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HomeMy WebLinkAbout0809 ' , B. IA~pel.l~OA. Lender may make or cauae to be made rea~oaaDle eatrie~ upon and in~pections of the pmperty, provided that I.ender shall give Borrower ~otice prior~to any such inspection epecifying reasonable cause therefor related to I.ender's interest in the Property. 9. Condemnation. The pcooeeds of aay award or claim for damagee, direct or roneequential, in connection with any 6ondemnation or other leking of the pmperty, ot psrt thereof, or for coAVeyanoe in lieu of oondemnation. ace hereby assigned and shall be paid to Lender. In the event of a total takin~ o[ the Pcoperty. the prooeeds shall be appUed to the ~ums secured by this Mortgege, with the ~ceas. if any, paid to Bosmwer. In the eveAt of e partial taking of the Propaty, unleas [iorrow~ and Lender otherwiae agreo in writing, then shall be applied to the aums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums eecured by this Mortgage immediately prior to the date of taking beate to the fair market value of the Property immediately prior to the date of taking. with the balanat of thR pmceeda Qaid to Borrower. If the Property is abandoned by Borrower, or i[. aftei Qotioe by Lender to Bocrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails b ~espond to Itnder within 30 days atter the dete such notice is mailed, Lender is authorized to colloct and apply the proceeds, at Lender s option. eithet to redoratioa or repair of the pmperty or to the suma secured by thie Mortgage. Unlesa l.eader and Bosrower otheiwise agree in writinB, any euch spplication of proceeds to pripcipal shaU notestend or postpone thedue date of the monthly inaiellmente referred to in paragraphs 1 and 2 hereof or change the amount ot such instellments. 10. Borrower Not Releaeed. E:tension o[ ihe time for paymant or modification of amoriization of the auma eecured by thia Mortgage granted by Lender to any eacc~essor in iatereet of Borrower ahall not operate to releaae, in any manner, the liability of the original Borrower and Borrower'e aucceaeors in intereat Lender ahali not be required to oommence proceedings againat euch eucceaeor or refuae to e:tend time for payment or otherwise modify amortization uf the suma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower e succesaora in intere~t. 11. Forbearanoe by Lender Not a Wsiver. Any forbearance by Lender in exerciaing any right or nme~y hereunder, or otherwiae afforded by epplicable lew. ahaU not be a waiver of or preclude the exerciee of any auch right or remedy. The procurement of inaurance or tAe payment of t~es or other liens or chargea by Lend~ ahall not be a waiver of Irender a right to accelerate the maturity of the indebtedneas secured by thie Mortgage. 12. Remedles Gtimulative. All remediee provided ia thia Mortgage are diatinct and cumulative to any othes right or remedy under thia Mortgage or afforded by law or equity, and may be ezerciee~ ooncurrendy. independently or euaceaeively. 13. Suooeasore aad Aeaigna Bound; Joiat and 3everal I.iability; Captioae. The covenante and agn~mente herein oontained ahall bind, and the righte hereundrr shall inure to, the respective auc~.~eeeore and aeeigna of Lender and Borrower, subject to the provisione of paragraph 17 hereof. AU co~enante and agreements of Borrowtr ahall be joint and several. The captione and headinga of the paragraphs of thia Mortgage are for covenience only and are not to be ueed to interpret or define the provisiona hereof. 14. Notice. E:cept for any notice required under applicabte law to be ~[iven in another manner, (a) any notice to Borrower provided forin thia Mortgage ahall be given by mailing auch noti~e by certi6ed mail addreased to Borrower at the Property Addresa or at euch other addrese as Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to I.ender ahall be given by certified mail. return recxipt requeated, to Lender's addreea atated herein or to auch other address as Lender may designate hy notice to Borrower as provided herein. Any notioe provided for in thia Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governiag I.aw; Severability. T6is form of mortgage combinea uniform rnvenante for national uee and non- uniform covenants with limited variations by juriediction to oonatitute a uniform security inetrument rnvering real property. This Moitgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicta with applicable law, such conilict shall not aiCect other provisiona of this Mortgage or the Note which can be given effect without the rnnflicting provisian, and to this end the provisiona of t}ie Mortgage and the Note are declared to be severable. 16. Borrower'8 Copy. Borrower ahall be fumiahed a conformed oopy of the Note and of thia Mortgage at the time of eacecution or after - recordation hereof. 17. 