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HomeMy WebLinkAbout0319 ! i . ' ~ ~I.~i . . • r • • . 8. Ia~pection. l.ender may make or cause to be made reewnable entrie~ upon a~d inspection~ of the property, p~ovided that Irnder ehall give f3orrower notice prior to any such iaspection rpecitying reasonable cawe therefor releled eo I.ender'~ i??tereat i~ /he Property. 9. Condemnation.'l7~e proceeds of any sward or claim for damagee, direct ot rnnrequential, in rnnnection with eny oondemnatio~ or other taking ot lhe property, or part thereof, or for conveyance in lieu of oondemnation, are hereby a~signed and shail be paid to l.Pnder. I~ the event of a btal taking of the Proper/y, the proceeds ehall be applied to the eums secund by this Mortgage; with the e:ce~s, if any, paid to 8orrower. ln the event of e partial taking ot the Property, unle~s Borrower and I.eader otherwioe a~ree in writing, there shall be applied to the sums secured by this Mort~a~e euch proportion of the proceeds as is equai to thaL proportion which the aiaount o! the aum~ secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Properly immediately prior to the date oi taking, with the balanca of the proceeds paid to Borrower. If the Property is abendoned by Eiorrowe~, or if, after notice by Lender to Borrower that the condem~o~ uFfers to make an award or settle a claim for damages. Borrower lails to respond to l.ender within 30 days afl,er the deie such notice ie mailed, Lender ia authorized to collect and apply the proceeds, et l.ender's option, either to restoration or repair of the pmperty or to the sums secured by tI~;a :!~lortgage. Unless I.ender and Bormwer otherwise agree in writing, any such application of proceeds to principal shall not e:tend or poetpone the due date of the monthiy inataliments ~e[erred fo in paragraphe 1 and 2 hereof or change the amount of such installments. 10. E3orrower Not Released. F.xtension of the time tor paym ~nt or modification of amortization of the sume secured by this Mortgage ~anted by I.ender to any aucceaeor in internet of E3orrower ehall not operate to release, in any manner, the liability of the original Borrower and Aorrower'e aucceseore in intereat. l.ender ahall not be required to oommence proceedings againat euch eucceeaor or refuee to extend time f~~r payment or otherwise modify amortization o[the suma secured by thie Murigage by reanon oi any demand made by theuriginal Borrower nnd tiorrower's eucceaeora in interest. 11. Forbearanoe by I.ender Not a Waiver. Any forbearance by I.ender in eaercieing any right or remedy hereunder, or othecwise afforded by applicable law, ehall not be a waiver otor preclude the exercise of any euch right or remedy. The procurement of ineurance or the payment of taxee or other liens or chargee by I.ender shall not be a waiver of l.ender's right to accelerate the maturity of the indebtedneas eecured by this Mort~age. 12. Remedies Cumulative. All remedies provided in thie Mortgage are distinct and cnmulative to any other right or remedy under this Mortgege or afforded by law or equity, and may be e:erciee~i rnncurrenUy, independently or eucceasively_ 13_ 3ucceesors and Aesigne Bound; Joint and Several Liability; Captions.l'he covenants and agreementn herein oontained shall bind, and the righta hereunder ehall inure iu, the reepective eucceeaore and assigns of I.ender and Borrower, eubject to the pmvisiona of paragraph 17 hereof All covenante and agreementa of Borrawer ahall be joint and eeveral. The captions and headinga of the paragraphs of thie Mortgage are for covenience only and are not to be uaed to interpret or define the provieione hereof. 14. Notice. F.xcept for uny notice required under applicable law to be given in another manner, la? any notice to Borrower provided for in thia Mort~age shal) be given by mailing such notice by certified mail addreesed to Borrower at the Property Addreea or at euch other addreea ea Hurrower may deeignate by notice to I.ender as pmvided herein, and (b) any notice to I.ender ehaU be given by certified mail, teturn receipt reyueated, to Lender's addreas atated hecein or to auch uther addreea ae Lender may deeiqnate by notice to Borrower as provided herein. Any notice provided for in thia Mortgage ahall be deemed to have been given to Fiorrower or l.ender when given in the manner designated herein_ 15. Unitorm Mortgage; Governing I.aw; 3everability. Thia form of mortgage combines uniform oovenanta for natiunal useand non- uniform covenanfs wilh limited variatio~a by juriadiction to oonatitute a uniform security inatnuuent aovering real property. Thia Mortgage ahall be governed by the law of the juriadiction in which the Property ia located. [n the event that any pmvieion or clause of this Mortgage or the Note conflicts with applicable law, such contlict ehall not aftect other pro~tisiona of this Mortgage or the Note which can be given effect without the rnnflicting provieion, and to thia end the pmviaions of the Mortgage and the Note are declared to be eeverable. l6. Borrower'e ('.opy. Horrower shall be furniahed a conformed copy of the Note and of thie Mortgage at the time of e:ecution or after recordation hereof. 17. 