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HomeMy WebLinkAbout0242 , . ~ • . ',j • • • . . ` • . . ~ ~ , 8. In~pectloa. Lender may make or cawe to be mede rea~onable entrie~ upon and iaspections of the propaty. provided tlu~der ehall give Bortower notice prior to any such inspection specifying reaaonable caues there[or related to I.ender's interest in the Prope~ty. 9. Coademnadon. The prooeada oi any award or claicn for dama~es. direct or rna~equential, in conncetion with any oondernnatioA or oth~ taking oi the pmperty. or part theraof, or ta~ conveyanoa in lieu of oondemnation, an heieby awigned and ~haq bs paid to Lender. In the eveat of a total taking of the Property~ the pmceeds ~hall bs applied to We ~ums secured by thia MortgaQs, wilh tlte esoe~a, if aqy. ; paid to Borrower. In the event of a partial taking of the Property, unle~s Borrower and Lender otherwise agree in writin~~ there shall be ~ applied to the iums eecured by thia Mors~age snch proporiion of ~he ptoceeds aa is equal to that pmportion which the amonnt of the sums ~ aecured by thia Mortgage immediately prior to the date of talring bean b the fair market value of the Property immediately prior to We date of taking, with the balanoe of the. proceeds paid to Borrower. If the Proper~y is abandoned by Horrower, or if. aRer aotioe by Lender to Bosrowsr that the oondemaor o~ero to onake an award or settle a claim for damages. Borrower faila to respond b Lender ~ivithin 30 day~ aRer the date such notice is mailed. I,ender ia suthorised fo collect and apply the prooeeds, et Lend~'s oplion, either to restoration or repair of the property or W the suau eecured by thia Mortgage. ~ Unlew Lender and Bormwer otherwiae agree in writing. any such applicatioa of proceeds to priacipal shaU not eztend or postpoae the due ; date of the monthly inatallments referred to ia paraQraphs 1 and 2 h~eof or change the amount of such installment~. ~ 10. Borrower Not Released. E:tenaion o[ the time for paymrnt or modification 4f amQ~tisation of the sums secured by this Mortgege ' granted 6y Lender to any aucceesor in interest of Borrower ahall not operate to releaee. ia any manner, the liability of the originel Borrower ~ and Borrower's suoceesora ia interea~ I.ender ehall not be required to oommence proceedinge against auch euccessor or refuae to e:tend time s for payment or othetwise modify amortization of the sums secured by thia Mortgage by reason of any demand made by the originai Borrower ~ and Borrower's aua~esaore in interest. 11. Forbearanoe by Lender Not a N/aiver. My forbearance by Lender in esercising any right or remedy hereundcr, or otherwise ~ afforded by applicable law, ahaU not be a waiver of or preclude the ~erciee of any such right or remedy. The procurement of insuranoe or the ~ payment of ta:es or other Uena or charges by Lender ahaU aot be a waivet of L,endefe right to accelerate the maturity of the indebtedness = eecared by this Mortgage. ~ 12 Remedies Cumulative. All remedies provided ia this Mortgage are distinct and cmm~lative to any other right or remedy ander this Mortgage or afforded by law or equity, and may be e~cerciee~i ooncurrently. independendy or aucceeaively. ~ 13. 3uccesaore and Assigns Bound; Joint and 3everal Liabillty; Captions. The covenant8 and agreements herein oontained ahall bind. and the righta hereunder shall inure to. the respective succeesors and assigna of Lender and Borrower. subject to the provisiona of ~ paragraph 17 hereof. All covenante and agreemente of Borrower ahall be joint and several. The captiona and headings of the paragraphs of , this Mortgage are for covenieace only and arr not to be uaed 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 provided for in ~ this Mortgage shall be given by mailing auch notice by certi8ed mail addreseed to Borrower at the Property Addreae or at euch other addreae as ~ Borrower may deeignate by notice to Lender as provided herein. and (b) any notice to Lender ahali be given by certi5ed mail. nturn receipt g requested, to Lender's addresa atated hetein or to euch other addrees ae Lender may designate by notice to Bozrower es provided herein. My ~ notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or I,ender when given in the manner deeignated herein. 15. Uniform Mortgage; Governiag I.aw; Seversbility. Thia form of mortgage combines uniform oovenanta for national use and non- ~ uniform covenanta with 1'united variationa by juriediction to oonatitute a uniform security instrument covering rea] property.'I1iie Mortgage ~ ahall be govemed by the law of the juriadiction ia which the Property ie located. In the event that any provision or clauee of thie Mortgage or ~ the Note rnnflicts with applicable law. euch conElict ahall not affect other provieions of thia Mortgage or the Note which can be given effect ~ without the oonflicting proviaion, and to thie end the proviaions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ehall be furnished a oonformed oopy of the Note and of thia Mortgage at the time of ~ecution or after ; recordation hereof. ~ 17. 