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HomeMy WebLinkAbout0355 • . , . 8. Inepectio~. l.ender may make ur cauae to be made rea~onable entries upon and inspections of the properiy, provided that l.ender ehall give ~iorrowe~ notice prior to a~y sucA inepeMion epecifyi~g reaeo~able cause there[or relatrd to l.ende~ s intereat in the Nroperty. 9. Condemnetlon. 91ie proceede of any award or claim for damages, direct or coneequential, in connection with eny rnndemnation or othe~ taking of the property, or part thereot, or for conveyanc~e in lieu of condemnation, are he~eby aanigned and shall be paid to I.ender. In the event of a total taking of U~e Property, the proceeds shall be appiied ta the euma aecured by thie Mortgage. with the e:cesa, if any, paid to Borrower. ln the event of a partisl taking of the Property, unleea Borrower and lender otherwiee agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds ae ie equai to that proportion which the amount of the eums e~ecured 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 balan~ of the proceede paid to Borrower. It the Property is abandoned by Aorrower, or i~ after notice by Lender to Borrower that the oondemnor oPfere to make an award or eettle a claim for dameges, Borrower fails to respond to Lender within 30 daye after the date such notice ia mailed, Lender is authorized to collect and epply the proceede, at Lender's option. either Lo restoration o~ repair of the property or to the aums aecured by thie Martgage. Unleae l.ender and Borrowe~ otherwise agree in writing, any euch application of proceeds to principal shall not extead or poetpone the due date of the monthly instaltments referred to in paragraphe 1 and 2 hereof or change the amount of such installmenta. 10. Borrower 1~lot Releaeed. Eatenaion of the time tor paymant or modification of amortization of the sums eecured by thie Mortgage E[ranted by t.ender to any successor in intereat uf E3orrower ahall not operate to release, in any manner, the liability o! the original Borrower and fiorrower's aucceeaors in intereat. l.ender ehall not be required to commence proceedings ugainat auch succeaeor or refuse to extend time for payment or otherwise modify amortization o[the sums secumd by this Mortgage by reaeon of any demand made hy theoriginal Borrower and I3orrower a successors in intereat. 11. Rocbearance by I.ender Not a Waiver. Any forbearance by I.ender in e:ercising any right or remedy hereunder, or otherwiee afforded by applicable law, ahall not be a waiver of or preclude the eYerciee of any auch right or remedy. The procurement of insurance or the payment of taxea or other liena or charges by Lender shall not be a waiver of l.ender e right to accelerate the maturity of the indebtedneae Aecured by thie Mortgage. • 12 Remediee Cumulative. All remediea provided in thia Mortgage are dietinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity, and may be e:ercise~l concurrendy, independently or aucceeaively. 13. Succeasore and Aaeigne Bound; Joint and Several Liability; Captions. The oovenante and agreementa herein contained ahall bind, and the rights hereunder ahall inure to, the respective aucceaeors and asaigns of Lender and Borrower, eubject to lhe provieione of paragraph 1? hereof. All covenanta and agreements of Borrower ahall be joint and eeveral. The csptiona and headings of the paragraphe of thia Mortgage are for covenience only and are not to be used to interpret or define the provisione hereof. 14. Notice. Except for any notice requind under applicable law to be given in another manner, (a1 anv notice to Borrov?er provided for in thia Mortgage shall be given by mailinq auch notice by certified mail addreseed to Borrower at the Property Addresa or at auch other addreae se Borrower may designate by notice to Lender as pmvided herein, and (b) any notice to Lender ahall he given by certified mail, return receipt requested, to l.ender's addrese stated herein or to such other addreas as l.ender may deaignate by aotice to Borrower as provided herein. My notice provided for in thia Mortgage ahall be deemed to havebeen given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; 3everebility. This form of mortgage combinea uniform covenante for national uee and non- uniform covenante with limited variationa by jurisdiction to conatitute a uniform security instrument coveting real property- This Mortgage shall be governed by the law of the jurisdiction in which the Proper/y ia located. In the event that any provii+ion or clauee of this Mortgage or the \ote contlicts with applicable law, such contlict shall not afFect other provisiona of this Mortgage or the Note which can be given effect w-ithout the conflicting pmvision, and to this end the provisions of the Mortgage and the 1\ote are declared to be severable. 