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HomeMy WebLinkAbout0510 . • . ~ 8. Inapection. Lender may make or cauee to be made reasonable entriea upon and inspectione of the pmperty. provided that Lender ehall give Borrower notice prior to any auch inepection specifying reaaonable cauee therefor related to I.eudei s intereat in the Ptoperty. 9. Condemnatioa.'Rie proceede of any award o~ claim for damages, direct or coneequential, in connection with any oondemnation or other taking of the property, or part thereof, or far rnnveyance in lieu of rnndemnation. are hereby asaigned and ahall be paid to I,e~der. In the event of a total taking of the Property. ihe proceede ehall be applied to the euma secured by this Mortgage, with the e~ccesa. if any. ' paid to Borrower. In the event of a partial taking of the Property, unl~s Borrower and Leader otherwiee agree in writing. there ehall be applied to the sums eecured by this Mortgage auch proportioa of the proceeds as ia equal to that proportion which the amouat of the suma eecured by this Mortgage immediately prior to the date of taking beare to the fair market value of the Property immediately prior to the dete of taking, with the bulaaca of the pmc~rda paid to Borrower. It the Property is abandoned by Borrovrer. or if. aRer notice by Lender to Borrower that the oondemnor oF!'ere to make an award or setde a claim for damagea, Borrower fails to reepond to Lender within 30 daye after the date euch notice is mailed, Lender ie authorized to collect and apply the proceeds. at I.ender'e option, either to restoration or repair of the property or to the sume eecured by thia Mortgage. Unleae Lender and Borrower otherwiae agree in writing, any such epplication of ptoceeds to principal shall not extend or postEwne thedue date of the monthly inatallments referred fo in paragrapha 1 and 2 hereof or change the amount of such installmenta. 10. Borrower Not Releaeed. Extension of tne time for paym~nt or modification of amortization of the euma eecund by thie Mortgage granted by Lender to any succeasor in intereat of Borrower ahall not operate to releaee, in any manner. the liability of the original Borrower and Borrower's auccessora in intereat~ I.ender ehall not be required to commence procecdinge againet such aucceseor or refuee to exte~d time Cor payment or otherwise modify amortization of the aums aecured by this Mortgage by reaeon of any demand made by the original Borrower and Borrower a auccessors in interest. 11. Forbearance by Lender Not a R?siver. Any forbearance by Lender in e:enising any right or remedy hereunder. or otherwiee afforded by appGcable law, ahall not be a waiver of or preclude the exerciee of any euch right or remedy. The procurement of inaurance or the payment of tazes or other liena or chargea by Lender ahall not be a waiver of Lender s right to aocelerate the maturity of the indebtedness secnred by thie Mortgage. • 12. Remedies Cumulatjve. All remedies provided in thie Mortgage are dietinM and cumulative b any other right or remedy under thia Mortgage or afforded by law or equity, and may be e:ercise~i ooncurrendy, independently or succeesively. 13. Succeasors and Aeaigae Bound; Joint end 3everal Liability; Captione. The covenants and agreementa herein rnntained ahall bind, and the righta hereunder shall inure to, the reapective aucceesors and aesigne of I.ender snd Borrower, subject to the proviaiona of paragraph 1? hereof. All covenanta and agreemente of Borrower ahall be joint and aeveral. The captions and headinge of the paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define the pmvisions hereof. 14. Notice. Except for any notice required under applicable law to be givea in another manner, (a) any notice to Borrower pmvided for in thia Mortgage ahall be given by mailing such notice by certified mail addressed to Borrower at the Property Addrees or at auch other addreee ae E3orrower may deaignate by notice to I.ender as provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requested, to Lender s address atated herein or to such other address aa Lender may designate by notice to Borrower aa 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. 15. Uniform Mortgage; Governing Law; 3everability. Thia form of mortgage combines uniform oovenanta for national uee and non- uniform covenante with limited variationa by juriadiction to rnnstitute a uniform security instrument oovering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property ia lceated. In the event that any provinion or clause of this Mortgage or the Note confiicte with applicable law, auch conflict shall not affect other provisions of this Mortgage or the Note which can be given ef~'ect aithout the conflicting provision, and to this end the provisiona of the Mortgage and the Note arn declared to be severable. 16. Borrower's Copy. Borrower ahall be furnished a conformed copy of the Note and of this Mortgage at the time of eaecution or after recordetion hereof. ~ 17. 