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HomeMy WebLinkAbout0800 ~ 8. ln~pectlo~. I.ender may make or cau~e to be made reasonaEle eNria upon andinapection~ of tha property, provid~d that Leader ahaU give Borrowe~ notice prios W any such i~spection ~peci[yinQ reawnable cauee therefor related to Lender's intered in the Ptioperty. 9. CondemnaUoa. 't~e proceeda of any award or claim [or dama~e~. direct or consequentisl, in connection with any condemnetion or othe~ taking of the pmperty, or part thereoi, or for convayanos in lieu of oopdemnation, ere hereby s~ai~ned aAd ~heJl be paid to Lender. In the event o[ s total takin~ of ths Piroperty. the prooeeda ~hall be apDGed to the ~ums ~ecured by thi~ Mort~a~e, with ths esoa~, if any. paid to Borrower. In the event of a partial takin~ ot ths Poope:ty. unles~ Bo~cower and Lender otherwi~e agree in writing. there ahaU bs applied b the suau ~ecured by thi~ Mo~t~age such proportion of the proceed~ as u equal tn that proportion which the amount oi the ~ums secured by this Mortgage ianmediately prior to the dab of takin~ bean to the fair market value otthe Property immediately prior b the dats of taking, with the balance of the prooeed~ paid to Borrower. ~ If the Property iu abpndoned by Borrower. or if. after notioe by Lender to Horrower thst the oondemnor ot[en b make aa a~rard or ~ettle a claun for dama~es. Borrower feula to respoad to I.ender withia 30 day~ after the dete ~ueh aotioe is mailed. Lende~ u autborized b coUeci and apply the proceed~, at Lender'~ option, eith~ to restoration or repair of We property or to the sum~ ~ecured by this Mort~age. Unless Lender aud Horrower otherwi~e agree in writing. any ~nch epplication oipe~oceeds to principal shaU not e:tead or postpoae the due date of the monthly installa?ente referred to in paragraphs 1 and 2 hereoi or chen~e the amount of such iaetallments. 10. Borrower Not Released. Este~aion of the time for paymant or modificatioa of amortization of the su~ns secund by this Mortgaga granted by Lender to any succeasor in intenst oi Borrower rhaU not operate to rele~e, in any manner, the liebility o! the origina~ Borrowror and Borrower's sucoesson in interest Lender ahaU not be required to oommenca proc~edings egeunst such suoceesor or refuse to estend tims [or payment or otherwise modify amortization of the sums eecured by this Mortgage by reaion of any demar~d made by the original Borrower and Borrower a aucceeeors in intereet. ' ~ 11. Forbearance by Lender Not a Watver. Any forbearance by Lender ia c~ee~cising any right or nmedy hereunder. or otherwi~e afforded by appUcable Isw. shall not be a~vaiver of or preclude the uercise of any such sight or remedy. The procur~noeat of ins~uanoe or the payment of La:ee or othes liena or charges by I.ender shaU not be a waiver of Let~der s right to aocelerste the maturity of the indebt~edness aecur~ed by thie Mortgage. 12 Remedleo Cumulative. All remediea provided in thia Mortgage are dietinct and cumulative to any other right or remedy unde~ this : Mortgage or afforded by lawr or equity, and may be e:ercise+l ooncurrently. independendy or eucoessivdy. 13. 3uccessors and Assigns Bouad; Joint and 3everal Liabillty; Caption~. The covenants and agreemente herein oontained shall bind, and the righte hereunder ahall inure to, the respective successon and ae~ign~ of I.ender and Borrower. subject to the provisions o! paragraph IT hereof. All covenants and agreements of Borrower ahall be joint and sev~al. The captiona and headings of the paragraph~ of thia Mortgage ere for rnvenience only and an not to be uaed to interpret or define the provisions hereof. 14. Notice. Except for any notice reqaired under applicable law to be given in another manner, (a) any notice to Borrowet provided for in this Mortgage shall be given by mailing such notice by certified mail addreaaed to Boreower atlhe Property Addresa or at euch other addreas ea Borrower may designate by notice to I.ender aa provided herein. and (b) any notice to I.ender shall be given by certified mail. return receipt requested, to Lender'r address stated herein or to such other addreea ea L.ender may deaignate by notice to Borrowa ae provided herein. Any notice pmyided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the mannrr designated herein. 15. Unifona Mortgage; Governing Law; 3everabillty.'17~is form of mortgage combinea uniform wvenan4 fos national use and non- uniform cuvenanta with limited variations by jariediction eo eonatitute a uniform aecurity inatruu~ent covering real pmperty. Thie Mortgage shalt be governed by the law of the juriadiction in which the Property is located. In the event that any provision or clause of this Mortgege or the Note conilict8 with epplicable lew, auch rnntlict shall not af'fect other provisiona of this Mortgage or the Note which can be given effect v~~thout the contlicting provision, and to this end the provisione of the Mortgage and the Note are declared to be aeverable. 16. Borrnwer's Copy. Borrower ahall be furniahed a conformed aopy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17. 