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HomeMy WebLinkAbout0932 4 8. InspsMlon. Le~der may make or cause to be made reawnable entrie~ upo~ and icupection~ of the prope~ty, provided that Lender shall ' Qive Borrowr~ notice prior to any such inapection ~pxityinQ reaeonable cawe therefor related b l.eader's interest in the Froperty. f 9. Coademnadoa. The ptdceeds of any award or claim for dama~es, direct or wneequential. in rnnnection with any caademnation or other ?aking of the praperty, or part thereof, or for coaveyauae in lien of oondemnatioe~, an hereby eaeiRned and shall be paid eo Leader. In the event of a total takinQ ot the Property. the pmceed~ shal) bs applied totl~e sums ~ecured by thia Mortgags. wiW the esce~s. if any, paid to Borrowe~. In the eve~t of a pie?rtial taking oi the Property, unless Borrower and l.end~ otherwise agree in writi~g. there shaU be applied to the suans secured by this Mortga~e such proportion of the proceed~ aa is equal to that proportion which the amount o! the suma secured by thie Mortgage immediately prior to the date of taking bears to the fais market value of the Property immedietely prior to tha date oi taking, with the balanoa of the proceeci~ paid to Bon~ower. ~ If the Property is abandoaed by Borrower. o~ if. sRer notioa by Lender to Borrower that the oondemnor offers to make aa award or setde s claim for damages. Borrower faila to respond to Lender within 30 daya aEter the date such notioe is mailed. Lender is authorized b coAect and apply the psoceoda. at Lender's option. eithu to restoration or repair of the property or to the sume eecured by this Mortgage. Unless I.ender and Borrower otherwise agree in writing. eny auch epplication of proceeds to principal ahaU not e:tend or poetpone the due ~ date of the moAthly instaWaepts refereed to in psragraphs 1 aad 2 hereof or change the amount ot such inetallmenta. ' ~ ~ 10. Borrower Not Releaaed. E:tension of the time for paymsnt or modification of amortizauon of the aums secured by this Mortgage ; granted by I.qnder to any eucceasor in interest of Borrower ehall not operate to relesee, in any manner, the liability of the original Borrower ' and Borrowei s sucoessors in interee~ Lender ahall not be required to oommence proceedings againat euch aucceseor or refuee to e:tend time for payment or otherwise modify amortization of the suma ee~ured by this Mortgage by reason of any demand made by the original Borrower and Borrowei s succeseora in interest. ~ 11. Forbearance by Lender Not s Waiver. Aay forbearance by Leader in e:erciaing eny_ right or remedy hereunder. or otherwise afforded by applicable law, shall not be a waiver of or preclude the e:erciee otany such right or remedy.'17~e procurement of ineurance or the payment of taxes or other liena or chargea by Lender shaU not be a waiver of Lender s right to aoce:erate the maturity of the indebtednesa secured by thie Mortgage. • ~ 1Z Remediea Cumulative. All remediee pmvided in this Mortgage are diatinct and cumulative to any other right or remedy nnder this Morigage or afforded by law or equiRjr. and may be ezerciaeri ooncurrendy, independendy or eucceasively. ~ + 13 3uooeaeors and Assigna Bound; Joiat aad 3everal Liability; Captions. The rnvenant8 and agreemente henin rnntained shall ~ bind, and the righta hereunder ahall inure to. the respective eucceseors aad aaeigas of Lender and Borrower, eubject to the pmviaions of paragraph 17 hereof. All covenante and agreementa of Borrower ahall be joint and eeveral. The captiona and headings of the paragraphe of this Mortgage are for covenience only ~nd are not to be ueed to interpret or defi~e the provieions hereof. 14. Notice. F.xcept for any nutice required under applicable law to be given in another manner, (a) any notice to Borrower provided [or in ~ thia Mortgage shall be given by mailing anch notice by certi6ed mail addresaed to Borrower at the Property Address or at auch other addreee es ' Bonrower may deaignate by notice to I.ender as pmvided herein. and (b) any notice to Lender ahall be given by certified mail. return receipt ' requeeted, to Len~~'e addreas seated herein or to auch other addreas as Lender may deaignate by notice to Borrower aa provided herein. Any ~ notice provided for ia thie Mortgage ahall be deemed to have been give~ to Borrower or Lender when given in the mannet designated herein. 15. Uniform Mortgage; Goveming I.aw; Severability. Thie form of raortgagernmbinea uniform covenanfa fornational use and non- uniform rnvenants with limited variations by jurisdiction to conetitute a uniform eecnrity instrunient oovering real property. Thia Mortgage shall be govemed by the law of the juriadiction in which the Property ia located.~In the event that any proviaion or clauee of thie Mortgege or the Note contlicte with appiicable law. auch rnntlict shall not aPfect other provieiona of this Mortgage or the Note which can be given effect > without the oonflicting proviaion, and to thia end the provisiona of the Mortgage and the Note are declared to be eeverable. ~ 16. Bormwer's Copy. Borrower ahall be furniahed a oonformed oopy of the Note and of this Mortgage at the time of euecution or after recordation hereof. 17. 