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HomeMy WebLinkAbout0968 . . . • 8. tn~pection. l.ender may make o~ cause W be made reaaonable entnee upo~ and ~napecGons of the property, provided that I.ender ehall give Borrower notice prior to any such inepection epecifying reasonable cauee therefor releted to l.ender's intereet in the Property. 9. Coademnetion.'il?e proceeds of any eward or claim tor damages, direct or conaequential, in con~ection with any oondemnetion or othe~ taking of the property, or part thereof, or fo~ conveyance i~ lieu of condemnation, are hereby aesigned and shall be paid to Lender. Ia the event of a btal taking of the P~opecty, the procecde ahaU be applied to the euma secured by this Mortgage, with the exceas, if any, paid to Borrower. In the event of a partial taking of fhe Property, unless BoROwer and l.ender otherwise agree in writing, there shall be applied to the suma eecuced by this Mortgage such proportion of the proceeda aa ia equal to that proportion which the araount of the eums decured 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 taking, with the balanca of the proceede paid to Borrower. If the Property is abandoned by Borrower. or if. aRer notice by I.ereder to Borrower that the oondemnor oPlers to make an award or eettle a claim fo~ damagea, Borrower faile to reepond to I.ender within 30 daya after the date euch notice is mailed, l.ender ia authorized to rnllect and apply the procecds, at l.ender a option, either to restoration or repair of the property or to the sume eecured by thie Mortgage. Unlees Lender and Borrower otherwise agree in writing, any such application of proceede to principal shall not e:tend or poetpone thedue date of the monthly installmenta referred to in paragraphs 1 and 2 hereof or change the amount of euch inatallmente. !0. Borrower Not Released. Extenaion of the time for paymant or modification otamortization of the sums secured by thia Mortgage Rranted by Ixnder to any succeaeor in intereet of Borrower shall not operate to release, in any manner, the liability of the original Borrower und fiorrower'a succesaora in interest. [.ender ahall not be required to rnmmence procecdings againet auch auccessor or refuae to extend time fur payment or utherwnse modify amortization of the suma secured by thie Mortqage by reason of any demand made by the original Borrower and f3orrower s aucces.vors in intereat. i l. Forbearance by Lender Not a Walver. My forbearance by I.ender in e:erciaing any right or remedy hereunder, or otherwiae afforded by applicable law. ahall not be a waiver of or preclude the exerciee of any such right or remedy. The procurement of ineurance or the payment of taxee or other liens or chargea by I.ender shall not be a waiver of Lender e right to accelerate the maturity of the indebtedneae yecund by thia Mortgage. 12 Remedies Cumulative. All remedies provided in thie Mortgage ar~e dietinM and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be exerciee~i aoncurrendy, independendy or aucceeaively. 13. Successors and Aeeigns Bound; Joint and 3everal Liability; Captione. The covenante and agreementa herein oontained ehall bind, and the righte hereunder ahall inure to, the respective auccesaors and aseigna of I.ender and Borrower, eubject to the pmvieione of paragraph 17 hereof. All covenante and agreementa of Borrower ahall be joint and eeveral. The captione and headinge of the paragrephs of this Mortgage are for rnvenience only and are not to be ueed to interpret or define the provisione hereof. l4. Notice. Except for any notice required under applicable law to be qiven in another manner, (a) any notice to Borrower provided for in " this Mortgage ehall be given by mailing auch notice by certified mail addreased to Borrower at the Property Addreas or at such other addreee as Borrower may deaignate by notice to Lender ae provided herein, and (b) any notice to Lender ehall be given by certified mail, return receipt req uested, to Lender's addreas stated herein or to auch other addresa as Lender may designate by noace to Borrower aa provided herein. My notice pmvided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Goveraing Law; Severability. Thia form of mortgage combines uniform oovenants for national uee and non- uniform covenanta with limited varietions by juriediction to oonatitute a uniform eecurity instrument oovering real property. Thia Mortgage shall be governed by the law of the juriadiction in which the Property is located_ In the event that any proviaion or clause of this Mortgage or the Note conflicts with applicable taw, such conflict shall not aPfect other proviaiona of this Mortgage or the Note which can be given effect without the rnnflicting provision, and to thia end the provisions of the Mortgage and the Note are declared to be aeverable. - 16. Borrower'e Copy. Borrower shall be fumiahed a conformed oopy of the Note and of thie Mortgage at the time of execution or after recordation hereof. 17. 