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HomeMy WebLinkAbout0060 a. I~IS~Cu0I1. Lender may make o~ cause to be made reaw~eble entries upon and inipectioru of the property, provided ihat L.ender shall give Borrow~ notice p~ior to any such inspection specifyi~g reaso~able cauee therefor telated to Lender's i~terest in the Property. 9. Coademaation.'I~e prooeeds of any award or claim jor damage~, direct or coneequential, i~ connection with eny oondemnation or other taking of the pmperty. or part thereof. or for co~veyseq ln lieu oi oondapar~,ation, an hereby asaigned and ahall be paid to Lender. In the event of a total tal~ing of the Property, the proceeds shaU be apptied td~tLe aums secured by thia Mortgege. with the e:ce~e, if any, ! paid to Borrower. In the event of a partial taking of the Propert~i. unless Borrow~ and Lender otherwiee agree in writing, there ahall be applied to the sums secured by thie Mortgage such proportion of the proceeda as is equal b that proportion which the amount of the sums eecured by thia Mortgage immodiately prior to the date of taking bears to the fair market value of the Property immediately prior b the date of ~ taking, with the balaaca of the proceeds paid to Borrower. If the Property ia abandoned by Borrower, or if, aRer notioe by Lender to Borrower that the oondemnor offern to make an award or settle a claim for damages. Bormwer fails b nepond to I.ender within 30 daye after the date euch notice is mailed, I.ender ia authorised to collect and apply the proceeds, at Lender s option, either to restoration or repair of the pmperty or to the sums aecured by thia Mortgage. U~lees Lender and Borrower otherwiee agree in writin6, any such application of pmceeda to principal ehall not extend or postpone the due date of the moathly installments referred b in paragraphe 1 and 2 hereof or change the amount of such inetallmeats. 10. Borrower Not Releaeed. Faitension of the time for paymant or modification of amortization of the euma eecured by thie Mortgage granted by Lender to any aucceseor in intereat of Borrower aheU not operate to release, in any manner, the liability of the original Borrower and Borrower's nuccesaors in interest I.ender shall not be required to commence proceedings againat euch eucceaeor or refuee to extend time [or payment or otherwise modify amortization of the euma secvred by thie Mortgage by maeon of any demand made by the original Borrower and Borrower e succeeaora in interest. 11. Forbearanoe by Lender Not a Waiver. Any forbearance by Lender in e:erciaing any right or remedy hereunder, or otherwise afforded by applicable law. shall not be a waiver of or preclude Lhe exerciee of any auch right or remedy.'IT~e procurement of ineuranoe or the payment of tauee or other liena or chargee by Lender shaU aot be a waiver of Lender s right f~o socelerate the maturity of the indebtedneea aecured by thia Mortgage. 12 Remedies Gtitmulet[ve. All remediea provided in this Mortgage are dietinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equiqr, and may be r~ercise~i ooncurrendy. indepeadently or euoceaeively. 13. Successore and Assigne Bound; Joint and Several Liability; Captione. The rnvenents and agreements herein contaiaed shall bind. and the righta hereunder shall inure to. the reapective aucceaeors and aasigne of Lender and Borrower. subject to the pmviaiona. of paragraph 17 hereof. All rnvenanta and agreements of Borrower shall be joint and eeveral.'11~e captione and headinga of the paragraphs of this iViortgage are for covenience only and are not to be ased to interpret or define the proviaione hereof. 14. Notice. Except for any notice required under applicable law to be given in another mann~, (a) any notice to Borrower provided for in thie Mortgage shaU be given by maiUng auch notice by certified mail addressed to Borrower at the Property Addresa or at auch other addreee se Borrower may deeignate by notice to I.ender as pmvided herein, and (b) any notice to I.ender shall be given by certified mail, return receipt requeated, to Lendei e addreas stated herein or to euch other addreea as I.ender may designate by notice to Borrower as provided herein, Any notice provided for in thia Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deeignated herein. 15. Uaiforin Mortgage; Governing I.aw; 3everability.'Riia form of mortgage combinea uniform covenants for national uee and noa- uniform covenanta with limited variationa by juriediction to oonatitute a uniform eecurity instrument covering real pmperty. This Mortgage ahall be govemed by the law of the juriadiction in which the Property is located. In the event that any proviaion or clauae of this Mortgage or the Note conflicts with applicable law, such contlict shall not af~'ec! other proviaions of this biortgage or the Note which can be given effect without the conflicting proviaion, and to this end the proviaiona of the Mortgage and the Note are declared to be eeverable. 16_ Borrower's Copy. Borrower ehall be furniahed a rnnformed copy of the Note and of thie Mortgage at the time of eaecution or after recordation hereof. 