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HomeMy WebLinkAbout0042 . . ~ 8. Iaspectioa. I.ender mey make or cause to be made reawnable entrie~ upoa aad iasp~ctiona of the property, pmvided that I.onder shall give Borrower notioe prior to any such inapection specifying reaaonable canae therefor re~sted to I.ender'a intereat in the Property. . 8. Coademttadoa. The proceeda oi any award or claim [or damage~, direct o~ coasequential, in connection with any ooademnation or other tatiag of the pmpuly, o~ part thereof. or for rnnveyanoe ui lieu of eondemnation, are hereby aeaig~ed and ehall be paid to Lender. In the event of a totel takinQ of the Property, the pioceeds ahall be applied to the ~ums secnrai by thie Mortgage, with the e:cew. i[ any. paid to Borrower. In the eveat of s partial taking of the Proper4l?. unlea+ Borrower and Lender otherwi~e agree in writing, there ahall be appUed to the sume aecured by thia Mo~gage such proportion ot the proceeda as ia equal to that pmportion which the amouat of the ~ums secured by this MortgaQe immediately prior to the dete oi taking beare to the fair market value of the Pcoperty immediately prior to the data of tating. with the balanoa of the proceeds paid to Borrower. . If the Property is abandoned by Borrower. or if, atter notioe by Lender to Borrower that the oondemnor oPfers to make e?n ~ward or setUe a claim for dama~es. Borrower isils to reepond to Leader within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at Lender's option. either to reetoration or repair of the property or to the eums sxured by this Mortgaga. Unless Lende~r and Borrower otherwise agree in writing. atny euch appGcation of pmceeds to principal shall not eutead or postpone the due date of the monthly installmenta referred to in paragraphs 1 and 2 hereof or chaage the amount of euch inetallmenta 10. Botrower Not Releaeed. Extenaion of the time~ for paymant ur modification of amortization of the aume secured by thia Mo:tgage granted by I.ende~ to any succeseor in intereat of Bc~cower ehall not operaee to release, in any manner. the liubility of the original Borrower and Bo:rower e aucceeaora in intereak I.ender ahall not be required to commence proeeedings against auch auccessor or refuee to extend time for payment or otherwise modify amortization of the suma secured by this Mortgege by reaaon of any demand made by the original Borrower and Bormw~ a succeseors in interest. . i l. Forbearanoe by Lender Not a V{laiver. My forbearance by Lender in ese;ciaing any right or remedy hercunder. or otherwise agorded by applicable law. ahall not be a waiver of or preclude the e:en~iee of any auch right or remedy. The procurement of insurance or the payment of tazes or other liens or chargea by Lender ehell aot be a waiver of Lender's right to aocelerate the maturity of the indebtednesa eecured by this Mortgage. 12 Remedies Cumulative. All remediee prov.ided in thie Mortgage sn diatinct and tumulative to any_other right or remedy under this Mortgage or afforded by law or equity, and may be e:ercieerl aoacurready, indepeadendy or sua:eaeively. ' 13 3ucceseors aad Aesigne Bouad; Jotnt and 3everal Liability; Captions. The covenants and agreementa herein oontained ehall bind, and the righta hereundet ehall inure to, the ceaQective aucceseore and aesigns of Lender and Borrower, subject to the proviaione of paragraph 17 hereof. Alk c~oveaanta and agreements of Borrower ehall be joint and eeveral. The captions and hea~ings of the paragrapha of this Mortgage are for rnvenience only and are not to be used to interptet or define the provisions hereof. 14. Noiice. Ezcept [or any notice required under applicable law to be given in another manner, (a) any notice.to Borrower provid~d for in thia Mortgage ahall be given by mailing such notice by certified mail addreeaed to Barrower at the Property Addreae or at such other addreas es ~Borrower may designate by notice to I.ender ae pmvided herein, and (b) any notice to I.ender ahall be given b~ certified mail, return receipt - requeated, to Lender's address stated herein or to such other addrees as Lender mey designate by notice to Borrower ae provided h~ein. My notice provided for in this Mortgege ahall be deemed to have been given to Borrower or I.ender whea given in the mannrr designated herein. 15. Uniform Mortgage; Governing Law; 3everability. This fornn of mottgage combinea uniform oovenante for national uee and non- _ uniform covenants with limited variations by jurisdiction to oonstitute a uniform security instruiuent oovering real property.'l~is Mortgage ahall be govemed by the law of the juriadiction in which the Ptoperty is located. In the event that any pmviaion or clauee of this Mortgage or the Note rnnilicte with applicable law, auch confliM ahall not af'fect other proviaione of this Mortgage or the Nofe which can be given effect without the oonflicting proviaion, and to thia end the proviaions of the Mortgage and the Note are decla~d"to~be severable. 16. Borrower's Copy. Borrower ahall be furaiahed a rnnformed copy oi the Note and of thia Mortgage at the time of execution or after recordation hereof. - ~ - 17. 