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HomeMy WebLinkAbout0991 ~ 8. lnspection. I.endes may make or cawe to be made r~i,wnabl~ entries upo~ inepectione of the property. pmvided that L.ender ahall give Bor~ower ~otica prior to any such inapection spccifying reasonable cawe therefor related to Lender's intereet in the Praperty. 9. Coademnatioa. The prooeeda of ady eward or claim for damagea, direct or consequential. in connection with any ooademnation or other taking of the property. or part thereof. or for rnnveyance in lieu of condemnation, an hereby asaig~ed ~nd shaU be paid b LendeT. I~ the event of a total talcing of the Property. the proceeds ehall be applied to the suma secured by thie Mortgage, with the e:cees, if any, paid to Borrower. In the event of a paetial taking of the Pcoperty, unleaa Borrower and Lender otherwise agree in writing. there shaU be applied to the sums secured by thu Mortgage such pmportion of the proceeda ae ie equal to that proportion which 1he amount of the eums eecured by thie Mortgage immediately prior to the date of taicing bears to the fair market value of the Property immediately prior to the date of taking, with the balanca of the prooeeds paid to Borrower. ~ If the Property is abat~doned by Borrower. or if. aRer notice by Lender to Borrower that the oondemnor ofrers to make an award or eetde a claim fos damagos, Borrower fails b r~poud to Lender within 30 days aRer the date euch notice ia mailed, Lender is authorized to coliect and apply the proeceda. at l.ender s option. eithet Lo reebration or repair of the property or to We aums eecured by thia Mortgage. Unlesa Lender aad Borrower otherwise agree in writing, any auch application of proceeda to principal ehaU not estend or poetpone thedue date of the monthly instellmenta refertred to in paragraphs 1 and 2 hereof or change the amount of auch inetallmeAts. 10. Borrower Not Released. E:tension of the time for paymant or modification of amortization of the aums eiecured by this Mottgage , granted by Lender to any successor in interest of Borrower shall not operate to releaae, in any man~er, the liability of the originat Borrower ~ and Borrower e succesaors in intereek Lender ahall not be required to oommence prorcedinge agaic~et such aucceasor or refuBe to e:tend time for payment or otherwise modify amorlization of the auma secured by this Mortgage by reason of any demand made by the original Botrow~ and Borrower's successors in interest. 11. Forbearance by Leader Not a Waiver. My forbearance by Lender in e:ercising any right or remedy hereunder, or otherwise ai~orded by appticabte law, ahall not be a waivu of or preclnde the e~cemciee of eny euch sight or temedy. The procurement of inaurance or the payment of tazee or other liene or chargea by Lender ahall not be a waiver of I.ender a tight to accelerate the maturity of the indebtedneae secured by thie Mortgage. 12 Remedies Cumulative. All remedies provided in thia Mortgage are dietinct and cumulative to any other right or remedy under thie t4fortgage or af~onded by law or equity, and may be e~cercised concurrently, independently or eucceseively. 13. 3ucceseors and Aeaigne Bound; Joint and 3everal I.iability; Captione.'l~e oovenants and agreements herein con•.,ained ehall bind, and the rights hereunder shall inure to, the reapective eucceasors and aeeigns of I.ender and Borrower, aubject to the proviaione of paragraph 17 hereof All covenanta and ag~+eemeats of Bomnwer ehall be joint and aeveral. The captione and headings of the paragrapha of lhia Mortgage are for covenience only and nre not to be ueed tfl interpret or define the pmvisione hereof. 14. Notice. F.xcept for any notice required under applicable law to be given in another manner, (a) any notice W Borrower provided far in thie Mortgsge shaU be given by mailing such notice by ceKified mail addresaed to Borrower at the Pr+operty Add ress or at euchother addrese ae E3orrower may designate by notiee to Lender us provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt - requeated, to [.endei a addresa atated herein or to surh other addreae as Lender may deaignate by notice to Botrower ae provided herein. Any notice provided for in thia Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15_ Uniform Mortgage; Governing Law; 3everability. This formo[mortgagecombines aniform oovenanis fornational.uaeand non- unifortn covenants with limited variationa by jwiadiction to rnnatitute a uniform aecurity instrument oovering real property.'I~ie Mortgage shall be governed by the law of the jurisdiction in which the Property ia located. In the event thal any provinion or clauae of this Mortgage or vi the Note conflicts with applicable Ia~v, such contlict shall not affect other provieiona of this Mortgage or the Note which can be given effect without the oontticting provision, and to this end theprovisions of the Mortgage and the Note am declared to be severable. 