'I~anefer of the Property; Aasumption. If all or any part of the Property or an interest therein is aold or tranaferred by Borrower witho~t I.ender e nor written conaen excludin (a) the creation of a lien or encumbrance subordinate to this Mo ' P~ B rt8sge, (b) the creation of a t purch~+se money eecurity intereat for houeehold appliances, (c) a transfer by deviae, descent or by operation of law upon the deaW of a joint tenan:, ur (dy the grant of any leaeehold intereat of three yeare or le$s not oontaining an option to purchase. Lender may, at Lender's option. declare all the sums sec~red by this Mortgage to be immediately due and payable. Lender ehall have waived ench option to aocelerate if, prior ' to the sale or transfer. Lender and the person to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of euch { person is satiafactory to Lender and that the interest payable on the sume eecured by thie Mortgage shall be at such rate as Lender ahall ~ ' request. If Lender has waived the option to accelerate provided in thie paragraph 17, and if Borrower a auc~cessor in interest has ezecuted a ; ; written assumption agreement accepted in writing by Lender. L:enderahall release Borrower from all obligationa under thia Mortgage and the ~ Note. f If Lender eaerriees auch option to accelerate, Lender ehall mail Borrower notice of acceleration in aocordance with paragraph 14 hereot s E Such notice ahall provide a period of not lesa than 3Q daya from the date the notice ia r~eiled within which Bornnwer may pay the aiuna declared . ~ i due. If Borrower faila to pay such auma prior to the eupiration of auch period, I.ender may, without fnrther notice or demand on F3orrower, ~ invoke any remedies permitted by paragraoh 18 hereof. ~ ~ . ~ ~ 18. Aoceleration; Remedies. Ezcept as.provided in paragraph 1~ hereof, upon Borrower's breach of aqy oovenant or 3 agreement of Borrower in t6is Mortgage, iacluding the oovenanta to pay when due any sume secured by this Mortgage.I.ender ' ~ prior to acceleration ehall mail notice to Borrower se provided in paragraph 14 hereof specifying: (1) the breach; (2) the action ~ required to cnre auch breach; (3) a date, not tess than 30 days irom the date t6e notice is mailed to Borrower, by which auch breach muet be cured; and (4) that failure to cure euc6 breach on or before the d6te specifed in the notice may result in Q acceleration of the sume eecured by this Mortgage, forecloeure by jndicial prooceding and eale of the Property. The aotice ehall ~ further inform Borrower of the right to reinetate atter acceleration and the right to aeaert in the foreclosure proceeding the non-ezistence of a default or any other defenee of Boirower to acceleration and foreclosure. If the breach is not cured on or ~ before the date specified in t6e notice, Lender at Leader'e option may declare all of the sume aecured by thie Mortgage to be ~ immedietely due and payable without further demand and may forecloee thie Mortgage by judicial proceeding. Lender shali be entitled to collect in auch proceeding all e:pensea of forecloaure, including, but not llmited to, resaonable attorney's feea, and ~ coste of documentary evidence, abstracts and title reports. ~ 19. Borrower'e Rig6t to Reinstate. Notwithatanding Lende~s aoceleration of the suma secured by thia Mortgage, Borrower ahall have the right to have any prnceedinga begun by Lender to enforce thie Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower paye Lender all aums which would be then due under this Mortgage, the Note and notes eecuring Future ~ Advancee, if any, had no acceleration ocrurred; (b) Borrower carea ali breachee of any other covenants or egreementa of Borrower confained in thie Mortgage; (c) Borrower pays all reasonable e~cpenees incurred by Lender in enforcing the oovenants and agreemente of Borrower ~ oontained in this Mortgage and in enforcing Lender'a remedies as pmvided in paragraph 18 hereof, including, but not limited to, rnaeonable ~ attorney's fees; and (d) Borrower talces such action as Lender may reasonably require to aesure that the lien of thie Mortgage. Lender's interest - in the Property and Borrower's obligadon to pay the sume secured by this Mortgage ahall continue unimpaired. Upon snch payment and cnre ` ~y Borrower, thia Mortgage and the obligationa eecnred hereby ahall remain in full force and effect ae if no acceleration had oocurred. ~ 20. Aseignmeat of Reata; Appointment of Aeceiver. As additional eecurity hereunder, Borrower hereby eaeigns to Lendes the renta of the Property. provided that Borrower shell, prior to aoceleration ander paregraph 18 hereof or abandonment of the Ptoperty, have the right to collect and retain sneh renfe as they become due and payable. ` Upon acoeleration under peragraph 18 her~eof or abandonment of the Property. Lender ahall be entitled to have a receive~ appointed by a• ~ oourt to enter upon, take posseeeion of and manage the Property and to collect the rente of the Property, including tho~e paat due. All rrnte ~ oollected by Lhe receiver shall be applied firat to payment of the aoeta of management of the Property and oollection of rente, including, but not limited to, receiver'e fcea, premiuma on receiver'n bonde and reasonable attomey'e fees, and then to the snme eecured by this Mortgage.'l~e reoeiver shall be liable to aooount only for thoee rents actually received. ¢ ; ~ ~ OQ ' ~~~~«298 -2~ ~ ~ ~ f~ . A~ _ . _ _ - ~ ~ ' - -