11. Forbearance by I.ender Not a Weiver. Any forbearance by Ixnder in e:ercieing any right or remedy henunder. o~ otherwiae
n fforded by applicable law, ehall noL be a waiver of or preclude the ezerciae of any such right or remedy. The procurement of insurance or the
E~ayment of taxee or other liena or chargea by l.ender shall not be a waiver of I.ender e right to accelerate the maturity of the indebtedness
aecured by this Mortgage.
12 Remedies Cumulative. Ail remediea provided in thia Mortgage are diatinM and cumulative to any other right or remedy under this
Mortqage or afforded by law or equity, and may be exerciee+i concurrenUy, independently or aucceasively.
l3. 3ucceesors end Aaeigne E3ound; Joint and 3everal Liability; Captions. The rnvenents and agreemente herein coatained ahall
bind, and the righte hereunder shall inure to, the reapective succeaeore and aaeigns of I.ender and Borrower, aubject to the provisione ot
paraRrapb 17 hereof. All covenants and agn~emente of Borrower shall be joint and aeverel. The captione and headinge of the paragraphs of
thia Mortgage nre for covenience only and are not to be used to intetpret or define the provisione hereof.
14. Notice. Except for any notice required under applicable law to be given ~n another manner,la) any nolice tn liorrower provided for in
thia MortAage shall be given by muiling auch notice by certified mail addresaed to Borrower at the Property AddreHa or at auch other addreea ae
Rorrower may designate by notice to I.ender as provided herein, and (b) any notice to [.ender shall be given by certified mail, return receipt
requested, to l.ender'e addrese stated herein or to auch other addrees ae I.ender may deeignate by notice to Borrower ae provided herein. My
notice provided for in thia Mortgage ehall be deemed to have been given to Borrower or I.ender when given in the manner deaignated herein.
15. Unitorm Mortgage; C.overning l.aw; 3everabili[y. Thie form of mortgage rnmbinea uniform euvenante for national uae and non-
uniform covenanta with limited variationa by jurisdiction to constitute s uni[orm security instrunient ouvering real property. Thie Mortgage
yhnll be govemed by the law of the juriadiclion in which the Property ia lceated. In the event that any proviaion or clauee of thia Mortgage or
the Note conflicta with npplicable law, auch conflict ehail not affect other provisions of this Mortgage or the Note which can be given effect
without the contlicting provision, and to this end the proviaiona of the Mortgage and the Note are declared to be eeverable.
16. Borrower's Copy. tiorrower ehall be [urniahed a conformed copy of lhe Ivote and of thia Mortguge at the time of eaecution or after
recordation hereof.
17. Tranafer of the E'roperty; Assumption. If all or ariy part o! the Property or an intereet therein ia aold or traneferred by Eiorrower
without I.ender'a prior written coneent, excluding (a) the creation of a lien or encumbrance eubordinate to thia Mortgage, (b) the creation of a
purchaee money eecurity intereet for household appliancea, (c) a tranafer by deviae, descent or by operation of law upon thedeath ota joint
tenant or (d) the grant of any leaeehold intereaE of three years or leae not rnntaining an option to purchaee, l.ender may, at (~ender e option,
~ieclare all the sums secured by thie Mortgage to be immediately due and payable. l.ender aha11 have waived such option to accelerate if, prior
a~ the eale or tranafer, I.ender nnd the penson b whom the Pn?perly is to be aold or trans[erred reach agreement in writing that the credit of euch
person is satiatactory to l.ender and that the intereat payable on the eume secured by this Mortgaqe ahall he at auc6 rate as I.ender shall
re~ueat. If Lender hae waived the optibn to accelerate provided in thia paragraph !7, and if Borrower e euccesanr in intereat hae executed a
j written axaumption agreemrnt accepted in writinK by I.ender, l.ender ahall releaae E3orrower from ull obligatiuns under thia Mortqage and the
` ~ nte.
~ If I.ender exercisefs such optinn U~ accelerate, I.ender ahHll mail Korrower notice of acceleratiun in accordance with paraqraph l4 hereof.
