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HomeMy WebLinkAbout0708 8. Inspectioa. l.ender may make or cause to be mado reasonable entries upon and inspectiop's of the pmperty, prQyided that L,cader shaU give Borrow~ notice prior to any such inapection specifying reasonable csuse therefor related to I.endei s interest in the Property. 9. Coadetnnatjon. The proceeds of any award or claim for damages, direct or conaequential~ in connection with any oondemnation or other Caking of the propetty. o: part thereof. or for conveyance ia 4eu oi oondemnation, ate hereby aesigned and shall ba paid to Lender. In the event of a totel tai~ing of the Property, the pe~oceeds shall be applied to the eums secured by this Mortgage. with the exceas. if any. paid to Borrower. In the event of a partial taking of fhe Property, unless Borrower and Lender otherwise agree in wciting. there shall be applied to the auma eecured by this Mortgage such proportion of the ptoceeds as ie equal to that proportion which the amount of the sums eecured by this Mortgage immediately prior to the date of tal~ing beara b the fair market value of the Property unmediately prior to the dab of talring. with the balanca of the ptoceeds paid to Borrower. ii iua i-ro~riy iu a'uo~?c:u:~f.z iry iwrruwcr, or ii, d[i~'I Tiuitiis i~ji Le1?~lai i(? Li~il~rW ~.'i itiiii Ultl tSW1fleCitDO[ U[I@itl lt~ [RMkE tl[! aWM# Of SCLttB 9 claim for demeges, Borrower fails to reepond b I.ender within.30 days after the date such notioe is mailed, Lender is authorised to rnUect and apply the proceeds, at Lender'e option, either b restoration or repair of the property or to the euans secured by thia Mortgage. Unlese Lender and Borrower otherwiee agree in writing. any auch applicatioa of pmceeda to principal ehal! not e~tend or postpone the due date of the monthly inataUments referred to in paragraphs 1 and 2 hereof or change the amount of euch inetallmenta. 10. Borrower Not Released. Extenaion of the time for paymant or modification of amortization of the eu~ne sec~ued by thia Mortgage granted by I.ender to any aucceaeor in intereat of Borrower ahall not operate to release, in any manner, the liability of the origu~a) Borrower and Borrowcr's eucceasore in intereat. Lender shall not be required to commence proceedings againat auch succesaor or refuee to eztend time for payment or otherwiae modify amo;tization of the euma eecured by this Mortgage by reaeon of any demand made by the original Borrower and Borrower'e aucceseora in intereal. 11. Forbearanoe by I.ender Not a Wa[ver. My torbearance by Lender in ~ercieing any right or remedy hereunder, or otherwise ' afforded by applicable law, ehall not be a waiver of or preclude the e:erciee of any auch righ! or remedy. The prorurement of inaurance or the puyment o! ta:es ot other liena or charges by Lender ehall not be a waiver of I.ender'e right to aocelerate the maturity of the indebtedness sec~ued by thie Mortgage. 12. Remedies G~mulative. All remedies provided in this Mortgage are diatinct and cumulative to any other right or reme3y under this Mortgage or afforded by law or equity, and may be euerrise~i concurrenUjr. independently or succeesively. 13. 3ucceesore aad Aaeigns Bound;-Joint and 3everel Liabilify; Captions. The oovenante and agreementa herein contsined shall bind. end the righte hereunder ehall inure to, the respective succeseors and aeaigas of Lender ~tnd Borrower, aubject to the provisione of paragraph 17 hereof. All covenants and egreements of Borrower ehall be joint and several.'I~e captions and headinga of the paragrapha of this Mortgage are for covenience only and are not to be used to interpret or de5ne the provisiona 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 this Mortgage ahall be given by mailing such notice by certified mail addresaed to Borrower at the Property Addrese or at auch other addrese se Borrower may designate by notice to I.ender se provided herein, and (b) any notice to I.ender ahall be given by certified mail. return receipt requeated, to I.ender's addreas stated herein or to auch other addrese as I.ender may deaignate by notice to Borrower as pmvided herein. Any notice provided for in this Mortgage ehall be deemed to have been given to Borrower or Lender whea given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. Thia form of mortgage combinea uniform oovenants for natioaal use and non- ~ uniform covenants with limited variations by j~uisdiction to oonatitute a uniform eecurity inatnuuent oovering real property.'l~is Mortgage ahall be governed by the law of the jurisdiction in which the Property ia located_ In the event that any provieion or claaee of this Mortgage or the Note conflicta with applicable_law, such conflict ahall not affect other proviaions of this Mortgage or the Note which can be givea ef[ect without the conflicting provision, and to thia end the proviaiona of the Mortgage and the Note are declared to be aeverable_ 16. Borrower'e Copy. Borrower ahall be furnished a conformed copy of the Note and of thia Mortgage at the time of e~cecution or after recordation hereof. 17. 