HomeMy WebLinkAbout0233 8. Iaspeclion. Lender may make or cause to be made reawnable eatries upon and 'u?spections of the property, provided that Lendes ahalt
give Borrower notioa prior to any such inspection apecifying reaeonable cause therefor nlat~ed to [.ender's interest in the Property.
9. Condemnation. 'ilie proceeds of any award or claim for damages, direct or rnnsequential, in rnn~ection with any aondemnatioa or
other taking of the property. or part thereot, ns for conveyance in lieu of oondem~ation. are hereby aaaigned and shall be paid to Lender.
ln the eveat of a total taking of the Propedy, the proceede shall be applied to the sums secured by this Mortgage, with the excees, if eny.
paid to Borrower. In the event of a partial taking of the Property. unless Borrower and I.ender otherwise agree in writing. there ahall be
appiied to the sume eecured by this Martgage euch proportion of the proceeds as is equal to that proportion which the amouat of the eums
aecured by this Mortgage immediately prior to the date of taking beare to the fair market value oithe Property immediately prior to the date of
taking. wiW the balanca of the prooeeds peid to Borrower.
! f the Property is abandoned byBorrower, or if. atter notice by Lender tn Fioritower that the oondemnor ogers to make an award or settle a
claim for dameges, Borrower tails to nspond to Lender within 30 daye after the date such notioe ie mailed. l~ender ie authorized b rnAect and
apply the prooeeds. at Lender'a option, either to reatoratioa or repair of the property or to the sume secured by thi~ Mortgage.
Unleea L.eader and Borrower otherwiae agree in writing. any euch appGcation of pmceedi to principal shall not e:tend o: postpone the due
date of the monthly installmente referred to in paragrapha 1 and 2 henof or change the amount of auch inetalLnents.
10. Borrower Not Released. Factension of the time for paymant or modification of amortization of the auma eecured by thia Mortgage
granted by Lender to any sucoeseor in intereet of Borrower shall not operate to releaee, in any manner, the liability of the original Borrower ;
and Borrower's auocessora in interea~ Lender ehall not be required to oommence proceedinge againat such auccessor or refuee to eztend time
for payment or otherwiae modify amortization of the sums eecured by thie Mortgage by reaeon of any demand made by the original Borrower
and Borrower s auccessore in intereat.
11. Forbearance by Lender No! a R?aiver. My forbearance by Lender in euercieing any right or remedy hereunder. or otherwise
afforded by applicable law, ahall not be a waiver of or preclude the e:erciee of any auch right or remedy. The procurement of ine~rance or the
payment of taues or other liena or chargea by Lender ehall not be a waiver of I.ender's right W acoelerate the maturity of the indebtedness
aecured by this Mortgage.
12 Remediee Cumulative. All remediea pmvided in this Mortgage are dietinct and cumulative to any other right or remedy under this
Mortgage or afforded by law or equity. and may be ezerciee~i aoncurrently, independently or euoceesively.
13. 3ucceseore and Aasigae Bound; Joint and 3everal Liability; Captione. The oovenants and agreemente herein rnntained shall
bind, and the righte hereunder ahall inure to, the reapective succeeeore and assigns of Lender and Borrower, subject to the proviaions of
paragraph 1? hereof. All rnvenante and agreemente of Borrower ahall be joint and eevesal. The captions and headinge of the paragraphs of
thie Mortgage are for rnvenience only and are not to be ueed to interpret or define Lhe provisione 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
thie Mortgage ahall be given by mailing euch notice by certified mail addreaeed to Borrower at the Property Addresa or at euch other addrees ae
Borrower•may deaignate by notice to L.ender as provided herein, and (b) any notice to Lender ehall be given by certified mail. return receipt
requeated, to I.ender's address atated herein or to euch other addreea as I.ender may deaignate by notice to Borrower ae provided herein. My
notice provided for in tliis Mortgage ehall be deemed to have been given b Borrower or I.ender when given in the manner designated herein. 3
15. Uniform Mortgage; Governing Law; 3everabiltty. Thia form of mortgage combinee uniform oovenanta for nationel uee and non- i
uniform covenants with limited variationa by juriediction to oonstitute a uniform sec~vity instnia~ent oovering rnal property.'11~is Mortgage
shall be governed by the law of the juriediction in which the Property ie located. ln the eyent that any pmvision orclause of this Mortgage or ~
the Note conflicts v~-ith applicable law, such rnntlict ahall not ai~ect other pmviaions of this Mortgage or the Note which can be givea etYect
without the rnnflicting provision, and to thie end the provisiona of the Mortgage and the Note are declared to be severable.
16. Borrower's Copy. Borrower shall be furniBhed a conformed oopy of the Note and of thia Mortgage at the time of ~ecution or after
recordation hereof.
