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HomeMy WebLinkAbout0105 . ~ 8. In~pection. l.ende~ may make or cauae to be made ~easonable entries upon and inapectiuna of the property, pmvided that I.ender ahall give 8orrower notice prior to any such i~spection speciEyinB ~easonable cause thernfor related to I.ende~ r intereat in the Property. 9. Condemastlon. The pmceeda of any award or claim for damages, direct o~ consequential, in connaction with any wndemnation or othes taking of the property, or part thereo[, or for conveyance in lieu ot condemnation, an hereby assigned and shall be paid to I.ender. In the event of a total taking of the Property. the proceeds ahall be applied to the sums secured by this Mortgage. with the e:ceaa. if any. paid to Borrower. In Lhe event of a partial taking of tha Prop~rty. unleaa Borrower and Lender otherwise agree in writing, then ehall be applied to the sume secured by thi~ Mortgage such proportion of the pmceeds as ia equal to that proportion which the amount of the aume secured by thia Mortgage iuuaediately prior to the date of taking beare to the fair market value of the Properiy immediately prior to the date of taking, with the balan~ of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Bottower that the oondewaor oPfers to maice an award or eettle a claim for dameges, Borrower fails b respond to Leader within 30 days aRer the date euch notice ie mailod, [.ender is authorized to coUect and apply the pra.~eeds. at Lender a option. either to netoration or repair of the pmperty or W the aums secured by this Mortgage. Ualeas Lender and Borrower otherwise agree in writing, any auch application of proceeda to principal shall not e:tend or poetpone the due date of the monthly inaLallments referred to in paragraphs 1 and 2 hrrewf or change the amount of euch installmenta. 10. Borrower Not Released. Fxteneion of the time for paymant o~ modification of amortization of the euma secured by this Mortgage granted by l.ender to any succeeeor in intereat of Borrower ehall not operate to releaee, in any manne~, the liability of the original Borrower and Borrower's aucceaeora in interes~ l.ende~ ahall not be required to commence proceedinga againet auch succeseor or refuee to extend time tor payment or otherwiee modify amortization of the suma secured by this Mortgage by reason of any demand made by the original Borrowet and Borrower's succesaore in intereat. 11. Forbearance by Lender Not a Waiver. My forbearance by Lender in exercieing any right or remedy hereunder, or ofherwise afforded by applicable law, shall not be a waiver of or preclude the e:erciee of any auch right or remedy.'I1ie procurement of insurance or the . payment of taxea or other liene or chargea by Lender shall not be a waiver of I.ender'e right to accelerate the maturity o[ the indebtedness secured by this Mortgage. 12 Remediea Cumulative. All remedies provided in thie Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. and may be e:erciee~i concurrendy. independendy or eucceseively. 13. Succeseore and Aeaigna Bound; Joint sad 3everal Liability; Capttone. The covenants and agreements herein oontained ehell bind, and the righte hereunder ahall inure to, the respective aucceseors and assigns of L.ender and Borrower, eubject to the. provisions of paragraph 17 hereof. All covenants and egreementa of Borrower ehall be joint and eeveral. The captions and headings of the paragraphs of thia Mortgage are for covenience only and are not to be used W interpret or define the pmvisione hereof. l4_ Notice. Except for any notice required under applicable law to be giyen in another manner. (a) any notice to Borrower provided for in thie Mortgage ahall be given by mailing auch notice by certified mail addresaed to Borrower at the Property Address or at euch other addrees ae Borrower may designate by notice to Lender as pm~ ided herein, and (b) any notice to Lender ahal) be given by certified mail. return receipt requeeted, to I.ender's addreae stated herein or to auch other address ae Lender may designate by notice to Borrower as pmvided herein. My notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manne~r deaignated herein. 15. Uniform Mortgage; Governing I.aw; 3everability. Thia form of mortgagecombines uniform oovenants for national uae and noa- uniform covenanta with limited variations by juriediction to oonatitute a uniforau security instcument oovering real property. This Mortgage shall be govemed by the law of the juriediction in which Lhe Property ia located. In the event that any provision or clauee of this Mortgage or the Note conilicte with applicable law, auch rnnflict ahall not afCect other pcoviaiona of this Mortgage or the Note which can be given ef~'ec! without the aonflicting provision, and to thia end the provisione of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ahall be fumiahed a conformed oopy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17. Tranefer of t6e Property; Assumption. if all or any part of the