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HomeMy WebLinkAbout0702 8. IpBpBCIIOQ. l.ender mayr make or cawe to be made reawaable entries upon and inspection~ of the proptrty. pmvided tha! I.ender ~hall give Borrowe~ notice prior to any auch inapection epecitying reasoneble cauee therefor related to Lender's taterest in the Property. 9. CODlI8m11~U0~1.'l~e proceeds of any award or claim for damages. direct or consequential, in connection with any oondemnation or other taking uf ths property, or part theraof, or for conveyanee in lieu of oondemnation. are hereby aaaigned and shall be paid to Lende~. In the eveat of a total takir?~ of the P[opedy. the prooeed~ aheU be applied to the sums exured by this Mort~age. with the ~cess~ if any, paid to Borrower. In the event of a partial takiag oi the Property. unless Borrower and Lender otherwiae agres in vriiting, there ahall be applied Co the auma secured by this Mortgage auch proportion of the proceeds a~ is equal to that pmportion which the aaiouat of the sums eecured by this Mortgage immediately prior to the date of ta~ing beare to the fair market value of the Property immediately prior to the dete of taking. wiW the balan~v of the proceed~ paid to Borro~rer. If the Property is abandoned by Borrower. or if. aRer notioe by Lender to Borrower that the oondeinnor offers to make an award or aetde a claim for damagee. Borrower fails to reepond to Lender within 30 d~ys after the date such notioe is mailed, I.$nder ia authorized to coUect and apply the pmceeds. at Lendei s option. eiWer to restoration or repair of the pmperty or Lo the su~aa secured by this Mortgage. Unless Lender and Bormwer otherwiee agree ia writing, any such application of proceeds to principal ahall not estend or poatpone the due date of the monthly installments nferred to in paregraphs 1 and 2 hereof or change the amount of auch installmenta. 10. Borrower Not Released. E:teneion of the time for paymant or modification of amortization of the auma secured by this Mortgage granted by I.ender to any eucceaeor in interest of Borrower ehall not operate to release, in any manner, the liability of the otiginal Borrower and Borrower'a auccessora in interee~ I.ender ehall not be required to oommence procecdinge againat auch aucceaaor oK refuse to extend time for payment or otherwiee modify amortization of the aums aecured by thie Mortgage by reason of any demand made by the origina) Borrower and Borrower a succeosora in intereek 11. Forbearaaoe by I.euder Not a VNaiver. My forbearance by Lender in ea~ercising ~ny right or remedy hereunder, or oiherwise atf'orded by applicable law. ehall not be a waiver of or preclude the exerciee of any auch right or remedy. The ptocurement of inaurance or the payment of taxee or other lieae or charges by I.enda ahall not be a waiver of Lender's right to aocelerate the maturity of the indebtedneee eecured by Lhia Mortgage. 12 Remediee Cumulative. All remedies provided in thia Mortgage are distinct and cumulative to any other right or remedy under thie Mortgage or afforded by law or equity. and may be Pa~eerciseri ooacurrendy. iadependendy or suooessively. 13. Successore and Aeaigns Bound; Joint and 3everal Liability; Captione. The oovenante and agreementa herein oontained ehall bind. and the righta hereunder shall inuie to. the respective succeaeore and sesigna of Lender and Borrower, subject to the pmviaiona of paragraph 1? hereof. All rnvenants and agreemeate of Borrow~ ahall be joint and eeveral. The captions and headings of the paragraphs of thia Mortgage are for covenienoe only and are not to be ueed to interpret or define the proviaioas hereof. 14. Notice. Fxcept for any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided for in thia Mortgage shall be given by mailing such notice by certified mail addreaeed to Borrower at the Property Addreae or at auch other addreee ae Borrower may deeignate by notice to Lender as provided hecein, and (b) any notioe to L~der ahall be givea by certified mail, return receipt requeated, to Lender's addreea atated herein or to such other addrees ae Lender may deaignate by notice to Borrower aa provided herein. My notice pmvided for ia thie Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner deeignated herein. 15. Uniform Mortgage; Goveraing I.sw; Severability. Thia form of mortgege combinea uniform aovenante for national uee and non- uniform covenanta with limited variations by juriediction to oonatitute a uniform security inetniment oovering real property. This Mortgage shali be govemed by the law of the juriediction in which the Property ie located. In the event that any provision or clauee of thie Mortgage or the Note conflicia with appGcable law, euch contliM ahall not afiect other proviaiona of this 1liiortgage or the Note which can be given effect without the conflicting provision, and to thie end the pmviaiona of the Mortgage and the Note are declared to be severable. 