17. Tranefer of We Property; Aesumption. If all or any part of the Property or an interest therein ie sold or tranaferred by Borrower without Lender's prior written conaent, excluding (a) the creation of a lien or encumbranc~ subordinate to thiB Mortgage, (b) the creation of a purehaee money secnrity interest for houeehold appliancea, (c) a transfer by deviee. descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or lesa not o~ntaining an option to purchase. Lender may, at Lendei s option, declare all the sums aecared by thie Mortgage to be immediately due and payable. Lende~ shall have waived such option to accelerate if, prior to the sale or tranafer, Lender and the person to whom the Property ie to be sold or transFerred reach agreement in writing that the credit of auch ~ petson is eatisfactory to Lender and that the interest payable on the sume secured by this Mortgage ahall be at auch rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower a succesaor in interest haa e:ecuted a written asaumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under thia Mortgage and the Note. If l.ender exercises such option to accelerate, l.ender ahall ~sil Borrower notice of acceleration in accordance with paragraph 14 hereoL Such notice shall provide a period of not less than 30 daye from the date the notice is rr.ailed within which Borrower may pay the aums declared ~ due. If Borrower fails to pay auch sums prior to the expiration of such period, I.ender may, without further notice or demand on $orrower, ~ invoke any remediea permitted by paragranh IR hereof. ~ 18. Acceleration; Remediea. E:cept es provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage. including the oovenanta to pay when due any sume secured by Wis Mortgage, Lender prior to acceleration ahall mail notice to Borrower as provided in paragraph 14 hereof specifying. (1) the breach; (2) the action required to cure euch breach; (3) a date, not leae than 30 days from the date the aotice ie mailed to Borrower, by w6ich such ~ breach must be cured; and (4) that failure W cure auch breach on or betore the date specified ia the notice may result in acceleration of the sums secured by t6is biortgage, foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinetate aRer soceleration and t6e right to assert in the foreclosure proceeding the non-e:iatence of a detault or any other defense of Borrnwer to acceleration and forecloeure. If the breach ie not cured on or betore the date epecified in the notice, Lender at Lender's option may declare all of the eums eecured by thie Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judiciat proceeding. Lender ehall be . entitled to collect in auch proceeding ali expensea otforeclosure, including, but not limited to, reaeonable attorney'a fees, and costs of documentary evidence. abetracis and title reporte. 19. Borrower'e Right to Reinstate. Notwithatanding Lender's acceleration of the aums eecured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage diecontinued at any time prior to entry of e judgment enforcing fhis Mortgage if: (a) Borrower paya L.ender all suma which would be then due under this Mortgage. the Note and notee eecuring I~ture Advancea, if any, had no acceleration occurred; (b) Borrower curea all breaches of any other covenants or agreements of Borrower contained in thie Mortgage; (c) $orrower pays all reseonable expensea incurred by Lender in enforcing the covenante and agreements of Boaower ~ contained in this Mortgage and in enforcing Lender's remedies ae provided in paragraph 18 hereof, including, but not limited to, reaeonable attorney's fees; and (d) Borrower takes auch action as Lender may reaaonably require to assure thet the lien of thia Mortgage, Lender'e intereet in the Property and Borrowefs obl~gation to pay the sume secured by thia Mortgage ahall continue unimpaired. Upon auch payment and cure ~ by Borrower, thie Mortgage and the obligetions aecured hereby ahall temain in full force and effect as if no acceleration had occurred_ ~ 20. Aeeignment of Renta; Appointmeat of Receiver. As additional eecurity hereunder, Borrower hereby~assigna to I.ender the rente - of the Property, pmvided that Borrower ehell, prior to aoceleration under paragraph 18 hereof or abandonment of the Property, have the right to coUeet end retain auch rente as they become due and payable. Upon acceleration under paragraph l8 hereof or abandonment of the Property, Lender shall be entided to have a ra~eiver appointed by a ~ oourt to enter.upon, take poeseaeion oI and manage the Property and !o collect the renta of the Property, including thoee past due. All renta ~ oollected by the receiver ehall be applied firat to payment of the ooete of managementof the Property and coUection of rents, including, but not ~ limited to, receiver'e feea, premiuma on receiver's bonda and reasonable attomey'a fees, and then to the aams aecured by thie Mortgage. The receiver ahall be liahk to aooount only for thoee renta actually recei~ed. ~ ~ ~ ~ ~~0,~2~ PAGE ~ _ ~ ~~p ~ ~ - v-_- _ - - - - - - - ~d---~~,.~~.~.a ~ ~ : ~ t _ - -~r - ; ~