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HomeMy WebLinkAbout0393 : . . 8. InspeMioa, Leader may m~ica or cawe to be made reawnable entries upoa and 'uupections otthe pmperty~ provided tliat L.ender ahal! ; give Borrowes notioe prior tn any such inapeclion specifying reaaonable caws tl~refa~ qlated jo I~ud~'~ iaterest in the Property. 9. COAd@1pR6UOp. The prococds oi any award or claim for dama~es. direct'or~oon~pueatial.1~~110A Wi1,I19A~? OOpdQRlA~tlOp O[ other taking of the pcoperty. ~ part theteof, or foe conveya~sce in lieu of ooadeannation. are hereby au~ned and shal! be paid to Lendet. ta the eveat of a total tekin~ of ths Property. the pmaeeda shal) be applied to the auma secured by thia Mortgags, writh the esoes~. if any, ~ paid to $onower. In ths eveat oi a partial tsking of the Prope~t~v, unlees Bormwer and Lendet otherwise agree in writinR, there shall be applied to the suma secured by this Mott~age such proportion of the pt+oceeds a~ iu equal to that proportion which the amount of We sums secured by this Mortgage imanediately ptior to tt,e date of tai~ing bean b the fair market value of the Property immediately prior to the date of taiung. with the balanoa of the peooe~ed~ paid b Borrawer. . If the Property u abaadoned by Borrower, or if. aRer notice by Lender to Borrower thet the oondemnor offen to maka en award or ~ttla a ~ claua for damage~. Borrow+er faiL to respond to Leader within 30 days after the date auch aotioe is mailed. Leader ie authorize~ t~o collect and apply the prooeeds. at Lend~'s option. ather b restoration or repair of the property or to the aums secnred by this Mortgage. Uulesa Lender snd Borrowrr otherwise agree in writing, any such application of procaeds to principal shell not ~tend or pwtpone the due er d ~ date of the monthly installmeats referned to in paragraphs 1 and 2 hereof or change the amouat ot such installments. 10. Bortower Not Releaeed. Extension of the time for paymant or modification of amortization of the aume secured by this Mortgage granted by I.ender to any aucceseor in interest of Borrower ahall not operate to release, in any manner, the liability of the original Borrower and Borrower'a aucceaeors in interest Lender ahall not be required to oommence proceedings againat such succeesor or refuse to e:tend time for payment or otherwise modify amortization of the suma secured by this Mortgage by reaeon of any demand made by the original Borrower and Bormwer's aucceaeors in intereet. 11. Forbearat~re by Leader Not a Waiver. Any forbearanoe by LPa~der in ~ercising any right or remedy heTeunder. ~r otherwi~e ~ aPforded by eppUcable law. shall not be a waiver of or preclude the exercise of any auch right or rcmedy. The procunment of insurance or the payment of tazes or othrr liene or chargea by Lender shall not be a waiver of Lender's right to aooelerate the maturity of the indebtedness aecured by thie Mortgage. i 12 Remediea G~mulatlve. All remediee provided in this Mortgage are distinct aad cumulative fo any other right or remedy under this ; Mortgage or afforded by law or equity, and may be e~cerciee~i ooncurrendy. independently or suaceseively. 13. 3uocessors aad Aseigns Bound; Jo[nt and Several L.iability; Captions. T6e oovenants sad agrcemente herein oontained ehall ` bind. and the righte hereunder shaU inura to, the reepective auccessora aad aeeigns of I.ender and Barrower. subject to the proviaions of paragraph 1? hereof. All covenante and agreemente of Borrower ehall be joint and eeveral. The captione aad headings of the paregraphs of thie Mortgage are for covenience only and are not to be ueed to interpret or define the {~ovieione hereof. ~ 14. Notice. Except for any notice required under applicable taw to be given in another manner. (a) any notice to Borrower provided for in thie Mortgage shall be given by mailing euch notioe by certified mail addreaeed to Borrovirer at the Property Addreea or at auch other addre.~s as Bormwer may deaignate by notice to Lender as provided herPin. and (b) any notice ta Lender ahall be given by certified mail. return receipt requested, to Lender's address etated herein or to euch oth~ addrese sa I,ender may deeignate by notice to Borrower as provided herein. Any notice pmvided for in this Mortgage shatl be deemed to have been given to Borrower or I.ender when given ia tbe manner deaignated herein. ~ 15. Uniform Mortgage; Goveraing Law; 3everability. This form of mortgage combinee uniforan oovenanfa for national use and non- uniform aovenenta with limited variatione by juriadiction to oonstitute a unifotm aecnrity instrumeat covering real property:'Chis Mortgsge shall be govemed by the law of the juriediction in which the Property ia tocated. In tbe event that any pr~oviaion or clauee of thie Mortgage or ; the Note conflicra with applicable 1aw, auch conflict ahall not af~ect other provisiona of this Mortgage or the Note which cat~ be given effect ~ without the oonflicting pmvision, and b this end the proviaiona of ~the Mortgage and the Note are declared to be sevetable. ~ . i_ 16. Borrower's Copy. Borrowtr ahall be furniahed a rnnformed oopy of the Note and of Wia Mortgage at the time of e~cccution or after ~ recordation hereof. 