HomeMy WebLinkAbout0984 8. laspection. Lender may make or cawe to be made reawnable entrie~ upoa and inspectioni ot the property, pwvided that Le~ader ~hall
give Borrower notice p~or to any ~uch inipection ~pecifyin~ rs~~onable cau~e theret~ rel~ted to LeAder'~ intere~t in ths Propecty.
9. Coademaatloa. '1l~e pmoeeds o! any sward or claim for dami?~e~. direct os con~squential, in coanectioa with any oondemnetion or
other teking o! the property. or part thereof, or [or conveyanoe in lieu of oo~demnation, are f.rnby a~si~ned and shall be paid to Lender.
Ia the event of a total takin~ of the Property. the proceede ~hall be eppliad to the sum~ ~ecured by thu Mort~eQe. with the e:oew. it any,
paid to Borrower. I~ the event of s partial taking of the Property, unless Bor~ower and I.ender otherwiae agree in ~vritir?~, thece ~hap be
appGed to the bums secnr~ed by this Most~eQe ~uch proportion of the prooeed~ as is equal to that proportion which the amount of the sums
aecured by this Mo~tgage immediately prior to the date of talung bears b the fair market value of the Ptoperty immediately prior b the date ot
taking. with the balana3 of the proceed~ paid to Borrower. '
If the Property ie abandoned by Borrower, or if. aRer notice by Lender to Bormwer that the oondemnot ot~en to make an award or settle a
claim for damagcs, Borrower faib to nspond to Lender within 30 days aRer the date such notioe u mailed. Leadrr is authosised to collect and
apply the proceeds, at Lender's option. eith~ to .restoration or repair oi the property or to the sum~ secured by this Mortgage.
Unleea Lender and Borrower otherwise age~ee in wrriting. any such application of procee~ds to principel shall not eutend or postpoae the due
date of the monthly inetallmente nferred to in peregraphs 1 and 2 henof or change the amount of such inatallmeata.
10. Borrower Not Released. Extension of the time for paymant or modification of amortization of the euma secured by this Mortgage
granted by [.ender to any eucceasor in intereet of Borrower ehaU not operate to relense, in any manner, the liability of the original Borrower
and Borrower'a aucceaeora in intere8t. Lender shaU not be required to oommence proceedinge againat auch aucceasor or refuee to e:tend time
for payment or otherwiae modify amortizetion of the eume secured by this Moctgage by reaeon of any demand made by the original Borrowez
and E3orrower's auccea,~ore in interest.
11. Forbeataace by Lender Not a Waiver. My forbearance by Lender in exe~cising any right or remedy hereunder, or otherwise
afforded by applicable law, ahaU not be a waiver of or preclude the ezerciee of any euch right or remedy. The procutement of insurance or the
payment of taxee or other liene or charges by Lender ahall not be a waiver of I~nder's right to aocelerate the maturity of the indebtedneas
aecured by this Mortguge.
12. Remedies Cumulative. All remediee provided in this Mortgage are distinct and cumclative b any other right or remedy under this
Mortrage ar afforded by law or equity, and may be e:ercise~i rnncurrenUy, independently or eucceseively.
13. 3ucceeeore and Aesigne Bound; Joint aad 3everal Liability; Captions. The rnvenante and agreemente herein contained ehall
bind, and the rights hereundet ahall inure to, the reepective successors and assigns of L.ender and f3orrower, subject to the proviaiona of
paragraph 17 hereo[ All covenanta and agreements of Borrower ahall be joint and several. The captione and headings of the paragraphe of
this Mortgage are for covenience only and are aot to be used to interpret or define the pmvieions hereof.
14_ Notice. F.acept for any notice required under applicable law to be given in anothLr manner, (a) any notice to f3orrower provided forin
thie Mortgage shall be given by mailing auch notice by certified meil addreased to Borrower at the Property Addreas or at euch other addrees se
Borrower may deaignate by notice to Leader se provided herein, and (b) any notice Lender ehall be given by certified mail, return receipt
requested, to Lender e addreea stated herein or to euch other address ae Lender may designate by notice to Borrower ax provided herein. My
notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deei~ated herein.
15. Unitorm Mortgage; Governing Law; Severability. Thie form of mortgage combinea uniform aovenants for national uee and non-
~niform covenants with limited variationa by juriadiction to rnnstitute e uniform security instrument rnvering teal property. This Mortgage
shall be governed by the law of the juriadiction in which the Property ia lacated. In the event that any provieion or clauae of this Martgage or
the Note conQicta with applicable law, euch conflict shall not af~ect other pmviaiona of thie Mortgage or the Note which can be givea effect
w~thout the rnnflicting provieion, and to thia end the provisiona of the Mortgage and the Note are declared to be eeverable.
16. Borrower'e Copy. Borrower ehall be furniahed a confor:ned rnpy of the Note and of thia Mortgage at the time of execution or after
recordation hereof.
