HomeMy WebLinkAbout0011 8. Inspection. Lender may make or cause to Ire made reasonable entries upon and inspections of the property, provided that Lender shall
Kive Borrower notice prior to any such inspection specifying reasonable cause therefor related to Ixnder'a interest in the Property.
9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or
other taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender.
In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any,
paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall be •
applied to the sums secured by this Mortgage such proportion of the proceeds as is squat to that proportion which the amount of the sums
secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Properly immediately prior to the date of
taking, with the balanca of the proceeds paid to Borrower.
If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a
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:fpply the proceeds, at Lendei s option, either to restoration or repair of the property or to the sums secured by this hlottgage.
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone ttredue
date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments.
10. Borrower Not Released. Extension of the time for payment ur modification of amortization of the sums secured by this Mortgage
,;ranted by Ixnder to any successor in interest of Bormwer shall not operate tD rele:ese, in any manner, the liability of the original Borrower
and 13orn,wer's successors in interest. Lender shall not tx• required to c•Dmmence proceedings against such successor or refuse to extend time
f..r payment or otherwise modify amortization of thf• sums scf•urf•fl by this Mortgage by re:fsun of uny dcrnand made by the original Borrower
;uul l3urruwer's succ•f•ssr,rs in interest.
11. t:orbearance by Lender Not a Waiver. Any forbearance by Lender in exenising any right or remedy hereunder, or otherwise
afforded by applicable law, shall nut be a waiver of or pn••c•lude the exercise of any such right or remedy. The procurement of insurance or the
payment of taxes ur other liens or charges by Lender shall not be a waiver of [xnder's right to accelerate the maturity of the indebtedness
sr•~•ured by this Mortgage-
lY. Remedies Cumulative. x111 remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this
\L,rtrage or afforded by law or equity, and may be exerc•iseri cx,neurrently, independenth• or successively.
13-Successors and Assigns Bound; Joint and Several Liability; Captions. The cfn•enants and agreements herein contained shall
hind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and F3orrOwer, subject to the provisions of
p:cragraph 17 hermf. All covenants and agreements of &,rrower shall be joint and several- The captii,ns and headings of the paragraphs of
this :Mortgage are for cfn•enience only and are nut to Ue used tO interpret or define the provisions hereof.
1-t- Notiee. Except for am• notice required under applicable law to tx• given in another manner, ta? any notice to IiOrroK•er provided fur in
this Mortgage shall be given by mailing such notirn by certified mail addressed tD I3urmwer at the Prolx•rty Address or at such other address as
tium,w•er n.ay designate br notice to Lender as pmvidfd herein, and Ib) any notice to Lends: shall he given by certified mail, return receipt
r~•tuested, to Ixnder•s addrf:cs stated herein or to such other address as Lender may, designate by notice to Borrower as provided herein. Any
a•~rce provided fur in this Mortgage shall tee deemed to have txvn given U, fiom,wer Or Lender when given in the manner designated herein.
1 i. l'niform Mortgage; Governing Law; Severability. This form of mortgage combines uniform a,venants for national use and non,
uniform covenants :with limited variations by jurisdiction to fy,nstitutr a uniform security instrument p,a•ering real property. This Mortgage
~h:dl tx• Kocernf•fl Icy the law•,,f the jurisdiction in which the Prop: rty is Ifx•atfd. In the event tha! any provision or clause of this ~1Ortgageor
;'.e \ote conflicts with applicable law, such conflict shall nut affect other provisions of this Mortgage or the Note which can tx• given effect
+ahout the c•+mflic•ting pn,vision, and to this end the provisions of the Mortgage and the Note are declared to tx severrMe-
Ifi. Borrower's Copy. Borrower shall be furnished a cunforenfd ce,py of the Note and of this Mortgage at the time of execution Drafter
r„-onlation herf•of.
