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HomeMy WebLinkAbout0861 . 8. Ia~pectloa. Lender may make or cauee b be made nasonable eat:ie~ upon and iaapection~ of the propecty, provided that Lender shall give Borrower notice prior b eu~y such inspection specifying reaeoneble cawe therefor related to Lender'~ interest in the Aroperty. 9. COlId@IMa~IOQ.'I~e proceeds of any award or claim for damaQe+. direct or conseque~tial. ID CORI1eC~l0[1 W11118II~I OOAdQlDRBaOp O[ oth~ taking of the property. or part thereof. or for rnnveyance in lieu of oondea?nation. are haeby assi~ned and shall be paid to Lender. In the eveat of a total taking of the Property, the proceeds shaU be epPlied to the sum° secured by this Mortgage, with We esoas, if any, paid to Bon~ower. la the event of s partial taking of the Propesty. unless i3orrower and I.ender othetwise a~ee tn writinS, t~?ere shaA be applied to the sums ~ecured by this Mortgage sucb proportion ot the proceed~ ae is equal to that proportion which the amount of the sums eecured by this Mortgage immediately prior to the date of fsking bears f~o the fair market value of the Property immediatdy prior to the daLe of taking. _with the balana3 of the proceedr paid to Borrower. If the Property is abandoned by Botrower. or if, aRer notice by Lender to Borrower that the oondemnor offers to make an award or setde a claim for damages. Borrower fails to r~pond to I.ender within 30 days aft,er the date such notice is mailed. Lender ia authorired to collect and apply the pmoeeds, at Lender's option. eithez b restoration or repair of the prop~ty oT to tha sums secured by t!w Mortgage. Unless Lender and Borrower oLherwiae a8ree in a?*itinB. anY such application of proceeds b principal shall not r~tend or postpoae the due date of the moathly instaUmenta nferred to in paragraphs 1 and 2 hereoi or change the amount of such uutaUmeAts. 10. Borrower Not Released. E:tension of the time for paymant or modification of amoriization of the auma eecured by this Mortgage granted by Lender to any eucceasor in intereat of Borrower ahall not operate to release. in any mannes, the liebility of the original Borrower and Borrower's eucceeaors in inter~~. Lender ahall not be required to commence proceedings ageinst euch auoceaeor or refuse to e:tend time for payment or otherwiae modify amortization of the sums aecnred by this Mortgage by reason of any demand made by the original Borrower and Borrower e successore in interes~. 11. ~Forbearanoe by I.eader Not a Waiver. My forbearance by Leader in e~cerciaing any right or remedy hereunder. or otherwise afforded by applicable law. shall not be a waiver of or preclude the ezercise of any euch right or remedy. The procnrement of insuranoe or the payment of tazes or other liene or charges by Lender ahall not be a waiver of Lender's right to aocelerate the maturity of the indebtedness eecund by this Mortgage. 12. Remedies Cumnl~?tive. All remedies provided ia thia Mortgage are dietinct and cumulative to any other ri8ht or remedy under this Mortgage or af~orded by law or equity. and may be ~erciaed ooncusrendy. independently or euoceeaively. 13 3uoceseore and Aseigne Bound; Joint and 3everal LiabiUty; Captbns. The oovenants and agreementa herein oontained ehell bind, and the righta hereunder sha11 inure W, the reepective aua,~eeaore and aseigna of I.ender and Bormwer. eubject to the proviaiona of paragraph 17 hereof. All covenants and agreemenLs of Borrowe~r ehall be joint and eeveral. The captione and hesdinge of the paragraphs of thia Mortgage are for covenience only and are aot to be used to intcrpret or define the proviaions hereof. 14. Notice. Eacept for any notice required under applicabte law to be given in another manner, (a) any aotice to Borcower pmvided for in thia Mortgage ahall be given by mailing such notice by certified anail addreaeed to Borrower at the Property Addreas or at snch other addrees as ' Borrower may designate by notice to Leader as provided herein, and (b) any notice to Lender ehall be given by certified mail, retum receipt requested. to Lend~'a address atated herein or to such other addrees ea Lender may designate by notice to Borrower aa pmvided herein. Any notice pmvided for in this Mortgage shall be deemed to have been given to Borrower or Lender w~hea given in the menner deeignated herein. 15. Uniform Mortgage; Governing I.aw; Severability. This form of mortgage combines uniform oovenaata for natianal uee and non- unifonn covenante with limited variations by juriediction to oonstitute a uniform security instrunient ooveriag real property. This Mortgage ahall be governed by the law of the jurisdiction in which the Property ie located. In the event that any proviaion or clauee of this Mortgage or the Note contlicts with applicable law, auch conflict shall not aff'ect other pmvieiona of this Mortgage or the NoLe which can begiven effect without the conflicting pmviaion, and to thia end the proviBions of the Mortgage and the Note are declared to be severable. 16. Borrower'a Gopy. Borrower shall be furniahed a conformed copy of the Note and of this Mortgage at the time of eaecntion or after recordation hereof. ~ 1?. 