'IYansfer of the Property; Aesumptioa. If all or any part of the Property or an intetest therein is sold or tranaferred by Borrower without Lender's prior written consent, e=cluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchase money security interest for household 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 intereet of three years or less not containing an option to purchase, I.ender may, at Lender's option, declare all the aums sec~red by this Mortgage to be immediately due and payable_ Lender ahall have waived such option to accelerate if, prior co the aale or transfer, Lender and the peraon to whom the Property ia to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the aume secared by thie Mortgage ahall be at such rate as L.ender shall request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower a succesaor in interest has eaeeuted a µ•ritten assumption agreement accepted in writing by Lender, L.ender shall release Borrower from all obligatione under this Mortgage and the ~ ti ote. ~ I If~Lender exercises such option to accelerate, l.ender ahall mail Borrower notice of acceleration in accordance with paragraph 19 hereof. ; Such notice shall provide a period of not lesa than 30 days from the date the notice is mailed within which Borrower may pay the aums declared. ~ due_ If Borrower fails to pay such suma prior to the expiration of such period, Lender may, without further notice or demand on ~3orrower, ` ~nvoke any remedies permitted by paragraoh 18 hereof. E ~ ~ 18. Acceleration; Remediea. Ezcept es provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or agreement of Borrower in thie Mortgage. including the oovenants to pay when due any auma secured by thie biortgage, Lender ~ prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereofapecifying: (1) the breseh; (2) the action ~ required to cure such breach; (3) a date, not lesa than 30 daya from the date the notice ia mailed to Borrower, by which such ' breach muat be cured; and (4) that tailure to cure such breach on or before t6e date epecified in the notice may result in ~ acceleration of the aums secured by this Mortgage, foreeloeure by judicial proceeding and eale of the Property. T6e notice ehall ~ further inform Borrower of the right to reinatate aRer acceleration end the right to aseert in the forecloeure proceeding the ~ non-e:ietence of a default or any other defense of Borrower to aoceleration and foreclosure. If the breach is not cured on or before the date apecified in the notice, Lender at Lender's option may declare aq of the suma eecured by thie Mortgage to be ~ immediately due and paysble without further demand and may foreclose thie Mortgage by judiciel proceeding. Ler,der ahall be ~ entitled to collect in such proceeding all e:penaea otforeclosure, including, but not limited to, reasonable attorney's feea. awd ~ costs of documentary evidence, sbstracts and title reporte. 19_ Borrower's Right to Reinetate. Notwithatanding Lender'a acceleration of the suma secured by thie Mortgage, Borrower shall have ~ the right to have any proceedinga begun by Lender W enforce thia Mortgage discontinued at any time prior to entry of a judgtnent enforcing ~ thia Mortgage if: (a1 Borrower paya Lender ali sums which would be then due under this Mortgage. the Note and notes eecuring Future ~ Advances, if any, had no acceleration occnrred; (b) Borrower curea all breaches of any other covenants or agreemenfs of Borrower contained in ~ thia Mortgage; (c) Borrower pays all reaso~able expenaea incurred by Lender in enforcing the covenante and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reaaonable attomey'e fees; and (d) Borrower takes such action as Lender may reaeonably require to asaure that the lien of this Mortgage. Lender'e intereet in the Property and Borrower'a obligation to pay the auma secured by thia Mortgage shall rnntinue unimpaired. Upon such payment and cure ~ bv Borrower, lhia Mortgage and the obligationa secured hereby ehall remain in full force and effect as if no acceleration had occurred. ~ 20. Aseignment of R~ats; Appointment of Receiver. As additional security hereunder, Borrower hereby assigne to L.ender the rents of the Property, provided that Borrower aball, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and rntain auch rents es they become due and payable. ' Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a ~ coart to enter~upon, take possession of and manage the Property artd to collert the tents of the Property, including thoee paet due. All renta collected by the receiver ahall be applied firat to payment of the coata of manaqement of the Property and collection of renta, including, but not ~ limited to, receiver's fees, premiums on receiver's bonds and reaeonable attorney's fees, and then to the sums secared by thia Mortgage. The ~ receiver shali be liable to acoount only for thoae renta actually received. ~ ~ aR ; ~~~;~291 ~~~f 960 ~ ~ - - _ - - _ . _ _ _ - . ~ _ ; - - ~ ~ ~ ~ _ - - :~.ti~~ ~ti~. - z~.--. - :ev+. F - ' - . . . ' z ~ ;_i~-L v~ i