HomeMy WebLinkAbout10178. III~pl.`~'~~O[I. l.ender may make or cause to be made reasonable entriea upon and inepections oithe property, pmvided that laader shaU
Kive Borrower r-otice prior b any auch inspection epecifying reawnabk ~use therefor releted W I.ender'~ inte~est in the Property.
9. Coademnation.'Rte proceeds of any award or claim for damages, direct or rnneequential, in con~ectio~ with any ooadea-natioa or
~~ther taking ot the pmperty, or pari thereof, o~ for conveyanoe in lieu o[ oondemnation, are hereby aasigned and ahall be paid eo l.ende~.
!n the event of a total taking o! the Property, the proceeda ahall be applied to the auma secured by this Morigage, with the ezceas, if any,
paid to Borrower. 1~ the event of a purtial taking of the Property. unlees Horrower and l.ender otherwise agree in writing, there shall be
applied to the suma eecured by thie Mortgage euch propo~tion of the proceeda ae ia equal to that proportio~ which the amount of the suma
secured by this Mortgage immediately prior w the date of taking bears w the fair market value oithe Property immediately prior to the date of
caking. with the bulance of the proceeda paid W t3orrower.
lf the P-operty is abandoned by Bomower, or if, after notice by Lender to Borrow~er that the rnndemnor of'fe~s to make an award or settk a
rlaim tor damagea. Borrower faila w rPapond to Ixnder within 30 days after the date euch notice is mailed, l.ender is authocized to rnllect and
apply 1he proceeds, at l.ender's option, either to reatoration or repair of the property or to the aums aecured by this Mortgage.
Unlese l.ender and Borrower othenviee agree in writing, any auch application o[proceeds to principal ahall not e:tend or postpone the due
dz~te of the monthly inataAme~ts referred to in paragraphs 1 and 2 he~eof or change the amount of such instaUments.
10. fiorrower Not Released. F.xtension of the time for paymrnt or modification of amottization of the sums aecured by this Mortgage
~;rant2d by I~ende~ to any successor in interest of Rorrower shall not operate to release, in any manner, the liability ot the original Borrower
:ind I;orrowrr's aucYrssurs i~ interest. l.ender shs-t! not be required to commence proceed~nga against such succeasor or refuse to e:tend time
fi~r pa> ment or otherwise modify amurtization of thr sums ~ecured by this MortgaKe by reason of an> demand made by theoriginal Borrower
.~nd Knrrower s .~uccc:~u~rs in intenst.
11. Forbearanee by Lender Not a Waiver. Any forbearance by i.ender in e:erciaicy~ an} right or rnmedy hereunder, or othervviee
:~ fforded by appliceble law, ahall not be a waiver of or preclude the exerciee of any auch right or remedy_ 11~e procurement of inaurance or the
F,~tyment of taxea or other liena or chargea by l.ender shall not be a waiver of Irnder'a right to accelerate the maturity of the indebtedneea
:rcured by thia Mortqage.
12 Remedies Cumulative. All mmedies provided in this Nortgage are distinct and cumclaUve to any other right or remedy under thia
~torti-age or afforded by law or equity, and may be eaerrise~l concurrenUy, independently or succesai~ely_
13. Succesaors and Aseig~e Bound; Joint and Several Liability; Captione.7l~e covenanta and agreementa herein contained shall
t~ind, and the rights hernunder shall inure to,lhe respective succrssore and assigns o! I.ender`and Elorrower, subject to the pro~~isiona of
p:+ragraph 17 hereof. All rnvenants and agreements of I3orrower shall M joint and aeveral. The captions and headings oithe paragrapha of
this Mortgage sre for covenience only and are not to be uaed to interprnt or define the proa~isions hereof.
14. Nolice. F.xcept for any notice required under applicable lavr to t+e ~Ci~~en in anoth:~r m~nner. ~a- any nutice to Borrovver provided for in
t h is Mortgage shall be given by mailinK such notice by certified mail addresaed to fiorrower at the Pruperty Address or at gucA ot~er addreas as
i;urrower may deaignale by notice to I.ender se provided herein, and Ib- any notirn to Iander ahall be gi~en by rertified mail, return receipt
nquested, to I,ender's address stated herein or to such othcr addrees as I.ender may designate by notice to Borrower as provided herein~ My
n~ ~tice provided for in this Mortgage ahal! be deemed to have been given to E3orrov-er or Lender when given in the manner designdted herein.
1 S. Uni[orm Mortqage; Governi ng l.aw; Severability. Thia form of mortgaQe combines uniform covenanta for natioaal use and non-
u niform co~•enants w~th limited variatiuns by jurisdidiun ta constitute a uniform scrurity instrument ctivering ceal property_ This ~toRgage
.hall be governcd b~ the law of the jurisdiction in which the F'ruperty is located. ln the e~ ent that any pru~-ision or clause of this Nortgage or
the `ote conflicts with applicable law, such conilict sha~ not affect other pro~isions of this ~1~rtga~te or the \ote which can be gi~en effirt
.••ithout the conflictinR provision. and to this end the pro~~sions uf the ;lfortgaqe and the tiote am declared to be severabir_
16. Eiorrower'a Copy. f3orrower shall be furnisi~ed a confor.ned copy of the \ote and of t2iis ~iortgaqe at the time of e:ecution or aftrr
rt~c~urdation hereof.
