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HomeMy WebLinkAbout0192 8. laspeMioa. I.ender may make or cauae to be made reasonable entries upon and inspections of the properiy, provided that I.ender ehall ¢ive Borwwer notioe prior to siur such inspection apecifyinB ~~able cauee therefor related to [.endei a irrter~t in the P~operty. 9. Condemnatioa.'I~e proceeds of arty sward or claim tor damages, direct or coneeque~tial, in connection with any oondemnation or other taking of the property, or part thereof, or fur co~veyunce in lieu of Dondemnation. are hereby aeaiRr?ed and shall be paid to Lender. I~ the event of a total taking of the Property. the proceeds ahell be applied b the aums eecured by thia Mortgage, with the e:ceas. if any, paid to Borrower. In the event of a partial taking of the Property, unlese Borrower and Le~der otherwise ag~ee in writing. there shall be applied to the suma secured by this Mort~age such proportion of the proceede ae ia equal to that proportion which the amount of the eums eecured by this Mortgage immediately prio~ to the date of taking beare to the fair market value of the Property immediately prior b the date of taking, with the balenca of the proceede paid to Borrower. If the Property is abandoned by Borrower, or if, aRer notice by I.ender to Borwwer that the rnndewnor of~ers to make an award or settle a claim for damages, Borrawer faile to reapond to Lender within 30 days aRer the date auch notice ia muilod, l.ender is suthorized to collect and apply the pmceede. at L.ender's optioa. either to restoration or repair of the property or to the aums eecured by this Mortgage. Unless Lender and Borrowtr otherwise ageee in writing, any such appUcation of ptoceede to principal shaU not e:tend or postpone the due date of the monthly inatallments referred to in paragraphe 1 and 2 hereof or change the amount of euch inetallments. 10. Borrower Not Released. Extension of the time for paymant or modification of amortization of the eume eecured by thia Moetgage Etranted by Lender to any auccessor in iatereet of Borrower shatl not operate to mlease, in any manner, the liability of the original Borrower and Borrower's succeasors in interea~ I.ender ahall not be required to rnmmence proceedings againat such aucceseor or refuee to extend time for p~yment or otherwise modify amortization of the sucns secured by this Mortgage by reason of any demxnd made by the origina) Borrower and Borrowei e succeseora in interest_ 11. Forbearanee by Lender Not a Wsiver. Any forbearance by Lender in e:ercising any right or remedy hereuader, or otherwise aPforded by applicable law, ahall not be a waiver of or preclude the e:erciee of any euch right or remedy. The procurement of ineurance or the payment of ta~ces or other liene or chargea by I.ender ehall not be a waiver of Lender s right to accelerate the maturity of the indebtsdc?ese secured by thie Mortgage. 12 Remediee Cumulative. All remediea provided in this Mortgage are diatinct and cumulative to any other right or remedy under thie Mortgage or afforded by law or eqnity, and may be euerciee~l ooncurrently, independently or aucceseively. 13. Suecessore and Aeai~ns Bound; Joint and Several Liability; Ceptione. The covenants and agreemente herein contained ehall bind, and the rights hereunder ahall inure to, the rnapective aucceeeore and assigns of Lender and Borrower. eubject f~o the provieiona of paragreph 17 hereof. All rnvenants and agreementa of Borrower ahall be joint and several. The captiona and headings of the paragraphe of this Mortgage are for covenience only and arn noi to be uaed to interpret or define the proviaione hereof. 14: Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower ptovided forin this Mortgage shall be given by mailing such notice by certified mail addreseed to Borrower at the Property Addresa or at ench other addreee ae Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender ehaA be given by certi5ed mail, return receipt requeated, to I.ender's addresa stated herein or to auch other address as Lender may designate by notice 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 deeignated hereia. 15. Uniform Mortgage; Governiag I.aw; Severability. This form of mortgage combinea uniform oovenanf8 for national ~tee and non- uniform covenante with limited variatione by juriediction to constitute a uniform security inatn~ent rnvering real property. Thie Mortgage shall be governed by the law of the jurisdiction in which the Property ia located_ ln the event that any provision or clanee of this Mortgage or the Note conllicts with applicable Iaw, such conilict shall not aPfect other provieions of thie Mortgage or the Note which can be given effect w•ithout the conflicting provision, and to this end the provisiona of the Mortgt~e and the Note arn declared to be severable. _ 16. Borrower's Copy. Borrower ahali be furniahed a conformed rnpy of the Note and of this Mortgage at the time of e:ecution or after recordation hereof. 