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HomeMy WebLinkAbout0623 ~ 8. In~pection. Lender may make or caws b be made reawr~ek eutrie~ upon and iaspectiona of the property. pmvided that I.eader shall give Borrow~r notice prior fo aqy such inspectioa ~pecifyin~ reasonable cawe therefos related to I.ender'a interesL in the Property. 9. Condemnattoa.'I1~e proce:eds of any award or claim for dama~es. direct or consequential. in coanection with any ooademnetion or other takia~ of the property. ~ part thereof. or for convsyaaoe in Geu of condemnation, are hereby essigned and shall be paid b Lend~. In the event of a total takin~ of the Property. the proceeds shall bs applied to the ~ums secured by this Mort~aQe, with the exoea. if sny, paid to Bormwer. In the eveat ot a partial ta]~inB of the Property. unle~s Borrower and Lender othsrwi~e aQree in writin~. Mere shall bs applied to the euaw secured by this Mort~ags such propottion ot the proceeds as is eVual to that proportion ahich the amount of the sums secvred by this MortgaQe immediately prior to We date of teking bears b the fair markd valua of tha Property i':mediate~y prios to the date of , taking. with the balanca of the proceeds paid to Borrower. ~ - If the Property is abandoned by Borrower. os if, aRer notice by Lend~ to Borrow~ that the ooademnor offers to malce an award or settle a claim fo~ damages. Borrower fails to respond to Leader w~ithin 30 days eR~er the date such notice is mailed. I.ender is authosi~d to ooAect end apply the pmceeds. at I.endu's option. either to testoration or repair of the propert,y or to the snms secured by this Mortgage. Udesa Leade~ and Borrowee oWerwise agree in writiae. a~?y such application of proceeda to principal sha11 not ~tend or postpoae the due ' date of the monthly installmente referred to in paragrephs 1 and 2 henof or chanQe the amount oi such installments. 10. Bosrower Not Reteaeed. E:tenaioa of the time for paymant or modification of amortization of the aums eecured by this Mortgage • . granted by Lender to any auccessor in interest of Borrower ahaU not operate to releaea. in any manner. the liability of the original Borrower and Borrower's ana~esaors in intene~ I.ender shall not be required to oommence proceedinge against such auccessor or refuse b extend time for payment or oth~rwise modify aniortization of the aume aecured by thie Mortgage by reaeon of any demand made by the original Borrower and Borrower s auci.~essotra in intereet. 11. Forbearanoe by I.ender Not a Waiver. Any forbearance by Lend~ ia exenising any right or nmedy henunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any auch right or remedy. The procurement of ineuranae or the pnyment of tezes or other liens or chargee by I.ender shall not be a waiver of Leader s right to socelerate We maturity of We indebtedneae secnred by this Mortgage. ' 12 Remedies Cumnlative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy nnder lhis , Mortgage or afforded by law or equity. and may be ezercieed ooncurrendy. independendy or aucceseively. . 13. Succeasore and Aeaigas Bound; Joiat and 3everal I.iability; Capdons. The covenante and agreenaente herein contained shall bind. and the righta herPUnder ehall inun to, the reapective aucceesors and assigna of Lender aad Borrower. subject to the provisions of paragraph 17 hereof. All rnvenanta and agreemente of Borrower ahall be joint and several. The captions and headinge of the paragraphs of this Mortgage are for coveaience only and an not to be used b interpret or defiae the psovisiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thia Mortgage ahall be given by mailing auch notice by certified mail addreesed to Borrower at the Property Addr~e or at auch other address as Borrower may deeignate by notice to I.ender as provided herein, and (b) any notice to Lender shall be given by certified mail, return reoeipt " req ueated, to Lend~'e addreaa atatsd herein or to euch oth~ addrees aa Lender may deaignate by notice to Borrower es provided htrein. Any notice provided for in this Mortgage ehall be deemed to have been given to Borrower or Lender whea given in t6e manner deeignated henin. 15. Uniform Mortgage; Govetning I.aw; 3everability. Thia form of mortgage oombinee uniform aovenants for national uee and non- unifotan covenants with limited variationa by juriediction to constitute a uniform secarity inetninient oovering resl pmperty.'l~ia Mortgage shall be governed by the law of the jurisdiction iri which the Property ia located. In the event that any proviaion or clause of this Mortgage or the Note conilicts with applicable law, such cot?tlict ahall not affect other pmvieiona of thie Mortgage or the Note which can be given egect without the oonflicting proviaion, and to thia end the provisione of the Mortgage and the Note are declared to be aeverable. 16. Borrower's Copy. Borrower ehall be furniehed a rnnformed copy of the Note and of thia Mortgage at the tiare of ~ecution or after recordation hereof. 17. 