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HomeMy WebLinkAbout0205 ~ 8. InapeMioA. I.ender may make or cauee b be made reawaable entrie~ upoa aad inspections of the pmperty. pmvided that Lender ~hall give Borrower notioe prior to eny ~uch iiupection specifying r~soaabk cause therafor related to I.end~'~ intereat in t6e Pe~oQerty. 9. Condemnatlon.'Rie pmoeeds of any ~war¢ ot claim for daaaa~e~, direct or con~equential~ 1A COIlA~CLOA Wi~}18A~? COQdERlilBLlOA Ot other teking,of the pmperty. ~ patt thereof. or for conveyanca in lieu oi oundemnation; are hereby a~signed and ~1?ell be paid b Leader. In the event of a total taking of the Property, tha pcooeed~ ahaU be appl:ed to the aums secured by this Mort~ege. with the esoea, if any, paid to Borrower. Ia the event of a partial taking of the Prop~ty. unle.s Borrower and Lendcr otherwise a~ree ia wriang. Wers ~hell be ~ applied to the sums secured by this Mort~age such proportio~ ot the prooeed~ as u equal to Wat proportion which the aaaount of the ~uma secured by this Moetgage immediaWy prior to We date of taking bean to the fair market value of the Property immediaecly prior to the date of taking. witb the balanoe of the proceeda paid ~o Borro~ver. If the Prope:ty is abandoned by Borrower. or if. aRer aotioe by Lenda to Borrower that the ooademaor ogers b make an a~vard or settle a claim for damages. Borrower fails b reapond to Lender withia 30 days atter the date snch notioe ia mailed. Lender is authorizai to coUect and apply the proceeds, at Lendds option. eith~ to ratoration or repair of the pmperty or to the eums secured by this Mort~a~e. . Unless LeAder aad Borrower oWerwise agree in writing. aay'uch application of pmcee~s to principal ahaU uot e~ctead or postpona the due date of the monthly installmeats nferred to in paragraphs 1 and 2 hereof or change the aawunt of such uutallmeats. 10. Borrower Not Released. E:tensioa of the time for paymant or modi5cation of amortization of the suma secured by thie Mortgage granted by Lender to any sncoessor in inter~t of Borrower ahaU not operate to release. in any manner, the liability of the original Borrower and Borrower's aucxeasors in interee~ Lender shall not be required to oommence pra.~eedings against euch suoceseor or refuse to e:tend time for payment or otherwiae modify amortizution of the sums aecured by thia Mortgage by reason of any demand made by the original Borrower and Botrower a aua.~eseora in intereet. 11. Forbearanoe by Lender Not a Waiver. Aay forbearance by Lender in ezercising any right or remedy hereundar. or othervvise afforded by applicable law, shall aot be a waiver of or preclude the eatercise of any euch right or remedy. The procurement of inaurance or the payment of tazes or oWer lieas or chargee by Lender shall not be a waiver of Lender's right to aocelerate the maturity of the iadebtedneas secured by this Mortgage. 12 Remedies Cumulative. All temediee provided in thia Mortgage are diatinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, aad may be ezercise+l concurrently, independeady or euaoeesively. 13. 3ucceseors and Assigna Bouad; Joint and 3everal Liability; Captione.'I1?e oovenanta and agreemente herein oontained ahall bind, ~nd the righte hereunder ehall inure to, the reapective eucceseom and aseigns of I.ender and Borcower, eubject to the proviaions of paragraph 1? hereof. All rnvenants and agreemeats of Borrow~ shaU be joint and several.'1'4~e captions and headiaga of the paragraphs of thie Mortgage are for covenience only and are not to be used to interpret or define the provieioas hereof. • 14. Notice. E:cept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thia Mortgage ahall be given by mailing auch notice by certi6ed mail addreseed to Borrower at the Property AddrPSe or at such other addrees as Borrower may deaignate by notice to Lender as provided herein, and (b) any notioe to Lender ehall be given by certi6ed mail. return receipt requested, to Lender's addreea atated herein or to such other address as Lender may designate by notice to Borrower ae provided herein. Any notice provided for in thia Mortgage shall be deemed to have been given to Borrower or Lender when given in.the manner deaignated herein. I5. Uniform Nortgage; Governing Le?w; Severability. This form of mortgagecombinee uniform oovenante for national uee and non- uniform covenante with limited variationa by jurisdiction to oonatitute a uniform eecurity inatrument covering resl property.'lliis Mortgage aha11 be governed by the law of the juriadiction in which the Property ie located. In the event that any proviaion or clauee of thia Mortgage or the Note conflicta with applicable law, auch rnntlict ehall not affect other provisions of this Mortgage or the Note which can be givea e~'ect without the oonflicting proviaion, and to this end the pmvisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower ahaU be furniahed a rnnformed copy of the Note and of thie Mortgage at the time of execution or after recordation h-~~eof. 17. Tranefer of the Property; Assumption. If all or any part of the Property or an interest therein ie sold or tranafetr~ed by Borrower without Lender's prior written