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HomeMy WebLinkAbout0765 . • 8. IA~pO1.U0A. Lender may make o~ cauae to be made reawaable entrl~s u~on and insqdiiMa oithe propee~y~ pmvided that Lender ~hall give Borrowar Aotioe prior to any such irupectioa specifyin~ reasot~eble csuss Lherefor related to Lender's interest in the Property. 9. CondemnadoA.'[~e prooeeda oi any award or claim for dama~es, direct or con~equential. in rnnnectioa wiW any ooademnation or other takin~ of the pe~opetty, or part thera?f, or for oonveyance in Geu of oond~aaaaon. are heiaby awigned and sheli bs paid ~o Lender. Ia the event oi a btsl takina oI the Pcoperty, the pmoeed~ ahall bs applied Lo the sums socured by this Mortge~e. with the ~oea~ if any, paid to Borrower. In the event of a partial taking of the Property~ unle~s Botrower and Lender otherwi.e agree in writin~, there she11 be - applied b the sums ~ecured by t!w Mort~age such proportion of the proceedi as is equal to that pmportion which fhe amount of the sum~ ~ecured by thia Mortgage imanediately ~uior to the date of taking bean to the fair market value of the Property immediately prior to the date of taking. with the balance of We prooeeds paid to Borrower. ' If the Prop~ty is abaadoaed by Borrower~ or if. aiter aotice by Lender to Borrower Wat the oondemnor ogers to mal~e aa award or ~ettk a daim for damages, Borrower fails to respond to Lender within 30 days aR~ Lhe date such notioe ie mailed, Lead~ i~ authoriud to coUect and apply the prooeed~. at Lender's optioa, either to re~toration or repair of ths properRy or to the sume ~ecured by thia Mortgage. Unless I.enda and Borrower otherwise agree in writing, any such applicatioa of peoceeds ta principal shall twt ~tend ot poetpone the due date of We monthly uutallments referred to ia paragraphs :1 and 2 heseof or change the amouaL o! snch inetallments. 10. Borroaer Not Reteased. E:tension of the time for paymsnt or madificatioa of aaartization of the sume eecured by this Mortgage granted by I.ender to any succeeeor in interest of Borrower shali not operate to release. in any manner. the liability of the original Borrower and Borrower's succesaors in iateresR I.cnder ehaU not be required to aommeace pmceedinge against such suocessor or refuse to e:tend time for payment or otherwiee modify amortization of the aume eecured by thie Mortgage by reason of eny demand made by the original Bormwe: and Borrower s euccesaora in interea~ . 11. Forbearanoe by I.ender Not a N?aiver. My forbearanoe by I.eader in e:erciaing any right or remedy hereunder. or otherwrise a~orded by applicable la~r. shall not be a waiver of os pnclude the ~ercise of any auch right or remedy. The procurement of insuranoe or the payment of tazes or other lieaa or charges by Lender ahal! not be a waiver of I.ender's right Zo aooilerate the maturity of the indebtedness eecured by this Mortgage. - 12 Remedies Gtimnladve. All remedies pmvided in this Mortgage an distinct and cumulative to any other right or nmedy under this Mortgage or afforded by Iaw or equity. and mqyr be e~cem.ise~i ooacurrentiy. iadependendy or euocesaively. 13. Snccessore and Aeaigns Bo~md; Joint and Several Liability; Captions.'I~e oovenaata and agreemente herein oontained shall bind, and the rights hereunder ahall iaure to. the reepective eucc~essore and asaigna of I.e~der and Borroaer. aubject to the pmvisions of paragraph 17 hereoL AA oovenants and agreements of Borrowez ehall be joint and several.'!Le captions and headings of the paragraphs of thie Mortgage are for rnvenience only and are not to be used to interpret or define the provisions hareof. 14. Notice. Except for any notice required under applicable law to be givep in another manner, (a) any notice to Borrower provided forin thia Mortgage shali be given by mailing such notice by certified mail addreased to Borrower at the Property Addreae or aL euch other addreae aa Borrower may deeignate by notioe to Lender ae pmvided herein, and (b) any notice to Lender sha~l be given by certified mail. return receipt requeated. to Lendet'a address stated hezein or to auch oWer adde+eas ae Lender may designate by notioe to Bonower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been givea to Borrower or Lender when given in the manner deaignated he~ein. 15. Uaifonu Mortgage; Goveening I.aw; 3everability. This form of mortgage oombinea uniform cavenants for national nee and non- uniform covenanta with limited variatione by juriediction to oonstitute a uniform eecurity instrument oovering real pmperty. Thie Mortgage shall be govemed by the law of the j~uiediction in which the Property ie located. In the eveat thet any provieion or clauee of thie Mortgage or the Note conflicte with applicable law, auch conilict ahaU not affect other provieiona of thie Mortgage or the Note which can be given effect without the ronilicting proviaion, and to thia end the proviaions of !he Mortgage and the Note are declared to be eeverable. 16. Borrow~sr'e Copy. Borrower ehall be furniahed a rnnfo~ed oopy of the Note and of thia Mortgage at the time of e~cecvtion or after recordation hereof. " 1?. 