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HomeMy WebLinkAbout0940 . ~ 8. In~partton. Lender may maks or cauee to be made ceawnable e~tries upoa aad ' tu of f~e p{pperty. ~oyided that Lender ~haU give Bortowez notioe prior to any such itupection specifyin6 ~easonable cause therefor ~rcl~ , fo Lladet'~ intee+q~ u1 the Ptoperty. ± 9. Coademnadon.ll?e proceeda of any award or claim for damage~. direct or corue9uential. ia rnnaection rv~th aqy oondemnatio~ or ; othe: takir~g of the pmperty. or part thereof. or fos conveyanos in Uei~ of oonde~nnation. are hereby assi~ned aad ~hall be paid to Leader. i In the eveat oi s total tsking of the Property. fhe prooeed~ shaU be applied to the sums secured by thi~ Mortgage. with the esoe~s. ii any, paid to Borrower. In the event of a partial takin~ of the Propsrt~y. unless Burrower and Lender otherwiss agree in ~vritin~. there shall be = applied to the sums secund by this Mortgage such proportion of We proceed~ as ie equal to that proportion which the amouat of !he sums ; eecvred by thia Mortgage immediately prior b the date of taking be~re to the fedr market value oithe Properiy immediately prior b the date of takia8. wiW We balanoa of the prooeed~ Peud b Sorro~ver. ; If tha P[opesty u abandoned by Borrower. or if, aRer nbdce by Leader to Bosrower that the eondea?nor ot'!!'ers to mahe an award or settk a ~ claim for damege~. Borrower [ails to respond to I.ender within 30 dey~ aRer the date such notice is mailed. Lendar is authorized to ooUect sad : apply the proceeds, at Lender's option. eith~ to restoration or repair o! the pmperty or to the sums savred by thia Mortga~e. ' Unlees Lender aad Borrow~ othe:wise ag~ee in writin6. anY such applicatio~ of proceeds to principal shall not atend or postpone the due date of the monthly installmeats referred to iA peragraphs 1 and 2 hereof or chanQe the amount of such installments. ; 10. Borrower Not Released. Extension of the tia4e for paym~nt or modification of amortisation of the suma secured by this Mortgage ~ granted by [.ender to any aucceaeor ia intereat of Borrower shaU not operate to release, in any manner. the liability of the oiiginal Borrower and Borrowei s sneceeeors in interes~.l.ender shall not be required to oommenoe proceedinge againat euch suoceeeor or refwe to e:tend time ~ for payment or otheiwise modify amortization of the sums eectired by this Mortgage by reaeon of any demand made by the original Borrower = and $orrower'e euci,~eseore in intereat. 11. Forbearance by Lender Not a R?siver. Any forbearance by Lendez in e:ercising any riBht or remedy hereunder. or otherwiee ; aP[orded by applicable law. shall not be a waiver of or preclude !he exerciee of any euch right or temedy. The procureme~t of insurance or We : payment of t~ee or other iiena or charges by Lender shall not be a waiver of I.ender's right to aocelerate tLe msturity of the indebtedneea ~ ; eecured by this Mortgage. ' ` 12 Remedie~ C~mulative. All remediea provided in this Mortgage are diatinct and cwnulative to aay other right or remedy under this ` Mortgage or afforded by law or equity, and may be esercise~l concurrendy, independently or suoceasively. - 13. 3ucceesors and Aseigne Bonnd; Joint and Several i.iability; Captions. The covenant8 and agreements herein oontained ehall bind, and the rights henunder ehell inure to, the reepective sucxeesors and sesi8ns of Lender and Borrow~. aubject to the proviaions of ; paragraph 17 hereof. All covenants and agreemente of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for rnvenience only and are not to be ueed to interpret or define the provisions hereof. ~ ~ 14. Notice. Except for any notice required under applicable law to be given in anoth~ manner. (a) any notice to Borrower provided for jn ~ this Mortgage shall be given by mailing ench notice by ceetified mail addreseed to Borrower at the Property Address or at such other address as Borrower may deaignate by notiae to Lender as pmvided herein. and (b) any notice to I.ender ahall be givea by certified mail. retam rec~pt i requested, to Lender's addreae atated heiein or to such other addrese ae Lender may desigt~ate by notice to Borrower aa provided herein. My ~ notice provided for in this Mortgege sha11 be deemed to have been given to Borrower or I.ender whea given in the manner designated henin. 15. Uni[orm Mortgage; Governiag I.aw; 9everability. Thie form of mortgage combinea uniform oovenanta for national use and non- ; uniform ooveaante with limited variatione by juriadiction to oonetitute a uniform security instnuuent wvering real property. This Mortgage i shaU be goveme~ by the law of the juriediction in which the Property ia located. In the event that any proviaion or clause of this Mortgage or the Note conflicts with applicable law, auch contlict shall not af~ect other proviaione of thia Mortgage or the Note which can be given effect without the oontlicting proviaion, and to thia end the pmviaions of the Mortgage and the Note are declared to be aeverable. 16. Borrower's Copy. Borrower shall be fnmiahed a conformed oopy of the Note and of this Mortgage at the time of execation or after recordatioa her~eof. ~ 17. 