conaent, e:cluding (a) the creation of a lien or encumbrance eubordinate to thia Mortgage, (b) the creation of s purchaee money secarity intereat for houeehold appliancea. (c) a transfer by deviee, deaceat or by operation of law upon the death of a joint tenant or (d) We grant of any leseehold intereat of three yeara or 1e88 not oontaining an option to purchaee, Lender may. at Lender a option, declare all the aume secured by thia Mortgage to be immediately due and payable. Lender ahall have waived euch option to accelerate if, prior to the sale or transfer, Lender and the persoa to whom the Property is W be sold oT transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the auma secured by this Mortgage ahall be at auch rate as Lender ahall i request. If Lender has waived the option to accelerate provided in thia paragraph 1T, and if Borrower a succesaor in interest hea e:ecuted a written assumption agreement socepted in writing by Lender, Lender shall release Borrower from all obligationa under this Mortgage and the • ~ Not~ ~ If Lender exerrisea sach option to accelerate, Lender ahaU mail Borrower notic~ of aoceleration in acoordance with psragraph 14 6ereof. ~ Such notice shall provide a period of not lesa than 30 days from thedate the notice ie ~r.ailed within which Borrower may pay the aums declared ~ due. If Borrower faila to pay auch sums prior to the expiration of such period, Lender may, without further notice or demand on $orrower, h invoke any remedies pennitted by paragraoh 1S hereof. i ; I8. Acxeleration; Remediee. E:cept as provided in paragraph 17 hereof, upon Borrower'e breach ot any oovenant or = agreement of Borrower in thie Mortgage, includiag the oovenante to pay w6en due any sume eecured by thie Mortgage, Lender ~ prior to acceleration e6all mail notice to Borrower as provided in paragraph 14 hereo[specifying: (1) the breach; (2) the action ~ required to cure snch breach; (3) a date. aot leee than 30 daya from ttie date the notice ie mailed to Borrower, by which such ~ breach must be cured: and (4) that fai~ure to cure such breach on or before the date specified in the notice may reault in acceleration of the eums secured by t6is blortgage, forecloaure by judicial proceEding aad eale otthe Property. The notice ahall further inform Borrower of the right to reinstate after sooelecatioa and the right to assert in the forecloeure prceeeding the 3 non-e:ietence of a defauit or any other defenae of Borrower to aoceleration and foreclosure. If the breach ia not cured on or before the date epecified in the notice, Lender at Lender's option may declare all ot the euma secured by this Mortgage to be ~ immediately due and payable without further demand and may forecloae tWe Mortga~e by judicial proceeding. Lender ahall be ~ entitled to collect in such proceeding all e:penees ot torecloaure, including, but not limited to, reaeonable attorney's fees, and ~ coete of documentary evidence, abetracta and tiNe reports. ~ 19. Borrower's Aig6t to Reinstate. Notwithatanding Lender s acceleration of the euma secured by thie Mortgage, Borrower ahall have ~ the right to have any proceedinga begun by Lender to enforce this Mortgage diecontinued st an time rior to en y p try of a judgment enforcing y thia Mortgage if: (a) Borrower paya Lender all aums which would be then due under this Mortgage. the Note and notea securing Future ~ Advanoes, id eny, had no acceleration occurred; (b) Bomower cures a11 breaches of any othet covenanta or agreemente of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expensee incurred by Lender in enforcing the oovenante and agreemente of Borrower ~ oontained in thie Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof. including, bu! not limited to, reasonable - attomey's feea; and (d) Borrower talcea auch action as Lender may reasonably require to seaure that the lien of thie Mortgage, Lender's interest ~ in the Property and Borrower's obligation to pay the suma eecured by thia Mortgage ahall continue unimpaired. Upon auch payment and cure - by Borrow~r. thia Mortgage and the obligations aecured hereby ahall remain in full force and effect as if no acceleration had o~xurred. Z0. Aaeignment of Rents; Appointment of Reoeiver. Ae additianal aecurity hereunder. Borrower hereby aseigna to Lender the rente ~ of the Property, provided that Borrower shall, prior to aoceleration under paragraph 18 hereof or abandonment of the Property. have theright ~ to colled and retain euch rent8 aa they become due and payable. 2 Upon acceleration under paragraph 18 hereof or abandonment of the Property. Lender ahall be entitled to have a receiver appointed by a } oourt to enter~upon, take poeaeasion of and manage the Property and to rnllect the rente of the Property, including those past due. All renta ~ oollected by the receiver shall be applied first to payment of the ooets of management of the Property and collection of rents, including, but not ~ limited to, receiver's feea, premiuma on reoeiver'e bonds and reasonable attorney e fees, and then to the suma eecnred by this Mortgage. The ~ receiver shsll be liable to aooount only for thoee rents actually reoeived. ~ , Up. ~ ~ R~~l31U 1:~~_. 205 ~ ~ ~