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HomeMy WebLinkAbout0755 8. Ill~p@ClIOl1. l.ender may make cr cawe b be made roaso~able eatries upon and inspections oithe property, pmvided that Le~de~ shaU give Borrower notice prior to any suck inspection specifying reaso~able cawe thenfor ~lated to I.ender's interest in the Ptoperty. 9. Coademaatioa. '11~e proceedi o[ any award or claim for damagea, direct or consequential, in oopnection with at~? aondemnatio~ or othar taking of the property. or pact thereof, or for convayanoe in lieu of oondemnation. are hereby iwi~tned and ahall bs paid b L.ender. In the event of a total taking of the Property. the proceeds shap be epplied b tAe auma secured by this Morfgage, with the exceea. i[ any. paid to Bormwer. In the even! oi a partial taking of the Property, unlees Borrower and Lender otherwise agree in writir?Q. there shall be applied to the sums eecured by thi~ Mortgage such proportion of the proceaja as is equal to.that proportion which the amoant of the suws aecured by this Mortgage immediately prior to the date oI taking bean to the isir market value of the Property immediately prar to the date of taking, with the balanoa of the proceeds paid b Borrower. . I[ the Property ia abandoned by Borrower. or if. atter notioe by Lender to Borrower that the oondemnor oifers to make an award or setde a claim for demege~. Borrower faits to respond to Lender within 30 days aRer the date euch notioe ie mailed, Lender ia authorized 6o coUect aad apply the proceeds. at I.ender s option. either to castoratioa or repair of the pmperty or to the sums secured by this Morfgaga ~ Unlees Lender and Borrower otherwise agree in writin8, any auch appGcation of proceeda to principal shall not ~tend or postpone the due date of the monthly installments n[erred to in paragraphs 1 and 2 henof or change the emount oi euch installmenta. 10. Borrower Not Releaeed. Exteneion of the tiu~e for paymant or modification of amortizetion of the sume aecured by thia Mortgage • granted by I.ender to any succeesor in intereat of Borrower ehall not operate to releaae, in any manner, the liability of the briginai Borrower ~ and Borrower'e sueceasors in it~tetes~ Lender shall not be required to oommence proceedinga againet euch auccesaor or refuee to extend time for payment or otherwise modify amortization of the euma secured by this Mortgage by reaeon of any decnand made by the original Borrower and Borrower s auccesaore in interesf~ 11. Rorbearanoe by Lender Not a R?aiver. My forbearence by I.eader in e:erciaing any right or remedy hereunder. or othawise aPforded by applicable law. ehall not be a waiver of or preclude the e:erciee of any sach right or remedy. The procurement of inenranoe or the paymenL of ta~ces or other liena or chargee by I,ender ahall not be a waiver of I.ender s right to accelerate the maturity of the indebtedneea aecured by thie Mortgage. • 12 Remediee Cumulative. All remedies pmvided in thia Mortgage an distinct and cumulative to any other right or remedy under this Mortgage or afYorded by law or equity, and me~y be ea~ercise+t ooncurrently, independenQy or suoceasively. 13. Succeesors and Aeeigns Bound; Joint and Several Liability; Captione. 71ie covenanta and agreement8 herein oontained ehall bind, and the righte hereunder shall inure to, the reapective euoceeeors and aasigas of Lender and Borrower, subject to the provisions of paragraph ~17 Fereof. AU rnvenants and agreemeata of Borrower ahall be joint and eeveral. The captiona and headinge of the paragraphs of this Mortgage are for covenience only and are not to be uaed to interpret or de6ne the proviaions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower pruvided fnr in ~ thie Mortgage ehall be given by mailing auch notice by certified mail addreaeed to Borrower at the Property Addreas or at eucK other addrese aa Borrowei may deaigaate by notice to Lender as provided herein. and (b) any notice to Lender ehali be given by certified mail, nturn reoeipt requeated, to Lender's address stated herein or to euch other addrees as l.ender may deeignate by notice to Bore~ower aa pmvided herein. My , notice provided for in this Mortgage shall be deemed tohave been given to Borrower or l.ender when given in the menner designated herein. . 15. Uniform Mortgage; Governing I.aw; Severability. This form of mortgage combines uniform oovenanta for national uee and non- uniform cuvenante with limited variatione by juriedictioa to conatitute a uniform eecurity inatrument oovering real property. This Mortgage shaU be governed by the law of the juriadiction in which the Property is located. In the event that any provu+ion or clauae of this Mortgage or the Note conflicts with applicable law, auch contlict ah~all not aPfect other proviaions of thie Mortgage or the Note which can be given effect without the conAicting pmvision. and to thie end the provieione of the Mortgage and the Note are declared to be eeverable. 16. Borrower'e Copy. Borrower shall be furniahed a rnnformed oopy of the Note and of thie Mortgage at the time of e:ecution or after recordation hereof. 17. 