HomeMy WebLinkAbout1388 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that Lender shall
give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's 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 Burrower and Leader otherwise agree in writing, there shall be
applied to the soma secured by this Mortgage such proportion of the proceeds as is equal 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 Property immediately prior to the date of
taking, with the balance of the proceeds paid to Borrower.
If the Property ie abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a
claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to rnllect and
apply the proceeds, at Lender a option, either to restoration or repair of the property or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due
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 or modification of amortization of the sums secured by this Mortgage
granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower
and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time
for Payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower
and Borrow is successors in interest.
11. For~arance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise
afforded by applicable law, shall not be a waiver of br preclude the exercise of any such right or remedy. The procurement of insurance or the
payment of taxes or other liens or charges by Lender shall not be a waiver of Lender s right to accelerate the maturity of the indebtedness
secured by this Mortgage.
12 Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this
Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively.
13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein rnntained shall
bind, and the rights hereunder shall inure to, 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 to interpret or define the provisions hereof.
14. Notice. Except for any notice required under applicable law to be given in another manner, (a1 any notice to Borrower provided for in
this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as
Borrower may designate by notice to Lender as provided herein, and (b) any notice to I.epder shall be given by certified mail, return receipt
requested, to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any
notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
15. Uniform Mortgage; Governing I.aw; Severability. This form of mortgage combines uniform covenants for national useand non-
uniform covenants with limits?d variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage
tllUili Ue KU+ttLtYa Uy t1/r ldK Ul E1iC )Ul?biffliiUil i11 ivii~Cll ific ~'iu}si:ia~ :b iw.uu.-d. ~;:i: C :z.i ~.^.;j y^' : :t~_^•~ v~~.ti:.i ~u~~.^=e° u.
the Note conflicts 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 conformed rnpy of the Note and of this Mortgage at the time of execution or after
recordation hereof.
17. Transfer of the Property; Assumption. If all or any part of the Property or an 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, d.~acent or by operation of law upon the death of a joint
tenant or (d) the grant of any leasehold interest of three years or leas not containing an option to purchase, Lender may, at Lenders option,
declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such 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 aucb
I person is satisfactory to Lender and that the interest payable on the soma secured by this Mortgage shall be at such rate a8 Lender shall
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 assumption agreement accepted in writing by Lender, l,enderahall release Borrower from all obligations underthis Mortgageand the
Note.
If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in acrnrdance with paragraph 14 hereof.
Such notice shall provide a period of not less than 3odays from thedate the notice is mailed within which Borrower may pay the sums declared
due. If Borrower fails to pay such sums prior to the expiration otsuch period, Lender may, without further notice or demand on Borrower,
invoke any remedies permitted by paragraoh 18 hereof.
IS. 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 eovenanta to pay when due any sums secured by this Mortgage, Lender
prior to acceleration shall mail notice to Borrower 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 Borrower, by which such
breach must be cured; .and (4) that failure to cure such breach on or before the date specified in the notice may result in
acceleration of the sums 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 acceleration and the right to assert in the foreclosure proceeding the
non-existence of a default or any other defense of Borrower 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 ezpenaea of foreclosure. including, but not limited to. reasonable attorney's fees, and
coats of documentary evidence, abstracts and title reports.
19. Borrower's Right to Reinstate. Notwithstanding [.enders acceleration of the soma secured by this Mortgage. Borrowershall have
the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to 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 rnvenanta or agreements of Borrower rnntained in
this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower
rnntained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable
attorney 8 fees; and ldi Borrower 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 to 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 effeM ae it no acceleration had occurred.
20. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to Lender the rents
of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right
to collect and retain such rents as they become due and payable.
Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled to have a receiver appointed by a
court to enter-upon, take possession 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 costs of management of the Property and collection of rents, including, but not
limited to, receiver's tees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The
receiver shall be liable to account only for those rents actually received.
b~ 3zz P~1~~