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HomeMy WebLinkAbout0007 . . ~ . ° i - ~ 8. Inspection. I.ender may make or cause to be made reawnable e~triee upon and inspectione o[the pruperty, provided that l.ende~ ehali Kive Borrower notice prior to any euch inepection epecifying reaeonable cauae therefor related to l.endei s inteeeat in the Property. 9. Condemnatioa. The proceeds of any awacd or claim for damages, direct or consequential, in connection with any oondemnation or other taking of the property, or part thereof, or for conveyance in lieu. ot oondemnation, an hereby asaigned and ehall be paid to Lender. In the event of a totel taking of the Property, the proccede ehall be applied to the sums eecured by thia Mortgage, with the e:cess, if any, paid to Borrower. In the event of a partial taking of the Property, unleae Borrower and l.ender otherwiee agree in writing, there ahall be applied to the sume eecured by this Mortgege such pmportion of the ptoceeda as is equal to that proportion which the amount of the eums ~ secured by thie Mortgage immediately prior to the date of taking beare to the [air market value of the Property immediately prior to the date of tuking, with the balanca of the pra.-eede paid to Botrower. Itthe Properly is aba~doned by BorroweT, or if, after notice by Lender to Borrower that the condemnor ofTers to make an award or eettle a claim for damages, Bo~rower faile to ~eapond to Lender within 30 days after the date such notice ia mailed, Lender ia authorised to collect and apply lhe proceeda. at Lender e option. either to reetoration or repair of the pmperty or to the aums eecured by thia Mortgage. Unleas Lender and Borrower otherwise agree in writing, any such application of proceede to princtipal shall not extend or postpone the due date of the monthly inatallmente refer~ed to in paragraphe 1 and 2 hereaf or change the amount of euch inetallments. 10. Borrower Not Releaeed. Extension of the time for paymant or modification of amortization of the auma secured by this Mortgage Rranted by I.ender to any aucoessor in interest of Borrawer shgll not operate to release, in any manner, the liability of the original Borrower and Eiorrower e successora in interest Lender ahalt not be required to rnmmence proceedipga againat such succeasor or refuae to e:tend time for payment or otherwise mudify umoriiz:~tion of the eums secured by thie Mortgage by reaeon of any demand made by the original Borrower ~nd f3orrower's succex~m in interest. i l. Forbearance by I.ender Not a R!eiver. Any torbearance by Lender in e:erciaing a~y right or remedy hereunder, or otherwiee af'forded by applicable law, shall not be a waiver of or preclude the exerciee of any such right or remedy. The procurement of ineurance or the payment of taxes or other liena or chargea by I.ender ahall not be a waiver of Lender s right to accelerate the maturity of the indebtedneas secured by thia Mortgage. 12 Rewedies Cumulative. All remediea provided in thia Mortgage are dietinct and cumulative to any other right or remedy under thia \iortgage or afforded by law or equity, and may be e:erciee+i rnncurrendy, independently or aucceeaively. 13. Succeesore and Aseigne Bound; Joint and Several Liability; Captione.'11~e rnvenants and agreements herein oontained ehall bind, and the righta hereunder shall inure to, the reepective succeseors and sesigns of Lender and Borrower, subject to the provieione of paragraph 17 hereof. All co~ enants and agreements of Borrower shall be joint and eeveral. The captions and hesdinge of the paragraphs of this Mortgage arn for covenience only and are not to be used to interpret or define the provieions hereof. l4. Notice. Except for any notice required under applicable 1aw to be given in another manner, (a) any notice to ~3orrower provided for in this lblortgage ehall be given by mailing auch notice by certified mail addressed to Borrower at the Property Addresa or at euch other addrese ae Borrower may designate by notice to Lender us provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt requeated, to Lender's addreas stated herein or to such other addreas ae Lender may designate by notice to Borrower ae provided herein_ My notice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform 1+Iortgage; Governing Law; Severebi i ity. Thia form of mortgage combinea uniform oovenants for national uae and non- uniform covenants with limited variations by juriadiction lo conatitute a uniform security instrument rnvering real property. Thie Mortgage ~hall be govemed by the law otthe jurisdiction in which the Property is located. In the event that any proviaion or ciause of this Mortgage or the Notr conflicts with applicable law, such contlict sha11 not af~ect other provisions of this Mortgage or the Note which can be given effect w•ithout the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared W be severable. 16. Borrower's Copy. Botrower ahail be furniahed a conformed copy of the Note and of thia Mortgage at the time of eaecution or after recordation hereof. 