17. Tranater of the Property; Aeaumption. If all or any part uf the Property or an intereat therein is sold or traneferred by Borrower without Lender'a prior written rnnaent. e:cluding (a) the creation of a lien or encumbrance aubordinate to thia Mortg~ge, (b) the creation of a purchaee money eecurity interest for houeehold appliances, (c) a tranefer by deviae. descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or lesa not oontaining sn option to purchase. Lender may, at I,ender'a option, deciare all the auma secured by this Mortgage to be immediately due and payable. Lender ahall have waived auch option to accelerate if, prior to the aale or tranafer, Lender and the pereon to whom the Property ia to be sold or transferred reach agreement in writing that the credit of auch person ia satisfactory to Lender and that the interest payable on the suma secured by this Mortgage shall be at such rate ae I.ender ahall request. If Lender has waived the option to accelerate provided in thia paragraph 1~, and if Borrower s successor in intereat hae executed a w~ritten aesumption agreement accepted in writing by I.ender, Lender shall release Borrower from all obligations under thia Mortgage and the ti ote. If L.ender exercises auch option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. i Such notice shall provide a period of not lesa than 30 days from the date the notice is ~r.ailed within which Borrower may pay the auma declared ; due_ If Boaower fails to pay such suma prior to the expiration of such period, Lender may, without further notice or demand on Borrower, ' mvoke any remedies permitted by paragraoh 18 hereof_ i f I8. Aoceleration; Remedies. Ezcept as provided in paragraph 17 hereof, upon Borrower's breac6 of any rnvenant or ~ agreement of Borrower in thie Mortgage. including the oovenants to pay when due any sums eecured by this Mortgage. Lender ~ prior to aoceleration ehall maii notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not lese than 30 daya from the dete the notice ie mailed to Borrower, by w6ich such ~ breach must be cured; and (4) that lailure to cure such breach on or betore the date specified in the notice may reault in acceleration of the aume secured by thia Mortgage, forecloaure by judicial proceeding and sale of the Property. The notice ehall ~ further inform Borrower of the right to reinstate after acceleration and the right to easert in the forecloaure proceeding t6e ~ non•ezistence of a detault or any other defenae of Borrower to acceleration and foreclosnre. If the breach ie not cured on or ~ betore the date epecified in the notice, Lender at Lender'e option may declare all of t6e aume secured by this Mortgage to be ~ immediately due and payeble without further demand and may foreclose this Mortgage by judicial proceeding. Lender shell be . ~ entitled to oollect in auch proceeding all e:penaex otf~recloaure. incfuding. but not ltmited to, reasonable attorney's teea, and ~ coste of documentary evidence. abatracis and title reporta. ~ 19. Borrower's Right to Reinetete. Notwithetanding I.ender s acceleration of theaume secured by thia Mortgage, Borrowerahall have 4 the right to have any proceedinga begun by I.ender to enforce this Mortgage discontinued at any time priur to entry of s judgment enforcing " thie Mo a e if: (a) Borrower a e I.ender all suma which would be then due under this Mo _ rtg g p y rtgage, the Note and notes securing fl~ture T Advanoee, if any, had no acceleration occurred: (b) Borrower curea a11 breaches of any other covenante or aRreements of Borrower contained in ~ this Mortgage; (c) Borrower pays all resaonable expenaea incurred by L.ender in enforcing the covenante and agreemente of Borrower contained in this Mortgage and in enforcing I.ender e remedies as provided in paragraph 18 hereof, including, but not liroited to, rnasonable attorney e fees; and ld) Borrower takea auch action as Lender may reasonably require to asaure that the lien of this Mortgage, Lender'a intereet 5 in the Property and Borrowei s obtigation to pay the suma eecured by this Mortgage shall continueunimpaired. Upon auch paymentand cure by Borrower, thie Mortgage and the obligationa secured hereby ahall remain in ful~ force and effect aa if no acceleration had occurred. 5 20. Aeaignment of Rents; Appointment of Receiver. As additional aecurity hereunder, Borrower hereby. assigns to Lender the rents Y of the Property, provided that Borrower ahall, prior to accele~ ation under paragraph 18 hereof or abandonment of the Property, have the right to coUect and retain auch rent8 se they become due and payable. , Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a receiver appointed by a - oourt to enter~upon, take possession of end manage the Property and to collect the rente of the Property, including thoee past due. All rente rnliected by the receiver shaU be applied first to payment of the coste of management of the Property and collection of rente, including, but not limited to, receiver'e fees, premiuma on receiver's bonds and reasonable attorney's fees, and then to the suma eecured by this Mortgage. The s~ receiver shall be liable to aooount only for thoee rents actually received. ~ ~ ~ ~ R~ 2g3 1~ ~ f:1Gi . ~ ~ _ _ - ~ ;a - - - - - - _ ~ ~ ~ - ~ ~ ~ ~ ~ s = ~ £ ; ~~.~~'~._~r~:~~ °