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HomeMy WebLinkAbout0999 ' • ' ' I' ' . ~ t} ; ~ ~ ~ 8. In~pection. Lender may make or cause to be made reawaable entries upon and inep&t~on~ of the property, pmvided that Lender shall give Borrower aotice prior to eny euch inspection specifying reasonabk cauae therefor releted to Lender's intereet in the Property. 9. Condemnatioa. The prooeeds of any award os claim for damagea, direct or rnnseque~tial, in connectioa with any oondemnabion or other taking of the property. or part thereof. or for oonveyance in lieu of oondemnation. are her.~by aasigned and shall be paid to Lender. In the event of a total taking oi the Property, Lhe prooeeda shall be applied to the suma secured by this Mortgage, with the esoess. if any, . paid to Borrower. In the event of a partial taking of the Property, unleas Borrower and Lender otherwise agree in writing, then ehall be applied b the aume aecuied by this Mortgage such proportion of the pmceeds aa ie equal to that pmportion which the amount of the suma eecured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the dab of taking, with the balanoa of the procceds paid to Borrower. If the Property is abandoned by Borrower. or if. after notioe by Lender to Borrower that the oondemnor offers to make an award or setde a claim for dameges. Borrower fails to respond to I.ender within 30 days aRer the date such notice is mailed. I.ender ia authoriud to rnllect and apply the proceeds, at I.ender e option. either to restoration or repair of the property or to the sume secared by thie Mortgage. Unless I.ender and Borrower otherwise agree in writinB. any such application of pe~oceeds b priacipal shaU ~ot e:tend or postpoae the due date of the monthly inetallmenta nferred to in paragraphe 1 and 2 henof or change the amount of euch installments. 10. Borrower Not Released. E:tension of the time for paymant or modification of amortization of the euma eecured by thie Mortgage granted by Lender to any succesaor in intereat of Borrower ahall not operate to releaee. in any manner. the liebiGty of the original Borrower and Borrower's successore in intxrea~ I.ender ahaU not be required to oommence proceedings againat auch aucceaeor or refuee to extend time for payment or otherwiae modify amortization of the aums aecared by thia Mortgage by reason of any demand made by the original Borrower and Borrower a aucceseors in interest. 11. Forbearanoe by Lender Not a Waiver. My forbearance by I.ender in e:ercising eny right or remedy hereunder. or oWerwise afforded by applicable law. ehall not be a waiver of or preclude the e:erciee of any euch right or remedy. The procuremeat of ineurance or the payment of ta~ces or other liens or chargee by Lender ahall not be a waiver of Lender'a right to accelerate the maturity of the indebtedness aecared by thie Mortgage: 12. Remedies Cumulative. All remediee provided in thia Mortgege are distinct and cumulative to any other right or remedy nnder thie Mortgage or afforded by law or equity. and may be ezercisc~! ooncurrently, independendy or euooesaively. 13. Succeesore and Aseigne Bound; Joint and 3everal Liability; Captione. The oovenante and agreemente herein contained ahall bind, and the righte hereunder ahall inure to, the reapective auccesaors and assigt?e of Lender and Borrower, subject to the proviaiona of paragraph 17 hereof. All rnvenanta and agreements of Borrower ehaU be joint and several. The captions and headinga oi the paragraphs of thia Mortgage are for coveaience only and are not w be ueed to interpret or defiae the proviaione hereof. 14. Notice. Eacept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided forin thia Mortgage shall be given by mailing such notice by certified mail addreased to Borrower at the Property Addreas or at auch other addreea as Borrower may de8ignate by notice to I.ender as provided herein, and (b) any notice to Lender ahall be givea by certified mail, return receipt requeated, to Lender's address etafed herein or to auch other addreae ae Lender may deeignate by notice to Borrower aa provided herein. My notice provided for in thia Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. Thia form of mortgage rnmbinea uniform aovenanta for national uee and non- unifora~ covenants with limited variations by juriadiction to oonstitute a uniform security instrument oovering real property. This Morigage shall be governed by the law of the jurisdiMion in which the Property ia located. In the event that any proviaion or clauee of thie Mortgage or the Note conflicta with applicabie law, auch conflict ahall not affect other proviaions of this Mortgage or the Note which can be given ef~ect without the conflicting provision, and to this end the proviaiona of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrower shall be furniahed a confor~ned rnpy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof. 17.1`ransfer of the Property: Aeaumption. If all or any part of the Property or an interest therein ie aold or tranaferred by Borrower without I.endei a priur written