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HomeMy WebLinkAbout0635 . . 8. In~pectlon. Le~de~ may make or cause to be made reawnable entries upon and inspections of the property, provided that l.ender ehall give Borrow~ notice prior to any such inspection specifying reasonable cause therofor related to l.ende~ s i~terest in the Pmperty. 9. Coademnstton.'l1~e proceeds o[ any ewerd or claim for demages, direct or consequential, in connection with any oondemnation or other taking of the property, or part thereof, or for rnnveyanoe in lieu of cond~tanation, are hereby assig~ed and shall be paid to l.ender. In the event of a total taking of the Property, the proceeds ehall be applied to the ~ums securod by this Mortgage, with the e:ces~, if any, paid to Botrower. In the event of s partial taking of the Property, unleaa Borrower and Lender othenvise agree in writing. then shall be apptied W the suans secured by thi~ Mortgage such proportion ot the proc~edi as ia equal to thet proportion which tha amount of the suma eecured by this Mortgage immediately prior to the date of taking bean to the fair market value of the Property immediately prio~ to the date of taking, with the balan~ of the pmoeedi paid eo Borrower. If the Property is abandoned by Borrower, or it aRer notice by I.ender to Borrower that the oondemnor oKers eo make an award or settle a daim for damages. Borrower feils to reepond to Lender within 30 days aRer the date such notice ia mailed, Lender ~s authorized tocollect ~ad apply the proceeds. at Lendei s option, either to restoration or repair of the property or to the sums secae~e~' by this Mortgage. Unless I.ender and Borrower otherwise agree in writing, any such epplication of proceeds to principal shall not ractend or postpone the due date of the monthly installments referred to in peragraphs 1 end 2 hereof or change the amount of euch installments. 10. Borrower Not Eteleased. Extenaion of the tiwe for paym ~nt or modification of amortization of the eums eecured by thie Mortgage 1 granted by l.ender to any euccesaor in interest of Borrower shall not operate to relesee, ia any ~uanner, the liability of the original Borrower ~ and Bormwer'e euecessors in interee~ Lender ehall not be required to mmmence proceedings against auch ancceseoc or refuae to extend time •!or payment or otherwise modify amortization of the su~na secured by this Mortgage by reason of any demand made by the original Borrower ~ and Borrower e succe~sors in intereat. 11. Forbearanoe by Lender Not a Waiver. My forbearance by Lender in ezerciaing any right or remedy hereunder. or otherwiee ~ af~orded by applicable law. shall not be a waiver of or preclude the exeniee of any such right or remedy.'11~e ptocurement of inaurance or the payment of taxes or other liene or chargea by Lender ehall not be a waiver of Lender s right to accelerate the maturity of the indebtedness aecured by thie Mortgage. 12 Remedies Cumulative. All remedies provided in thia Mortgage are dietinct and cumulative to any other right or remedy under thie Mortgage o: afforded by law or equity, and may be exerciee~i ooncurrendy, independently or eucceeeively. 13. 3ucceeeors and Aesigus Bound; Joint aad 3everal Llebility; Captioas. The covenants and agreemente herein oontained shall bind, and the righta hereunder ehall inure to, the ~epective auccessors and aseigne of Lender and Borrower, aubject to the proviaione of paragraph 17 hereof. All covenanta and agreemente of. Borrower ahall be joint and eeveral. The captiona and headinge of the paragraphs of thia Mortgage are for covenience only and are not to be uaed to interpret or define the proviaions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thie Mortgage ahall be given by mailing auch notice by certified mail addreseed W Borrower at the Property Addreaa or at auch other addreas ae f3orrower may designate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requested, to Lendei s addreea atated herein or to such other addresa as Lender may deaignate by notice W Borrower aB provided herein. My notice provided for in this Mortgage ahall be deemad to have been given to Borrower or I.ender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; 3everability. Thia form of mortgage combinea uniform oovenanta for national uee and non- unifotm rnvenantn with limited variationa by juriadiction to rnnatitute a uniform eecurity inatrunient rnvering real property.'Rtis Mortgage shall be governed by the law of the juriadiction in which the Property ia lceated. In the event that any provieion or clause of this Mortgage or the Note conflicts with applicable law, auch rnnfliM shall not af[ect other proviaions of thia Mortgage or the Note which can be given effect without the oonflicting pro~~sion, and to this end the provisiona of the Mortgage and the Note are declared to be aeverable. 