HomeMy WebLinkAbout1767 8. In~pectloa. Lender may make or cewe to be mada reawnable entrie~ upon and 'uupections of the property. provided thet Ieader shall ;
give 8orrower aotios prior to any ~uch irupection sperityiag reawnable causs theref~ releted eo Lender's interest iA the Propsrty.
9. Coademaatloa.'Rre pmored~ of any eward or claim tor damage~, direct or conaequential. in connection with aay ooudemnation or =
other taking of the property. or part thereof, or for coaveyance ia lieu of oondemnation, an hereby as~igned and shap bs p?id to Lender.
In the event oi a btal takinQ of the Propedy. the ptoceedi ahaU be applied to the sums secured by thie Mortgage. with the ezoew. if any.
paid to Borrower. In the event of e partial talting of the Properfy. unless Borrower and i.ender otheiwi.e agree in writing. there shall be
applied to the sum~ aecured by this Mortgage such proportion oi the prooeeds as u equal b that pmportion which the amouat of the aums
eecured by this Mortgage immediately prior to the date of taking bears b tha fair market valne of the Property immediately prior to the date of
taking, with the balanoa of the pmceeds paid to Borroarer.
If the Prope:ty u abandoned~by Borrower, or if. aiter notioe by Leader to Borrower that the oondemnor offers b make an award or settle a
claim for damsges, Borrower faila to reepond to I.endet within 30 days aR~ the date such dotioe is mailed. Lender is sutlwrised to rnUect and
apply the proceeds. at I.ender's option, eitha to redoration or repair of the pmperiy or to the eums ee~.wred by this Mortgaga
Ualeas LeAder and Bormwer othe~rwise agrae in writin8, any such application of pmceeda to principal shaU not e:tend or pwtpoae the due -
date of the monWly instaUments referred to in parsgraphs 1 and 2 hereof or change the amount of such uutallments.
10. Borrower Not Released. Exteaaion of the time for paymant or modification of amoKization of the sume secured by thia Mortgage
granted by I.ender to any eucoeesor in interest of Borrower ahall not operate to release, in any manner, the liability of the original Bormwer `
and Borrower's suocesaore in interea~ Leader ahall not be required to oommence proceedinge againet such succeasor or nfnse to e:tend time '
for payment or otherwise modify amortization of the euma secured by thie Mortgage by reaeon ot any demand made by the original Borrower
and Bor~ow~ s auaaeeeors in interest.
11. Forbearanoe by Lender Not a Waiver. Any forbearance by Lender ia e:ercising any right or remedy henunder. or otherwise
afforded by applicable law. ahall not be a waiver of or preclude the Pacercise of any such right or remedy. The procurement of inanrance or the
paymeat of taxes or other liena or chargee by Lender shall not be a waiver of Lender's right to accelerate Lhe maturity of the indebtedness
eecured by thia Mortgage. -
12 Remedies Cumulative. All remediee provided in thie Mortgage are diatinct and cumulative to any other right or remedy under thia
Mortgage or afforded by law or equity. and may be ea~ercise~i ooncurrently. independendy or aucceaeively. ~
13. 3uccessore aad Assigns Bouad; Joint end Sev~ral Liabiltty; Captions. The oovenants and agreemente herein oonteined ehall
bind. and the righte hereunder shall inure to. the reapective auc~.~eeeors and assigns of Lender and Borrower. eubject to the provisioas of
paragraph 17 hereof. All covenanta and agreements of Borrower ehall be joint and several. The captione and headinge of the paragraphs of =
this Mortgage ere for covenience only and are not to be ueed to interpret or define the grovisione hereof.
14. Notic~. 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 auch notice by ce;tified mail addreased to Borrower at the Property Addrese or at such other addreas as
Borrower may deaignate by notice to I.ender as provided herein, and (b) any notice to I.ender ahaU be given by certified mail, return receipt
requeated. to Lender's addrese atated herein or to such other addreae aa Lender may deeignate by notice to Borrower as provided herein. Any
notice provided for in thia Mortgage ehall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
15. Uniform Mortgage; Governing Law; 3evesability. This form of mortgage combines uniform oovenante for national uee and noa- -
uniform rnvenants with limited variationa by juriediction to aonatitute a uniform security inatnuuent oovering real property.'lbis Mortgage
shall be governed by the law of the jurisdiction in which the Property ie located. In the event that any proviaion or clauee of this Mortgage or
the Note contlicta with applicable law, such rnntlict ahall not affect other provisions of this Mortgage or the Note which can be givea effect
v-ithout the oon~licting provision, and to thia end the provisione of the Mortgage and the Note are declared to be severable_
16. Borrower's Copy. Borrower shall be furniahed a conformed oopy of the Note and of thie Mortgage at the time of e~cecutioa or after
recordation hereof.