'l~anafer of the Property; Assnmption. If all or any pad of the Property or an iatereet therein ie eold or transferred by Borrower without i.endec's prior written rnnaent, e~ccluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchaee money eeeurity intereet tor houeehold appliances, (c) a transfer by deviee, deeoent or by operatioa of law upon the deaW of a joint tenaet ~r (d) the grant of any leaeehold intereet of three years or lesa not oontsining an option to purchaee, I.ender may, at Lender's option, declare all the aume aecured by this Mortgage to be immediately due and payable. Lender ehall have waived auch option to accelerate if. prior to the sale or transfer, Lender and the pereon to whom the Property ia to be eold or tranaferred reach egreement in writing that the credit of euch pereon ie eatiafactory to I.ender and that the interest payable on the sums sec~red by this Mortgage shall be at such rate as Lender ehall requeat. If Lender has waived the option to accelerate pmvided in thia paragraph~l7. and if Borrower e successor in interest hae e:ecuted a. written'asaumption agreement accepted in writing by Lender, Lender ehall release Borrower from all obligationa under this Mortgege and the Note. - If Lender e:ercises such option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice ahull provide a period of not less than 30 daya trom the date the notice ia mailed ~vithin which Borrower may pay the suma declared due. If Borrower faila to pay snch sums prior to the eapiration of such period, I.ender may, without further notice or demand on Borrower, invoke any remediea pernitted by paragraoh IS hereof. 1& Acceleration; I~emediea Ezcept as provided in peragtap6 17 hereof, upon Borrower's breach of any oovenant or ; agreement of Borrower in thLp Mortgage. including the oovenants to pay when due any sums eecured by Wis Mortgage, Lender ~ prior to aoceleration ehall mail notice to Boreower aa provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action ~ i required to cure ench breec6; (3) a date, not lese than 30 daya from the date the notice ie mailed to Borrower, by which sach E breach must be cured; and (4) that failure to cnre snch breach on or before the date apecified in the notice may reault in ~ acceleration of the sume secured by this Mortgage, forecloeure by judicial proceeding and sale of the Property. The notice ahall ~ further inform Borrower of the right to reinstate aRer acceleration and the ri~t to eeaert in the foreclosure proceeding the non-ezietence of a default or any other defenae of Borrower to soceleration and foreclosure. If the breach ia not cured on ar ~ before the date epecified in the notice, Lender at Lender's option may declare all of the suma secvred by this 11~ortgage to be ~ immediately due and payable without furtherdemand and may forecloee thie Mortgage by judicial proceeding. Lender shall be i entitled to oollect in such proc~eeding all ezpenees of forecloeure, including, bat not limited to, reasonable attorney's feea, and ~ costa of documentary evidence, abstract8 aad title reporte. _ ~ 19. Borrower'e Right to Reinetate. Notwithatanding Lender's aoceleration of the aums aecured by thie Mortgage, Borrower ahall have ~ the right to have any prooeedings begun by Lender to enforce thie Mortgage diecontinued at any time prior to entry of a judqment enforcing this Mortgage if: (a) Bonower pays I.ender all aums which would be then due under thie ~lortgege, the Note and notee eecuring Future ~ Advanoeb, if any, had no acceleration occnrred; (b) Borrower cures all breaches of eny oLher coveaanta or agreementa of Borrower rnntained in ~ this Mortgage; (c) Borrower paye all reasonable e:penaes incarred by Lender in enforcing the rnvenante and agreemente of Borrower = oontained in thia Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable + attorney e feee; and (d) Barrower takea such action aa Lender may reaeonably require to sesure that the lien of thia Mortgage, Lender's interest in the Property and Borrower'e obligation to pay the sume aecured by this Mortgage ahall continue unimpaired. Upon auch payment and cure by Borrower, thia Mortgage and fhe obligations aecured hereby ahall remain in full force and effect ae if no acceleration had occa~rred. ~ 20. Asaignment of Rents; Appointment of Reoeiver. As additionel eecurity hereunder, Borrower hereby assigna to Lender the rente of the Property, pmvided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain snch renta es they become due and payable. Upon aoceleration nnder paragraph 18 hereof or abandonment of the Property. Lender ahall be entided to have a receiver appointed by a oo~ut to enter.npoa, take posaeaeion of and manege the Property and to oollect the renta of the Property, including thoee paat due. All rente ~ oollected by the receiver shall be applied firet to payment of the ooets of inenagemeat of the Property and oollection of rents, including, bnt noi ~ limited to, receiver s feea, premiums on reoeiver'a bonds and reaaonable attorney'e feea, and then to the auma eecured by thia Mortgage. The receiver shall be liable to aooount only for thoee rents actually received. ~ ~ - k. ~ ~ E ` B~~K 3U8 oA~E ~ ?65 € . ~ t-4 ~ F s _ ~`ir v ~ ~ ~ ; -