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HomeMy WebLinkAbout0975 , .....t 8. Inepection. Lender may ~nake or cause W be made reasonable e~triep upon and inspections of the property, provided that l.ender ehall ~ give Rorrowe~ notice prio~ to any euch inspectio~ speci[ying reaeonabk cause therefo~ related to I.ender's interest in the Property. 9. Coadetnnstlo~. The p~oneds of any award o~ claim for damagea, direct or coneeque~tial, in coanection with any oondemnation or other taking ot the property, or part theKwf, or f~ co~veyance in Geu of condemnation, are hereby asaigned and ehall be paid to l.ender. In lhe e~ent of a total taking of the Property, the proceede shall be applied to the sums secured by this Mortgage, with the ezceas, if any, paid to Borrower. In the event of a paitia! taking of the Pevperty, unleas Borrower and Ixnder otherwise agree in writing. there ehall be applied to th'e eums eecured by this Mortgage such proportion of the proceed~ ae ia equal to that proportion which the amount of the eume aecured by this Mortgage immediately prior to the date of talting bears to the feir market value of the Property immediately prior to the date of taking, with the balancr of the proceeda paid to Bor~orrer. ~ Itthe Property is abandot?ed by Borrower, ot if, aRer notice by I,ender to Borrower that the condemnor oftera to make an award or eettle a claim for damagea, Borrower faila to reapond to l.ender within 30 days after the date such notice ie mailed, I.ender ia authorised b collect and ~pplv the proceeds, at [.ender's option, eithrr to ~estoration or repair of the pmperty or to the euma eecured by this Mortgage. Unlesa [.endet and Borrower otherwise agree in writing, any such spplication of procceds W principal ahall not e:tend or postpone the due date of the manthly installmente referred to in patagrephs 1 and 2 hereof or change the amount of auch inatalLnente. 10. Borrower Not Released. Exteneio~ of the time for paym~nt or modification of amortization of the auma secured by this Mortgage granted by l.ender to any aucceasor in interest of Borrower ahall not operate to release, in any manner, the iiability of the original Borrower and Borrower's successora in interesk Lender ahall not be required to aommence procecdinga againat auch eucceasor or refuae to e:tend time for payment or othenvise modify amortiaation of the suma secured by this 1lfortgage by reason of any demand made by the otigit?al Borrower aind E3otrower:s successors in interest. ~ i l. Forbearance by i.eader Not a Wsiver. Any forbearance by i.ender in exercising aay right or remedy hereunder, or otherwise ai~orded by applicable law, ahall not be a waiva ot or preclude the e~erciae oi any auch right or remedy. The procurement of ineurance or the payment of tauea or other liens or charges by Lender ahall not be a waiver of Lender a right io accelerate the maturity of the indebtedneae secured by this Mortgage. 12 Remediee Cumutative. Al! remedies provided in this Mortgage are distirict and cumulative to any other right or remedy under thie Mortgage or afforded by 1aw or equity, and may be ezeeriae~i concurre~dy, independently or aucceeeively. 13. Succeaeors and Aseigne Bound: Joint and Several Liability; Captione. The covenanta and agreements herein rnntained ehall bind, and the righta hereunder ahall inure to, the respective succeseors and assigna of Lender and $ore~ower, a~bject to the pmvisions of paragraph I? hereof. All covenants and agreements of Borrower ehall be joint and several: The captione and headinga of the paragraphe of thia Mortgage arn for covenience only and are not to be used to interpret or define the proviaions hereof. 14. Notice. F.xcept for any nptice required under applicable law to be given in another manaer, (a) any notice to E3orrower provided for in this Mortgage shall be given by mailing auch notice by certified mail addressed to Borrowerat the Prope~ty Addresa or at auch other addreas as t3orrower may desigr?ate by notice to Lender as provided hemin, and {b) any notice to I.ender ahall be given by certi5ed mail, return receipt requested, to Lendei s address stated herein or to such other addreas aa Lender may designate by notice to Botrower as provided herein. Any nntice provided for in lhia Mortgage shall be deemed W have been give~ to Borrower or Lender when given in the manner desigt~?ated herein. I S. Unitorm Mortgage; Governing Law; Severability. This form of mortgage combines uniform co~ enants for national use and non- uniform covenants with limited variations by jurisdiction w constitute a uniform aeeurity instrument rnvering real property. This Mortgage shall be governed by the law of the jurisdiction in w 6ich the Property is located_ in the e~ ent that any proviaion or clause of this Mortgege or the Note conflicts with applicabie law, such conilict shall not afCeM other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the pro~~isions of the blortgage and the Note are declared to be severable. 16_ Borrower's Copy. Borrower shall be furniahed a conformed oopy of the Note and of thia Mortgage at the time of execution or after rwY.rriatinn hermf. • . 17. 