17.1Yaasfer of the Pcoperty; Aesumption. If aU or any part of the Property or an intereat therein is`dold or transfened by Borrower without Lender's prior written rnnsent, ~cluding (a) the creation of a lien or encumbrance subordinate to thie Motigage. (b) the creation of a E purchaee money eecurity intereat for houeehoid appliances. (c) a tranafer by deviae. deecenf or by operation of law upon the death of a joint ~ tenant or (dj the grant of any les~ehold interest of three years or lese not oontaining an option to pwchaee, I.ender may. at Leader a optioa, declare aU the eume secured by thia Mortgage to be immediately due and payable. I.ender ahalt have waived such option to aocelerate if. prior to the aale or transfer, Lender and the peraon to whom the Property ia to be aold or tranaferred reach agreement ia writing lhat the credit ofsach person is eatiafactory to Lender and that the interest payable on the suma secured by this Mortgage ehal) be at sach rate as Lender ahall - reqnes~ If Lender hae waived the option to socelerate provided in thia paragraph 17. and if Borrowrls succe8sor in interest hae eze~vted a written aaaumption agreement socepted in writing by Lender, Lender ehall releaee Borrower from all obligations under this Mortgage and the Note. _ t t If Lender e~cerciaes such option to accelerate, I.ender ahall mail Bornower notice of aoeelezation in acoordance with paragraph 14 hereot ' Such notice ahall pmvide a period of not lesa than 30 days from the date the notice ia mailed within which Borrower may pay the aums declared ~ due. If Borrower faila to pay euch auma prior to the eupiration of auch period, I.ender may, without further notice or demand on Borrow~r~ invoke any remediea permitted by paragraoh l8 hereof. 18. A~celeration; Bemediea Ezoept as provided in paragraph 17 hereof, upon Borrower's breach of an~ oovenant or ~ agreement of Borrower in this l~ortgage, iaclnding the oovenants to pay when dne aay sams secured by this ~ortgage, Leader prior to scceleration ehalt mail aotice to Borrower as provided in paragraph 14 hereof specifying: (1) t6e breacb;, (2) the adion required to cure euch breach; (3) a date, not lese than 30 days from the date the notice is mailed to Borrower. by which such breach muat be cured; and (4) that failure to care auch breach on or before the date speciHed in the notice may resutt in acceleration of tl~e sums secured by this ll~ortgage, foreclasure by jndicial proceeding end eale of the Property. T6e notice ahall further inform Borrower of the right to reinstste alter acceleration and the right to aseeK in the foreclosure proceeding the . non-ezistence of a default or any other defense of Borrower to aoceleration and foreclosure. If the breach ie not cured on or before the date specified in the notice, Lender at i.ender'e option may declare all ofthe sume secured by this Mortgage to !ie immediately due aad payable without further demand and may forecloee thia Mortgage by judicial proceeding. Lender ehall be entitled to oollect in such proceeding all ezpenaes of forecloeure, including~ but not limited to, reaeonable attorney'e fees. and coata of documentary evidence, abetracte and title reporta. 19. Borrower•s Right to Reinatate. Notwithstanding Lender s acceteration of the enma eecnred by this Mortgage, Boreower ahall heve the right to have any pc+oceeciinga begun by I.ender to enforce this Mortgage disoontinued at any time prior to entry of a judgment enforcing thia Mortgege if: (a) Borrower pays I.ender aq suma which would be then due under thia Mortgage. the Note and notes eecuring Future i Advanoea, if any~ had no acceleration occnrred; (b) Borrower cures all breaches of any other rnvenants or agreements of Borrower oontained in this Mortgage; (c) Borrower paya al! rnaeonable pcpensee incnrred by L,ender in enforcing the oovenants and agreementa of $onrower oontained in this Mortgage and in enforcing Lender a remedies aa provided in paragrsph 18 hereof, inclnding, but not limited to. t~easonable attotney's fces; and (d) Borrower takea anch actioa as I,ender may reasonably require to assure that the lien uf thia Mortgage, Lender's intecest in the Property and Borrower's obligation ta pay the eume eecured by thia Mortgage ahall continue unimpaired. Upon auch paym~t and cure by Borrower, this Mortgage and the obiigationa eecured hereby shall rPmain in fiill foroe and effect as if no aooeleration had ocrnired. 20. Assignment of Aenta; Appointment of Rec~eiver. Aa additional eecurity herennder, Borroaer hereby assigna to I,ender the r~ts r of the Property, provided that Bo er ahall, prior to aooeleration under paregraph 18 hereof or abandonment of the Property, have the right to collect and retain such rente become due and payable: " " ~ Upoa acceleration und~ paragraph 18 hereof or abandonment of the Property, I.ender ahall be entitled to have a reoeiyQ appointed by a ; court to enter.upon, take poseeseion of and manage the Property and to coliect the rents of the Property, including thoee pnat due. All rents ~ coUected by the reoeiver ehal! be applied first to payment of the ooets of management of the Propetty and collec4on of renta, including, bnt not - ~ limited to, reoeiver's fees, premiuma on receiver's bonde and reaeonable attomeyrs fees, and then to the eums secuted by this Mortgage. The reoeiver ahall be iiable to aooount only for thoee rente actually received. ~ soo~287 PACE 3 9i ~t;-~ ~ ~ ~ ; i - - ;'v,s- _ `"~x~ n ~ _°,~~~''~~_Y . ~