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HomeMy WebLinkAbout0524 . ~s • r ' 8. Iaspectlon. Lender may make or cause to be made reaeonable entries upon and irtspectione of the property, provided that Lender shall give Borrower notice prior to any euch inspection epecifying reaaonable cauee the~efor related to I.ender'a interest in the Property. 9. Condemnatioa.'l~e proceeds of any award or claim for damageK. direct or consequential, in connection with any oondemnation or other taking of the pmperty, or part thereof, or for conveyanve in lieu of mndemnation, are hereby asaigned and shall be paid ~o Lender. In the event of a total taking of the Property, the proc~ecda shall be applied to the sume eecured by thia Mortgage, with the escess. if any. paid to Borrower. la the event of a partial taking of the Prope~ty, unleaa Borrower and Lender otherwiee agree in writing. then ehall be applied to the euma secured by this Mortgage auch proportion of the pmceede aa ia equal to that proportion which the amount of the sums eecured by thie Mortgage ianmediately prior to the date of taking bears Lo ihe fair market value of the Property immediately prior b the date of taking, with the balance of the proceeds paid to Borrower. If the Proper/y is abandoned by Bormwer, or if, after notice by l.ender to Borrower that the oondemnor offere to make an eward or eettle a claim for damages, Borrower faile to reapond to I.ender within 30 daye after the date euch notice is mailed, Lender ie authorited to collect end apply the proceeds. at Lender a option, either to reetoration or repair of the property or to the aums eecured by thie Mortgage. . Unleas Lender and Borrower otherwiee agree in writing, any auch application of proceede to principal ehall not estend or poetpoae the due dete of the monthly inatallments referred to in paragrepha 1 and 2 hereof or change the amount of ench inetallmenta. 10. Borrower Not Released. Extenaion of the time for paym~at or modification of amorti~ation of the auma secured by thie Mortgage granted by l.ender to any succeaeor in intereat of BorroweT shaU not operate to release. in any manner, the liability of the original Bonower und Borrower's succeasora in interea~ lender ahall not be required to oommence proceedinge againet such auccesaor or refuse to e:tend time for payment or otherwise modify amortization of the suma secvred by this Mortgage by reaeon of any demand made by the original Borrower and Borrower's successora in interest. ~ 11. Forbearaaoe by I.ender Not a Riaivei. My forbearance by Lender in e:ercising any right or remedy hereunder. or otherwiee aPforded by applicable law, ehall not be a waiver of or preclude the exerciee of any auch right or remedy. The procurement of insurance or the • payment of taxea or other liena or charges by Lender shall not be a waiver of Lendefa right to accelerate the maturity of the indebtednese secured by thia Mortgage. 12. Re~nediee Cumnlative. All remediea provided in thia Mortgage are dietinct and cumulative to any other right or remedy under this Mortgage or atforded by law or equity, and may be e:ercieed ooncurrently, independendy or auccesaively. 13. SucceBSOre and Asaigt~a Bound; Joint and Several Liability; Captione. The covenant8 and agreements herein contained shall bind, and the righte hereunder ehall inure to, the reepective aucoessors and assigna of Lender and Borrower, subject to the pmvieions of paragraph 1? hereoL All rnvenanta and agreementa of Borrow~r ehall be joint and several. The captions and headinga of the paragraphs of thia Mortgage are for covenience only and are not to be used to interpret or define the provieions hereof. 14. Notice. Except for any notice required under appticable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing auch notice by certified mail addresaed to Borrower at the Property Addresa or at such other addreea as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender ehall be given by certified mai1, return receipt requeated, to Lender's addreas atated hernin or to snch other addreas as Lender may designate by notice to Borrower aa pmvided herein. My notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combinea uniform oovenante for national uee and non- uniform covenanta w ith limited variationa by juriadiction to conatitute a uniform security inatrument covering real pmperty. This Mortgage shall be governed by the law of the juriadiction in which the Property ia located. In the event that any provision or clause of this Mortgage or the Note conflicts with appticable law, such confliet shall not affect other pmvisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to thia end the proviaiona of the Mortgage and the Note are declared to be severable. 16. Borrnwer'B Copy. Borrower ahall be furniahed a conformed oopy of the Note and of this Mortgage at the time of execution or after • recordation hereof. 17. 