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HomeMy WebLinkAbout0680 e. Ia~pectioa. Lender may make or cawe to be made re~uonable entrie~ upon and inapectioru of the property, pmvided that Iwnder shal! give E3orrower notioe prior to aqyr such inapection epecifying reasoaable cauee therefor releted to I.ender'~ iqttrest in the Propsrty. 9. Coademnation. '1T~e prooeeds of aay award or claim for damaga, direct or coasaquential, in connection with any oondemnation os other taking of the property, or part thereof, or for rnaveyanee in lieu of oondemnation. are hereby aaaigaed and shall be paid to Le~der. In the event of a fotal taking oi the Peoperty, the proceeds ~hall be applied to the suma secured by thiu Mortga~e, with the e:oess. if any. paid to Borrower. Ia the event of a partial taking of the Property, unless Borrower and Lender otherwiee agrea in wriang, there shaU be applied to the sums secured by this Mortgage such pmportion of the prooeeda as u equal to that pmportion which the amount of the swas secured by thie Mortgage immediately prior to the date of taking bears b the fair market value of the Property immediately prior to the date of taking, with the balanca of the prooeeds paid to Borrower. If the Proper4y ia abandoned by Borrower, or if, aRer aotioa by Lender to Borrower that the oondea?nor offers to meke an award or setde a claim for dameges. Borrower fails to respond b Leader withia 30 days after the date such notice ie mailed, Lead~ is authorirsd b collect and apply the peoceeds. at Lender's option. either to reatoration or repair of the pmpetty or to the sums aecured by this Mortgage. Unless Lender and Borrower otherwiee agree in writing, any auch application of proceeda to principal ahali not e~ctend or poatpoae the due date of the monthly inatallments nferred to ia paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Reteased. E~ctenaion of the time for paymant or modi6cation of amortization of the auma eecured by thie Mortgage granted by Lender to any eucceesor in interest of Borrower shal! not operate to telease, in any manner. the liability of the original Borrower and Borrower's aua~eseore in interea~ Lender ahall not be required to oommence proce~,*dinge againet auch succeseor or refuee to extend tiane for payment or otherwise modify amortization of the auma eecured by thia Mortgage by reaeon of any demand made by the origina! Borrower and Borrower a succeseors in interest ~ 11. Forbearanoe by Lender NM a Waiver. My forbeatance by I.ender in esercieing eny right or remedy hereander. or otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any euch right or remedy. The procnrement of ineuranoe or the payment of taues or oth~ liens or cliarges by I.ender ahall not be a waiver of I.ender's right to aooelerate the maturity of the indebtednese eecured by this Mortgage. 12 Remediee (.titmuletlve. All remediee provided in thia Mortgage an distinct and cumulative to any other right or remedy under this Mortgage or afiorded by lew or equity, aad may be ezercieed ooncurreatly, independently or auoceesively. 13. 3ucceesors and Aseigas Bound; Joint and 3everal Liability; Captioas. The oovenante and agreemente herein oontained ehall bind, and the rights hereund~ shall inure to, the respective antt~eesors and aasigna of Lender and Borrower, eubject to the provisions of paragraph 17 hereot All rnvenaate and agreements of Borrower shall be joint and ecveral. The captions and headings of the paragraphe of thia Mortgage are for covenience only and are not to be ueed to interpret ot de5ne the proviaiona 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 ahall be given by mailing auch notice by certified mail addressed to Bortower at the Property Addrees or at auch other addrees ae Borrower may deaignate by notice to I.ender as provided herein, and (b) any notice to I.ender shall be given by certified mail, return receipt reque8ted, to l,ender'e addrese atsted herein or to auch other addreas ae Lender may designate by notice to Bon~ower ea provided herein: My notice provided.for in thie Mortgage ahall be deemed to have been given to Borrower oi I.ender when given in the manner aeaignatRd herein. 15. Uniform Mortgage; Governing I.aw; $everability. Thie form of mortgage combinea uniform oovenants for national uee and non- uniform covenante arith I'united variationa by juriadiction to oonatitute a uniform security inatrunient crovering real property.'l~ie Mortgage shall be governed by the law of the juriediction in which the Property is located. In the event that any proviaion or clause of this Mortgage or the Note conflicts with applicable law, auch conflict ahall not af~ect other provisions of thie 111ortgage or the Note which can be given effect without the conflicting provision, and to this end the provisiona of the Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower ahall be furniehed a conformed oopy of the Note aad of this Mortgage at the time of e:ecution or after recotdation hereof. 17. 