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HomeMy WebLinkAbout0715 ~ . 8. la~pectioa. l.ender may mate or cauee b be made reawnable entrie~ upoA and iaapectioiu o[the property, pro~~ded that L,eader ~hall - give Borrowes notice prio: to any 0uch inspection specitying reawnable cawe therefor related to Le~der i interest ia the Pwperty. 9. CoAdemnatioa.'11ie prooeeds of any award or claim for dama~es. direM or consequential, in connection with any oondemnation os ~ other taking of the property, os part thereof. or for conveyance in lieu o! oondemnation, are henby asaigned and shaq be peid to Lender. Ia the event o! a total taking of the Pcoperly, the proceeds shall be applied to the sums secured by thia Mortgage, with the ~oess, if any. paid Lo Borcower. In the event oi a paitiel takinQ o[ the Properq?, unless Borrower and Lend~ otherwiss a~ree in ~vritin~, there ~hall be F applied Lo the sums aecured by this Mortga~e such proportion of the prooeedr as is equal !o that proportion which the amouAt of the suma ~ secured by this Mortga~e imanediately prior to the date of taking bears to the fair market value otthe Property unmediately prior to the date of talring. with the balanca of the proceeds paid a Borrower. ~ If the ProperRy is abandoned by Borrower. or i~. eRer aotioe by Lend~ to Borrowar that the oondemnor o~'ere to make aa award or ~ettle a ~ claiaa for dameges, Borro~rer feiL to respoad to Lender within 30 days after the date such notice is wailed. Lend~ is authorir~ed to oollect snd ~ apply the prooeeds. at Lendei s option. either to restoration or repair o! the prope:tp or to the sums secared by thie Mortgaga ; Unleas Lender and Borcower otherwise agree in writin8. any such applicatioa of proceeds b priacipal ahall not extend o: poetpone the due ` date of the monthly inatallmenta refer~ed to in paragtaphs 1 and 2~hereof or change the amount oi such inatallmeab. ~ 10. Borrower Not Released. E:tenaion oi the time for paymant or modification of amortisation of the euma eecured by thia Mortgage ~ gra,ited by l.ender to any aucceseor in interest of Borrower ehaU not opetate to releaee, in any manner. the liability of the original Botrower and Bormwei s aucceesbra in intereet Lender ehall not be required to oommence proceedinge against euch aucceeaor or refuse to e:tend time for payment or olherwise modify amortization of the sume aecured by this Mortgage by reaeon of any demand made by the original Borrower 4 and bormwei a aucceseors in interes~ ~ 11. Forbearanoe by Lender Not a Nlaiver. Any forbearance by Lender in exerciaing any right or nmedy hereunder. or otherwisa , afforded by applicable law. ahall not be a waiver of or preclude the ezercise of aay such right or remedy.'l~e procurement of ineurance or the ` paymeat of taues ot oWer liena or chargea by Lendez ahaU not be a waiver of Lender'a right to aocelerate the maturity of the iadebtedneaa ~ secured by thie Mortgage. { 12 Remediee Gtitmulative. All remedies provided in thia Mortgage are diatinct and cumulative to any other right or remedy und~ this Mortgage or afforded by law or equity. and may be ~ercise~i aoncurrendy, indepet?dendy or suooeasively. t 13. 3ucceseors and Aseigna Bound; Joint and 3everal LiabilIty; Captions.'i~e oovenants and egreemeata herein ooataiaed ahall bind. and the righta hereunder shall inure to, the respective euocessors and aseigns of Lender aad Borrower. aubjert to the proviaione of paragraph 17 hereof. All covenante and agreementa of Botrower ahall be joint and sevezai. The captione and headinge of the paragraphs of this Mortgage are for rnvenience only and an not to be ueed to inte:pret or define the provisions hereof. 14. Notice. ExcepL for any notice required under applicable law to be given in another manner, (a) any notice to BorroweT provided for in this Mortgage ahall be given by mailing auch notice by certified mail addreseed to Borrower at the Property Addrees or at auch other addreaa es Bon~ower may deaignate by notice to I.ender as pmvided herein. and (b) any notice to Leader ahaU be given by certified mail, return receipt ~ requeated, to Lender a address etated herein or to such other addrees as Lender may designate by notice to Borrower aa provided hetein My notice pmvided for in this Mortgage shell be deemed to have been given to Borrower.QS Lender when given in the manner deeignated herein. 15. Uniform Mortgage; Governing Law; Severability.'I7iia form of mortgage rnmbines uniform aovenants for national uee and non- uniform covenanta with limited variationa by juriediction to constitute a uniforan eecurity inetrument covering real property. This Mortgage shall be governed by the law of the. juriadiction in which the Property ie located. In the event that any proviaion or clauae of this Mortgage or the Note coutlicts with spplicable law. such conllict ahall not af!'ect other provisione of this Mortgage or the Note which can be given effect without the oonflicting provision, and to thia end the provisions of the Morigage and the Note are declared Lo be eeverable. 