17.1'ranefer of the Property; Aesumption. If all or any part of the Property or an intereat therein is
eold or traneferred by Borrower
wiehuut [.ender
s prior written rnnaent, e:cluding (a) the creation of a lien or encumbrance subordinate to this Mortgege, (b) the creation of a
purehaee money aecurity intereat for houeehold appliancee, (c) a transfer by deviee, dc~oent or by operation of law upon the death of a joint
tenant or (d) thP grent of any leaeehold interest of three years or lese not rnntaining an option to purchaee, Leadrr may, at Lender
s option,
declare all the suma eecured by thie Mortgage to be immediately due and payable. L.ender shall have waived such option to accelerate if, prior
' t o the sale or tranafer, Lender and the pereon to whom the Property ia to be eold or traneferred reach agreement in writing that the credit of auch
person ia satiefactory to Lender and that the interest payable on the aume eecured by this Mortgage ahall be at euch rate as Lender ahali
' request. If Lender has waived the option to accel~ate provided in thia paragraph 1?, and if Borrower
s succesaor in intereat haa e:er~ted a ~
~ w-ritten asaumption agreement accepted in writing by Lender, Lendershall releaee Borrower from all obligations under this Mortgage and the ;
ti ote.
~ If I.ender exercisea auch option to acceletate, [.ender ahall mail E3orrower notice of acceleration in accordance with paragraph 14 hereof ~
~ Such notice shall provide a period of not lesa than 30 days from the date the notice is rr.ailed within which Borrower may pay the auma declared
due_ If Borrnwer fails to pay such auma prior to the expiration of such period, Lender may, without further notice or demand on Eiorrower,
~ invoke any remedies
~ permitted by paragreoh 18 hereof.
~ 18. Acceleration; Remedies. E:cept se provided in paragtaph 17 hereof. u~on Borrower's breach of any oovenant or
aqreement of Borrower in thia Mortgage. including the covenente to pay when due any eume secured by thie Mortgage, l.ender
prior to acceleration ehall mail notice to Borrower as provided in paragrap614 hereof epecifying: (1) the breac6; (2) t6e action
required to cure anch breach; (3) a date. not less t6an 30 daye from the date the notice ia mailed to Borrower, by w6ich euch
breach muet be cured; and (4) that tailure to cure euch breach on or before the date epecified in the notice may result in
acceleration of the eume eecured by this Mortgage, toreclosure by judicial proceeding end eale of the Property. The notice e6all
further inform Borrower of the right to reinstate atter aoceleration and the rig6t to aesert in the forecloeure proceeding the
non-eziatence of a default or any other defenae of Borrower to acceleration and foreclosure. If the breach ia not cured on or
before the date specified in the notice. Lender at Lender's option may declare sll of t6e sume eecured by t6is blortgage to be
immediately due and payable without fi~rther demand and may torecloee this Mortgage by judicial proceeding. Lender ahall be
entitled to collect in such proceeding all e:penees of foreclosure, including, but not limited to, reasonabfe attorney's fees, and
coste of documentary evidence. ebstracts and title reporte.
I 9. Borrower'e Right to Reinetate. Notwithetanding I.ender'e acceleration of the euma eecuted by this Mortgage, Borrower shaU have
the right to have any proceedinge begun by I.ender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing
thia Mortgage if: (a) Borrower pays Lender all eume which would be then due under thie Mortgage, the Note and notea eecuring Future
~ Advances, if any, had no acceleration ocrurred; (b) Borrower curea all breaches of any other covenanta or agreements of Borrower contained in
thia Mortgage; (c) Borrower paye all reaeonable ~peneee incurred by Lender in enforcing the covenanta and agreemente of Aorrower
~ contained in this Mortgage and in enforcing I.ender's remediea ae provided in paragraph 18 hereof, induding, bnt not limited to, reaaonable
attorney'e fees; and (d) Borrower takes auch action ea Lender may reasonably require to aesure that the lien of thie Mortgage, Lender'e interest
~ i n the Property and Borrower
s obligation to pay the suma eecured by thie Mortgage ehall rnntinue unimpaired. Upon euch payment and cure
by Borrower, thia Mortgage and the obligations secured hereby ahall remain in full force and effect ae if no acceleratioa had occurred.
20. Aseignment ot Rents; Appointment of Receiver. Ae additional security hereunder. Borrower hereby aseigns to Lender the rents
of the Property. provided thet Borrower ehaU. prior to acceleration under paragraph 18 hereof or abandonment of the Property. have the right
to collect and retain auch rents as they become due and payable. "
Upon acceleration under paragraph 18 hereof or abandonment ot the Property, Lender ehall be entitled to have a receiver appointed by a
court to enter~pon, take poeeesaion of and manage the Property end to collect the renta of the Property, including thaee paat due. All renta
collected by the receiver ehal) be applied first to payment of the oosts of management of the Property and rnllection of rents, including, bnt not
limited to, receiver's fees, premiums on receiver'e bonde and reasonable attomey's fees, and then to the ewne secured by thia Mortgage. The
receiver ehall be liable to acoount only for thoee rente ectually reoeived. _
~ ~394 986