'I~rane[er of the Property; Assumpdon. If all or any part of the Property or an interest therein is sold or tranaferr~ed by Borrower without Lender s prior written conaent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchaee money security intereat for houeehold appliances, (c) a transfer by deviae, dc~cent or by operation of law upon fhe death of a joint tenant or (d) the grant of any leasehold intereat of three yeara or lesa not oontaining an option to purcheBe. L.ender may, st I.ender's option, deciare all the euma secured by this Mortgage to be itnmediately due and payable. Lender shall have waived such option to socelerate if, prior to the sale or tranafer. Lender and the person to whom the Property ia to be sold or transferred reach agreement in writing that the credit of such person ia eatiafactory to Lender and thal the intereat payable on the aums aecured by this Mortgage shall be at auch rate ae Lender shall requeat. If I.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower s successor in interest has executed a ; written assumption agreement accepted in writing by Lender, Lender shall releaae Borrower from all obligations under this Mortgage and the ~ ; Note. r If Lender eaercises such option to accelerate. Lender shaU mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ; Such notice aha11 provide a period of not less than 30 days from the date the notice is mailed wilhin which Borrower may pay the sums declared ~ due. If Borrower faila to pay such sums prior to the e:piration of such period, Lender may, without further notice or demand on I3orrower, ~ mvoke any remedies pem~itted by pazagrauh 18 h~eof. ~ 18. Accelerstion; Remediea Ezcept ae provided in paragraph 17 hereof, upon Borrower's breac6 ot any oovenant or ~ agreement of Borrower in t6ia Mortgage, itscluding the oovenante to pay when due aay sume eecured by thie Mortgage, Lender prior to aoceleration ahall mail notice to Borrower ae provided in paragraph 14 hereof specifying: (1) the breach; (2) the actioa ~ required to cure suc6 bresch; (3) a date, oot less than 30 daya from the date the notice ie mailed to Borrower, by w6ich euch breach must be cured; and (4) that failure to cure such breach on or before the date apecified in the notice may reault in acceleration of the auma secured by t6is Mortgage, forecloeure by judicial proceeding and sale of t6e Property. T6e notice ahall further inform Borrower of the right to reinstate atter eoceleration and the right to asaert in the foreclosure proceeding the non-e:istence of a default or any other defenae of Botrower to acceleration and foreclosure. If the breac6 ie not cured on or ~ before the date specified in the notice, Lender at Lender's option may declare all of the eume ee~vred by thie Morigage t~ be immediately due and payable wit6out further demand and may forecloee this Mortgage by judicial proceeding. Lender ehall be ~ entitled to collect in such proceeding all e:penaes of forecloeure. including, but not limited to. reasonable attorney's fees, and coats of documeatary evidence. abstracta and title reports. ~ 19. Borrower's Right to Reinstate. Notwnthatanding Lender a acceteration of the aume eecured by thia Mortgage, Borrower ahall have ~ the right to have any proceedinga begun by I,ender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if; (a) Borrower paya Lender all suma which would be then due nnder this Mortgage, the Note and notes aecuring Future ~ Advances, if any, had no acceleration occurred; (b) Borrower curea all breachea of any other covenanta or agreements of Borrower rnntained in ~ this Mortgaqe; (c) Borrower pays all reasonable e:penees incurred by Lender in enforcing the covenants and agreementa of Borrower ~ contained in thie Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reaeonable attorney's fees; and (d) Borrower takea such action as Lender may reasonably tequire to aeaure that the lien of this Mortgage, Lender's interest ~ in the Property and Borrower a obiigation to pay the eama secured by thia Mortgage ahall continue unimpaired. Upon euch payment and cure . ~ by Borrower. this Mortgage and the obligationa eecured hereby ahall remain in fiill force and effect as if no acceleration had occurred. - ~ Z0. Asaignment of Rente; Appointment of Receiver. Ae additional eecurity hereunder, Borrower hereby asaigna to Lender the renta ~ of the Property. provided that Borrower shall, prior to acceleration 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 18 hereof or abandonmeni of the Nroperty, L.ender ahall be entided to have a teceiver appointed by a ~ aourt to enter-upon, take poeseesion of and manage the Property and to collect the cente of the Property, including thoee past due. All rente collected_by the receiver ahall be applied first to payment of the oosta of managementof the Property and rnllection of rente, including, but not ~ limited to, t+eceiverb feea, ptemiuma on receiver's bonds and reseonable attorney's fees, and then to the sums gecured by this Mortgage. The receiver shall be liable to aeoount only for thoee renta artually received. ~ ~ " ~ . ~ z ~ L fc Q ~~~'n~~~ 600R ~v~ PAGE 1 i7 l ~ a: ~ ~ . . = - - _ . - _ 1 - _ ~ , _ _ _ - ~ _ - -