HomeMy WebLinkAbout1174 .
' ! ~ ~ i y~! t
8. Inapectlon. Lender may make or cause b bs 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. Coadeatnation. The proceeds of any award or claim for damages, dieect os consequential. is connection with any oondemanation or
other taking of the property, or pari thereof, or for conveyance in lien of condemnation. are hereby assigned and shall be paid b Lauder.
Ia the event of a btal taking of the Property, the proceeds shall be applied b the sums secured by this Mortgage, with the e:oess, ii any,
paid b Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, then shall be
applied b the sums secured by this Mortgage such proportion of We proceeds as is equal b that proportion which the amount of the snms
secured by this Mortgage immediaWy prior b the date of taking bean b the fair market value of the Property immediately prior b We date of
taking, with We balance of the proceeds paid b Borrower.
If the Property L abandoned by Borrower, or if, alter notice by Lender b Borrower that the condemnor offers b make an award or settle a
claim for damages. Borrower fails b respond b Leader within 30 days after the date such notice is mailed, Lender is authorised b collect and
apply the proceeds, at Leader's option. either b restoration or repair of the property or b the awns secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds b principal shall not extend or postpone thedue '
date of the monthly installments referred b in paragraphs 1 and 2 hereof or change the amount of each instathnents.
t0. Borrower Not Released. Extension of the time for payment or modification of amortization of the soma secured by this Mortgage
granted by Lender to any successor in interest of Borrower shall not operate b please, in any manner, the liability of the original Borrower
and Borrower's successors in interest. Lender shall not be required b commence proceedings against ouch successor or refuse to extend time
for payment or otherwise modify amortization of the soma secured by this Mortgage by reason of any demand made by the original Borrower '
and $orrower
a auoceason in interest.
11. Forbearance by Leader Not a Riaiver. My forbearance by Lender 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 such right or remedy. The procurement of insurance or the .
payment of ta:ea or other Dena or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness
secured by this Mortgage.
1Z 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 exerrise+i ooncuurentiy, independently or successively.
23. Successors sad Assigns Bound; Joint and Several Liability; Captione.'lbe covenants and agreements herein contained shall
bind, and the rights hereunder shall inure b. the respective successors and assigns of Lender and Borrower, subject to 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 to be used b interpret or define the provisions hereof.
14. Notice. Except for any notice required under applicable law to be given in another manner, (e) any notice to 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 ee
Borrower inay designate by naticc b Lender ss provided herein, and (b) any notice b Lender shall be given by certified mail, return receipt
requested, to Lender's address stated herein or to such other address as Leader may designate by notice to Borrower as provided herein. Any
notice provided for in this Mortgage shall be deewed to have bcen given to Borrower or Lender when given in the manner designated herein.
15. Uniform Mortgage; Goveraiag Law; Severability. This form of mortgagecombines uniform covenants for national use and non-
uniform rnvenanta with limited variations by jurisdiction to constitute a uniform security instnn~ent covering real property. This Mortgage
shall be gavemed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or
the Note conflicfs with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect
without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable.
16. Borrower's Copy. Borrower shall be furnished a rnnformed copy of the Note and of this Mortgage at the time of execution or after
recordation hereof.
17. Transfer of the Property; Assumption. If alI or any part of the Property or as interest therein is sold or transferred by Borrower
without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to 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 o! any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender's option,
declare alt the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived each option to accelerate if, prior
to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such
person is satisfactory to Lender and that the interest payable on the soma secured by this Mortgage shall be at such rate as Lender shall
request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has executed a
written assumption agreement accepted in writing by Lender, Lender shall release Borrower from ail obligations under this Mortgage and the
Note.
If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof.
Such notice shalt provide a period ofnot leas than 30 days from thedate the notice is mailed within which Borrower may pay the soma declared
due. If Borrower fails to 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 ae provided in paragraph 17 hereof, upon Borrower's breach of any covenant or
agreement of Borrower in this Mortgage, including the covenants to pay when due any soma secured by this Mortgage, Lender
prior to acceleration shall mail notice to lsorrower 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 is mailed to lsorrower, by which such
breach moat be cared; and (4) that failure to cure such breach oa or before the date specified in the notice may result in
acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding sad sale of the 1Property. T'he notice shall
further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the
non-eziateace of a default or any other defense of 13or~rower 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 furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall be
entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and
costs of documentary evidence. abstracts and title reports.
19.13orrower's Right to Reinstate. Notwithstanding I.ender'aacceleration ofthe soma secured by this Mortgage, Borrower shat! have
the right to have any proceedings begun by Lender to enforce this Mortgage disrnntinued at any time prior b entry of a judgment enforcing
this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future
Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in
this Mortgage; (c) Borrower pays ail reasonable expenses incurred by Lender in enforcing the oovenante and agreements of Borrower
contained in this Mortgage and in enforcing Lender
s remedies sa provided in paragraph 18 hereof, including, but not limited to, reasonable
attorney's fees; and (d)13orrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest
in the Property and Borrower's obligation b pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure
by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had oexurred.
20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents
of the Property, provided that Borrower shalt, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right
b rnllect and retain such rents as they become due and payable..
Upon acceleration under paragraph I8 hereotor abandonment of the Property, Lender shall be entitled to have a receiver appointed by a
court to enter~upon, take posses$ion of and manage the Property and b rnllect the rents.of the Property, including those past due. All rents
collected by the receiver shall be applied first to payment of the costa of management of the Property and collection of rents, including, but not
limited b, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums second by this Mortgage. The
receiver shall be liable to account only for those rents actually received.
~sjoK 314 PMcf 1.68