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HomeMy WebLinkAbout0608 S. Inspection. l.ender may make or cauae to be made ~eawnable entriee upon and inapectione of the property, provided lhat l.ender ehall give Borrower notice prior to a~y such inepectio~ epecifying reasonable cauee therefor related to [.ender's interest in the Property. 9. Condemnation. The procetds of any award or ciaim for damages, direct or consequential, in connection with any condemnetion ur other taking ot the property, or part ihereof, or tor co~veyance ir? lieu af ~ndemnation, are hereby asaigned and shall be paid to I.ender. In the event of s total taking of the Property, the pra.~eeda ahall be applied to the eume secured by this Mortgage~ with the e:cess, ii any, paid to Borrower, In the event of a partial taking of the.Property, unleae Borrowet and l.ender otherwiee agree in writing, these shel) be applied to ihe sume eecured by t~ie Mortgage such pmportion of the proceeds as ia equal to that pmportio~ which the amount of the auma aecured by thie biortgage immediately prior to the date of taking beare to the [air market value of the Property immediately prior to the date of taking, with the balanca of the proceeda paid to Borrower. I[ the Property ie abandoned by Borrower, or if, aRer notice by L.ender to liorrowe~ that the oondemnor otrers Lo makean award or eetUe a ~laim for damages, Ebrrower feila to respond to Lender within 30 days after the date euch notice ie maited, l.ender ia authorized to collect and apply the proceede, at I.ender a option, either to reetoration or mpair ot the property or to the auma secured by thia Mortgage. Unleea I.ender and Borrower otherwise agree in writing, any such application of proceede to principal ahai! not extend or poatpone thedue date of the monthJy inetallments referred to in paragraphs 1 and 2 hereot or change the amount of auch inetallmente. 10, Borrower Not Relea$ed. Extenaion of the time for paym~nt or modification of amortization of the sums aecured by this Mortgage ttranted by t.ender to any succesaor in interest of BorroKer shall not operate to release, in any manner, the liability otthe original Borrower t?nd E3orrower's aucceasora in intereat. I.ender ahall not be ~equired to commence proceedinga against such sueceesor or refuse to eztend time Cor payment or otherwise modify nmortization of the suma aecured by this Mortgage by reason of any demand mnde by the original Borrower ~nd l3orrower s succ~esaora in interest. 1 i. Forbearance by I.ender Not a Waiver. Any forbearance by I.ender in exerciaing any right or remedy hereunder, or otherwiee afforded by applicable taw, shail not be a waiveT of or preclude the exercise of any such right or remedy. The procurement of ineurance or the payment o! ta:ea or other liens or chargee by I.ender shall not be a waiver of Lender s right to accelerate the maturity of the indebLedneea aecured by thia Mortgage. ' 12 Remediee Cumulative. All remedies provided in this Mortgage are diatinct and cumulative to any other right or remedy under thie biortgage or atforded by taw or equity, and may be ezerciaed oonrarrenUy, independently or aucceaeively. 13. Succesaors and Assigne Rc.und; Joint and Severel I.iability; Captione. The covenanta and agreemente herein contained ehall bind, and the righta hereunder shall inure to, the reapective succeaeora and aseigne of I.ender and Borrower, aubject to the pmviaione of paragraph 17 hereof. All covenanta and agreementa of Borrower ahalt be joint and aeveral. The captione and headings of the paragn~pha of this Mortgage are for covenience only and are not to be uaed to interpret or define the proviaione hereof 14. Notice. Except for ~ny notice required under applicable law to be Riven in another manner, la) any notice to I3orrower provided for in this Mortgage ahall be given by mailing such notice by certified mail addreased to Borrower at the Property Addreas or at auch other addrese as E3orrower may deaigqate by notice to Lender as provided hrreia, and (b? any notice to l.ender ahall be given by certified mail, return receipt requeated, to I.ender'a addreas atated hernin or to a~ch other addreas as Lender may deaignate by notice to Borrower as provided herein. My notice provided for in this Mortgage shall be deemed to have been given to Borrov~er or l.ender when given in the manner deaignated herein. 15. Uni[orm Mortgage; Governing I.aw; Severability. This form of mortgage combinea uniform covenants for nationa! uxeand non- uniform eovenante with limited variationa by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shali be governed by the law of the jurisdiction in which the Property ia located. In t}:~ event that any provision or clauae of this Mortgage or the Note conflicts with applicable law, such contlict shall not affect other provisiona of this Murtgage ot the Note which can be given ef~'ect without the rnnflicting provision, and to this end the provisions of the Mortgage and the Note arn declared to be severable_ t6. Borrower'e Copy. t3orrower ahall be fumished a conformed copy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17. 