HomeMy WebLinkAbout0960 .
~i~:i~ '
8. la~pection. l.ender may make or cawc to be made reawnable entrie~ upon and inapectiom of the property, provided tt~wt Lender ~hall
~ve Borrower notice prior to any euch inapectian specifying reawnabk cawe therefor related to Iender'~ interett in the Property.
9. CoademnaUon. 'I~?e proceed~ of any award or claim for dama~e~, direct or con~equential, in rnnnxtion with any oondemnatioa o:
ucher teking of the property, or part thereof, or for conveyance in lieu of oondemnation, sre hereby asaiQned and ~hsll be paid to L.ender.
In the event of a total taking of the Property, the proceeds shalt be applied to the sums secured by thi~ Mortgage, with the ezoeN, if any,
paid to Borrower. In the event of a partiel taking of the Property, unleee Borrower and Lender otherwise agree in wridng, then shall be
,~pplied to the eume secured by this Mortgage such proportion of the pmceeda ae ie equal to that proportion which the amount of the eums
yecured by this Mortgage immediakly prior W the date of taking bears to the fair market value of the Property immediately prior to the date of
t~king, with the balance of the proceeds paid to Borrower.
I[ the Property is abandoned by Borrower, or if, aRer notioe by Lender to Borrower thet the oondemnor offers to make an award or settle a
claim for damages, Brrrower faile W reepond to Lender within 30 daye aRer the date euch notice is mailed, Lender ie authorized to collect and
apply the proccede, at Lendei e option, either to reatoration or repair of the property or to the eume secured by thie Mortgage.
Unleee l,ender and Borrower otherwiee agme in writing, any auch application of pruceede to principal ~hall not e:tend or poetpone thedue
date of the monthly inatallmente referred to in paragraphs 1 and 2 hereof or change the amount ot euch installmente.
10_ Borrower Not Releaeed. E:tenaion of the time for pay~n_nt or modification of amortization of the eume secured by thie Mortgage
,,~ranted by Lender to any aucceesor in intereat of E3orrower ahall not operate to release, in any manner, the liability of the original Borrower
.ind Elorrower's succeasora in interest. l.ender shal! not be required to cummence pruceedinga againat such succesesor or refuse to extend time
Eur payment or otherwise modify amortization of the sums secured by this :~lortgage hy reason of any demand made by the original Borrower
and Borrower's successors in interest.
I 1. Forbearance by Lender Not e Waiver. Any forbearance by Lender in axercieing any right or remedy hereunder, or otherwiee
afforded by applicable law, shall not be a waiver of or preclude the e:erciee of any such right or remedy.l'he procuminent of ineurance or the
payment of taaes or other liene or chargea by Lender shall not be a waiver of Lender'a right to accelerate the maturity of the indebtednesa
secured by this Mortgage. •
12. Remediee Cumulative. All remediea provided in this Mortgage are distinct and cumclative to any other right or remedy under thia
~tortrage or afforded by law or equity, and may be exerciaeri concurrently, independentiy or aucceasively.
l:i. Successors and ABaigns Bound: Joint and Severa! Liability: Captione. The covenants and agreementa hernin contained ehall
!~ind, and the rights hemunder sha?1 inure to, the respective succeasors and aasigna of Lender and F3orrower, subject to the provisions of
p~iraKraph 17 hereof. All covenanta and agreemenis of E3orrower ahall be joint and several. The captiona and headinga of the paragrapha of
!h~s :ltortgage are for covenience only and are not to be used to interpret or define the provisione hereof.
13. Notice. E:xcept for an~~ notice reyuired under applicable (aw to be Ki~~en in anuth ~r manner, la) any notice to Borrower provided for in
: his ~lortgage shall be gi~~en by mailing such notice by certified mail addreased to Bormwer at the Property Addreas or at such other addresa aa
t~orrower may deaignate by notice to l.ender ae pmvided herein, and (b) any notice to I.ender shall be given by certified mail, return receipt
r«~uested, to Ixnder's address atated herein or to such other address as l.ender may deaignatr by notice to Bonower se provided herein. Any
^~~tice provided for in this Mortgage shall be deemed to have been given to F3orro~ver or I.ender when given in the manner designated herein.
I 1 i. Uniform Mortgage; Governing Law ; Severability. This form of mortgage combines uniform covenanta for national useand non-
uniform covenants with limited variations by jurisdiMion to cunstitute a uniform security instrument covering real property. This Mortgage
.h:ill be Roverned by the law of the jurisdiction in which the Prop?rty is located. ln the e~~ent tha*, any provicion or clauae of this Mortgage or
the tiote conflicts w~th appiicable law, such conflict shail not affect other provisions of this Mortgage or the Note which can be qiven effect
«ithout the cuntlicting pm~~sion, and to this end the provisions of the Mortgage and Lhe Note are declared to be severable.
16. Borrower's Copy. E3orrower shatl be furnishr-d a conforned copy of the Note aed of this Mortgage at the time of execution or after
rrcnrdation hereof.
