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HomeMy WebLinkAbout0528 , . . 8. Inspection. l.ender may make or cause to be made reaeonable enttiM upon and inspectiune of the property, provided that L.ender ehall give Borrower notice prior to any such inspection specifying reaaonable csuse therefor relsted to l.ender'e intereat in the Property. J. COAd@~IriB~OQ. The proceeds of any award or claim ior damages. direct or conBequential, in connectio~ with any oondemnation or other taking of the property, or part thereof, or for conveyance in lieu oi rnndemnation, an hereby aesigned and ehali be paid to I.ender. In the event of a total taking of the Properiy, the proceeds shall be applied to the sume eecured by this Mortgage, with Lhe eaccess, if any. paid w Borrower. ln the event of a partial taking of the Property. unleee Bosrower and Lender otherwiee agree i~ writing, there ehall be applied to the aums eecured by thie Morigage such proportion of the proceede se is equal to that proportion which the amount of the eums aecured bp this Mortgage immediately prior to the date of taking beare to the fair market value of the Property immediately prior b the date of taking, with the balanca of the proceeds paid to Botrower. If the Propecty ia abandoned by Borrower, or if, after notice by Lende~ to Bortower that the oondemnor offers to make an award or aetUe a claim for damages, Borrower isils to respond to I.ender within 30 daya after the date auch notice is mailed, Lender is authorised to coUect and apply the proceeds, at Lender s option, either to restoration or repair of the property or to the aume aecured by this Mortgage. Ualeea I.ender end Borrower otherwiae agree in writing, any euch application uf proceeds to principal ehall not e:tend or poetpone thedue date of the monthly inetalimeata referred to in paragraphs 1 and 2 hereot or change the amount of euch inatallments. . ~0. Borrower Not Releaeed. E:teneion of the time for payin~nt or modification of amortiza6on of the suma secured by thie Mortgage granted by Lender to any succeasor in intereet of F3orrower shall not operate to releaee, in any manner, the liability of the original Borrower and Borrower's auccessore in interes~ I.ender ehall not be required to rnmmence procecdings againat auch aucceasor or refuae to extend Eime for payment or otherwiae modify amortization otthe sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower a succesaora in interest. 11. Forbearanoe by I.ender Not a N?aiver. Any forbearance by Lender in e:ercieing any right or remedy hereunder, or otherwiee aPforded by applicable law, aha11 not be a waiver of or preclude the e:erciae of any euch right or remedy. The procuremen! of ineurance or the payment of taxea or other tiene or chargea by I.ender ahail not be a waiver of Lender a right to accelerate the maturity of the indebtednesa secured by thie Mortgage. 12. Remedies Cutaulative. All remedies provided in this Mortgage are dietinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity, and may be exerciee~ ooncurrently, independently or succeeaively. 13. Succeseore and Aaeigne Bound; Joint and Several Liability; Captione. The oovenanta and agreements herein oontained ahall bind, and the righta hereunder shal! inure to, the reepective succesaore and aaeigns of I.ender and Borrower, aubject to the provieiona of paragraph 17 hereof. All covenante and agreements of Borrower shall be joint and eeveral. The captions and headings of the paragraphe of thia Mortgage are for covenience only and are not to be uaed to intetpret or define the proviaiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage ahall be given by mailing such notice by certified mail addreesed to Borrower atthe Property Address or at such other addreae as Borrower may designate by notice to Lender as provided herein, and (b) any notice to l.ender sha11 be given by certified mail, return receipt requeated, to I.endei s address atated,herein or to anch other address as I.ender may designate by notice to Borrower as provided herein. My notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing I.ew; Severability. Thie form of mortgage combines uniform rnvenants for national uae and non- uniform rnvenants with limited variations by juriadiMion to oonatitute a uniform security inatrument covering real property. This Mortgage shall be governed by the taw of the juriadiction in which the Property ie located. In the event that any provigion or clause of this Mortgage or the Note conflicta with applicable law, such conflict shall not affect other provisions of this Mortgage ur the Note which can be gicen effect without the contliMing provision, and to this end the provisions of the Mortgage and the Note ar~ declared to be eeverable. 