17. Tranefer of the Property; AeBUmption. If all or any part of the Property or an intereet therein ia eold or transferred by Borrower
without Lender
s prior written conaent; excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a
purchaee money security interest for houeehold appliances, (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 intereet of three yeara or lese not containing an option to purchaee, Lender may, at Lender s optioa,
declare all tbe sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option ta aocelerate if. prior
to the sale or tranafer, Lender and the peraon to whom the Property is to be eold or tranaferred reach agreement in writing that the credit of auch
person is satistactory to I.ender and that the interest payable on the aume aecured by this Mortgage shall be at auch rate as Lender ahall
reyuest. If Lender has waived the option to accelerate provided in thia paragraph i7, and if Boaowei s succesaor in interest has ezecuted a
' written assuinption agreement accepted in writing by I.ender, Lender ahall releaee Borrower from all obligationa und~r thia Mortgage and the `
I '
~ 1V ote.
! If l.ender ezerciaea snch option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof.
I Such notice ahall provide a period of not less than 30 days from the date the notice is rr,ailed within which Borrower may pay the auma declared
~ due_ If Borrower fails to pay auch sums prior to the expiration of such period, Lender may, without further notice or demand on ~3orrower,
~nvoke any remediea permitted by paragraoh 18 hereof.
~ 18. Aoceleration; Remedies. E:cept ae provided in paragraph 17 6ereof, upon Borrower'e breach of any oovenant or
~ agreement of Borrower in t6is Mortgage. including the covenante to pay w6en due any sume secured by thie Mortgage, Lender
I prior to acceleration ehali mail notice to Borrower ae provided in paragraph 14 bereof specifying: (1) the breach; (2) the action
~ required to cure auc6 breach; (3) a date. not lese than 30 daye from t6e date the notice ie mailed to Borrower. by which euch
breach must be cured; snd (4) that feilure to cure auch breach on or before the date specified in the notice may reeult in
acceleration of the suma secured by t6is Mortgage. forecloaure by judicial proceeding and sale of the Property. T6e notice shall
further inform Borrower of the right to reinetate after acceleration and the right to aseert in the foreclosure proceeding the
t non-ezistence of a default or eny other defense of Borrower to aoceleration and foreclosure. If the breach is not cured on or
° before t6e date epecified in the notice, Lender at Lender'e option may declare all of t6e sume secured by thia Mortgage to be
immediately due and payable without further demand and may forecloee this Mortgage by judicial proceeding. Lender shall be
entitled to collect in auch proceeding all e:pensee of forecloaure. including. but not limited to. reasonable attorney'e teea. and
coete of documentary evidence, abstracta and title reporta. '
19. Borrower's Right to Reinstate. Notwithetanding Lender'a acceleration of the aums secured by this Mortgage, Borrower ahall have
the right to have any proceedinge begun by Lender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing
~ this Mortgage if: (a) Borrower pays Lender all aume which would be then due under this Mortgage, the Note and notea eecuring Future
$ Advancee, if any, had no acceleration occurred; (b) Borrower curea all breachee of any other rnvenanta or agreementa of Borrower contained in
thia Mortgage; (c) Borrower paye all reasonable expensea incurred by Lender in enforcing the ~ovenante and'agreemewts~f-Berrolve~!
~ contained in this Mortgage and in enforcing I.endei s remedies as provided in paragraph 18 hereof including, but not limited to, reasonable
} attorney a fees; and (d) Borrower takes auch action as Lender may reseonably require to aasure that ihe lien of thia Mortgage, Lender's interest
in the Property and Borrower's obligation to pay the aums aecured by this Mortgage shall rnntinue unimpaired. Upon euch payment and c~re
~ by Borrower, this Mortgage and the obligations aecnred hereby shall remain in full force and effect se if no acceleration had occurred.
s 20. Aaeignmeat of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby aseigns to Lender the rente
~ of the Property, provided that Borrower aha11, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right
~ to collect and retain euch rente aa they become due and payable.
Upon aooeleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entided to have a receiver appointed by a
~ oourt to enter.upon, take poseeasion of and manage the Property and to rnllect the renta of the Property, including thoee paet due. A11 renta
~ ooUected by the receiver ahall be applied first to payment of the coata of managementof the Property and rnilection of rents. including. but not
~ limited to, receiver'e feee, premiums on receiver'e bonds and reasonable attorney a feea, and then to the anme eecured by thia Mortgage. The
receiver ahall be liabie to aooount only for thoee rente actually received.
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