HomeMy WebLinkAbout14928. Iaspectioa. l.ender may make or cawe to betnade ceasonable entriea upon and inipection~ of the pmperty~ provided that i,ender shall
~ive Borrower notice prior to eu~y euch inspection rpeci[ying reaeonable cause therefor relatrd b l.ender'~ intere~t in the Property.
9. Coademaatloa.'lT~e proc~eed~ of any aweud or clairn for damagea, direct or consequentisl, in rnnaection with any oondemnetion or
ather takin~ o! the property, or part theseot, or for coaveyance in lieu of oondemnation, an herehy aseigned and ~ha11 be paid to Leader.
In the event of a wtal takin~ of the Property, the proceeds rhaii be epplied to the sume serured by thu Mortgage~ with the escew, iiwy.
paid to Borrower. In the event of s pertis) takin~ of the Propaty, unlew IIorrower ~-nd l.ender otherwise agree in aniting, then ~hdl bs
applied to the sum~ ~ecured Ey this Mory~age such pmportion of the proceede w iu eyual to that proportion which the amount ot the ~uiw
~ecured by thu Mortgage i~mediately prior to the date of taking bears to the fair market value of the Ptoperty immediately prior to the date of
takin~, with the balanc~ of the proc~eeds paid to Bormwer.
I[the Piroperty u abendoned by E3orrower, or if, after notice by Lender to Borrower that the oondemnor oP[ers to make an award or ~etW a
claim for dama~e~. Borrowu [aib to reapond b Lendar within 30 days afler the date such ~otice is mailed, Lender is authorized ~ocoUect ~u-d
apply the p~ooeed~. st I.ender s option, either W restoration or ~epair of the property or to the sums secured by thi~ Murtgs~e.
UnleM L.ender and Borrower otherwise eQrre in writing, any such application of ptoceeds to principal ahall not e:tend or pwtpone thedw
date of ths monthly installment~ referred to in paregraphs 1 and 2 hereof or change the amount of such installmenb.
10. Borrower Not Released. F.:tension of the time for paym ~nt or modification of amortizetion of the eums eecured by tluw Motrt~~s
granted by [.ender to any aucceaear in intereat of Borrower shall not operate to release, in any manner. the liability of the original Bqrrower
and Bormwer e succeasore in interest. I.ender ehall not be required to commence proceedinga against such aucceaeor or refuse b extend time
for peyment or othervviae modify amortizatiun of the eums secured by thie Mortgage by reason of any demand m~de py theoriginal Borrower
and Borrower e BucY~esaore in intereat.
11. Forbearance by Lender Not a Waiver. Any forbearance by [.ender in exercising any right or remedy hereunder, or otherwiae
aft'orded by appliceble law, ehall not be a waiver of or preclude the exerciee of any euch right or remedy. The ptocurement of uuuranoe or the
payment of taxes or other liena or charges by Lender ehall not be a waiver of Lender's right to axelerate the maturity of the indebtedne~s
secut~d by this Mortgage.
12 Remediea Cumulative. All remediee provided in this Mortgage are diatinM and cumulative to any other right or nmedy tuider this
Mort~age or afforded by law or equity, and may be exerciee~i rnncurrently, independently or succeseively.
13. $ucceasors and Aseign~ Bound; Joint and 3everal Liabillty; Captions. The covenants and agreements herein oontained shsll
bind, and the righte hereunder ahall inure to, the reepective succeseore and asaigns of Lender and Borrower, subject !o the pmviaiona of
paragraph 17 hereof. All covenants and agreementa of Borrower ahall be joint and several. The captions and headings of the paragrapha of
this Mort~age are for covenience only and are not to be used to interpret or define the proviaions hereof.
14. Notice. Except for any notice required uncler applicable law to be given in another manner, (a) any notice to Borrower provided foria
this Mortgage shall be given by mailing auch notice by certified mail addreased to Borrower at the Property Addreea or at such oth$r address as
Horrower may deaignate by notice to Lender as provided herein, and (b) any notice to l.ender ehall be given by certified mail, return receipt
requeated, to Lender's addresa atated herein or to euch other addreus ae I.ender may designate by notice to Borrower ae pmvided herein. My
notice provided tor in thie Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein.
15. Uniform Mortgage; Governing Law; 3everebility. Thia form of mortgage rnmbinea uniform ooveaante for national use and non-
uniCorm covenanca with limited variatione by jurisdiction to constitute a uniform security inatrument eovering real property.'I~is Mortgage
shall be governed Ly the law of the jurisdiction in which the Property ia located. In the event that any provieion or clauee of this Morfgage or
the Note contlicte with applicsble law, auch conflict shall not affect other proviaions of thie Mortgage or the Note which can be given effect
without the conflicti~~g proviaion, and to thia end the pruviaiona of the Mortgage and the Note are declared to be severable.
16. Borrower's l:opy. Borrower ehall be furnished a conformed rnpy of the NoLe and of thie Mortgage at the time of ezecution or after
tion hereof.