; tiuch notice shaill pro~~ide a pericrd uf not lesx than :30 daya from the date the notice is mailed within which I3ormwer may pay the euma declared
i due. If Borrnwer fails tn pay such sums prior to the expiration o( euch period, l.ender may, without further notice or demand on tSorrower,
invoke any remedies permitted by par:~Kraoh IR herer~f.
E 18. Acceleration; Remediea. F.xcept as provided in paragraph 17 hereof, upon i3orrower'e breach ot any oovenant or
d
g t+Qreement of I3orrower in thie Mortgage. including the covenanta to pay when due any aume secured by this Mortgege. Lender
~ prior to acceleretion ehall mail notice to Fiorrower a8 provided in paragraph 14 hereof epecitying: (1) the breach; (2) the action
; rQquired to cure such breach; (3) a date. not lees than 30 daye from the date the notice is mailed to Borrower, by whfch euch
~ breach muat be cured; and (4) that tailure to cure euch breach on or betore the date epecified in the notice may result jn
~ tscceleration of the aume aecured by this Moctgage. foreclosure by judicial proceeding and eale otthe I'roperty. The notice ehall
? further inform Borrower ot the right to reinetate after acceleratiun and the right to aeeert in the forecloeure proceeding the
~ non-e:istence ote default or any other defenae ot Borrower to aoceleration and toreclosure. If the breach is not cured on or
~ F?efure the date epecified in the notice, Lender at l.ender'e option may declare aU otthe eume aecured by this Mortgage to be
~ immediately due and payeble without furtherdemand end may foreclose thie Mortgage by judiciel proceeding. Lender shall be
g entitled to collect in Ruch proceeding all expensea ottorecloeure. including, but not limited to. rensoneble attorney'e teee. and
~ ~•uxte of documentary evidence, abetractn and title repr?rte.
19_ Bonower's Right to Keinatate. NotwithstandinK I.ender's ncceleration of the euma xecured by thia Mortgage, Rorrower ehall have
the righl to have any proceedinQs tx~un by I.ender to enforce thiR MortqaQe discontinued at any time prior to entry of a judgment enfurcing
~ thia Mortgaqe if: (a1 F3~rmwer paya Lender all aume which would be then due under this Mortgage, the Note and notea eecuring Future
Advances, if any, had no acceleration occurred; lbl Bormwer cvres all breachee of any other covenante or agreementa uf 13orrower contpined in
this Mortgage; (c> E3orrower paya all reasonable expenxee incurred by I.ender in enforcing the covenante and aqreemente af E3orroweT
n,ntained in thie Mortgage and in enforcing [.ender'e remedies as provided in paragraph 1 A hereof, including, but not limited u~, reaaonable
i ettorney'e feea; and Id) Korrower takes such action ae I~ender may reusonably require to aseure that the lien of thie Mortgage, I.ender's interest
? in the Property and Borrower'x obligation tn pay the euma secured,by thie Mortqage ahall continue unimpaired. Upon euch paymentand cure
$ by E3orrower, thia MortKege and the obligationa xecured hereby shall remain in full force and effect as if no acceleration had occurred.
i 2f1. Aesignment of Rente; Appointment of Receiver. As additir~nal eecurity hereunder, Borrower hereby aseigna to I.ender the rents
ot the Pmperty, provided that E3orrower ehall, prior to acceleration under paragraph 18 hermf or abandonment of the Property, have the right
to collect and retain euch rents ae they become due and payable.
Upon acceleration under paragraph 18 hereof or abandunment of the Property, I.ender ehall be entitled tn have a receiver appointed by a
~ rnurt to enter upon, take poseeseion of and manaqe the Property and to collect the rentx of the E'roperty, inciudinq thoee paBt due. All rente
; cullected by the receiver ahall be applied firet to payment otthe a?ste of management of the Property and collection of rente, including, but not
z limited lo, receiver e fees, premiuma on receiver'e bonde and reaaonable attomey'a feee, and then to the eums aecured by this Mortgaqe. The
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~ rcreiver ehall be liable tn account unly tor those renta actually received.
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