HomeMy WebLinkAbout26258. Inepection. I.ender mey make or cauee to be made reusonable eniries upoo and inapectiune of the property, provided that l.ender ahall
give Borrowar notice prior to any auch inapection epecifying reaeonable cause therefor mlated to l.ender'e i~tereet in the Property.
9. Condemnation. The proceeda of any award or claim for damagee, dinrt or conaeyuential, in connectio~ with a~y rnndrmnation or
uther taking of the pmperty, or part there~f, or for conveyance in lieu of condemnation, are hereby aeaiqned and ahall be paid to I.ende~.
In the event of a totAl taking of the I'roperty, the pra.-eeds sh~ll be applied to the eums eecured by this Mortgaxe, with the excese, if any,
paid to Eiorrower. In the event of a partial taking of the Properiy, unlee~a 13orrower and l.ender otherwiee a~ree in writing, there ahall be
upplied to the sums aecured by thie Mortgage auch proportion of lhe procrrds as ia equal to ihat propurtion which the amount of the suma
xecured by this Mortgage immediately prior to the date of taking bears to the fai~ market value of the E'roperly immediately prior to the date of
txking, with the balanca of the procecds paid to Aorrower.
If the Property is abandoned by Borrower, or if, aRer~notice by l.ender to Borrower that the condemnor offers to make an award or aettle a
claim for damages, Borrower fails W respond to Lender within :~0 daya after the date auch notice is mailed, I~ender is authorized tocollect and
~ipply the proceeda, at l.ender'a option, either to mstoratiun or repair of the property or to the aums aecured by this Mortgage.
Unless l.ender and Borrower otherwise agree in writing, any euch application oipra~eeda to principal ahall not e:tend or poatpone lhe due
ciate of the monthly installments referred to in paragraphs 1 and 2 hemof or change the amount of auch inetallmente.
10. f3orrower Not Releaaed. Extension of the time for paym ~nt or modificaliun of amortization of the suma secured by this Mortgage
Kr:inted by l.ender to any succeasor in interrst of f3orrower shall not uperate to rele:~se, in any mAnner, the IiAbility of the originAl 13orrower
and f3orrower R succes.gora in intemst. I~ender ahall not be required to commence pn,cecdings .-gt-inst such succesaor or rn[uxe to extend time
f~ ~r puyment or otherwise modify amurtization otthe Kums s~rurecl hy this MortKage b}~ m~~son uf xn~ demand made by theoriginal Borrower
:~nd liorrower s sucYY:SU,rs in interest.
11. Forbearance by Lender Not a Waiver. Any forbearancp by l.ender in exemieinK any right or cemcdy hernunder, or otherwiae
afforded by applicable law, shall not be a waiver of or preclude the exerciae of ~ny such right or remcdy. The procurement of inaurance or the
E~~-yment of taxes or other liens or chargea by l.ender shnU nut be a waiver of l.ender e right to accelerate the maturity of the indebtednesa
,crumd by thia Mortgage.
12_ Nemediea Cumulative. All remedies pro~lded in thia Mortqage are dislinct and cumr.lative ta any other right or remedy under thia
Atortrage or afforded by law or equity, and may be exerriscyl eoncurrently, independently or successively.
13. Successors and Assigne Bound; Joint and Severa! Liability: Ceptiona. The cove~anta and agreemenla hernin contained ahall
t~ind, and the righls hemunder shxll inuce to, the respeclive successora and usaigns uf l.ender and Korrower, aubject to the proviaiona of
p:-r.igr~ph l7 hereof. All covenanls and ngreements uf Borrower shall be juint and several. The captions and headinKs of the paragraphs of
this Niurtgage arn for covenience only and are not to be used to interpret or define the proviaions hereof.
14. Notice. Excrpt for any nutice reK~uired undcr .~pplicable 1<iw to Fm Ki~en in ~noth~r manner, lal any nntice tu &-m,wer provided for in
t h is ~tort~aKe shalt be given by mailing such nolice b~ certified maii addreased to Rorrower nt the I'roperty Address ur at such other addresa as
Iturrower may designate by notice to Ixnder as provided hemin, and lb) any notice to I.ende: shnll be given by certified mail, return receipt
rtquested, to l.ender's address stated herein nr to such other address as l.ender may designate by notice to I3orrower aR provided herein. Any
nutirn provided for in this Mortgage shall be deemecl tc- have bc~en gieen to Borrower or I.ender when given in the manner designated hernin.
15. lTniform Nortgage; Go~ erning Law; Severability. This form o[mortgaKe cumbines uniform cuvenanls for nationai use and non-
uniform ccn•enants w~th limitecl ~•ariationa by jurisdiction to constitute a uniform security instrument cu~erin~ real property. This Mortgage
:hzill be Koverned b~ the law of the jurisdiMion in which the Pmperty is Icxated. In the event that any pro~ ision or claur,e of this Mortgage or
±hr \ote conflicts w~th applicable law, such contlict shall not affect other provisiona of this MortQage or the Note which can be given eftect
withuuf the rnn1]ictinK provision, and ta this end the pro~•isions of the MortKage and the Note are deciared to bc severable.
