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HomeMy WebLinkAbout0170 _ • 8. Inspection. I.ender may make or cawe b be made oeawnabla eatries upon aad iaap~ctions oithe pcoperRy, provided that Lender ~hall ~ive Bortower notice prior to any such inspection specifyiag reasonable cawe therefor re}atad to l.ender'~ intereat in the Property. 9. COA/~eII1ApL~0A. 7~e prooeed~ of any awsrd or claim for dama~es, dinct or con~oquential. in conneMion with any oondemnation o~ other takir~ of the property, or psrt thereof, or Eor conveyanoe in lieu of oondemaation. an hereby a~i~ned and sha11 be paid to Lender. ln the event of a totsl takin~ o! the Property, the pe~oceeda ~haU be epplied to ths sums ~ecured by this Mort~a~e, arith !he ~cesa, ii any, paid to Borrower. In the event of a{?prtial taldag of the Property. unle~s Borrowet and Lender otherwi~e agree in w~ritin~. Were shel) be appGed to the auane eecu~ed by this MortgcQe such ptoportion ot the pmcee~d~ eu ii equal b that proportion which the amount of tbe sum~ secured by this Mortgage immediably prior to the date of taking bears eo the tair market value of the Peoperty immediately psior Uo the date of tating, with the balanoe of the piuc~eeds paid to Borrowet. If the Piropesty u abandoned bv Borrower, or if, aRer notias by Lender to Borrower that the oondemaor ofters to make an award os settle a claim for damaga, Borrower fails_ to respoad to Lender within 30 days aftet the date such notice is mailed. LeAder is authorised to coUect aad apply the prooeeds. at Lendefs opaon, either fo restoratioa ot repair of the property or to the sume secured by thia Mottgege. Unfess I.ender and Borrower othervviee agree in writing. any such epplicatioa olpmceeds to principal shaU not extend or postpone the due dete of the monthly inatallments refe:red to ia paragtaphs 1 and 2 hereof os chenge the amount of such installments. 10. Borrower Not Released. E:tenaion of the time for paym~nt or oaodification of amortization of the aume aec~ued by thia Mortgage granted by Lender to any aucceeeor in interest of Borrower ahall no! operate to release. it? any manner, the liability ot fhe otiginat Borrower and Borrower's ancceseore in intereat Lender ehall not be required to oommence prooeedings ngainst such suocesaor or refust to e:tend time for payment or otherwiae modify amortization of the suma aecured by this Moriga~e by reason of any demand made by the original Borrower and Borrower e succeeeore in interest. i l. Forbearanoe by Lender Not a Walver. My forbearanoe by Lender ia exercasing any right or remedy herennder, or otherwise aPforded by applicabte law, shal! not be a waiver of or pre,~lude the e~cercise of aay euch right or remedy.'[~e procun~nent of insuranoe or the payment oi tases or other Uens or chargea by Lender ahall not be a waivet of Letider a right b accelerete the maturity of the indebtedness eecured by this Mortgage. ~ • - 12 Remediea ~?mulstive. Alt reanedies provided i~ this Mortgage are distinct and cumulative to any other right or remedy under thi~ Mortgage or s~fforded by law or equity. and m~y be e:erciae~i ooncurrently. independently or suooeesively. 13. 3ucceseore and Aaeigas Boitnd; Joint and 3everal Liability; Captions. The oovenente and agreemenLs herein ooatained ahall bind, and the righta hereundeT ahall inure to, the respective succeaeoro and assigne of I.endes and Borrower, eubjoct to the pmvieione of paragraph 17 hereof. All covenants and agreementa of Borrower ehall be joint and eeveral.'!be captions and headings of the paragraphs of thie Mortgage are for covenience only and are not to be ueed to interpret or define the proviaiona hereof. ' 14. Notice. Except for any aotice required under applicable law to be given in.another inanner. (a) any notice to Borrow er pmvided for in thia Mortgage ahall be given by mailing such notice by certi6ed mail addreeeed to Bornower at the Property Addresa or at euch other address ee Borrower may deeignate by notice to l.ender as provided herein, and (b) any aotice tu Lender shall be given by certified mai1, retnrn receipt requeated, to I.ender'e addreas atated herein or to auch other address as Lender may deaignate by notice to Borrower es provided hesein. Any _ notice provided for in thie Mortgage ahall be deemed Lo have been given to Borrower or Lender when given ia the manner deeignated herein. I5. Unifortn Mortgage; Governing Law; Severability. Thie form of mortgege oombinea uniform oovenante for national use and non- uniforn~ covenante with limited variationa by jurisdiction to oonstitute a uniform aecurity inatniment covering real pmperty. Thie Mortgage shall be governed by the law of the juriadiction in which the Property ia located. In the event that any provieion or clause of this Mortgage or the Note conAicts with applicab]e law, such conflict ahall not atfect other p~h+oviaiona of thia Mortgage or the Note which can be given effect without the wnflicting provision, and to thia end the pmvisions of the Mortgage and the Note are declared to be eeverable. 16. Borrower'e Copy. Borrower ehall be furniahed a conformed oopy of the Nate and of thie Morfgage at the time of execation or after recordation hereof. 1 T. 