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HomeMy WebLinkAbout0612 . , . i . .1' r ~ 8. 1n~pectloa. Lender may make or ceuse to be made reawnabk entries upon pnd inspections of the property. pmvided that Lender ahaU give Borrower ~otice prior to any such inspection specitying reawnable cause therefor relaLed to l.ender's intereat in the Property. 9. Gondemnation. '11~e pmceeda o[ any award or claim for demages, direct or consequential. in connection with any oondemnatioa or other taking of 1he pmperty, or part thereof. or for rnmeyance in Geu of rnndeannation, ars hereby assiQned and shal! be paid b Lender. In the event oi a total taki~g of the Pcoperty. the proceeds shell be applied to the aums secured by thu Mortgage. with Lhe ezoes~. if any, paid to Borrower. In the event of a partial taking of the Property, unleea Borrower and I.end~ otherwise agree in writing. there ~hall be applied to the sums s~cured by thie Mort~age such proportion of the proceeds as u equal to that pmportion which the amount of the sumi secured by this Mortgage immediately prior to the date of talring bears to the fair a?arkd value of the Property immediately prior to tha date of taking, with the balanoa of the ptocceds paid to Borrower. If tha Property is abandoned by Bon~ower. or if, aRer notice by I.ende~ to Borrower that the condemnor offen to make an award or settka claim [or damages, Borrower fails b reepoad b Lender within 30 days aRer the date such notice is mailed, Lender is authorised Lo oollect and epply the proeeeds. at Lender s option, either to reetoratiop or repair of the pmperty or Lo the sums secured by this Martgage. Unless Lender and Borrower otherwiee agree in wridng, any such application of proceeda to principal ahaU not e:tend or postpoae the due date of the monthly installments refetred ~o in paragraphs 1 and 2 hereof or change the amount of such installments. I0. Borrv~wer Not Reteased. E:tension oi the !ime for paymsnt or modification of amorti:ation of the suma aecured by thie Mortgege granted by Lender to any aucceaeor in intereat of Borrower ehall not operatr to releaae, in any manner. the liability of the original Borrower and Borrower's succeaeora in interes~ l.ender ahall not be required to commence proceedings against euch succeesor or refuae to e:tend time for payment or otherwise modify amortization of the sums secured by thie Mortgage by reason of any demand made by the original Borrower and 13orrower e aucceasora in intereat. 11. Forbearance by Lender Not a R?aiver. My forbearance by I.ender in e:erciaing any right or nmedy hereander, or otherwise aPforded by applicable law, ehall not be a waiver of or preclude the exerciee of any ench right or remedy. The procurement of insurance or the payment of ta~cee o~ other Gens or chargee by L.ender shall not be a waiver of Lender's right to aocelerate the maturity of the indebtednas aecured by this Mortgage. 12 Remedies Cumulative. All temedies provided in thia Mortgage are dietinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be e:erciee+i ooncurrenUy, independendy or suoceasively. 13. 3ucceaeore and Aeeigns Bound; Joint s~d Several Liability; Captioae. The covenante and agreements herein oontained shall bind, and the righLs hereunder shall inure to. the cespective eucceseora and assigna of I.ender and Borrower. aubject to the proviaions of paragraph 17 hereof. All covenante and agreements of Borrower ahall be joint and eeveral. The captione and headinge of the paragrapha of thia Mortg9ge are for covenience only and are not to be ueed to interpret 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 forin this Mortgage ahall be given by mailing such ootice by certi6ed mail addresaed to Borrower at the Property Addreae or at such other addreea es Borrower may deaignate by notice to I.ender as provided herein, and (b) any notice to Lender shall be given by certified mail, retum receipt rrquested, to I.ender's addreas stated herein or to auch other address as Lender may deaignate by notice to Bozrower ae provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or L.ender when given in the manner deeignated herein. 15_ Uniform Mortgage; Governing I.aw; 3everability. Thie form of mortgage combinea uniform oo~ enants for national uee and non- uniform rnvenanta with limited variations by jurisdiction to conetitute a uniform eecurity. inatruruent oovering real property.'ITiia Mortgage ahall be governed by the law of the jurisdiction in which the Property ia located. In the event that any pmvision or clauae of thie Mortgage or the Note conflicta with applicable law, euch contliM ahall not af[ect other proviaions of thie 1liortgage or the Note which can be given effe~.-•t without the eontlicting proviaion, and to this end the provieions of the Mortgage and the Note are declared to be severable. 16_ Borrower'e Copy. Borrower ehall be furninhed a conformed oopy of the Note and of thie Mortgage at the time of execution or after recordation hereof. 17. 