16. Borrower'e Copy. Borrower ahall be furniahed a conformed oopy of the Note and of this Mortgage at the time of e:ecution or after recordation hereof. ~ 17.11ranefer of the Property; Aeeumption. If all or any part of the Property or an interest therein ia eold or tranaferred by Borrower without Lender e prior written consent, ezcluding (a) the creation of a lien or encumbraace aubordinate to this Mortgage, (b) the creation of a purchaee money aecurity intereat for houeehold appliancea. (c) a tranafer by devise. dc~oent or by operation of law upon the death of s joint tenant or (d) the grant of any leasehoid interest of three yeare or less not oontaining an option to purchaee, Lender may. at Lendei s option, declare all the sume secured by this Mortgage to be immediately due and payable. L.ender ahall have waived auc6 option to aocelerate if. prior to the sale or transfer, Lender and the person to whom the Property ia to be eold or tranaferred reach agre.~ement in writing that the credit of auch person ia eatisfactory to I.ender and that the interest payable on the sums secured by thia Mortgage shall be at auch rate ae. Lender shall request. If Lender hae waived the option to accelerate provided in this paragraph 17, and if Borrower'a suceessor in inteteat haa e:ecuted a written assumption agreement accepted in writing by Lender, Lender ahall release Borrower firom al) obligaliona under thie Mortgage and the Note. ' It Lender exercisee such option to accelerate, I.ender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL ; Such notice ahall provide a period of not less than 30 days from the date the notice is ~r,ailed within which Borrower may pay the aums declared i due_ If Borrower fails to pay such suma prior to the e:piration of such period, Lender may, without further notice or demand on ~3orrower, ~ invoke any remediea permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remedies. E:cept ae provided in paragraph 17 hereof, upon Borrower'a breach of any oovenant or agreement of Borrower in thie Mortgage, including t6e covenante to pay w6en due any sums eecured by this Mortgage, Gender ~ prior to aoceleration shall mail notice to Borrower ae provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action ~ required to cnre siich breach; (3) a date, not leas than 30 days from the date the notice is mailed to Borrower, by which such ~ 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 tLe eume eecured by this Mortgage, foreclosure by judicial proceeding and sale of the Properiy. The notice ehall 3 further inform Borrower of the right to reinstate atter acceleration and the right to aesert in the forecloaure proceeding the 4 non-ezistence of a.default or any other defenae of Borrower to acceleration and forecloeure. If the breach ie not cured on or ~ e before the date specified in the notice. Lender at Lender's optioo msy declare all of the euma eecured by thie Mortgage to be ~ immediately due and payable without furtherdemand and may forecloee this Mortgage by judicial proceeding. Leader ehall be ~ entitled to collect in such proceeding all ezpenses of forecloaure. including, but not limited to, reasonable attorney's feea. and ~ coata of documentary evidence, abatracts and title reports. ; 19. Borrower'e Right to Reinatate. Notwithetanding Lender's acceleration of the auma eecured by thie Mortgage. Borrower shall have ~ the righ't to have any proceedinga begun by I.ender to enforce this Mortgage diacontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower paya Lender ail aums which would be then due under thie Mortgage, the Note and notea securing Ftiture - Advancea, if any. had no acceleration occurred; (b) Borrower cures aU breachea of any other covenante or agreements of Borrower containe~ in ~ thia Mortgage; (c) Borrower paye all reasonable expenaea incnrred by Lender in enforcing the oovenante and agreements of Boaower x q oontained in this Mortgage and in enforcing Lender a remedie8 as pmvided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney e feee; and (d) Borrower takes auch action ae Lender may reaaonably require to assure that the lien of this Mortgage, I.ender's interest 3 in the Property and Borrower's obligation to pay the aums secured by this Mortgage ehall oontinue unimpaired. Upon auch payment and cnre ' by Borrower, thia Mortgage and the obligations secured hereby shall remain in full force snd effect as if no acceleration had axurred. ~ 20. Aesignment of Rents; Appoiatment of Receiver. As additional eec~rity hereunder, Borrower hereby assigns to Lender the rente of the Property, provided that Borrower shall, prior to acceleration nnder paragraph 18 hereof or abandonment of the Property, have the right i to coUect and retain auch rente as they become due and payable. = Upon acceleration under paregraph 18 hereof or abandonment of the Property. Lender ahall be entided to have a receiver appointed by a ~ oonrt to enter~pon, take posaesaion of and manage the Property and to collect the rente of the Property, including thoee past due. All rente ~ oollected by the receiver shall be applied first to payment of the oosta of management of the Property and collection of renta, including, but not ~ limited to, receiver e feea, premiuma on receiver'e bonda and reasonable attorney'e fees, and then to the aums secured by thie Mortgage. The ~ receiver ahall be liable to acoount only for those renta actually received_ ~ ~ g~o~ 301 F,~~E 702 ~ ~ ~ _ - _ _b~ - ` ~ ~~ti ,=kv ; ~ ~:Y.- E ~~r~ ~ _ - - mT.. ~ c . ~`p.s'.~}"' . _ ~ - - -