17. Tranefer of the Property; Aeaumption. If all ot any part of the Property or an interest thernin is sold or traneferred by Borrower w~thout Lender's prior written consent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage. (b) the creation of a purchase money security intereHt for household appliances, (c) a tranafer by devise, d~scent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intemat of three years or less not containing an option to p~uchase, I.ender may, at Lender'a option, cieclare ali the aums secured by this Mortgage to be immediately due and pay abie. Lender ahall have waived such option to accelerate if, prior tu the sale or transfer, Lender and the person to whom the Property is to be sold or trs~naferred reach agreement in writing that the credit of such ' peraon is satisfactory to L.ender and that the interest payab'.e on the auma secured by this Mortgage shall be at'such rate as Lender shall ~ raquest. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's succesaor in interest has executed a «-ritten asaumption agreement accepted in writing by I.ender, Lender ahall releaae Borrower from a11 obligationa under this Mortgage and the ti ote. i ; If I.ender exercises such option to acceierate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. E ~uch notice shall pro~~de a period of not less than 30 days from thedate the notice ia rr,ailed within whieh Borrower may paY thesuma declared t due. If Borrower Caila to pay such sums prior to the eapiration of such period, Lender may, without further notice or demand on Eforrower, s mvoke an~ remediee permitted Ny para~aoh l8 hereof. i - I8. Acceleratio~ Remediea. Ezcept as provided in paragreph 1? hereof. upon Borrower'e breach of any oovenant or ~ agreement of Borrower in this Mo~tgage. includin~ the covenanta to pay when due any sums eecured by thie Mortgage, Lender ~ prior to acceleration ahall mail notice to Borrower ae provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure auch breach; (3) a date, not leas than 30 days from the date the notice is mailed to Borrower, by which such ~ breach must be cured; and (4) that feilure to cure euch breach on or before the date epeciCed in the notice may reeult in ; acceleration otthe au~na secnred by this Mortgage. forecloaure by judicisl proceeding and eale of the Property. The notice ehall ~ further inform Borrower of the rigbt to reinetate after acceleretion and the right to essert in the foreclosure proceeding the non-e:istence of a default or any other detenae of Borrower to acxeleration and foreclosure. If the breach ia not cured on or ~ before the date apecified in the notice. Lender at Lende~'s option may declare all of the eums secured by thie Mortgage to be = immediately due and payable without turther demand and may foreclose thie Mortgage by judicial proceeding. Lender ehall be ~ entitled to collect in auch proceeding all expenses of forecloaure, including. but not limited to. reasonable attorney's fees. and ~ costs of ducumentary evidence, abetracts and tide reports. ' 19. Borrower's Ri ht to Reinatate. Notwithstandin [,ender'a acceleration of the suma secured b thie Mo , B 8 y rtgage, Borrowerahall have ~ the right to have any proceedings begun by Ler~der to enforce this Mortgage discontinued at any time prior to entry of a judgment enforc~ng ~ this Mortgage if: la) Borrower pays Ixnder all aums which woald be then due under this Mortgage, the Note and notes aecuring Future ; Advancee, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenante or agreements of Borrower contained in ~ thie Mortgage; (c) Borrower pays all reasonable expensee incurred by I.ender in enforcing the covenante and agreements of Borrower contained in thia Mortgage and ir1 enforcing Lender'a remedies as provided in paragraph 18 hereof, including, but not limited to, reaaonable attomey e feea; and (a/ Borrower takes auch action as Lender may reaaonably require to assure that the lien of this Mortgage, Lendei s intereet ~ in the Property and Borrower a obligation to pay the sums secured by this Mortgage ahall continue unimpaired. Upon auch payment and cure ~ by Borrower, this Mortgage and the obligations e~cured hereby ahall remain in full force and eftect as if no acceleration had occurred. ; 2(1. Aeaignment otRenta; Appointment of ~teceiver. As additional security hereunder, Borrower hereby asaigna to Lender the rents of the Property, provided that Borrower shall, prior to acoeleration under paragraph 18 hereof or abandonment of the Property. have the right to collect and retain sueh rnnts ae they become due and payable. Upon acceleration under paragraph 18 hereolor abandonment of the Property, I.ender ahall be entitled to have a receiver appointed by a ' rnurt to enter upon, take poaeession of and manage the Property and to collect the rents of the Property, including thoee past due. All rents ~ collected by the receiver ahall be applied firat to payment of the ooste of managementof thg Property and rnllection of rent8, including, but not ~ limited to, receiver a fees, premiuma t?n receiver a bonds and reasonable attorney's fees, and then to the eums secured by this Mortgage. The ~ receiver ahall be liable to aca?unt only for thoae ren~e actually received. ~ # . ~ t - . BtiI11f? ~ ~ ~ ~ - - - . ~ - ~ - ~ - . ' - ~ ~'ESr'"- ~ - ~ . 'r _ .~S : s. ~**~'"'x'~~ ~ "~';~a- _ -.-*'~s'+.~c.~~-~ ~ "s-'~,~„~~ e ~