HomeMy WebLinkAbout14048. IA/~C~IOD. I.endar may make or cauee to be made reawaable entrie~ upon and inspection~ of the propsrty. provided that Lender ~heU
give Borrower notioe prior to any such inspectiort specifyiag reaaonable cause therefor nlated to L.ender'~ interest in the Property.
9. Coadeinnatioa.'11~e proceeds of aoy award or claim fo~ damages, direct or coneequ.:ntial. in connection with any oondemnation ot
other taking of the property, or part theieof, or for conveyance in lieu of rnndr.mnation, are hereby assigt~ed a~d shall be paid b Lender.
In the event of a total taking of the Propecty, the proceede ehell be applied to the eume eecured by this Mortgage, with the excea~, if any,
~id to Borrower. In the evenc of a partial taking of the Property, unleas Bore~ower at~d I.ender otherwiee egree in wnting, there shaU be
applied to the eums eecured by this Mortgage auch proportion of the proceeda ae ia equal to that pmportion which the amount of the eums
serured by thie Mortgage iacmediately prior to the date of taking beare to the fair market value of the Aroperty immediately prior to the date of
taking, with the balanca of the pmceeds paid to Bor~ower.
!f the Peoperty i~ abandoned by Borrower, or it, aRer notice by Lender to Borrower that the oondemnor offere to make an awerd or settle s
claim for damages, Borrower feile to reapond to Lender within 30 days after the date auch notice ie mailed, Lender ie authorized to coUect and
epply the proeeeds, at Lender e option, either to restoration or repair of the property or to the eums aecured by tl~ie Mort~age.
Unless I.ender and Eiorrower otherwiee agree in writing, any auch application otproceeda to principal ahall not extend or postpone the due
date of the monthly installmente referred to in paragraphs 1 and 2 hereof or change the amount of auch inetallments.
10. Borrower Not Released. Extension of the time for paymant or modification of amortization of the euma eecured by thie MortgaQe
Kranted by [.ender to any succeaeor in intereat o[ t3orrower ahall not operate to releaee. in any manner. the liability of the original Borrawer
and Borrower's succesaors in intereat. Lender shall not be required to commence proceedinga againet euch succeesor or refuee to e:tend time
for payment or otherwise modify amortization otthc sams aecured by this Mortguge by reason of any demand made by the original Borrowa
and I3oru-wer's succexsora in interest. ~ ~~ •~
11. Forbearance by I.ender Not a Weiver. Any forbearance by I.ender in e:ercieing any right or remedy hereunder. or otherwise
~~ fforded by applicable law, ahall not be a waiver of or preclude the exerciee of any auch right or rnmedy. The procurement ot ineurance or the
payment of taxes or other liena or charges by I.ender ahall not be a waiver of Lender'e right to aocelerate the maturity of the indebt~edneas
aecured by this Mortgage.
12. Remediea Cumulative. All remediea pro~ided in this Mortgage are diatinct and cumulative to any other right or remedy under this
Mortrage or aftorded by law or equity, and may be e:erciee~ ooncurrently, independently or succesaively.
13. Succesaors and Assigae Bound; Joint and Several Liability; Captions. The covenante and agreementa herein oontained ehall
bind, snd the nghta hereunder shall inure to, the reapective surceaeora and aeaigna of Lender and Rorrower, eubject to the proviaions of
paragraFh 17 hereof. AU covenanta and agreements of Borrower shall be joint and eeveral. The captione and headinge of the paragraphs of
this Mortgage are for covenience onty and are not to be used to interpret or define the provieione hereof.
la. Notice. F.xcept for any notice requirefl under applicable law to be given in another manner, (a} any notice to Bonowerprovidedforin
this MortgaRe shall be given by maiting auch notice by certified mail addressed to Borrower at t~he Property Addreae or at aueh other address ae
Fiorrower may designate by notice to L.ender as provided herein, and (b) any notice to L.ender ahall be given by certified mail, return receipt
requcsted, to I.endei e address atated hetein or to euch other address as Lender may designate by notice to Botrower as provided herein. Any
notice arovi:ied for ir. this Mortgage ahall be deemed to have been given to Borrower or LendeYwheA ~iven in the manner deaignated herein.
15. Uaitorm Mortgage; Coverning l.aw; Severability. Thie form of mortgage combines uniform oovenants for national ueeand non-
uniform covenanla with limited variatione by jurisdiction to constitute a uni[orm security instrument covering real property. Tt-ia Mortgage
shall be governed by the law of the jurisdiction in which the Property is locat2d. In the event that any proviaion or dauee of this Mortgage or
the ~Iute conCicta with apFlic~ble law, auch contlict shaU not afi'ect other proviaiona of this Mortgage or the hote which can be given effect
~•ithout Lhe conflicting pmvision, and to this end the provisiona of the lNortgage and the Note are declared to be aeverable.
16. ~3orruwer's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after
recordation hereof.
