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HomeMy WebLinkAbout0719 . ' 8. Ia~pectioa. I.ende~ may make or cause to be made reasonable entries upon and inepcctions of the property, pmvided ttiat Lender shall give Borrower nodce prior to any such inspection specifying reasonable~cause therefor related to I.ender's interest in the Property. 9. Condemnatioa. The prooeeds of any sward or claim tor damagea, direct or consequential, in rnnneMio~ with any ooademnation or - other taWng of the property, or part thereof, or ior conveyance in lieu of oondemnation, are hereby essigned aad ehaU be paid to Lender. ~ In the eve~t of a total taking of the Property, the proceeds ahall be applied b the sums secured by this MortgaQe, ~rith the eucesa, if any, paid to Bormwes. In the event o! a partial taking of the Property. unleas Borrower and Lender otherwi~e agree in writing. there ahall be i applied to the sums secured by ihis Mortgage such pmportion otthe proceeds as is equal to that proportion which the amount of tlie sums t aecured by this Mortgege immedietely prior to the date of faking bears to the [air martet value of the Property immedietely prior to the date of ~ taking, with the balanca of the proceeds paid to Borrower. . ! If the Property ie abandoned by Borrower, or if, aRer notice by Lender to Bormwer that the oondemnor ol~ers to make an award or sett~e a ~ claun for damages. Borrower fails to respond to I.ender within 30 days aft~ the date such aotioe is mailed. Lender is auWorized b collect aad ~ i apply the pmceeds. at Geader's option. either b r~toratioa or repair of the pmperty or to the suma secured by this Mortgage. Unlees I,ender and Borrower otherwiae agree in writing. any such application of proceeds to principal shall not extend or postpone the due ~ date of the monthly installments refeu~ed to in paragraphs 1 and 2 hereof or chenge the amount oi such inetaUments. } 10. Borrower Not Releaeed. E:tenaion of the time for paymrnt or modification of amoetization of the sums eecured by this Moctgage granted by Lend~ to any eucceaeor in inteeeat of Borrower ehall not operate to releaae, in any manner, the liability of the original Borrower ~ and Borrowei s eucceaeore in intereai Lender shall not be required to commence proceedinge againet such eucceseor or refuse to extend time ~ for puyment or otherwise modify amortization of the suma eecured by this Mortgage by reseon of any demand made by the original Borrower and Borrower a successorn in interest. 11. Forbearance by Lender Not s Weiver. My forbearance by Lender in euercising any right or nmedy hereunder. or otherwise s afforded by applicable law. shall not be a waiver of or preclude the e:ercise of eny euch right or remedy. The procurement of inenraaoe or the F payment of t~es or ather Uene or charges by Lender shall not be a aaiver of Lender a right to aoceleraLe the maturity of the indebtedneea ~ secured by thie Mortgage. ~ 12 Remediee Cumulative. All remediee pmvided in thia Mortgage are dietinct and cumulative to any other right or remedy under this ' Mortgage or af'forded by law or equity, and may be euercise~i ooncurrendy. independently or auoceesively. : 13. 3uccesaors aad Aseigna Bound; Joidt and 3everal Liability; Captions. The aovenants and agreemente herein rnntained shall ~ bind, and the righte hereunder ehall inure to, the reepective eucceasore and aeeigne of I.ender and Borrower, eubject to the pmviaions of ! paragraph 17 hereof. All covenante and agreementa of Borrower ehall be joint and eeveral. The captions and headinge of the paragraphs of thia Mortgage are for covenience only and are not to be ueed to interpret or define the provisione hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower pmvided for in this Mortgage ahali be given by mailing such notice by certified mail addressed to Borrower at the Property Addreas or at such other addreee aa Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender ahall be give~ by certified mail, return reoeipt ~ requested, to Lender a addreas atated herein or to euch other addreae as Lender may deeignate by notice to Borrower as provided herein. My notice provided for in thie Mortgage ahall be deemed to have been given to Borrower or I.ender when given in We manner designated herein. 15. Uniform Mortgage; Governing I.aw; Severability. This form of mortgage rnmbinea unifor~n aovenant8 for national uae aad non- ~ uniforan covenante with limited variationa by j~uiediction to rnnstitute a uniform eecurity instrument covering real pmperty. This Morlgage j ehall be governed by the Iaw of the jurisdiction in which the Property is located. In the event that any provieion or clause of this Morlgage or ~ the Note confiicts with applicable law, such contlict shall not af~'ect other provisiona of this Mortgage or the Note which can be given effect { witbout the conflicdng proviaion, and to thia end the proviaiona of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ahall be fumished a rnnformed oopq of the Note and of thia Mortgage at the time of