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HomeMy WebLinkAbout0745 , . ~ ` t ~ • . j ~~L • a ` • 8. Iaspectioa. Leadei may make or cauae to be made eeuonable entries upoA end 'uupectiotu of the property, provided that Lender shall give Bormw~ notice prior to any such in~pection eperityinQ reasonaAle caws therefor related to Lepder's interest in the Property. 9. COpl~elllD~L~011. The proceed~ of any award or claim for dama~es, direct or rnn~equential. in connection wi~h a1,y ooAdemnaaon or other takin~ of the property, or patt thereof. or for conveyanoe in Geu of oondemnation. are hereby a~si~ned aad sball be paid fo LeAder. In the eveA~ oi s bcal caking of the Property. ehe proceeds ~hall be spplied b the ~uma ~ecured by thia Mortgags. ~vith the e:ce~s, if aay, paid to Borro~ver. In the event of e partial tajdnQ of the Prope:ty. unleas Borrower and Lender otherwise agree in writing. there iball bs applied to the sums iecured by thi~ Mort~age such proportion of the pmceeds as ii equal to that propostion which the amount of We sums •ecured by thia MortgaQe immediately prior to the date ot takiag bears to the fair market value of the Property immediately prior to the date of taking. with the balanca of the proceed~ paid to Borrower. If the Property u abandoned by Borrowar. or if, aRer notioe by I.e~nder to Borrowes that the oondemnor offen b make aa award or settle a' claim [or damagea, Borrower fails b reepond to Lender within 'X1 days afl,er the date such notice is mailed. Lender ia authorized to collec! and apply the proceods. at Lender s optioA, either to restoretion or repair of the prope:ty or to the sums aecured by this Mortgage. Unless Leader and Borrower otherwise a~e+ee ia writing. any such applica6on of prooasda to pdndpal ahall not e:tend or postpone the due date of the month~y iastaUments referred to ia paragraphs 1 aad 2 hee+eof or change the amount of such iastallmenta. 10. Borrower Not Released. Extenaion of the time for paymant or modification o! amortizatioA of the suma secured by thie Mortgage granted by l.ende~r to any successor in interest oi Borrower ehaU not operate b release, in any manner. the liability of the originai Borrower and Borrower s aucceseors in interea~ l.ender ehall not be required to aommence procYedings against such succeeeor or refuae to estend time for payment or otherwiae modify amortization of the suras secured by thia Mortgage by reason of any demand made by the original Borrower • and Borrower a aucY~esaora in interest. 11. Rorbearaaoe by Lender Not a Rldver. Any forbearance by Lender in ~ercieing any right or remedy henwnder, or oWerwiae afforded by applicable law. ahall not be a waiver of or preclude the e~cercise of aay euch right or remedy. T6e procurement of inauranoe or the payment of taxes or other liens or charges by i.enda shall not be a waiver of Lender'o right to aooelerate the maturity of the indebtedness eecund by this Mortgage. 12 Reme~lies Cumulative. All remedies provided in this Mortgage are distind and cumnlative to any other right or remedy nnder this . Mortgage or afforded by law or equity, and may be ezercised aoncurrently. independendy or euocesaively. 13 3uccessore and Aseigns Bow~d; Joint and 3everal Liability; Captiona. The covenante and agreementa herein contained ehall " bind, and the righte hereunder shall inure to, the reepective euccesaors and assigna of Lender and Bosrower, eubject to the provieione of paragraph 17 hereof. All rnvenants and agreementa of Borrower shall be joint an~ several.'I1~e captions and headinga of the paragraphs of this Mortgage are fot rnvenience only and are not to be ueed to interpret or define the proviaions hereof. _ 14. Notice. Ezcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower pmvided for in thie Mortgage ahall be given by mailing such aotice by certified mail addreaeed to Borrower at the Property Addresa or at euch other addrees as Borrower may dcsignate by notice to Lender as provided herein. and (b) anY notice ta Lender ahall be given by certified meil, retarn receipt requested, to Lendei s addr~s atated herein or to auch other addrese aa Lender may designate by notice to Borrower aa pmvided herein. Any notice pmvided for in thia Mortgage ahall be dcemed to have been given to Borrower or L.ender when givea in the manner deaigaated herein. 15. Uniform Mortgage; Governiag I.aw; 3everability. This form of mortgage combinea uniform oovenanta for natioaal uee and non- uniforw covenants with limited variationa by juriediction to oor?stitnte a uniform eecutity inetn~n?ent oovering real pmpe~rty. This Mortgage shaq be govemed by the law of the jurisdiction in which the Property ia located. In the event that any proviaion or clauee of thia Mortgage or the Note conflicta witb applicable law, auch conflict shaU not affect other pmviaiona of this Mortgage or the Note which can be givea effect without the oontlicting pmvision, and to thia end the pmvieiona of the Mortgage an~l the Note are declared to be eeverable. 1& Borrowet's Cop~?. Borrower ahall be furaiahed a conformed oopy of the Note and of this Mortgage at the time of ~ecution or after rea,rdation hereof. ~ 1T. 