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HomeMy WebLinkAbout0827 . ' , ~ ..i.~,? . ~ ~ , 8. InQpt+ctlon. l.ender may make o~ cauee to be made reasonable entri~ upon and inepections of the properiy, pmvidod that l.ender shall give Borrower notice p~io~ W any auch inspection apecifying reasonable cause therefor related to I.ender'a interest in lhe Property. 9. Ca~damnation. 91~e proeeeda of any award or claim for damagea, direct or consequentiul, in connection with any oondemnation or other taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby asaigaed and shall be paid to I.ender. In the event of a total taking of the Property, the pra~eeds shall be applied to the sums secured by this Mortgage, with the exce8s, if any, paid to Bor~wer. ln the event of e partial taking of the Property. unleea Borrower and Lender otherwiee agree in writing, there ehall be epplied to the eume aecured by this Mortgage such proportion of the proceeds as ie equal to that proportion which the amount of the eums secured by thia Mortgage immediately prior to the date of taking beare to the fair market value of the Property iuunediately prior to the date of taking, with the balanc~ of the proceeds paid to Borenwer. I[ the Property ia abandoned by Borrower, or if, aRer notice by l.ender to Borrower that the rnndemnor oP[era to make an award or eetde a claim foT damagea, Borrower faile to respond to Lender within 30 daye after the date such notice is mailed, l.ender is authorized to coltect and apply the proceeds, at Leader a option, either to reetoration or repair of the property or to the eums eecured by this Mortgege. Unleas Lender and Borrower otherwise agree in writing, any euch application of proceeda to principal ehall not eatend or poetpone the due date of the monthly inetallments referred to in paragraphs 1 and 2 hereof or change the amount of such inetallmente. 10. Borrower Not Releaeed. Extension of the time for paymant or modification of amortization of the suma eecured by thie Mortgage granted by Lender to any successor io interest of Borrower ehali not operate to release, in any manner, the liability of the original Borrower and Borrowei a aucceasora in interest. I.ender ehall not be requited to commence proceedings againat auch aucceesor or refuae to extend time for payment or otherwise modify amortization of 1he suma secured by thia Mortgt+ge by reaso~ oi any demand mude by theoriginal Borrower and Eiorrower s succes.qors in interest. i l. Forbearance by Lender Not a Waiver. My forbearance by I.ender in exerciaing any right or eemedy hereunder, or otherwiee afforded by applicable law. ahal! not be a waiver of or preclude the exerciee of any euch right or remedy. The procurement of insurance or the payment of taues or other liena or chargea by Lender ahall not be a waiver of Lender'e right to accelerate the maturity of the indebtednese aecured by thie Mortgage. 12 Remedies Cumulative. All remediea provided in this Mortgage are diatinct and cumulative to any other right or remedy under thia Mortgaqe or af~orded by law or equity, and may be exerciaeil rnncurrently, independently or succesaively. 13. Su..roeasore and Aaeigna Bound; Joint and Several Liability; Captiona. The rnvenanta and agre~ements herein contained ahall bind, and the righta hereunder ahall inure to, the respective auccessora and assigne of Lender and Bortower, subject to the proviaione of paragraph 1? hereof. All covenants and agreementa of Borrower ahall be joint and several. The captions and headinga of the paragraphe of this Mortgage are for covenience only and are not to be used to interpret or define the proviaions hereot. 14. Notice. Except for any notice required under applicable law to be given in another manner,la? Any notice to E3orrower provided [or in thia Mortgage ahnll be ECiven by mailing such notice by certified mail addresaed to Borrower at the Property Address or at auch other addreae as Borrower may designate by notice to Lender as provided herein, and (b) any notice to l.ender ahali be given by certified mail, return receipt requeated, to Lender's addrese stated herein or to auch other address ae I.ender may desiqnate by notice to Borrower ae provided herein. My notice provided for in thia Mortgage shali be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; 3everability. Thia form of mortgage combinea uniform oovenants for nationai uee and non- unifotm covenanta with limited variations by juriadiction to oonatitute a uniform security instrument oovering real property. This Mortgage shali be governed by the law of the jurisdiction in which the Property ia located. In the event that any pmvision or clause of this Mortgage or the Nute contlicts with applicable Iaw, auch conflict ahall not affect other provisiona of this Mortgage or lhe Note which can be given effect without the confli~ ting provieion, and to this end the provisions of the Mortgage and the Note are declared to be aeverable. 16. Borrower'e Copr. Borrower ahall be furniahed a conformed rnpy of the Note and of thia Mortgage at the time of execution or after recordation heteof. 17. 