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HomeMy WebLinkAbout0686 . r~. • ' ~ r :t 8. In~pectioa. Lender may make or cause to be made reawneble eatries upon and inspoctions of thf property, pmvide~that Lender shall give Borrower ootioe prior to any euch inepection specifying reasoneble cawe therefor related to Lender'e interest ia the Property. 9. Conde~anetion.'[!~e proceeds of any award or claim for damages. direct or rnnaequential, in con~ection ~vith anY oondemnation or other taking of the pmperty, or part thereof, or for conveyance in lieu of oondemnatio~, nn hereby s~~ed and~ all be paid to Lender. I~ the event of a total taking of the Property. the proceed~ shall be applied to the aums secured by this Mortgage. in[!1~ iDe e~coe~s. if any, paid to Borrower. ln the eve~t of a partial taking of the Property. unlees Borrower and Lender otherwise agree in writinR. t1?ere ~hall be apptied Lo the sums secured by thie Morfgage such pmportion of the proceed~ ae is equal b that propo~tion which the amount of the eu~ns aecured by thia Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior W the date of taking, with the balanca oi the proceeds paid to Borrower. If the Property is abandoned by Borrower. or if, after notioe by Lender to Borrower that the rnndemnor offers to make an award or eettk a claim for daaneges. Borrower fails to reepond to Lender within 30 days after the dete euch aotice ia maited, Lender is suthorissd Lo coUect and apply the proceeds, at I.ender s option, either to restoration or npair of the pmperty or to the sums secured by thie Mortgage. Unlesa Lender and Borrower otherwise agree in writing, any euch application of proceeda to principal shall not ~tend or postpone the due date of the monthly inetallmeats'referred to in paragraphs 1 and 2 hereof or change the amount of anch inatallmenta. 10. Borrower Not Released. E:tenaion of the time for paymsnt or modification of amortization of the eums secured by thier Morigage granted by Lender to any succeaeor i~ interest of Borrower ahall not operate to releaee, in any manneE, the liability of the original Barrower and Rorrower a aucceasore in intereat. I.endrr ehall not be required to oommence proceedinge againat euch succeseor or refuee to e:tend time for payment or otherwise modify amortization of the aums aecured by this Mortgage by maeon of any demand made by theoriginal Borrower and Borrower e aucceasors in interest. _ 11. Forbearaaoe by Leoder Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwiee afforded by applicable law, ehali not be a waiver of or preclude the e:erciee of any euch right or remedy. The procurement of insuranoe or the payment of taues or other liena or charges by Lender ahall not be a waiver of Lender s right Lo accelerate the maturity of the indebtedneas secured by thie Mortgage. 12 Reraedies Cumulative. All remedies provided in thia Mortgage are diatinct and cumulative to any other right or remedy under this , Morigage or afforded by law or equity, and may be ezercise~i ooncurrently, independently or succeeaively. > 13. Succeasore and Aesigne 8ound; Joint and Several Liability; Captione. The rnvenar?ta and agreements herein rnntained ahall bind, and the righta hereunder shall inure to. the reapective aucceesors and aseigna of Lender and Borrower, subject to the pmvisiona of paragraph 17 hereof. All covenants and agreementa of Borrower ahall be joint and eeveral. The captione and headinga of the paragrephs of thia Mortgage are for covenience.only and are not to be used to enterpret or define the proviaiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, ta) any notice to Borrower provided for in this Mortgage ahap be given by mailing auch notice by certified mail addreased to Borrower at the Property Addreas or at such other addreas as E3orrower may deaignate by notice to l,ender as provided herein, and (b) any notice to Lender shall be given by certified mail, ret~un receipt requeated, to Lender's address atated herein or to euch other address as Lender may deaignate by notice to Borrower as provided herein. My notice provided for in thia Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated he~rein. 15, Uniform Mortgage; Goverain~ I.aw; 3everability. Thia form of mortgage combinea uniforcn oovenante for national use and non- uniform covenants with lunited variationa by juriadiction to conetitute a uniform aecurity inatrument oovering real property. Thia Mortgage ahall be governed by the law of the jurisdiction in which the Property is located_ In the event that any provision or clauee of this Mortgage or the Note conflicts with applicable law, auch conflict ahall not af~ect othet provisiona of this Mortgage or the Note which can be given effect without the conflicting provision, and to thia end the provisions of the Mortgage and the Note are declared to be severable. 16_ Borrower'e Copy. Borrower shall be furnished a conformed oopy of the Note and of thie Mortgage at the time of ezecution or after recordatiun hereuf. 