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HomeMy WebLinkAbout0374 A. larpectioa. Lender may make or causa eo be made reaaoneble entries upon and inspectiona of the property, provided that Lender ehall give E;orrower notice prio~ to any such inspection specitying ~rasoneble cauae therefor related to Gende~ s intereet in the Piroperty. 9. Coademnation. The prooe«ls of any award or claim for damage~, direct or consequential, in connection with any oondemnation or other taking ot the property, or part thereof, or for conveyance in lieu ot condemnation, are hereby asaigned and ahall be paid to Lender. In the event of a total taking o[ the Property, the proceeds ahall be applied to the suma eecured by this Mortgage, with the exceea, if any, Faid to Borrower. In the event of a partial taking of the Property, unleas Borrawer and l.ender otherwise agree in writing, there shall be applied to the sums secured by this Mort~age euch proportion of the procecds ae ia equal Lo thet proportion which the amount o! the eums secured by thie Morlgage immediately prior to the date of taking bears to the fair market value of the Property immedietely prior to the date of taking, with the balanc~ ot the proceeds paid to Borrower. If the Property is abando~ed by Borrower, or ii, after notice by Lender to Borrower that the oondemnor ofiers to make an award or eettle a claim for damagea, Bo~rower fails to reapond to Lender within 30 daye after the date such notice ia mailed, Lender is authorized to coUect and apply the proceede, at Lender'a option, either to restoration or repair of the property or to the eume secured by thia Mortgage. Unleas l,ender and Borrower otherwise agree in writing, any euch epplication of proceeds to principal shall not extend or poatpone the due date of the monthly installments referred to in paragraphe 1 and Z hereof or change the amount of euch inetailmenta. 10. Borrower Not Released. Exteneion of the time for paym ~nt or modification of amortization of the auma eecured by thie Mortgege ~anted by Lender to any succeseor in interest o[ I3oredwer shall not operate to releaee, in any manner, the liability of the original Borrower and E3orrower.'s succesaora in intereat. [.ender ahall not be required to mmmence proceedinga againat euch auccessor or refuse to extend time for payment or otherwiae modify amortisation of the aums secured by this Mortgage by repeon of any demand made by the original Borrower and f3orrower a sucreseore in inte~eat. 11. Forbearance by Lender Not a Waiver. My fort~earance by l.ender in e:ercieing any right or remedy hereunder, or otherariee afforded by applicable law, ahaU not be a waiver of or preclude the exerciee of any such right or remedy. The procurement of ineurance or the payme~t of taxea or other liens or chargea by Lender shall not be a waiver o[ Lender'e right to accelerate the maturity of the indebtedneea secured by thia Mortgage_ 12 Remediee Cumulative. All remediea pmvided in thie Mortgage are diatinct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity, and may be ezercised ooncurrendy, independently or aueceesively. 13. Succeseore and ABSigne Bound; Joint and Several Liability; Captione. The rnvenants and agreements herein rnntained ehall bind, and the righte hernunder shall inure to, the reepective eucceasors and asaigna of I,eader and Bottower, eubject to the provieiona of paragraph 17 hereof. All covenanta and agreementa of Borrower ehall be joint and aeveral. The ceptione and headings of the patagraphe of thia Mortgage are tor covenience only and are not to be uaed to interpret or define the proviaione hereof. 14. Notice. F:xcept for anp ~otice required under applicable luw to be given in another manner, (al any notice to Borrowe~ provided for in thia Mortgage ahall be Kiven by mailing such notice by certified mail addreesed to Borrower at the Property Addreea or at auch other addreas ae Borrower may deaignate by notice to Ixnder as provided herein; and (b) any notice to I.ender shall be given by certified mail, return receipt requested, to I.ender's addreas atated herein or to such other addreRS ae Lender may deaignate by notice W Borrower as provided herein. My notice provided for in this Illortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; 3everability. This form otmortgagecombinea uniform ooveoante for national uae and non- uniform covenanta with limitc~i variationa by jurisdiction to constitute a uniform aecurity instrument covering real property. Thie Mortgage shall be Kovemed by the law of the jurisdiction in which the Property is lo¢ated. In the event that any proviaion or clauae of this Mortgage or the Note conflicts with applicable law, such contlict shall not affect other provisions of thia Mortgage or the Note which can be given effect withoat the conflicting pro~ision, and to this end the provisione of the Mortgage and the Note are declared to be aeverable. 16. Borrower'e Copy. Borrower shall be furniahed a conformed rnpy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof. ~ 17. 