17_ 'Itiranefer of the Ptoperty; Aesumption. If all or any part of the Property or an intereat therein ia eold or transferred by Borrower
without Lendei
s prior written coneent, eYCluding (a) the creation of a lien or encu~brance subordinate to this Mortgege, (b) the creation of a
purchase money secarity interest for houeehold appliancea, (c) a transfer by devise, deecent or by operation of law upon the death of a joint
tenant or (d) the grant of any leasehold iatereat of three yeare or leea not containing an option to purcheee, Lender may. at Lender s option,
declare all the auma eecured by this Mortgage to be immediately due and payable. I.ender ehall have waived auch option to socelerate if. prior
to the eale or transfer, i.ender and the person to whom the Property ia to be sold or tranaferred reach agreement in writing that the credit of such
f person is satisfactory to Lender and that the interest payable on the sums aecured by this Mortgage shall be at auch rate as Lender ahall
request. If Lender has waived the option to acceterat~ provided in this paragraph 1T, and if Borrower's aucceasor in interest has executed a
written asaumption agreement accepted in writing by Lender, Lender ahell releaee Borrower from all obligations under this Mortgage and the
Note.
~ If Lender exercisee such option to accelerate, I,ender ahali mail Borrower notice of acceleration in accordance with paragraph 14 hereof.
Such notice shall provide a period of not leas than 30 daya from the date the notice is ~r,ailed within which Borrower may pay the sums declared _
€ due. If Borrower faile to pay such eums prior to the expiration of such period, Lender may, without further notice or demand on E3orrower,
E invoke any remediea permitted by paragraoh 18 hereof
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~ 18. Acceleration; Remedies. E:cept as provided ia-paragraph 1? hereof, upon Borrower's breach of any oovenant or
agreement of Borrower in thie Mortgage, including t6e oovenanta to pay when dae any sums eecured by thie Mortgage, Lender
prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action
required to cure such breach; (3) a date. not lees t6an.30 daye from the date the aotice is mailed to Borrower, by which euch
breach muet be cured; and (4) that failure to cure auch breach on or before the date epecified in the notice may result in
acceleration of the eums secured by thie Mortgage, foreclosure by judicial proceeding and sele of the Property. The notice shall
further iaform Borrower t1f the right to reinstate after acceleration and the right to aesert in the foreclosure proceeding the
non-e:ietence of a default or any other defense of Borrower to aceeleration and forectoeure. If t6e breach ie not cared on or
t?efore the date epecified in the notice, Lender at Lender's option may declare all of the sunis secured by thie Mortgege to be
immediately due and payable without further demand and may forecloae this Mortgage by judicial proceeding. Lender ahall be
entitled to coliect in auch proceeding all expenses of forecloeure. including. but not limited to. reasonable attorney'B fees, and
coats of documentary evidence. abstracta and title reporte.
19. t3orrower's Rig6t to Reinstate. Notwithstanding Lender's acceleration of the anma eecured by thia Mortgage, Borrower shall have
the right to have any proceedinga begun by [.ender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing
this Mortgage if: (a) Borrower paya Lender all eume which would be then due under thie Mortgage, the Note and notes secoring Future
Advancea, if any, had no acceleration occurred; (b) Borrower curea all breachea of any other covenants or agreementa of Borrower contained in
~ this Mdrtgage; (c) Borrower pays all reasonable expeneea incurred by L.ender in enforcing the covenants and agreementa of Borrower
rnntained in this Mortgage and in enforcing Lender'a remedies as provided in paragreph 18 hereof, including, but not limited to, reasonable
~ attorney's feee; and (d? Borrower takes auch action as Lender may reasonably require to assure that the lien of thia Mortgage, Lender's interest
~ in the Property and Borrower'a obligation to pay the aums aecured by this Mortqage ehall continue unimpaired. iJpon auch peyment and cure
~ by Borrower, this Mortgage and the obliqa6ons aecured hereby shall remain in full force and effect as if no acceleration had occvrred.
~ 20. Aeeignment ot Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby asaigna to L.ender the rents
~ uf the Property. provided that Borrower ehall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right
~ to collect and rntain such rents as they become due and payable.
~ Upon acceleration under para~traph l8 hereof or abandonment of the Property, Lender ehall be entitled to have a rec:eiver appointed by a
rourt to enter~pon, take poasesaion of and manage the Property and to collect the rents of the Property, including thoee past due. All rents
~ collected by the receiver ehall be applied first to payment of the coete of management of the Property and collection of renta, including, but not
limited to, receiver's fees, premiuma on receiver'e bonds and reaaonable attorney e Ieea, and then to the sums eecured by this Mortgage.'Che
~ receiver shall be liable to acoount only for thoee rents actually received.
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