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HomeMy WebLinkAbout0944 . . • . . . . i 8. In~pection. l.ender may make or cause to be made reswntble eateie~ npon snd ~pection~ of the pmperty, provided that I.ender ahall ? give Borrower notice prior to any such inspection specifyin~ reawaablt.cawe thee~eta~ rilated to I.ender s intereat in the Property. ; 9. Coadamnatioa.'11ie proceeds of any award os claim for damagea, direct or rnnsequential, in connection with any oondemnation or i other tairing of the pmperty. or part thereof. or for o~?veyance in 4eu of oondeinnation, are hereby assi~ned and shaU be paid to LeAder. Ia the event of a toeal takin~ of the Propedy, the proceeds shaD be applied to ths sume ~ecured by this Mort~age, with the ~cees. ii any. ~ paid to Borrower. Ia the event of a partisl taking oi the Property. unless Aorrower and Lender otherwise agree in writing, there ahall be applied to the eums secured by this Mortgage such proportion of the pmceeds as is equal to that pmportion which the amount of the sums ; secused by this Mortgage immediately prior to the date of taking bean to the fair market value olthe Piroperty immediately prior to the date of # taking. with the balanoa of the prooeeds paid to Borrower. If the Propezty is abandoned by Bormwer, or if, atter notice by Lender to Borrower that the oondemnor offers to make an award or setde a ' cleim for damages. Borrower faib b respond W I.ender within 30 daYs after the date such notice is mailed. I.end~ ie authorised to coilect and apply the pmc~eds. at Lend~'a option. either to restoration or repair ot the pmperty or to the s~uns secured by this Morfgage. Unlees Lender and Boirow~ otherwise a8ree in wridng. any guch application of pmceedr to principal shall not eutend or poetpoae the due date of the monthly inatallments nferred b in paragraphu 1 and 2 hereof or change the amount of such instaUments. 10. Borrower Not Aeleased. Extension of the time for paym~nt or modification of amortization of the aums secured by this Mortgege granted by Lender to any aucceaeor in interest of Borrower ehall not operate to releaee, in any manner, the liability of the original Borrower and Borrower'a succesaore in intereet- [.ender ehall not be required to mmn?ence proceedings againat such succesaor or refuee to e:tend time for pe~yment or otherwiae modify amortization of the aums secured by thie MoRgage by reaeon of any demand made by the original Borrowa and BoTrower s sucoeesora in interest l l: Forbeatanoe by Lender Not s R?aiver. My forbearance by I.ender in e:ercising aay riBht or remedy hereunder, or otherwise afforded by applicable law, ahaU not be a waiv~ of or preclude the exercise of any such right or remedy. The procurement of inaurance or fhe payment of taxes or oWer liene or charges by Lender shall not be a waivet oi Lendei s right to accelerate the maturity of the indebtedness secured by this Mortgage. . 12. Remediea Cumulattve. All remediea pmvided in t1?is Mortgage are distinct and cumuletive to any other right or remedy under this Mortgage or at'fforded by law or equity, and ma~y be e~cercieevl ooncurrently. independently or saooessively. ~ 13. Succeaeore and Aseigas Bound; Joint and Several Liability; Captione.'The covenanLs and agreemente herein oontained ahall bind, and the righte hereunder sha11 inure to. the respective aucceaeors and aasigna of Lender and Borrower, subject to the proviaions of paragraph 17 hereof. All rnvenants and agreEmentB of Borrower ahall be joint aad eeveral. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define the provisiona hereof. 14. Notice. E:cept for any notice required under applicsble law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Addreea or at such other address as Borrower may deeignate by notice to I.ender aa provided herein, and (b) any notice to I.ender shall be given by certified mail, return reoeipt requeatcd, to Lendez'e addrees ataced h~ein or co such other address as Lender may deeienate by noace ~o Borrower ae provided herein. My notice pmvided for in this Mo~tgage ahall be deemed to have been given to Borrower or I.ender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; 3everability. Thia form of mortgage oombinea uniform oovenante for national uee and non- uniform covenante with lunited variationa by jurisdiction to aonstitute a uniform security instn~ment oovering real pmperty.'It?is Mortgage shall be governed by the law of the jurisdiction in which the Property ia lacated. In the event that any provision or clause of this Mortgage os the Note rnnflicts with applicable law, euch rnn11iM shall not affect other provisioas of this Mortgage or the Note which can be given ef~ect without the oonflicting proviaion, and to thia end the proviaiona of the Mortgage and the Note are declared to be eeverable. 