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HomeMy WebLinkAbout0602 . ti . 8. Inspection. l.e~der may malcr u~ cause b be made c~asonable entries upon and in~poctions otthe pcope~ty, provided that l.ender ehall give E3orrower noticr prior to any euch inepection apecifying resaonable cauae therefor related to [.ende~'s intereet in the P~operty. 9. Coademnatlon. The proceeds ot a~y award or claim for damages, dinrt or coneequentiel, i~ connection with any wndemnation or uther taking of the propecty, or pa~t thereoi, o~ for conveynnce in lieu oi condemnation, are hereby asaigned and shall be paid to Lender. In the event of a total tsking of the Property, the proceeds shall be applied W the sume securdd by this Mortgage, with the e:ces~, if any, paid to Borrower. In the event of a partial taking ot the H~operty. unleas Borrower and l.ender otherwise agree in writing, there shall be applied to tl~e aums secured by thu Mort~age such proportion of the proceeds as ia equal to that proportion which the amount of the sums eecured by this Mortgage immediately prior to the date af taking bears to the fair market value oithe Property immediately prior to the date of taking, with the balancx of the pra.~ced~ paid to Borrower. If the Property ia abandoned by Borrower, or if, aRer aotice by Lender to Borrower thet the condemnor ot~ers to make an award or settle e claim tor damagee. Borrower faila t~ reepond to [.ender within 30 daye after the date such ootice is mailed, Lender is authorized to rnllect and apply lhe proceeds, at Gender's option, either to reatoratiun or repair of the property or to the sums eecured by this Mortgage. Unleas I.ender and Borrower otherwiee agree in writing, any euch epplication of ptoceeds to principal ehall not eutend or postpone the due daLe of the monthly ~nstallments referred to in paragraphs 1 and 2 hereof or change the amount of euch installments. 10. Borrower Not Releaeed. Extenaion of the time for paymant or modification of amortization of the eume aecured by thie Mortgage granted by Lender to any eucceseor in interest of f3orrower ahall not operate to releaee, in any manner, the liability of the original Borrower and E3orrower a succeaeors in interest. l.ender ahall not be required to oommence proceedings against auch euccesaor or refuee to extend time for payment or otherwise modify amortization of ihe sume secured by thia Mortgage by reaeon of any demand made by the originai Borrower nnd E;orroveer'a successore in interest. 11. Forbeareace by i.ender Not a Waiver. Any forbearance by Lender in e:erciei~g any right or remedy hereunder, or otherwise aftorded by appl+cable law. aha{1 not be a waiver of or preclude the exerciee of any euch :ight or remedy. The procnrement of inaurance or the payment of taxea or other liene or chargea by [.ender ahall not be a waiver of I.ender e right to accelerate the maturity of the indebtednees secured by this Mortgage. 12 Remediee Cumulative. All remediea provided in thia Mortgage are distinct and cumuladve to any other right or remedy under thie • Mortgage or aftarded by law or equity, and may be exercieed concurrently, ~ndependendy or auccessive1y. ' 13. Succeesore and Aeaigne Botu~d; Joint and Several Liability; Captioae. The covenanta and agreemente herein contained ahall bind, and the righta hereunder ahall inurn to, the rnspective aucceseora and aseigns of Lender and Borrower, aubject to the proviaione of paragraph 1 T hereof. A!! covenanta and agreemente of Borrower ahall be joint and eeveral. The captiona and headinga of the paragraphs of • thia Mortgage are for covenience only and are not to be ueed to interpret or define the provieiona hereof. l4. Notice. F.xcept for any notice required under npplicable law to be given in another manner, (a) any notice to E3orrower provided for in thia Mortgage shall be given by mailing such notice by certified mail addreased to Borrower at the Property Addreae or at auch other addteae ae Borrower may deaignate by notice ta [,ender as prov~ded herein, and (b) any notice to Lender ahall be given by certi8ed mail, return receipt requested, to Lendei a addrnaa atated hemin or to such other addreas ai+ Lender may deaignate by notice to Borrower ae provided herein. Any notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Go~erning Law: Severability. Thia form of mortgagecombinea uniform oovenants for national useand non- uniform covenants with limited variations by jurisdiMion to conetitute a uniform security instrun?ent covering real property.'[9~is Mortgage yhall be governed by the law otthe juriadiction in which the Property ia located. In the event that any proviaion orclause of this Mortgage or the I~iote conflirta with applicable law, such conflict ahall not af[ect other proviaiona ot this Mortgage or the Note which can be given effect wzthout the rnnilicting provision, and to this end the provisions of the Mortgage and the Note ate declared to be eeverable. 16. Borrower's Copy. Borrower shall be furnis6ed a conformed oopy of the Note and of thie Mortgage at the time of execution or after recordation hereof. 17. 