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HomeMy WebLinkAbout0671 . ~ , 8. lnspection. l.ender may make or cauac tu be made reasonable entriee upon and inspectiona of the property, provided that l.ender ehall give Borrower notice prior to any euch inepection epecifying reaeonable cause t}ierefor related to I.ender'e interest in the Property. 9. Condemnation. The proc~eede o[ any award or claim for damaga~, direct or conseyuential, in connection with any condemnation ot other taking of the pmperty, or part thereo[, or [or conveyance in lieu of condemnation, are hereby asaigned and ehall be paid to Lender. tn the event of a Lotal taking of the Property, the pruceeds ehall be applied to the eums secured by this Mortgage, with the e:ceae, if any. paid to Borrower. In the event of a partial taking of the Property, unleae Botrower and Lender otherwise agree in writing. there ahaU be applied to the euma secured by thie Mortgage euch proportion ot the proceeds aa ie equal to that proportiun which the amount of the aume aecured by thie Mortgage immediately prior to the date of taking beare to the fair market value of the Properiy immediately prior to the date of taking, with the balanca of the proceede paid to Borrower. If the Property ie abandoned by Borrower, or if, afte~ notice by I.ender to Borrower that the oondemnor oflera to make an award or eettle a claim for damagee, Born~wer faile to respond to I.ender within 30 daye after the date auch notice ie mailed. Lender is authorized to collect and apply the proceede, at I.ender'e option, either to reetoration or mpair of the property or to the sume eecured by thie Mortguge. Unleas (.endrr and Borrower otherwise agree in writing, any such application of proceeda to principal ehall not e:tend or poetpone the due date of the monthly installmenta referred to in p~??Agraphs 1 a~d 2 hereof or change the amount of euch inetallmenta_ 10. E3orro~ver Not Released. Extenaion of the time for paym~nt or modification of amortization of the sums secured by this Mortgage gtranted by l.ender to any succesaor in intereat of Bormwer ahall not operate to release, in any manner, the liability of ihe original Borrower and Borrowei s succesaore in intereat. l.ender shall not be required to commence proceedings against such successoT or refuae to extend time for pu3 ment or otherwise mudify amortization of the sums secured by this Mortgage by reuson of any demand made by the original Borrower and Eiorro~ei a successors in interest. 11. Forbearance by I.ender Not a Waiver. Any forbearance by Lender in e:ercieing any right or remedy hereunder, or otherwiee afYorded by applicable law, ahall not be a waiver of ur preclude the exercise of any such right or remedy.l'he procurement of insurance or the payment of taxes or other liena or chargea by Lender ahall not be a waiver of Lender'e right W aooel~rate the maturity of the indebtedneas aecured by this Mortgage. 12. Remedies Cumulative. All remediea provided in this Mortgage are diatinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity, and may be exercise~i rnncurrently, independently or auccesaively. 13. Successors and Aaeigns Bound; Joint and Several Liebility; Captione. The rnvenants and egreemente herein contained ahall bind, and the righta hereunder shall inure to, the respective aucceesors and aseigns of Lender and Borrower, aubject to the provisions of paragraph 17 hereof All covenants and agreements of Borrower ahall be joint and eeveral. The captiona andheadings of the paragrapha of this Mortgage are for covenience only und ure not to be used to interpret or define the proviaions hereof. 14. Notice. Except for any notim required under applicable law to be Riven in nnothrr manner, la) any notice to Borrower provided for in this Mortgage ahali be given by mailing such notice by certified mail addreased to Borrower at the Property Addrnsa or at such other addreas ae Borrower may deaignate by notice to Lender as provided herein, and f b) any notice to I.ender ahall be given by certified mail, retarn receipt requested, to Lender's addreas atated herein ar to such other addreas as l.ender may designate by notice to Borrower aa provided herein. My notice provided for in this Mortgage shall be deemed to have been given to Borrower ot l.ender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law: Severability. This form of mortgage combinea uniform covenanta for national use and non- uniform covenants with limited variations by jurisdiMion to conatitute a uniform aecurity instrument cuvering real property. This Mortgage 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 contlicta with applicable !aw, auch contlict ahall not af'fect other provisions of this Mortgage or the Note which can be given effert without the conflicting provision, and to this end the provisions of the 1liortgage and the No4~ Are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a rnnfonned