'l~ansfer ot the Property; Aaeumption. If all or any part of the Property or an intereat therein is eold or traneferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance aubordinate tc~ thia Mortgage, (b) the creation of a • purehase money security intereat for household appliancea, (c) a tranefer by deviee, desoent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three yeare or leas not oontaining an option to pucchase, Lender may, at Lender s option, declare all the aums aecnred by this Mortgage to be immediately due and payable. Lender ehall have waived snch option to accelerate if. prior to the sale or tranafer, Lender and the person to whom the Property is to be aold or traneferred reach agreement in writing that the credit of euch ~ person is eatiafactory to Lender and that the interest payable on the suma secured by this Mortgage ahall be at such rate as L.ender ahall : request. If Lender has v? aived the option to accelerate provided in thia paragraph 1?, and if ~orrower a auccessor in interest has e:ecuted a written asaumption agreement accepted in writing by Lender, l.ender shall release Borrower from aU obligationa underthis Mortgage and the 1lote_ ~ I f I.ender exercisea such oprion to accelerate, [.ender ahal) mail Borrower notice of acceleration in socordance with paragraph 14 hereof. ~ 5uch notice shall provide a period of not less than :30 daya from the date the notice is rr.ailed within which E3orrower may pay the sums declared j due. I[ Borrower faila to pay such auma prior to the e:piration of euch period, Lender may, without further notice or demand on E3arrower, ~ invoke any remedies permitted by paragraoh 18 hereof. ~ ~ 18. Acceleration; Remediee. Ezcept as provided in paragraph 17 hereof. upon Borrower's breach of any oovenant or ~ agreemeat of Borrower in t6is Nortgage, including t6e oovenants to pay when due any sume secured by thia biortgage, I.ender . prior to acceleration ahall mail notice to Borrower ae provided in paragreph 14 hereof epecitying: (1) the breach; (2) the action ~ required to cnre auc6 breach; (3) a date~ not lese than 30 daya from t6e date the notice ie mailed to Borrower, by which euch breach muat be cured; and (4) that faiture to cure such breach on or betore t6e date epecified in the notice may result in acceleration of the eums eeeured by thie Mortgage, forecloeure by judicial proceeding and aale of the Prnperty. The notice ehail further inform Borrower of the right to reinstate after acceleration and the right to aseert in the foreciosure prceeeding the non-ezietence of a default or any other defenee of Borrower to acceleration and forecloaure. It t6e breach is aot cared on or before the dete epecified in the notice, Lender at Lender's option may declere all ot the auma secured by this Mortgage to be immediately due and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lender aha11 be entitled to collect in such proceeding all e:penaes of [oreclosure, including, but aot limited to, reasonable attorney's feee, and ~ costs of documentary evidence, abetrecta and title reporte. 19_ Borrower's Right to Reinetate. Notwithatanding Lender a acceleration of the s~une eecured by thia Mortgage, Borrower ahall have the right to have any proceedinge begun by Lender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays. Lender all aums which wouid be then due under this Mortgege. the Note and notes eecuring Future Advancea, if any, had no acceleration occurred; (b) Borrower curea all breaches of any other rnvenants or agreements of Borrower rnntained in thia Mortgage; (c) Borrower pays all reasonable e:penaes incurred by Lender in enforcing the covenants and agreementa of Borrower cnntained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reaBOnable ~ attorney'e feea; and (d) Borrower takes euch action se Lender may reasonably require to aeaure that the lien of this Mortgage, Lender'e interest in the Property and Borrower's obligation to pay the aume secured by this Mortgage ahall continue unimpaired. Upon such payment and cure ~ by Borrower, this Mortgage and the obligatione aecured hereby ahall remain in full foroe and effect as if no acceleration had axurred. ~ Z0. Aseignmeat of Rents; Appointment of Receiver. Ae additional eecurity hereunder. Borrower hereby assigne to Lender the rentb of the Property. provided that Borrower ehall, prior to aoceleration under peragraph 18 hereof or abandonment of the Property. have the right $ to rnllect and retain auch rents aa they become due and payabte. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property. Lender ahall be entitled to have a receiver appointed by a ~ court to enter-upon, teke poeeeeaion of and manage the Property and to collect the rente of the Property, including those past due. All rente ~ oollected by the receiver shall be applied firat to payment of the ooeta of management of the Property and collection of rente, including, but not limited to, receivei a feee, premiuma on receiver a bonds and reasonable attorney e feee, and then to the eums aecured by this Mortgage. The receiver ehall be liable to acaount only for those rente actually received. ~ ~ ~ 3GOr ~U3 YaCE ?54 ~ - =5=-- _ ^ 2 - - - :~j- ~ r ~ - ~ ~ :i