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HomeMy WebLinkAbout0804 8. In~pectioa. I.e~der msy mal[e or cawe to be made reawnable eatsie~ upon aad in~pection~ o[the property, pmvided that L.eader shall givs Borrowar notioe prior to eu?y such inspection specifyin~ reawpable caws therefor related Lo Lender i interest ia the Property. ~ 9. Condemn~don.'l~e proceeds of any award or claim for damsQes. direct os con~equential. in conaection with any oondemnatioa or ; oth~ talrin~ of the property. or part thereot, oT for conveyanoe ia lieu oi oond~mnatio~, are heceby aasi~ned and shaU be paid b Lender. ~ la the event of a total takin~t of the Property, the proceed~ ~hell be applied b the ~ums secured by thu Mort~aQe, with the escea, if aay, ~ paid ia Borr~wer. Ia the event of a partiat taf~ing af the Psap~ty. anless Barmwor as:d Land~ oihemise agm in ~vriti.ag. there shnU be ~ epplied to the sum~ ~ecured by thii More~a~e such proportion ot the proeeeds as is equal to thet proportio~ which ehe amouat ot the s~wu ~ secured by this Most~a~e immediately prior to the date of Laking bean to the fsir market value of ths Property immediatel~? prior to the date ot € taking. with ths balaaae oi the proceed~ paid to Borro~res. ' ~ IZthe Property ls abandoaed by HorroMrer, or it. aRer notioe by Lender to Borrow~ thst the oondemnor oifer~ b make aa award or ~ettle a claim for damege~, Borrower fails to respond to Lender withia 30 days aRer the date such notioe u mailed. Lender u auWoriud to collect and ~ apply the prooeeds. at I.ender'~ option. e~thes b restoration or repair of the property or b the ~uma ~ecured by thi~ MortQage. y ~Unleas Lender and Borrower otherwise agree in writing. any ~uch application of prooeeds to principal shall not euteud or pwtpone the due : date of the monthly uutallmenta referred to in paragrapha 1 aad 2 hereof or cbange the amount of sucfi uutnllment~. ~ 10. Borrower Not Released. E:tension of the time for paymsnt or modification of amortization of the euans secured by this Mortgage _ ~ granted by Lender to any successor in interest of Rorrower shall not operete to release, in any manner. the liability of the original Borrower ~ and Borrower's succes~ors in iateres~ I.ender shall not be required to oommence proceedi~gs against euch successor or refwe b estend time ` foi payment or othe~riviae modity amoctisation of the sums aecured by thia Mortgage by reason of any demaqd made by the original Borrower ~ and Bor~ower s aucceesors in intereat. 11. Forbearanoe by Leader Not a Wsiver. My forbearanoe by Lender in e:erciring any right or remedy hereunder. or oWenvi~e aftorded by applicabk law. shaU aot be a waives of or preclude the exercise of any snch right or nmedy.'t1~e procurement of insurance or the payment of t~ea or other liens or chargos by i.ender shall not be a weiver of I.ende~s right eo aocelerate !he meturity of the indebtednas aecured by this Mortgage. f 12 Rsmedie~ Cumulative. All remedies•provided in thia Mortgage an diatinct and cumulative to any other right or remedy under this ~ Mortgage or afforded by lawr or equity, and may be exercise~i ooncurrendy, independently or sncoessively. y 13_ 8n~oesson and Assi~ns Bound; Jotat and Several Liabiiity; Csptions. The oovenaab and agreements herein oontained ehall ~ bind, and the rights hereunder shall inun to, the nspective sueceseors and assigna of Lender and Botrower, subject to the proviaions of paragraph 17 hereof. All covenants end agr~ements of Borrower shall be joint and several.'I~e captions and headings ot the paragraphs of Z thia Mortgage are for oovenience only and are not to be used to interpret or define the proviaions hereof. ~ 14. Notice. F.xcept [or any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in ~ thie Mortgage ehall be given by mailing auch notice by ce?tified mail addreseed to Borrower at tlie ProperLy Addreea or at euch other addnee as Borrower may designate by notioe to Lender aa provided herein, and (b) any notice to Lender ehaU be givea by cettified mail, retarn receipt requested. to I.ender's addrese steted herein or to euch other addreas as I.endrr may designate by notice to Borrowu as psovided h~rein. My notice provided foi in this Mortgage aha11 be deemed to have been given to Borrower or l.ender w+hen given in the manner designatsd herein. 15. Uaiform Mortgage; Governing Law; 3everability. Thia torm of mortgege combines uniform oovenanta for national use and non- uniforrn covenants with timited variatione by juriediction to oonatitute a uniform eecurity instruinent oovering real property.'lT~is Mortgage ahall be governed by the law of the juriediction in which the Property ia located. In the event thet any provisio~ or clause of this Mortgage or the Note contlicte with applicable law, such conflict shall not aff~ct other prov_ieiona of thie Mortgage or the Note which can be given effect without the rnnflicting provieion, and to thia end the proviaiona of the Mortgage and the Note are declend to be severable. ~ 16. Borrower's Copy. Borrower ehall be fumished a oonformed oopy of the Note and of thie Mortgage at the time of aecution or aft~er recordation' hereof. } 17. 