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HomeMy WebLinkAbout0219 8. la~pection. Lender way make or cause to be made reawnable entrie~ upon aad inapectione of the property. provided that Lender ~hall give Borrower notice prior to any such inspection speci~yinQ reasoi?able caW~e /h~refior rtl~hd b Lender's interest in the Property. J. COAd@lRd~L~Olf. The proceeds ot any award or claim for damages, dinct or oonre`u~ttial, in rnnaection with any oondemnation or other taking of the pmperty, or part thereot. or for conveyance in lieu oi ooademnatioa, are hereby assiened and shall be paid b Lender. In the event of s~otal talwig of the Property, the proceeds ahall be applied to the aums ~ecured by lhia Mort~age, with ehe esce~s, if any, paid to Borrower. In the event of a pnrtial taking of the Pe~operty. unles~ Borrow~ and Lender otherwise agree ia writing, there shaU be appGed b the sums secured by thi~ MortQage such proportion of the proceeds as iu equal to that proportion which the eunount of tbe ~~uns secvred by this Mortgage immediately prior to the date of tafcinQ bears to the fair market value of the Property immediately prior to the date of taking, with We balan~v of the prooeeda paid b Borrowrer. If the Properfy ia abandoned by Bo:e~ower, or if, aRer notioe by Lender to Borro~v~r that the oondemnor oPfen to make an awasd or ~ettle e claim for damage~. Borrower fails to respond to Leader within 30 days aRer the date snch aotioe is mailed; Ler?der is authorir~ed to collect aad apply We proceeds, at I.ender's optioa. ~th~ b restoration or repair of the property or to tbe sums secured by thi~ Mo:tgaga. Unless I.ende~ and Borrower ocherwise agne in wriaag. aay such applicabion of pt~oceeds to principsl ahall aot ~tead or po~tpone the due date of the monthly iaataUments nferred to in paragraphs 1 aad 2 hereof or change the aawwat of euch iaatallments. 10. Borrower Not Rsleased. E:teneion of the time for paymant or modificatio~ of amortization of the sums aecured by this Mortgage granted by Lender to any eucceeaor in intereat of Borrower ehaU not operate to release, in any mannet. the liability of the original Botrower and Borrower'e aucceasors in iateres~ Leader ahall not be required to oommence proceedings against auch auctessor or refuse to e:tead time for pa~yment or otherwiee modify amortiaation of the aume secvred by this Mortgage by reason of any demand made by the original Borrower and Borrower s eucceeaors in interest. 11. Forbearsaoe by I.ender Not a R?aiver. Any forbearance by Lender in esercising any right or remedy hereunder, or otherwi~e at'fforded by appGcable law. ahall not be a waiver of or preclude the euerciee of any auch right or remedy. The procureanent of insurance or the payment of t~es ~ other liens or chargea by l.ender ahall not be a waive9r of Lende~s right to aocelerate the maturity of the iadebtedneas eecured by Lhis Mortgage. 12 Remedies Cumulative. All remediee provided in thia Mortgege are dietinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. u?d may be ezercise~i ooncurrendy, independeady or snooeesively. 13 Successore and Assigns Bonnd; Joint and Several Liability; Captions.'I'he oovenants and agreements harein oontained ehall bind, and the rights henunder ehall inure to. the reepective suoceeeors and aasigns of l,ender and Boreuwer. subject to We provisions of paragraph 17 hereof. All covenante and agreemeate of Borrower ahall be joint and several. The captions and headings of the parag~aphs of thie Mortgage are for rnvenience only and are not.to be used to interpret or de5ne the provisiona herEOf. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower pmvided for in thie MortAaae ahall be ~civen by mailinR euch notice by certi5ed mail addreaeed to Borrower artthe P~o~esfy Addreas or at such other address as Borrower may deaignate by notice Lo I.ender ea provided herein, and (b) any notioe to I.ender ahaU bs given by certi6ed mail. return receipt requeeted, to Lender'e addreae atsted herein or to euch other addrees as I.ender may deaignate by notice to Borrower as provided herein. Any notice provided tor in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner de8ignated herein. 15. Uniform Mortgage; Governing I.aw; 3everability. Thia form of mortgage combines uniform oovenanta for national uee and non- uniform covenanta with limited variationa by juriediction to wnatitute a uniform security inetrument oovering real pmperty.l~ia Mortgage shaU be govemed by the law of the jurisdiction in which the Property ia located. In the event that any provision or clauae of thie Mortgage or the Note conflicte with appGcable law. auch conflict shall not a~ect other proviaions of thie Mortgage oz the Note which can be given effeet without the oonflicting provision. and to this end the provieiona of the Mortgage and the Note are declared to be severabte. 16. Borrower's Copy. Borrower ahall be furniahed a oonforaned oopy of the Note and of thia Mortgage,at the time of euecution or after recordation hereof. 1T. 