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HomeMy WebLinkAbout0402 . ~ ~ . . - 8. IQ~pectioa. Lender me~y make or cawe to be made reewnable entrie~ upon aad 'uupections olt6e pm~Ry.prnvided that+I.ender shall give Borrower notioe prior to any such inspection specitying naaonable caws therefa related W Lender'o interest iu the Property. 9. Coademnadon.'l~e proceed~ of any aweud or claim for dama~e~, direct or consequential. in connection with any oondemnatioa or othe: takin~ of ths propaf,y, or paet theroof. or tor oonveyaace in lien of oonde~anation. ars hereby assigned and shall be paid to Leader. Ia the event of a total takiag of the PropertY. the proceeda ahall be applied to We suma secured by thii MortQa~s, with ths ~oea. if aay. paid to Borrower. Ia the event of a partial tating of the Proper~y. unles~ Borro~re~ and I~deqr other~vise sQree in writinQ. there ~haU be appliod to the eum~ secured by this Mortgage such proportion of the prooeeds as ie equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediably prior to the date of. taking. ~rith the balan~ of the proceed~ paid to Borrower. If the Prope:ty ia abandoned by Botrower. or if. aRer aotice by Lender to Borrower that the oondemaor offen to make an award or ~ettle s claim for damage~. Borrower fails to napond to Lender within 30 days after the date such notioe ie mailed. Lender is authorir~l fo coUect and apply the prooeed~. at Lender's option, eith~ to reatoration or npeir of the properiy or to We sums secured by thie Mortgage. Ualess Lend~ sad Bor~ower atherwise agree in writin6. az?Y such applicatioa of proceeds to principal ahall not estead or po~tpoae We due date of the moathly inatallments nferred to iu paragraphs 1 and 2 hereof or change the amount of such iasfallments. 10. Borrower Not Releaeed. E:tension of the time for paym~at or modification of amortization of the aums eecured by this Mortgage granted by Lenda to any successor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower aad Borrower's aucressore in interest- Lender ahall not be required to oomraence proceedings agaiaet such sua~eeor or refuee to e:tend tiane for payment or otherwiae modify amortization of the aums eecured by this Mottgage by reaaon of any demnnd made by the original Bormwer and Borrower'e aucceesore in interes~ 11. Forbearanoe by I.ender Not a Weiver. Any forbearanoe by Lendez in ezerc'saing any right or remedy hereunder, or oWerwise afforded by applicable law. ehall not be a waiver of or pnclude the e~cercise of any euch right or remedy. The procurement of insuranoe or the payment of ts:es or other liens or char8es by Lend~ shall not be a wsivrr of Lender's right to aocelerate the maturity of the iadebtednees aecund by this Mortgage. 12 Remedies C~ulative. All remediea provided in this Mortgage are diatinct and cumulative to any other right or remedy uader this Mortgage or afforded by law or equity, and may be ra~ercise~i ooncurrently. independeatly or successively. 13. 3ucceseors and Aseigna Bound; Joiat and Several Llability; Captlons. The oovenante and agreemente herein contained ahall bind, and the rights hereunder shall inure to. the respective suoceeeors and aeaigns of Lender and Borrower, subject to the pmviaions of paragraph 1? hereof. All covenanta and agreemente af Borrower shall be jaint and eeveral.'il~e captioaa and headinga of the paragraphs of thia Mortgage are for covenience only and are not to be used to interpret or defwe the provieiona 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 thie Mortgege shall be given by mailing auch notice by certified mail eddreased to Borrower at the Property Addreea or at snch other addresa es Borrower may deeignate by notice to Lender se provided herein, and (b) any notice Lo Lender shall be given by certified mail, return reoeipt requested, to Lender a addreea atated herein or to such other addreea aa I.ender may designate by notioe to Borrower as provided herr,in. Any notice provided for in thia Mortgage ehall be deemed to have been given to Borrower or I.ender when givea in the manner deeigaated herein. 15. Uniform Mortgage; Governing Law; 3everability. Thia form of mortgage combines uniform oovenants for national use and non- uniform covenanls with limited variationa by jurisdiction to oonatitute a uniform eecurity instrument oovering real pmperty.'I4?is 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 thia Mortgage or the Note conllicis with applicable law, svnc ~onflict shall not affect othe~r pmvisions of this Mortgage or the Note virhich can be given eKect without the oonflicting provieion, and to thia end the provisions of the Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower shall be furniahed a conformed oopy of fhe Note and of thia Mortgage at the time of eze~vtioa or after recordation hereof. 17. 