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HomeMy WebLinkAbout0923 i - ~ . 8. Iaspectlon. Lender may make or cawe to be made reaionable entrie~ upon and inspections of the pwprrty, provided that Lender shall give Borrower notice prior to any such inapec~tion specitying reasonable cawe theretor related to Lender t intereet in the Property. 9. CoademnstioA.'l4ie proceeds of any award o~ claim for damages. direct or con~equential, in connection with any aoadeannation or othe~ tsking of the property. or part thereot, or for conveyance in lieu of oondemnation. are hereby aeaigned and shall be paid to I.ender. In the event o( a total taking o[ the Property, the proceeds shell be applied to the sums secured by this I11o~tgage, ~vith the exce~s, ii any, paid to Borrower. ln the event of a partial taking of the Property, unless Borrower and L.ender otherwine agree ia writing; there shall be applied to the suma secured by thia Mortgage such proportio~ oi the proceeds as ie equal to thst proportion which the amount of the sums ae~vred by thia Mo~tgage immediately prior to the d~te of taking beare to the tair mertet value of the Property iramedietely prior b the dab of taking, with the balanca of the proceeds paid to Borrower. If the Property ia abandoned by Botrower, or if, after notice by I.ender to E3orrower that the oondemnor otten to make an award or settle s claua for damages, Borrower fails to respond to I.ender within 30 daya efter the date euch notice ie mailed, I,ender ia authorised to rnilect and apply the proceeds. at I.endei s option. either to restoration or repair of the property or to fhe anms secured by this Mortgage. Clnleee Leader aad Borrower otherwise agree in writing, any such application oiproceede to principal shall not extend or postpone the due date o[ the monthly inatallments referred to in paragraphe 1 and 2 hereof or change the amount of euch inetaUmenta. 10. Borrower Not Released. Eateneion of the time for paymant or modificetion of amortization of the eume aecured by thia Mortgage granted by L.ender to any aucceseor in intereal of Borrower ahall not operate to release, in any manner. the liebility of the original Borrower and Borrower's aucc~eseore in intereet I.ender shall not be required to oommence proceedinge againat euch succeeeor or refuee to extend time for payment or otherwise modity amortization of the sums aecured by this Mortgage by rnason of any demand made by the original Borrower and"Borrower a aucc~esora in intere~t. l 1. Forbearance by I.ender Not a R?aiver. Any forbearance by I.ender in e:ercising any right or nmedy henunder, or otherwiee aPforded by applicable Iaw, ehall not be a waiver of or preclude the e:erciee of any euch right or remedy. The procurement of ineuranoe or the payment of tuea or other liene or chargee by Lender shaU.not be a waiver of I.ender a right to eocelerate the maturity of the indebtednesa aecured by this Mortgage. 12. Remedies Cumulative. All remediee provided in thie Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exerciee~i ooncurrently, independently or aucceeaively. 13. 3uccesaors and Asaigne Bound; Joint end Several Liability; Captioae. The covenante and agreementa herein oontained ahall bind, nnd the righta hereunder ahall inare to, the reapective succeeeors and aeeigne of I.ender and Borrower, eubject to the provisiona of paragraph 1? hereof. AA covenante and agreementa of Borrower shall 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 interpnt 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 Borrowet provided forin this Mortgage ahall be given by mailing such notice by certified mail addreased to Borrower at the Property Addreas or at auch other addreee as Borrower may deaignate by notice to Lender aB provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requeated, to Lender's addrees atated herein or to auch other addreae as Lender may deaignate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manne~r deaignated herein 15. Uniform Mortgage; Goveraing I.aw; 3everability.'l~ia form of mortgage combines uniform oovenanta for national uae and non- uniform covenants with limited variationa by juriadiction to oonatitute a uniform security inatrument eovering real property. Thia Mortgage ahall be governed by the law of the juriadiction in which the Property ia located. In the event that any provision or clause of this Mortgage or the Note conflicte with applicable law, such conflict shall not affect other proviaiona of this Mortgage or the Note which can be given effect without the conflicting provision, and to thia end the provisions of the Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower ahall be furniahed a conformed copy of the Note and of thie Mortgage at the time of e:ecution or after recordation hereof. 17. 