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HomeMy WebLinkAbout0594 t • ; ' - i , i ~ 8. ln~pectioa. Lender may make or cause to be made rea~onable eatrie~ upon and inrpection~ of the pmperty, provided that Leades shall ' give Borrower notice prior to any ~uch uupection specibrin~ reawnaWe cawe therefor related to I.ender's inten~t in We Property. ~ 9. COAdeIRA91IOQ. Th~ proceed~ of eny award or claim for dama~es. direct or coasaqueatial, lA C011~1ECt1011 W1~18~ ODndNAll~~lOI1 O[ other tainAa ot the propsrty. or Peut Wereot~ or for oonveyance in li~ of oondanaation. an haeby a~tigned and shall bs paid to Lendei. In the event of a total ~ of the Property, the pmceed~ shall bs applied to the swas secured by this Mort~e~s, with the ~cen, if anY. paid to Borrovrer. Ia the event of a psrtial taking oi the Property. unlea Borrowes and Lender otherwiee aaree ia aritin8, there shall be epplied b the sum~ ~ecuted by ~hia Mort~aQe such proportion of Ws pwceeds as is equal to that proportion which the amount ot the suma secuced by this Mortga~e immediately prior to the date of talcing bears to the fair markat vdue otthe Propedy immediately pzio: to the date of ~ eaking. with ths belanoe of the proceeds paid b Borrower. ~ If the Proper41? is abandoned by Borrownr. or if, aRes notice by Ihnder to Borrower that the oondemnor oHers Lo meke an award or eettle a claim for damages. Borrower fails to nspond to Leader within 30 days at~ the date such notice ie mailed. Lender is authorized to coUect and ~ apply the prooeeds. at Leader's optioa, eith~ ~o restoration or repair of We property or to !he sums secured hy this Mortgage. f Unless Lender and Borrower otl~erwise agree in writing. anY such applicatibn of pmceeds to principal shall aot ~tend or postpone tbe due s date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of snch installmeata. 10. Borrower Not Releaeed. Extenaion of the time for paymant or modification of amortization of the sume eecured by thia Mortgage , granted by L,e~der to any aucceseor in inter~t of Borrower ahall not operate to :eleaee. ia any manner. the liability of the original Borrower ~ and Borrower e suocesaors in interes~ Lender ahall not be required to oomme~ce pmcee~ings againat euch suocessor or nfuee to eztend time • for payment or otheiwiee modify amortization of the suma eecvred by this Mortgage by reason of any demand wade by the original Bo~rower ' 3 and Bor~ower'e aucceasore in intereek 11. Forbearanoe by I.ender Not a Waiver. My forbearanoe by I.ender in ~ercising any ri6ht or nmedy hereuader, or otherwise afforded by applicable law. shall not be a waiver of or preclude the ~ercise of any such right o: nmedy. The procurement of ins~ranoe or the payment of t~ee or other lieas or charges by Lender shall not be a waiver of I.ender's right to aocelerate the maturity of the iadebtedneas eecured by thia Mortgage. 12 Remedies Gtimulative. All remedies provided in thia Mortgage an distinct and cnmulative to any other right or nmedy undez thie Mortgage or afforded by law or eqaity. and mey be ezercise~l wncwrrendy. independeady or suooeaaively. 13. 3uceessors and Assigns Hound; Joint and 3everal Liability; Captiona The oovenants and agreemente herein oontained ehall bind. and the righte hereundes shall inure to. the reepective auoceeeora snd aasigas of I.ender and Borrower, eubject to the pmvisions of paragraph 1? hereof. AU covenante and agreements of Borrower ahaU be joiat and several. The captions and headings of the paregraphs of thia Mortgage are for covenience only and are not to be used to interpret or define the provisione hereof. 14. Notice. Eacept for any notice required under applicable law to be givea in another mann~. (a) any notice to Borrower pmvided for in ~ thia Mortgage shall be given by mailing such notice by certified mail addreased to Borrower et th~ PropedY Addreas or at euch other addrese as Borrower may deeignate by notice to I.ender ea pmvided hercin, and (b) any notioe to Lnder ~hall be 6iven by certified mail, retum re~eipt requested. to Lender'e addresa stated herein or to such other address aa Lender may deeignate by notice to Borrower as provided herein. Any notice provided for in this Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing I.aw; 3everability. This form of mortgage oombin~ uniform oovenanta for national use and non- uniform eovenante with limited variationa by juriadiction to conatitute a uniform eecurity instrument aovering real property.'1Tiis Mortgage shall be governed by the law of the juriediction in which the Propeity is located. In the event that any pmviaion or clause of thia Mortgage or the Note contlicta with applicable law. such conilict ahall not affect other provisiona of thie Mortgage or the Note which can be given effect without the conflicting provision. and b thia end the proviaiona of the Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower shall be furniahed a oonformed oopy of We Note and of thia Mortgage at the time of ezecution or after ; recordation hereof. 17. 