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HomeMy WebLinkAbout0391 . , ' 8. l~apertion. Le~der may make or cauee W be made maaonable entries upon and inepectione of the prope~ty. provided thet [.ender ehall give Borrower notice prior to any euch inapection epecifying rnaeonable cauee therefor telated to l.ender'e interest in the Property. 9. Condemaation. The pmcccds ot a~y award or claim for damages, direct or conaeque~tial, in connection with any oondemnation or othe~ taking of the pmperty, or part thereq~, or for conveyance in lieu of condemnation, are hereby aseigned and shall be paid to I.ende~. In the event of s total taking of the Propedy, the pm~~eeds ahall be applied to the euma eecured by thie Mortgage, with the exceas. if any, paid to Borrower. Ir? the event of a partial taking of the Property, unlees Borrowe~ and I.ender otherwiee agree in writing, there ahall be applied to the aumx aecured by this Mortgage euch pmportion of the proceede aa ie equel to that proportion which the amount of the eume secured by this Morigage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Bortower. If the Property ia abaadoned by Borrower, or if, after notice by l.ende~ to Borrower that the oondemnor oPfera to make an award or settle a claim for damagea, Borrower fails to reepond to [.e~der within 30 daye after the date euch notice is mailed, Lender ie authorized to collect and apply the proceede, at [.ender a option, rither to restoration or repair of the pmperty or to the sume aecured by thie Mortgage. Unleae Lender and Borrowe~ otherwiae agree in writing, any such application otproceeds to principal shall not extend or postpone the due date of the monthly inataliments referred to in paragirapha 1 and 2 hereof or change the amount o[ such inetallmenta. 10. Borrower Not Released. Extenaion of the time for paym ~nt oT modification of amortizHtion of the sums aecured by this Mortgage granted by l.ender to any succeseor in intereat of E3orrower ahall not operate to release, in any manner, the liabitity of the original Bortower and Borrower'a aucceasors in inteceat. Lender ahall not be required to rnmmence proceedinga against such succesaor or refuae to extend time for payment or otherwise modify amortization of the sums secured by this Mortgnge by reason of any demand made by the originai Borrower and Borrower s successors in interest. i l. Forbearance by Lender Not a Waiver. Any forbearance by I.ender in exerciaing any right or remedy hereunder, or otherwiee afforded by applicable law, ahall not be a waiver of or preclude the exerciee ot any such right or remedy. The procurement of ineurance or the payment ot taxes or other liene or chargea by Lender ahall not be a waiver of l.endei e right to accelerate lhe maturity of the indebtedneea aecured by thie Mortgage. 12 Remediea Cumulative. All rnmediea provided in thie Mortgage are diatinct and cumulative to any other right or remedy undet thia Mortgage or afforded by law or equity. and may be exemieeri concurrently. independently or aucceasively. 13. Succeaeors and Aseigne Bound; Joint and Several Liability; Captione. The covenanta and aRreements herein eontained ahall bind, and the righta hereunder ehail inure to, the respective auccessors and assigna of I.ender and B~rrower, subject to the proviaione of paragraph 17 hereof. All covenants and agreementa of Borrower shall be joint and several. The captions and headinga of the paragrapha of thia Mortgage are for covenience only and are not to be used to interpret or define the proviaione hereof. 14. Notice. M:xcept for any notice requireci under applicable law to be given in another manner, (a) any notice to E3orrower provided forin thie Mortgage ahall begiven by muiling euch notice by certified mail addreased to Borrower at ihe Property Addrees or at auch other address as E3orrower may designate by notice to Lender as provided herein, and (b) any notice to Lender ehall be given by certified mail, return receipt requested, to l.ender e address atated herein or to auch other address as Lender may designate by notice to Borrower as provided herein. My notice provided for in this Mortgage ahall be deemed to have been given to E3urrower or I.ender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mort~agecombines uniform eovenante for national uae and non- uniform covenants with limited variationa by jurisdiction to rnnstitute a uniform security instrument eovering real property. Thie Mortgage shall be governed by the law of the juriadiMion in which lhe Property is located. In the event that any proviaion or clause of this Mortgage or the Note conflicte with applicable law, xuch conflict shall not af~ect other provisions of this Mortgage or the Note which can be given eftect without the conflicting pmviaion, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16_ Borrower's Copy. Borrower shall be furniahed a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. 