17. Transfer of the Property; Assumption. U all or any part of the f'roperty or an interest therein is sold or traneferred bv Borrower
w ithout I.ender':~ prior written consent, excludinK (al the creation of a lien or encumbrance subordinate to thia Motrtgage,lbl the creation of a
pu rchas~ money security interest for household appliances, (c) a transfe- by devise, deacent or by operation of law. upon the death of a joint
t~'- ?enant or (d) the grant of any leasehold interest of three years or leas not containing an option to purchaae, Lender may, at Lendei e option,
:j~ clare all the sums securea by thia Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior
the sale or tranafer, I.ender and the person tn M•hom the Property is to be sold or transferred reach agreement in writing that the credit of auch
~~~~r~un is satisfactory to I.ender and that the interest payable ~~n the sums secured by this Mortgage shall be at such rate as Lender ahall ,
r~,auest. If l.ender has w•aived the option to accelerate pro~•ided in this paragraph 17, and if Borrower's succeasor in interest has executed a
~ r,tten assumption a~,*reement accepted in writinK by ?,ender. [,ender shall release Borrower from all obliAations under this Mortgaqe and the
` \~~te.
i f I.ender exercises such option to accelerate. I.ender shall mail Rorrower notice of acceleratiun in accurdance with paragraph 14 hereof.
~ ~ ~ch notice shall pruvide a period of not less than ;iil da~~s fr~~m the date the notice is mailed v~•ithin which Botrower may paY the sums declared
[f Horrower fails to pay such sums prior to the expiration of such period, Lender ma~~. w•ithout further notice or demand on ~3orrower,
~ n~•c~ke any remedies oermittecl by paraQranh IR hereuf.
~ 18. Acceieration; Remediea. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or
~ :~~reement of Borrower in this MortRage, including the covenants to pay when due any aume secured by this M~rtgage. Lender
prior to acceleretion shall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action
rf~yuired to eure such breach: (3) a date. not less than 30 daya from the date the notice ie mailed to Borrower, by which auch
~ hrexch must be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may result in
9
~ ;+cc•eleration of the euma secured by this Mortqage, foreclosure by judicial proceeding and sale of the Property. The notiee shall
iurther inform Borrower of the right to reinetate after acceleration and thQ right to aesert in the foreclosure proceeding the
~i~~n-existence of a default or any other defense of Borrow•er to acceleration and foreclosure. If the breach ie not cured on or
iu•fore the date specified in the notice, Lender at Lender'e option may declare all of the eume aecured by thie Mortgage to be
i m mediately due and pa~~able without farther demand and may foreclase this Mortgage by judicial proceeding. Lender shall be
t ~•r.titled to collect in such proceedinQ all expenses of foreclosure, including, but not limited to, reasonable attorney's fees, and
t rcists of documentary evidence, abe~tracts and title reports.
~ 1 y. 13orrower's Right to Reinetate. tiotwithstandinK [.endei s xcceleration of the sums secured by thia Mortgage, Borrower shaU have
~ ~ ne riRnt to have any prviceedings begun by [,rnder to rnforce this Mortgaqe discontinued at any time prior to entry of a judgment rnforcing
~ ~hia Mortgage if: !a) Borrower pays Lender all sums which wouid be then due under this Mortgage, the Note and notea xecuring Future
:ldvancea, if an~, had no acceleration occurred; (b} Burrower curea all breachea of any other covenanta or agreements of Borrower contained in
this ;~tortgage; Icl ETOROwer pays ail reasonable expenses incurred by I.ender in enfarcing the covrnants and agreem~nta of Borrower
~ untained in thia Mortgage and in enforcinq l.ender's remedies as pro~-ided in paragraph 18 hereof, including, bat not limited to, reasonable
.~?torney's fees; and ~d1 Borrower takea such action as Lender may reasonably require to asi+ure that the lien of this Mortgage, Lender'e intereat
; n the Property and Borrower's obligation to pay the suma secured by this Mortgage ehall continue unimpaired. Upon auch payment and cure
P~rrower, this Mortgage and the obligationa secured hereby ahall remain in full force and effect as if no acceleration had occurred.
'l0. Aseignment of Renta; Appointment of Receiver. As additional security hereunder, Borrower hereby asaigna to Lender the renta
~~f the Property, provided that Borrower ahall, prior to acceleration under paragraph 1 S hereof or abandonment of the Property, have the right
~ c,~ coqect and retain auch rents as they become due and payable.
~ Upon acceleration under para~raph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a
,-ourt to enter apon, take poaseasion uf and manage the Property and to collect the renta of the Property, including thoee paet due. All rente
~ ~-ollected by the receir•er ahall be applied first to payment of the coets of management of the Property and collection of renta, including, but not
~
~ i~mited to, receiver'e feee, premiums on receiver's bonda and reaaonable attorney's feee, and then to the eums aecured by this Mortgage. The
` receiver shall be liable to account only for those rente actually received.
~ ~09 P~ 96O
p
- °~-~~m `~`-y
~ y~ ,
~