HomeMy WebLinkAbout2895 ' • i 1 . 1 .
~ .
. ~ ~
8. Inspectioa. Lender aaqy make or cau~e to be made reawnable entrie~ upon and inspections of tha pmperty. pmvided that Lender shaU
give Boerower notice prior to any such iaapection specifying reasoneble cause therefor related to Lender's interest in tha Proparty.
9. Condemnadon.'l~e pzoceeds of any award or claim for damagea, direct or consequential, in rnnnection with any ooadea?nation os
oth~ taidng of We pmperty. or part thereof. or for convayaaoe in lieu of oondemnation, an h~reby assigaed and ahaU be paid to LeAder.
In the event of a total taking of the Property. the pmceeds shall be applied to the sums secured by this Mortgage, with the esoess. if anY.
paid b Borrower. Ia the event of s partial takin8 of the Propetty. ~iulees Borrower and Lend~ otherwiee agree in writing, there ehall be
appUed to the sums secund by thia Mortgage such proportion of the pmceads aa ia equal to that proportion which the amount of the swns
secured by fhis Mort~age imunediately prior to the date of taking bears to the fair market value of the PropeKy immediately prior to the date of
tating~ with the balanoa of the prooeeds paid to Bosrower.
If the Properly ie abaadoaed by Borrower. or if. aRer notioe by Lender to Borrower that the rnndemnor offers to make an award or settle a
claira fos damages, Borrower fails to respond b Lender within 30 days aftar the date euch notice ie mailed. Lender is authorized to rnUect and
apply We pr~ceeds, at I.ender's option, either to restoration or repair of the property or to the sums eecured by this Mortgage.
Unless Lender and Borrower otherwise agree in wetinB~ any euch application of proceede to principal ahall not extend or postpone the due
date of the monthly instalimentu referred to in paragraphs 1 and 2 hereof or change the amount of auch inataltments.
10. Borsower Not Releaeed. Extension of the time for paymsnt or modificatio~ of amortization of the auma eecured by thie Mortgege
granted by L.ender to any succeaeor in interest of Borrower ahall not operate to releaee, in any manner, the liability of the original Borrower
and Borrower's suoceasots in intereat~ Lender ahall not be required to oommence proceedings againet euch eucceseor or refuse to e:tend time
for payme~t or otherwise modify amortization of the suma secured by this Mortgage 6y reason of any deraand made by the original Borrower
and Borrower's auccesaore in intereat.
11. Forbearance by I.ender Not a Waiver. Any forbearance by Lender in e~cenieing any right or remedy hereunder. or otheiwise
afforded by applieable law. ahall not be a waiver of or preclude the e:erciee of any auch right or remedy. The proc~rement of ineurance or the
payment of tases or other liene or chargee by Lender shall noi be a waiver of Lender's right to eocelerate the maturity of the indebtednese
aecured by this Mortgage.
12 Remediea Cumulative. All remediee provided in this Mortgage are distinct and cumulative to any other right or remedy under thie
Mortgage or afforded by law or equity, and may be ezerciee~l ooncurrently, independently or succeasively.
13. Sueceasors and Aesigae Bound; Joint and 3everal Liability; Captioas. The covenante and agreementa herein contained ehall
bind, and the righte hereund~ ehall innre to, the reapective aucceeeors and aseigna of Lender and Borrower, subject to the provisions of
paragraph 17 hereof. All covenants and agreemente of Borrower shall be joint and eeveral. The captione and headings of the paragrapba of
thie Mortgage are for covenience only and are not to be used to interpret or define the pmvisione hereof.
14. Notice. Except for any notice required under applicable law to be E[iven in another manner, (a) any notice to Borrower provided for in
thie Mortgage ahall be given by mailing auch notice by certified mail addreaecd to Bormwer at the Property Addresa or at such other addreee se
Borrower may deeignate by notice to I.ender as pmvided herein, and (b) any notice to I.ender ehall be given by certified mail, return reoeipt
requested, to Lender'e addrese atated~herein or to auch other address as Lender may designate by notice to Borrower an provided herein. My
notice pmvided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein.
15. Uniform Mortgage; Governing Law; Severability. Thie form of mortgage rnmbinea uniform oovenants for national use and non-
uniform eovenants with limited variationa by juriediction to oonetitute a uniform security inatrun~ent covering real property. This Mortgage
shall be goveraed by the law of the juriadiction in which the Property is located. In the event that any provinion or clause of thie Mortgage ot
the Note contlicts with applicable law. such conflict shall not affect other provisiona of this Mortgage or the Note which can be given effect
without the oonilicting provision, and to thia end the provisions of the Mortgage and the Note are declared to be eeverabte.