17. Trana[er of the Property; Assumption. If al! or any~ part of the E'ropert~ or an intereat therein is sold or tranafernd by E3orrower
w~ithuut l.ender's prior written consent, excluding la) the creation of a l~en or encumbrance suburdinate to this ~lortgage, tb- the creation of a
purchase muney security intereat for houaehold appliances, lel a transfer by de~~se, d;scent or b~ operation of law upon the death of a joint
tenant or ld) the Qrant nt any leasehold interest of three years or less not containing an opUan to purchase, lsender may, at Lender s option,
dcrlare all the sums securecf by this MortgaRe to be immediatel~ due and payable. l.ender shall have wai~•ed such option t~,accelerateif, prior
t~, the sale or tranafer, l.ender and the person to v- hom the Property is to be sold or transferred reach agreement in v--riting that the credit of such
person is satisfacton to Ixnder and that ihe interrst payable an the sums securcd by this MortgaRr shall be at such rate as l.ender shall
rf~caucst. (f I.ender has ~raived the option to accelerate pro~•ided in this prraMCraph 1 i, and if Eiorruw•er's succcssor ~ interest has executed a
~ ritten assumptiun aKreement accepted in w~ritinK b~• l.endrr, l.ender shall release Borrov-er from ali ubligations und'er this ~[ortgage and the
~ nte_
If I.ender exercises such option U~ accelerate, Ixnder shaii mail Bc,rruv-er notireof acceleration in accordance Kith pazagrapt- 14 hereof.
~uch notice shall pro~•ide a period oCnot less than :it1 days trum the date thr not~ce is mailcKl within v-hich F3nrruvrer ma~ pa~ thesums declared
~1ue. If f3orruw~er fails tu pay such sums prior to the expiratiun of such period, I.ender m~>~, w:ihout further nouce or drmand on liorrower,
invokeam• remrdit..w permiu~d b~• paraKraoh lt~ hereof.
18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof. upon Borrower a breach ot any covenant or
a~Rreement ot E3orrower in this Mortgaqe, including the covenanta to pay when due any aums secured by this Mortgage. Lender
prior to acceleration ehaU mail notice to Borrower as provided in paragraph 14 hereofspecifying: (I Ithe breach;(2-theaction
reyuired to cure such breach; (3) a date. not less than 30 days from the date ihe notice is mailed to Borrower. by whic6 such
breach muat be cured: and (41 tl~at failure to cure such breach on or befom the date specified in the notice mey result in
~icceleration otthe sums secured by this Mortgage. foreclosure by judiciai proceeding aad saleofthe Property. The noticeshall
further inform Borrow er of the right to reinetate after acceleration and the rig6t to aseert in t6e [oreclo~ure proceeding the
non-existence of a default or any other defense ot Borrower to aeceleration and foreclosure. tt the breach is not cwed on or
before the date specified in the notice. Lender at Lender's option may declare all of t6e suma secured by this Murtgage to be
immediately due and payable without turtherdemand and me~ toreclosethis Mortgage by judicial prooeeding_ Lender shall be
~•ntitled to collect in auch proceeding all expenaes of foreclosure. including. but not limited to. reasonable attorney's fees. and
custs of documentary evidence. abatracts and title reports.
19. Borrower'a Right to Reinatate. tiotwithstanding I.endei s acceleration ofthesumssecured bythis Mortgage, Eiorrov-ershall ha~e
the right to have any proceedinqs begun by l.ender to enforce this Stortgage discontinued at any time prior to entry of a judgment enfurcing
thiR Mortgaqe"if: (a) Borrower pays Ixnder all sums which would be then due under thia Mortgage, the Piote and notea securing Future
Advancea, if any, had no acceleration occurred; l b) E;orrower curea all breaches of an~ other covenanta or agreementa of Borrower contained in
this Mortgage; Ic) Borrower pays a!! reasonable e:penses incurred by Irnder in enforcing the covenants and aRreements of Borrower
contained in this Mortgage and in enforcing I.ender's remedies as provided in paragraph IS hereof, including, but not limited to, reasonable
a ttorney's fees; and Id 1 Eiorrower takes such action as [.ender may reasonably require to aasure that the lim of this ~~ortgage, Lender'a interest
in the Property and $orrower's obliKation to pay the suma secured by this Mortgage shali continue unimpaired. Upon such payment and cure
by Borrower, this 111ortgage ar.d the obligations secured hernby shal) mmain in full force and effect as if no acceleration had occurred.
Z0. Assignment ot Rente; Appointment of Receiver. As addilional security hereunder, BorroNer hereby asaigna to [.ender the renta
of the Property, provided that Borrower shall, prior to acceleration under paragraph 1 S 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 shaU be entitled to have a receivet appointed by a
court to enter upon, take posaession o! and manage the Property and to rnllect the rents of the Property, including those paat due. A11 rcnts
collected by the receiver ahall be applied firat to payment of the coste of management of the Property and collection of renta, iecluding, but not
limited to, receiver'e feea, premiuma on receiver B bonds and reasonable attorney's (ees, and then w the suma eecured by this Mortgage.'I~e
recei~er ahall be liable to acoount only for thoee renta actually received.
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