'I~ansfer of the Property; Assumption. If all or any part of the Property or an interest therein ia eold or traneferred by Borrower without I.ender's prior written consent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purehase money aecurity interest for houeehold appliances. (c) a transfer by devise, dc:scent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of thtee yeara or lesa not oontaining an option to purchase, I,ender may, at I.ender e option, ~ declare all the sume secured by thie Mortgage W be immediately due and payable. Lender ahall have waived such option to accelerate if, prior ~ to the sale or transfer. I.ender and the person to whom the Property ia to be sold or tranaferred reach agreement in writing that the credit of auch ! person ia satiafactory to I.ender and that the intereat payable on the sume secured by this Mortgage ahall be at such rate as Lender shall request. If l.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has ezecuted a written assumption agreement accepted in writing by Ixnder, l.ender ahall release Borrower from all obligationa underthis Mortgage and the Note. If Lender exercises such option to accelerate. [xnder shall mail Borrower noticeof acceleration in accordance with paragraph 14 hereof. ~ ~uch notice shall pmvide a period of not less than 30 days from thedatethe no!ic4 is rr.ailed within which Borrower may pay thesums declared ~ due_ [f Borrower fails to pay such suma prior to the expiration of such period, Lender may, without furtheT notice or demand on E3orrower, ~nvoke any remedies permitted by paragraoh 18 hereof. 18. Acceleration; Remediea. E:cept as provided in paragraph 17 hereof, upon Borrower'e breach of any covenant or agreement otBorrower in thie Mortgage, including the oovenante to pay when due any aums secured by this Mortgage, Lender prior to scceleration shall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breac6; (2) the aMion ~ required to cure auch breach; (3) a date. not leas than 30 daya from the date the notice is mailed to Borrower, by which such ~ breach must be cured; and (4? that failure W cure auch breach on or before the date epecifed in the notice may result in ~ acceleration of the aums secured by this Mortgage. forecloenre by judicial pracet.•ding and sale of the Property. The notice ehall ~ further inform Borrower of the right to reinetate after acceleration and the right to eseert in the forecl~ure proceed'utg the ~ non-ezistence of a detault or any other defenee of Borrower to acceleretion and foreclosure. If the breach is not cured on or . hefore the date ap~ecified in the notice, Lender at Lender's option roay declare all of the aume aecured by this Mortgage to be ~ immediately due and payable without turther demand and may foreclose this Mortgage by judicial proceeding. Lender ehall be ~ entitled to collect in such proceeding all expenaee of foreclosure. including, but not limited to. reasonable attorney's feea, and costa of documentary evidence, abstracts and title reports. ~ 19. Borrower'e Right to Reinstate. Notwithatanding I.ender's acceleration of the sume secured by this Mortgage, Borrower shall have 4 the right to have any pmceedings begun by i.ender to enforce thia hlortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (al Bormwer paya Lender all suma which would be then due under this Mortgage, the Note and notes aecuring Futnre ~ ~ Advances, if any, had no acceleration occurred; (b) Borrower curea all breaches of any other covenants or agreements of Borrower contained in u thie Mortgage; (c) Borrower pays all reasonable expenaea incurred by Lender in enforcing the covenants and agreements of Borrower ~ contained in this Mortgage and in enforcing I.ender's remedies as pmvided in paragraph 18 hereof, including, but not limited to, reaaonable " attorney's fees; and ld) Borrower takee auch action as Lender may reasonably require to aseure that the lien of this Mortgage, I.ender's interest ~ in the Property and Borrower s obligation to pay the eums aecured by this Mortgage ahali continue unimpaired. Upon euch payment and cure ' by Borrower, this Mortgage and the obligations aecured hereby ahaU remain in full force and effect as if no acceleration had occurred. 20. Aesignment ot Rente; Appointrnent of Receiver. As additional eecurit hereunder. E3orrower hernb assi Y y BnetoLendertherents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right 4 to collect and retain auch rents as they become due and payabie_ ~ Upon acceleration under paragraph 18 hereof or abandonment o[the Property, Lender ehall be enUded to have a receiver appointed by a = court to enter upon, take possesaion of and manage the Property and to collect the renta of the Property, including thoae past due. All rente _ coliected by the receiver ehall be applied firat to payment of the costa of managementof the Property and collection of rente, including, but not limited to, receiver'e feea, premiuma on receiver's bonda and reaaonable attomey's feea, and then to the sums eec~red by this Mortgage. The -:a receiver ahall be liable to acoount only for thoae rente actually received. a ~ 5 ~ . ~ BaoK 297 F,~E 3 74 - ~ ~ ~ - = n: . _ ~ - . ~ ~