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HomeMy WebLinkAbout0587 8. Ia~pectioa. Lender mqy malce or caws to be made nuomable entrie~ upo~ snd inspsction~ oithe pmperty, pmvided that Lender ~hall give Borrow~ notica prior to anY snch uupection sP~b+~B reawnable cawe therefor related to I.ender's interest in We Property. 9. Condemnation.'ILe p~ooeeds oi aay a~vard or claim for dama~es. direct or coniequential. in oonnection wiW aay oonde~nnation or other talunt ot We proP~U?. a part tl~ee+eot, or for conveyanoe ia lieu of oondemnatioa, ars heeZby as~igned and shall be paid to Lender. Ia Ne eve~c of e ~aal tati~?~ of We PropeKy. We prooseds shall be applied to the ~um~ ~ecured by thi~ M~tgeQa with We ~oew. if u?y. paid to Borrower. In the eveat of a paztial taldni of the ProperRy. unlea Borrower and Lender otAerwri~s agree in vvriting, there shall be applied to the wms ~ecured by thia Mortga~e auch propo~tion ot We pmoeed~ ai u equal to that proportion which the amount of the ~nms secvred by thia Mort~s~e immediately pcior to the date of tslring bears to the fair market value of the Property immediately prior to the date of ; taking. wiW tbe balance at the prooee~L paid to Borrower. . s If W e Properq~ u abandoaed by Bo~rower. or if. aRer notioe by Lende~r to Borrower thst the bondemnor oPfere to make an aw~ard or settle a claim for dsmaBea. Borruw~ faib to respond to Lender within 30 days aRar the dete such aotiae is mailed. Lead~ ie authorized to coUect and epply tbe pFoceeds, at liad~'~ optioa, riWa to restoration or npair oi the property or to the snms secured by this Mortgage. Ualea~ I.~ader aad Borrovrer otherwiss agree in ~vritin8. any such application of pmoeeds to ptinapal shall not e~ctend or postpone We due date ot the montWy inatallmcats referred to in paragtaphs 1 and 2 hereof or chnnge the amount of such iastallmenta. 10. Borrower Not Relea~ed. Estenaion of the time for paymant or modification of amortization of the aums secured by thia Mortgage granted by I.ender to any sncceesor in intereat of Borrower shall not operate to release. in any manner. the liability of the originel Borrower ~ and Borrowra's snco~sors in interest Lender shall not be required to oommence prooeedinge against auch sua.~eseor or tefuee W e:tend time for payment o~ othawise modify amortisation of the aums secvred by this Mortgage by reason of any demand made by the original Borrower and Borro~ver s suocessors in intcreet. • 11. Forbearanoe b~ I.eader Not a Wsiver. Any forbearance by I.ender in eserciaing any right or nmedy hereunder. or otherwise ; afforded by applicable lew. shall not be a waiver of or preclude the ~erciee of any such right or remedy.lLc procurement of inaurance or the ; payment of ta:es a~ oWer liena or charges by Lender ahall not be a waiv~ of Lender s right to socelerate We mat~uity of the indebtednese ; eecured by thia Moitgage. 12 Remedies CumWative. All remedies provided in this Mortgage are diatinct and cumulative to any other right or remedy under this Moitgage or afforded by law or equity. and mayr be exerciae~i ooncurrently. iadependently or auooeeaively. 13. 3aoceseors and Assign~ Bound; Joint and Several Liability; Captione. The rnvenanta and agreemente herein oontained shall a bind, and the righta hereunder ahall inure to, the respective succeesors and assigns of Lender and Borrower, aubject to the provieiona of paragraph 17 hereof. All rnvenants and agreementa of Borrowe~r ahall be joint aad eeveral. The captions and headings of the paragraphs of . thie Mortgage are for covenience only and are not to be ueed !o interpret or define the proviaione hereof. 14. Nodce. E:cept for any notice required under applicable law to be given in another manner, fa) any notice to Borrower provided for in thia Mortgage ahail be givea by mailing such notice by certified mail addreseed to Borrower at the Property Addresa or at such other addreea as Borrower may designate by notice to I.ender as pmvided herein, and (b) any notice to Lender ahall be given by ceYtified mail. return receipt requeated, to Lender's addrees stated hezrin or to euch other addrees aa Lender may designate by notioe to Borrower ae provided herein. Any notice provided for in thie Mortgage shall be deemed to have been given to Borrower or Lender whea given in the manner deaignated herein. 15. Uniform Atortgage; Governing I.aw; 3everability. Thie form of mortgage combinea uniform oovenante for national uee snd non- uniform covenanta with limited variationa by jurisdidion to aonatitnte a uniform eecurity instrument aovering real pmperty. This Mortgage aha11 be govemed by the law of the jurisdiction in which the Property is located. In the event that any proviaion or clavee of fhis Mortgage or the Note rnnilicts wiW applicable law, auch conflict shall aot af'fect other provisions of thie Mortgage or the Note which can be given ePfect ~ without the coaflicting proviaion, and to thie end the pmvieiona of the Mortgage and the Note are declared .to be severable. 