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HomeMy WebLinkAbout0664 ~ • ' . 8. Inspection. Lender msy make or cewe b be made reawaabk eattie~ upot~ and inntectioas of the pmperty. provided that I.eAder shall give Borrowec aotios prior to aqy such inspectioa specifjrinB reawnable cawe the~refor related to LendeT's interest in tbe Property. 9. Condemnsdon.'1Le prooeeds of any award or claim for damaQe~„ direct or ooaeaqueAtial. ia connection vrith aqy ooademnation or othar takinQ of the peo~ty, or part thereof. os for coaveyaaos in lieu of oond~nnation, are hereby assigaed and ~haU bs paid to Lendsr. IA the eveat of a total takin~ of the Property, tbs pmceeda shall bs applied to the sum~ secured by this Mortgage. writh the e~oess, if aqy, paid to Borrower. In the event of ~ partial tsldng of the Properky, unlea Borrower and Lender otheswiee agree in writiug, thers ahall be appUed to the eums ~ecured by this Mo~rtQs~e such propottioa of We prooeed~ w is equal to that proportion which the amount of the snm~ secured by this Mort~a~e immediately ptior to the date of taking bears b the fair martet value of the Property unmediate~jr prior to the date oi taltinS. with the balanoa of the proceed~ psid b Borrower. Ii tl~e Pro~qr is apeadoaed by Borro~rez. or it. aRer notioe by Lender to Borrower that tlie aondemnor o~ers b make an award or ~ettle a claim for damaQe~. Borro~rer fails to respoad to Leader withia 30 days aiter the date such notice is mailed. Leader is authori:ed to coUect sad apply the proceeds, at Leade:'s option. eiWe~ to re~toratioa or repair of the prope~ty or to the snnu secured by this Mortgage. Unless I.end~ and Borrower otherwise agree ia writing, any such application of proceed~ to principal shap not ~tend or postpone the due date of the monthl,y installments referred Lu ia paragraph~ 1 and 2 hezeof or change the aawunt of such inatallments. l0. Borrower Not Iteleaeed. E:tensioa of the time for paymsnt or modification of amortiaatioa of the suma eecured by this Mortgage granted by Leadet to any suc~essor in interest of Borrower shaU aot operate to nlease, in any manner, the liability of the original Borrower and Borrow~'a aucceasors in interee~ Lender ehall not be required to oommenoe proc~eedinge against such suoceesor or refuee to e:tend time for payment or otherwiae modify amortization of the auma eecured by thia Morigage by reason of any demand made by the original8orrowec and Borrower'a succeseore in interesl. 11. Forbearanoe by I,ender Not ~ Wsiver. Any forbearanoe by Lender in e:erosing any right or remedy hen~wder. or otherwise aPforded by applicable law, ahall not be a waiver of or preclude the e:ereise of any euch right or remedy.lLe procurEment of insaranoe or the payment of tsxe~ or oth~ liena or chargee by I.rade~ shall not be a~vaiver of Leader's right to aooelerate the maturity of the indebtedness eecured by this Mortgage. - 12. Remedie~ GtimulaUve. All nmedies provided in this Mortgage are distinct and cnmulative to any other right or cemedy under thi~ Mortgege or afforded by law or eqnity. and may be~ercise~i ooncurrently. indep~dendy or suooea8ively. 13. 3~ccessore and Aeaigna Bonnd; Joint and 3everal Wability; Captions.'I~e oovenante and agreemente herein oontained shell bind. and the rig6ts hereunde~r shall inun to. the reepective enooeeeors and aseiQns of Lender and Borrower. eubject to the pmvisions of paragreph 1? hereoL AU oovenants and agreements of Borrower ahall be joint and several. The captions and headinge of the paragraphs of ehia MortBage are f~ covenience only and are not to be naed to interpret or define ~he prov;sions hereof. , 14. Notioe. E:cept for any notice required under applicable law to be given in anothe~ manner. (a) any notice to Borrower provided for in thia Mortgage ahall be given by mailing such notice by ceirtified mail addreseed to Borrower at the Property Ad.ireea or at euch other addresa as Borrower may desigaate by aotice to Lender as provided herein, and (b) any aotice to Lendes ehall be given by certified mail, return receipt requeeted, to Gender'e addrese atated herein or to euch other addresa ae Leader may designate by notice to Borrower ae pmvided herein. Any notice provided for in thia Mortgage ehall be deemed b have been given to Bormwer or Lender when given in the manner designated henin I5. Uniform Mortgage; Goveraing I.aw; 3everabillty. This form of mortgage oombines anii'orm oovenanta for national uae and non- uniform covenante with limited yariationa by juriediction b aonatitute a uniform ee~urity inettument oovering real propeFty. Thia Mortgage ' ahall be goveraed by the law of the jurisdiction in which the Property ie located. In the event that any proviaion or clauee of this Mortgage or the Note conflicta with applicable law, auch rnnilict ehall not a8'ect other provieiona of this Mortgege or the IJote which can be given effed without the rnnflicting proviaion, and to thie end the pmvisiona of the Mortgage and the Note are declared to be eeverable. 16_ Borrower's Copy. Borrower ehall be furniahed a oonformed oopy of the Note and of thie Mortgage at the time of e:ecution or after recordation hereof. 17. 