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HomeMy WebLinkAbout0821 ~ , ~ ` ~ ~ 8. laspectloa. Lender may make or cauae b be made reasoneble entries upon and inspecados o~'the prope~ty, pmvided that Lender shall give Bormwe~ notice prior to any such inspecaion apecifying reasonable cauae therefor celated to I.endei s interest in the Property. 9. Condeu?aetion: The proceeds o! any award or claim for damagea, direct or co~sequential, in rnnnection with any oondemnation or other taking of the property. or pnrt thereof. ot for conveyance in lieu of oondem~ation. are he~eby esaigned and shall be paid to I.endeir. l~ the event ot a Lotal taking of the Property. the proceede shall be epplied to the suiae secured by thia Mortga~e. with the exoeas, if any. paid to Borrower. In the event of a partial taking of the Property. unlesa Borrower and I.ender othe~wise agree in writing. ihere shaU be ; applied to the sume secured by this Mortgage such proportion of the proceeds as is equal to lhat proportion which the amount of the sutns ' eecured by thia Mortgage immediately prior to the date of taking bears b the fair market value of the Property immediately prior to the date of taking, with the balan~ of the proceeds paid to Borrower. ' If the Property i~ abandoned by ~orrower. or if, aRer aotioe by Lender to Borrower that the oondemnor offers to make aq award or setde a ; ctaim for dameges. Borrower fails to reapond to I.ender within 30 days afte~ the date euch notioe is mailed. Lender is authorised b collect and apply the proceeds. at Lender's option, either to restoration or rnpair of the property or to the sums secured by this Mortgage. Unleee I.ender and Borrower otherwiee agree in writing, any such appGcation of proeeeda b principal ehall not e:Lend or poetpone the due date of the monthly inatallments referred Lo in paragraphe 1 and 2 hereof or change the amount of such inatallmeate. ` 10. Borrower Not Releaeed. E:tenaion of the time for paymsnt or modification of amottization of the auma eecuted by this Mortgage b granted by Lender to any eucceeeor in interest of Borrower ehall not operate to release~ in any manner, the liability of the original Borrower and Borrower's auccesaors in interest Lender ahall not be required to eommence proceedin~e againat euch succeasor or refuee to e:tend time ; for payment or otherwiae modify amortization of the sums secured by this Mortgage by reaaon of any demand made by the original Borrower and Eiorrower's succesaore in interest. - 11. Forbearance by Lender Not a Riaiver. My forbearance by Lender in e:ercising any right or remedy hereunder, or otherwise afforded by applicable law, ehall not be a waiver of or preclude the exerciee of any such right or remedy. The procurement of insurance or the payment of ta:es or other liens or chsrges by I.ender ahall not be a waiver of Lender'a right to aocelerate the maturity of the indebtedneas secured by this Mortgage. . 12 Remediea Cumulative. All remedie8 provided in thie Mortgage are distinct and cvmulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be ezercieerl concurnntly, independendy or suooeeeively. ~ 13. Suooeasore and Aseigne Bound; Joint and Several Liabillty; Captions.'Phe oovenants end agreemente herein oontained ahall ~ bind, and the rights hereunder ahall inute to, the reapective succeseore and aesigas of Lender and Borrower, aubject to the proviaione of paragraph 17 hereof. All covenanta and agreemenLs of Borrower ahall be joint and eeveral. The captione and headinga of the paragraphs of thia Mortgage are for covenience only and are not to be used to interpret or define the pmvisiona hereof. 14. Notice. Except for any notice required under applicable Iaw to be given in anoth~ manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Born?wer at the Property Addresa or at auch other addreea as Borrower may designate by notice W Lender as pmvided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requested, b I.ender's address afsted herein or to such other addrese as Lender may deaignate by notice to Borrower aa pmvided herein. Any notice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the msnner designated he~rein. 15. Uniform Mortgege; Goveraing I.aw; 3everability. This form of mortgage combinee uniform oovenants for national uae and non- uniform covenants with limited variations by juriadiction to rnnstitute a uniform security instrument covering real property.'11~ia Mortgage ; shaU be governed by the law of the jurisdiction ia which the Prope~ty ie located. In the event that any proviaion or clause of this Mortgage or the Note conflicta with applicable law, such rnntlict ahall not af~ect other provisione of this Mortgage or the Note which can be given effect without the eonflicting proviaion, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrovver ehall be furnished a conformed rnpy of the Note and of thia Mortgage at the dme of eaecution or after recordation hereof. . 