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HomeMy WebLinkAbout0422 A. lnepection. l.ender may make o~ cause to be made reasonable entriea upo~ and inapectiooa ufthe property, pruvided that l.ender ehall give E3orrower notice p~or to any euch inapection specifying reasunable cause therrfor crlated to l.ender'e interest in the Property. 9. Condemaatio~.l~e pro~~rds of any award or ctaim for damagea, direcl or consequential, in connection with any conde~nation or uther takinq of the property, or part thereof, or fo~ conveyance in lieu of condemnation, are hereby aasigned and ahall be paid to l.ender. In the event oi s total tuking of the Pmoperty, the procrede ehaU be applied to the euma eecured by this Mortgage, with the exceas, if a~y, paid to E3orrower. In the event ot a partial taking of the Property, unlesa Borrower and l.ertde~ otherwise agree in w~iting, there shall be applied to the auma eecured by this Mortgage euch proportion of the proceede aa is equal to that proportion which the amount ot the euma secured by thia Mortgage immediately prior to the date of taking beara to the fair market value of the Property immediately prior to the date of taking, with the balance of the procceds paid to Borrower. It the Property is abandoned by Borrower, or if, after ~otice by lxnder to Borrower that the condemnor offers ta make an award or eetde a claim for damages, Borrower faila to respond to Ixnder within 30 daye afte~ the dete auch notice is mailed, Lender is authorized to collect and upply the proceede, at I.ender e option, either to reatoration or repair of the property or to the sums eecured by thie Mortgage. Unleae I.ender and Borrower otherwiee agr~ee in writing, any such application of proceeds to principal shall not extend or poetpone the due date of the monthly inatallments referred to in paragraphs 1 and 2 hereof or change the amount of such inetallmenta. 10. Borrower Not Releaaed. F.xtension of the time fo~ paym ~nt or modification of amortization of the sums aecured by this Mortgage Kr~nted by l.ender to any succeasor in interest of Eiorrower ehall not operate to relexae, in any manner, the linbility of the original Borrower ~ind I3orrower's successora in interesi. I.ender shall not be required to commence procecdings againat such succesaor or refuse to extend time fur payment or otherwise modify ~mortization of the sums securcd by thia btortguge by reason of any demand made by the original Borrower :~nd t3orrower s successors in inte~est. 1 I. Forbearance by Lender Not a Weiver. Any forbearance by Lender in exerciaing any right or mmedy hereunder, or otherwiae ~afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The prceurement of inaurance or the payment ot taxes or other liens or chargee by [,ender ahall not be a waiver of [.ender's right to accelerate the matu~ity of the indebtednese secured by thia Mortgage. 12. RemedieB Cumulative. All remediea provided in this Mortgage are distinct and cumulative to any other right ur remedy under thia ~lortgage or afforded by law or equity, and may be exerciaed concurrently, independently or succesaively. 13. Succeaeore and Aaeigne Bound; Joint and Several Liability; Captione.7'he covenanta and aRreementa hemin contained ahall bind, and the rights hereunder shaU inure to, the reapective succeaeors and aseigne of Lrnder und Borrower, aubject to the provisiona of paragraph 17 hereof. All covenants and agreements of Borrower ahaU be joint and several. The captiona and headings of the paragraphe of this Mortgage are for rnvenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. F.xcept for any notice required under upplicable law to be Riven in another manner, la) any notice to E3orrower provided [or in thia Mortgage shall he given by mailing such notice by ce~tified mail addreased to Borrower at the Property Address or at such other addrees se Rorrower may deaignate by notice to l.ender tis pmvided herein, and (b) any notice to I.ender shall be given by certified mail, return receipt rcquested, to I.ender's addreas atated herein or to auch other addreas as l.ender may deaignate by notice to E3orrower ax provided herein. Any notice provided for in this Alortgage shall be deemed to have been given to E3orrower or l,ender when given in the manner deaignated herein_ 15. Uniform Mortgage; Governing Law; Severability. This torm of mortgage combines uniform rnvenanta for national use and non- uniform covenants with limited variations by jurisdiMion to constitute n uniform security instrument covering rnal property. This Mortgage ~hall be Kuverned by the law of the jurisdiction in which the Property ia loculed. In the event that any p~oviRion or clause of this Mortgage or thr Note contlicta with applicable law, such contlict shall not affect other pmvisions of this Mortgage ur the Note which can be given effect ~+•ithout the contlicting provision, and lo this end the pravisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Born~wer shall be furnished a conformed copy of the Note and of this Moriga~e at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or tranaferred by BonoweT a•ithout lxnder s prior written