16. Borrower's Copy. Borrower ahall be furnished a conformed copy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof. 1 T. 'l~anafer of the Property; Aeaumption. If all or any part of the Property or an intereat therein is sold or tranaferred by Borrower without [.ender's prior written consent, e~ccluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the cteation of a purchase money securit~ intereat for household appliancea, (c) a tranafer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leaaehold interest of three yeara or lesa not containing an option to purchaee, I.ender may, at Lender's option, declare all the suma secured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior to the sale or tranafer, Lender and the perxon to whom the Property is to be sold or transferred reach agreement in ~vriting that the credit of such i person is satiafactory to Lender and that the interest payable on the suma secured by th:s Mortgage ahall be at auch rate as Lender ahall f request. If Lender has waived the option to accelerate prov:ded in this paragraph 17, and if Borrower s snccessor in interest has executed a ~ written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligationa under this Mortgage and the ' Note. i If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in acrnrdance with paragraph 14 hereof. s 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 the sums declared due_ If Borrower faiis to pay auch sums prior to the expiration of such period, Lender may, without further notice or demand on Korrower, ~ invoke any remedies permitted by pazagraoh 18 hereof. ` 18. Acceleration; Remediea. E:cept ae provided in paragraph 1T hereof, upon Borrower'e breach of any oovenant or ~ agreement of Borrower in thie Mm tgage, inciuding the covenanta to pay w6en due any eume eecured by this Mortgage, Lender ~ prior to acxeleration shall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure auch breach; (3) a date, not lese than 30 daya from the date the notice ie mailed to Borrower, by w6ich such ~ breach must be cured; and (4) that failure to cure such breach on or bet`ore the date epecified in the notice may reeult in acceleration of the eums eecured by this Mortgage, foreclosure by judicial proceeding and eale of the Property. T6e notice ehall ~ further inform Borrower of t6e right to reinstate aRer acceleration and the right to assert in the foreclosure proceeding the ~ non-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach ia not cured on or ~ before the date apecified in the notice, Lender at Lender's option may declare all of t6e euma secured by this Mortgage to be ~ immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expensea of foreclosure. including, but not limited to, reasonable attorney's feea, and ~ coste of documentary evidence. abstracta and title reports. ~ ~ 19. Borrower's Right to Reinatate. Notwithstanding Lender's acreteration of the suma eecured by this Mortgage, Borrower ahall have ~ the right to have any pra.~eedings begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing " thia Mortgage iL• (a) Borrowerpays Lender all sums which would be then due under this Mortgage, the Note and notee securit~g Future ~ Advances, if any, had no acceleration occarred; (b) Borrower cures all breaches of any other covenante or agreements of Borrower contained in a this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower ~ oontained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney's fees; and (d) Borrower takea such action as Lender may reasonably require to asaurn that the lien of thia Mortgage, Lender'e intereat in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon auch payment and cure by Borrower, this Mortgage and the obligation8 aecured hereby ahall rnmain in ful! force and effect,as if no acceleration had occurred. -f 20. Aasignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby asaigne to Lenderthe rente ~ of the Property, provided that Borrower shall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain auch renta as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a ' court to enterapon, take possesaion of and manage the Property and to coilect the renta of the Property, including thoee past due. All renta oollected by the receiver shall be applied firat to payment of the oosts of management of the Property and collection of rente, including, but not limited to, receivei s feee, premiuma on receiver's bonds and reasonable attorney a feea, and then to the sums secured by this Mortgage. The receiver ehall be liabie to acoount only for those rents actually received_ ~ "f' ~ ~ ~~~K294 ~~E 528 `'4 ~ : . ~ _ ' - - ' - - . - - - - , ~ ~ _ _ t; ~ ~r~~... ~a~~ 4 ~ ~ ~ s ~ ` ' ' ~ ~s._ i~~ ~3.~~sr"~~ ~",r~.~~.~,~"N' > . "~.~~kt'"s