'Itiranefer of the Property: Aeaumption. If all or any pad of the Property or an intereet therein is eold or traneferred by Borrower without Lender's prior written conaent, eacluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchase money aecurity intereet for houeehold appliancea, (c) a tranafer by deviae, descent or by operation of law upon the death of a joint I tenant or (d) the grant of any leasehold interest of thcee years or lese not rnntaining an option to purchaee, Lender may, at Lendei e option, ~ declare all the sums secured by this Mortgage to be immediate1y due and payable. Lender shall have waived such option to accelerate if, prior ~ tu the sale or tranafer, Lender and the peraon to whom the Property is to be aold or traneferred reach agreement in writing that the credit of auch ' person is satisfactory to Lender and that the interest payable on the auma secured by this Mortgage sha11 be at euch rate as Lender ahall ~ requeat. Ii Lender has waived the option to accelerate provided in this paragraph 17, and if f3orrower s succesaor in interest hae executed a wTitten assumption agreement accepted in writing by Ixnder, l~ender shall release Borrower from all obligationa under thia Mortgage and the i ti otE. i If I.ender exercises such option to accelerate, Lender ahail mail Iiorrower notice of acceleration in accordance with paragraph 14 hereof. ` Such notice shall provide a period of not less than 30 days from thedatethe notire is rnailed within which ~3orrower may pay thesuma declared I due. If Borrower fails to pay such sums prior to the expiration of such period, l.ender may, without further notice or demand on t3orrower, invoke any remedies permitted by paragraoh 18 hereoL i i 18. Acceleration; Remediee. Except ae provided in paragraph 17 hereof. upon Borcower'e breach of any covenant or 'i aqreement of Borrower in thie Mortgage. including the covenants to pay when due any sumasecured by thie Mortgage. Lender ' prior to scceieration sfia11 mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ' required to cure auch breach; (3) a date, not leea than 30 days fcom the date the notice is mailed to Borrower. by which euch breach muet be cured; and (4) that tailure to cure such breach on or before the date epeciGed in the notice may reault in ! acceleration of the aume secured by thiB Mortgage. forecloaure by judicial proceeding and eale of the Property. The notice shap further inform Borrower of the right to reinstate aPter acceleration and the right to eseert in the foreclosure proceeding the non-ezistence ota detault or any other defense of Borrower to acceleration and forecloaure. If the breach ie not curedofl or `i before tfie date specified in the notice, Lender at Lender'e option may declare all of the auma aerured by thie Mortgage to be i immediately due and payable without further demand and may forecloae thie Mortgege by judicial proceeding. Lender shall be entitled to coliect in such proceeding all expenses of foreciosure, inctuding. but not limited to, reasonabie attorney's fees. and coata of documentary evidence, abHtracte and title reporte. 19. Borrower'e Right to Reinstate. Notwithatanding Lender's acceleration of the aums aecured by thie Mortgage, Borrower shall have the right to have any proceedinga begnn by I.ender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) I3orrower pays Lender all sums which would be then due under this Mortgage, the Note and notes aecuring Future Advancee, if any, had no acceleration occurred; (b) Borrower curea all breaches of any other covenante or egreemenfs of Borrower contained in thie Mortgage; !c) Borrower pays a11 reasonable expenaes incurred by Lender in enforcing the covenanta and agreementa of Borrower contained in this Mortgage and in enforcinq I.ender'a rnmedies as provided in paragraph 18 heieof, including, but not limited to, reasonable i attomey e feea; and !d> Borrower takee such action as L.ender may reasonably require to asaure that the lien of thia Mortgage, Lender's interest ' in the Property and Borrower'a obligation to pay the eums seeured by this Mortgage shall continue unimpaired. Upon auch payment and cure by Borrower, thie Mortgage and the obligatione aecured hereby ahal) remain in full force and effect as if no accelers~tion had occurred. 20. Aaeignment of Renta; Appointment of Receiver. Aa additiona{ security hereunder, Borrower heTeby assigna to Lender the renta of the Property, provided thaE Borrower shall, prior to acceleraUon nnder paragraph 18 hereof or abandonment of the Property, have the right to collect and retain euch rente as they become due and payable. Upon acceleration under paragraph 18 fiereof or abandonment of the Ptoperty. Lender ahall be entitled to have a receiver appointed by a court to enter upon, take poaeession of and manage the Property and to collect the renta of the Property, including those past due_ All renta collected by the receiver ahall be applied firet to payment of the coeta of management otthe Property and rnllection of rente, including, but not iimited to, receiver's fees, premiuma on receiver'e bonds and reasonable attorney'a feea, and then to the sums secuted by thie Mortgage_ The receiver ehall be liable to account only for those rents aMuslly received. BOCX?J / FA~~ GOO _ - " ~ ~ ~ . ~ .m ~ _ ~ - _