7~ansfer of the Property; Aeaumption. If al) or any part of the Property or an interest therein is aold or traneferred by Borrower without [.ender'a prior written consent, excluding (a) the creation of a lien or eneumbrance sutwrdinate to this Mortgage, (b) the creation of a purchase money security interest fbr household appliances, (c) a tranafer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeara or leas not containing an option to purchase, Lender may, at Lender a option, declare r:ll the sums secured by this Mortqage to be immediately due and payable. Lender ahall have waived such option to accelerate if, ptior to the sale or transfer, Lender and the person to whom the Property ia to be sold or transferred rnach agreement in writing that the credit of auch pert~nn is satisfactary to I.ender and that the interest payable on the suma secured by this Mortgage shail be at such rate as I.ender shali reyu~st. If I.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepied in writinQ by I.ender, [.ender shall release E3orrower from all obligations underthis Mortga~e and the i IV ote_ j If I.ender exercises such option W nccelerate, l.ender shali mail Borrower notice of acceleration in accordance with paraqraph 14 hereof. ; Such notice shall pmvide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay thesums declated ~ due. It Borrower fails to pay such sums prior to the expiration of such period, l.ender may, without further notice or demand on E3orrower, I ~moke any remedic~s permitled by paragra~h 1R hereof. i ; 18. Acceleration; Remedies. E:cept as provided in paragraph l? hereof. upon Borrower's breach of any covenant or ~ agreement of Borrower in this Mortgage. including the oovenants to pay when due any eums aecured by thie Mortgage, Lender prior to acceleration ahall mail notice to E3orrower sa provided in paragraph 14 hereof apecifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date. not leas than 30 days from the date the notice ie mailed to Borrower. by which euch ~ breach must be cured; and (4) ~ihat failure to cure such breach on or before the date specified in the notice may reault in acceleration of the sums secured by thia Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shali further inform Borrower of the right to reinstate aRer acceleration and the right to esaert in the foreclosure prceeeding the non-exietence of e default or any other detense of Borrower to acceleration and foreclosure. If the breach is not cured on or before the dete epecified in the notice. Lender at Lender'a option may dedare aU of the suma aecured by thie Mortgage to be immediately due and payable without furtherdemand and may foreclosethisMortgageby judicial proceeding. Lendershall be entitled to collect in such proceeding all e:penses of foreclosure. including. but not limited to. reesonabte attorney's fees. and ~ costs of documentary evidence. abstracts and title reporta. ~ ! 9_ Rorrower's Right to Reinetate. NotwithatandinR I.ender's acceleration of theaums aecured by this Mortgage, Borrower shall have ~ the right to have any proceedin~s begun by I.ender to enforce thia Mort~age discontinued at any time prior to entry of a judgment enforcing ~ this Mortgage i[: la) Borrower pays I.ender all sums which would be then due under this Mortgage, the Note and notes securing Future ~ Advances,i[any,hadnoaccelerationoccurred;(b?Borrowercuresallbreachesofanyothercovenantaoragreementsofl3orrowercontainedin ~ this Mortgage; (c) E3orrower pays all reasonable expenses incurred by Lender in enforcing the covenanta and agreements of Borrower ~ contained in this Mortgage and in enforcing l.ender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonablP ~ attorney's fees; and Id) Borrower takea such action as l.ender may reasonably require to assurethat the lien of this Mortgage, Lender's intereat in the Property and F3orrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in fuli force and effect as if no acceleration had occurred. ~ 20_ Asaignment of Rents; Appointment of Receiver. As additional security hereunder, Borrower hereby aseigna to Lender the renta ~ of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ` to collect and retain auch rents as they become due and payable. ~ Upon acceleration under paraqraph 1H hereof or abandonment of the Property, I.ender shall be entided to have a receiver appointed by a , court to enterapon, take posseseion of and manage the Property and to collect the rents of the Property, including those past due. All renta ~ rnllected by the receiver ahall be applied first to payment of the rnsts of manaqementof the Property and coilection of rents, including, but not ~ limited to, receiver's fees, premiumx on receiver's bonds and reasonable attomey's feet~, and then to the sume secured by this Mortgage.7'he ~ receiver shall be liable to account onlv for th~~se rents actualiy received. ~ ~ ~ ; L~ k ~ F~ 3Uy ~a~~ 391 ~ ~ ~ ~ fi'41:~~c+ 3 _ " i..,~,`,~,4:.;.y~,r+~.~ v i. ^"S`.3r~.~;~- . . - ~~1'~.. ^ .