HomeMy WebLinkAbout2184 8. Inspection. Lender may rooks or cause to be made reasonnbtr 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 some secured by this Mortgage, with the excess, if any,
paid W Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall be
:+pplied to the sums 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 W 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 is abandoned by Borrower, or if, after notice by Lender to Borrower that the rnndemnor offers to make an award or settle a
claim for damages, Borrower tails to respond to Lender within 30 days after the date such notice is mailed, Lender ie authorized to collect and
apply the proceeds, at Lender's option, either W restoration ur repair of the properly or to the sums secured by this Mortgage.
l/nless 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.
!(1. Borrower Not Reieased. Extension of the time for paym ant or modification of amortization of the sums secured by this Mortgage
granted by lender to any sucxea.4or in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower
:rod Borrower's sucY~essurs in interest. bender shall not be required to commence pn,ceeclings against such sumessor or refuse to extend time
t..r payment or otherwise mixlify amortization of the sums secrund by this Murtg:cgr by n•:iu,n of any demand made by theoriginal Borrower
and Borrower's successors in interest.
1 L Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise
:+fforded 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
p:+yment 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
~lurtrage or afforded by law or equity, and may be exercised concurrently, independently or successively.
1:3. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall
bind, and the rights hereunder shall inure to, the respective successors and assigns of [.ender and Borrower, subject to the provisions of
paragraph herc•c,f. 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.
1-t. Notice. Except for am• notice n•ctuired under applicable law, to he• given in anoth•~r manner, lad any notice ?o Borrower provided fur in
this Mortgageshall begiven by mailing such notim by certified mail addressed to Bormwerat the Property Addressor at such otheraddress as
Burrower may designate by notice to Lender as provided herein, and Ih) any notim to l.c•nder shall he given by certified mail, return receipt
rc•,tuestcd, to Lender's address stated herein or to such other address as Lender may designate by notice to Burrower as provided herein. Any
n. ~tic•e provided fi,r in this Mortgage shall be deettird to have been given to I3urrowcr ur Lender when given in the manner designated herein.
15. Uniform Mortgage; Governing [.aw; Severability. This form of mortgage combines uniform covenants for national use and non-
uniform covenants with limited variations by jurisdiction to a,nstitute a uniform security instrument covering real property. This Mortgage
shall }x• governed t?y the law of the jurisdiction in which the 1'ruperty is located. In the event that any provision or clause of this Mortgage or
the \ute conflicts with applicable law, such conflict shall nut affect other provisions of this Mortgage or the Note which can be given effect
~.ith~,ut the cc,nflicting pn,visiun, and to this end the provisions of the Mortgage and the Note are declared to be severable.
:ii. Burrov.•er's Copy. i3urruwer shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after
recurdatiun 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
H ithuut Lender': prior written consent, excluding lal the creation of a lien ur enc•umbrar:ce sulwrdinate to this Mortgage, (h1 the creation of a
' purchase money security interest fur household appliances, lc) a transfer by devise, d: scent or by operation of law upon the death of a joint
t,•nant or Id1 the grant of any leasehold interest of three years or less not a,nt.~ining an option to purchase, Lender may, at [.ender's option,
• - declare all the sums secured by This Mortgage to he immediately due and payable. Lender shall have waived such option to accelerate if, prior
t.. the sale or transfer, !.ender and the person to w•hum the i'ruperty is to he sold or transferred reach agreement in writing that the credit of such
person is satisfacG,n• to Ixnder and that the interest payable un the sums secured by this Mortgage shall he at such rate as Ixnder shall
nti~uest. If Lender has waived. the option to accelerate provided in this paragraph 1 7, and if l3urruw•er's successor in interest has executed a
«ntten ussumptiun ay,~reement accepted in writing by Ixnder. Ixndershall releaseBorrowerfn,m allobligation:underthisAiortgageandthe
i
ate.
If Ixnder exen•ise•s such option to accelerate. Ixnder shali mail Borrower noticeof acceleration in accordance with paragraph 14 hereof
E tiuch notice shall provide a pc•ric,d of nut Tess than :S(?da~ s from the date the notice is mailed ~rithin which Borrower may pa>• the sums declared
glue. If Borrmcer fails to pay sue•h scans prior to the expiration of such pericxl. Ixnder may, without further nutic•e or demand on liurruwer,
urvoke an}• remcdic•s permitted by p;vagraoh IK henr,f.
I lti. Acceleration; Kemedies. Except as provided in paragraph 17 hereof, ui?on Borrower's breach of any covenant or
agreement of Borrower in this Mortgage, including the covenants to pay when due any sumssecured by this Mortgage. Lender
l,riur to acceleration shall mail notice to Burrower as provided in paragraph 14 hereof specifying: (1) the breach; (l) the pption
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
t,re•ach 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 saleof the Property.The noticeshal)
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
},e•for~ the date specified in the notice. lender at Ixnder's option may declare all of the sums secured by this Mortgage to be
imme•dials!ydueandpayaMewithoutfurtherdemand.andmayforeclosethisMortgagebyjudicialproceeding.l.endershallbe
entitled to collect in such proceeding all expenses otfornclosure, including, but not limited to. reasonable attorney's fees, and
costs of documentary evidence, abstracts and title reports.
l4. Borrower's Right to Keinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall'nave
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: Ia1 Burrower pays !.ender ail sums which would be then due under this Mortgage, the Note and notes securing Future
:ldvancea,ifany,hadnoaccelerati~n~ccurred;Ih?BormwercuiesallbreachesofanyothercovenantsoragreementsofBorrowercontainedin
this Mortgage; Icl Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower
contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 1 R hereof, including, but nut limited tu, reasonable
~ a ttorney's fees; and i d? &,rrower takes such action as !.ender 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 effect as if no acceleration had occurred.
'L0. Assignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigns to I.endertherents
of the Property, provided that Burrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property. have the right
u, collect and retain such rents as they become due and payable.
w Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall he 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 W payment of the costs of management of the Property and collection of rents, including, but not
limited to, receiver's fees, 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 acmunt only for those rents actually received.
:;I;~~K 327 ~AGE2183
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