'l~aneter o! tLe Property; Asaumption. If all or any pert of the Property or an interest therein ia eold or traneferred by Borrower withont L.end~cr'» prior written coneent, e~ccluding (a) We creation of a lien or encumbrance aubordinate to thie Mortgage, (b) fhe creation of a punchaae money eecnrity inter~t for houeehold appliancee, (c) a tranefer by deviae, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehold interest of three yeara or leas not oontaining an option to purchase, Leader may, at Lender s option, declare all the aume secured by this Mortgege to be immediately due and payable. Lender ehall have waived euch option toaccelerate if. prior to the sale or tranefer, Lender and the peraon to whom the Property ia to be eold or traneferred reach agreeq~gnt in writing that the credit of snch peraon ia satiafactory to Lender and that the intereat payable on the aume eecnred by thia Mortgege ahall be at euch rate as I.ender ahall requeat. If Lender has waived the option to accelerate provided in t}iia paragraph 17, and if Borrower e auoceaeor in interest hea executed a written asewnption agreement accepted in writing by [.ender, Lender ehall release Borrower from all obligationa under thia Mortgage and the Note. . If Lender e~erciees auch option to aocelerate. Lender ahall mail Borrower notice of acceleration in accordance with paragraph 19 henoi ; Such notice ahall provide a period of not leae than 30 daya from the date the notice ia ~siled within which Borrower may pay the auma declared ~ due. If Borrower fsils to pay anch suma prior to the enpiration of such period, Lender may, without further norice or demand on Borrower, ~ ~nvoke any remedies permitted by paragraoh 18 hereof. - ~ 18. Aoceleration; Remedlea Ezcept as provided in paragraph 1? hereof, npon Borrower's breach of any oovenant or ~ agreement of Borrower in this Mortgsge. including the covenante to pay when due any eame eecured by thie Mortgage, I.ender ` priQr to aoceleration shall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ required to cure suc6 breac6; (3) a date, not lese than 30 days from the date the notice ie mailed to Borrower, by which such ~ breach must be cured; and (4) that failure to cure euch breac6 on or before the date epecif ed in the notice may result in € acceleration of the euma eecured by thia Mortgage, foreclosure by judicial proceeding and saleof the Property.T6e notice shall ~ further intorm Borrower of the right to reinatate after acceleration and the right to aseert in the foreclosure proceeding the ~ non-ezistence ot a default or any other defenae of Borrower to acxeleration and foreclosnre. If the breach ie not cured on or ~ before the date epecified in the notice, Lender at Lender'8 option may declare all of the suma secured by thie Mortgage to be immediately dae and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender ahall be entitled to oollect in such proceeding all ezpenaea of foreclosure, including, but not limited to. reaeonable attorney's fees, and ~ coets of documentary evidence, abatracts and title reports. ~ 19. Botrower'e Right to Reinstate. Notwithetanding Lender a acceleration of the sums secured by thia Mortgage, Borrower ahall have ~ the right to have any prooeedings begun by Lender to enforce thia Mortgage diernntinued at any time prior to entry of a judgment enforcing x this Mortgage if: (a) Borrower pays I.ender all auma which woald be then due under thie Mortgage, the Note and notea securing Future ~ Advances, if any, had no acceleretion occurred; (b) Borrower curea ali breachea of any other covenents or agreements of Borrower contained in ~ thie Mortgage; (c) Borrower paye all reasonable ~peneea incurred by Lender ie enforcing the oovenants and agreemente of Borrower ~ oontained in this Mortgage and in enforcing Lender 8 remedies as provided in paragraph 18 hereof, including, but not limited to, reaeonable ~ attorney's feee; and (d) Borrower tekea snch action ae Lender may reasonebly require to asaure that the lien of thia Mortgege, Lender'e interest - in the Property and Borrower's obligation to pay the auma eecured by this Mortgage ehall rnntinue unimpaired. Upon euch payment and cure by Borrower, thia Mortgage and the obligations eecured hereby ehall remain in full force and effect as if no acceleration had occurred. 5 20. Asaignment of Renta; Appointment ot Receiver. As additional eecurity hereunder, Borrower hereby aseigna to Lender the renta ~ 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 auch rente as they become due and payable. ~ ~ Upon acceleration und~ paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a reoeiver appointed by a ' oo~ut to enter~pon, take poeeeesion of and manage the Property and to oollect the rente of the Property, including those past due. All rente ~ oollected by fhe rax;ver ahall be applied firat to payment of the oosta of managementof the Property and oollection of rente, including, but not 3 limited io, nrxiver's fees, premiuma on receiver's bonda and reaeonable attoi'ney'e feea, and then to the euma secured by this Mortgege. The ~ reoeiver ehail be liable to aooount only for thoee rents actually received. ~ ~ _ . . ~ ~ ~ ~ ge~K ~08 ~,acE 6 . 64 ~ _ ~ ~Y ; ~ e ;k~ : . . . . ~~~'.r-. - . _ . .