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HomeMy WebLinkAbout0306 ~ t i ~ . [ ~ 8. Inspection. I.e~der may make or cause to be msde reawnable entriea upon and itupections of the property, pruvided that [.ender shall Kive Bormwer aoiice prior ~o any such in~pection ~pecifying reasonable eause therefor related to Lender'~ interest in the Property. 9. Condetanatlon.'I~e proce~eds of any award or claim !or dama~e~, direct or con~equential, in connection with any oondeianation or other taking of !he property, or part thereof. or for conveyance in lieu of oondetanation, are hereby assigned and shall be paid to Lende~. In the event of a total taking of the Property, the proceeds shall be applied to the sums ~ecured by this Mo~egage, with the e:cew, it any, paid to Horrower. In the event oi a partial taking of the Property, unleas Borrower and l.eader otherwise agree in writin~, there ~hali be applied to the sums secured by thie Mortgage such proportion ot the proceeds ai is equal to that proportion which the amount oi the ~ums aecured by this Mortgage immediately prior to the date o[ taking bears to the fair market value of the ProperLy immediately prior W the date ot taking, with the balanca of the proceeds paid to Borrowet. I[ the Property u abandoned by Borrower, or if, aRer notice by I.ender to Borrower that the oondemnor often to make an award or ~ettle s claim for damages, Horrower feils to respond to I.ender within 30 days aftet the date auch notice is mailed, l,ender is authorized to collect and apply the proceeds, at [.ender s option, eiiher b resbration or repair of the pmpaty or to the sums secured by this Mortgege. Unleas Lender and Borrower otherwiee agree in writing, any such epplication of proceed~ to principal shaU not extend or poatpone the due date ot the monthly inatallments referred to in paregraphs 1 and 2 henof or change the amount ot auch inetallments. 10. Eiorrower Not Released. Exteneion of the time tor paym~nt or modificatioo of amortization of the sume secured by this Mortgage granted by l.ender to any eucceasor in intereat of Rorrower shaU not operate to releaee, in any manner, the liability of the origina) Borrc?wer and Borrower'a eucceeeors in intereat. I.ender shall not be required Lo aommence proceedings against auch aueceaeor or refuee to e:tend time for payment or otherwiae mudity amoriizatiun of /he sume secured by thia Mortga~e by reason of any demand made by theoriginel Borrower a~nd Horrowei a eucceaeore in intereet. 11. Forbearance by I.ender Not a R?alver. My forbearance by Lender in e:ercieing any right or remedy hereunder. or otherwise afforded by applicable law, shall not be a waiver of or preclude the exerciee of any such right or remedy. The procurement of ineurance or lhe payment of taues or other liena or charges by Lender shall not be a waivcr of Lender s right to socelerate the maturity of the indebtedness Aecured by this Mottgage. 12 Remedies Cumulative. All remedies provided in this Mortgage are diatinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be e:eniee~i ooncurrently. independently or suocessively. 13. 3uccessors and Aesigns Bound; Joint and 3everal Lisbility; Captions. The covenants and agreemeata herein contained ahall bind, and the righta hereundet shaU inure to. the reepective successors and aseigns of Lender and Horrower, subject to the provieiona of paragraph 17 hereo[. All covenante and agreementa of Borrower shall be joint and several. The captione and headings of the paragraphs of thie Mortgage are for covenience only and are not to be ueed to interpret or define the provieions hereof. i a. Notice. Except for any notice required under applicable law to be given in anuther manner, (a) any notice to Borrower Fmvided forin thie Mortgage ahall be given by mailing auch notice by certified mail addresaed to Borrower at the Property Addresa or at euch other addrees ae F3orrower may deaignate by notice to L.ender ps provided herein, and (b) any notice lo Lender eha11 be given by certified mail, return receipt requested, to I.ender's addreas stated hernin or to euch other address ae [.ender may designate by notice to Borrower ee provided herein. My notice provided for in lhia Mortqaqe ehall be deemed to have been given to E3orrower or Lender when given in the manner designated hezein. 15. Un iform Mortgage; Governing I.aw; Severability. Thia form of mortgage combinea uniform covenanta for national uee and non- uniform covenante with limited variations by juriadiction to oonatitute a uniform eecurity inatrument covering real property.'l71ie Mortgage shall be governed by the law otthe jurisdiction in which the Property ia iceated. in the event /hat sny provieion or clauee of thie Mortgege or the Nute contlictn wilh applicable law, auch conAict ahall not aPfect other proviaiona of thie Mortgage or the Note which can be given effect without the conflicting proviaion, and to this end the proviaione of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ahall be furniahed a con[ormed oopy of the Note and of thie Mortgage at the time of execution or after recordation herec?f. 17.1'canefer of the Property; Assumption. If al) or any part of the Property or en intereet therein is eold or tranaferred by Borrower without [.ender a prior written consent, excluding (a) the