16. Barrower'e Copy. Borrower shall be furniahed a rnnformed rnpy of the Note and of thia Mortgage at the time of execution or after
recordation hereof.
17. Tranafer of the Property; Aeaumption. It all or any part of the Property or an interest therein ia sold or tranaferred by Borrower
without Lender's prior written consen~ ezcluding (a) the creatian of a lien or encumbrance subordinate to thia Mortgage, ~b) the creation of a
purc~ase money security interest for houaehold appliances, (c) a transfer by devise, d~oent or by operation of law upon the death of a joint
tenant or (d) the grant of any leasehold intereat of three yeara or less not oontaining an option to purchase, Lender may. at Lender's option,
dectare all the suma secured by this Mortgage to be immediately due and payable. I.ender ehall have waived such option to accelerate if, prior
! to the sale or tranefer, Lender and the pereon to whom the Property ia to be sold or transferred reach agreement in writing that the credit of auch
'E person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shaU be at such rate as Lender aha11
; request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a,
~ written asaumption agreement accepted in writing by Lender, Lender ahall releaxe E3orrower from all obligationa under this Mortgage and the
E .
I IVOLE!.
3 If Lender exercises auch option to accelerate, Lender shall mail ~3orrower notice of acceleration in accordance with paragraph 14 hereof.
~ Such notice shall provide a period of not leas than 30 days from the date the notice is ~r.ailed within which Borrower may pay the aums declared
due. If Borrower fails to pay such aums prior to the expiration of such period, [.ender may, without further notice or demand on Horrower,
~ invoke any rnmedies permitted by paragraoh 18 hereof.
~ 18. Acceleration; Remedies. Ezcept ae provided in paragreph 17 hereof, upon Borrower's breach of any oovenant or
agreement of Borrower in thia Mortgage, including the oovenants to pay when due any sume secured by thie Mortgage, Lender
prior to acceleration ehell mail notice to Borrower es provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action
required to cure auch breach; (3) a date, not lese t6an 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 epecified in the aotice may res~lt in
~ acceleration of the sums eecured by this Mortgage. forecloaure by judicial proceeding and sale of the Property. The notice ehall
~ fnrther inform Borrower of the right to reinstate aRer acceleration and the right to a8eert in the foreclosure proceeding the
non-ezistence of a default or any other defenee of Borrower to aceeleration and forecloaure. If the breach ie not cured on or
before the date specified in the notice, Lender at Lender's option may declare sU of t6e eums secured by this Mortgage to be
~ immediately due and payable without further demand and may torecloae this Mortgage by judicial proceeding. Lender ehall be
entitied tb collect in such proceeding all expenses of foreclosure. including, but not limited to. reasonable attorney's fees. and
~ costs of documentary evidence, abstracte and title reports.
19. Borrower's Right to Reinstate. Notwithatanding I.ender
s acceleration of the auma secured by thia Mortgage. Borrower shall have
the right to have any proceedinga begun by Lender to enforce thia Mortgage diacontinned at any time prior to entry of a judgment enforcing
~ this Mortgage if: (a) Borrower pays Lender all aums which wouid be then due under this Mortgage, the Note and notes eecuring Future
Advances, if any, had no acceleration occurred; ~b) Borrower cares all breaches of any other covenanta or egreements of Borrower contained in
~ thie Mortgage; (c) Borrower pays all reaeonable e:penees incurr+ed by Lender in enforcing the oovenante and agreementa of Borrower
~ contained in thie Mortgage and in enforcing,I.ender'a rnmedies as provided in paragraph 18 hereof, including, but not limited to, reaaonable
attomey's feea; and (d) Borrower takes such action as Lender may rnasonably requ'ue to aaeure that the lien of thie Mortgage, Lender'a intereet
in the Property and Borrowei a obligation to pay the aums aecured by this Mortgage ahall rnntinue unimpaired. Upon auch payment and cure
= by Borrower, thie fVlortgage and the obligationa secured hereby shall remain in full force and effect aa it no acceleration had occurred.
~ 20. Aeeignment ot Rente; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby aeaigns to Lender the rente
~ of the Property. pmvided that Borrower ehall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right
• to collect and retain auch rents aa they become due and payable.
~ Upon acceleration under paragreph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a
~ oourt to entet-upon, take poeseaeion of and manage the Property and to rnllect the renta of the Property, including those past due. All rents
~ oollected by the receivet ahell be applied firat to payment of the oosts of management of the Property and collection of rente, including, but not
~ limited Lo, receiver a fees, premiums on receiver's bonda and reasonable attorney a feea, and then to the aums eecnred by thie Mortgage. The
~ receiver ahall be lieble to aooount only for thoee rente actually received.
~
~ c~~7K PAGE~O~ ~
f
~
~ ~