1& Borrower's Copy. Borrower shall be furniahed a rnnformed oopy of the Note aad of ihis Mortgage at the time of e~cceeution or after recordation hrreof. - 1 T. 75rwnafer of the Property; Aesumptioa. If all or any part of the Property or an intereat therein ia sold or traneferred by Borrower ~ witho~tt [.ender's prior writLen oonsent~ ezcluding (a) the rreation of a liea or encumbrance subordinate to thie Mortgage. (b) the rreation of a. purchaee money security intereat for household agpliances. (c) a transfer by deviee, descent or by operation of law upon the death of a joint i tenant or (d) the grant of any leasehold intereet of three yeara or leas not oontaining an option to pnrcheae, I.ender may. at Leader e optioa, ~ declare all tt~ sums aecured by this Mortgage to be immediately due and payable. I.ender shall have waived auch option to accelerate if, prior f to W e sale or tranafer. Lender aad the pereon to whom the Property is to be eold or tranaferred reach agreement in writing that the credit of such = person is satisfactory to Lender and that the interest payable on the auma secured by this Mortgage ahall be at euch rate as Lender ahall ` request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower a aucceasor in intereat has e~ecuted a writt~ assumption agreement aocepted in writing by Lender, Lender shall releaae Borrower from all obligations under this Mortgage and the ' ~ Note. ! If I.ender esesrisea such option to acoelerate. Lender ahall mail Borrower notice of soceleration in acoprdance with paragraph 14 hereo~ ~ Such notioe shall provide a period of not less than 30 daya from the date the notice is tr,ailed within which Borrower may pay the aums declared dne. If Borrowa fails to pay snch suma prior to the ezpitation of such period, Lender may, withont further notice or demand on Fiorrower, E ~nvoke any reinedies permitted by paragraoh 18 hereof. . i - ~ 18. Aoceleration; Remediea Ezcept as provided in paragrap6 17 hereof, upon Borrower'e breach of sny oovenant or agreement of Borrowe~ in this Mortgage, iacluding the oovenanta to pay whea due any snme se~ured by thie Mortgage, Lender prior to acceleration shall mail aotice to Borrower ae provided in.paragraph 14 hereof specifying: (1) thebreach; (2) tbe action reqaired to cure snch breacb; (3) a date, not less than 30 daye from the date t6e notice ia mailed to Borrower, by w6ich_euch breac6 mnst be ia?ted; eod (4) that failure to cure such breach on or before the date specified in t6e notice may result in aoceleration of the sums Secured by thie Mortgage, foreclosure by judicial proceeding and eale of the Property. The notice ehall further inform Bormwer oithe rig6t to reinstate aRer acceleration and the right to aseert in the foreclosure procceding the non-eziatence of a default or aay otber defense of Borrower to acceleration and foreclosure. If the breach is not cured oa or before tbe date specified in the notice, Lender at I.ender's option may declare all of the sume aecured by this Mortgage to be immediately dae and payable without further demand and may foreclose thie Mortgage by judicisl prooeeding. Lender ehall be entitled to oollect in such proceeding all e:penaea of foreclosure. including, but not limited to, reesonable attorney's feea, end ~ costs ot documentary evidence. abstracte and title reporte. 19. Boreow~er's Rig6t to Reinstate. Notwithstanding Lender's acceleration of We aume secured by this Mortgage, Borrower ahall have the rig6t to have any pmceerlings begun by Lender to eaforoe this Mortgage diecontinued at any time prior to entry of a judgment enforcing thi~s Martgagr if: (a) Borrower paya Lender all sums which would be then due ander this Mortgage, the Note and notea eecuring Future Advanoes, if any. had no eooeleration occurred; (b) Borrower curea all breachea of any other oovenanta or agreements of Borrower contained in this Mortgage; (c) Borrower paye all reaeonable e:peneea incurred by Lender in enforcing Lhe covenant8 and agreements of Borrower contained in thia Mortgage and in enforcing Lender a remedie8 se provided in paragraph 18 hereof, including, but not limited to, reaeonable ~ attorney's teea; and (d) Borrower takes anch adion as Lender may reasonably require to assure that the lien of thie Mortgage. Lender'a interest ~ in the Froperty and Bo~rmwer's obligatioa to pay the snma eecured by this Mortgage ehall continne unimpaired. Upon such payment and cure - ~ by Borrowez. this Mortgage and the obligatione eecured hereby ehall remain in full force and dfect as if no aooeleration had occurred. ~ 20. Aasip~meat of Rente; Appointment of Heceiver. Aa additional eecuritY hereunder, Borrower hereby easigne to Lender the rents of the Property, provided that Borrower ahall, prior to acoeleration under paragraph 18 hereof or abandonment of the Property, 6ave the right to colled and retain such renta as ihey beoome due and payable. Upon soceleration nnder paragraph 18 hereof or abandonment of the Property, Lender shaU be entided to have a reoeiver appointed by a ~ oourt to eater~apon, take poeeession oi and manage the Property and to collect the renta of the Property, including thoee past dne. All rente ~ o~llected by the receiver shall be applied first to payment of the ooste of management of the Property and oollection of rents, including, bnt not ~ limited to, e~eoeivda fees. aremiume on receiver'e bonds and reaaonable attorney's fees, and then to the anme secared by thia Mortgage. The ~ receivrr shall be Uabk to acx~ount only for thoee rents actually reoeived. 5«x 295 `,,~E ` 586 - - _ _ - - _ ~ -