HomeMy WebLinkAbout0037& Ia~pectiou. Lender may make or cause to be made ree~ot-able entries upon and'uupection~ of the pmperty. provided that Lender shell
give Borrower notice prior to any such inspection specifj-ing reawnable cause thenfor releted b Lendez's intare~t in tbe Psoperty.
9. CondemnaUon.'IUe proceeds o[ any award or claim for dameges, direct or consequeAtial. ia connection ~viW any oondemnatioa or
other taking of the p~operty. or part thereof. or f~ oonveyeuice in lieu of oondemnation. are h~eby awiQned aad shall bs paid b Lender.
In the event of a total taking oi the Property. the proceeda shall be applied b the sums ~ecured by this Mortgage, witl~ We enoe~a, if any,
paid to Borrower. In the event of a partial taiang of the Propecb-, ualess Bor~ower aad Leader oWetwise agree in ~rritin~~ thsre shaU be
applied to the svme secured by thie Mortga~e snch proportion of the proceeda as ie equsl b that pmportiwi which the amount of We suau
aecund by thia Mortgage iacmediately prior to We date of taking bears to the fair martet value of We Property immedietely prio~ to the date oi
takin~. arith the balanca of the proceeds paid to Borrower.
If the Prop~zty is abandoned by Borrower. or if. aRer notice by Lender to Borrower that the oond~naor oge» to make aa award os ~etlk a
claim for damages. Horrower fails eo napond to I.ender within 30 days after the date auch notice ia mailed. Lender is authorired to oollect and
apply the procbcd~, at I.ender s option. eithe~r to natoratioa oT repair of the property or to the sums ~ecured by this Mortgaye.
Unles~ Lender and Bormwer otherwise agree in writing. eny such epplication of pmoeed~ to priacipal shaU not e~~ttead o~ pwtpone t!-e dw
date oi the monthly installments nferred Lo in paragraphs 1 and 2 hereof or change the amount of such iaatalimenb.
10. Borrower Not Releaeed. Extenaion o! the time for paymant or modification of amorti:ation of the sume sec~red by t!w Mortsa~e
granted by l.endcr to any aucceaeor in intereat of Borrower ahall not operaLe ta release, in anY manner. the liability oi the original Borrower
and Borrower's successora in intereet Lendar shall not be required to oommence proceedinga against such suCCaws or refwe to e:tend tia~e
fur payment or otherwiae modify amortization of the suma eecured by this Mortgage by reason of any demand made by the original Borrower
and Borrower s succesaora in intere6t.
11. Forbearance by Le~der Not a R-aiver. My forbear~uice by Lender in e:erciaing any right or reme~jr hereunder. os oWerwi~s
afforded by applicable law, shall not be a waiver of or p~eclude the ezercise of any auch right or remedy. The procnrennent of uuuranoe or We
payment of ta:ea or other liena or charge8 by L.ende~ ehall not be a waiver of Lender s right b aooelerate the maturity of the indebtedna~
eccured by thie Mortgage.
12 Remedies Cumulative. All remediee provided in thia Mortgage are diatinct and cwnulative to any other right or remedy under thii
Morteage or afforded by law or equity. and may be ezercise~i ooncurrendy. independendy or suooessivdy.
13. 8u~-~~; s and Assigns Bouud: Jaint sad ~vsre! Liabilitp; Gegiioas. T4!@ C~OY4Il9Il~3 ~If~ ~~lil~ ~fE'i@lA OOA~81I1ld ~
bind, and the rights hereunder ehall inwre to. the r~pective sua~eseors and aesigns of Leader and Borrower, subject to the pmviaioa~ of
paragraph 1T hereof. All covenante and agreements of Borrower shall be joint and eevezal. The captiona and headings of the peragraphs of
thie Mortgage ure for covenience only and are not b be ueed to interpret or define the provisione hereof.
14. Notice. F.xcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrowez provided for in
:his Mortgage ahall be given by mailing auch notice by certified mail addreeaed to Borrower at the Property Addreas or at such other address as
Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail. return reoeip!
requested, w L.ender's addresa stated herein or to auch other addresa as I.ender may designate by notice to Botrower as pmvided herein. Any
notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated herein
15. Uniform Mortgage; Governing I.aw; 3everability. This form of mortgage combiaea uniforin oovenante for natidnal uee and non-
uniform covenante with limited variations by juriadiction to conatitute a uniform security inatrumeat rnvering real property.'l4~is Mortgage
ahall be governed by the law of the juriadiction in which the Property is located. In the event that any provieion or claaae of this Mortgage or
the Note conilicta with applicable law, such conilict ahall not affect other provieiona of this Mortgage or !he Note which can be given effpet
without the conflicting pro~-ieion, and to this end the pmviaiona of the Mortgage and the Note are declared to be aeverable.
