HomeMy WebLinkAbout1755 8. Inspection. Lenders may make or caws b bs made reasonable entries upon and inspections of the pmperq?. Provided that Lender shall
give Borrower notice price b nay such inspection epsci~ying nasoaable caws therefor related b Lender's interest in tbs Ptnpeegi.
9. Condemnation. The peocesds of any award err claim foe damages, direct oc consequential. in connection with nay condemnation oar
other taking of the PmPerb?. or P~ or foe oonvsyanos in hen of ooademnatioa, are hereby assigned and shall bs paid b Leader.
In the event of a total taking of the Property. the proceeds shall bs applied b the sums secured by this Moetgags. wiW the assess, stagy,
paid b Borrower. In the event of a partial taking of the Propeely. unless Borrower and tondos otherwise agree is writing. there shall be
applied b We sumo secured by this Mortgage such proportion c[ the proceeds as is equal b that proportion which the amoant d the sums
essayed by this Moetttage immediately prior b the date of taking bean b the fair market valor of the Property immediately Prior b the date of
taking, with the balance of the proceeds Paid b Borrower.
V the Property is abandoned by Borrower. or if, ages notice by lender b Borrower that the oondemnoe offers b make as award or settle a
claim for damages, Borrower fails b respond b Lander within 30 days aR~ee the date ouch notice is mailed. tondos is authorised b collect and
aPPI.Y the Pis. at Lender's option. either b nstosation or repair of the propeety ore b the sums second by this Mortgage.
Unless tondos and Borrower othatwise agree in writing.any such appfi;,::~~~ "^'4'~1.4?;ninAgal shall ratextend a postpone the dw
date of the monthly installments nfernd b is paragraphs 1 and $ hereof or dsaa~s the amount of such installments.
10. Borrower Not Released. Extension of the time for paymaat or modificatka of amortisation of the sums secured by this Mortgage
granted by Leader b say successor in interest of Borrower shall rat operate b r+rlease, in any manner. the liability of the original Borrower
and Borrower's successors in interest. Leader shall not be required b commence proceedings against such successor or retues b elctrod time
for payment or otherwise modify amortisation of the sums secured by this Mortgage by reason of any demand made by We original Borrower
and Borrower's auocesson in interest. '
11. Forbearance by Lender Not a Waiver. Any forbearance by tondos in ezerciaing any right or remedy hereunder, a otheewise
afforded by applicable law, shall not be a waiver of or predade the exercise of any such right or remedy. The pr~ocnrement of insurance or the
P4Yment of taxes oe other liens or charges by trades shall not be a waiver of Lender's right b accelerate the maturity of the indebtedness
secured by this Mortgage.
12 Remedies Cumdative. All remedies provided in this Mortgage are distinct and armulative b eny other right or remedy under this
Mortgage oe afforded by law or equity. and mqy be exercised ooncurreiaW?, independently or suooessively.
13. Snooessors and Assigns Hound; Joint and Several Liability; Captions. The oovenaats and agreemeata herein contained shall
bind, and the righter hereunder shall snare .b, _the respective anooeeson end assigns erg Lender and Borrower. subject b the provisions of
paragraph 17 hereof All oovenanta and agreements of Borrower shall be joint and several The captions and headings of the paragraphs of
this Mortgage an foe coveaieace only and are not b be need b interpret or define the provisions hareo£
14. Notice. Exo~t for any notice required under applicable law b be given in another manner, (a) any notice b Borrower provided fce in
this Mortgage shall be gives by mailing such notice by certified mail addressed b Borrower at the Property Address or at such other address as
Borrower may designate by notice b Lender as provided herein, and (b) any notice b lender shall be given by certified mail, rehun receipt
requested, b Lender's address stated herein or to sud? other address as Lender may designate by notice b Borrower as provided herein. Any
notice provided for in this Mortgage shall be deemed b have been given b Borrower or Lender when given in the manner designated herein.