75ranafer of the Property; Aeaumption. If all or any part of the Property or an interest therein ie sold or traneferrPd by Borrower without I.ender'e prior written coneenk excluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage. (b) the creation of a purehase money security intereet for houaehold appliances, (c) a tranafer by devise, descent or by operation of law upon the death of a joinL tenant or (d) the grant of any leaeehold interest of three yeare or less not oontaining an option to pwchase, Lender may, at Lender's option, declare all the sums aecured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to aocelerate if. prior to the sale or transfer, Lend~ and the pereon to whom the Property is to be eold or transferred reach agreement in writing that the credit of euch peraon ia satiefactory to Lender and that the interest payable on the aums eecured by this Mortgage shall be at such rate aa Lender shall request. If Lender hae waived the option to socelerate provided in thia paragraph 17, and if Borrower s aucceasor in intereat has e:ecuted a written assumption sgreement accepted in writing by Lender, Lender shall releaee Borrowrr from all obligationa under thia Mortgage and the ! Note. ~ If Lender exercises auch option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL ~ Such notice ahall provide a period of not lesa than 30 days trom the date the notice ia tr,siled within which Borrower may pay the euma declared i due_ If Borrow~ faila to pay such suma prior to the exp'uation of such period, Lender may, without further notice o~ demand on ~3orrower, ~ invoke any remedies permitted by paragraoh 18 hereof. r 1& Acceleration; Remediea Ezcept as provided in peragraph 17 hereof, upon Borrower's breach of anq oovenant or . agreement of Borrower in thie Mortgage, including the oovenants to psy when due any sums eecured by thie Mortgage.I.ender prior to aoceleration ahall mail notice to Borrower as provided in paragrsph 14 bereof specifying: (1) the breach; (2) the action q required to cure such breach; (3) a date, not less than 30 days from the date the notice ia mailed to Borrower. by which such breach mast be cured; and (4) that failure to cure auch breac6 on or before the date apeciRed in the notice may result in ~ acceleration of the eums secured by thie Mortgage, forecloaure by judicial proceeding and eale of the Property. The notice shall further inform Borrower of the right to reinetate after aa~eleretion and the right to aaeert in the forecloeure proceeding the non-ezistence of a default or any other defense of Borrower to acceleration and forecloeure. If the breach ie not cured on or - before the date epecified in the aot[ce. I.ender at Lender's option may declare all of the sume seevred by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ehall be entitled to coltect in such proceeding all ezpenaes of foreclosure, including, bnt not limited to. reasonable attorney's fees. end costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinetate. Notwithatanding Lendei a acceleration of the sums eecured by thia Mortgage, Borrower ehall have the right to have any prooeedings begun by Lender to enforce thie Mortgage diecontinued at any time prior td entry of a judgment enforcing ~ thie Mortgage if: (a) Borrower paya Lender all auma which would be then due under thia Mortgage. the Note and notee eecuring I~tu~ ~ Advancea, if any, had no acceleration occurred; (b) Borrower curee all breaches of any other covenanta or agreements of Borrower contained in this Mortgage; (c) Borrower peys all reasonable eupenaea incurred by Lender in enforcing the oovenants and agreements of ~iorrower ~ wntained in this Mortgage and in enforcing Lender's remediee as provided in paragraph 18 hereof. includiag, but not limited to, reaeonable ~ attomey'e fees; and (d) Borrower takea such action as Lender may reaaonably require to assure that the lien of thia Mortgage, Lender'e interest ~ in the Prop~ty and Borrower's obligadon to pay the sums sechued by this Mortgage ahall continue unimpaired. Upon auch payment and cure - by Borrow~. this Mortgage and the obligationa secured hereby ahall remain in full force and effect ae if no aoceleration had ocxarred. 20. Aseignment of Renta; Appointment of Receiver. As additional eecurity hereunder. $orrower hereby assigna to Lenderlhe rente of the Property, provided that Borrower ahall, prior to aoceleradon under paragraph 18 hereof or abandonment of the Property, have the right ~ to oollect and retain sueh rente as they become due and payable. . Upon aoceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entided to have a reoeiver appointed by a y court to entera~pon. take possession of and manage the Property end to collect the rents of the Property. inclading thoee paat due. All rente ~ oollected by the rec:eiver shall be applied firat to payment of the oo6te of managemeni of the Property and oollection of rente, including, but not ~ limited to, receiver's fces, premiums on receiver'e bonds and reasonable attorney'e feee, and then to the aume eecured by thie Mortgage. The ~ reoeiver shall be liable to aooount only for thoee rents actually reoeived. ~ ~ ~ ~ g~~~ 307' ~~E 402 , ~ , X F _ _ ~ ~ . A