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HomeMy WebLinkAbout0046 y 1 ' 8. Inepectioa, l.ende~ may make or cause to be made reasonableentriee upon and inapections of the property, provided that l.ender ehall Kive E3oROwer notice prior to any auch inapection epecifyllig reaeonable cause therefor related to l~nder'a interest in the Ptoperty. 9. Condemnation. 'I~e proceeds of any award or claim for damages, direct or coneequential, in connection with any oondemnatioo or other taki~g of the property, or part thereof, or tor conveyance i~ lieu of condemnation, are hereby useigned and ehall be paid to l.ender. ln the event of a wtal taking of the F'mperty, the proceede ahall be applied tu the eume eecured by this Mortgage, with the e:cees, if any, paid w Borrower_ ln the event ot a partial taking ot the Property, unleas Borrowe~ and I.ende~ otherwiee agree in writing, there shall be applied to the suma eecured by thie Mortgage such pwportion of the procceds ae ia equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Hroperty immediately prior w the date of taking, with lhe balanra of the proceeda paid to E3orrower. lf the Property is abandoned by Borrower, or it, after notice by l.ender to E3orrower that the condemnor ofTers to make an award or eetde a claim for damages, Borrower [aile to reepond to I.ender within 30 daye afte~ the date such notice ie mailed, Lender ie authorized to collect and apply the proceeda, et Lender e option, either to reetoretion or repair of the property or to the sume eecured by this Mortgage. Unleea l.ender and Borrower otherwiee agree in writing, any euch application of proceeda to principal ehall not extend or poetpone the due date of the mo~thiy inatallmenta referred to in paragraphe 1 and 2 hereof or change the amount of euch inetallmente. 10. Borrower Not Released. Extenaion of the time for paym:nt or modi6cation of amortization of the auma eecured by thie Mortgege granted by Ixnder to any succesaor in interest of Borrower ahall not operate to rnlease, in any manner, the liability of the original Borrower and Borrower'a auccesaore in interest. l.ender shall nut be required to rnmmence proceedings againet such aucceasor or refuae to extend time for piiyment or othetwise modify nmortiz~tion o[ the suma secured by this Morigage by reason o[ any demand mnde by the origina) f3orrower ~nd Borrower's successora in intereat. l 1. Forbearance by Lender Not a Waiver. Any forbearance by I.ender in exercieing any right or remedy hereunder, or otherwiee afforded by applicable lav~ ahall not be a waiver of or preclude the exercise of any auch right or remedy. The procurement of insurance or the pay~nent of tauea or other liena or charges by I.ender ehaU not be a waiver of I.ender s right to accelerate the matt~tity of the indebtednesa secured by thie Mortgage. - 12 Remedies Cumulstive. All remediea provided in this Mortgage are diatinct and cumulative to any other right or mmedy under thia Mortgage or afforded by law or equity, s?nd may be exercise~l rnncurrendy, independently or succesaively. 13. Succeesora and Aseigns Bound; doint and Several Liability; Captione. The rnvenants and agreemente herein contained ahall bind, and the righte hernunder shall inure to, the respective eucci.•aeora und asaigna of L.ender and Borrower, aubject to the provisione of paragraph 17 hereof. All covenants and agreementa of Borrower ehall be joint and eeveral. The captions and headings of the paragraphe of thie Mortgage are for covenience only and are not to be used to interpret or define the provisione hereof. 14. Notice. F:xcept for ~ny notice required under applicable law to be given in another manner, (a) any nutice to Rorrower provided for in this Mortgage ahall be given by mailing such notice by certified mail uddreased to I3orrower at the Property Addreas or at such other addrese as E3orrower may deaignate by notice to Lender as provided herein, and (b) any notice to l.ender shall be give?? by certified mail, return receipt requested, to [.ender's addreas atattd hemin or to auch other addrese as Lender may designate by notice to Borrower aa provided herein. Any notice provided for in this Atortgage shaU be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgagecombinea uniform covenanta for national uee and non- uniform covenants with limited variationa by jurisdiction to cunatitute a uniform aecurity instrument covering reai property_ This Mortgage shall be governed by the law of the jurisdiction in which the Property is lceated. In the event that any proviaion or clause of this Mortgage or the Note conflicta with appiicabie law, such conflict ahal) not affect other provisions of this Aiurtg~e or the Note which can be given effect w-ithout the contticting pmvision, and to this end the provisions of the Mortgage and the Note arn declared to be severable. • 16. Borrower's Copy. Borrower ahal) be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. ~ 17.1'ransfer ot the Property; Asaumption. If all or any