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HomeMy WebLinkAbout0708 • ~ i 8. 1~spectlon. I~nder may make or cause to be made reasonable entries upon end inspections of the pruperty, pmvided that Lender shall give Borrower noticr prio~ to any such inepectioa specifying reaeonable cauee therefor related to Irnder'e intereat in the Property. 9. Condemnatlon.'lliepra,~eeds oi any award or claim for damages, direct or conaequential, in connection with any oondemnation or other taking of the pmperty; or part thereof, or for conveyaace in lieu of oondemnation, are hereby, aseigned and ahall be paid to Lender. !n the event of a total taking of the Property, the proceede ehap be applied to !he aume eecured by this Moitgage, with the ~ces~, if any. paid to Borcower. In the event of a partial taking o[ the Property, unlees Borrower and l.ender otherwiee agree in writing, there ahall be applied Lo the suma eecured by this Mortgage auch proportion of the proceede ae ie equal to that pmportion which the amount of the sum~ secured by thie Mortgage immediately prior to the date of taking beara to the fair market value of the Property immediately prior to thedate of taking, with the balanca of the proceeds pxid to Borrower. If the Property ie abandoned by Bor~ower, or if, after notice by I.ender to Bormwer that the oondemnoroP[ere to make an award or settle a claim tor dameges, Borrower faile to reapond to Irnder within 30 daye after the date such notice ia mailed, l.ender ie authotised Lo cAllect and apply the pmceeds, at I.ender'a option, either to reetoration or repair of the property or to the sums secured by thia Mortgage. Unless I.ender and Borrower otherwiee agree in writing, any euch application of proceeds b principal shall not e:tend or postpone the due date of the monthly inatallmenta referred to in paragraphe 1 and 2 hereof or change the amount of ench installments. 10. Borrower Not Released. Exteneion of the time for paymant or modification of amortization of the euma eecured by thie Mortgage Rranted by I.ender to any succeasor in internst of Borrower ahall not operate to release, in any manner, the liabilily of the original Borrower und 13orrower's aucceasors in intereat. l.ender shall not be required to rnmmence pmcet.dinga againat auch aucceasor or refuse to extend time fi~r payment or otherv~ iae modify amoriization of the aums secured by this Mortgage by reaeon ot any demand made by the original Borrow~ and E3orrower'a successora in interest. 11. Forbearance by I.ender Not a R?aiver. My forbearance by Lender in e:ercising any right or remedy hereunder, or otherwiee afforded by applicable law, shall not be a waiver of or preciude the exerciee of any such right or remedy. The procurement of insurance or the payment of tazea or other liene or chargea by Lender ahall not be a waives of Unde~'e right to accelerate the maturity of the indebtednese secured by thie Mortgage. 12 Remedies Cumulative. All remediea pmvided in thia Mortgage are diatinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be e:erciee~i ooncurrently, indepeadently or eucceaeively. 13. Successore and Aeaigne Bound; Joint and Several Liability; Captione. The covenants and agreement8 herein contained ahall bind, and the righta hereunder ahall inure to, the reapective sutt~eseore and assigna of Lender and Borrower. aubject to the provieione of paragraph 17 hereof. All covenante and agreemente of Borrower ahall be joint and aeveral. The captione and headings of the paragraphs of this Mortgage are for covenience only and are not to be ueed to interpret or define the proviaions hereof. 14. Notice. Except for any notice required under applicuble law to be given in another manner, (a) any notice to f3orrower provided forin thia Mortgage ahall be given by mailing auch notice by certified mail addreseed to Borrower at the Property Addrese or at auch other addreee ae Borrower may designate by notice to I.ender t~x provided herein, and (b) any notice to Lender ehall be given by certified mail, return receipt requeated, to Lender's addresa atated herein or to such other addreas as I.ender may deaignate by notice to Borrower aa provided herein. My notice provided for in this Mortgage shall be deemed to have been given to F3orrower or Lender when given in the manner designated herein. 15. Uniform Mottgage; Governing Law: Severability. This form of mortgage combines uniform oovenants for netional use and noa- uniform covenante with limited variations by juriadiMion to constitute a uniform security instrument covering real pmperty.'