'l~ansfer of the Property; Aesumption. If all or any part of the Property or an intereat therein ia eold or transferred by Borrower without Lender's prior written coneent, e~cluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchaee money security intereat for houaehold appliancea, (c) a traasfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three yeara or leee not oontaining an option to purchase. Lender may, at I.ender a option. declare all the suma secured by this Mortgage to be immediately due and payable. I.ender ehall have waived auch option to socelerate if. prior to the eale or tranefer. L.ender and the pereon to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of anch peraon is aatiafactory to I.ender and that the interest payable on the euma secured by thia Mortgage shall be at auch rate as I.ender el~all requeat. If Lender has waived the option to socelerate provided in thia paragraph 17, and if Borrower e auccessor in interest has ezecuted a ~ written aeaumption agreement aocepted in writine by Lender. Lenderahall release Borrower from all obligatione under thia Mortgage and the t Note. ! If Lender exercises auch option to sooelerate, Lender shall maii Borrower notice of acceleration in accordance with paragraph 14 hereoL ~ Such notice shall provide a period of not leas than 30 days from the date the notice ia mailed within which Borrower may pay thesume declared ~ due. If Borrower faila to pay such sums prior to the expiration of such period, Lender may. without further notice or demand on E3ortower, invoke any remediea permitted by paragraoh 18 hereof j r ~ ~ 18. Aoceleration; ~Remediea E:cept as provided in paragraph 17 hereot, upon Borrower'a breach of any oovenant or } = agreement of Borrower in this Mortgage, including the oovenanta to pay w6en due any aums secure~ by thie Mortgage, Lender ! ~ prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breac6; (2) the action t required to care such brea~6; (3) s date, not lese than 30 dave from the date the notice is mailed to Borrower, by whic6 snch t breac6 must be cured: and (4) that tailure to cure such breach on or before the date specified in the notice may result in aooeleration of the sums secured by thie Mortgage, foreclosure by judicial proceeding and sale of t6e Property. The notice ahall further inform Borrower of the right to reinatate after aooeleretion and the rig6t to assert in the foreclosure proceeding the ~ non-e:iatence of a default or any ot6er defenae of Borrower to soceleration and foreclos~ure. If the breach ie not cured on or + before the date epecified in the notice. Lender at I.ender's option may declare all of the sume secured by thia Mortgage to be immediately due and payable without further demand and mey toreclose thia Mortgege by judicial proceeding. Lender shall be entitled to oollect in auch proceeding all e:penaee of foreclosure, including, but not limited to, reaeonable attorney's feee, and costs of documentary evidence, abstracte and title reporte. 19. Borrower•s Right to Reinatate. Notwithatanding Lender a acceleration of the sums eecured by thia Mortgege, Borrower shall have i the right to have any prooeedings begnn by Lender to enforce thie Mortgage dieoontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower paya Lender all sums which would be then due under this Mortgage, the Note and notes aecuring ~ture ~ Advances, if any, had no aoceleration occurred: (b) Borrower rures all breachee of any other covenanta or agreements of Borrower contained in ~ thia Mortgage; (c) Borrower paye all reaeonable e:peneea incurred by Lender in enforcing the oovenante and agreementa of Borrower oontained in this Mortgage and in enforcing Lender's remediee aa pmvided in paragraph 18 hereof, including, but not limited to. reasonable ~ attorney's feea; and (d) Borrower takee each action se Lender may reasonebly require to aeeure that the lien of thia Mortgage, Lender'e interest ~ in the Property and Borrower'a obligation to pay the aums eecured by this Mortgage ahall oontinue unimpaired. Upon ench paymeat and care ~ by Borrowez, this Mortgage and the obligations eecured hereby shall remain in full force and effect as if no acceleration had occurred. Z0. Aseignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby asaigna to Lender the renta t ~ of the Property. pmvided that Borrower ahall, prior to acoeleration under paragraph 18 hereof or abandonment of the Property, hsve the right ~ to collect and retain such rents es they become due and payable. ~ Upon aoceleration under paragraph 18 hereof or ebandonment of the Property, Lender ahall be entitled to have a receivez appointed by a oourt to enter-upon, take poeeesaion of and manage the Property and to oollect the rente of the Property, including those past due. All rents cj ~ oollected by the receiver shall be applied firat lo payment of the ooeta of management of the Property and ooUection of rente, including, bnt not ~ limited to, receiver'e feee, premiuma on receiver 8 bonds and reasonable attorney'e fees, and then to the auma eec~red by Lhie Mortgage. The ~ receiver ehall be liable to aooount only for those rente adually reoeived. 1~ ~I ~ ~ ; ~ gOGK ~U7 oacE ~ ~ ~ ~ . - - _ - 2t.