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HomeMy WebLinkAbout0640 8. Ia~pectioa. I..ender may meke or cause to be made ceawnable entrie~ upon end 'uupections of the pmperty. pruvided that I.onder rhall give Bo~ow~ notice prior tu any such inspection speci~yiag reawaabk cauae tl~rd'or related to Lender's interest w the Property. 9. Coademnetioa. The proceeds of aay award or claim for daa~age~. direct or oon~equentiai, in coanection with any oondea~nation o~ other taking ot the property. or part thereof, or for conveyaace in Ueu of ooademnation. are hereby a~signed eu~d shaU be peud to Lendu. In the event of a total taking of the PropeRy. the proceeda ~hall bs applied b the.ums secured by this Mortga~e, rvith the ~oees, if any. paid to Borrower. I~ the event of a partiel taiung of the Prope~ty. nnless Borrower end Lender otherwiss agree in writin~, then ehell be applied to the suma secnred by this Mortgage such pmportioa of the proceeds aa ia equal to that pmportion which the amount of the sums secund by this Mortgage immediately prior to the date of taking bears to tho fe~ir market value of the Propedy immediatel,y prior to tha date of taking. with the balance of the pmccsda paid to Bonrower. If the Prop~ty is abandoned by Borrower. or if. aRer notice by Lender to Borrow~ thAt the oonde~anor ogers to make en award or settle a claind for damages. Borrower faila b reepond to Leader within 30 days after the date such notioe ia mailed. Lender is au Worir,ed to coAect sad apply the prooecds. at Lender's option. eith~ to restoration or repair of the proputy or to the sume ~ec~?red by this Mo~a~e. Unlees Lendu and Boirower otherwise a~ree in writin8, ei?Y such application of proceeda to principal shaU aot eztead ~ po~tpoae the due date of the monthly installmenta referred ~o in paragraphs 1 and 2 hereof or changs the amouat of such installments. 10. Borrower Not Releaeed. Extenaion of the time for paymant or modification of amortiaation oi the sums secured by this Mortgage granted by I.ende~ to any succeeeor in interest of Borrower ahall not operate to release, in any manner. Lhe liabilit,y of the original Borrower and Borrower'e suoceeeora in intena~ Lender ahall not be required b oommenoe proceedings ageinst such sueceasor or nfuse to extend time for payment or oth~riae modify amortization of the suma secvred by thie Mortgage by reaeon of any demand made by the original Borrower and Borrower e succeasoTS in interes~ 11. ForDearanoe by Lender Not a Wwiver. My forbearanoe by I.ender in exercising any ri8ht or remedy hereunder. or otherwise afforded by applicable law, ahall not be a waiver of or preclude the euercise of any such right or nmedy. The pmcurement of ineuranoe or the payment of tauea or other liene or charges by Lender shall not be a waiver of Lender's right to socelerate the maturity of the indebtedneee eecured by thia Mortgage. ' 12 Remedies Cumuladve. Al1 remediea pmvided in this Mortgage are distinct and cumulative to any other right or remedy undez this Mortgage or afforded by law or equity. and may be eacerciserl ooncurrently, independeady or suc~ceseively. ~ 13. Sucoessore and Assigns Bonnd; Joint aad Several Liability; Captioas. The oovenants end agreementa herein oontained shali bind. and the righte hereunder s~iall inure to,lhe reapective suc~eeeore and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenante and agreewents of Borrow~ shall be joint and seveTal. The capbions and headings of the paragraphs of thia Mortgage are for rnvenience only and are not to be used b interpret or de5ne the proviaions hezeoL . 14. Notice. E:cept 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 addreaeed to Borrovver at the Property Addreea or at such other addreea as Borrower may deeignate by notice to Lender as pmvided hereia, and (b) any notice to Lender ehall be given by certified msil, returu reoeipt requested, to Lender's addreas stated herein or to auch other addrese ae Lender may designate by notice to Borrower sa provided herein. My notice provided for in this Mortgage ahall be deemed to have been given to Borrower or I.ender whea givea in the manner deeignated herein. 15. Uniform Mortgage; Governing Law; Seversbility. Thia form ofmortgage combines unifo~n oovenante for national use and non- uniform rnvenante with limited variations by jurisdiction to c~nstitute a uniform security instru~uent oovering real pmperty.lliis Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provinion or clauee of this Mortgage or the Note conilicte with applicable law, auch contliM ahall aot affect other proviaions of thie Mortgage or the Note which can be given egect without the oonflicting provision. and to this end the provisions of the Morigege and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower ahall be furniehed a oonformed oopy of the Note and of thie Mortgage at the time of e:ecution or afier recordation hereof. ~ ~ ~ 17. 