16. Borrower'e Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of e:ecution or after recordation hereof 17. Tranefer of the Property; Aesumption. If all or any part of the Property or an interest therein is aold or traneferred by Borrower without l~ender's prior written conaent, excluding (a) the rteation of a lien or encumbrance eubordinate to thie Mortgage, (b) the creation of a purchase money security interest for houaehold appliancea, le) a tranefer by deviae, descent or by operation of law upon the death of a joint tPnant or (d) the grant of any leasehold interest of three years or lese not oontaining an option to purchase. [.ender may, at Lendei s option, declare all the sume secured by this Mortgage to be immediately due and payable. Lender ahall have waived auch option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property ia to be sold or transferred reach agreement in writing thatthecredit of euch person is satisfactory to Lender and that the interest payable on the suma secured by this Mortgage sha11 be at such rate as Lender ahall request. If Lender has waived the option to acceterate provided in this paragraph 17, and if Borrower s auccessor in interest has executed a w•ritten assumption agreement accepted in writing by Lender, l.enderahall release Borrower from all obligationa under thia Mortgage and the ; ti ote. . i If Lender exercises such option to accelerate, I.ender shall mail Aorrower notice of acceleration in accordance with paragraph 14 hereof. ~ s ~uch notice shall pmvide a period of not less than 3(1 days from the date the notice is rr.ailed within which Borrower may pay the sums declared due_ If Borrower tails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, t invoke any remedies permitted by paraqraoh 18 hereof. ~ 18. Acceleration; Remediea. E:cept ae provided in paragraph 1? hereot. upon Borrower's breach of aay oovenant or ~ agreement of Borrower in thia Mortgage. including the covenante to pay when due any sums eecured by this Mortgage, Lender ~ prior to acceleration ehall maii notice to Borrower se provided in paragraph 14 hereof epecifying. (1) the breach; (2) t6e action ~ required to cure such breach; (3) a date. not lese t6an 30 days from the date t6e notice ia mailed to Borrower. by which euch ~ breach must be cured; and (4) that failure to cure auch breach on or before the date epecified in the notice may result in ~ acceleration of the euma secured by thie Mortgage, foreclosure by judicial proceeding and eale of the Property. The noticeshall ~ further inform Borrower of the right to reinstate atter acceleration and the right to aseert in the forecloeure prceeeding the ~ non-e:iatence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or ~ t~fore the date epecified in the notice, Lender at Lender'e option may declare all of the suma secured by thie Mortgage to be ~ i mmediately dne and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be entitled to coliect in such proceeding all e:penses of torecloaure, including. but not limited to. reasoneble attorney's fees. and costs of documentary evidence, abstracta and title reporte. ~ 19. Borrower's Right to Reinstate. Notwithatanding I.ender's acceleration of the suma secured by thiB Mortgage, Borrower ahall have ~ the right to have any proceedinga begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: (a) Borrower pays Lender all sums which would be then due under thie Mortgage, the Note and riotea eecuring Future n Advancea, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenanta or agreements of Borrower contained in ~ thia Mortgage; (c) Borrower pays all reasonable expensea incurred by Lender in enforcing the rnvenante and agreementa 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's fees; and (d) Borrower takes auch action as Lender may reasonably require to aaaure that the lien of thia Mortgage, Lendei a intereat ~ in the Property and E3orrower's obligation to pay the suma secured by this Mortgage shall continue unimpaired. Upon auch payment and cure by Iiorrower, this Mortgage and the obligationa secured hereby ahal) remain in full force and effect as if no acceleration had occurred. 20. Aseignment of Rente; Appointment of Receiver. As additional aecurity hereunder, Borrower hereby assigna to Lender the rnnte - ~ of the Property, provided that Borrower shall, prior to acceleration under paragraph IS hereof or abandonment of the Property, have the tight - to collect and retain auch rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall t?e entitled to have a receiver appointed by a ~ court to enter_upon, take possession of and manage the Property and to collect the rents of the Property, induding those past due. All mnta = coUected by the receiver ahal) be applied first to payment of the coate of management of the Property and collection of rents, including, but not ~ limited to, receiver'a fees, premiuma on receiver a bonda and reaaonable attomey's fees, and then to the aums eecured by this Mortgage. The receiver sha11 be liable to acoount only for those rente actually received_ ~ ~ ~ FS R ~9 3 . ~ ~~~~fi z 55 fs 'r.--~: ~ - . ' ' .~-"-r. _ _ - ' ' ' - - - - ~~,~~a+._y 5i ~ ~ 2" i~ ~ ~~•~;.~"r" - ~r..aF. ~?t- ~-'~y„'~, y~t'.s , -~~~y .:~4 ~ 'F..?"'.a~r.~, M - ~ ~ ~ ~ ~ ~ ~I~i~. "~G ^r~ +~"3 ' R~ ~ ! v39 _ ~ ~ a . . SZ.'~,e6°k_:h,. '~'"7~. ,M1..._....., . ~vd..?'~ ~""+2 ~Y~!b~~'i~~~-.~2=d~~+`~'., 4..y'v3.'.+ ' - - ~~.9`~'W - Te.~u.i.~ . .