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HomeMy WebLinkAbout0213 ` . 8. 1n~peMion. Lender may make or cauee to be made rea~onable entries upon nnd ia~pectiona of the properiy, pwvided that Lender ~hall give Borrower notioe prior to any wch inspection ~pecitying rea~onable cawe therefor related to Lender's inter~t in the Property. 9. Coademaatlon. The pmceeds of any eward or claim for damaQes, direct or consequential, in connectioa with any oopdemastioa or other taking of the property. or part Wereof, or for conveyance in lieu of oondemaation, are hereby awigned and shell be paid to Leader. In the event oi a btal takin~ of the Property, fhe proceed~ ~hall be applied to tbe sum~ ~ecured by thu Mort~a~e, with the aa~cess. if any. paid to Borrower. I~ the event of a partial takina of the Prnperty, unless Borrower and l.ender olherwi~e agree in writinQ, there ihall bs applied tu the sums secured by this MortgaQe such proportion of the prooeeds a~ is equ~! to thet pmportion which the smount of the ~uau eecured by thu Mo~tgage immediately prior to the date of teking bean to !he fair martet value oithe PropeKy immediately prior to the date of taking, with the balanoe of the proceeds paid to Borcowrer. ' If tho Property is abandoned by Borrower, or it aRer notice by Lender to Borrower that the oondeannor ogen to mal~e an awrerd or ~ettle a claim for damages. Horrower faib to respond to [,endar within 30 days after the date snch notice is mailed. Lend~ is authorised to rnUect and apply the proaeds, at Lender's option. either b restoration or repair of We property or to the eums secured by this Mortgage. Unlesa I.ender and Borrower otherwis~e agree in writing. any euch application of pmceeds to principal shall not extend or postpoae the due date of the monthly inatallments referred to in peragraphs 1 and 2 hereoi or change the amount of such instaUments. 10. Borrower Not Released. E:tenaion of the ti~ae for paymant or modification of amortization of the sums aeciued by this Mortgage granted by Lender to any succeesor in intereet of Sorrower ehall not operate to releaee, in any manner, the liability of the original Borrower and Borrower a succeseors in interea~ I.ender ahall not be required to oommence proceedings againat sncl~ successor or refuee to e:tend time for payment or otherwiee modi[y amortization of the aums secured by thia Mortgage by reason of any demand made by the original Borrower and Borrower s succeseors in inte~est. 11. Forbeuanoe by Lender Not a Walver. My forbearanoe by Lender in e:ercising any right or remedy hereunder~ or othenviae afforded by applicable la~?, ehall not be a waiver of or preclude the exercise of any such right or remedy.'l~e procuremeat of inaurance or the payment of tazes or other liena or ehsrges by Lender shall not be a waiver of Lender's right to aoceleraf~e the maturity of the indebtedness eecured by this Mortgage. 12 Remedies Cumalative. All remediea provided in thia Mortgage are distinct and cumulative to any other ~ight or nmedy under thie Mortgage or afforded by laa or equity, and may be e:ercise~i ooncurrendy, independendy or successively. 13. Succeasors aad Assigns Bound; Joint snd $everal I.iabillty; Captiona.'l~e oovenanta and agreements herein oontained ahall bind, and the righte hereunder ahall inure to, the reepective auci.~eesors and assigna of Lender and Borrower. aubject to the pmvisions of paragraph 17 hereof. All coyenanta and agreemenfa of Borrower shall be joint and several. The captions aad headings of the paragraphs of this Mortgage are for covenience only and are not to be used to inlerpret or define the provieiona hereof. 14. Notice. F.xcept for any notice required under applicable Iaw lo be given in another mannet, (a) any notice to Borrower provided for in thie Mortgage ahall be given by mailing such nntice by certified muil addreaeed to Borrower at the Property Addrese or at such other addreee as E3orrower may designate by noticr to [.ender aa provided herein, and (b) any notice to l.ender shall be given by certified mail, nt~rn receipt requeated, to Lendei e addrees stated herein or to euch other addrese ae I.ender may designate by notice to Borrower aa pmvided huein. My notice pmvided for in thie Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deeignated herein. 15. Uniform Mottgage; Governing Law; 3everability. This [orm of mortgage combines uniform oovenanta for national use and noa- uniform covenanfa with limited vatiatione by juriediction to oonstitute a unifarm eecurity inatrument oovering real pmperty.'Ittis Mortgage ahall be governed by the law of the juriadiction in which the Property ia located. In the event that any proviaion or clauae of thia Mortgage or the Note conflicts with applicsble lav`, such conflict shall not af~ect other provieiona of this Mortgage ot the Note which can be given eftect without the rnnflicting ptovieion, and to this end the provieions ot the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ehall be furniahed a conformed oopy of the Note and of this Mortgage at the time of euecution ar after recordation hercof. 17. 