17.11ranefer of We Property; Asaumption. lf all or any part of the Property or an interest therein ia eold or tranaferred by Borrower without Lendei s prior written consent, eaccluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchase money aecurity interest for houeehold appliancea, (c) a transfer by deviee, deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three yeara or less not oontaining an option to purchaBe, Lender may. at Lender a option, declare aU the eums secared by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if. prior to the sale or transfer. Lender and the peraon to whom the Property ia to be sold or tranaferred reach agreement in writing that the credit of euch pereon fa satiefactory to Lender and that the internst payable on the auma secured by this Mortgage shall be at such rate ae Lender ehall requeat. If Lender has waived the option to accelerate provided in this paragraph 17. and if Borrower a successor in intereat has executed a written assumption agreement accepted in writing by Lender; Lender ahall release Borrower from all obligations under this Mortgage and the ; Note_ ~ If Lender exercisea such option to accelerate, Lender shall mail Borrower notice of aoceleration in accordance with paragraph 14 hereof. ~ Such notice shaU provide a period of not less than 30 days from the date ihe notice is ~r,siled within which Borrower may pay the aums declared ~ due. If Borrower faila to pay such aums prior to the expiration of such period, Lender may, without further notice or demand on Iiorrower, invoke any remedies p~mitted by paragraoh 18 hereof t ~ ~ 18. Accelergtion; Remediea. E:cept ae provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or ~ agreement of Borrower in thia Mortgage, including the oovenanta to pay when due any aums secured by this Mortgage. Lender ~ prior to auceleration ehall mail notice to Borrnwer ae provided in paregraph 14 hereof specifying: (1) the breach; (2) theaction ~ required to care auch breac6; (3) a date, not lese than 30 daye from the date the notice ie mailed to Borrower, by whic6 euc6 ~ breach muat be cured: and (4) that failure to cure sach breach on or before the date apecified in the notice may result in ~ acceleration of the aums secured by this 11~ortgage, forecloaure by judicial proceeding and eale of the Property. The notice ahall further inform Borrower ot the right to reinstate atter acceleration and the rig~t to ssaert in the foreclosure proceeding the ~ non-e:istence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach ie aot cured on or before the date specified in the notice. Lender at Lender's option may declare all of the sume secured by thie Mortgage to be ~ immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ehall be entitled to collect in auch proceeding all expenaea of foreclosure. including, but not iimited to, reaeonable attorney's fees, and ~ coata of documentary evidence, abstracts and title reporte. ~ 19. Bonower'e Right to Reinetate. Notwithatanding Lender s acceleration of the euma eecured by thia Mortgage, Borrower shall have _ ~ the right to have any pra.redings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower pays I.ender all auma which would be then due under thie Mortgage, the Note and notea eecuring Future Advances, if any, hsd no acceleration occurred; (b) Borrower cures all breachea of any othercovenante or agreementa of Borrower oontained in ~ thie Mortgage; (c) Borrower pays all reasonable expenaes incurred by Lender in enforcing the oovenanta and agreementa of Borrower = contained in this Mortgaqe and in enforcing Lender's remediea as provided in paragraph 18 hereof. including, but not limited to, reasanable ~ attorney's feea; and (d) Borrower takea such action as I.ender may reasonably require to aseure that the lien of this Mortgage, Lender a intereet ~ in the Property and Borrower's obligation to pay the aums eecured by this Mortgage shall rnntinue unimpaired. Upon such payment and cure ~ by Borrower, thie Mortgage and the obligations aecured hernby shall remain in full force and effect ae if no acceleration had occurred. ~ 20. ABaignment of Rente; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby asaigna to Lender the renta : of the Property. provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to coUect and retain such rents aa they become due and payable. , ~ Upon acceleration ander paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a receiver appointed by a ' ~ ooutt to enter.upon. take poseeaeion of and manage the Property and to collect the renta of the Property, including thoee past due. All rente ~ oollected by the receiver ahall be applied firat to payment of the coate of management of the Property and collection of renta, including, but not ~ limited to, n~ceiver a fees, premiuma on receiver's bonda and reseonable attorney's feea, and then to the aums secured by thia Mortgage. The ~ receiver ahall be liable to acoount only for those tents actually received. ~ s ' 3 i~ k ~ ~ ~i~~~ L7~h7 ~ ~ F gX$ ~ t ~ . y-: r .