'l~anefer of the Property; Aseumption. !f all or any part of the Property or an interest therein ie sold or transferred by Borrower without Lendei e prior written coneent, ezcluding (a) the creation of a lien or encumbranoe subordinate to thia Mortgage. (b) the creation of a purrhase money aecurity intereet for houeehold appliances, (c) a tranafer by devise, descent or by operation of law upon the death of a joint tenent or (d) the grant of any leasehold intereat of three yeare or less not oontaining an option to purchese, Lender may. at Lender a optioa. declare all the suma secured by thie Mortgage to be immediately due and peyable. I.ender ahall have waived auch option to aocelerate J. prior to the sale or transfer, Lender and the person to whom the Property ie to be eold or tranaferred reach agreement in writing that Ehecreditof such_ person ie satiafactory to Lender and that the interest payable on the eume eecured by this Mortgage shall be at such rate aa Leader ehall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower'a aucceasor in interest has e:ecated a written aeaumption agreement accepted in writing by l.ender, [.ender ehall release Bortower from all obligations under thie Mortgage and the Note. . ; If I.ender e:ercisee euch option to accelerate, I.ender shall mail Borrower notice of acceleration in ~ooordance with paragraph U hereof. j Such notice ehall provide a period of not lese than 30 days from the date the notice ia mailed within which Borrower may pay the eume declared E due. If Borrower faile to pay euch aums prior to the expiration of auch period, I.ender may, without further notice or demand on ~orrower~ { mvoke any mmedies permitted by paragraoh 18 hereof - 18. Aoceleration; Remedies. E:cept ae provided in paragraph 17 hereof, upon Borrower'e.breach o[ any oovenant or ~ agreement of Borrower in this Mortgage, including the oovenants to pay when due any sums secured by thie Mort~ege.I.ender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 6ereof specifying: (1) the breach; (2) the action ~ required to cvre such breac6; (3) a date. not lese than 30 days from the date the notice is malled to Borrower. by whkh such ~ breach must be cured; and (4) that tailure W cure euch breach on or before the date epecified in the notice may result in acceleretion of the suma secured by t6ie Mortgage. foreclosure by judicial proceeding and sale of the Property.The notice shall ~ further intorm Borrower ot the right W reinatate after acceleration and the ri~ht to aesert in the foreclosuse proceeding the ~ non•ezietence of a default or any other defense ot Borrower to aceeleration and forecloewe.lf the breach ir not cured on or before the date epecitled in the notice, Lender at Lender's option may declare all otthe sume secured by this Mortgage to be immediately due and payable wjthout further demand end may forecloee this Mortga~e by judicial proceeding. Lender shall be entitled to collect in euch proceeding all e:pensee otforeclosure, including. but aot limited to, reasoaable attorney'e fees. and coste otdocumentary evidence. abatracts and title reporte. ~ ~ 19. Borrower'e Aight to Reinatate. Notwithatanding Lender's acceleration of the sume eecured by thia Mortgage, Borrowerahall have ~ the right to have any proceedinge begun by I.ender to enforce thie Mortgage diacontinued at any time prior to entry of a judgment enforcing thie Mortgage if: (a) Borrower pays Lender ell eume which would be then due under this Mortgage, the Note and notee eecuring Future ~ Advences, if any, had no acceleration oocurred; (b) Borrower curea all breachee of any other covenants or agreemente of Borrower oontained in ~ this Mortgage; (c) Borrower pays all reasonable e:penses incurred by Lender in enforcing the covenante and agreemente of Borrower ~ oontained in thie Mortgage and in enforcing Lender'e remedies ae provided in paragraph 18 hereof, including, but not limited to, reasonabla ~5 attorney'e feea; and (d) Borrower takea auch action ae Lender may reaeonably require to aeeure that the lien of thia Mortgage. Lender's intereet G in the Property and Borrower'e obligation to pay the suma eecured by thie Mortgage ahell oontinue unimpaired. Upon such payment and cun ; by Borrower, thie Mortgage and the obligations eecured hereby ehall remein in full force and effect as if no aoceleration had occurred. s 20. Aseignment of Rents; Appointment ot Receiver. As additional eecurity hereunder, Borrower hereby aaeigns to Lender the rents ; of the Property, pmvided that Borrower ahall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property. have the right ~ to rnllect aod retain such rents aa they become due and peyable. ~ Upon acceleration under paragraph 18 hereot or abandonment of the Property, Lender ahall be entided to have a reaiver appointed by a ~ oourt to enter upon, teke poeaesaion of and manage the Property and to rnllect the renta of the Property, including those past due. Al) rente collected by the receiver shal! be applied firet to payment of the c~oata of management of the Property and aollection of rents, inclnding, bnt not ~ limited to, receiver e fees, prnmiume on receiver's bonds and reasonable attorney'e fees, and then lo the eume aecured by this Mortgage.'IT~e ~ receiver ahall be liable to aooount only for those rents artuaily received. ~ ~ ~ . ~ ~ Ba~~ 298 ~ S00 _ ~ . ~ _ _ _ _ ~ b ~ . . _ _ - ~