'I~anefer of the Property; A88umption. If all or any part of the Property or an intereat therein ia eold or tranxferred by Borrower without Lender's prior written consent, eacluding (a) the creation of a lien or encumbrance subordinate to thie Mortgage, (b) the creation of a purchase money security interest for 4ionsehold appliancea, (c) ~ tranafer by deviae, dc~cent or by operation of law upon the death of a joint ~i tenant or (d) the grant of any leasehold interest of three yeare or leas not containing an option to purchase, Lender may, at Lender's option, ~ declare all the sums aecured by this Mortgage to be immediately due and payable_ I.ender ahall have waived auch option to accelerate if, priot ~ to the aale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of auch f person is satisfactory to Lender and that the interest payable on the auma secured by this Mortgage shall be at auch rate ae Lender ahall ~ request. If Lender hae waived the option to accelerate pmvided in thia paragraph 17, and if Bonowei s auccessor in interest hae ezecated a j written assumption agreement accepted in writing by Lecider, Lender ahall release Bonower from all obligationa under thia Mortgage and the ~ Note. ~ If I.ender euercises such option to accelerate, Lender ahall mail f3orrower 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 mailed within which Borrower may pay the sams declared due. If Borrower fails to pay auch auma prior to the expiration of such period, Lender may, without further notice or demand on E3orrower, ~ mvoke any remedies permitted by paragraoh lA hereof. ~ ~ 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof. upon Borrower'B breach of any oovenant or agreement of Borrower in thia Mortgage, including the oovenants tn pay when due any eums aecured by thia Mortgage, Lender tt prior to acceleration s6a11 mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date. not lese than 30 daye from the date the notice ie mailed to Borrnwer, by which such ~ breach muet be cured; and (4) that failure to cure such breach on or before the date apecified in the notice may reault in ~ acoeleration of the euma secured by this Mortgage, forecloaure by judicial proceeding and eale otthe Pmperty. The notice shall ~ further inform Borrower of the right to reinatate after acceleration and the right to assert in the forecloaure proceeding the ~ non-e:iatence of a default or any other defenae of Borrower to acceleration and foreclosure. If the breach ie not cured oa or before the date epeciCed in the notice, Lender at Lender's optioa may declare all of the sume aecured by this Mortgage to be ~ immediately due and payabte without further demand and roay foreclose this Mortgage by judicial proceeding. Lender ahall be ~ entitled to collect in such proceeding all expenses of torecloaure, including. but not limited to, reasonable attorney's fees, and ~ coata of documentary evidence, abstracts and title reports. ~ 19. Borrower's Right to Reinstate. Notvrithstanding Lender'e acceleration of the auma secured by Lhie Mortgage, Borrower shall have ~ the right to have any pcoceedings begun by Lender to enforce thia blortgage diacontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: (a) Borrower paya Lender all suma which would be then due under thie Mortgage, the Note and notes aecuring Future Advances, if any, had no acceleration occurred; (b) Borrower curea all bmachea of any other covenants or agreetnents of Borrower rnntained in ~ thia Mortgage; (c) Borrower ppys all reasonable eapenses incurred by Lender in enforcing the covenanta and agreements of Borrower X oontained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable : attorney a fees; and (d) Borrower takes such action as Lender may reasonably requ'ue to assure that the lien of thia Mortgage, Lender's intereet in the Property and Borrower's obligation to pay the suma secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, thia Mortgage and the obligationa sec~red hereby ahall remain in full force and effect aB if no acceleration had occurred_ = 20. Aseignment of Rents; Appointment of Receiver. As additional eecarity hereunder, Boaower hereby aaeigns to Lender the renta ~ of the Property, provided that Borrower ahall, prior to soceleration under paragraph 18 hereof or abandonment of the Property, have the right i to collect snd retain auch rente ae they become due and payable. ~z Upon acoeleration under paragraph 18 hereof or abandonment of the Property, Lender ahalt be entitled to have a receiver appointed by a ~ oourt to enterapon, take poseeaeion of and manage the Property and to collect the rents of the Property, including thoae past due. All renta - oollected by the receiver ehall be applied first to payment of the oosta of management of the Property and collection of renta, including, bnt not ~ limited to, receiver=a fees, premiuma on receiver e bonde and reaaonable attorney'e fees, and then to the euma secured by thie Mortgage. The _ receiver ehall be liable to acoount only for those rents actually received. ~ ~ r 524 ~ - - - - - - - - - - - _ - ~ _ ~ - _ _ _ ~ f ' ~ - . ~ s ,1-~ 7 ~ ' ~ , , ~ ~ , ~ ~ ~~'.~",y`~"^"$~~" ,~:~t~~~.~ =~s"f, a wi _ . ~ ~ ~ ~';~~''a`-~ea`~