'Itiranefer of tbe Nroperty; Aesnmption. If all or any part of the Properiy or an interest therein is sold or transferred by Borrower without Lendef~ prior wtitten coneent, e:cluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage. (b) the creation of a pnrchase money serurity interest for househoW appliancee, (c) a tranafer by devise, deecent or by operation of law upon the death of a joint tenant cr (d) the grant of any leasehold interest of three years or leae not oontaining an option to purchase. I.4nder may. at Leader e option, declare all the auma necured by this Mortgage to be immediately due and payable. Ixnder ahall have waived such option to aocelerate if, prior to the sale or tranafer, Lender and the person to whom the Property ie to be aold or tranafereed reach agreement in writing that the credit of such peraon is eatiafactory to Lender and that the intereet payable on the sume secured by this Mortgage ahall be at euch rate as Lender ahall request. If Lender has vrtaived the option ta accelerate provided in this paragraph 17, and if Borrower's succesaor in intereat hae e:ecuted a written asBUmption agreement accepied in writing by Lender, Lenderahall release Borrower from all obligationa under thia Mortgage and the _ Note. ; If Lend~ e~cerciaes euch option to accelrrate. Lender ahall mai) Borrower notice of accelezation in acxordance with paragraph 14 hereot Such notice shall provide a period of not less than 30 daya from the date the notice is ~ailed within which Borrower may pay thesuma declared ~ due. If Borrower faila to pay such sums prior to the e:piration of such period, [.ender may, without furfher notice or de~nand on ~3orrower, wvoke any remediea permitted by paragraoh IS hereof i 18. Aoceleratioa; Remediea Faccept as pmvided in paragraph 17 hereof, upon Borrower's breach of any oovenant or agreement of Borrower in thie Mortgage, including the oovenaata to pay when due any sume aecured by tbis Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specitqing: (1) the breach; (2) the action required to wre such breac6; (3) a date, not leas than 30 days from the date the notice is mailed to Borrower, by w6ich such breach must be cured; and (4) that failure to cure euch breach on or before the date epecifed in the notice may reault in acceleration of the sums secured by thie ~+iortgage, foreclosure by judicisl prooeeding and sale of the Property. T6e notice shall furthec inform Borrower of the right to reinstate aRer acceleration and t6e right to assert in the foreclosure proceeding the non-eziatence of a default or any other defense of Borrower to aoceleration aad foreclosure. If the breach is not cnred on or before the date specified in the notice, Lender at I.eader's option may declare all of the sume eecured by t6is blortgage to be _ immediately due and payable without further demand and may foreclose this Mortgage by judicial procecding. Lender shall be entitled to collect in such proceeding all ezpenaes of foreclosure. including, but not limited to. reasonable attorney's feee, and costs of documentary evidence, abstracte and title reports. ~ 19. Borrower'e Right to Reiastate. Notwithatanding I.ender's acceleration of the aums eecured by thia Mortgage, Borrower ahall haye the right to have any pmcee~ings begun by Lender to enforoe this Mortg~ge diaoontinued et any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower paya Lender all auma which would be then due under this Mortgage. the Note and notea eecuring Future Advanoes, if any, had no acceleration occurred; (b) Borrower curee all breachee of any other oovenante or agreemeate of Borrower oontained in this Mortgage; (c) Borrower paye all reasonable e~cpeneea incurred by I.ender in enforcing the oovenants and agreemente of Boaower oontained in this Mortgage and in enforcing Lender'a reanedies as provided in paragraph 18 hereof, ineluding. but not limited to, reaeonable ~3 attorney's fees; and (d) Borrower takes such action aa Lender may reaaoaably require to asaure that the lien of thie Mortgage, I,ender's interest ~ ~ in the Property and Borrower a obligation to pay the euma eecured by thia Mortgage shall continue unimpaired. Upon wch payment and cnre . a ~ by Borrower. thie Mortgage snd the obligadoM eec~red hereby shall remain in full foroe and effect ae if no aocelerabon had oocurred. ~ 2(1. Aseignment of Rents; Appointment of Receiver. As additional security herennder, Borrower hereby asaigne to Iender the rents ~ of the Property, provided that Borrower shall, prior to aoceleration under paragraph 18 hereof or abandonment of the Pe+operty, have the right ~ to rnlled and retain euch rents as they become due and payabk. Upon aooeleration unda paragraph 18 hereof ar abandonment of tEie Propertyr. I.ender ehall be entided to have a receiver appointed by a oonrt to enter~pon, take posseasion of and manage the Property and to oollect the rents of the Property, includinl[ those paat due. All renta oollected by the re~eiver ahell be applied first to payment of the ooets of management o[ the Property and oollection oirenta, including, bnt not limited to, reoeiver's fees, p~emiume on reoeiver a bonde and reasonable attorney'e feee, end then to the suma eecnred by this Mortgage. The ; reoeiver ahall be liable to aooount only for those rents actually reoeived. t ~ ~ ~ . ~ UR . f ~ goo~ 28? ~E ?~2 ~ ~ . : ~ . _ _ _ - - . - - - . ~ . ~ _ - . . r