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HomeMy WebLinkAbout0158 ' . . 8. In~pection. I.ender mey make or cause to be made reawn~ble entries upon and uupecporu of 1he properiy, ptov~ded that I.ender shall givs 6oROwer notioe prior to any such inspection apecifyinQ reasonable cawe therelor related to l.ender'~ interest it~ tbe Property. 9. Condeaa~?atlon. The proaeds of any award or cleim [or dama~e~. direct or rn~~equential. in conaection with any oondemnation or other taking of the pmperty, or part thereof, or for conveysnoe in lieu of oondemnation, are hereby a~signed and ~hsll be paid to l.ender. la the event of a total taking of the Property. the proceed~ ~hall be appliod b the aums secured by thii Mort~a~e. with the e:oew, if any. paid w Bonower. In the event of s partial taking of the Property. unlew Borrower and l.ender otherwi~e agree in writin~, Were 6haU be s applied to the sums secured by this Mort~age such proportion of the proceeds a~ u equal to that proportion which the amouat ot the suau secured by this Mortgage immediately prior to the date o! taking bears to the fair market value o[the Property immedietely prior to the date of taking, with the balanca of the prooeeds paid to Borrow~r. + If the Property u abandoned by Borrower. or if, after notioe by Lender to Borrowet that the oondemnor oPfen to make an award ar ~etde e claim [or damages. Borrower faila to reepond to Lender within 30 days atter the date such notice is mailed. Lendrr is auLhori=ed to coUect and j apply the prooeed~, at I.ender s option. either to restoration or repair of the property or W the eums secured by this Mortge~e. Unleea l.ender and Borrower otherwise agree in writing, any snch application of prooeeds Lo priacipal ahall not e:tend or poetpone the due date o! the monthly installmenta referred to in paraQraphs 1 and 2 hereof or change the amount of ~uch installmen4. ; 10. Borrower Not Releared. Eztension of the time for paymant or modification of amortization of the suma secured by this Mortgege granted by Lender to any eucceaeor in interest of Borrower shall not operate to release, in any manner, the liability af the originel Botrower ! and Fiorrower's eucceasors in interea~ l.ender shall not be required to oommence proceedinga againat such succeaeor or refuse to e:tend time [or payment or otherwiae modify amortization oi the aume aecured by this MortgaRe by reason ot any demand made by the original Borrower ! and Borrower a succeaeore in intereat. 11. Forbearaaoe by i.ender Not a Walver. My forbearance by Lender in eaercising any right or remedy hereunder. or otherwi~e , afforded by applicable law, shall not be a waiver of or preclude the esercise of any auch right or remedy.'Il~e procurement of insurance or the payment of taxea or other liens or charges by Lender shall not be a waiver of Lender s right to accelerate the maturity of the indebtednass secured by thia Mortgage. 12. Remedies Cumulative. All remediee provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exerciae~l ooncurrently, indeprndently or succeesively. 13. 3uccesaore and Aeaigna Bound; Joiat and 3everal Llabllity; Captions. The oovenanta and agreementa herein oontained ahall bind, and the righte hereunder shall inure to, the reepective aucceesors and aaeigns d Lendet aad Borrower, eubject to the provisione of paragraph 17 heteof. All covenanta and agreementa of Borrower ehall be joint and eeveral. 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 psoviaione hereot. 14. Notice. F:xcept for any notice required under applicable law to be qiven in another manner, la) any notice to Botrowrr pmvided for in thia Mortqaqe shall be given by mailinq auch notice by certified mail addreased to Borrower at the Property Addreae or at auch other addreas qs f3orirower may deaignate by notice to Lender as provided herein, and (b) a~y notice to Lender ahall be given by cerfSfied mail, return receipt requeated, to I.ender's addreee etated herein or to euch other address se Lender may deeignate by notice to Boriower se provided herein. My notice provided for in this Mortgage sha11 be deemed to have been given to Borrower or I.endet when given in the manner deeignated herein. 15. Uniform Mortgage; Governing l.aw; Severabillty. Thia [orm of mortgage oombinee uniform aovenanta for national use and noa- uniform rnvenanta with limited variatione by juriadiction to oonatitute a uniform aecurity instrument oovering real property. This Mortgage ahall be governed by the law of the juriadiction in which theProperty ia located_ In the eveqt that any pmvieion or clauae otthis Mortgage or the Note contlicte with applicable law, euch conflict ahall not af[ect other provisiona af this MortgaQe or the Note which can be given effect without the rnntlicting proviaiun, and to thia end the provieions of the Mortgage and the Note are declared to. be eeverable. 