'l~anefer of the Property; Assumption. If all or any part of the Property or an intereat therein ia sold or trr,naferred by Borrower without L.ender's prior written coneent, eacluding (a) the creation of a lien or encumbrance subordinate to thie Mortgage, (b) the creation of a purchaee money security interest for houaehold appliancee, (c) a tranafer by devise, d~oent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeara or less not oontaining an option to purchaBe, Lender may, at Lendei s option, declare all the suma secured.by this Mortgage to be immediately due and payable. Lender ehall have waived auch option to accelerate if, prior to the sale or tranafer, Lender and the person to whom the Properiy is to be aold or transferred reach agreement in writing that the credit of such E person ia satisfactory to Lender and that the interest payable on the aums secured by thie Mortgage shall be at euch rate as Lender ahali ~ request. If Lender has waived the option to aocelerate provided in this paragraph 17, and if Borrower's aucceasor in intereet hae e:ecuted a ~ written a8sumption agreement accepted in writing by Lender, L.ender shall release Borrowet from all obligations under thia Mortgage and the ~ Note. ~ If Lender eaercisea such option to accelerate, Lender ehall mail Borrower notice of acceleration in aceordance with paragraph 14 hereof. Such notice ahall provide a period of not leas than 30 days from the date the notice is ~r.ailed within which Borrower may pay the aume declared ~ due. If Borrower faila to pay such sums prior to the expiration of auch period, I.ender may, without further notioe or demand on Iiarrower, ~ tnvoke any remedies pennitted by pazagraoh 18 hereof. ; 18. Acceleration; Remedies. Escept ae provided in paragraph 17 hereof. upon Borrower'e breach of any oovenant or agreemeat of Borrower in thie Mortgage, including the oovenants to pay when due sny sume eecvred by thie Mortgage, Lender ~ prior to acceleration ehail mail notice to Borrower se provided in paragraph 14 hereof specifying: (1) the bresc6; (2) the action ~ required to cure euch breach; (3) a date, not leae than 30 daye from the date the notice is mailed to Borrower, by which euch ~ breach must be cured; and (4) that failare to cure euch breach on or before t6e date epecitied in t6e notice may reault in ~ acceleration of the sums secured by thie Mortgage. foreclosure by judicial proceeding and eale of tHe Property. T6e notice ehall further inform Bonower of the right to reinetate after ecceleration and the right to esaert in the forectosure proceeding the ~ non-e:istence of a defauit or any other defenee of Borrower to acceleration and foreclosure. If the breach ie not cured on or 5efore the date specified in the notice, Lender at'[.ender'e option may declare all of the suma aecured by thia Mortgage to be immediately due and paYable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender ahall be entitled to collect in such proceeding all e:pensea of foreclosure, including, but not limited to. reasopable attorney's feea, and ~ costs of documentary evidence, abetracta and title reporta. ~ 19. Borrower's Right to Reinetate. Notwithstanding Lender s acceleration of the auma eecured by thia Mortgage, Borrower ahall have ~ the right to have any proceedinge begun by Lender to enforce this Mortgage diecontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower paya Lender all sums which would be then due under this Mortgage, the Note and notee securing Future ~ Advances~ if any, had no acceleration occurred; (b) Borrower curea all breaches of any other rnvenante or agreemente of Borrower contained in ~ thie Mortgage; (c) Borrower pays all reasonable expenees incurred by Lender in enforcing the oovenante and agreementa of Borrower contained in this Mortgage and in enforcing Lender e remedies ae provided in paragraph 18 hereof, including, but not limited to, reasonable attomey e fees; and (d) Borrower takea auch action as Lender may reasonably require to asaure that the lien otthie Mortgage, I.ender's intereet - in the Property and Bornower a obligation to pay the aume secured by this Mortgage ahall continue unimpaired. Upon such payment and rure ~ by Borrower, this Mortgage and the obligationa secured hereby shall remain in full force and effect ae if no acceleration had oocurred. Z0. Asaignwent of Rente; Appointment of Receiver. Aa additional eecurity hereunder, Borrower hereby aseigna to Lender the renta ~ of the Property, provided that Borrower ehall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain euch rente as they become dne and payable. ~ Upon acoeleration under paragraph 18 hereof or abandonment of the Property, I.ender shall be entided to have a reoeiver eppointed by a c~ oourt to enter-upon, talce posaession of and manage the Property and to collect the rente ot the Property, including thoee past due. All rente oollected by the receiver ahall be applied firet to payLnent of the coata of management of the Property and oollection of rente, including, but not limited to, receiver e fees, premiuma on receiver's bonds and reasonable attorney e feea, and then to the suma secured by thia Mortgag~e. The receiver shall be liable to aooount only for thoee renta actually received. ,~,3 ~ =a N ~yY'r~ eocx 2~7 FacE 7~ 1 ~4 ~ ~ . . . ".~i.."_ . ~ . ~ . ~ ~ . _ . . y-3 . - _ ~c ~ ;~.,Y v > in~ m~s-~~.`~^:~,y"xc`~ ~',~i"~sw'~"r~.~~+a,a~r . ~.~.~.:SY$'~~~''