i Transfer of the I'rnperty; Assumption. If all or any, part of thf• Property ur an interest therein is sold or transferred by Borrower
•.rithuut 1 xnder•c prior written consent, excluding 4r? the creation of a lien or encumbrrrce sutx,rdinate tO this Mortgage, (b? the creation of a
:u~rchac• moos>• sf-r•urity interest fur household appliances, Ic•? a transfe* by devise, d:•scent or by Operation Df law upDn the death of a joint
c~•nant or td? the grant of any leasehold interest Of three years or lfs n:,t containing un option tO purchase, Lender may, at Lender's option,
i,•clare all thf• sums sef•umft by this Mortgage to be immediately due and payable. Ixnder shall have waived such option to accelerate if, prior
t. ~ the sale or transfer, Lender and the person to whom the Property, is to hesuld or transferred reach agreement in writing that the credit of such
t~~•rson is satisfactun• to Ixnder and that the, interest payable on the sums sf•c•urfcl by this Mortgage shall he at such rate as Lender shall
r.,?ue-st. If Lc•ndrr has :~-:?ivf•d thf• option to accflerate pruvidf•cl in this paragraph l7. and if KOrruwer's suc•cessur in interest has execulfd a
l .+rittenassumptionagn•ementac•ceptftilin:vritinKbvl.endf•r•IA•ndershallreleasel3nrruwerfromallubliKatinnsund~rthisllOrtgageandthe
\,•te.
if Lender exerr•isf•s such option G, acc•elf•rcte. I.f•nder shall mail Burn,wer notice of accelenction in accordance with paragraph 14 hereof.
P ~ui-h notice shall provide a peri„cl of not le.. than :{1?days from the date, thf• notice is rr.ail.rl ~•ithin which Rurro+vrr may pay thesums declared
~ia,•. ff Bom,:ve•r fills u, pac such sums prior to the expiration of such peri,xl• Ixnder m:+y• without further notice ur demand un Ix,rrower.
invoke uny remedies permitter) be p:frukr-.+uh i ti henti,f.
It3. Acceleration; Remedies. Exce t as rovidcd in
p p paragraph 17 hereof, upon Borrower's breach of any covenant or
agreement of Borrower in this 4ortgage, including the covenants Ur pay when due any sumssecured by this Mortgage, Lender
prior to acceleration shall mail notice to Borrower a.4 provided in paragraph 14 hereofspecifyinq: (1) the breach; ('l) the action
° required to cure such breach;131 a date, not less than 3U days from the date the notice is mailed to Borrower. by which such
~ breach must be cured; and 141 that failure to cure such breach un or before the date specified in tht
notice may result in
acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property.The noticeshall
further inform Borrower of the right to rc•instatc: after acceleration and the right to a_vsert in the foreclosure proceeding the
nun-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or
he•fore the date specified in the notice. Lender a' Lender's option may declare all of the sums secured by this Mortgage to be
immediately due and payable without turtherdf•mand and may foreclose this Mortgage by judicial proceeding. l.endershall be
t entitled to collect in such proceeding all +•xpenses otforeclosure, including, but not limited to, reasonable attorney's fees, and
cDtits of documentary evide•nc•e, abstracts and title, mports.
I l4. Borrower's Kight to Reinstate. Notwithstanding Lender's acceleration Df the sums secured by this Mortgage, Borrower shall have
~ t hr right tO h:eve any proceedings txgun by Lender tO enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing
~ this 4ortgage if: la? Borrower pays bender all sums which would be then due under this Mortgage, the Note and notes securing Future
:\dvances, if any, had nu acceleration occurred; tb1 Bormwercures all breaches of any other covenants or agrfcments of Borrowercontained in
!his Mortgage; tc1 Borrower pays all reasonable expenses incurred by bender in enforcing the covenants and agreements of Borrower
_ contained in this Mortgage and in enforcing bender's remedies as provided in paragraph 1K hereof, including, but nut limited to, reasonable
attorney's fees; and td? F3urn,wer takes such action as Ixnder may reasonably require to assure that thelien of this Mortgage, Lender's interest
in the Property and Borrower's Obligation to pay the Sums secured in• this Mortgage shall continue unimpaired. Upon such payment and cure
i,y Burrower, this Dortgage and the obligations secured hereby shall remain in Cull force and effect as if no acceleration had occurred.
20- Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents
~.f the Property, provided that Burrower shall, prior to acceleration under paragraph 1R herc•Of Orabandunment of the Property, have the right
~ to collect and retain such rents as they trecome due and payable.
Upon acceleration under paragraph lt3 hereof or abandonment Of the Property, Ixnder shall be entitled to have a receiver appointed by a
cY,urt to enter upon, take pDSSession of and manage the Property and to collect the rents Of the Property, including those past due. All rents
collected by the receiver shall be applied first to payment of the cost.4 of management of the Property and collection of rents, including, but not
limited to, receiver's fees. premiums an receiver's txrnds and reasonable attorney's fees, and then W the sums secured by this Mortgage. The
receiver shall be liable G, account only for those rents actuaL'y received.
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