'I~ansfer o! the Property; Msumpttoa. If ell or any part of the Property or an interest therein ia sold or transferred by Borrower without Lender'e prior written rnnBent, e:cluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage. (b) the creation of a purchase money security in~t for household appliances, (c) a tranafer by devise. dc~cent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold intenst of three yeara or leas not oontaining an option to purchaee. I.ender may. at Lender a option. declare all the suma secured by thia Mortgage to be immediateiy due and payable. Lender shall have waived auch option to aocelerate if, prior to the eale or tranefer, Lender and the peraon to whom the Property is to be sold o~ transferred reach agreement in writing that the credit of snch pereon is aatisfactory to Lender and that the intereat payable on the sums aecured by this Mortgege ahall be at auch rete as I.ender ahall requeat_ If Lender has waived the option to accelerate provided in this paragraph 17. and if Borrower'a aucceseor in intereat has executed a ' written aseumption agreement socepted in writing by I.ender, l.ender shall telease Borrower from all obligatione under thia Mortgage and the ~I Note. I If Lender e:ercisea such option to accelerate, Lender eha11 mail Borrower notice of aooeleration in sooordance with paragraph 1~ hereot ~ Such notice shall provide a period of not leas than 30 daye from the date the notice is ~r.siled within whieh Borrower may pay the eums declared ~ due_ If Borrower faila to pay euch auma prior to the expiration of such period, Lender may, without furth~ notice or demand on Eiorrower. ~ invoke any remediee permitted by paragranh 1R hereof. ~ 18. Acceleration; Itemedies. E:cept as provided in paragraph 17 hereot, upon Borrower's breach of any oovenant or a~reemeat oi Borrower in this Mortgage, lncluding tbe oovenants to pay w6en due any sams secured bp t6is Mottgage, Lender } I prior to aoceleration shall mail notice to Borrower ae provided id paragraph 14 hereof epecifying: (1) the breach; (2) t6e action ? required to cure suc6 breach; (3) a date. not lees than 30 daye trom the date tbe notice ie mailed to Borrower. by w6ich auc6 ~ breach mwt be cured; and (4) that tailure to cure such breach on or before the date specifed in t6e notice may result in ~ acceleration of We sum8 eecured by this Mortgage, forecloaure by judicial prooeeding and sale of the Property. The notice shall furt6er iniorm Borrower of the right to reinstate atter acceleration and the right to assert in t6e foreclosure proceedtng t6e non-ezistenoe of a detault or any other defense of Borrower to acceleration and foreclosure. It the breach ia not cured on or before t6e date epecitied in the notice, Lender at l.ender'e option may deciare all of the suma secured by this Mortgage to be immedietely due and payable without further demand and may lorecloee thie Mortga~e by judicial proceeding. Lender shall be entitled to oollect in auch proceeding all ezpenses of foreclosure, includiag, but oot limited to. reasonable attorney'e fees. end coete otdocumentary evidence. abstracta and title reporta. 19. Borrower's Right to Reinstate. Notwithstanding I.ender'e acceleration of the suma eecnred by this Mortgage, Borrower ehaA have ~ the right to have any prooeedinge begun by Lender to enforce thia Mortgege diecontinued at any time prior to entry of a judgment enforcing ~ ~ this Mortgage if: (a) Borrower pays Lender all sums which would be then due under thia Mortgage. We Note and notea eecuring P~ture r ~ Advancxs, if any, had no acceleration occurred; (b) Borrower cures atl breachea of any other oovenanta or agreemente of Borrower contained in j ~ this Mortgage; (c) Borrower pays all reasonable e~cpenaes incurred by Lender in enforcing the oovenanfe and agreements of Borro~ver ' ~ oontained in thia Mortgaqe and in enforring Lendei s remedies aa provided in paragraph 18 hereof, inclnding, bnt not limited to, reasoaable ~ ~ atiorney's feea; and (d) Borrower takea such action as I.ender may reaaonably require to aesure that the lien of thie Mortgage, Lendrr'B interest ~ ~ in the Property and Borrower's obligation to pay the suma eecured by thia Mortgage ahall continue unimpaired. Upon auch payment and cure = ~ by Borrower, this Mortgage and the obligations eecured hereby ahall remain in fu11 foice and effect as if no aoceleration had occurred. ~ 20. Aaei~nment of Renb; Appointment ot Aeceiver. Aa additional security hereunder. Borrower hereby aseigns to Lender the renta ~ ~ of the Property, provided that Borrower shell, prior to soceleration under parag~raph 18 hereof or abandonment of the Property. have Lheright ~ to rnllect and retain such rents as they become due and payable. . ~ ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property. Lender shall be entitled to have a receiver appointed by a ~ oourt to enter~npon, take poeseasion of and manage the Property and to oollect the renta of the Property, including thoee paet due. All rtnte ` oollected by the receiver ahall be applied fint W peyment of the oosts of management of the Property and oollection of renta. including, bnt not ~ limited to, receiver's fees, premiume on receiver e bonda and reasonable attorney'e feea, and then to the sums secured by thia Mortgage.'11~e ~ , receiver ehall be liebte to aooount only for thoee ~ents aMually received. ~ ~ ~ C k ~ 3 ~o~ ~ ~98 P~~E 804 ~ ~ ~ ~ T _ ~,.1 _ ~ ~ r±~ ~..r . , ~+~~'~"_~.v '