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HomeMy WebLinkAbout0496 B. II1/~l:t~OR. I.ender may make or cauie to be made roasoneble eqtries upon and insp~ctions of the property, provided that l.ender ihall • give Borrower notice prior to any wch inapectioa ~pecifyinS reawnable cause therefor related to Lendei s intereet in the Property. 9. CondemasUoA.'tl~e proaed~ of eny a~rard or claim [or damaga, direM or con~equential, in connection with any oondemnetioa or other taking uf the pmpaty, or part tt?ereof, or for rnnvaysnce in lieu of oondemnation, are he?eby asaigned and shall be paid b I.et?der. In the event of e toeal taking oi the Piropedy, the proceeds sAsll be applied to the suma secured by thu Mort~ags, with the ezcees, ii any, paid to Borrower. Ia the event of a partial takin~ of the Property, unle~s Bormwer and Lender otherwise agree in writinQ, there ~hall be applied to the sums secured by this Mo~age such pmportion of the proceads as is e4usl to that pmportio~ which the amount of the sumi eecured by this Mortgage ima~ediately p~ior to Lhe date of taking bean to the fair market value of the Property immediately prior to the date of taking. with the balanc~ of the prooeeds paid to Borrower. 1f the Property is abandoned by Borsower. or if, atter notioe by l.ender to Bormwer that the oondemnor offen to make aa awerd or kttle a claim tor damages, Bormwer faila to respond to I.euder within 30 days after the date such notice is mailed, Lender ia authorised to collect and apply the proceeds. at L.endrr's option. eithe~r to restoratioa or repair of the property or to the sums eecured by this Mortgage. . Unless Lender and Borrower otherwiie agrce in ~v~idng, any such application of pmceeda to principal shall aot e:tend or postpone the due date ot the monthly insta!lmenb refernd to in paragraphs 1 and 2 hereof or change the amount of such inatallments. 10. Borrower Not Relea~ed. Bxtensioa of the time [or paym:nt or modificetion of amortization of the aume secured by thia Mortgage granted by I.ender to any eucceasor in interest ot Borrower ahall not operate to release, in any manner, the liability of the original Borrower , and Borrower's eua.~easora ia intereeR Lender shall not be required to oommence proceedinga against euch auoceaeor or refuee to eztend time for payment or otherwiae modify amortization of the suma sectired by this Mortgage by reason of any demand made by the original Borrow~ and Borrowei a aucceseora in intereat. 11. Forbearanoe by I.ender Not s Waiver. At?y forbearance by I.ender in e:erciaing any right or remedy hereunder, or otherwise : af[orded by applicable law. ahall not be a waiver of or preclude the e:erciee of any euch right or remedy.'11~e procurement of ins~vanoe or the payment of ta~cea or other liens or chargee by Leader shall not be a waiver of I.endei a right to accelerate the maturity of the indebtednese aecured by thie Mortgage. 12 Remedies Cumulative. Al! r~medies provided in thia Mortgage are dietinct and cumulative to any other right or remedy under this Mortgage or afforded by taw or equity, and may be e:ercise~l ooacurrently, independeatly or eucceasively. 13. 3uccesaors and Aseigns Bound; Joint and Several Liability; Captions. The covenanta and agrcemente herein contained ehall hind. and the righta h~reunder shall inure to, the reepective aucceaeore and aaeigas of Lender and Borrower. subject to the proviaions of paragraph 17 hereoL All covenanie and agreementa of Borrower ahall be joint and eeveral. The captiona and headings of the psragrephs of thia Mortgage are for covenience only and are not to be used to interpret or define the pmviaions 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 thia Mortgage shall be given by mailing auch notice by certified mail addreaeed to Borrower at the Property Addreea or at euch other addreas aa Borrower may deaigaate by notice to Lender ae provided herein, and (b) any notice to Lend4r shall be given by certified mail, return receipt requeated, to Lender a addreee stated herein or to auch other addreae as Lender may deaignate by notice to Borrower as pmvided herein. Any notice provided for in thia Mortgage ahall be deemed to have bcen given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgege; Governing I.aw; 3e~ erability. 7'his form of mortgage combinee uniform covenanta for national uee and non- unifortn covenante with limited variationa by juriediction to conetitute a uniform.aecurity inatrument wvering real property. This Mortgage shall be governed by the law of the juriadiction in which the Property is located. In the event that any proviaion or clauee of thie Mortgage or the Note conflicts with applicable law. euch conflict shall not aPfect other proviaions of this Mortgage or the Note which can be given effect ~~thout the conflicting provision, and to this end the provieiona of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ahall be furniahed a rnnformed oopy of the Note and of thia Mortgage at the time of e~cecution or after recordation hereof. 