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HomeMy WebLinkAbout0983 , ` . 8. Inspectlon. l.ertder may make or cauee to be made ~awnable entriea upon and~i~pectiona of lhe property, provided that l.ender ehall Kive Borrower notice prio~ to any such inspection specifying reusoneble csuee therefor related to l.ender's interest in the Property. 9. Coademnation. 71?e proceeds of any award or claim tor damages, direct or coneequential, in connection with any ao~demnation or uther laking of the pmperty. or part theteot, or for co~vayance in lieu of candemnation, are hereby sesigned and ehall be paid to l.ender. In the event of a eotal taking of the Property, the psoceede ahall be applied ta the sume aecu~ed by this Mortgege, with the e:cess, if any, paid to Borrower. [n the event o[ a partial taking of the Property, unleea Borrower and Lender otherwiee agree in writing, there ehall be upplied to the aums eecured by this Mortgege auch proportion of the proceede as is equal to that pmportion which the amount of the sume ~ecured by this Mortgage immediately prior to the datc of talung bears to the fair martet value of the Property immediately prior to the date of taking, with the balanca of the proceede paid to Borrower. ~ lf the Property ia abandooed by Borrower, or if, aRes notice by Lender to Borrower that the condemnor oPlere to make an award or eetde a claim for damages. Borrower faila to reapond to i.ender within 30 days after the datc euch notice ie mailed. I.ender is authorized to coUect and apply the proceeds, at I.ender a option, either to reatoration o~ repair of the property or to the eume eecured by this Mortgage. Unleea l.ender and Borrower otherwiee agree in writing, any euch epplication of procecde to prir_ripal ahall not extend or poetpone the due date of the monthly inatallments ~tferred to in paragraphs 1 and 2 hereof or change the amount of euch inatallmenta. l0. Eiorrower Not Releaeed. Extension of the time for paymant or modification of emortization of the auma secured by thia Mortgege Krantcd by l.ender to any succesaor in intereat of E3orrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's succes.sors in intereat_ Ixnder shall not be required to commence proccedings against auch succesaor or refuse to exlend time . for payment or otherwise modify amoriization of the sums secured by thia Mortgage by reason of any demand made by theoriginal Borrower and Rurrower s auccessora in interest. 11. Forbearance by I.ender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwiee ~?fforded by applicable law, ehall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of inaurance or the payment of ta:es or other liene or chargea by Lender ahall not be a waiver ot Lender's right to accelerate the maturity of the indebtedneae secured by this Mortgage. 12 Remediea Cumulative. All remediea provided in thia Mortgage are diatinct and cumulative to any other right or remedy nnder thie . hiortgage or afforded by law or equity, and may be exercise~l ooncurtently; independently or euoceeaively. , 13. Succeasore and Aesigne Bound; Joint and Several Liability; Captione. The covenanta and agreementa hernin contained ehall bind, and the righta hereunder shall inure to, the respective auccesaors and assigna of Lender and Borrower, subject to the proviaiona of - pxragraph lT hereof. All covenants and agreementa of Borrower ahall be joint and aeveral. The captiona and headinge of the paragraphs of this Mortgage are for covenience only and are not to be uaed to interpret or define the proviaions hereQf. 14. Notice. F.xcept for any notice required under applicable law to be given in another manner, la) any notice to Borrower provided forin this Mortgage shail be given by mailing auch notice by certified mail addressed to Eiorrower at the Properiy Addresa oi at auch other address as fiorrower may deaignate by notice to Lender as provided herein, and (b) any notice to I.ender shall be given by cerfified mail, return receipt requested, to Lendei s address stated herein or to such other address as I.ender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or l.ender when given in the manner designated herein. 15. Uniform Mortgage; Governing I.aw: Severability. This form of mortgagecombines uniform oovenants for national use and non- uniform covenanta with limited variations by jurisdiction to constitute a uniform secwity instrument covering real property. Thia Mortgage shall be governed by the law of the jurisdiction in which the Property ia located. In the event that any proviaion or clause of this Mortgage or the Note conflicts with applicable Iaw, such conflict shaU not affect other provisions of this Mortgaqe or t}ie Note which can be given effect without the conilicting provision, and to this end the provisiona of the Mortgage and the Note are declared to be severable_ 16. Borrower'8 Copy. Borrower shall be furnished a conformed rnpy of the Note and of thia Mortgage at the time of execution or after ~.e....s • V 17~Tranefer of the Property; Assumption. If all or any part of the Property or an interes: therein is sold or tranaferred by Borrower w~ithout Lender's prior written consent, e:cluding (a) the crnation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances. (c) a transfer 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 yesra or lesa not oont$ining an option to purchase, Lender may, at Lender's option. i .leclsre all the sums secured by this Mortgage to be immediately due and•payable.