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HomeMy WebLinkAbout0904 . . 8. Inspectiott. l.ender may make or cauee to be made reasonable ent~ies upon and inepections of the properly, provided that I.ender shall Kive Borrowet notice prior to any auch inspection apecifying ~eaaonable cauee therefor related w I.ender'e intemet in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or coneequential, in connection with any oondemnatioa or other taking oI the property, or pait thereof, or for rnnveyanoe in lieu of condemnation, aro hereby aeaigned and shall be paid to l.ender. In the event of e lotal taking ot the Property, the proceeds shall be applied to the sume secured by this Mort~age, with the e:oesa, if any, paid to BoROwer. In the event of a partial taking of the Property, unlees Sorrower and I.ender otherwise agree in writing, there shall be applied w the eums eecured by this Mortgage such proportion of the proceeds as ia equal to that proportion which the amount o[ the rums secured by thia Mo~tgage immediately prior to the date o! taking beare W the fair market value of the Property immediately prior to the date of taking, with the balanca of the proceeda paid to Borrower. . ~ If the Avperty is abandoned by Borrower, or if, aRer ~otice by I.ender to Borrower that the condemnor oPters to make an award or setde a claim for demages, Borrower fails to reepond to I.ender within 30 daye aher the date aurh ~otice ie mailed, I.ender ia authorized to collect aad appiy the proceeds, at Lender e option, either to restoration or repair of the pmpetty or to the aums secured by this Mortga~e. Unleas I.ender and Borrower otherwise agree in writing, any euch application of proceeds to principal ehall not e~ctend or poetpoae thedue date of the monthly installmenLe referred to in paragraphs 1 and 2 hereof or change the amount of such installmenta. 10. Borrower Not Releseed. E:teoaion of the time for paym~nt or modification of amortization of the eume eecured by thia Mortgage Kranted by l.ender to any aucceaeor in intereet of Borrower shall not operate to rnleaee, in any manner, the liability o[ the original Borrower and Borrower'a succeseors in intereat. Lender ehall not be required to oommence proceedinga againat auch aucceesor or refuee to eztend time fur payment o~ otherwise modify amortization of the eums secured by this Mortgage by rnanon of any demand made by Ihe original Borrower :~nd Borrower'a succesaors in intereat. I 1. Forbearaace by I.eader Not a Waiver. My forbearance by I.ender in exercieing any right or remedy hereunder. or otherw~ise afforded~by applicable law. shall not be a waiver of or preclude the e:erciee of any such right or remedy.'11~e procurement of ineiuance or the payment of taxea or other ~iene or chargea by Lender ahail not be a waiver of Lendei s right to sccelerate the maturity of the indebtedness aecured by thia Mortgage. 12 Remediea Cumulative. All remedies provided in thia Mortgage are distinct and cumulative to any other right or remedy under this , titortgage or afforded by law or equity, and may be ezercieed concurrently, independenUy or succeeeively. , 13 3ucceseore and Aaeigne Bound; Joint and 3everal Liability; Captions. The rnvenanta and agreemente herein oontained ahall bind. and the righta hereunder ahall inure to. the reepeMive eucceeeor8 and aeeigns of Lender and Borrower, subject to the provieions of paragraph 17 hereof. All covenants and agreementa of Borrower ahall be joint and eeverai. The captions and headings of the paragrsphs of thia Mortgage are [or covenience only and are not to be ueed to interpret or ~e5ne tht prov~aiona hereof. 14. Notice. Except for nny notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thie Mortgage shall be given by mailing auch notice by certified mail addresaed to Borrower at the Property Addreas or at such other addrees ae Borrower may d~ignate by notice to Lender ae provided herein; and (b) any notice to I.ender ahall be given by certified mail, return receipt requeated, to Lender's addresa stated herein or to euch other addreas as Lender may deaignate by notice to Borrower ea pmvided herein. My notice provided for in this Mortgage shall be deemed to have been given to Borenwer or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing I.aw; 3everability. Thia form of mortgage combinea uniform oovenanta for national use and non- unifot~n covenante with limited variationa by juriediction to constitute a unifortn aecurity inatnuuent oovering real property.'tliia Mortgage shall be governed by the law of the jurisdiction in which the Property is locatec;. In the event that any provieion or clause of thia Mortgage or the Note contlicts with applicable law. auch rnnflict shall not attect other proviaions of this Mortgage or the Note which can be given effect w~thout the conflicting proviaion, and to thia end the proviaiona of the Mortgage and the Note are declared to be severable_ 16. Borrower'e Copy. Borrower ahall be fumiahed a conformed oopy of the Note and of thia Mortgage at the time of e~cecution or after reconlation hereof. 