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HomeMy WebLinkAbout0269 . J ~ ~ • 8. Inepection. l.ender may make or cauee to be made ~euwnable entriee upon and inepections of the property, provided that l.ender shall give Borrower notice prior to any euch inepection apecifying reaeonabie cauee therefor related W L.e~de~'s intereat in the Property. 9. CondemnatIon. The procei,ds of any award or claim for damages, direct or coneequential, in connection with any oondemnatio~ or other taking of the pmperiy, o~ part thereof, or for conveysnce ia liet~of caefd~pqation, are hereby aeaigned and ehal! be paid to Lender. In the event of a Lotal taking of the Ptopedy, the proceeds shall be appli~ j,aue eume ee~ured by this Mortgage, with the e:cess, if any, paid to Borrowe~. [n the event of a partiat taking of the Property. unlese Borrower and I.ender otherwise agree in writing, there shall be applied to the auma secured by this Mortgage euch proportion of the proceede as ie equal to that proportion which the amount of the euma secured by this Mortgage immediately prior to the date of taking beare to the fair market value of the Property immediately prior to the date of taking, with the balanc~ of the proceeds paid to Boreower. If the Property ia abandoned by Borrower. or if, aRer notice by l.ender to Borrower that the oondemnor oPfera to make an award or aettle a claim for damagea, Borrower faile to reepond to Lender within 30 daya after the date euch notice is mailed, Lender ie authorized to coUect and apply the proceeds. at l.ender s option, eithet to restoration or repair of the pmperty or to the eume eecured by thie Mortgage. Unlesa Lender and Barrower otherwiee agree in writing, any such application of proceede to principal ahall not extend or poetpone the due date of the monthly inatallments referred to in paragraphs 1 and 2 hereof or change the amount of auch instaltments. 10. Borrower Not Released. F.xtenaion of the time for paym:nt or modification of arqo~tization.of the su~na secured by this Mortgage granted by l.ender to any aucceseor in intereat of F3orrower ahall not operate to release, in aaj? ~nn~~dliability of the original Borrower and F3orrower's aucreasora in interest. l.ender shall not be r~quired to rnmmence proceedinga agair?at such auccessor or refuae to extend time for puyment or otherwise modify amortization of the sums aecu~ed by this Mortgage by reason of any demand made by theoriginal Borrower and Borrower's successors in interest. • 11. ForbearAnce by Lender Not a Waiver. My forbearance by I.ender in ezer+cising any right or remedy hereunder, or otherwiee at~orded by applicable law, ahal! not be a waiver of or preclude ihe exercise of any euch right or remedy_ The procarement of ineurance or the payment of ta:ea or other liena or charges by Lender shal? not be a waiver of Lender's right to accelerate the maturity of the indebtedneae secured by this Mortgage. , 12. Remedies Cwnulative. All remediee provided in thie Mortgage are diatinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity, and may be e:ercieevi ooncurrendy, independendy or succeaeively. 13. Succesaors and Aneigne Bound; Joint and Several Liability; Captiona. The covenants and agreemente herein oontained ahail bind, and the righta hereunder ahall inure to, the respective aucceasors and aeaigne of Lender and Borrower, suhject to the provisione of paragraph 17 hercwf, All covenants and agreements of Borrower ahall be joint and aeveral.'1'he captions and headinge of the paragrepha of thia Mortgage are for rnvenience only and are not to be used to interpret or define the provieiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thia Mortgage shall be (tiven by mailing such notice by certified mail addreased to Borrower at the Property Addresa or at auch other addres8 aa 8orrower may designate by notice to Lender as prorided hernin; and !b) any notice W L,ender ahall be given by certified mail, return receipt requeated, to l.ender'a addreas atated herein or to auch other address as Lender may deeignate by notice to Berrower as provided herein. My notice provided for in thia Mortgage shall be deemed to have been given to Borrower or Lender when given i:: the manne: ;ieaignated herein. 