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HomeMy WebLinkAbout0549 8. Ia~pection. Lender mayr make or cawe b be made reswnebk entrie~ upoa and inapections of the property, provided ttwt Lender shaU give Borrowes notice prior to any such inipection specifying reaeonable cauae therefw related to Lender's intereat in the Pmperty. 8. Coademnatiop. The proceeds of any award or claim for dama~e~, d:rect or conseQueAtial, in connection with any ooademnatioA or ' other taking of tha pmpe~y, or part thereof, or for conveyanos ig lie~nf oondemnatioa. are hereby a~signed aAd shaU be paid to Lender. In the event of a btal taking of the Property, the procesds ~hall be applied to the wms secured by this Mortga~e. with We euoe~s, if any. ; paid to Borrower. In the event of a partial taking of the Property. ualee~ Borrower and Le~der otherwise agree in writing~ there shaU be ~ appiied to the aums eecuied by this Mort~age such pmportion oi the proceeds as is equal to that pmportion which the amouat of the sumi secured by this Mortgage immediately prior to the date of taking beare to the fair market value of the Property immediately prior to the date of takiag, with the balanc~ of the prooeeds paid to Borrower. ~ ' I[ the Pe~o # perty u abandoned by Borrower, or if, aRer notioe by Lend~ to Borrowu that the oundemnor oite» to malce an a~rard or settle a : claim for damages. Bormwer faiL to respond b I.ender withia 30 days aRar the date euch notioe is mailed. Lender ia authorired to collect and ~ apply the proceeds, at Lende~r's option. either to re~toratioa or repair oi the proper4Y or to the sum~ secnred by this Mortgage. ~ Unles~ Lendar and Borrower otherwise agree in writing, any auch applicatioa of prooeedi to principal ehall aot esteud or postpone the due date of the moAthly instaUmenfa referred to in paragraphs 1 and 2 hereof or change the aunount of such installmeats. 10. Borrower Not Released. 8:tenaion of the time for paym~nt or modification of amortiaation of the suma secured by thia Mortgage granted by i.ender to any aucoeseor in intereat of Borrower ahall not operate to release. in any manner. the liabiUty of the original Borrowet ; and Borrower's eucceeaora in interes~ Lender ahall not be required to oommence procee~iinge againat auch aucceasor or refuee to e~end time for payment or otherwise modify amortization otthe sums eecured by this Mortgege by reaeon of any demand made by the original Borrower and Borrower's succeseora in interest. 11. Forbearenoe by Lender Not a R?aiver. My forbearance by Lender in e:ercising any right or remedy hereunder, or otherwise afforded by spplicable law, shall not be a waiver of or preclude the eserciee of any euch right or remedy. The procurement of inaurance or the payment of tanee ot other liens or charges by I.ender shall not be a waiver of Lender's right to aocelerate the maturity o! the indebtedness secured by this Mortgage. _ 12 Remedies Cumulatlve. All remedies provided in thu Mortgage an diatinct and cumulative to any other right or remedy nndez this Aiortgage or aftorded by law or equity. aad may be ~ercise~l ooncurrently. independently or suoceaeively. 13. 3ucceseors and Aesigae Bound; Joint and 3everal Liability; Captioas. The oovenante aad agreements herein oontained shall bind, and the rights hereundez shall inun to. the respective ancceesors and aesigna of I.ender and Borrower, subject to the pmvisions of paragraph 1? hereof. All covenante and agreements of Horrower ehall be joint and eeveral.'I1ie captions and headinge of the paragraphs of thie Mortgage are for covenience only and are not to be used to interpnt or define the provisions hereof. l4. Notice. Except for any notice required unde: applicable 1aw to be given in another manner, (a) any notice to Borrower provided for in ~ thia Mortgage ahall be given by mailing auch notice by certified mail addreseed to Borrower at the Property Addresa or at such other addrese as Borrower may deaignate by notice to Lender as proyided herein, and (b) any notice to Lender ehall be given by certified mail, return receipt requeeted, to Lender a addreas atated herein or to auch other addresa as L.ender may deeignate 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 d~ignated herein. 15. Unlform Mortgage; Governing Law; 3everability. Thie form of mortgege combinea uniform oovenanta for national uee aad non- uniform covenante with 1'united variationa bY juriadiction to oonatitute a uniform eecurity inatrument covelring resl pmpertY. This Mortgage ehall be govemed by the law o[the juriediction in which the Property ia located. In the event that any provieion or clauae of thie Mortgege or the Note rnnflicta with applicable law, auch contlict ahall not affect other pmvieiona of thia Mortgage or the Note which can be given effect without the rnnflicting provision, and to thie end the pmvisiona of the Mortgage and the Note are declared to be aeverable. 16. Borrower's Copy. Borrower shaA be fumished a conformed oupy of the Note and of thia Mortgage at the time of ezecution or after recordation he.~eof. ~ 17. 