rnneent, e:cluding (a) the rreation of a lien or encumbrance subordinate to thie Mortgage, (b) the creation of a purchese money aecurity interest for household appliancee, (c) a transfer by devise. dc~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereet of three years or lese not containing an option to purchaae, Lender may. at Lender s option, declare ail the suma eecured by this Mortgage to be immediately due and payable. L.ender ahall have waived auch option b aocelerate if, prior f to the sale or tranafer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of euch ; person ia satiafactory to Lender and that the intereat payable on the sums secured by this Mortgage shall be at such rate as Lender shall ~ request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s succeasor in intereat has executed a j written asaumption agreement accepted in writing by Lender, Lender ahail rnlease Borrower from all obligations under thia Mortgage and the ~ Note. - ~ If Lender e:ercisea such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 heteof. Such notice sha11 provide a period of not less than 30 days from the date the notice is ~r.siled within which Borrower may pay the sums declared E dae. If Borrower faila to pay such auma prior to the expiration of such period, Lender may, without further notice or demand on F3orrower, ~ ~nvoke any remedies permitted by pazagraoh 18 hereof. ~ 18. Accelesetion; Remedies. Ezcept as provided in paragrap6 17 6ereof. upon Borrower's breach of eny covenant or € agreement of Borrower in this Mortgage, including the covenante to pay when due any sums secured by thie Mortgage, Lender g prior to acceleration shall mail notice to Borrower aa provided in paragraph 14 bereof specifying: (1) the breach; (2) t6e action ~ required to cure euch breach; (3) a date, aot tese than 30 daye from the date the notice ia mailed to Borrower, by which such ~ breach must be cured; and (4) that failure to cure euch breach on or before the date specified in t6e notice may result in ~ acceleration of the euma secured by this Mortgage, forecloeure by judicial procee~ing and eale of the Property. The notice ehall ~ further intorm Borrower of the rig6t to reinetate aRer acceleretion and the right to asaert in the forecloeure proceediag the ; non-e:iatence of a defsult or any other defenBe of Bonower to aoceleratioa and forecloeure. If the breach ie not cured on or { before t6e date epecified in the notice. Lender at I.ender'8 option may declare all of the eums aecured by this Mortgage to be ~ immediately due and payeble without further demand and may foreclose this Mortgage by judicial proceeding. Lender ehall be ~ entitled to rnllect in euch proceeding all ezpenses of forecloeure. including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abetracte and tiUe reports. - ~ 19. Borrower's Right to Reinatate. Notwithetanding Lender's acceleration of the auma eecured by thia Mortgage, Borrower ehall have z: the right to have any proceedinga begun by Lender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: (a) Borrower pays Lender all aums which would be then due under this ~Vlortgage, the Note and notes eecuring Future Advances, if any, had no acceleration occurred; (b) Borrower curea all breachea of any other covenants or agreementa of Borrower contained in thia Mortgage; (c) Borrower pays all reasonable expensea incurred by Lender in enforcing the covenante and agreements of Borrower ~ oontained in this Mortgage and in enforcing Lendei e remedies as provided in paragraph IS hereof, including, but not limited to, reaeonable ' attomey's feea; and (d) Bonower takes such action as Lender may reasonabiq require to aasure that the lien of thia Mortgage, Lender e interest in the Property and Borrower s obligation to pay the auma secured by this Mortgage ahall continue unimpaired. Upon auch payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in f~ll force and effect as if no acceleration had occurred. = Z0. Aeeignment ot Renta; Appointment ot Receiver. As additional security hereunder, Borrower hereby asaigne to Lender the renta of ihe Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment ofthe Property, have the right ~ to oollect and retain such renta aa they become due and payable. Upon acceleration und~ paragraph 18 hereof or abandonment of the Property, Lender ahaU be entitted to have a reoeiver appointed by a - court to enter~upon, take poseession of and manage the Property and to collect the rente of the Property, including thoee past due. All renta oollected by the receiver shall be applied firat to payment of the ousta of management of the Property and rnllection of rente, including, but not : limited to, receiver's feee, premiuma on receiver'e bonds and reaeonable attorney'e feea, and then to the eums eecured by thia Mortgage. The _ reoeiver ahall be liable Lo acoount only for thoae rents actualljr received. ~ ~ ~ ~~Q~] (~p ~ BQG1( 4.a7V PAf,E ay~7p _ - - - - - - _ ~ ~ - - - - - - - ~~~~i~ ; = , ,--~~~m ~ ~ 7'~`'~~~ zY »-s_.,u'~;-ad'~""' - ~~~?~"~~~,i;~~.,s't~. . . . . . 32=~;.. . _ a . . .