15_ Unifarm Mortgage; Goveraing Law; Severability. This form of mortgagecombines uniform oovenanta fornational use and non- uniform covenants with limited variations by jurisdiction to oonatitute a uniform security instrument rnvering real property.'14?is Mortgage shall be governed by the law of the juriadiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such rnnflict shall not affect other provisions of this Mortgage or the Note which can be ¢iven effect without the cwnflicting provision, and to thia end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ahall be furniehed a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. - 17.'IY~anafer of the Property; Assumption. If aii or any part of the Property or an interest therein is sold or tranaferred by Borrower - without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money aecurity interest for how~ehold appliances, (c) a tranafer by deviae, deacent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or leas not oontaining an option to purchase, Lender may, at Lender's option, declare all the suma securea by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior to the sale or tranafer, Lender and the person to whom the Property ia to be aold or transferred reach agreement in writing that the credit of auch person is satiafactory to Lender and that the intereat payable on the sums aecured by this Mortgage shall be at such rate as Lender ahall request. If I.ender has waived the option to accelerate provided in this paragtaph i 7, and if Borrower's successor in interest haa executed a written assumption agreement accepted in writing by I.ender. I.ender ahall releaae Borrower from all obligations under this Mortgage and the Note_ - If Lender exercises such option to accelerate, Le~der ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from thedate the notice is cr,ailed within which Borrowermay pay Lhesums decl ated due. If Bonower fails to pay such sums prior to the expiration of such period, [.ender may, without further notice or demand on ~3orrower, ~nvoke eny remedies permitted by paragraoh lA hereof. 18. Acceleration; Remediea. Ezcept es provided in paragraph l? hereof. upon Borrower'B breach of any covenant or agreement of Borrower in thie Mortgage, includiag the covenanta to pay when due any sume eecured by this Mortgage, Lender prior to acceleration ehail mail notice to Borrower as provided in paragrap614 hereofepeciEying: (1) the breach; (2) t6e aMion required to cure such breach; (3) a date. not leas than 30 daya from the date the notice ia mailed to Borrower, by which auch breach muet be cured; and (4) that failure to cure such breach on or before t6e date epecified in the notice may result in acceleration of the aums secured by this Mortgage, foreclosure by judicial proceeding and eale of the Property. The notice ahall further inform Borrowe~ of the right to reinstate after acceleration and the right to assert in the foreciosure proceeding the non-ezistence of a default or any other defenae of Borrower to aoceleration and forecloeure. If the breach is not cured on or betore the date epecified in the notice. Lender at Lender's option may declare all of the auma aecured by this Mottgage to be immediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender ahall be entitled to collect in such proceeding all e:penaes of foreclosure. including, but not limited to. reasonable attorney's fees, and coaie of documentary evidence. abatracts and title rQporta. 19. Borrower'e Right to Reinstate. Notwithstanding Lender's acceleration of the auma secured by this Mortgage, Borrower shall have the right to have any ptoceedinga beg~n by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing thie Mortgage if: (a) Borrower pays I.ender all aums which would be then due under this Mortgage, the Note and notea securing Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breachea of any other covenante or agreements of $orrower rnntained in thie Mortgage; (c) $orrower pays all reasonable e:penses incurred by Lender in enfonting the covenanta and agreemente of Borrower oontained in this Mortgage and in enforcing I.ender's remedies as provided in paragraph 18 hereof, including, but not timited to, r~easonabiR attorney's tees; and (di Borrower takes sach action as Lender may reasonab)y require to assure that the lien of this Mortgage, Lender's interest in the Property and Borrowei s obligation to pay the sums aerured by this Mortgage shall rnntinue unimpaired. Upon euch payment and cure by Borrower, this Mortgage and the obligations aecured hereby ahall remain in fall force and effect se if no acceleration had occurred. 20. Aseignment of Rente; Appointment of Receiver. As additional eecurity hereunder, Borrower heieby aasigna to Lender the rente af the Property, provided that $ortower ahall, 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 of the Property, Lender shall be entitled to have a receiver appoinEed by a oourt to enter.upon, take poasession of and manage the Property and to rnllect ttie rents of the Property, including thoae past due. All renta oollected by the rereiver ahall be applied first to payment of the coste of management of the Property and collection of renta, including, but not limited to, receivei a fees, premiuma on receiver'a bonda and reasonable attorney's feea, and then to the suma eecuted by this Mortgage. The receiver shall be liabie to acoount only for those rettta actually received. r ~ zgs ~~L zss .,G:,K ;