'I~anefer.of the Property; Aesumption. If all or any part ot the I'roperty or an interest therein is aold or transferred by Borrower without I.ender a prior written consent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation ot e Purchase money security intereat for houeehold appliancea, (c) a tranefer by deviae, descent or by operation of law upon the death of a joint tertant or (d) tAe grant of any leasehold intereet of three yeare or leae not oontaining an option to purchase, Lender may, at I.ender's option, declare all the eume securea by this Mortgage to be immediately due and payable. Lender ehall heve waived euch option to accelerate if, prior tu the sale or transfer, I.ender and the person to whom the Property ia to be aold or tranaterred reach agreement in writing that the credit of auch peraon ia satis[actory to I.ender and that the intereat payable on the aume secured hy this Mortgage e~hall be at auch rate as Lender ehall requeat. It I.ender has waived the option to accelerate provided in this paragraph 17, and if E3orrower'a auccessor in intereat haa executed a w•ritten asaumptinn agreement accepted in writing by I.ender, Ixnder ehall releaee I3orrower from all obligations under thia Mortgsge and the '.Vote. ~ If I.ender exercises auch option to accelerate, I.ender ahall mail Borrower notice of scceleration in accordance with paragraph 14 hereof. 5uch notice ahall provide a period otnot leas than 30 daya from the date the notice is rr.ailed within which Borrower may pay theauma declare~ G due. If Fiorrower fails to pay auch suma prior to the expiration of auch period, l.ender may, without [urther notice or demand on [iorrower, ! invoke any remedies permitted by paragrauh ]K hereo[. E 18. Acceleration; Remediee. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or ~ agreement of Borrower in thie Mortgage, including the oovenante to pay when due any sume eecured by thie Mortgage, Lender ~ prior to acceleration ahall mail notice to Borrower as provided in paragtaph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date. not lesa then 30 daye from the date the notice ie meiled to Borrower. by which euch ~ breach muet be cured; and (4) that feilure to cure euch breach on or before the date specifed in the notice may result in acceleration of the eume secured by this Mortgage. toreclosure by judicial proceeding and sale otthe Property. The notice ehall further inform Borrower of the right to reinetate aRer acceleration and the right to assert in the torecloBUre proceeding the non-e:ietence of a detault or any other defenee of Borrower to acceleration and forecloeure. [f the breach ie not cured on or ~ before the date apecified in the notice. Lender at l.ender'a option mey declare all of the euma Becured by tbie Mortgage to be immediately due and payable without furtherdemand and may forecloee thie Mortgage by judicial proceeding. Lender ehall be ~ t•ntiUed to collecL in such roceedin all ex ~ P g penaes of forecloeure. including, but not limited to, reaeonable attorney's teea, and ~ coate of documentary evidence, abstractx and title reporte. ~ I9. Borrower'e Right to Reinetate. Notwithstanding I.ender'a acceleretion of the euma eecured by thia Mortgage, Borrowerehall have the right to have any proceedings begun by Lender to enforce thie Mortgage diacontinued at any time prior to entry of a judgment enfotcing ~ thie Mortgaqe iL• (a) Borrov?er pays I.ender all eums which would be then due under thie Mortgage, the Note and notes securing Future ~ Advancee,ifany,hadnoaccelerationoccurred;(b)BorrowercuresallbreachesofanyothercovenantaoregteementaofBorrowercontainedin thie Mortqaqe: (c1 E3orrower paye all reasonable eapenaes incurred by Lender in enforcing the rnvenante and agreemente of [3orrower • ~ cx~ntained in thia Mortgage and in enforcinq l.ender's remedies as provided in paragraph IS hereof, including, but not limited to, reasonable ~ attorney's feea; and Id 1 Borrower takes auch action ae Lender may reasonably require to seeure that the lien of thia Mortgage, Lender's intereet in the Property and E3orruwer'e obligation to pay the aums eecured by this Mortgage ahali continue unimpaired. Upon such payment and cure Y by Eiorruwer, thia Mortgaqe and the obligaUons secured hereby shaU remain in full force and effect ae if no acceleration had occurred_ # 20. Aseignment of Rents; Appointment ot Receiver. Ae additional security hereunder, Borrower hereby aseigne to I.ender the rents 5 of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain euch renta as they become due and payable. Upon acceleration under paraqraph 18 hereof or abandonment of the Property, Lender ehall be entitled to heve a reoeiver appointed by a _ wurt to enter-upon, take poeaeasion of and manage the Property and to collect the rente of the Property, including thoee past due_ All rnnte ~ collected by the receiver ehall be applied firet to payment of the ooste of managementof the Property and collection of renta, including, but not ~ limited to, receiver'e tees, premiums on re~.~eiver e bonde and reasonable nttorney'e feee, and then to the aums eecured by thie Mortgage. The ~ receiver ahall be liable to accwunt unly for those renta ectually received. ~ ~ ~ ~ 80~~ 296 ~A~ 319 ' ~ ~ ~ Y . .y- ~ . _ _ . ' ~ ~~'-r 3e~-_~' ~ ~"~.c*`"'~"~4uu:o-'~~i.Y3"i. !`ti _ . ' ~ ~ ~ ~ . . . _ . . _ _ . K"a~.'.+h'z~~- .