consent, exciuding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a Numhuse money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint crnant or (d) the grant of any leasehold interest of three years or lesa not rnntflining an option to purchase, Lender may, at Lender s option, ~ieclare all the suma secured by this Mortgage to be immediately due and payable. l.ender shali have waived such option to accelerate if, prior u~ the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach aKreement in writing that the credit of auch person is satisfactary to Lender and that the interest pa~ able on the sums secured by this Aiortgage shall be at such rate as l.ender ahall rc~c~uest. If l.ender hzts waived the option to accelerate pruvided in this paragraph 17, and if Korrower's successor in interest has executed a ti.•ritten assumption aRreement accepted in writinK by Ixnder,l.endershaU release Borrower from all obligations under this Mortgage and the 'i tiute. i [f [.ender exercisc~x such option to acmlerate, l.ender shall mail Bormwer notice of acceleration in ~ccordance with paragraph 14 hereof. ~ ~uch notice shall pm~•ide a periud of not Icw.ti th.?n :i0 d.~ys from thedate the nutice is mailcd within which Rurrovwer mu~ pay thesums declared { d~e_ If Rorrower fails to pay such sums prior to the expiration of such period, I.ender may, without furlher notice or demand on Korrower, ~ ~nvoke any remedies permittecl by para~~,*raoh 1K herer~f. p 18. Acceleration; Remediea. F:cept as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or a~reement of Borrower in this Mortgage. including the covenants to pay when due any Bume secured by this Mortgage. Lender prior to acceleration ehall mail notice to Borrower as provided in paragraph l4 hereof epecifying: (1) the breach; (2) the action required to cure such breach; (3) a date. not lesa than 30 dayR from the dete the notice is mailed to Borrower, by which such ~ breach must be cured; and (4) that failure to cure such breach on or betore the date apecified in the notice may result in ~ xcceleration of the sums secured by this Mortgage. forecloaure by judicial proceeding and aale of the Property. The notice shall further intorm Borrower of the right to reinstate aRer acceleration and the right to asaert in the toreclosure prceeeding the non-e:istence of a default or any other detense of Borrower to acceleration and foreclosure. If the breach is not cured on or t~efore the date epecified in the notice. Lender at l.ender's option may declare all of the auma secured by this Mortgage to be immediately due and payable without furtherdemand and may foreclosethis Mortgage by judicial proceeding. I.endershall be ~~ntitled to collect in such proceeding all expenses of foreclosure. including. but not iimited to. reasonable attorney's fees. end costs uf documentary evidence. abstracts and title reporta. ~ 19. Borrower's Right to Reinstate. NotwithatandinQ l,ender's acceleration of the sums secured by this Mortgage, Bormwer shall have ~ the right to have any proceedings begun by [.ender to enforce this Mort~age discontinued at any time prior to entry of a judgment enforcing ~ this Mottgage if: (a) E3orrower pays [,ender ali aums which would be then due under this Mortgage, the Note and notea securing Future ~ Advances,ifany,hadnoaccelerationoccurred;IblE3ornowercuresallbreachesofanyothercovenantaoraqreementsofE3orrowercontainedin ~ thia btortgage; Ic) F3urrower pays all reasonable expensex incurred by I.ender in enforcing the covenants and agreementa of Rorrower ~ rnntained in thia MortgaRe and in enfurcing I.ender'a remedies ~?s provided in paraqraph iR hereof, including, but not limited to, reaeonable t attorney's fees; and Id1 Borrower takea auch action as l.ender may reasonably require to assure that the lien of this Mortgage, (.ender's interest in the Property and Bormwer's obligation to pay the aums xecured by this Mortgage ahall continue unimpaired. Upon such payment and cure - by Borrower, this Mortgage and the obligations secured hereby flhall mmain in full force and effect as if no acceleration had occurred. 20. Aesignment of Rente; Appointment ot Receiver. As additional security hereunder, Borrower hereby assigna to Lender the renta ~ ~~f the Property, provided that Borrower shall, prior to acceleration under paragraph lA hereof or abandonment otthe Property, have the right to collect and retain auch renta as they become due and payable. _ Upon acceleration under paragraph 18 hereof or abandunment of the Yroperty, I.ender shall be entitled to have a receiver appointed by a ~ rourt to enter upon, take possession of and manaqe the Property and tn collect the rents of the I'roperty, including those past due. All renta ~ collected by the receiver shall be applied first to payment otthe costs of management of the Pmperty and collection of renta, including, but not ry limited to, receiver's fees, premiums on receiver's bonds and reasonable attnrney's fees, and then to the sums secured by this Mortgage. The ~ receiver ahall be liable to account onty for those rentx actually received. ~ ~ ~ B~`~ 3O9 4z2 ~ ~ ~ ~ ~ ~ . :.~.F>w .~:=y,.~ $ - . :