'l~ctneter of the Property; Aeeumption. If aU or any part of the Property or an intereet therein ia eold or traneferred by Borrower without I.ender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchase money eecurity interest for houeehold appliances, (c) a transfer by devise, dc~oent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three yeara or leea not coataining an option to parchase, Lender may, at Lender's option, declare all the anms aecured by this Mortgage to be immediately due and payabte. Lender ahall have waived such option to acoelerate if, prior to the sale or tranefer, Lender and the person to whom the Property ie to be aold or transferred reach agreement in writing that the credit of sach person ia satisfactory to Lender and that the interest payable on the suma secured by this Mortgage ahall be at auch rate as Lender ahall request. lf Lender has waived the option to accelerate provided in this paragraph I7, and if Borrowei s successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. ' If Lend~ exerciaea such option to accelerate, Lender shall mail Borrower notice of aoceleration in accordance with paragraph 14 hereoL I~ Such notice ahaU provide a period of not leas than 30 days from the date the notice is ~nailed within which Borrower may pay the suma declared : due. If Borrower faiis to pay such sums prior to the e:piration of such period, Lender may, without further notice or demand on Borrower, ; invoke any remediea permitted by paragraoh 18 hereof. 18. Acceleration; Remedies. E:cept ae provided in paragraph 17 hereof, upon Borrower'e breach of any oovenant or z agreement o! Borrower in thia Mortgage. including the oovenanta to pay when due any sums aecured by thie Mortgage, Lender i prior to acceleration ghall mail notice to Borrower as pmvided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure snch breach; (3) a date, not lese than 30 days from t6e date the notice is mailed to Bonower, by which euch ` breach muet be cured; and (4) that failure to cure auch breach on or before the date specified in the notice may result in ' acceleration of the sume secured by thie Mortgage. foreclosure by judicial proceeding and eale of the Property. The notice ahall ~ further inform Borrower of the rig6t to reinatate after acceleration and the right to eeaert in the foreclosure proceeding the F non-ezistence of a default or any other defense of Borrower to acceleration and forecloaure. Itthe breach is not cured on or• ~ before the date epecified in the notice, Lender at Lender's option may declare all of the suma eecured by thie Mortgage to be immediately due and payable without further demand and may forecloae this Mortgage by judicial prooeeding. Lender shall be ~ entitled to collect in auch proceediag all e:penaea of foreclosure, including. but not limited to, reasonable attorney'8 feee, end ~ coste of documentary evidence, abetracte and title reports. ~ 19. Borrower'e Right to fteinatate. Notwithatanding Lender a aooeleration of the suma eecured by thie Mortgage, Borrower shall have ~ the right to have any proceedinga begun by Lender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enfoming ~ thia Mortgage if: (a) Borrower paye I.ender all euma which would be then due under thie Mortgage, the Note and notes eecuring Future ~ Advances, if any, had no acceleration occurred; (b) Borrower curee all breaches of any other coven ante or agreements of Borrower contained in : this Mortgage; (c) Borrower paya all reasonable expensea incurred by Lender in enforcing the covenants and agreementa of Boaower a oontained in this Mortgage and in enforcing I.en~er's remedies as provided in paragraph 18 hereof, including; but not limited to, reasonablR ~ attorney's feea; and (d) Borrovver take8 euch action se Lender may reasonably require to aseure that the lien of thia Mortgage, I.ender'e intereet ~ in the Property and Borrower a obligation to pay the aums secured by this Mortgage ehall continue unimpaired. Upon auch payment and cure by Borrower, thie Mortgage and the obligationa secured hereby ehaA remain in full force and effect as if no acceleration had occurred. : 20. Aseignment of Rente; Appointment of Receiver. As additional aecurity hereunder, Borrower hereby aeaigns to Lender the renta ! of the Property, provided that Borrower ahall, prior to aoceleration unde; paragraph 18 hereof or abandonment of t6e Pro to collect end retain auch renta ae they become due and payable. p~Y, have theright s Upon acceleration under paragraph 18 he~eof or abandonment of the Property, Lender ehall be eatitled to have a receiver appointed by a oowrt to enter~pon, take poseeesion of and manage the Property and to collect the rente of the Property, including thoee past due. A1) rente ' ooUected by the re~xiver shaU be applied firat to payment of the ooets of management of the Property and collection of renta, including, but not ~ limited to. receiver 8 fees, premiuma on receiver e bonde and reasonable attorney e feea, and then to the snma eecnred by thie Mortgage. The ~ receiver ehall be liable to acooant only for thoee rnnta actually received_ ~ - ~ 's ~ ~ ~ BOOK ~O1 FAGE s8O . • ~ ~ ~,:4 - - - - - , _ ~ ~ _ y ~ ~ ~ . ~i,~ `'3"".~," a a - - ~ ~ ~ ~ I ~ . ~ ~ . ~ Y ~ , , _ . . . _ . _ . . .e . _ _