'I~ansfer ot the Property; Aaeumption. If all or any pert of the Property or an interest therein ia sold or traneferred by Borrower without [.ender s prior written coneent, e~ccluding (a) the creation of a lien or encumbrance eubordinate to thia Mortgage, (b) the creation of a purcha~e money security intereet for houeehold appliancee, (c) a tranefer by deviee. doeoent or by operation of law upon the death of a joiat tenant or (d) the grant of any leasehold intereet of three years or lese not oontainiag an option to purchase. Lender may, at Lender s option, declare all the aums securPd by thia Mortgage to be immediately due and payable. Lender shall have waived auch option to accelerate if. prior to the sale or transfer, Lender and the per8on to whom the Property ia to be sold or tranaferred reach agreement in writing that the credifof euch person is satis[acLory to L.ender and that the interest payable on the auma se~vred by this Mortgage shall be at auch rate aa Lender shali request. If Lender has.waived the option to accelerate pmvided in thia paragraph 17, and if Borrower's succeasor in interest has e:ecuted a written assumption agreement accepted in writing by Lender, Lender ahall release Borrower from all obligationa under thia Mortgage and the ' Note. ~ ~ If Lender exercisea auch option to accelerate, Lender ahall mail Eiorrow er notice of acceletation in acoordance with paragraph 14 hereof. ~ Such notice shall provide a period of not less than 30 deya from the date the notice is ~r.ailed within which Borrower may pay the sums declared i due_ [f Borrower fails to pay such suma prior to the expiration of auch period, Lender may, without further notice or demand on Horrower, ( invoke any remedies permitted by paragraoh I8 hereof. r ` 18. Acceleration; Remediee. Eacept as provided in paragraph 17 hereof. upon Borrower'e bresch of any oovenaat or agreement of Borrower in this Mortgage, including the covenante to pay when due any sums secured by this Mortgage, Lender prior to acceleration s6a11 mail notice to Borrower ae provided in paragraph 14 hereof specifying: (1) the breach; (2) tbe action required to cure such breach; (3) a date, not lese than 30 daye trom the date the notice is mailed to Borrower. by which euc6 ~ breach muet be cured; and (4) that tailure to cure auch breach on or before the date speci6ed in the notice may result in acceleration of the aums secured by t6ie Mortgage, toreclosare by judicial proceeding and eale of the Property. The notice ehall further inform Borrower otthe right to reinatate after acceleration and the right to asaert in the foreclosure proceeding the non-e:istence of a default or any ot6er defense of Borrower to aoceleration and forecioeure. If the breach ie not cured on or before the date epecified in the notice, Lender at I.ender's option may declare all of the sume aecured by this Mortgage Lo be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ehall be entitled'to collect in euch proceeding all e:penses of foreclosure. including, but not limited to. reasonable attorney's fees, and coste of documentary evidence, abatracta and title reporte. 19. Borrower's Right W Reinetate. Notwithatanding Lender's acceleration of the aume eec~red by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce thia Morfgage diecontinued at any time prior to entry of a judgment enfoning this Mortgage if: (a) Borrower paya Lender all suma which would be then due under this Mortgage, the Note and notea securing Future Advances, if any, had no acceletation occurred; (b) Borrower curee all breachea of any other covenanta or agreemente of Borrower contained in ~ thia Mortgage; (c) Borrower pays ail reasonable expenaea incurred by Lender in enforcing the oovenante and agreements of Borrow~ contained in this MortgaRe and in enforcing Lender's remedies ae providerl in paragraph 18 hereof, including, but not limited to, reseonable attomey's feea; and (d) Borrower takea sucfi action as Lender may rea8onably require to asaurethat the lien of this Mortgage, Lender'e interest ~ in the Property and Borrower a obligation to pay the suma secured by this Mortgage ahall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligationa secured hemby ahall remain in full force and effect as if no acceleration had ocx»rred. ~ Z0. Assignment of Renta; Appointmeat of Receiver. Aa additional security hereunder, Borrower hereby assigns to Lender therente of the Property, provided that Borrower ahall, prior to aoceteration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain such rents aa they become due 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 ~ wurt to enter.upon, take poaeeesion of and manage the Property and to collect the rente of the Property, including thoee paet due. All renta ~ oollected by the receiver shall be applied first to payment of the oosta of management of the Prope~ty and rnllection of rente, including, but not limited to, receiver'e feea, premiuma on receiver e bonda and reasonable attorney a fees, and then to the euma eecured by thia Mortgage. The ~ receiver ahall be liable to acoount only for those renta actually received. ~ ~ t, R ~ ~ 61Q ~ - _ _ : -r~,i.~ . '1. . _ ' ~g ~ , ~.4~:'~~°' ..a~.l~...-~. . . . . ~°'~S~