'l~anefer of t6e Property; Aeeumption. If sll or any part of the Pcoperty or an intereat lherein is eold or transferred by Borrower without Lender'e prior writteri consea~ ~cludin~ (a) the creation of a lien or encumbrance eubordinate to thia Mortgage. (b) the creation of a purchase money secutity intereet for houeehold appliancea, (c) a tranafer by deviee, deacent or by operation of law upon the death of a joint tenant or (d) the grent of any leasehold intereat of three years oT lesa not oontaining an option to purchase, Lender may, at Lender e option. declare all the aums aecured by thia Mortgage to be immediately due and payable. Lender ahall have waived euch option to aocelerate if, piior to the eale or transfer, Lender and the person to whom the Property ia to be sold or traneferred reach agreement in writing that the credit of such person ia satisfactory to Lender and that the intereet payable on the suma ec~ired by thia Mortgage ahall be at such rate aa I.ender ahall request. If Lender has waived the option to aocelerate provided in this paragraph 17. and if Borrower a eucceseor in interest has ezecuted a ' written aseumption agreement accepted in writing by Lender, I.ender ahaU release Borrower from all obligationa under this Mortgage and the ~ Note_ ~ . If Lender exercisea such option to accelerate, Lender ahall mai! Borrower notice of acceleration in acoordance with paragraph 14 hereoi i Such notice shall provide a period of not leas than 30 daya ftom the date the notice ia mailed within which Borrower may pay the auma declared , due. If Borrower faila to pay such suma prior to the e:p'vation of auch period, Lender may, without further notice or demand on Borrower, ~ mvoke any remediea permitted by paragraoh 18 hereof. ~ 18. Acceleration; Re~Fxiiee. ~xcept ae provi.iv~i in pu~agra~h 1? l~ereof, upon Sorrower'e breac~ of ~ruy oovenant or E agreement ot Borrower in thie A~ortgage, including the oovenants to pay when due any snms secured by thie Mortgage. Lender [ prior to acceleration e6all mail notice to Bocrower ae provided in paragraph 14 hereof specifying: (1) the breac6; (2) the action ~ required to cure such breach; (3) a date, not less than 30 daye from the date t6e notice is mailed to Borrower, bq which such ~ breach muat be cvred; and (4) that failure to cure such. breach on or before the date apecified in the notice may result in ~ acxeleration of the sums secured by t6ie Mortgage, forectosure by judiciel pr~oc~eding and eale of the Property. The notice e6all t further inform Borrower of t6e right to reinatate after acceleratioa and the right to a8sert in the foreclosure proceeding the ~ non-e:iatence o!a default or any other defenee of Borrower to soceleration and foreclwure. If the breach ia not cured on or ~ before the date specified in the notice, Lender at Lender'e optioa may declere sll of the eums secured by this ldortgage to be ~ immediaicty duc snd payabie without furthes demand and may foreclose this ~ortgage by judiciai proceeding. Lendzg 6nati be . entitled to collect in euch piocecdiag all e:penaee of forecloaure. including, but not limited to, reasonable attorney's feee. and ~ coste of documeatary evidence, abstracte and title reporte. 19. Borrower'e Right to Reinstate. Notwithetanding Leader 8 soceleration of the sume eecured by thie Mortgage, Borrower ahall hsve ~ ~ the right to have any pmceedinge begun by Lender to enforce thie Mortgage diecontinued at an time y prior to eatry of a jndgment enforcing ~ thie Mortgage if: (a) Borrower paye Lender al! suma which a~ould be then due under thia Mortgage, the Note and notea eecuring Future ; Advancea. if any, had no acoeleration occurred; (b) Borrower curea all breachea of any other covenants or agreementa of Borrower oontained in ~ this Mortgage; (c) Borrower paye all reasonable e~penees incurred by Lender in enforcing the oovenante and agreementa of Bormwer ~ wntained in this Mortgage and in enforcing Lender e remedies as provided in patagraph 18 hereof, includiag, bnt not limited to, reaeonabl~ a attorney'e fces; and (d) Borrower t,ake8 sach ection as Lender may reasonably require to assure that the lien of thia Mortgage, Lender'e interest ~ in the Property snd Borrower'e obligation to pay the aume eeeured by this Mortgage shell continue nnimpaired. Upon anch payment and cnre by Borrower, thia Mortgage and the obligaGona eecured hereby ahall temain in full force and effect ea if no aoceleration had axvrred. s ' 20. Aaeignment of Aents; Appointment of Receiver. Ae additional eecurity hereunder. Borrower hereby aesigns to Lender the rents of the Property, provided that Borrower ehall, prior to aooeleration under paregraph 18 hereof or abandonment of the Property. have the right ~ to coUed and retain euch rente ae they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property. Lender ehall be entitled to have a reoeiver appointed by a = oourt to enter~pon, take poeeeesion of and manage tha Property and to rnllect the reata of the Property, including thaee paet due. All rente ; oollected by the n~oeiver ahall be applied first to payment of the ooets of manag~ent of the Property and ooUection oirents, including, but not ~ limited to, receiver'e fees, premiume on receiver's bonde and reasoneble attorney's teea, and then to the euma eecured by thie Mortgage. The " receiver shall be liable to aooount only tor thoee rente actually received. ~ ~ ~ - ~ ~ goQY298 ~cc "219 , ~ .s ~ ~ ~ : .p _ . - - ~ - : ~ ~ ~ _ ~ ~ _ re~~~_.