cr~ation of a lien or encumbrance aubardinate to thie Mortgage. (b) the creation of a purchase money eecurity intereat for houeehold appliancea, lc) a tranafer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant ot any leseehold intereat of three yeare or lese not oontaining an option to purchaBe, Lender may, at l.ender a option, de: lare aU the suma securea by thie Mortgage to t?e immediately due and payable. l.ender ehall have wai~ ed euch option to aooelerate if, prior to the eale or transfer, l.ender and the person to whom the Property ia to be eold or tranaferred reach agreement in writing that the creditof such person is satiefactory to [.ender and that the intereet payable on the suma secured by this Mortgage shol! be at such rate as Lender shall request. If Lender hae waived the option to accelerate provided in thia paragraph 17, and if Borrower'a succeesor in intereet has executed a written aeaumption agrc+ement accepted in writing by l.ender, Ixnderahall releaae Borrower from all ~bligatione under thia Mortgage and the ~ tiote. - If [.ender exercieea such option to accelerate, I,ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice ahall provide a period of not leas than 30 daya from the date the notice is mailed within which E3orrower may pay the sume declared '4 due. [f Borrower faila to pay auch sums prior to the expiration of euch period. Lender may, without further notice or demand qn Korrower, I ~nvoke any remedies permitted by paraQraoh IR hereof. ~ 18. Acceleration; Remedies. E:cept ae provided in paragraph 17 hereof. upon Borrower'8 breach of any oovenant or ~ agreement ot Borrower in thie Mortgage, including the oovenanta to pay when due any auma secured by this Mortgage, Lender prior to acceleration ehall meil notice to Borrower ae provided in paragraph 14 hereof epecifying: (1) the breach; (2) t6e action s required to cure euch breach: (3) a date. not leee than 30 daya from the date the notice is mailed to Borrower, by which such i breach mueE be cvred; and (41 that tailure to cure auch breaeh on or betore the date epecified in th~z aotice mey reault in ~ acceleration of the sume eecured by thie Mortgage, torecloaure by judicial proceeding and sale oft6e Property.The notice ehall ~ further inform Borrower ot the right to reinstate efter acceleration and the right to aseert in the forecloeure proceeding the ~ non-e:ietence of a default or any other de[enee ot Borrower to acxeleration and torecloaure. If the breach is not cured on or before the date apecified in t6e notice. Lender at Lender'8 option may declare all ot the eume eecured by thia Mortgage to be 6 immediately due and payable without further demand and may foreclose this Mortgage by judiciel proceeding. Lender ahall be ~ entitled to collect in euch proceeding all e:penses of forecloaure, including. but not limited to, reasonable attorney'e [eea. and c~,ete of documentary evidence, abatrects and title reporte. • 19_ Borrower'e Right to Reinstate. Notwithatanding [.ender's acceleration of the euma secnred by thia Mortgage, Borrower shail have the right to have any proceedinge begun by I.ender to enforce this Mortgaqe diecontinued at any time prior b entry of a judgment enforcing ehis Mortgage if: (a) Borrower pays I.ender all aume which would be then due under thia Mortgege, the Note and notea eecuring Future ~ Advancee, if any, had no acceleration occurnd; (b) Borrower curea all breachee of any other rnvenante or agreementa of Borrower contained in thie Mortgage; (c) E3orrower pays all reaeonable e:penaee incurred by Lender in enforcing the covenanta and aRreementa of Borrower ~ contained in this Mortgaqe and in'enforcing I.ender a remedies as provided in paregraph 18 hereof, including, but not limited to, reasonable attorney's feee; and (d) Borrower takee such action se l.ender may reasonably require to aasure that the lien of thia Mortgage, Lendei e interest in the Property and F3orrower'a obligation to pay the auma secured by this Mortgage shall continue unimpaired. Upon such payment and cure s by Borrower, thia Mortgage and the obligatione aecured hereby ahell remain in full force and effect as if no acceleration had occurred. s 20. Aesignment otRents; Appointmeat ot Receiver. Ae additional eecurity hemunder, Borrower hereby assigns to Lenderthe renta s of the Property, provided that Borrower she11, prior to eoceleretion under paragraph 18hereof or ebandonmentof the Property, havethe right ~ to collect and retain euch rente ae they become dae and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.ender ahall be entitled to have a receiver appointed by a ti oourt to enter upon, take poaeeaeion of and manage the Ptoperty and to collect the rents of the Properly, inciuding th~e psat due. All rente ~ oollected by the receiver ehall be applied firot to payment of the ooete of management of the Property and coilection of rents, including, but not limited to, receiver'e feea, premiums on receiver B bonde and reaaonable attomey'e feea, and then to the euma eecured by this Mortgage. The ~ receiver ahall be {iable to acaount only for thoee rente actually received. ~ d ~ ~~296 ~ 306 k ~ g ~ Y ~ ~ ~~ry~A ~ . _ . . _ r~_~ . . _ ~v . . . _ ~ _ ~+Sf.+~ 'Sa,~v,"'. + +~,:-~.i.sa"'..c .a= "'".[~^3 ~ : > ~ _ ~Swa~.,ti°Y _ . n . - ~.~+"f"~.!•,,.. s . _ .