'ilransfer of the Property; Aasumption. If ell or any part of the Property or an intereat therein is eold or tranaferred by Borrower without Lender'e prior written conaenR eucluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage. (b) the creation of a purchase money eecuriCy intereat for houeehold appliances, (c) a trenefer by devise, deecent or by operation of law upon the death of a joint tensnt or the grant of any leasehold interest of three years or leas not containing an option to purchase. Lender may, at Lender'e option, declare nll the aums eerured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the eale or tranefer. Lender and the person .to whom the Property ie to be sold or tranaferred reach agreement in writing that the credit of eu~h p~son ia satiafartory to Lender and that~the interest payable on the aums eecured by thie Mortgage shall be at such rate as Lender ahall requeat. If Lender has waived the option to accelerxte provided in thie paragraph 17, and if Borrower's succeasor in interest haa e:ecuted a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from a!1 obligadons under this Mortgage and the Note. I If I.ender ezercisea auch option to ~ccelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL ( Such notice shall provide a period of not lesa than 30 days from the date the notice ia mailed within which Borrower may pay the suma declared ~ due. If Borrower faile to pay such sums prior to the e:piration of such period, Lender may, withoui futther notice or demand on Korrower, i invoke any remedies permitted by paragraoh 18 hereof. • 18. Acceleration; Remedies. Ezcept as. provided in paragtep6 17 hereof, upon Borrower'e breach of any oovenant or agreement of Borrower ia this Mortgage, including the covenants w pay when due any eume eecured by this Mortgage, Lender prior to aoceleration eha11 mail notic~ to Borrower ae provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure euch breach; (3) a date, not leee than 30 days from t6e date the notice is mailed to Borrower, by whic6 euch breach muet be rured; and (4) that failure to cure such breach on or before the date specified in the notice may result in acxeleration of the euma secured by t6is Mortgage, toreclosure by judicial proceeding and eale of the Property. The aotice e6a11 further inform Borrower of the right to reinstate aRer acceleration end the right to aeaert in the forecloBUre proceeding the non-e:istence of a default or any ot6er defeoae of Borrower to aoceleration and forecloeure. If t6e breach ie not cured on or before the date specified in the notice, Lender at I.ender's option may declare all of t6e eums secured by t6ie Mortgage to be _ immediately due and payable without further demand and mey forecloee this Mortgage byiudiciai proceeding. Lender ahall be entitled to collect in such proceeding all ezpensea of foreclosure, including, but not limited to. reasonable attorney's fees, and costa of documentary evidence, abatracts and title reports. 19. Borrower'e Right to Reiaetate. Notwithstanding Lender s acceleration of the aume aecured by this Mortgage, Borrower ahall have the ri~ht to have any proceedings begun by Lender to enforce this Mortgage diecontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Bor~ower paya Lender all auma which would be then due under thia Mortgage, the Note and aotes aecuring l~ture Advances, if any, had no aoceleration occurred; (b) ~3orrower cures all breachea of any other rnvenante or agreementa of Borrower contained in ~ thie Mortgage; (c) Borrower paye all reasonable eupensea incurred by Lender in enforcing the covenante and agreementa of Borrower wntained in thie Mortgage end in enforcing I.ender'a remedies as provided in paragraph 18 hereof, including, but not limi'ted to, reasonable ~ attomey's feea; and (d1 Borrower takes auch acfaon as Lender may reasonably require to sesure that the lien of this Mortgage, Lender'8 intereat in the Property and Borrowei s obligation to pay the sume eecured by this Mortgage eha11 continue unimpaired. Upon such payment and cure ~ by Borrower. this Mortgage and the obligations secured hereby ahall remain in full foroe and effect as if no aoceleration had occurred. ~ 20. Aesignment of Rents: Appoiatment of Receiver. As additional eecurity hereunder, Borrower hereby s,seigna to Leader the rente ~ of the Property, provided thaf Eion~awer ahaU, prior to acceleration under paragraph 18 hereof or abandonment of the Ptoperty, have the right to rnllect and retain each rents as they become due and payable. g Upon aoceleration under paragraph IS hereof or abandonment of the Property, Lender ehall be entided to have a receiver appointed by a ~ oourt to enter~pon, take posse8aion oi and manege the Property and to oollect the renta of the Property, including thoee past due. All rente ~ oollerted by the receiver ehall be applied first to payment of the ooste of management of the Property and collection of rente, including, but not limited to, receivq s feea, premiuma oa receiver's bonde and reasonable ettomey'e fees, and then to the aums eecured by thie Mortgage. The ~ reoeiver ahall be liable to aooount only for thoee rents actually reoeived. ~ ~ . ~ ~ eoo~289 PAGf 42 ~ ~ ~ ~ ~-~H.~~ _ - - - _ ~ ~"~s~~`h'~,t~,s ~"r, ,a ,~~"~L~,.e._wa,~' ,.,4`~i_%`ti7`~< ~a~ ~ ~ ~ ` ~r R.'s^ ~ . a A-