'Itiranefer of the Pcoperty; Aesumption. If all or any part of the Property or an intereat therein ie eold or transferred by Borrower without Lender's prior written consent, e~ccluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchaee money security interest for household appliances, (c) a tranefer by deviae, deeoent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or leea not containing an option to purchase, Lender may. at I.ender a option. declare all the auais eeci?r+ed by thia Mortgage to be unmediately due and payable. Lender shall have waived snch option to accelerate if. prior to the sale or tranafer. Lender and the pereon to whom the Piroperty ia to be eold or tranaferred reach agreement in writing that the credit of auch peraon ia satiafactory to Lender and that the interest payable on the auma secured by this Mo~tgage eha11 be at auch rate as Lender shall request. If Lender haa waived the option to accelerate provided in thia paragraph 17. and if Borrower e~ successor in interest haa eaecuted a written asawnption agreement accepted in writing by I.ender, Lendershall releaee Borrower from all obligations under thia Mortgage and the Note. ' If I.ender e~cercisee such option to aocelerate, Lender ahall mail Borrower notice of acceleration in socordance with paragraph 19 hereoL I Such notice shall provide a period of not lesa than 30 days from the d ate the notice ia ~siled within which Borrower may pay the auma declared ~ due. If Borrowet fails to pay such aums prior to the exp'vation of such period, Lender may, without further notice or demand on Borrower~ j ~nvoke any remedies permitted by pacagraoh 18 hereof. , 18. Acceleration; Bemediea Ezcept a8 prnvided in paragrap6 17 hereof, upon Borrower's breach of any oovenant or agreement of Borrower in this Mortgage, including the oovenants to pay when due any suma 8ecured by this Mortgage, Lender prior W acceleration ahall mail aotice to Borrower ae provided in paragraph 14 hereof specifying: (1) tbe breach; (2) the action required to cure such breach; (3) a date, not leas than 30 daya from t6e date the notice ie mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breac6 on or before the date speciffed in the notice mey result in aooeleration of t6e sume eecnred by thie Mortgage. foreclosure by judicial prooeeding and sale of the Property. The notice shall further inform Borrower of the right to reinetste efter acceleration and the right to aesert in the foreclosure proceeding the non-ezisteace of a default or any other defense of Bornower to soceleration and fore~closure. If th~ breacb is not cured on or before the date epecified in the notice, Lender at l.ender's option may declare all of the sua?e secured by thie Mortgage to be immediately due and payable without fi~rther demand and may foreclose this Mortga~e by judicial proceediag. Lender shall be ~ entitled to collect in such proceeding all ezpenses of foreclosure, inclading, but not limited to, reasonable attorney's feea, and coets of documentary evidence. abetracte and title reporte. ~ 19. Borrower'e Right to Reinstate. Notwithstanding Lendei a acceleration of the aume eecured by thie Mortgage, Borrower shall have the right to have any prooeedinge begun by Lender to enforce this Mortgage diecontinued at any time prior to entry of a judgment enforcing thie Mortgage if: (a) Borrower paya Lender all suma which would be then due nnder thie Mortgage, the Note and notee securing Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or egreementa of Borrower contained in thie Mortgage; (c) Borro~er pays all "reaeonable e~cpeneea incurred by Lender in enforcing the oovenants and agreements of Borrower aontained in this Mortgage and in enforcing Lender'e remedies as pmvided in paragraph 18 hereof, induding, but not timited to, reasonable attomey e feea; and (d) Borrower takea auch action ae Lender may reaaonably require to aasure that the lien of thia Mortgage, Lender's interest ~ in the Property and Borrower's obligation to pay the aums aecured by this Mortgage ahall continue unimpaired. Upon auch payment and cnre by Borrower, thia Mortgage and the obligationa eecured hereby ahal! remain in full force and effect as if no aoceleration had occurred. ~ 20. Aasigament of Rents; Appointment of Receiver. As additional eecurity hereunder. Borrower hereby assigne to Lender the renta ~ of the Property. provided that Borrower ahall, prior to accel~ation under paragraph 18 hereof or abandonment of the Property, have the right to ooUect and retain euch rente aa they become due and payable. ~ Upon aoceleration under paragraph 18 hereof or abandonment of the Property. Lender ahall be entided to have a receiver appointed by a ~ eourt to enter~pon, talce poeeeeeion of and manage the Property and to coAect the rente of the Property, including thoHe past due. All renta ~ oollected by the reoeiver ehall be applied firat to payment of the ooste of management of the Property and oollection of renta, including, bnt not ~ limited to. receiver e feee, premiuma on receiver's bonda and reasonable attorney'e feee, and then to the auroa serured by thia Mortgage. The receiver shall be liable to acoount only for thoee renta actually received. ~ ~ - B~oK ~03 ~aCE 639 . _ . i ~ ~ ~ ~ : _ - ' - ~ ur . z.