Property or an intereat therein ia eold or transferred by Borrower without Lender e prior written conaent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage. (b) the creation of a purehase money eecnrity intereet for houeehold appliances, (c) a tranafer by devise, deecent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeara or leas not containing an option to pumhase, Lender may, at I.ender a option, declare aU the sums secared by this Mortgage to be immediately due and payable. Lender shall have waived such option to aocelerate if. prior to the sale or transfer, I.ender and the peraon to whom the Property ia to be eold or transferred reach agreement in writing that the credit of auch person is satiafactory to Lender and that the interest payable on the sume secured by thie Mortgage ahall be at euch rate ae I.ender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has execated e written assumption sgreement accepted in v~-riting by Lender, Lender ahall release Borrower from all obligationa under thia Mortgage and the Note. - j If Lender exerciaea such option to accelerate, Lender shall mail Borrower notice of acceleration in acoordance with paragraph 14 hereot t Such notice ahall provide a period of not lesa than 30 days from the date the notice ia ff.siled within which Borrower may pay the auma declared , due. If Botrower faila to pay such aums prior to the expiration of such period, Lender may, without further notice or demand on E3orrower, j mvoke any remediea permitted by paragraoh 18 hereof ' ~ ~ 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breach ot any oovenent or agreement ot Borrower in thia Mortgage, including the covenante to pay when due any aume secured by thie 1Nortgage, Lender prior b acceleration ehall mail notice to Borrower ae provided ia paragraph 14 hereof apecifying: (1) the breach; (2) the action required to cure wch bresch; (3) a date, not leee than 30 days from the date the notice is mailed to Borrower, by whic6 such breach muet be cured: and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage, forecloaure by judicial proceeding and sale of the Property. The notice ehall ~ further in[orm Borrower of the rig6t to reinstate after acceleration and the right to asaert in the foreclosure proceeding the non-ezistence of a default or sny other defenae of Borrower to soceleration end foreciosure. If the breach is not cured on or before the date epecified in the notice. Lender at Lender's option may declare all of t6e sume secared by this Mortgage to be immediately due and payable without further demand and may forecloee thia Mortgage by judicial proceeding. Lender ahall be entitled to collect in auch proceeding all e:penaee o[forecloaure. including. but not limited to, reaeonable attorney's feea, and coete of documentary evidence, abatracts end title reporte. ~ ~ 19. Borrower's Right to Reinatate. Notwithetanding Lender's acceleration of the suma secured by this Mortgage, Borrower ahall have . the right to have any pr«,~eedinga began by I.ender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforring this Mortgage if: (a) Borrower paya Lender all sums which would be then due under this Mortgage, the Note and notea eecarin~ Future Advances, if any, had no acceleration occnrred; (b) Borrower cures all brnachea of any other covenante or agreementa of Borrowe: rnntained in this Y4lortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the rnvenante and agreemente of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney e feea; and (d) Borrower takea euch action as Lender may reasonably require to assure that the lien of thia Mortgage, Lender's intereat =a in the Property and Borrower's obligation to pay the euma secured by this Mortgage ahall continue unimpaired. Upon such payment and cure ~ by Borrowet, this Mortgage and the obligationa secured hereby shall remain in full force and effect se if no acceleration had occnrred. ~ 20. Asaignment of Etente; Appointment of Receiver. As additional security hereunder, Borrower hereby aseigna to I.ender therente ~ of the Property, provided that Borrower shall, prior to soceleration under paragraph 18 hereof or abandonment of the Property. have the right ~ to collect and retain auch rente as they become due and payable. ~ ; Upon acceleration under paragraph 18 hereof or ebandonment of the Property, Lender ehall be entitled to have a receiver appointed by e ~ oourt to enterypon, take poaeession of and manage the Property and to collect the rents of the Property, including thoee paBt due. All renta ~ oollected by the receiver ahail be applied first to payment of the rnsts of management of the Property and coUection of mnte, including, bnt not ~ limited to, receiver'e feea, premiuma on receiver e bonds and reasonable attorney'e fcea, and then to the eama secured by thi8 Mortgage.'11~e receiver ehall be liable to acoount only for thoee renta actually received. ; 9 ~ ' r ~G~ ~.Ji F~Ai,: 1V~ . ~ ~ - - ~ . - ~ ~ - _ y-~,~ - ~-m',~ r t • : ~ '~~"~w _ - t. ~ ~.-~t -