'IYanefer of the Propertq; Aeeumpdon. If all or any part of the Property or an intereet therein ia sold or transferred by Borrower without Lender a prior written conaent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage. (b) the creation of a purchase money eecurity intereet for Honsehold appliancea, (c) a tranefer by devise, deacent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeara or leas not oontaining an option to purchaee, I.ender may, at Lendei a option, declare all the sums sec~ired by this Mortgage to be immediately due and payable. L.ender ahall have waived such option to aocelerate if. priot . to the sale or tranafer, Lender and the person to whom the Property ia to be aold or transferred reach agreement in writing that the credit of auch gerson ia satiafactory to Lender and that the intereat payable on the auma secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate pmvided in thia paragraph 17. and if Borrower's succeesor in interest has executed a writien asaumption agreement accepted in writing by I.ender, Lender shall release Borrower from all obligationa under thia Mortgage and the ~ Note. If I.ender e:ercisea auch option to accelerate, Lender shall mail Botrower notice of acceleration in socordance with paragraph 14 hereot I Such notice ahall provide a period of not leas than 30 daya from the date tfie notice ia tLailed within which Botrower may pay the sums declared [ due. If Borrowe~t faila to pay such suma prior to the expiration of such period, Lender may, without further notice or demand on f3orrower, ~ invoke any remedies permitted by paragranh 1R hereof . t 18. Acceleration; Remedies. E:cept as provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or ~ agreement of Borrower in thie Mortgage, including the oovenante to pay when due any sume eecured by thie Mortgage, Lender prior to acceleration shall maii notice to Borrower aa provided in paragraph 14 hereof specifying: (1) the breach; (2) the action ~ required to cure suc6 breach; (3) a date, not lese than 30 days from the date the notice is mailed to Borrower, by which such breach must be rured; and (4) t6at failure to cure euch breach on or before the date specified in the aotice may result in acoeleration of the eums secured by this Mortgage, forecloaure by judicial proceeding and eale of t6e Property. The notice ehall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non•ezistence of a detault or any other defenae of Borrower to acceleration and foreclosure. If the breach ie not cured on or before the date apecified in the notice, Lender at I.ender's option may declare all of the eume secured by this Mortgage to be immediately due and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lender ahall be entitled to collect in auch proceeding all ezpenses of foreclosure. including. but not limited to, reasonable attorney's feea. and casts oE documentary evidence, sbstracts and title reports. 19. Borrower's Rig6t to Reinatate. Notwithetanding Lender'a acceleration of the auma secured by this Mortgage, Borrower ahall have the right to have any proceedings begun by Lender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower pays Lender all snma which would be then due under thia Mortgege, the Note and notea eecuring Ftiture Advancea, if any, had no acceleration occorred; (b) Borrower cures ali breaches of any other covenants or agreements of Borrower rnntained in this Mortgage; (c) Borrower pays all reasonable e:penaea incurred by [.ender in enforcing the coveaants and agreements of Borrower ~ contained in thie Mortgage and in enforcing Lender's remedies a8 provided in paragraph 18 hereof, including, but not limited to, reaeonable attomey's fces; and (d) Borrower takee auch action as Lender may reasonably require to assnre thatthe lien of thia Mortgage, Lender'e interest ~ in the Property and Borrower a obligation to pay the euma eecured by this Mortgage ahall continue unimpaired. Upon such payment and cure ~ by BorroweT, thie Mortgage and the obtigations eecured hereby shall remain in full foroe and effect as if no acceleration had occurred. ' ~ 20. Aseignmeat ot Rente; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby asaigna to Lender the renta ~ of the Property, pmvided that Borrower shall, prior to accelerution under paragraph 1 S here~f or abandonment of the Property. have the right ~ to collect and retain auch rents as they become due and payable. , ~ Upon acceleration under paragraph IS hereof or ahandonment of the Property. Lender ahall be entitled to have a neaeiver appointed by a ~ oourt to enter-upon, take posseasion of and manage the Property and to collect the renta of the Property, including thoee paat due. All renta rnllected by the receiver ahall be applied firet to payment of the ooete of management of the Property and rnllection of rents, including, but not ~ limited to, receiver e feea, premiuma on receivei a bonde and reaeonable attorney's fees. and then to the sume eecuredby thie Mortgage. The receiver aha11 be liable to acoount only for thoee rents actually received. ~ ~ , s~~~ 302 Fh~E 861 ~ ~ ~ f~~~ ~ ts - - _ _ _ _ ~ -