16. Borrower's Copy. F3orrower shali be furnished a conforned mpy ot the 1\ote und of this Mortgage at the time of execution or after
r«r~~rdation hereof.
17. Transfer ot the Property; Aasumption. If all or any parl of the E'roperty or an interest therein is sold or tranaferred by Bortower
~~ithout I,ender s prior w~ritten consent, excluding la) the creatiun of a lien or encumLrance subordinate to this Mortqage, lb) the creation ot a
E~o rchase money security interest for household appliances, (c1 a lransfer by devise, descent or by operation of lave upon the death of a joint
tenant or (d1 the Krant of any leasehold interest of three years or less not containing an optiun to purchase, l.ender may, at Ixnder s option,
~1~•clare all the sums securea by this AlortgaKe to br immediately due and payable. l.ender shall have waived such option tu accelerate if, prior
t~~ the sale or transfer, I.ender and the person to whom the Property is to be sold or transferrcd reach aKreement in writing that the credit of auch
p~~rson is satisfactory to I.ender and that the interest payablr on lhe sums secvreei b~ thi:~ 4lortgaKe shall be at such rate as I.ender shall
r~K~utst. (f I.c~nder has Naived the uption to acce•lerate prm~idt~c! in this paraKraph 17, and if Korrower's succt~sor in interest has executed a
~•ritten assumption aKreeme~t acceptc~l in writinK by I.ender, (.endershall release Borruwer fram all obligations underthis Mortgage and the
\ ute-
If Ixndrr exercises such option to accelerate. I.ender shall mail Kc,rruwer noticeof acceleratiun in acrnrdance w•ith paragraph 14 hereof.
tiuch notim shall provide a period of nut lc~s than 30da~s frum the•d.ite the nuticY i~ mailed within w•hich Borrowerma~ pav thesums dec:ared
due. If Borruw•er failti to pay~ such sums prior to the expiration uf sach periucl, Ixn~ler m.+~, w•ithout furthrr notirn or demand on ~3orrower,
~m~oke any remeclics permittcYl by par.~Kraoh 1K hercriL
18. Acceleration; Remedies. Except as pruvided in paragraph 17 hereot. upon Rorrower's breach of any covenant or
a~reement of Borrower in this ylortgage. including the covenants to pay when due any sumesecured by this Mortgaqe. Lender
prior to acceleration ahall mail notice to Borrower as provided in pt-ragraph 14 hereotepecifying: (1) the breach;(2) the action
required to cure such breach;131 a date. not less than 30 days from the date the notice ia mailed to Borrower. by which euch
breach muet be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in
t+cceleration of the aums aecured by this Mortgage. foreclosure by judicial prceeeding and sale of the Yroperty. The notice ehall
further inform F3orrower of the right to reinstate after accelrration and the right to axsert in the toreclosure proceeding the
non-existence ota detault or any other detense of Rorrower to acceleration and toreclosure. If the breach ie not cured on or
tx•for~ the date apecified in the notice. Lender at Lender'a option may declare al) of the sumR secured by thie Mortgage to be
immediately due and payable without turtherdemand and may toreclose lhis Mortgage by judicial proceeding. Lender shall be
rntitled to collect in such ~+roceeding all expenses of forecloAUrn. including. but not limited to. reasonable attorney's fees. and
~•osts of documentary evidence. abstracts and title rnporta.
19. Borrower's Right to Reinatate. Notwithst~~ndinK I.ender's acceleration of thesumssecured by this Mortgaqe, E3orrowershall have
the right to have any proceedings beKun by I.ender to enforce this MortqaKe discontinued at any time priur to entry of a judqment en[orcinK
this Mortgage if: la) E3ormwer pays [.ender all sums which would be then due under this Mortgage, the Note and notes securing Futum
Advances, if any, had no acceleration occurred; t b) E3orrower cures all breachea of any other coven ants or agreements of Borrower contai ned in
this Mortgage; Ic> Borrower pays all reasonable expensefs incurred by I~ender in enforcing the covenanta and agreements of I3orrower
cY~ntained in this Mortgage and in enforcing [.ender e remedies as provided in paragraph lShereof, includinq, but not limited to, reasonablc~
~ittorney's fees; and Id- Borrower takes such actiun as (.ender may reasonably require to assure that the lien of this Mortgage, I.ender e interest
in the Property and Bormwer's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Llpon such payment and cure
by E3~rrower, this Mortgage and the obligationa secured hereby ahall remain in tul) force and ef[ect as if no acceleration had orcurred.
Z0. Aseignment of Rente; Appointment otReceiver. As additional security hereunder, f3orrower hereby asaigna to Lenderthe 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 d~~e and payable.
Upon acceleration under paraRraph 18 hereof or abandonment of the Property, l.ender shall be entitled to have a receiver appointed by a
court to enter Lpon, take possesjsi~~n of and manage the Property und to collect the rente ot the Property, including those past due- All rents
~rollected by the receiver shall be applied firat to payment of the rnstx of management of the Pmperiy and collection of rente, including, but not
limited to, receiver's feex, premiums on receiver's bonds and reasonable attorney's fees, and then to the aums secured by this Mortgage. 7'he
receiver ahall be liable to acoount only for those renta actually received.
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