17 anster of the Property; Asaumption. It all or any part of the Property or an intereat therein ia eold or tranaferred by Borrower
wi out I.endK'e prior written consent, excluding (a) the creation of a lien ar encumbrance aubordinate to thie Mortgage, (b) the creation of a
purchase money security intereat for houeehold appliancea, lc) a tranefer by deviae, deacent or by operetion of law upon the death of a joint
tenant or (d) the grant uf any lessehold inteceat of three yeare or leae not contsining an option to purchase, Lender may, at Lendei s option,
~'~ declare all the aums securea by thie Mortgage to be immediately due and payable. I,ender shall have waived euch option to accelerate if, prior
,~ to the sale or tranafer, Lender and the peraon to whom the Property ia to be sold or tranafened reach agreement in writing that the credit of euch
'y `~' peraon ia aatiafactory to Lender and that the intereet payable on the aums aecured by this Mortgage ehall be at 6uch rate as I.ender aha11
- requeat. If L.ender has waived the oFtion to accelerate providrd in this pa~agraph 17, and if Borrovrer'a aucceeaor in intereet has e:ecnted a
written aseumption agreement acrepted in v-ritinK by Lender, [.ender shaU release ~3orrower from all obligatione under thie Mortgage and the
Note.
It l.ender exerciaea auch optiun to accelerate, I.ender ahall mail Borrower notice of acceleratinn in eccordance with paiagraph 14 hereot
Such notice ahall proeide a period of not lesa than :i0 d~ys from the date the notice ia mailed within which Borrower may pay the aums declared
due. If Borrower faila to pay such aums prior to the expiration of such period, l.ender may, withuut further notice or demand on E3orrower,
involceany remediee permitted by paraRraoi- iR hereof.
18. Acceleration; Remediee. E:cept as provided in paragraph 17 hereof. upon Borrower's breach of any oovenant or
agreement of Borrower in this Mortgage. inctuding the wvenante to pay when due any sume secured by thie Mortgege. Lender
prior to acceleration shall meil notice to Borrower ae provided in paragraph 14 hereotspecifying: (1) the breach; (2) the action
required to cure euch breach; (3) a dete, not leae than 30 days from the dete the notice ie mailed to Borrower. by which such
breach must be cured; and (4) that failure to cure auch breach on or before the date specifed in the notice may reeult ia
acceleration of the eume eecured by thie Mortgage, forecloe~ure by judicial prceeeding and eale of the Property. The notice shell
further intorm Borrower of the right to reinstate after acceleration and the right to esaert in the forecloeure prceeedin~ t6e
non-e:istence of a default or any other defenee ot 13orroN er to acceleration and foreclosure. If the breach ie not cured on or
before the date specified in the notice, I.ender at Lender'e option may declare all otthe eume secured by this Mortgage to be
immediately due and payable without furtherdemand and may forecloee thie Mortgage by judicial proceeding. Lender ehall be
entitled to collect in such proceeding all expenaes of toreclosure. includinq, but not limited to. reasoneble attorney'o feea, and
ooeb of documentary evidence. abetracte and title reporta.
19. Borrower's Right to Reinstate. Notwithatanding l.ender's acceleration of thesumssecured by thie Mortgage, Borrowershall have
the right to have any proceedinge begun by l.ender to enforce this Morsgage discontinued at any time prior to entry of a judgment en[orcing
thia Mortgage if: (a) Borrower paye Lender all sums which would be then due under thie Mortgage, the Note and notes xcuring Future
Advancea, if any, had no acceleration occurred; (b) Borrower cures al l breaches of any other covenante or agreemente of Borrowe~r contained in
this Mortgage; (c) Borrower paye all reasonable expensea incurred by Lender in enforcing the rnvenants and agreementa of Borro~rer
oontained in this Mortgage and in enforcing Lender'e remedies ats pr~~vided in paragraph 18 hereof, including, but not limited to, reasonr.bls
attorney's fees; end (d) Borrower takea euch action as Lender may reasonably require to sesure that the lien of this Mortgage, Lender's intrre~t
in the Property and Borrower'a obligetion to pay the sums secured by this Mortgage ehall continue unimpaired. Upon such paymentand iare
by Borrower, this Mortgage and the obligations secured hereby sha11 remain in ful{ torce and effect se if no acceleration had occurrql.
20. Aseignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby assigna to Lender the rr.~ta
of the Property, provided that Borrower ahall, prior to acceler~tion under paragraph 18 hereof or abandonment of the Property, have the right
to rnllect and retain such rente as they become due and payable.
Upon acceleration under paragraph I8 hereof or a}-andonment of the Property, Lender ehall be entitled to have e receiver appointed by a
wurt to enter~upon, take poeaeasion of and manage the Property and to coliect the rents of the Property, including thoee paet due. All senta
oollected by the receiver shall be applied firet to payment ot the costa of management of the Property and rnllection ofrents, including, butnot
limited to, receiver e fees, premiume on receiver's bonda and reasonable attorney'e feee, and then to the euma eecured by this Mortgage. The
receiver shall be liable to acoount only for those rents actually received.
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