17.'ltiranefer of the Property; Aseumption. If all or any part of the Property or an interest therein ia eold or transferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a p~rchase maney eecurity intereat for household appliancea, (c) a tranafer by deviee, descent or by operation of law upon the death of a joint :enant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at L.ender e option, declare all the auma secured by this Mortgage to be immediately due and payable. Lender ehall have waived auch option to accelerate if, prior to the aale or transfer, Lender and the peraon to whom the Property ia to be aold or traneferred rnach agreement in writing that the credit of euch peraon is satisfactory to I.ender and that the interest payable on the suma secured by this Mortgage shall be at such rate as Lender shali request. If L.ender hs~a waived the option to accelerate provided in thia paragraph 17, and if Borrower's succea8or in interest has e:ecuted a w•ritten assumption agreement accepted in writing by l.ender, Lender ahall release Borrower from all obligationa under this biortgage and the ote. ! If Lender exerrises such option ta accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 19 hereoL i Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the aums declared due. If Borrower faila to pay auch sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, ~ ~nvoke any remedies permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, apon Borrower'e breach of any oovenant or agreement of Borrower in thie Mortgage. including the covenante to pay when due any sume secured by this Mortgage. Leadet ~ prior to acceleretion ahall mail notice to Borrower as provided in paragraph 14 hereofepecifying: (1) the breach; (2) the action ~ required to cure auch breach; (3) a date, not lees than 30 days from the date the notice ie mailed to Borrower. by which euch ~ breach muat be cured; and (4) that failure to cure such breach on or before the date speciFed in the notice ~ay result in ~ acceleration of the sums aecured by thie Mortgage. foreclosure by judicial procc~eding and sale of the Property. The notice ehall X further intorm Borrower of the right to reinetate after racceleration and the right to aRaert in the forecloaure proceeding the ~ non-e:istence of a default or any other defense of Rorrower to acceleration and foreclosure. If the breach ie not cured on or ~ before the dete specified in the notice, Lender at I.ender'e option may declare all ot the eums aecured by thie Mortgage to be - ~ immediately due and payable without further demand and may forecloae this Mortgage by judicial proceeding. Lender ehall be entitled to rnllect in such proceeding all e:penaes of foreclosure. including. but not limited to. reasonable attorney's fees. and ~ ~ coste of documentary evidence, abstracta and title reporta. ~ 19. Borrower's Right to Reinatete. Notwithetanding Lender'a acceleration of the eums eecured by this Mortgage, Borrower shall have . ~ the right to have any proceedinga begun by [.ender to enforce thie Mortgage discontinued at any time prior to entry of a judgment enforcing ` thia Mo a e if: (a) Borrower a s Lender all sums which would be then due under this Mo rtg g p y rtgage, the Note and notes aecvring Future ~ Advances, if any, had no acceleration occarred; (b) Borrower cures all breachea of any other rnvenanta or agreemente of Borrower contained in ~ thia Mortgage; (c) Borrower pays all reasonable expenees incurred by Lender in enforcing the rnvenante and agreementa~of Borrower ~ rnntained in this Mortgage and in en[orcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reaaonable ~ attorney's fees; and ld) Borrower takes auch action as Lender may reasonably require to assure that the lien of this Mortgage, Lender's interest ~ in the Property and Borrower'e obligation to pay the suma secured by thie Mortgage shall continue unimpaired. Upon such payment and cnre - by Borrower, this Mortgage and the obligations secured hereby ahaU remain in full force and effect as if no acceleration had occurred. 20. Aasignment of Rente; Appointment of Receiver. As additional security hereunder, Borrower hereby aeaigns to Lender the rente of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right = to collect and retain auch rents ae they become due and payable. ' $ Upon acceleration und~ paragraph 18 hereof or abandonment of the Property. I.ender ahall be entiUed to have a receiMer appointed by a ~ court to enter~upon, take poesession of and manage the Prop¢rty and to coUect the rente of the Property, including those past due. All rente collected by the receiver ahall be applied first to payment of the coeta of management of the Property and oollection of rente, including, but not limited to, receiver's feea, premiuma on receiver a bonda and reasonable attomey'a feee, and then to the aums eecured by this Mortgage. The receiver ehall be liable to acoount only for thoae renta actually received. e: RfjfK ~ ~ R 301 F,~f 944 ; ~ ~ ' ~ ~ ~ y~ ~~r~ ~ - - ' - ~ ~ : ~ - e _ . ~ ~ - _ _ _ .