17. Tranefer of the Property; Assumptioa. if all or any part of the Property or an intereet therein is eold or tranaferred by Borrower without Ir_nder s prior written conaent, eicluding (a) the creation of a lien or encumbranoe subordinate to thia Mortgage, (b) the creation of a : pumhase money security interest for household appliances. (c) a transfer by deviae. dc:acent or by operation of law upon the death of s joint tenant or (d) the grant of aay leseehold interest of three years or leas not oontaining an option to purchase. Lender may. at Lender's option. declare all the sume aecured by this Mortgage to be immediately due and payable. Lender ahall have waived auch option to socelerateif, prior to the sale or tranafer, Lender and the person to whom the Property is to be aold or tranaferred reach agreement in writing that the credit of euch person ia satufactory to Lender and that the interest payable on the suma secured by this Mortgage ehall be at such rate as Lender ahall request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower's aucce8sor in interest has eaecuted a w•ritten assumption agreement accepted in writing by Lender, I.ender ahall release Borrower from all obligationa under this Mortgage and the \ ote_ . F If Lender exercisee auch option to accelerate, Lender shall mail Borrower notice of aoceleration in accordance with paragraph 14 hereot ~ ~uch notice ahall provide a period of not less than 30 days from the date the notice is ~r.siled within which Borrower may pay the sume declared ~ due. If Borrower fails to pay such aums prior to the expiration of such period, Lender may, without further notice or demand on $orrower, i ~nvoke any remedies permitted by paragraoh 18 hereof. ~ 18. Acceleretion; Remediee. E:cept as provided in paragraph 1? hereof, upon Borrower's breach of any covenant or ~ tigreement of Borrower in thie Mortgage, including the oovenanta to pay when due any sume secured by this Mortgage, Lender ~ prior to aoceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure euch breach; (3) a date, not less than 30 daye from the date the notice ie mailed to Borrower, by whic6 snch breach must be cured: and (4) that failure to cure auch breach on or befoce the date apecified in the notice may result in acceleration of the eume aecured by this Mortgage. forecloaure by judicial proceeding and sale of the Property. T6e notice ehall further inform Borrower of the right to reinetate after acceleration and the right to asaert in the foreclosure proceeding t6e non-eziatence of a default or any other defense of Borrower to aoceleration and foreclos~re. If the breach ie not cured on or before the date specified in the notice. Lender at Lender's option may declare all of the sume aecured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be $ entitled to collect in auch proceeding all ezpenaes of foreclosure, including, but not limited to. reseonable attorney'e fees, and ~ coste of ~ocumentary evidence. abstracts and title reporte. ~ 19. Borrower'8 Right to Reinatate. Notwithstanding Lender's acceleration of the suma eecured by this Mortgage, Borrower ahall have ~ the right to have any proceedinge beg~n by Lender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing ~ thie Mortgage if: (a) Borrower pays Lender all auma which would be then due under this Mortgage. the Note and notea securing Future ~ Advancea, if any, had no acceleration occurred; (b) Borrowercures all breaches of any other covenante or agreemente of Borrower contained in this Mortqage; (c) Borrower pays all reasonable expenaes incurred by Lender in enforcing the covenants and agreemente of Borrower s rnntained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited tfl, reasonable attorney'e feee; and (d) Borrower takee auch action as Lender may reaeonably require to assure that the lien of thie Mortgage, Lender'e interest in the Property and Borrower's obligation to pay the auma secured by this Mortgage shall continue unimpaired. Upon auch payment and cure ~ ~ by Borrower, thie Mortgage and the obligationa secured heteby ahall remain in full lorce and eftect se if no acceleration had occurred. ~ 20. Aseignment of Rents; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby aaaigns to Lender the rents ~ of the Property. provided that Borrower ahall, prior to soceleration under paragraph 18 hereof or abandonment of the Property, have the right I ~ to collect and retain euch renta as they become due and payable. , ~ ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property. l.ender ahall be entided to have a receiver appointed by a rnurt to enter~pon, take poseesaion of and manage the Property and to collect the rents of the Property, including thoee paat due. All rents ~ collected by the reoeiver ehall be applied firat to payment of the coats of managementof the Property and rnllection of rente, including, but not limited~to, receivei s fees, premiuma on receiver's bonda and reasonable attorney'a feea, and then to the eume serured by this Mortgage_ The receiver ehall be liable to acoount only far thoae renta actually reoeived• ~ - ~ ~ ~ ~ ~A~ 684 ~ ~4. ~ _ . ~ -r~ ~a_-r_ . _ • ~T `.~Y, 2,~ xc~ ~.yn.~~4 rr ~-~w ~ s_._ _ , s A`~~'!E.,~4..'~~