~ia Mortgage shall be governed by the law of the jurisdiction in which the Property ie located. In the event that any proviaion or clause otthis Morigage or the Note conflicta with applicable law, auch contlict ahall not af~ect other proviaions of thia Mortgage or the Note which can be given effect without the conflicting provision, and lo this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ahall be [urniahed a conformed rnpy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Tranefer ot the Property; Assumption. If all or any part of the Yroperty or an interest therein is aold or tranaferred by f3orrower without Lender's ~ior ~ngial~he creation of a lien or encambrance subordinate to thie Mortgage, lb) the cmation of a pumhase money eecurity int~tL~~ f6Y houaehold appli~nces, (c1 a transter by deviae, d~acent or by operation of 1aw upon the death of a joint tenant or (d) the grant of aaj~3~old interest of th~ee yeara or less not containing an option to purchase, Lender may, at I.ender s option, declam all the suma tob~^Mt~nediately due and payable. I.ender ahall have waived such option to accelerate if, prior to the sale or tranafer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such peraon ia satisfactory to Lender and that the interest payable on the suma secured by this Mortgage shall be at such rate as Lender shall request_ If I.ender has waived the option to accelerate pro~~ided in this paragraph 17, and i[ I3orrower's successor in intereat has e:ecuted a , w•ritten assumption agreement accepted in writinQ hy l.ender, I.ender shall release Borrower from alt obliqations under this Mortgage and the ~ ti ote. i If I.ender exercises auch option W accelerate, Ixnder shnll mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ;iuch notice shall pmvide a period of not less than days from the date the notice is mailed within which Borrower may pay the sums declared ~ due. If E3orrower fails to pay such sums prior to the expiration of such period, Ixnder may, w•ithout further notice or demand on Borrower, ! ~nvoke any remedies permitted by paraRraoh 18 hereof_ i I8. Acceleration; Remediea. Except as provided in paragraph 17 hereof. upon Borrower'8 breach of any covenant or ~ agreement of Borrower in thia Mortgage. including the covenants to pay when due any aums secured by this Mortgege, Lender ~ prior to acceleration ehalf mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2} the action ~ required to cure such breach;l3) a date, not leae than 30 days from the date the notice is mailed to Borrower. by which such # breach must be cured: and (4) that failure to cure such breach on or before the date epecified in the notice may result in acceleration otthe sume eecured by this Mortgage, foreclosure by judicial proceeding end eale of the Property. The notice ahaU further inform Borrower of the right to reinatate after acceleration and the right to easert in the foreclosure proceeding the non-e:istence of a default or any other defenae of Borrower to acceleration and [orecloeure. lf the breach ia not cured on or before the date epecified in the notice. Lender at I.ender'a option may declare all of the sume secured by thia Mortgage to be immediately due and payable without turther demAnd and may forecloae this Mortgage by judicial proceedinq. Lender ahal! be entitled to collect in such prceeedinq all expenaes of foreciosure. includinq. but not limited to. reesonabte attorney's feea. and costa of documentary evidence. abstracts and title reports. 19. Borrower's Right to Reinatate. Notwithstanding i~ender's acceleration of theaumssecured by this Mortgage, Borrowershall have the right to have any proceedings bequn by I.ender to enforce this Mort~aRe discontinued at any time prior to entry of a judgment enforcing this Mortgage if_ (a) Borrower pays l.ender all aums which would be then due under this Mortgage, the Note and notes securing Future Advancea, i! any, had no acceleration occurred; (b) Borrower cures all breaches of any othercovenanta or agreements of E3orruwercontained in thia Mortgage: (c1 Borrower paya all reasonable expensea incurred by l.ender in enforcing the covenants and agreementa of E3orrower oontained in this Mortgage and in enforcing I.ender's remedies as provided in par:~graph 18 hereof, including, but not limited to, reasonable ~ attorney's feea; and Id) Borrower takes auch aMion as I.ender may reasonably require to assure that the lien of thia Mortgage, [.ender's intereat ~ in the Property and Borrower's obligation w pay the sums secured by thia blort~age shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations aecured hereby shall remain in full force and effect as if no acceleration had occuned. w 20. Aesignment ot Renta; Appointment of Receiver. As additional security hereunder, Borrower hereby assigna to Lender the renta ~ of the Property, provided that Borrower shall, prior to acceleration under paraRraph 18 hereof or abandonment of the Property, have the right ~ to coilect and rntain auch rente as they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, I,ender ahall be entitled to have a receiver appointed by a ~ court W enter.upon, take posseasion of and manage the Property and to collect the renta of the Property, including those past due. All rents ~ oollected by the receiver ahall be applied first to payment of the costa of manaRement of the Property and collection of rents, ine:uding, but not ~ limited to, receiver's feea, premiums on receiver'a bonds end reasonable attorney's feee, and then to the aume aecured by this Mortgage. The ~ receiver ehall be liable to account only for thase rents acEually received. ~ ~ I ~ L~RY 309 rM~: 708 ~ _ ~ -~z ; ~ r.~-~~~ ;