'l~aasfer of the Property: Aesumption. If a11 or any pad of the Property or an intereet therein is sold or traneferred by Borrower without Lendet'e prior written conaent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchase money security intereat for honeehold apptiancee, (c) a tranefer by deviee, descent or by operation of law upon the death of a joint . tenant or (d) the grant of any leaeehold intere+at of three years or lese not oontaining an option to purchaee, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived aach op~tion to accelerate if, prior to the sale or transfer, l.ender and the pereon to whom the Property ia to be sold or transferred reach agreem~ in~r'sting that the credit of such person is satiefactory to L.ender and that the intereet payeble on the euma secured by this Mortgage ehall be at auc6 rate ae Lender ahall ~ request. If I.ender has waived the option to accelerate provided in thia paragraph 17, and if Borrower e succeseor in interest hea e:ecuted a written aseumption agreement accepted in writing by I.ender, Lender ahall relesse Borrower from all obligationa under thia Mortgage and the Note. If Lender e:erciaea auch option to accelerate, Lender aha11 mail Borrower noticeof acceleration in acoordance with paragraph 14 hereoL ' Such notice ahall provide a period oinot less than 30 daye from the date the notice ie rnailed within which Borrower may pay the euma declared ; due. If Bonower faila to pay euch aums prior to the expiration of such period, I.ender may, without further notice or demand on Iiorrow~~ mvoke any remedies permitted b3 paragraoh 18 hereof. 18. Acceleration; Remediee. Except aa provided in paragrap6 1? hereot, upon Borcower's breacb of any aovenant or R agreement of Borrower in thie Mortgage. including the oovenants to pay when due any sums aecured by this Mortgage. Lender prior to aoceleration shell mail notice to Borrower as provided in paragraph 14 6ereof epecifying. (1) t6e breach; (2) tbe action required to cure euch breach: (3) a date. not lese tban 30 daye trom the date the notice is mailed to Bortower, by which such ~ breach must be cured; and (4) that [ailure to care such breach on or before t6e date epecified~in the notice may result in ~ acceleration otthe aume eecured by thie Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice e6all = further intorm Borrower of the right to reinstate after acceleration and t6e right to aesert in the foreclosure proceeding the 5 non-ezietence ot a detault or any other defenae of Borrower to aoceleration and forecloeure. Ii the breach is not cured on or ~ before the date epecifled in the notice. Lender at Lender'e optiun may declare all of the sume secured by this Mortgage to be ~ immediately due and payable without fnrther demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be y entitled to collect in such proceeding atl ezpenses of toreclosure, incfuding, but not limited to, reasonable attorney's fees. and ; coste of documentery evidence, abstracte and title reporte. ' 19. Borrower's Right to Reinatate. Notwithatanding Lender'a acceleration of the aume secured by thie Mortgage, Borrower ehal) have ~ the right W have any proceedinga begun by Lender to enforce this Mortgage diecontinued at any time prior to entry of a judgment enforcing ~ thie Mortgage if (a) Borrower paya I.ender all aume which wauld be then due under th'ss Mortgage, the Note and notes eeturing Future ; Advancee, if any, had no acceleration occurred: (b) Borrower curea all breachee of any other iwvenenta or egreemente of Borrower contained in this MoTtgage; (c) Borrower pays a11 reaeonable expeneee incurred by Lender in enforcing the oovenanta and agreemente of Borrower . ; contained in thie Mortgage and in enforcir?g I.endei s remediee as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney'e fees; arrd (d) Borrovrer takee auch action ae Lender may reaeonabiy require to assure that the lien of thia Mortgage. Lendet's interest in the Property and Borrower'e obligation to pay the aums aecured by this Mortgage eha11 continue unimpaired. Upon euch payment and care by Borrower, this Mortgage and the obligations secured hereby ahall remain in full foroe and effect as if no acceleration had occurred. 20. Aesignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby es$igna to Lender the renta of the Property, pmvided that Borrower ahall, prior to aooeleretion unde~ paregraph 18hereoforabandonmentoftheProperty, havetheright to rnllect and retain auch r~ente as they become due and payable. Upon acceleration under paragraph IB hereof or abandonment of the Property, l.ender ehall be entided to have a reoeiver appointed by a ~ oourt W enter upon, take poaee~aion of and manage the Property and to cotlect the renta of the Property, incinding those past due. All renta ooUected by the receiver shall be applied first to payment of the ooste of management of the Property and oollection of rents, including, but not limited to, receiver's fees, premiume on receiver's bonde and reseonable attorney e fees, and then to the aume secured by thia Mortgage. The receiver ehall be liable W account only for thoee rents aMually received. ~ r ~ ~ - ~r 8001( l PA6f ~ ?O ~ - f~ ~ - < a' _ , _ ~ _ .