'l~anafer of the Property; Aesumption. If all or any part of the Property or an interest therein is eold or traneferred by Berrower without Lender s prior written coneent, e:cluding (a) the creation of a lien or encumbrance subordinate to thie Mortgage, (b) the creation of a ' urchaee mone securit intereat for houeehold a hances, (c) a transfer b devise. descent or b o ration of law u ° p y y pp ~ y y pe pon the death of e joiat { tenant or (d) the grant of any leasehold interest of three years or lesa not containing an option !o purchese, Lender may. at Lender'a option, declare all the euma secured by thie Mortgage to be immediately due and payable. Lender ahall have waived euch option to accelerate if. prior : to the sale or tranefer, I.ender and the peraon to whom the Property ia to be sold or traneferred reach agreement in writing that the credit of euch peraon is satiafactory to I.ender and that the interest payable on the sums aecured by thie Mortgage shall be at auch rate as Lender shall request_ If Lender has waived the option to accelerate provided in this paregraph 17, and if Borroveer'e succesao* in intereat has e=ecuted a I written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligationa under this Mortgage and the E \ote. . ~ I f Lender e~cercisea such option to acceletate, I.en~er ahall mail Botrower notice of acceleration in aecordance with paragraph 14 hereof. Such notice ahall provide a period of not less than 30 days from the date the notice is ~r,ailed writhin which Borrower may pay thesume d'eclared ~ due_ If Borrower fails to pay such sums prior to the expiration of auch period, I.ender may, without further notice or demand on E3otrower, invoke any remedies permitted by paragraoh 18 hereot. ~ 18. Aoceleration; Remediee. Ezcept aa provided in paragraph 1? hereof, upon Borrower's breach of any oovenant or ~ ~ agreement ot Borrower in thie Mortgage. includiag the oovenante to pay when due any euma secured by this Mortgage. Lender prior to acceleration ahaU idaii notice to Borrower ee provided in paragraph 14 6ereof epecifying: (1) the breach; (2) the aetion required to cure such breach; (3) a date, not le8s then 30 daya from the dnte the notice ie mailed to Borrower, by w6ich euch breach must be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may result in acceleration of the aums secured by this Mortgage. [oireclosure by judicial proceeding and eale of the Property. The notice ahall further inform Borrower of the rig6t to reinatate after acceleration and t6e rig6t to aasert in the foreclosure prceeeding the non-e:istence of a detault or any other defenee of Borrower to acceleratioa and foreclosure. If the breach ie not cnred on or before the date apecified in the notice, Lender at Lender's option mey declare all of the eums eec~red by this Mortgage to be ~ immediately due and payable witbout furtherdemand and may foreclose thie Mortgage by judicisl proceeding. Lender ehall be s entitled to collect in such proceeding all e:penaes of forecloeure. including, but not Iimited to, reasonable attorney'e feea, and coate ot documentary evidence. abatracts and tiNe reporte. 19. Bc?rrower's Right to Reinstate. Notwithatanding I.ender s acceleration of the aums secured by thie Mortgage, Borrower ehall have ~ the right to have any proceedinga begun by i.ender to enforce thia Mortgage diacontinued at any time prior b entry of a judgment enforcing , this Mortgage if: (a) Borrower paya Lender al1 aums which would be then due under this Mortgage, the Note and notea securing Ftiture ~ Advances, if any, had no acceleration occurred; (b) Borrower cures all breach~ of any other covenants or sgrEemeata of Boirov?~er contained in ~ this Mortgege; (c) Borrower paya all reasonable expensea incurred by I,ender in enforcing the covenanta and agreements of Borrower = oontained in this Mortgage and in enforcing Lender's remediea ae provided in paragraph 18 hereof, including, but not limited to, reaaonable ~ ~ attomey's feee; and ld) Borrower takes such action ae Lender may reasonably require to easure that the lie~ of thia Mortgage, I.ender'e interest - ~ in the Property and Borrower s obligation to pay the auma secured by thie Mortgage shall rnntinue unimpaired. Upon auch payment and cure ~ ~ by Borrower, thia Mortgage and the obligationa eecured hereby ahall remain in fiill force and effect as if no acceleration had axurred. 20. Aeeignment of Rents; Appointment ot Receiver. As additional eecurity herennder. Borrower hereby aseigns to L.ender the renta ~ of the Property, provided that Borrow~r ehall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain such renta as they become due and peyable. ' ~ Upon aooeleration under paragraph 18 hereof or abandonment of the Property, L.ender shaJl be entitled to have a receiver appointed by a ~ oourt to enter~upon, talce poeseasion of and manage the Property and to collect the rente of the Property, including thoee past due. All rents ~ coUected by the receiver shall be epplied firat to payment of the oosts of mariagement of the Property and collection of rents. induding, bnt na~t ~ limited to, receiver'e fees, premiume on receiver's bonda and reasonable atbrney's fces, and then to the eums secured by this Mortgage. The , ~ receiver ahall be liable to acoount only tor thoee renta actually received. _ ~ " ` ~ k 288 930 . ~ aoaK ~bc~ ~ ~ ~ . .