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HomeMy WebLinkAbout0171 8. I~l~plM~Ol1. I.ender msy make or cawe b be made reesonable entrie~ upon and in~pectiona of the property, pmvided that l.ender ~hvl Qive Borwwes aotice prior to any such uupection specifyinQ rea~o~aDle causs therefor related to [.ender'~ interest ia the Property. 9. COAd801AaLIOD.'I~e proceeds of any award or claim for dama~es. direct or rnn~equentia1.111 COAJIEMIO[f W1W ally O0I1d8[oAahOp Oi other taking of the pmparty. a p~t thereof, or for ooaveyanca in Geu oi oondemnation, are hereby aesigned and shalt bs paid to Lender. In the event of a total taking of the Propesty. the proceeds shall be appGed to the sum~ eecured by thii Mo~e~e. with the e:oess, i[aay. paid to Borrower. In the event of a pattial takin6 of the Property. unle~s Borrower and Lender otherwiee agres in writinQ. there R!?all be appUed to the sua~s secured by this Mort~s~e ~uch p~oportion of the pra~eed~ ae u equal to that proportion which the amount of the sums secured by ihis Mori~age immediately prior to tha date of taking bean to the fair market velue of the Propedy immediately prior to the daLe of takiag. with the baleuiai of the prooeeds paid b Bosea~res. . If the Property is abandoned by BorroMer. ~ if. aft~ aotice by Lender to Borrower that the oondemnor offsrs to malce an award or settle a claim for damage+. Borrower fails to respond to Lepder within 30 days e?Rer the date such aotioe is mailed. Leades is authorir,ed b coUect and . apply the pruoeeds. at Lende~s option, eitha to nstoration ar repair of the propet~y or to the sums secured by thia Mortgage. Unl~a Lender and Borrower otherwise a~ne in writin6. anY such application of proceeds to principal ehall not estend or postpope the due date oi the monthly uutallmenta nfarred to in paregrapha 1 and 2 hueof or change the amount of euch inetallments. 10. Borrower Not Released. Extension of the time tor paym:nL or modification of amortization of the eums secured by this Mortgage girented by Lend~ to any succeesor in intsrest of Borrower shaU not operate eo release. in any manner, the liabiliLy of the original Bormvrer and Borrower a aucceeeors in intereat- I~ender ahall not be required to oommenoe pmoeedings a8ainet such successor os refuse to e:tend time for payment or otherwiae modify amortizetion of the auma eecured by this Mortgage by reaeon of any demand made by the original Botrow~ and Borrower s eucti~eeaora in interest. 11. Forbearance by Leader Not a Waiver. My forbearance by Lender in exercising any ri8ht or remedy henwader. or otherwise afforded by applicable law, aliall not be a waiver of or preclude the e:erciee of any euch right or remedy. The procnnment of insuranae or the payment of taues or other liene or charges by [.ender shall not be a waiv~ of Lender's right to aocelerat~e the maturity of the indebtedncse secured by thia Mortgage. ' - 1Z Remediee CumWative. All remcdies provided in thie Mortgage are diitinct and cumuiative to any other right or remedy under this Mortgage or afforded by law or equity. and may be e~cercise~l ooncurrently. independendy or suae~sively. . 13. 3uooeaeors and Assigne Bound; Joint and 3everal Liabllity; Captions. The covenants and agneementa herein contained shall bind, and the rights heceunder ehall innre to, the reapective auoceseore and aasigns of L,ender and Borrower. subject to the provisions of paragraph 17 hereof. All covenanta and agreements of Borrower ahall be joint and eeveral. The captione and headinge of the paragraphs of thie Mortgage are for rnvenience only.and are not to be ueed to interpret or define the ~rovieions. hereof. l4. Notice. Eacept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage ahall be given by mailing snch notice by certified mail addreeeed to Borrower at the Property Addrees or at such other address as Borrnwer may designate by notice to Lender ae provided herein, and (b) any notioe to Lender shall be given by certi8ed mail, return reoeipt requested, to Lender'a addreas atated heiein or to auch other addrees ae I.ender may designate by notice to Borrowe~ aa provided herein. My notice provided for ia thia Mortgage ahall be deemed to have been given to Boreower or Lender when given in the manner deeignated herein. 15. Uniform Alortgage; Governiag Law; Severability. Thia fozm of mortgage combines uniform oovenents for national use and non- uniform covenante with 1'uaited variations by juriediction to wnatitute a uniform security instnunent oovering nal property. This Mortgage ehall be governed by the law of the juriadiction in which the Property is located. In the event that any proviaion or clauee of thie Mortgage or the Note conflicte with applicable law, such conflict ahall not aPfect other pmviaione of thie Mortgage or the Note which can be given effect without the oon(licting proviaion, and to thia end the proviaiona of the Mortgage and the Note art declared to be aeverable. 