execution or after recordation hereof. • ~ 1T.'IYanster of the Property; Aeaumption. If all or any part of the Property or an interest therein is aold or tranaferred by Borrower without I.ender's prior written consent, e:cluding (a) the rreation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security intereat for houeehold appliances, (e) a trenafer by deviae, dc~cent 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 purchase, I.ender may, at Lender's option, dectare all the sums secured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if. prior to the sale or tranafer, I.ender and the person to whom the Property ia to be sold or transferred reach agreement in writing that the credit of euch person ia satisfactory to Lender and that the interest payable on the sums eecured by this Mortgage shall be at such rate as Lender ahall request_ If Lender has waived the option to accelerate pmvided in thia paragraph 17, and if Borrower s successor in interest has executed s ~ written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations uader thia Mortgage and the i ~ Note. ~ If Lender t~zercises auch option to accelerate, Lender shal! mail Borrower notice of acoeleration in accordance with paragraph 14 hereoL Such notice shall provide a period of not less than 30 days from the date the notice is ~r.uiled within which Borrower may pay the sums declared ~ ; due. If Borrower faila to pay such aums prior to the expiration of auch period, Lender may. without further notice or demand on F3orrower, ~nvoke any remedies permitted by paragranh 18 hereof. k 1S. Acceleration; Remedies. E:cept ae provided in paragrap6 17 hereof, upon Borrower'e breach of any oovenant or ~ agreemeat of Borrower in thia Mortgege. including the ooveeante to pay when due any suma secured by this Mortgage, Lender ; prior to aoceleration shall mail notice to Borrower as provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not lesa than 30 daye from t6e date the aotice ie mailed to Borrower, by which such - i breach must be cured; and (4) that failure to cure such breac6 on or before the date epecified in t6e notice may result in ~ acceleration of the sums secured by t6is Mortgage, toreclosure by judicial proceeding and sale of the Pmperty. The notice ehell ~ further inform Borrower of the right to reinstete after acceleration end the right to aesert in the foreclosure proceeding the non-ezietence of a default or any other defense of Borrower to acceleration and forecloeure. If the breach is not cured on or ~ before the date epecified in t6e notice, Lender at Lender's.option may declare all of the eums eecured by this Mortgage to be immediately due and payable without further demand and may foreclose tWs Mortgage by judicial proceediag. Lender s6a11 be ~ entitled to collect in auch proceeding all e:penses ot foreclosure, including, bnt not limited to, reesonable attoraey's feee, and ~ coata of documentary evidence, abstracts and title reporte. ~ 19_ Borrower'e Right to Reinetate. Notwithetanding Lender's acceleration of the suma secured by this Mortgage. Borrower shall have ; the right to have any proceedings begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage. the Note and notes eecuring ~ture ~ ~ Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any othercovenante or agreemente of Borrower rnntained in ` ~ thie Mortgage; (c) Borrower pays all reasonable expensea incurred by Lender in enforcing the covenante and agreements of Borrower ~ oontained in this Mortgage and in enforcing l.ender's remedies as provided in paragraph 18 hereof, including, but not limited to, reaeonable ~ attorney a feea; and (d) Borrower ts?kea euch action ea Lender may reasonably require to assure that the lien of thia Mortgage, I.ender's interest in the Property and Borrower's obligation to pay the sums secared by this Mortgage ahall continue unimpaired. Upon such payment and cnre by Borrower, thia Mortgage and the obligationa eecvred hereby ahall remain in full force and effect as if no ameleration had occnrred. 20. Aesignment of Reate; Appointment of Receiver. As additionai security hereunder, Borrower hereby assigne to Lender the rente ` of the Property, provided that Borrower ahall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property. have the right ` to collect and retain auch rente ae they become due and payable. _ Upon aoceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a _ ~ court to enternpon, take possesaion of and manage the Property and to collect the rents of the Property, including thoee past due. All renta ~ oollected by the receiver ahall be applied first to payment of the oosts of managementof the Property and callection of rente, including, bnt not f limited to, reoeiver's fees, prnmiums on receiver's bonds and reasonable attomey's feea, and then to the suma eecured by thie Mortgage. The } receiver ehall be liable to aooount only fot those rnnte actually received. ~ . ~ ~ ~ ~ g~oK 3U3 ~acF ~'18 ; , ~ ~ ~ . ~R ~r~:~ - - - - . ,f '3' ~"'t°~y. 4~: ~ ~ ^~~.r.~-.~, _ . ~ -a. .