16_ Borrower's Copy. Borrower ehaU be furniahed a rnnformed copy of the Note and of this Mortgage at the time of ~ecution or aRer recordation hereof. _ - 17. Transfer o! the Property; Aesumption. If all or any part of the Property or an interest therein is eold or transferred by Borrower ' witho»t Lendei s prior written rnneent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage. (b) the creation of a purchaee money eecurity intereat for houeehold appliancee, (c) a tranafer by deviae, descent or by operation of law upon the death of a joint ~ cenant or (d) the grant of any leasehold interest of three yeara or leea not oontaining an option to purr,haee, Lender may. at Lendefe option. de~lare aU Lhe auma secured by this Mortgage to be immediately due and payable. Lender ahall have waived auch option to socelerate if, prior to the aale or tranafer, Lender and !he person to whom the Property ia to be sold or transferred reach agreement in writing that the credit of auch peraon is satiafactory to Lender and that the intereat payable on the auma aecured by this Mortgage shall be at auch rate as Lender ahall request. If Lender has waived the option to accelerate pmvided in thia paragraph 17, and if Borrowei s successor in interest hae ezecuted a written assumption agreement accepted in writing by Lender, [.ender ahall release Borrower from all obligationa under this Mortgage and the Note. If Lender acetcises such option to accelerate, Lender shall mail Borrower notice of acceleration in acxordance with paragraph 14 hereof. Such notice shall provide a period of not leas than 30 days from the.date the notice is mailed within which Borrower may pay the euma declared ~ due.~ If Borrower faila to pay such sums prior to the eapiration of such period, Lender may, without furth~ notice or demand on E3orrower, ~ ~nvoke any remediea permitted by paragraoh 18 hereof. : ! 18. Acceleration; Remediea. E:cept es provided in paragraph 1? 6eceof, upon Borrower's breach of any oovenant or _ ~ agreement of Borrower ia thia Mortgage, including t6e rnvenante to pay when due any sums secared by this Mortgege, Lender p prior to acceleration ehall mail notice to Borrower se provided in paragraph 14 hereof specifying: (1) the breach; (2) the action ~ required to cure Buch breach; (3) a date. aot lese than 30 days from t6e date the notice ie mailed to Borrower, by which euch breach muet be cured; and (4) that failure to cure such breach on or before t6e date specified in the notice may result in ~ acceleration of the sums eecured by this ~lortgage, foreclosure by judicial proceeding and sale of the Property.T6e notice e6all - further inform Borrower of the rig6t to reinatete after sooeleration and the right to easert in t6e forecloaure prceeeding the ~ non-e:isteace of a default or any other defense of Borrower to aoceleration and foreclosure. If t6e breach ie not cnred on or ~ before the date epecified in the notice. Lender at Lender'e option may declare all of t6e eume aecured by this Mortgage to be ~ immediately due and payable wittiout furtherdemand and may [orecloee thia Mortgage by judicisl proceeding. Lender shall be ~ entitled W collect in such proceeding all ezpenaes of forecloeure. including, but not limited to. reaeonable attorney'e feee, and coste of documentary evidence, abstracts and title reporte. ~ 19. Borrower'e Right to fteinetate. Notwithetanding Lender s acceleration of the auma eecured by thie Mortgage, Borrower ehall have ~ the right to have any pe»ceedinge begun by Lender to enforce thia Mortgage diacontinuad at any time prior to entry of a judgment enforcir~g ~ this Mortgage if: (a) Borrower pays I,ender all euros which would be then due ander this Moitgage. the Note and notes securing Future ~ Advances. if any, had no acceleration occurred; (b) Borrower curea all breachea of any other covenante or agreementa of Borrower contained in thie Mortgage; (c) Borrower paya all reasonable ezpeneee iacurred by Lender in enforcing the oovenanta and agreements of Borrowei' ~ oontained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, inclnding, but not limited to, reaeonable ~ attorney's feea; and (d) Borrower takes auch action as I.ender may reaaonably require to aesure that the lien of thia Mortgage. Lendez'e intereet a in the Property and Borrower'e obligation !o pay the snms eecured by this Mortgage shall rnntinue unimpaired. Upon auch payment and cure by Bonower, thie Mortgage and the obligations aecured hereby shall remain in fuU force and effect aa if no aoceleration had occurred. Z0. Assignmeat of Rente; Appointment of fteceiver. AB additional eecarity hereunder, Borrower hereby aeaigna to Lender the rente ~ of the Property, provided that Borrower ahail. prior to acceleration under paragraph 1 S hereof or abandonment of the Property, have the right € ~ to coUeet and retain euch renta ae they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the Property. Lender shall be entided to have a receiv~ appointed by a ~ wurt to enter ~pon, take poaseasion of and manage the Property and to collect the rente of the Property, including thoee past due. All rente ;q wllected by the receiver ahall be applied first to payment of the ooata of managementof the Property and oollection of rents, including, but not ~ limited to, receiver'e feea, premiuma on receiver a bonda snd reasonable attorney's feee, and then to the sums eecured by this Mortgage.'I~e ~ reoeiver ehall be liable to acconnt only tor those rents aMually received. ~ ~ ~ ~ eoox ~03 PaGE 7~4 ~ ~ ~ ~ _ - . - -,y . ~ .-u ; - ~ ~