16. Borrower's Copy. Bor~ower shall be fumished a conformed aopy.ot the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Aewmption. If all or eny part of the Property or en intereat therein ia sold or tranefernd by Borrnwer without Lender a piior written consent, ~clnding (a) the creation of a lien or encvmbrance subordinate to thie Mortgage. (b) the creation of a purcheee money eec~rity intereat for houeehold appliancea, (c) a tranafer by deviee, deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold interest of three yeara or less not oontaining an option to purchaee, Lender may. at I.ender's option. declare all the sume eecured by this Mortga~e to be immediately due and payable. Lender ahall have waived snch option to accelerate if, prior to the sale or tranafer, Lender and the persan to whom the Property is to be sold or traneferred reach agreement in writing that the credit of such peraon is aetiafactory to Lender and that the interest payable on the sums secured by this Mortgage ehall be at auch rate as Lender ahell request_ IE Lender haa waived the option to accelerate provided in thia paragraph 17. and if Borrowei a succeasor in interest has e:ecuted a j written asaumption s8reement aocepted in writing by I.ender, Lender shall releaae Borrower firom all obligationa under thia Mortgage and the i Note. . If Lender exercisea auch option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph ~4 hereoL ~ Snch notice ahall provide a period of not leas than 30 days from the date the notice ia mailed within which Borrower may pay the suma declared due. If Borrower fails to pay such auma prior to the expiration of such period, Lender may, without further notice or demand on Eiorrowa, ~ ~nvoke aay remediea permitted by pazagtanh 18 hen~f. 18. Acceleratioa; Remedies. Ezcept as prnvided in paragraph 17 hereot'~ upon Borrower's breach of aay oovenant or agreement of Borrower in this Mortgage. including the oovenante to pay when due any sums secured by thie Mortgage, Lender prior to acceleratioa shall mail notice to Borrower ae provided in paragraph 14 hereof specitying: (1) the breach; (2) the action required to cure snch breach; (3) a date, aot leas t6an 30 days trom the date the notice is mailed to Borrower, by which suc6 breac6 mnst be cnred; and (4) that failure to cure suc6 breach on or betore the date specifed in the notice may reault in aooeleration of the suma secured by this Mortgage. forecloeure by judicial proceeding aad sale of t6e Property. The notice ehall further inform Borrower oi the right to reinstate atter ecceleration aad the right to sesert in the forecloeure proceeding t6e non•e:istence of a default or any other defense of Borrower to aoceleration and foreclosure. If the breach is not cured on or before the date specified in t6e notice, Lender at I.eader'e option may declare all of the sume secured by this Mortgage to be immediately due and payable without further demand and may toreclc~ae this Mortgage by judicial proceeding. Lender sball be entitled to collect in enc6 proceeding a11 e:penaes of foreclosare. including, but not limited to. reaeonable attorney's feea, and coste of documentary evidence, abatracts and title reports. . 19. Borrower's Right to Beinetate. Notwithstanding Lender s acceleration of the sume eecured by this Mortgege, Borrower ahall have the right to have any proceedinge begun by I.ender io enforce thia Mortgage discontinued at any time prior to entry of a judgraent enforcing thia Mortgage if: (a) Borrower paye I.ender all aums which would be then due under thie Mortgege. the Note and notea eecuring I~tare Advancea, if any, had no acceleration occurred; (b) Borrower curee all breachea of aay other c:ovenante or egreementa of Borrower contained in this Mortgage; (c) Borrower pays all reasonable eapenaea incurred by I.ender in enforcang the oovenants aad egreements of Borrower oontained in this Mortgege and in enforcing Lendei e remediea as pmvided in paragraph 18 hereof. inclnding. but not limited to, reasonable attorney's fces; and (d) Borrower takea such actioa as Lender may reaeonably require to assun that the lien of thia Mortgage, Lenda'a interest in the Property and Borrower a obligation to pay the suma eecured by thia Mortgage ahall continae unimpaired. Upon sach payment end enn ~ by Borrower, thia Mortgage and the obligatione aecured hereby ahall remain in fu11 force aad effect aa if no soceleration had occarred. 20. Asei~ment otRents; Appointment of Receiver. As additional eecurity herennder, Borrower hereby assigns to Lender the renb of the Property, provided that Borrower ahall, prior to soceleration under paragraph l8 hereof or abandonment of the Property. have Weright ~ to colled and retain auch rents as they become due and payable. ~ Upon acoeleration under paragraph 18 hereof or abandonment of the Property. I.ender ahall be entitled to have a receiver appointed by a aourt to enter ~pon, talce poseeasion of and manage the Property and to oollect !he rents of We Property, including thoae past due. All renb oollected by the receiver shall be applied 5rat to payment of the aoats of management of the Property and collection of rents, inclnding, bat not limited to, receiver's fees, premiums on receiver'e bondr and reaaonable attorney's feea. and then to the sums eecared by this Mortgage. The receiver shall be liable to accaunt onlp for thaee rents actually noeived. • f~ i?i ~ a . _ - _ ~s..._ - ~ ~ ; ° ~ ` _ -