part ot the Property or an interest therein ia sold or traneferred by Borrower without [.ender'a prior written conaent, eacluding (a) the rreation of a lien or encumbrance aubordinate to this Mortgage, (b) the crnation of a pumhaae money aecurity interest for household appliancea, (c1 a tranafer by devise, dc~cent or by operation of law upon the death of a joint tenant or td) the ~rant of any leasehold interest ot three years or lesa not containing an opiion to purchase, I~nder may, at Iender'a option, declare all the snms aecured bythis Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior to the sale or tranafer, l.ender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of auch person is satisfactorv to I.ender and that the interest payable on the sums secured by this Mortgage shall be at auch rate as I.ender shall request. if [.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's aucceasor in interest has executed a w-ritten assumption agreement accepted in writinR by I.ender. [.ender shall release Borrower from all obligations under this Mortgage and th. ti ote. ~ If Lender exercises such option to accelerate, l.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. i Such notice shaU pmvide a period of not tess than :i0 days from the date the notice ia rr.ailed within which Borrower may pay thesums declared ~ due. If Borrower fails to pa~~ such sums prior to the expiration of auch period, I.ender may, withnut further notice or demand on Fiorrower, i ~nvoke any remedies permitted by paragraoh l8 hereof. ~ 18. Acceleration; Remedies. E:cept as provided in paragraph 1? hereof. upon Borrower's breach of any covenant or j agreement of Borrower in thia Mortgage. including the covenants to pay when due any auma secured by thie Mortgage, Lender ~ prior to acceleration ahall mail notice to Borrower as provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not lesa than 30 days from the date the notice ie mailed to Borrower. by which euc6 breach muet be cured; and (4) that failure to cure auch breach on or before the date epecifed in the notice may result in acceleration of the sums secured by this Mortgage, forecloeure by judicial proceeding and sale of the Property. The notice ehall further inform Borrower of the right to reinstate aRer acceleration and the right to asaert in the forecloeure proceeding the non-eziatence ot a default or any other detenae of Borrower to acceleration and foreclosure. If the breach ie not cured on or- before the date apecified in the notice, Lender at Lender's option may dectare all of the sums aecured by thie Mortgage to~be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be entitled to collect in auch proceeding all expenses of foreclosure. including. but not limited to. reasonnble attorney's feea. and ~ costs of documentary evidence. abstracts and title reporte. ~ 19. Borrower'e Right to Reinetate. Notwithstanding I.ender's acceleration of the aums aecured by this Mortgage, E3orrower ahall have ~ the right to have any proccrdinga begun by I.ender to enforce this Mortgage diecontinued at any time prior to entry of a judgment enforcing thie Mortgage if: (a1 I3orrower paya Lender all suma which would be then due under this Mortgage, the Note and notes securing Future ~ Advances, if any, had no acceleration occurrecf; (b) Borrower curea all breaches of any othercovenante or agreementa of Borrower contained in thie Mortgage; lc) f3orrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreementa of ~iorrower ~ contained in thia Mortgage and in enfoning Lender'a remedies as pmvided in paragraph 18 hereof, including, but not limited to, reasonable ~ attomey g fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of thia Mortgage, Lender'a intereet ; in the Property and E3orrowei a obligation to pay the sume secured by this Mortgage ehall continue unimpaired. Upon auch payment and cure = by Borrower; thie Mortgage and the obligations eecured hereby ahall remain in full force and effect as if no acceleration had occurred. ~ 20. Aseignment of Renta; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby aeaigns to Lendertherents ~ of the Property, provided that Borrower shall, prior to acceleration under paragraph 1 S hereof or abandonment of the Property, have the right to collect and retain auch.rents as they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shail be entitled to have a receiver appointed by a ~ cnurt to enter upon, take poasession of and manage the Property and to collect the renta of the Property, including thoae past due. All rents collected by the receiver shall be applied firat to payment of the costs of management of the Property and rnllection of rente, including, but not ~ limited to, receiver'a fees, premiuma on receiver's bonds and reaaonable attc?rney's feea, and then to the sume aecured by thie Mortgage. The ~3 receiver ahall be liable to account only for those renta actually received. , ~ ~ ~ ~ ~ ~ ~~~~298 ~n~~ 4~ ~ ~ ~ ~ ~~~:s ~ - ~~:Y~ ~ ~ w _ ~ . . J~ s . .