'I~anefer of the Property; Assumption. If ali or any part ot the Property or an interest therein ia sold or tranaferreQ by 13orrower without i.ender'e prior written conseat, eicluding (a) t6e creation of a lien or encumbrance subordinate to this Mortgage, lb) the creation of a purchase money security interest for hoaeehold appliancea.lc) a transfer by deviae, descent or by operation of law upon the death of a joint tenant or (d) the grant of an~ leasehold interest of three years or leas not oontaining an option to purchaae, Lender may, at Lender e option, ~ declare a[1 the sums secared by this Motrtgage to be immedistely dae and payable. Lender ahall have waived such option to accelerate if, prior to the sale or transfer, I.ender and the person tarwhom the Property ia to be aold or tranaferred reach agreement in writing that the credit of auch ' person ia satisfactory to L,ender and that the interest payable..m the suma secuted by this Mortgage shall be at such rate as Lender shall request. If I.ender has waived the option to accelerate pmvided in this paraE~raph 17, and if Borrov?er's successor in intereat has executed a wTitten asaumption aRreement accepted in w~ritirtg by I.ender, Lendershall release Borrower from all obligations under this Mortgage and the ~ ote. - If Lender exercises such option to accelerate, Lender shall maii Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall pro~ ide a period of not less than ~U da~ s from the date t~e notice is mailed within which Borrower may pay thesums declazed due. If I3orrower fails to pay such sums prior.to the e:piration of such period, [xnder may, without further notice or demand on ~3orrower, ~ ~nvoke any remedies permitted by paragraoh 1R hereof. 18. Acceleration; Remedies. EYCept es provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including t6e oovenante to pay when due any sume secured by this Mortgage. I.ender prior to acceleration shall mail notice to Bornower as provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action ; required to cure such bresch; t3) s date, not lese thsn 30 days trom the date the notice is mailed to Borrower. by which such breach muat be cured; and (4) that tailure to cure suc6 breach on or before the date epecifieci in the notice may reault in acceleration of the aums ae~.~ured by this Mortgage, forecloaure by judicial proceeding and sale of the Property. The notice ahall further- inform Borrower of the right to reinstate after acceteration and.the right to essert in the toreclosure proceeding the € non-ezietence of a default or any ot6er defer~se of Borrower to aoceleration and foreclosure. If the breach ie not rured on or before the date specified in the notice. Lender at Lender's option may declare all of the sams secured by this Mortgage to be ~ immediately due and payable without furtherdemand and may foreclosethis Mortgageby judicial proceeding. Lender shall be entitled to cotlect in such proceeding aN eYpenses of foreciosure. including, but ~ot limited to. reaeonabl~ attorney's tees. and ~ costs of documentary evidence, abstracts snd title repoKa. ~ . 19. Borcower'e Right to Reinetate. hotwithatanding Lender a acceleration of the aums eecured by this Mortgage, Borrower shall have ~ the right to have any proceedings begun by I.ender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower pays L.ender a11 sucns which wonld be then dae ander thie Mortgage, the Note and notes seeuring Future ' Advances, if any, had no acceleration occurred; Ib) Borrower cures all bteaehes of any other covenants or agreements of Borrower co~tained in this Mortgage; Ic) Borrower pays all rPasonable expenses incurred by Lender in enforcing the covenanta and agreements of Botrower contained in this Mortgage and in enforcing Lender's remedies as pmvided in paragraph IS hereof, including, but not limited to, reasanable attorney's fees; and Id> Borrawer takes Buch action as Lender may reasonably require to assure that the lien of this Mortgage, Lender'a intereet in the Property and Borrower a obligatiun to payx the s~uns secured by this Mortgage shall continue unimpaired. Upon auch payment and cure by Aorrower, this Mortgage and the obligationa eecured hereby ahall remain in full fotce and effect as if no acceleration had occurred. 20. Assignment of Renta; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lender therents of the Property, provided that Borrovrer ahall, prior to aorelerstion under paragraph 18 hereof or abandonment of the Property, have the right to coUect and retain such rents ae they become due and payable_ Upon acoeleration under paragraph 18 hereof or abandanment of the Property, Lender shall be entided to have a receiver appointed by a ooart to enter upon, take poasession ot and manage the Property and tn eollect the rents of the Property, including those past due. Al1 renta oollected by the receiver shall be applied first to payment of thR oosta of management of the Property and rnileMion of rente, including, but not limited to, receiver's feea, pre~niums on receiver's bonds and reaeonable attorney's fees, and then to the auma secured by this Mortgage_ The receiver shall be liable to acoount only for those renta actually reoeived. ~ ~ ~ ~29~3 f~ 974 _ _ . t - - - - - - - . - ~ ~ ~ ~ f - u:~.~'.~ ._"d.4' .5"....r~~.v? ~ n.~,_ 'F~se3ri~. .>::'ni.*r'~.~'~,u"Si~~~~i$.'`T~ '.a,. , rd" .`'.i~cX..s~