17. 'IYansfer of the Property; Aseumption. If all or any part of the Property or an intereat therein is eold or iraneferred by Borrower
w ithout Lendei s prior written conaent, excluding (a) the creation ot a lien ar encunhbrance aubordinate to this Mortgage, (b) the creation of a
~- purchase money security interest for household appliances, (c) a tranefer by devise, d~scent or by operation of law upon the death of a joint
` tenant or (d) the grant of an~ leasehold intereat of three years or lesa not containing an option to purchase, Lender may, at Lendei e option,
~~ dcrlare all the sums secured by this Mortgage to ~e immediately due and payable. Lender ahall have waived auch option to accelerate if, prior
~' to the sale or transfer, Lender and the person to whom the Property is W be sold or transferred reach agreement in writing that the credit of auch
. person is satisfaMory to Lender and that the interest payable on the suma secured by this Mortgage shal! oe at such rate as Lender shall
request. lf I.ender has waived the optiun to accelerate provided in this paraqraph 17, and if I3orrower's auccessor in interest has e:ecuted a
wTitten a.gsumption agreement acrnpted in writinK by [.ender, l.endershall release Borrower from all obligations underthis Mortgageandthe
ti ote.
If I.ender exercises such option to accelerate. [.ender ahall mail 13orrower notice of acceleration in accardance with paragraph 14 hereof.
Such notice shali provide a period of not lexs than :i(-days from thedate the notice is mailed within which Borrower rriay pay the aums declared
due. If Borrower fails to pay such s~ms prior to the expiratiun of such periud, I,ender may, vrithout further notice or demand on $orrower,
mvoke any remedies permittrd by paraKraoh IR hereof.
18. Ac~:eleration; Remedies. Except aei provided in paraqreph 17 hereot, upon Borrower's breach of any oovenant or -~
agreement of Borrower in this Nortgage. including the covenanta to pay whee due any aume secured by thie Mortgage. Lender
prior to acceleration shall mail notice to E3orrower ea provided in paragraph 14 hereof apecifying: (i ) the breach; (2) the actioa
required to cure auch breach: (3) a date. not leae than 30 days from the date the notice ie mailed to Borrower. by which euch
breach muet be cured; aad !4) that failure to cure euch breach on or before the date apecified in the notice may result in
acceleration of the sums secured by this Mortgage, foreclosure by judiciel proceeding and eale of the Property. The notice ehal~
further intorm Borrower of the right to reinstate efter acceleration and the right to assert in the foreclosure proceeding the
non-e:istence of a default or any other defenae of Borrower to acceleration and toreclosure. If the breach is not cured on or
before the date speciGec! in the notice. Lender at Lender's option may declare all of the eume aecwred by this Mortgage to be
immediately due ar_d payable K•ithout furtherdemand and may torecloselhia Mortgage by judicial proceeding. Lenderahall be
c~ntitled to collect in such proceeding all expenaea of foreclosure. including, but not limited lo. reafconable attnrney's tees, and
cuats ot documentary evidence, abstractx and title reporte.
I9. Bor'roa~er's Right to Reinatate. Notwithstanding Lender'a acceleration of the auma secured by thie Mortgage, Borrower ahall heve
the right to have any proceedings begun by I.ender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing
thie Mortgage if: (a) Borrower pays I.ender all sums which would t-e then due under this Mortgage, the Note and notes sxuring I~tture
Advances, if any, had nu acceleration occurred; ~b1 i3orrvwer cureb ail breachea of any other covenante or agreementa of BorrowercontainPd in
thie Mortgage; (c) Borrower pays all reasonable expensea incurred by I.ender in enforcing the covenanls and agreemente of Borrower
cc~ntained in this Mortgaqe and in enforcing I.rnder's remedies as pro~~ded in paragraph 1S hereof, including, but not limited to, reasonabls
attomey's teee; and ldl Borrower takes auch action as I.ender may masonably require to asaure that the lien of this MortgaRe, i,ender'e intereit
in the Property and Borrow er's obligation to pay the aums secured by this Mortgage ahall continue unimpaired. Upon auch paymentand care
by Borrower, thie Mortgage and the obiigations secured hereby shall remai~i in fuil force and effect as if no acceleration had occarred.
20. Aseignment ot Renta; Appointment of Keceiver. As udditional securit_r• hereunder, Borrower hereby assigne to Lenderthe rente
of the Property, pruvided that E3orrower ahall, prior to acceleratior. under paragraph 18 hereof or abandunment of the Pr~perty, have the right
to collect and retain auch renta as they becort-e due and payable.
Upon acceleration under paragraph IS hereof or abandonr.~ent of the Property, Lender shall be entiiled to have a receiver appointed by a
court to enter upon, take posaeasion of and manage the Property and tu collect the renta of the Yroperty, including thoee paet due. All rente
collected by the receiver shall be applied firet to payment of the costs of manageinent of the Property and collection of renta, ineluding, but not
limited to, receiver's fees, premiuma on receiver's bonds and reasonable attorney's fees, and then to the suma secured by this Mortgage. The
receiver ahall be liable to ac~rount only for thoae renta actually received.
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