'Itiraasfer ot the Property; Aesumption. If all or any part of the Property or an intereat therein ie eold or traneferred by Borrower - without I.ender's prior written rnnsent, e~ccluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a ~ purchaee money aecurity interest for houeehold appliancea. (c) a tranafer by devise, deaoent or by operation of law upon the death of a joint tenant or (d) the grant of a.ny leaeehold intereat of three years or lesa not oontaiaing an option to purchaee. Lender may, at Lender e option, declase all We suma secured by thia Mortgage to be immediately due and payable. Lender ehall have waived such option to aocelerate if,prior to the eale or tranafer, I.ender and the pereon to whom the Property ia to be aold or traneferred reach agreement in writing that the credit of euch person ia eatisfactory to Lender and that the iate.~eat payable on the aums eecured by thie Mortgage shall be at auch rate as Lender shall request. If Lender haa waived the option to aocelerate provided in this paragraph 17, and if Borrower s succeeaor in interest hae eacecuted a written asawnption agreement sooepted in writing by Lender, Lender shall release Borrower irom all obligationa under thia Mortgage and the E Note. ~ If Lender aercisea auch option to accelerate, Lender ahall mail Borrower notice of aoceleration in aceordance with paragraph 14 hereuL ~ Sueh notice shali provide a period of not leea than 30 days irom thedate the notice is cr,ailed within which Borrower may pay the auma declared ~ due. If Borrower faila to pay auch sums prior to the e:piration of such period, Lender may, without furthe~ notice or demand on Borrower. mvoke any re:nedies permitted by pazagraoh.l8 hereof. 18. Acceleration; Rewedies. E:cept as provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or i agreement of Borrower in this Mortgege, inctuding t6e oovenants to pay w6en due any sume secured by this Mortgege, Lender ~ prior to aoceleration shall mail aotice to Borrower as provided in paragrap614 hereof epecifying: (1) the breach; (2) the action required to cure such breac6; (3) a date, not leas than 30 daya from t6e date t6e aotice ia mailed to Borrower, by whicb such ; breach must be cured; and (4) that failure to cure such breach on or before the date specified in the aotice may result ~n acceleration of the suma eecured by this Mortgage, forecloaure by iudicial prooeeding aad sale of the Property. The aotice ehall ~ further inform Borrower of t6e right to reinatate atter aoceleratioa and the right to aseert in the foreclosure proceeding the _ non-ezistence of a default or any other defenae of Borrower to acceleration and foreclosure. If the breac6 ie not cured on or before the date epecified iq the notke, Lender at Lender's option may declare all of the sums aecared by this Mortgage to be immediately due and payable without further demand and may torecloee thie ~Iortgage by judicial proceeding. Lender ehatl be entiNed to collect in euch proi.~eeding all e:penses of forecloeure, including, but not limited to, reaeonable attorney's feea. and coets of documentary evidence, abstracte and title reporte. ~ 19. Borrower's Right to Reinetate. Notwithatanding Lender a soceleretion of the eume secured by this Mortgage, Borrower ahall have the right to have any pmceedings begun by Lender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing thie Mortgage if: (a) Barrower paye Lender all sums which would be then due under this Mortgage, the Note and notes eec~ring fi~ture Advancea, if any, had no acceleration occurred; (b) Borrower caree aU breachea of any other oovenante or agreemente of Borrower oontained in ~ thia Mortgage; (c) Borrower pays all reasonable e~cpensee incurred by Lender in enforcing the oovenants and agreements of Borrov~er ; oontained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof. incloding, bnt not limited to, reasonable ~ attorney'a feee; and (d) Borrower takes auch action as Lender may reaeonably require to assure that the liea of thia Mortgage, Lender's intereat ~ ~ in the Paoperty and Borrower's obligation to pay the suma secured by thia Mortgage shall continue unimpaired. Upon euch payment and cure 4 ~ by Bormwer, thie Mortgage and the obligationa eecured hereby shsll reznain in full force and effect as if no acceleration had occurred. ; 20. Aseigament of Rents; Appointment of Receiver. As additional eecurity hereunder, Borrawer hereby aesigne to Lender the reate ; of the Property. pmvided that Borrower ahaU, prior to acoeleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to rnllect and ntain snch rPnte aa they ~become due and payable. " Upon acoeleration under peragraph 18 hereof or abandonment of the Property, Lender shall be entided to have a reoeiver appointed bya > oonrt to enter~pon, talce posseeaion of and manage the Property and to collect the rente of the Property, including those paat due. All reate ' oollected by the receiver ahali be applied firat to payment of the ooste of management of the Property and ooAection of renb. including, but not ` limited to, receiver's fees, premiumb on receiver's bonds and resaoneble attomey'e fees, and then to the aums eecured by this Mortgage. The ~ reoeiver shall be liable to aooount only for thoee rente actually received. ; _ - " ~ ~ s ~ ~ 287 ~ y~ ~ ~ ~ ; r _ r~ - - -~--.-a-.-