16. Borrower's Copy. Borrower ahall be furniahed a rnnformed copy of the Note and of thia Mortgage at the time of execution or after ~:ya»'~;; ?;~,f 17_ Tranefer ot the Property; Assumption. If alI or any part of Ehe Property or an intereat therein is eold or traneterred by Borrower without I.ender'e prior written consent, ezclading (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purehase money security intereat for houeehold appliancea, (c) a transfer by devise, descent or by operation of law upon the death of a joint !enant or (d) the grant of any leaeehold interest of three years or lees not oontaining an option to purchaee, Lender may, at Lender's option, declare all the sums secured by thie Mortgage to be unmediately due and payable. Lender ahall }iave waived auch option to sccelerate if, prior to the sale or tranefer, Lender and the person to whom the Property ia to be sold or tranaferred reach agreement in writing that the credit of auch person is satisfactory to Lender and that the interest payable on the sums eecured by this Mortgage ahali be at auch rate as I.ender shall requeat. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower'a auccessor in interest has e:ecuted a w~ritten assumption agreement accepted in writing by I.ender, Lenderehall releaee $orrowet hom all obligationa underthis Mortgage and the Note. If Lender eacercises such option to acceierate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is ir.ailed within which Borrower may pay thesums declared due. If Borrower fails to pa_y such suma prior to the expiration of such period, Lender may, without further notice or demand on ~3orrower, invoke any remedies permitted by paragrauh 18 hereof. 18. Acceleration; Remedies. E:cept ss provided in paragraph 17 hereof, upon Borrower'8 breach of any covenant or _ agreement of Botrovver in thie Mortgage. includiQg the rnvenante b pay when due any euma securcd by thie Mortgage. Lender prior to acceleration ahall mail notice to Borrower as provided in paragraph 14 hereofepecifying: (1) the breach; (2) the action required to cnre such breach; (3) a date. not less than 30 daya from the date the notece ie mailed to Borrower, by which such breach maet be cured; and (4) thet failure to cure snch breach on or before the date specified in the notice may reault in acceleration o[ the aums eecured by this Mortgage, foreclosure by judicial proceeding and eale of the Property. The notice ahall further inform Borrower of the right to reinatate atter acceleration and the right to asaert in the foreclosure prceeeding the non-ezietence of a default or any other detenee of Borrower to soceleration and foreclosure. If the breac6 ie not cured on or hefore the date epecified in the notice, Lender at Lender's option may declare all of the aums secared by thie Morigage to be immediately due and payable without further demand and may forecloae this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenaea of forecioeure, inctuding. but not limited to, ressonable attorney'e feea. and coets of documentary evidenee, abstracts and title reporte. - 19. Borrower's Right to Reinetate. Notwithetanding Lender s acceleration of the auma eecured by this Mortgage, Borrower shall have the right to have any procxedinga begnn by Lender to enforce thie Mortgage diacontinued at any time prior to entry of a judgment enforcing thie Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notee securing Future Advancea; if any, }~ad no aceeleration occurred; (b) Borrower cures all breachea of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expensea incurred by Lender in enforcing the oovenanta and agreementa of Borrower - aontained in thie Mortgage and in enforcinq Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reaeonable - attorney's fees; and (d) Borrower takes auch action se Lender may ressonably require to aesure that the lien of thia Mortgage, Lender's intereet in the Property and Borrower'a obligation to pay the aums aecured by this Mortgage ehall continue unimpaired. Upon auch payment and cure by Borrower, thia Mortgage and the obligationa eecured hereby ahall remain in full force and effect as if no acceleration had occurred. 20. Aseignment of Rente; A.ppointment of fteceiver. Aa additional eecurity hereunder, Borrower hereby assigna to Lender the rents ` of the Propedy, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or ebandonment of the Property, have the right ` to coUect and retain auch rents as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property. Lender ehall be enfitled to have a reoeiver appointed by a ` oourt to enter~upon, take poaseaeion of and manage the Property and to coltect the rents of the Property, including thoae pasL due. All reate oollected by the reoeiver ahall be applied firet to payment of the ooata otmanagement of the Property and rnllertion of rente, including, but not . limited to, receiver'e feea, premiuma on receiver e bonds and reasonable attorney's fees, and then to the sums eecnred by thia Mortgage. The 3 reoeiver ahall be liable to acoount only fot thoee rents actually received. cGGI(~.rt~ p~ ~ _ ; t t ~ _ _ - - ~ ~ - - - ' ~.,~r ~ y ; ~ Y; ~ ~ ~€~a..:~..xx~,~:~ e z, ` ~ ...s ~:~~,vr `i c 4 ~ ~ ~ ~~.~~`~.s,~