16. Barrower'e Copy. Borrower shall be furnished a conformed oopy of the Note and of thia Morlgage at the time of esecution or after
recordation hereof. •
17. Tranefer of the Property; Aseumption. If ail or any part of the Property or an interest therein is eold or transferred by Borrower
, without Lender s prior written conaent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgege. (b) the creation of a
~,1 purchaee money eecurity intereat for houaehold appliancea. (c) a tranafer by deviae, deacent or by operation of law upoa the death of a joint
tenant or (d) the grant of any leasehold interest of three years or leea not oontaining an option to purchase; Lender may. at Lender'e option,
declare all the sums secure~t by this Mortgage to be immediately due and payable. Lender ahall have waived auch option to accelerate if. prior
to the sale or tranafer, Lender and the person Lo whom the Property is to be eold or traneferred reach agreement in writing that the credit of euch
pereon ia satisfactory to Lender and that the interest payable on the suma secured by this Mortgage shall be at auch rate as Lender shall
rec~ueat. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s succeeeor in interest has exeetited a
written asaumption aqreement accepted in writing by Lender, I.ender shall release Borrower trom all obligations under thia Mortgage and the
Note.
If Lender exercises such option to accelerate, Lender shall msil Borrower notice of acceleration in acoordance with peragraph 14 hereoL
Such notice ahall provide a period of not lesa than 30 daya trom the date the notice is a~,ailed within which Borrower may pay the auma declered
due. If Borrower fails to pay such aums prior to the eapiration of auch period, Lender may, w-ithout further notice or demand on f3orrower,
invoke any remedies permitted by paragraoh 18 hereof.
IS. Acceleretion; Remedice. E:cept as provided in paragraph 17 hereof, upon Borrower'e breach of any oovenant or
agreement of Borrower in thia Mortgage. including the oovenanta to pay when due any sume se~.vred by this Mortgage, Lender
prior to aoceleration shall mail notice to Borrower as provided in paragraph 14 hereofspecifying: (1) the breach; (2)theactioa
required to cure such breach; (3) a date, not leas than 30 daye from the date the notice is mailed to Borrower, by which such
breach muet be cured; and (4) that failure to cure such breach on or before the date apecified in the notice may reeult in
acceleration of~he eums aecured by thie Mortgage, foreclosure by judicial prooeeding and eale of the Property. The aotice ahall
further inform Borrower of the right to reinetate after acceleration and tbe right to assert in the toreclosure proceeding the
non-e:isteace of a defaul~ or any other defense of Bdrrower to aviceleration and foreclosure. If t~e breach is not cured on or
before the date epecified in the notice, Lender at Lender'e option may declere all ott6e sums sec~red by this Mortgase to be
immediately due and payable without furtherdemand and may foreclose tWe blortgage by judicial proceeding. Lender s6a11 be
entitled to collect in such proceeding all e:penaes of foreclosure, including. but aot limiRed to, reaeonable attoraey'r feea, and
coste of documentary evidence. abstracte and title reports.
19. Borrower's Rig6t to Reinstate. Nc,twithetanding Lender'a acceleration of the sums eecured by this Mortgege, Borrower shall have
the right to have any proceedinga begun by Lender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing
this Mortgage if: (a) Borrower pays Lender all suma which would be then due under thia Mortgage. the Note and notes securiag Fbtnn
Advances. if any, had no acceleration occurred; (b) Borrower curee all breaches of any other covenants or agreema-b of Boirowrer oonteined in
this Mortgage; (c) Borrower pays all reaeonable e:peneea incurred by Lender in enforcing the oovenanb and agreementa of Boreoaet
oontained in thie Mortgage and in enforcing Lender'a remedies as provided in paragraph 18 hereof, including, bnt not limited to, rea~onabls
attorney's fees; and (d) Bonower takea such action as Lender may reasonably require to assnre that the lien of this Mortgage. Le~add~ intered
in the Property and Borrower a obligation to pay the eums aecured by this Mortgage ahall continue unimpaired. Upon such payment and cun
by Borrower, this Mortgage and the obligations aecvred hereby ehall remain in fuU force and effect as if no acceleration had ooc~rred.
20. AsaIgnmeot of Rents; Appointment of Receiver. Aa additional eecnrity hereander, Borrowrr hereby assigns to I.ex~der the rents
of the Property. provided that Borrower ahall. prior b aoceleration under paragraph 18 hereof or abandonment of the Property. have the cight
to oollect and retain sucl~ rents se they become due and payable.
Upon acceleration under paragraph 18 hereof or abandonment of the Property. Lender shall be entided to have a receiver appointed by s
oonrt to enter~upon, ta1~e poeeesaion of and manage the Property and to oollect the rente of the Property, incladiag those pest due. All rents
aoUected by the receiver shall be applied first to payanent of the oosts of management of the Property and oollection of rent0. inclnding, bnt nd
limited to, receiver'a [ees, premiums on receiver'a bonds and reaaonable atbmey's fees, and then to the suma secnred by this Mo~tQage. The
. receiver shall be liable to aooount only for thoee rents actually received. ~
8~~~ 349 P~vE 37
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