'l~anafer of the Property; Aeaumption. If all or. any part of the Property or amintereat therein is aold or tranaferred by Borrower . without I~nder's prior written consent, excluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the cceation of a purchase money sec~rity interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three yeara or lesa not containing an option to purchase, Lender may, at Lender's option, declare all the aums secured by this Atortgage to be immediately due and payable. I.ender shall have waived such option to accelerate if, prior to the sale or tranater, l.ender and the person to whom the Property is to be sold or tranaferrrd rnach agreement in writing that thecredit of euch ~ person ia satisfactory to Lender and that the interest payable on the sums secared by this Mortgage ahall be at auch rate as L.ender ehall ~ request_ It I,ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a ~ written assumption agreement accepted in writing by l.ender, Lender ahall release Borrower from all obligatiuna under this Mortgage and the 1Vote_ ~ If I.ender exercises such option to accelerate, I.ender ahall mail E3orrower notice of acceleration in accordance w~th paragraph 14 hereof. ~ Such notice ahali pmvide a period of not less thah 30 days from the date the notice is rr,ailed within which Botrower may pay the suma deciared due. If Borrower fails to pay euch sums prior to the expiration of such period, [.ender may, without further notice or demand on I3orrower, S ~nvoke any remedies permitted by paragraoh iR hereof. i F 18. Acceleration; Remedies. Ezcept sa provided in paragraph 1? hereof, upon Borrower'e breach ot any oovenant or agreement of Borrower in this Mortgage. including the oovenante to pay when due any sume secured by thia Mortgage, Lender prior to acceleration ehall mail notice to Borrower ae provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not tesa than 30 days from the date the notice ie mailed to Borrower, by which auch ~ breach muet be cured; and (4) that tailure to cure such breach on or before the date epecified in the notice may result in ~ acceleration of the auras secured by this Mortgage. foreclosure by judicial prceeeding and eale of the Property. The notice shall ~ further inform Borrower of the right to reinetate after acceleration and the right to assert in the foreclosure prceeeding the non-ezistence of g default or any other defenee of Bonower to acceleration and foreclosure. !f the breach ia not cured on or ~ before the date specifed in the notice, Lender at Lender'.s option may declare all of the auma aerured by this Mortgage to be ~ immediately due and payable without further demand and may forecloae this Mortgage by judicial proceeding. Lender ahall be entitled to collect in such proceeding all expenses of foreclosure. including. but not limited to. reeaonable attorney's teee. and ~ costs of documentary evidence, abstracts and titie reports. ' 19. Borrower'e Right to Reinstate. Notwithatanding Lender's acceleration of the euma eecuted by thie Mortgage, Borrowerahalt have ~ the right to have any proceedings begun by Lender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing ~ this Mo a e iF (a) Borrower ~ rtg g paya Lender all sums which would be then due under this Mortgaqe, the Note and notes securing Future Advances, if any, had no acceleration occorred; (b) Borrower curee all breacheaof anyothercovenanta or agreementa of Borrower contained in ~ this Mortgage; (c) Borrower pays all reasonable expenaes incurred by Lender in enforcing the rnvenante and agreemente of Borrower oonteined in thie Mortgage and in enforcing L.endei a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attomey's feeH; and (d) Borrower takea auch action ae I.ender may reasonably require to aasure that the lien of this Mortgage, Lender's interest ; in the Property and Borrower's obligation to pay the suma secured by this Atortgage ahall continue unimpaired. Upon such payment and cure ~ by Botrower, thie Mortgage and the obligations eecured hernby ahall remain in full force and effect ae if no acceleration had occurred. ~ 20. Agaignment of Renta; Appointment of Receiver. As additional secnrity hereunder, Borrower hereby assigna to Lender the rente ~ of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 t~ereof or abandonment of the Property, have the right ~ to collect and rntain euch rents as they become due and payable. . ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, [.ender ahall be entitied to have a receiver appointed by a ; oourt to enter upon, take possession of and manage the Property and Lo collert the rents of the Property, including those past due. All renta - ' ooUected by the receiver shali be applied first to payment of the wets of management of the Property and collection of renta, including, but not ~ limited to, receiver e feea, premiuma on receiver's bonde and reasonable attorney'a feea, and then to the eums aecured by this Mortgage. The receiver shal! be liable to acoount only for those rente actually-received. ~ ~ ~ . ~ :i 6UVK Pr~L~ 827 ~ - ~ - ~ - _ - . " . - . . . . - ' _ - _ r " = ~ - _ _ ~"a'a= .r~.~..~ ~~~..~,f~'~„"p`ir ::~;r „~^Z _ .