• Lender ahall have waived such option to accelerate if, prior I to the sale or tranafer, l.ender and the person to whom the Property ie to be eold or transferred mach agreement in writing that the credit of auch t ~erson ia satisfactory to I.ender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall ~ requeat. If Lender has waived the option to accelerate provided in this paragraph 17, and if I3orrower's successor in interest has executed a w-ritten assumption agreement accepted in writing by l.ender, I.endershall release Borrower from all obligations underthis Mortgage and the ' ti ote. If L.ender exercises such option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hetoof. s ~uch notice shall provide a period of not lesa than 30 days from the date the notice is ~r:ailed within which Borrower may pav the sums declared ~ due. If Borrower fails to pay such suma prior to the expiration of such period, Lender may, without further notice or demand on E3orrower, ~ ~~voke ttny remedier, permitted by paragraoh 18 hereof. ~ 18. Accel~ration; Remedies. Ezcept as provided in paragrap6 17 hereot. upon Borrower's breach of any covenanE or : xgreement of Borrower in this Mortgage. including the covenanta to pay when due any eumsaecured by thie Mortgage, Lender ~ prior to acceleration ahail mail notice to Borrower ea provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure auch breach; (3) a date; not leas than 30 daya from the date the aotice is mailed to Borrower, by which auch ~ breach must be cured; and (4) t~at feilure to cure such breach on or before the date apecified in the notice may reault in ~ acceleration of the suma secured by thie Mortgage, foreclosure 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 essert in the foreclosure prceeeding the . non-eziatence of a default or any other detense of Borrower to acceleration and foreelosure. [f the breach ie aot cured on or ~ before the date epecified in the notice, Lender et Lender's option may declare all ot the sums aecured by this Mortgage to be immediately dueand payable without furtherdemand and may forecloae this Mortgage by judicial proceeding. Lender ahall be ~ entitied to collect in such prceeeding all expenses of foreclosure. including, 6ut not limited to, reasonable attorney's fees. and ~ coste of documentary evidence, abatracta and title repotts. ~ 19. Borrower's Right to Reinetate. Notwithstanding Lender'e acceleration of the auma secured by this Mortgage, Borrower ahgll have ~ the right to have any proceedings begun by Lender to enforce this ~1lortgage diacontinued at any time prior to entry of a judgment enforcing ~ this Mortgsge if: (a) Borrower pays I.ender all suma which would be then due under this Mortgage, the Note and notes secnring Future s Advancea, if any, had no acceleration occurred; (b) Borrower curea all breaches of any other covenants or agreementa of E3orrower conttiined in this Mortgage; tc) Borrower pays all reasonable expensea incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paraqraph 18 hereof including, but not limited to, reasonable attorney's feea: and (d) Borrower takea auch action as Lender may reasonably require W aeaure that the lien of this Mortqaqe, I.ender'e interest in the Property and Borrower'e obligation to pay the anma secured by this Mortgage shall continue unimpaired. Upon auch payment and rure by l3orrower, thia Morigage and the obligations aecured hereby shall remain in full force and effect as if no acceleration had occurred. 20. Aseignment of Rente; Appointment of Receiver. At+ additional security hereunder, Borrower hereby asaigns to Lender the rents of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and rntain such rente as they become due and payable. Upon acceleration under paragraph 16 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appoinled by a court to enter~upon, take poeseseion of and manage the Property and to collect the tents of the Property, including those past due. All renta _ collected by the receiver aha11 be applied firat to payment of the costs of management of the Property and collection of rente, including, but not ~ limited to, receiver'a fees, premiuma on receiver's bonds and reasonable attorney e fees, and then to the auma eecured by this Mortgage. The receiver shall be liable to aceount only tor those rents actually received. w; ~ - ~'a~~ 293 ~A~~ 982 _ . ~ . 4 . . . . . '_i._. _ . . /E ' C. ~ - . ~ ~ ~ ~ ~si'~'"`e~``4~.''c~ .+G~'..y t ~ - t-"b~'~'~~m:~-ee.~e~rt'~ ~./ecd'2~ - C'T~`~ ro .~.,.^s:'.~+~"s. a"x . m~212'ES~'~