'l~ans[er of the Property; Assumption. If all or any part of the Property or an intereat therein ia sold or transferred by Borrower without Lender'e prior written coneent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage. (b) the cceation of a purchaee money security intereet for household appliances, (c) a transfer by deviee, desoent or by operation of law upon the death of a j0iat tenant or ld) the grant of any leasehold intereet of three yeara or leas not containing an option to purchaee, Lender may, at [.eader'e option, declare all the aums eecured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior ~ to the eale or tranafer, Lender and the pereon to whom the Property ia to be eold or traneferred reach agreement in writing that the credit of auch ~ person ie satisfactory to I.ender and that the intereat payeble on the eume eecured by this Mortgage shall be at such rate as I.ender ehall - ~ requeat. If Lender has weived the option to accelerate provided in this paragraph 17, and if Borrowela succesaor in interest has e:ecuted a i written aaeumption agreement accepted in writing by I.ender, Lender shall release Borrower trom all obligations undet thie Mortgage and the ~ Note. ~ If L.ender exerciaee suc~ option to accelerate, Lender ahall mail Borrower notice o[ ea.eleration in sooordance with paragraph 14 hereoL Such notice shall provide a period of not less than 30 daya from the date the notice ia mailed withiq which Borrower may pay the auma declared ~ due. [f Borruwer faila to pay auch suma prior to the expiration of such period, Lender may, without further notice or demand on Borrower, ~nvoke any remediea permitted by paragraoh IS hereot. ~ 18. Acceleration; Remedies. E:cept as provided in paragraph I? hereot, upo~ Borrower's breach of any ooveasnt or ~ agreement ot Borrower in this Mortgage. including the oovenanta to pay whea due any eume eecured by this Mortgage, Leader @ prior to acceleration shall mail notice to Borrower ae provlded in paragraph 14 hereof epecifying: (1) the breach; (2) t6e acttoa ~ required to cure such bresch; (3) a dete. not leae than 30 daye lfom the date the notice ie mailed to Borrower, by_whlch such breach must be cured; and (4) that tailure to cwe such breach on or betore the date epecified in the notice may result in ~ acceleration of the sume secured by thie Mortgage, torecloaure by judicial proceeding and eale of the Property. T6e notice ehall ~ further inform Bbrrower ot the rlght to reinstate efter acceleretion and the right to assert in the toreclosare proceeding the ~ non•ezietence o~ a detault or any other detense of Borrower to eoceleration and foreclosure. If the breach is not cured on or ~ be[ore the date epecified in the notice, Lender at Lender'e option may declere all otthe aume eecured by this lllortgage to be immediately due and payable without turther demand and may forecloae this Mortgege by judicial proceeding. Lender ehall be k entitled to collect in such proceeding all expenaee of forecloaure, including, but not limited to, reseonable attorney's fees, and ~ coets of documentary evidence, abstracts and title reports. 19_ BoROwer's Right to Reinstate. Notwithetanding Lender'a acceleration of the aume eecwed by thia Mortgage, Borrower shall have ~ the right to have any peoceedinge begun 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 suma which would be then due under thie Mortgage, the Note and notee eecuring Future ~ Advancea, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreemente of Borrower contained in ; this Mortgage; (c) 8orrower pays all reseonable expensea incurred by Lender in enforcing the covenants and agreementa of Borrower oontained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney a feee; and (dl Borrower takee such action ae [.ender may reasonabiy require to aeaure that the lien of thia Mortgage. Lender's interest z in the Property and Borrower'a obligation to pay the eume secured by thia Mortgage sha11 continue unimpaired. Upon such payment and c~ure = by Bnrrower, this Mortgage and the obligetiona secured hereby shall remain in full torce and effect aa if no acceleration had oocurred. ~ Z(1. Assignment of Renb; Appointment of Receiver. Ae additional eecurity hernunder, Borrower hereby aeeigna to Lender the rents ' of the Property, provided that Borrower ehall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain auch rente ae they become due and payable. £ Upon acceleration under paragraph 18 hereof or abandonment of the Property, I.ender ehalt be entided to have a receiver appointed by e - oourt to enter npon, take poeseaeion of and manage the Property and to rnllect the rents of the Property, including thoee paet due. All renta ; ootlected by the receiver ehall be applied firet to payment of the ooata of inenagement of the Property and collection of renta, including, twt not ~ limited to, receiverb feee, premiuma on receiver'e bonda and reaaonable attorney e feee, and then to the eume eecured by this Mortgage. The ~ receiver ahell be liable to aooount only for thoee renta actually received. ~ ~ ~ ~ ~ ` ~ooK~y~ ~acE ~13 ~ t Y ~ . ~ . . . „a - : . - ~ _ . . . .