7`ranafer ot the Property; Assumption. If all or any part of the Property or an intereet therein ie eold or transferred by Bormwer without Lendei s prior written conaen~ ezclnding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage. (b) the creation of a purchaee money security intereat for household appliancee, (c) a tranefer by deviee, deeoent or by operation of law upon the death of a joint cenant or (d) the grant of any leseehold intereat of three yeare or leas not oontaining aa option to purchase, Lender may, at Lender'a option, deciare all the auma secured by this Mortgage to be immedietely due and payable. I.ender ahall have waived anch option to aocelerate if, prior to the sale or tranefer, Lender and the peraon to whom the Property ia to be sold or tranaferred reach agreement in writing that the credit of auch peraon ia eatisfactory to I.ender and that the intereet payable on the aums eecured by this Mortgage ehall be at auch rate as Lender ahell request. If Lender haa waived the option to accelerate provided in thia paragraph 17, and if Borrower's auccessor in interest haa e:ecuted a written easumption agreement aocepted in writing by Lender, Lender ahall releaee Borrower from all obligations under this Mortgage and the Note. ~ If Lender ezercisea auch option to accelerate, Lend~ ahall mail Borrower notice of aoceleration in sooordance with paragraph 14 hereoL Such notice shall provide a period of not less than 30 days from the date the notice is a~,siled within which Borrower may pay the sums declared due. If Bc?rrower faila to pay euch suma prior to the e:piration of such period, L.ender may, without further notice or demand on BorroR er~ t ~nvoke any remedies pe:mitted by paragraoh 18 hereof. ~ 18. Acceleration; Remediea E:cept as provided in paragraph 17 hereof, npon Borrower's breach of any oovenant or ~ agreement of Borrower in thie Mortgage, includiag the oovenante to pay w6en due any sume aecured by this Mortgage, Lender ~ prior to aoceleration ehall mail notice to Borrower ea provided in paragraph 14 hereof specitying: (1) the breach; (2) the action required to cure auch breach; (3) a date. not leae t6en 30 daye from the date the notice is mailed to Borrower, by which sucb ~ breach must be cured; and (4) that failure to cure auch breach on or before the date specified in the notice may result in acceleration of the sums secured by t6ia Mortgage, foreclosure by judicial proceeding and eale of the Property. The notice ehall ~ further intorm Borrower of the right to reinstate after acceleration and the right to aesert in the foreclosure proceeding the non-ezietence of a detault or any other defenae of Borrower to aoceleration aad foreclosure. If the bresch is not cnred on or ~ before the date epecified in the notice, Lender at I.ender'e option may declare all of the eums eecured by this Mortgage to be immediately due and payable without further demand and may foreclose thie Mortgsge by judicial proceeding. Lender ehall be entitled to collect in such proceeding all ezpenses of forecloaure. including, but not limited to, reaeoneble attorney's feea, and ~ coste of documentary evidence. abstracts and title reports. ~ 19. Borrower's Right to Reinetate. NotwitheLanding Lendei a soceleration of the aume eecured by this Mortgage, Borrower shall have the right to have any proceedinge begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: (a) Borrower paye Lender all suma which would be then due under this Mortgage. the Note and notea securing Ii~ture ~ Advancee, if any, had no acceleration occurred; (b) Borrower curee ell breachea of any other covenante or agreementa of Borrower oontained in this Mortgage; (c) Borrower pays a11 reaeonable ezpenses incurred by Lender in enforcing the oovenante and agreementa of Borrower - oontained in this Mortgage and in enforcing Lender e remediea es provided in paragraph 18 hereof, including, but not limited to, reaeonable atiomey e fees; and (d) Borrower takee such action as Lender may reasonably require to aasnre that the lien of thia Mortgage. Lender'e interest ~ in the Property and Borrower's obligation to pay the aums secured by this Mortgage ahall oontinue unimpaired. Upon auch payment and cure ~ by Borrower, thie Mortgage and the obligations eecured hereby ehall remain in full force and effect aB if no aoceleration had occurred. ~ 20. Aeaignment of Reats; Appointment of Receiver. Ae additiona) security hereunder. Borrower hereby assigns to Lender the reuta G of the Property. provided that Borrower ahell, prior to acceleration ander paragraph 18 hereof or abandonment of the Property, 6ave the right ~ to rnllect and retain such rente se they become due and payable. ~ Upon aoceleration under paragraph 18 hereof or abandonment of the Property, Lender aheil be entitled to have a receiver appointed by e ' court to enter.npon, talce poeaeaeion of and manage the Property and to colleet the renta of the Property, including thoee past due. All rente ~ collected by the receiver ahall be appiied first to payment of the oosta of management of the Property and collection of reate, including, bnt not ~ limited to, reoeiver's feea, preminma on meiver'a bonde and reasonable attorney'e feea, and then to the sums secured by thie Mortgage. The ~ receiver ahall be liable to aooount only for those rents actually received. ~ ~ ~ ~ ~ ~ 29i 549 ~ ~ 3R,M,q " . _ , ~ . _ _ , , ~...,~Y v s~' ~ f' ~~2-~`~A~~ ~~"~~'y~'.~'~ I~ s~ ~ A ~ ~ ~ . " 5 - ;r