15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non-
uniform covenants with limited variations by jurisdiction b oonstitate a uniform security instrument covering real peoperty. This Mortgage
shall be governed by the law of the jnsisdiction in which the Property is located. In the event that any provision or douse of this Mortgage or
the Note conflicts with applicable law, ouch conflict shall not affect other provisions of this Mortgage or the Note which can be given effect
without the conflicting provision, and b this end the proviaioas of the Mortgage and the Note are doctored to be severable.
1& Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at tbe time of e:ecntion or after
recordation hereof.
17. Transfer of the Property; Assumption. ff all or any Part of the Property or an interest therein is sold or transferred by Borrower
without Lender's prior written consent, e:dading (a) the creation of a lien or encumbrance subordinate b 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 of any leasehold interest of three years or less not containing an option b purchase, Lender may, at Lender's option,
declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived each option to accelerate if, prior
In fl.a cola es tMnafwr T ondn~ and the oe:'oa t0 whom the Property i8 b be sold Ot transferred reach agreement is writing that the creditof ands
~ peeaon is satisfactory b Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall
i regaest. If Lender has waived the option b accelerate provided in this paragraph 17. and if Borrower's snoeeesor is interest has executed a
~ written assumption agreement accepted in writing by Lender. Lender shah ieiease Borrower from all obligations under this Mortgage and the
Note.
If Lender ezercises such option b accelerate. bender shall mail Borrower notice of acceleration in accordance with paragraph 14 heno£
Such notice shall provide a period of not lees than 30 days from the date the notice is mailed within which Borrower may pay the soma declared
due. If Borrows fails to pay such soma prior to the expiration of such period. Lender may. without further notice or demand oa Borrower,
invoke any remedies permitted by paragrauh 18 hereof.
18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or
agreement of Borrower in this Mortgage, including the covenantor to pay when doe any anms secured by this )Mortgage, Leader
prior to aoceleratfon shall mail notice to Borrower as provided is paragraph 14 hereof specifying: (1) the breach; (2) the action
required to care soda breach; (3) a date, not less titan 30 days from the date the notice is mailed to Borrower, by which such
breach mast be cared; and (4) that failure to care such breach on or before the date specified in the notice may resalt in
acceleration of the soma secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall
further inform Borrower of the right to reinstate after aooeleration and the right to assert in the foreclosure proceeding the
non•ezistence of a default or any other defense of Borrower to acceleration and foreclosure. It the breach is not cured oa or
before the date specified in the notice, Lender at Lender's option may declare all of the same secured by this )Mortgage to be
immediately due and payable without further demand 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. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have
the right b have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior b entry of a judgment enforcing
this Mortgage if: (a) Borrower payer Lender all same which would be Wen due under this Mortgage, the Note and notes securing Fbtare
Advances, if any, had ao acceleration occurred; (b) Borrower cures all breaches of say other covenants or agreements of Borrower contained in
this Mortgage; (c) Borrower pays all reasonable ezpeasee incurred by Lender in enforcing the covenants and agreements of Borrower
contained in this Mortgage and in enforcing Londe:'a remedies as provided in paragraph 18 hereof, indnding, but not limited to, reasonable
attorney's fees; and (d) Borrower takes such action as Linder may reasonably require b assure that the lien of this Mortgage, Leader's interest
in the Property sad Borrowels obligation b pay the auma secured by this Mortgage shall continue unimpaired. Upon such payment and cure
by Borrower, this Mortgage and the obligations secured hereby shall remain in felt force and effect as if no acceleration had occurred.
20. Assignment of Rents; Appointment of Receiver. As additional security hereunder. Borrower hereby assigns b Lender the rents
of the Property, provided that Borrower shall, prior b acceleration under paragraph 18 hereof or abandonment of the Property, have the right
b collect and retain ouch rents as they become due and payable.
Upon aooeleratioa under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled b have a receiver appointed by a
oo~nt to enternpon, take poeaession of and manage the Property and b collect the rents of the Property. inducting those past due. All yenta
wllected by We receiver shall be applied first b payment of the costa of management of the Property and collection of recta, indndiag, but not
limited b, receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the aurae secured by this Mortgage. The
receiver shall be liable to account only far those rents accnally received.
6~`~K3~6 Pa~E17~~5