'ISranefer of the Property; Assumption. If all or any part of the Property or an intereet therein is eold or traneferred by Borrower _ without Lendei s prior written rnnaent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchaee money aecurity intereat for household appliances. (c) a tranafer by devise. descent or by operation of law upon the_death of a jqint tenant or (d) the grant of aay leaeehold intereat of three yeare or leae not oontaining an opdon to purchaee. Lender may. at Lendei a option, declare all the suma secured bq this Mortgage to be immediately due and payabie. I.ender ehall have waived such option to accelerate if, prior to the eale or tranafer, Leader and the person to whom the Property is to be eold or traneferred reach agreement in writin8 that the credit of euch s person ie satiafactory to Lender and that the intee~est payable on the sums eecured by this Mortgage shall be at auch rate ae Lender ahall request. If I.ender has waived the option to aocelerate pmvided in thia para8raph 17, and if Borrower s aucceasor in interest haa e:ecvted a written asaumption agreement accepted in writing by Lender, Lender ahall releaae Borrower firom all obligations under thie Mortgage and the I Note. i If Lender e~cercisea such option to accelerate, i.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereoL j Such notice ahall provide a period of not less than 30 daya from the date the notice is rr,siled within which Borrower may pay the sums declared ~ due. If Borrower faila to pay such Bums prior to the e:piration of such period, Lender may, without further notice or demand on $orrower. ; ~ invoke any remedies pezmitted by paragraoh 18 hereof. ~ 18. Acceleration; Remediea. E:cept as provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or . agreement of Borrower in t6is Mortgage. including the oovenante to pay when due any eums secured by thie Mortgage, Lender prior to aoceteration ehall mail notice to Borrower ae provided in paragraph 14 hereof epecitying: (1) the breach; (2) the action required to cure euch breach; (3) a date, not less than 30 daya firom the date the notice ie maited to Borrower, by whic6 such breach muat be cured; and (4) that fallure to cure such breach on or before tbe date epecified tn the notice may result in acceleration of the sume secured by thie Mortgage, toreclosure by judiciel proceeding and sale of the Property.'Pbe aotice shall further inform Borrower of the rig6t to reinatate after aoceleration and the right to sesert in the foreclosure proceeding the non-ezistence of a defsult or any other defense of Borrower to acceleration and foreclosure. If the breach ia not cured on or before the date specified in We notice, Lender at I.ender's option may declare all of t8e sums secured by thie Mortgage to be immediately due and payable without fiirther demand and may forecloae this Mortgage by judicial proceeding. Lender shall be entitled to collect in auch proceeding all e:penaes of forecl~ure. including. but not limited to. reasonable attorney's feee. and costs of docvmentary evidence, abstracts and title reporte. 19. Botrower's~tight to Reinstete. Notwithetanding Lender's acceleration of the eums secured by this Mortgage, Borrower ahaU have the right to have any proceedinga begun by L.ender to enforce thie Mortgage discontinued at any time prior to entry of a judgment enforcing ~ this Mortgage if; (a) Borrower paya Lender all suma ~ahich would be then due under thia Mortgage, the Note and notea sec~ring Future ~ Advances, if any, had ao acceleration occurred; (b) Borrower curea all breachea of any other covenante or agreementa of Borrower contained in ~ ihie Mortgage; (c) Borrower pays all reaeonable eupeneea incurred by Lender in enforcing the oovenanta and agreements of Borrower oontained in this Mortgage and in enforcing Lender'a remedies as pmvided in paragraph 18 hereof, including, but not limited to, reasonable s` attorney e fees; and (d) $orrower takea auch action aa I.ender may reaaonably require to aesure that the lien of thie Mortgage, Lender's interest ~ in the Property and Borrower'8 obligation to pay the euma secnred by this Mortgage ahall continue unimpaired. Upon auch payment and cnre ~ by Borrower, thia Mortgage and the obligatione eecured hereby shall remain in full force and effect se if no acceleration had occurred. 20. Aeeignment of Rente; Appointment of Rcceiver. Ae additional eecuritY hereunder, Borrower hereby assigna to Lender the rente ~ of the Property. provided that Borrower ahall. prior to aoceleration under paragraph 18 hereof or abandonment of the Property, have the right : ~ ~ to collect and retain anch renta as Wey become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property. I.ender shall be entided to have a receiver appointed by a . court to enter~pon, take poseeeeion of and manage the Property and to collect the rente of the Property, including those peat due. All renta ~ coUected by the receiver ahall be applied first to payment of the costs of management of the Property and oollection of rents, including, but not ~ limited to, receiver'e feea, premiume on receiver e bonds and reasonable attomey'a feea, and then to the aums eecured by thia Mortgage. The ~ receiver ehall be liable to aooount only for thoee rente actually received. ~ ~ e~~+~ ~ BO;1K JU / oACE 623 ~ ~ ~ ~ • ~ ~ ~4 ~ .~G... _,.c . _ . ~r~'~~'".cP..~.~-.~ .