'l~anefer of the Property; Aseumption. If all or any part of the Property or an intereat therein is eold or tranaferred by Borrower without Lender'a prior written conaent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchase money security intereet for houaehold appliances, (c) a transfer by devise, desc~ent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold interest of three years or lese not oontaining an option to purchase, Lender may, at Lender e option, declare all the auma eecurea by this Mortgage to be immediately due and payable. l.ender ahall have waived such option to accelerate if, prior to the sale or tranafer, I.ender and the peraon to whom the Property ia to be sold or transferred reach agreement in writing that the credit of such peraon is satisfactory to Lender and that the intereat payable on the sums serured by thia Mortgage ehall be at auch rate as Lender ahall : request_ If Lender has waived the option to accelerate pmvided in thia paragraph 17, and if Borrower s euccessor in interest has ezecuted a written assumption agreement accepted in writing by Lender, Lender ahall release Borrower frum all obligationa under thia Mortgage and the ; Note. - ~ It Lender exerrisea such option to acceleTate, Lender ahall mail Borrower notice of aoceleration in accordance with paragraph 14 hereot ; Such notice shall provide a period of not less than 30 daya from the date the notice is ~r,ailed within which Borrower may pay the sums declared ~ due. If Borrower fails to pay auch auma prior to the expiratian of auch period, Lender may, without further notice or demand on $orrower, s invoke any remedies permitted by paragraoh lA hereof. i ~ 18. Acceleration; Remedies. Ezcept as provided in paragraph 17 hereof, ~epon Borrower'e breach of any oovenant or ~ agreement ot Borrower in this Mortgage, including the oovenanta to pay when due any sume eecured by this biortgage, Lender prior to acceleration ahall mail notice to Borrower as prnvided in paragraph 14 6ereof apecifying: (1) the breach; (2) the action ~ required to cure such bceach; (3) a date, not lesa than 30 daye from t6e date the notice ia mailed to Borrower, by which such . ~ breach must be cured; and (4) that failure to cure such breach on or before the date epecified in the notice may result in ~ acceleration of the eume secured by this Mortgage, forecloaure by judicial proceeding and sale of the Property. T6e notice shall ~ further inform Borrower of the right to reinetate after acceleration and the right to assert in the foreclosure proceeding the ~ non-eziatence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or ~ hefore the date apecified in the notice, Lender et Lender's option may declare all of the aums eecured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in auch proceeding all e:pensea of foreclosure~ including, but not limited to. reasonable attorney's fees, and ~ costa of documentary evidence, abstracte and title reporte. ~ 19. Borrower's Right to Reinstate. Notwithatanding Lender's acceleration of the euma eecured by thia Mortgage, Borrowerahall have ~ the right to have any proceedings begun by I.ender to enforce this Mortgage diecontinued at any time prior to entry of a judgment enforcing ~ thie Mortgage i[ (a) Borrower paya Lender all aume which would be then due under this Mortgage, the Note and notes aecuring Future Advancea, if any, had no acceleration occurred; (b) ~3orrower curea all breacf?ea of any other covena~te or agreement8 of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenaea incurred by Lender in enforcing the rnvenants end agreements of Borrower contained in this Mortgage and in enforring Lender'a remedies as provided in paragraph 18 hereof, including, but not limited to, reseonable attomey'e feea; and (d) Borrower takes anch aMion as Lender may reasonably require to assure that the lien of thie Mortgage, Lender'e intereet ~ in the Property and Borrower'a obligation to pay the aums aecured by thie Mortgage shall continue unimpaired. Upon euch payment and cure - by Borrower, this Mortgage and the obligations aecnted hereby ahall remain in full force and effect as if no acceleration had occurred. Z0. Aeaignment o! Rents; Appointment of Receiver. Ae additional aecurity hereunder, Borrower hereby aesigna to Lender the rente s 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 as they become due and payable. ; Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a oourt to enter-upon, take posseseion of and manage the Property and to collect the rente of the Property, including thoae paet due. All rente ~ - collected by the receiver sh al! be applied first to payment of the costs of management of the Property and collection of rente, including, but not limited to, receivei a feea, premiume on recei~ ~r'e bonde and reasonable attorney'e feea, and then to the suma eecured by this Mortgage. The z< re..eiver ahall be liable to acoount only for those renta actually received: ~ ~ ~ ~ r ~ ~~~f U5 -A,~E ~ n ~ .y.~ , _ _ _