16. Borrower's Copy. Borrower ehaU be furniehed a conformed aopy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17. Transfer of We Property; Assumption. If all or any part of the Property or an interest therein ia eold or tranaferred by Borrower without I.ender a prior written conaent, excluding (a) the creation of e lien or encnmbrance subordinate to thia Mortgage, (b) the creation of a purchaee money eecurity intereat for houeehold appliances, (c) e traneter by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant o~+any leaeehold intereet of three yeara or leee not oontaining an option to purchaee~ Lender may, at Lender a option, declare all the suma eecured by thie Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior I to the aele or tranafer, Lender and the peraon to whom the Property ie to be sold or tranaferred reach ngteement in writing that the credit of euch ' person is satisfactory to Lender and that the intereat payable on the euma secured by thia Mortgage ehaU be at auch rate ae L.ender ehsll i requeat. If I.ender has waived the option to accelerate provided in thia paragraph 17, and if Borrowei s suceeseor in interest has e:ecnted a ~ written asaumption agreement uccepted in writing by Lender, I.ender ahall telease Borrower from ell obligatione under thie Mortgage and the I Note. ~ If I.ender exerciaee auch option to accelerate, I,ender ahall mail E3orrower notice of acceleration in acoordance with paragraph 14 }iereof. Such notice shall provide a period of not leas than 30 daya fTOm the date the rfutice is ~r.siled within which E3orrower may pay the suma declered g due. It Borruwer fails to pay such suma prior to the expiration of such period, l.ender may, without further notice or demand on Horrower, ~ mvoke any remediea perrnitted by paraqraoh IA hereof. I 18. Acceleration; Remediee. E:cept as provided in paragraph 17 hereof, upon Boaower's breach of any oovenant or agreement ot Borrower in thie Mortgage. including the oovenante to pey w6en due any sums secured by thie Mortgage, I.ender prior to acceleretion ehall mail notice to Borrower es provided in paragraph 14 hereof specifying: (1) the breacb; (2)the actioa required to cure such breach; (3) a date, not leee than 30 days from the date the aotice is mailed to Borrower, by w6ich such breach must be cured; and (4) that failure to cure auch breach on nr before t6e date epecified in the notice may result in acceleration ot the eums eecured by thie Mortgage, foreclosure by judicial procceding and aale otthe Property.The notice ~hall further inform Borrower o! the right to reinetate after acceleretion and the right to easert in the foreclosure proceeding t6e non-eziatence of a default or any other defenee of Borrower to aoceleretion and forecloeure. If the breach is not cured oa or before the date specited in t6e notice~ Lender at Lender'a option may declare all of the sume secured by thie Mortgage to be ~ immediately due and payable without further demand and may forecloee this Mortga~e by judicial proa.~eeding. Lender ehall be entitled to collect in euch proceeding all expenaee of toreclosure. including, but not limited to. reasoneble attorney's feee. and coate o[ documentary evidence. abetracte and tiUe reporte. ~ l9. Iiorrower's Right to Reinetate. Notwithatanding Lender'a acceleration of the suma aecured by this Mortgege, BorrowerahaU have ; the right to have any proceedinga begun by Lender to enforce thie Mortgage diacontinued at any time prior to entry of a judgment enforcing ~ thie Mortgage if: (a) Borrower paye Lender all sums which wuuld be then due under thia Mortgage, the Note and notee securing Future ~ Advancea, if any, had no acceleration occurred; (b) Borrower cures all breachee of any other covenanta or agreements of Boaower oontained in ~ thie Mortgage; Ic) Borrower paye all reasonable eupenaes incurred by Lender in enfoming the covenanta and agreements of Borrower y oontained in thie Mortgaqe and in enforcing [.ender e remedie8 aa provided in paragraph 18 hereof, including, but not limited to, reaeonable ' attomey's feeB; und Id) Bonower takee euch action ae I.ender may rea~sonably require to assure that the lien of this Mortgage, L.ender e interest ~ in the Yroperty and i3orrowei s obligation to pay the auma secured by thie Mortgage ehall continue unimpaired. Upon such payment and cure ; by Borrower, thie Mortgage and the obligatione eecured hereby ahall remain in full force and ~tfect as if no acceleration had occnrred. ~ 20. Aseignment ot Rents; Appointment of Receiver. Ae additional security hernunder. Borrower hereby aseigne to I.ender the renta ~ of the Property, provided that Borrower ehall, prior to aoceleration under paragraph 18 hereaf or abandonment of the Property, heve the right ~ to collect and retain euch rente as they become due and payable. t Upon acceleration under paragraph 18 hereof or abandonmenl of the Property, Lender shall be entitled to have a receiver appointed by a ~ rnurt to enter upon, take poeaeaeion of and manage the Property and to collect the rents of the Property, including those past due. All rente ~ oollected by the receiver ehall be applied firat to payment otthe vosta of managementof the Property and collection of renta, including, but not s limited to, receiver e fees, premiuma on receiver'e bonds and reasoneble attorney's feee, and then to the eume secured by this Mortgage. The H receiver shall be lieble to account only for thoee rente actually received. ~ ~ ~ . I ~ G R s ~ $~~~y~ 1~ . ~ ~ ~ . . . . . _ _ . . - x, ~ :