16. Bonower's Copy. Borrower ahall be furniahed a conformed oopy of the Note and of Wia Mortgage at the time of r~ecution orefter recordation hereof 17. Tranefer of the Property; Aeeumption. If sU or any part of the Property or an interest therein ia eold or transferred by Borrower withont Lende~e prior written rnneent, e:cluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage. (b) the c:eation of a purchaee money eecurity intereet for houaehold appliances, (c) a tranafer by deviee, dc~cent or by operation of taw upon the death of a joint tenant or (d) the grant of any leaeehold interest of three years or lese not containing an option to purchase, Lender may. at Lender s option, declare all the sume secured by thia Mortgage to be immediately due and payable. Lender ahall have waived euch option to accelerate if, prior to the sale or tranrfer, Lender and the person to whom th~Property is to be eold or tranaferred reach agreement in writing that the credit of auch peraon is satiafactory to I.ender and that the intereat payable on the auma secured by this Mortgage shall be at such rate aa Lender ahall request. If Lender has waived the option to accelerate provided in thia paragraph 1'l, and if Borrowe~'s aucceesor in intereat hae e:ecnted a I written aesumption agreement accepted in writing by Lender, Lender ahall release Borrower from all obligationa under this Mortgage and the ; Note. ~ If Lender ~ercises such option to accelerate, Lender ahall mail Borrower notice of acceleiation in acoordance with paragraph 14 hereot E Such notice shall provide a period of not less than 30 daya from the date the notice ia mailed within which Borrower may pay the auma declared ~ due. If Borrower fails to pay such sums prior to the e~cpiration of such period, L.ender may. withont furthez notice or demand on E3orrower, ~ invoke any remedies. permitted by Paragraoh 18 hereof. t ~ 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or agreeareet of Borrower in t61e Mortgage, including the oovenants to pay whea dne any sume eecure~ by thie Mortgage. Lender prior to aoceleration ehal! mail not[ce to Borrower as provided in paragreph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not leae than 30 daye from t6e date the notice is mailed to Borrower, by which such breach muet be cured; and (4) that lailure to cure euch breach on or before Lhe date epecified ia the aotice may reeult in acceleration of the aume secared by this Mortgage, forecioaure by judicial prooeeding and eale of the Property. The notice shall further inform Borrower of the right to reinstate after accelerasion and the right to aseert in the foreclosure proceeding the non-e:ieteace of a default or any other detenee of Borrower to aceeleration and forecloeure. If the breach is not cured on or before the date epecified in the notice, Lender at l.ender'a option may declare all of the eums secured by thia Mortgege to be immediately due and payable wjthout further demand and may foreclose thie Mortgage by judicial proceeding. Lender ahall be entitled to collect in such proceeding all ezpenses of forecloaure, including, but not limited to, reasonable attorney'e feea, and coats of documentary evidence, abatracts and title reporte. ~ ~ 19. Borrower's Right to Reinetate. Notwithatanding Lender s acceleration of the aums secured by this Mortgage, Borrower shall have the right to have any proceedings beg~n by Lender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing thia Mottgage if: (a) Borrower paye I.ender all aums which would be then due under this Mortgage, the Note and notes eecaring Future Advancea. if any, had no acceleration ocxvrred; ;b) Borrower curea all breachea of any other oovenants or agreementa of Borrower oontained in ~ thie Mortgage; (c) Borrower paya all reasonable ezpenaea incurred by Lender in enforcing the oovenanta and agreements of Borrower oontained in thie Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attomey's feea; and (d) Borrower takes such action ae Lender may reseonably require to assure that the lien of thia Mortgage. Lender's intereet p in the Property end Borrower e obligation to pay the sums eecured by thia Mortgage ahall continoe unimpaired. Upon auch payment and cure ~ by Borrower, thia Mortgage and the obligationa eec~red hereby ahall remain in full force and effee~/ as if no aoceleration had occurred. Z0. Aseignment of Renta; Appointment of Receiver. As additional security hereunder, Borrower hereby ssaigna to Lender the renta ~ of the Property, provided that Borrower shall. prior to aoceleration ander. paragraph 18 hereof or abandonment of the Property, have the right to colled and retain anch renta aa they become due and payable. Upon aoceleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a receiver appointed by a aourt to enter~npon, take possesaion of and manage the Property aad to coUect the rente of the Property, including those past due. All renta ooUected by the receiver ehall be applied firat to payment of the ooste of management of the Property and oollection of rente. inciuding. but not limited to, receiver's feea, premiums on receiver e bonda and reasonable atbmey'e fces, and then to the eame secured by this Mortgage. The receiver ahall be liable to acoount only for thoee rente actually received. do~ 287 ~ 94i . - _ - _ ~