'Itiransfer of the Property; Assumption. or any part of the I'roperty or an intereat therein is aold or tranaferred by Borrower w-ithout [.ender'a prior w-ritten consent, exciuding (a) the rreatiun of a tien or encumbrance subordinate to this Mortgage, (b) the creation of a parchase money security interest for hou$ehold appliances, lc) a transfer by devise, dc~xcent or by operation of law upon the death of a joint tenant or (d) the graot of any leasehold interest of three years or leas not containing an option to purchase, Lender may, at Lendei s option, declarn all the sums secured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to acrelerate if, prior to the sate or transfer, i.ender and the person to whom the Property ia to be sold or transferred reach agreement in writing that the credit of auch peraon is satisfactory to Lender and that the interest payable on the suma secured by this Mortgage ahall be at auch rate as Lender ahall request. It Lender has waived the option to accelerate pro~ ided in this paragraph 17, and if E3orrower's succeasor in interest lias executed a written asaumption agreement accepted in writing by I.ender, i.ender ahall release Borrower from all obligativns under this Mortgageand the Note. If I.ender exercisea such option to accelerate, Lender shatl mai) Borrower notice otacceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which f3orrower may pay the auma dectared due. If Borrower fails to pay auch sums prior to the expiration of such period, I.ender may, nithout further notice or demand on Korrower, mvoke any remedies permitted by para~craoh 1R hereof 18. Acceleration: Remedies. E:cept as provided in paragraph l9 hereof. upon Borrower'e breach of any covenant or agreement of Borrower in thiA iltortgage, including the covenante to pay when due any eume secured by this Mortgage, Lender prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure su~h breach; (3) a date. not leas than 30 days from the date the notice is mailed to Borrower, by which sach breach must be cured; and (4) that failure to cure such breacb on or before the date specified in the notice may result in acceleretion of the sume secured by thie Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice ehall further inform Borrower of the right to reinstate aRer acceleration and the right to assert in the foreclosure proceeding the non-exietence of a default or any other detenae of Borrower to acceleration and forecloeure. Itthe breach ia not cured on or l~efore the date specified in the notice, Lender at Lender's option may declare all of the eums secured by this Mortgage to be immediately due and payable without further demand and may foreclose thia Mortgage by judicial proceeding. Lender ahall be entitted to collect in auch proceeding all expenaes of toreclosure. including, but not limited to, reasonabte attorney's fees, and coats otdceumentary evidence. abstracts and titte reporta. I 9. Borrower's Right to Reinstate. Notwithstanding I.ender'a acceleration of the aums aecured by thia Mortgage, T3orrower ehall have the right to have any proceedinga begun by Lender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforeing this Mortgage if: (a) Rorrower paye Lender all sums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; (b) Borrowercares all breaches of any other covenanta or agreements of Borrower contained in this Mortgage; (c) E3orrower paya all reasonable expenaea incurred by Lender in enforcing the covenanta and agreemente of Borrower rnntained in this Mortgaqe and in enfoming Lender's remedies aa provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d> Bortower takes auch action as Lender may reasonably require to assure that the lien of thia Mortgage, Lender e inteteet in the Property and E3orrower's obligation W pay the sums secured by this Mortgage ahall continue unimpaired. Upon auch payment and cure by Rorrower, this Mortgage and the obligations secured hereby ahaU remain in full force and effect as if no acceleration had occqrred. 20_ Aasignment ot Rente; Appointment ot Receiver. As additional security hereunder, Borrower hereby aseigns to Lender the rents of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the tight to collect and retain auch rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, I,ender shall be entitled to have a receiver appointed by a aourt to enter-upon, take possession of and manage the Property and to collect the rente of the Property, inc[uding thoee past due. Ali rente oollected by the receiver ahall be applied first to payment of the oosta of manugement of the Property and rnllection of renta, including, but not limited to, receiver'e feea, premiums on receiver's bonds and reasonable attorney'e fees, and then to the auma eecared by thia Mortgage. The receiver ehall be liable to acoount only for thoee rente aMually received. 0~~~~290 FA~r 6(~ ~ - - - _ .r----- _ ~ - W _ ~