rnpy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Tranefer of the Property; Aseumption. If all or any part of the Property or an interest therein is aold or transferred by Borrower without l.ender a 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 household appliances, (c) a tranafer by devise, descent or by operation of law upon the death of a joint !enant or (d) the grant of any leasehold intereat of three yeara or less not rnntaining an option to purchase, Lender may, at Lender's option, declare all the sums securea by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior i to the sale or transfer, Lender and the person to whom the Property ia to be aold or transferred reach agreement in wriNng that the credit of auch ~ peraon is satisfactory to Lender and that the interest payable on the suma secured by this Mortgage shall be at auch rate as Lender shall E request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a i written assumption agreement accepted in writing by [.ender, I.ender shall release Borrower from a11 obligations under this Mortgage and the s tiote. • ~ If I.ender exercises such option to accelerate, I.ender shall mai! Borrower notice of acceleration in accordance with paragraph 14 hereof. 5uch notice sh:~ll pmvide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay thesums declared ° due. If Rorrower fails to pay such sums prior to the expiration of such period, l.ender may, without ~urther notice or demand on Borrower, ~ . ~nvoke any remedies permitted by paragraoh 1R hereof: r ~ 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof. upon Borrower's breach of any cov~nant or ~ agreement of Borrower in this Mortgage, including the oovenants to pay when due any sums eecured by thie Mortgage, Lender ~ prior to acceleration ahall mail notice to Borrower es provided in paragraph l4 hereof epecifying: (1) the breach; (2) the action - required to cure such breach; (3) a dete, not less than 30 days from the date the notice is mailed to Borrower. by which euch _ breach muet be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in ~ acceleration of the suma aecured by this Mortgage, forecloaure by judicial proceeding and sale of the Property. The notice ahall further inform Borrower of the right to reinetate after acceleration and the right to esaert in the foreclosure prceeeding the ~ non-ezistence of a detault or any other defense of Borrower to acceleration and forecloaure. If the breach ie not cured on or ~ before the date apecified in the notice, Lender at Lender's option may declare all of the auma secured by this Mortgage to be immediately due and payable v? ithout further demand and may toreclose this Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in such proceeding all expensea of forecloaure. including, but not limited to. reasonable attorney's fees, and coata of documentary evidence. abstracte and title reporta. ~ 19. Borrower'e Right to Reinatate. Notwithstanding l.ender s acceleration of the aums aecured by this Mortgage, Borrower ahall have the right to have any proceedinge begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ,4~ thia Mortgage if: (a) Borrower pays Lender all suma which would be then due under this Mortgage, the Note and notes securing Future Advancea, if any, had no acceleration occurred; lb) Borrower cures all breachea otany other covenants or agreementa of Borrower contained in g thie Mortgage; (c) Bosrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower 7 contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney a fees; and Id) Borrower takea auch action as Lender may reasonably require to asaure that the lien of this Mortgage, Lender's interest in the Property and Borrower s obligation to pay the sums secured by this Mort~age shall continue unimpaired. Upon such payment and cure - by Borrower, this Mortgage and the obligationa secured hereby aha11 remain in fuli force and effect ae if no acceleration had occurred. 20_ Aseignment of Renta; Appointment of Receiver. As additional aecurity hereunder, Borrower hereby aesigna to Lender the renta - ; of the Property, provided that Borrower ahall, prior to acceleration under par~±graph 18 hereof or abandonment of the Property, have the right to collect and retain such tenta as they become due and payable. `3 Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.ender ehall be entitled to have a receiver appointed by a ~ wurt to enter-upon, take possesaion of and manage the Property and to collect the rents of the Property, including thoee past due. All rnnta wllected by the receiver shall be applied first to payment of the costa of management of the Property and colleetion of rents, including, but not ' = limited to, receiver's fees, premiuma on receiver's bonds and reasonable attorney'a feea, and then to the aums secured by this Mortgage. The receiver ahall be liable to account only for those rents actually received. ~ 8001( ~Os PAGE s - 69 ; _ _ _ _ _ - _ - - ~~A~ . . _ . _ _