17. Tranefer of the Property; Asrumption. If all or any part of the Property or an intereat thenin ia eold or tranaferred by Borrower without Itnder s prior written rnnaent. atcluding (a) the creation of a lien or encumbrance eubordinate to thia Mortgage, (b) the creation of a purchase money security intereat for houeehold appliancea. (c) a transfer by deviae, d2acent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three years or less not oontaining an option to purchaee, Lender may, at Lender s option, declare all the aums eecnred by thia Mortgage to be immediately due and payable. Lender ahall have waived euch option to accelerate if, prior I to the aale or transfer, Lender and the pereon to whom the Property ia to be eold or tranaferred reach agreement in writing that the credit of auch j person is satisfactory to Lender and that the intereat payable on the suma secured by this Mortgage ahall be at auch rate as Lender shall ` requeat. If Lender has waived the option to accelerate pmvided in this paragraph 1?, and if Borrower a aucreasor in interest has execated a ~ w~ritten asaumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under thia Mortgage and the ~ ti ote. ~ If Lender exercisea such option to acceletate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 heteof. ~ • # Such notice shall provide a period of not lesa than 30 days from the date the notice ia rnailed within which Borrower may pay the sums declsred due. If Borrower faila to pay auch sums prior w the expiration of such period, I.ender may, without further notice or demand on ~3orrower, ~ ~nvote any remediea permitted by paragraoh lA hereof. s ~ 18. Aoceleration; Remediea. Facept as provided in paragraph 17 hereof. upon Borrower's breach of any oovenant or e agreement ot Borrower in this Mortgage, including the oovedanta to pay when due any eume aecured by thie Mortgage. Lender ~ prior to aoceleration ahal l mail notice to Borrower es provided in paragraph 14 hereof specifying: (1) t6e breach; (2) the action ~ required to cure auch breach; (3) a date. not lees than 30 daye from the date the notice ia mailed to Borrower, by which suc6 ~ bi each muat be cured; and (4) that failure to cure auch breach on or before the date epecified in the notice may result in acceleration of the sume aecured by this Mortgage, torecloenre by judicial proceeding and sale of the Property. The notice shall ~ further inform Borrower of the right to reinatate a}ter acceleretion and t6e right to assert in the foreclosure proceeding t6e non-ezietence of a default or any other defense ot Borrower to acceleration and forecloeure. If the breach is not cured on or ~ betore the date apecified in the notice, Lender at Lender's option may declare all of the suma 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 ezpenaes of foreclosure. including. bat not limited to, reasonable attorney's fees, and ~ coste ot documentary evidence. abstracts and title reporta. ~ 19. Borrower'e Right to Reinatate. Notwithatanding Lender's acceleration of the auma secnted by thie Mortgage, Borrower ahall have ~ the right to have any proceedinge begun by Lender to enforce this Mortgage discontinued at any time ptior to entry of a judgment enforcing ~ ~ thie Mortgage if: (a) Borrower pays Lender all aums which would be then due under thie Mortgage, the Note and notes eecuring Future ~ Advancea. if any, had nu acceleration oo-urred; lb) Borrower cures all breachea of any other rnvenanta or agreements of Bonower contained in ~ this Mortgege; (c) Borrower peys all reaaonable e:penaee incurred by Lender in enforcing the covenants and agreementa of Borrower _ wntained in this Mortgage and in enforcing Lender's rnmedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ ~ attomey e feea; and (d) Borrower takee such aMion as Lender may reasonably require to assure that the lien of thie Aiortgage, Lender's interest ~n the Property and Borrower a obligation to pay the suma eecured by this Mortgage shall continue unimpaired. Upon such payment and cure = by Borrower, thie Mortgage and the obligations eecured hereby ahall remain in full force and effect as if no acceleration had occurred. ; 20. Assignment of Rents; Appoi~tment of Receiver. AB additional security hereunder, Borrower hereby aesigna to Lender the rente of the Property. provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain auch rente aa they become due and payable. '3 lJpon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a receiver appointed by a o~urt ks enter upon, take poeseasion of and manage the Property and to collect the renta o[ the Ptoperty, including thuee paet due. All rente ~ oollected by the receiver ahall be applied first to payment of the aosts of managementof the Property and rnllection of rente, including, but not U; limited to, receiver e fees, premiume on receiver's bonda and reasonable attorney a feee, and then to the aums secured by thie Mortgage. The receiver ehall be liable to acoount only for thoee renta actually received. ~ ~ ~ ~ ~ F~ ~aRK 3U4 ~~~E 496 _ - - - - - _ _