'I~ansfcr of the Property; Aasumption. If all or any part of the Property or an interest therein is eold or tranaferred by Borrower w~thout Lender's prior written consent, e:cluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchase money security intereat for houaehold appliances, (c) a transfer by devise, d~scent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereet of three yeara or lese not oontaining an option to purchaae, Lender may, at Lender's option, ~ declare all the sums secured by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior I to the sale or transfer, Lender and the person to whom the Property is to be sold or traneferred reach agreement in writing that the rredit of auch ' person is satisfactory to Lender and that the intereat payable on the aume secured by this Mortgage shall be at such rate as Lender ahali ! request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowei s aucceasor in interest has ezecuted a ~ w~ritten asaumption agreement accepted in writing by I.ender, Lender shall release Borrower from a11 obligations under this Mortgage and the s Note.. • ~ If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not leas than 30 days from the date the notice is mailed within which Borrower mny pay the sums declared due_ If ~orrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, ~ invoke any remedies permitted by paragrauh 18 hereof. ~ § 18. Acceleration; Remedies. Ezcept as provided in paregraph 17 hereof, upon Borrower's breach of any covenant or ~ agreement of Botrower in this Mortgage, inciuding the vovenants to pay whea due any sume Becured by thie Mortgage, Lender prior to acceleration ahall mail notice to Borrower as provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not lesa than 30 daye from the date the notice is mailed to Borrower. by whic6 such breach must be cured; and (4) that tailure to cure auch breach on or before the date epecified in the notice may result in acceleration of the auma secured by thie Mortgage, forecloeure by judicial proceeding and sale of the Property. The notice shall ~ further inform Borrower of the right to reinatate aRer acceleration and the right to esaert in the foreclosure proceedi~g the ~ non-ezistence of a default or any other defenae of Borrower to acceleration and foreeloaure. If the breach is not cured on or ~ before the date apecified in the notice, Lender at Lender's option may declare all of the aume aecured by this Mortgage to be immediately due and payable without further demand and may foreclose thie Mortgage by judicial proceeding. Lender ahall be ~ entitled to collect in such proceeding all ezpensea of forecloaure, including, but not limited to, reasonable attorney's fees. and ~ coats of documentary evidence. abstracts and title reports. ~ 19. Borrower'e Right to Reinatate. Notwithatanding Lender's acceleration of theaums eecured by this Mortgage, ~3orrower shall have the right to have any proceedinga begun by Lender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thia Mottgage if: (a) Borrower paya Lender all suma which would be then due under this Mortgage, the Note and notes aecuring Future ~ Advancea, if any, had no acceleration occurred; (b) Borrower curea all breaches of any other covenante or agreemente of Borrower contuined in this Mortgage; (c) Borrower paye all reasonable expenses incurred by Lender in enforcing the covenante and agreements of Borrower ; contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable - attorney e feea; and (d) Borrower takes such action as Lender may reaaonably require to aseurn that the lien of this Mortgage, Lender e intereat h~ in the Property and Borrower e obligation to pay the suma secured by this Mortgage ahail cuntinue unimpaired. Upon auch payroent and ct~re by Borruwer, thia Mortgage and the obligations secured hereby ahail remain in fuU force and effect as if na acceleration had occurred. q; 20_ Assignment of Renta; Appointment of Receiver. As additional security hereunder, Borrower hereby assigna to Lender the renta r of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to coliect and retain such renta as they become due and payable. Upon acceleration under paragraph 18 hereof or abandonment of the.Property, Lender ahall be entitied to have a receiver appointed by a ~ . court to enter upon, take poasession of and manage the Property and to collect the rents of the Property, including thoae past due. All rents ~ rnllected by the receiver shall be applied firat to payment of the costa of management of the Properiy and collection of rente, including, but not limited to, receiver's feea, premiuma on receiver's bonds and reasonable attorney's fees, and then to the sums eecured by this Mortgage. The ~ receiver ahall be liable to acoount only for thoae rents actually received. . ~ ~ ~ ~ ° i+C ~ J~U f~Gf F~ ~u