16. Borrower'e Copy. Borrower ahall be fumished a conformed copy of the Note and of this Mortgage at the time of ezecution or after recordation herer~f. 17. Transter of the Property; Asaumption. If all or any part of the Property or an intereat therein ia sold or tranaferred by Borrower without Iender e prior written rnnaen~ excluding (a) the rreation of a lien or encumbrance subordinate to thie Mortgage, (b) the creation of a purchase money security intereat for household appliancea, (c) a tranafer by deviae, descent or by operation of Iaw upon the death of a joint tenant or (d) the grant of any leasehold intereet of three years or leea not oontaining an option to purchase; Lender may, at Lender'a option, declare all the suma secured by thia Mortgage to be immediately due and payable. Lender ahall have waived auch option to accelerate if, prior to the sale or tranefer, Lender and the person to whom the Property is to be eold or tranaferred reach agreement in writing that the credit of auch person ia satisfactory to Lender and that the interest payable on the sums aecured by this Mortgage ahall be at such rate as Lender shall request. It Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower a auccessor in interest has ezecuted a ~ written aasumption agreement accepted in writing by Lender, Lender ahall release Borrower from aU obligations under this Mortgage and the Note. If Lender e:erciaes such option to accelerate, Lender shall mail E3orrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice ahall provide a period of not leas than 30 days from the date the notice is rr.aited within which Borrower may pay the auma declared ~ due. If Borrower fails to pay such sums prior to the expiration of auch period, [.ender may, without further notice or demand on Eiorrower, invoke any remedies permitted by paragraoh 18 hereof. F 18. Acceleration; Remediea. E:cept ae provided in paragraph 17 hereof, upon Borrower's breach of any rnveaant or ~ agreement of Borrower in this Mortgage, including the covenanta to pay when due any eumesecured by thie Mortgage, Lender prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) tbe action required to cure ~uch breac6; (3) a date, not leae than 30 daye from the date the notice ie mailed to Borrower. by which such breach muet be cured; and (4) that tailure to cure such breach on or before the date specified in the notice may result in acceleration of t6e eume aecured by this Mortgage. forecloeure by judicial proceeding and eale of the Property. T6e notice ahall further intorm Borrower otthe right to reinatate aRer acceleration and the right to esaert in the foreclosure proceeding the non-e:istence of a defeult or any other defenae o[ Borrower to acceleration and foreclosure. If the breach ie not cured on or before the date epecified in the notice. Lender at Lender's option may declare all of the eume secured by this Mortgage to be immediately due and payable without further demand and may forecloae thie Mortgage by judiciel proceeding. Lender ahall be entitled to collect in such proceeding all expenses of foreclosure. including. but not limited to, reasonable attorney's fees. and coste of documentary evidence. abetraCts and title reporte. 19_ Borrower's Right to Reinstate. Notwithstanding L.ender's acceleration of the sums aecured by this Mortgage, Borrower shall have the right to have any proceedinga begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing thie Mortgage if: (a) Borrower pays Lender all aums which would be then due under this Mortgage, the Note and notea securing Future Advances, if any, hsd no acceleration occurred; (b) Borrower curea all breachea of any other covenanta or agreements of Bonower contained in this Mortgage; (c) Borrower pays al! reasonable expeneee incurred by Lender in enforcing the covenants and agreementa of Borrower oontained in thie Mortgaqe and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reaeonable attorney B feea; and (d) Borrower takea auch action as Lender may rnasonably require to seaure that ihe lien of this Mortgage, Lender'a interest in the Property and Borrower'e obligadon to pay the euma secured by this Mortgage ahall rnntinue unimpaired_ Upon auch payment and cute by Borrower, this Mortgage and the obligations aecured hereby ahall remain in full force and effect ae if no acceleration had occurred. 20. Aesignment of Rents; Appointment of Heceiver. As additional aecurity hereunder. Borrower hereby asaigna to Lender the rente of the Property. provided that Borrower aha11, prior to acceleration under paragraph 18 hereof or ebandonment of the Ptoperty, have the right to collect and retain auch rents as they becc?me due and payable. Upon aooeleration undet paragtaph 18 hereof or abandonment of the Rvperty, Lender ahall be entiUed to have a receiver appointed by a court to enter upon, take poasesaion of and manage the Property and to collect the rents of the Property, including thoee past due. All renta ` oollected by the receiver eha11 be applied firet to payment of the ooets of management of the Property and collection of rents, including, bnt not limited to, receiver'a feee, premiuma on receiver'e bonda and reseonable attorney e fees, and then to the auma secured by thiB Mortgage. The receiver shall be liable to account only for thoee renta actually received. s~~?. ~ 2sz F~~E s35 - , w~:~: ~ ~ ~ . - - - - - - - - - - ~ r ~ ° ~~•,~~~^^ar 3 ~ . "~x"~^= . .