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HomeMy WebLinkAbout0825 1 8. taspecttoa. Lender a?ay make or cauee to be made reaionable entries upon and inspections of the pmperty, provided that Lender shaU Kive Botrower notice prior to any auch inepection epecifying reaeonable cauae therefor related to I.endei s interest in the Property. 9. Coademaatlon. The proceeds oi any award or claim for damages, direct or coneequential, in rnnnection with any ootidetnnetion or other taking of the pmperty. or pert thereof. or for conveyanoe in lieu of rnndemnation, are hereby aeaigned and shall be paid to Lender. In the event of a total taking of the Property, the proceede shall be applied b the sums eecured by this Mortgage. with the ~oees. if any. paid to Borrower. In the event of a partial tsking of the Froperty. unlees Borrower and Lender otherwiae agree in writing, there shall be appGed to the euma aecured by thie Mortgage auch proportion of the proceeda aa is equal to that propottion which the amount of the aums secured by thia Mortgage immediately prior to the date of taking bears to the fair market value of the Properly immediately prior to the date oi taking, with the balanea of the proceede paid to Borrower. If the Property is abandoned by Borrower. or if, atter notice by Lender to Borrower that the oondemnor ofrers to make an award or settle a claim for dameges, Borrower fails to respond to [.ender within 30 days after the date such notice ie mailed, Lendes ie authori~d to collect and apply Lhe proceeds, at I.ender'e option. either to restoration or repair of the propeKy or to the autns eecured by this Mortgage. Unless I.ender and Borrower otherwiee agree in writing. any such epplication of proceedi to principal ehall not ~tend or poetpone the due date of the monthly inatallmentn referted b in paragrapha 1 and 2 hereof or change the amount of such inetallments. 10. Borrower Not Releaeed. Extenaion of the time for paymant or modificetion of amortization of the suma eecured by this Mortgage granLed by Lender to any aucceasor in interest of Borrower ahall not operate to releaee, in any manner, the liability of the original Borrower and Borrower s aucceasora in interest. [.ender shall not be required to oomntence proceedings againet such eucceasor or refuse to e:tend time fur payment or otherwise modify amortization of the suma secured by thie Mortgage by reaeon of any demand made by the original Borrower and Borrower a suci.~seors in interest. 11. Forbearance by I.ender Not a R?aiver. My forbearance by Lender in e:erciaing any right or remedy hereunder, or otherwiee afforded by applicable law, ehall not be a waiver of or preclude the e:erciee of any such~right or remedy. The procurement of ineurance or the payment of tauee or other liens or charges by Lender shall not be a waiver of Lender e right to aocelerate the maturity of the indebtedneas secured by thia Mortgage. 12 Remedies Cumulative. All remediea provided in this I1lortgage are dietinct and cumulative to any other right or remedy under this Mortgage or at~'orded by law or equity. and may be e:ercieed ooncurrently, independently or aucceeeively. 13. Succeasors and Aesigns Bound; Joint and Several Liability; Captione. The covenunts and agreements herein contained ahall bind, and the righta hereunder ahall inure to, the reapective auccessore and asaigns of Lender and Borrower, aubject to ihe proviaions of par~?graph 1? hereof. All covenants and agreements of Borrower ahall be joint and several. The captiona and headinga of the paragrephs of this Mortgage arn for covenience only and are not to be used to interpret or define the pmvieione hereof. 14_ Notice. Exaept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in t hia Mortgage ahall be given by mailing auch notice by certified mail addresaed to Borrower at the Property Addrese or at such other addreas as ttorrower may designate by notice to Lender as provided herein, and {b) any notice to Lender shall be given by certified mail, return receipt requeated, to [xnder's addreas atated herein or to such other addreas as Lender may deaignate by notice to Borrower as pmvided herein. My r~otice provided for in thie Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortga.Re rnmbinea uniform oovenante for nationai uee and non- uniform covenante arith limited variations by jurisdiction to constitute a uniform aecurity instnuuent rnvering real pmperty. This Mortgage shall be governed by !he law of the jurisdiction in which the Property ia located. In the event that any provieion or clauae of this Mortgage or the Note conilicts with applicable law, auch conflict shall not aft'ect other provieiona of this Mortgage or the Note which can be given effect w•ithout the rnntlicting proviaion, and to thia end the pmviaiona of the Mortgage and the Note are declared to be eeverable. 16_ Borrower'e Copy. Borrower ahall be furnished a conformed copy of the Note and of thia Mortgage at the rime of eaecution or after recordation hereof. 17. Tranafer of the Property; Asaumption: If all or any part of the Property or an interest therein ie aold or traneferred by Borrower without Lendei s prior written rnnaent, e:cluding (a) the rreation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchase money aecurity interest for hausehold appliancea,lc) a transfer by deviae, deecent or by operation of law upon the death of a joint , tenant or (d) the grant of any leseehold intereat of three years or lesa not oontaining an option to purchase, I.ender may, at Lender a option. declare all the sums eecured by this Mortgage to be immediately due and payable. Lender ehall have waived auch option to acc:elerate if, prior t o the aale or tranafer, Lender and the person to whom the Property ia to be sold or transferred reach agreement in writing that the credit of auch person ia satiafactory to Lender and thal the intereat payable on the sums secured by thia Mortgage ahall be at such rate as Lender ahall j request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's euccesaor in in:erest has executed a x•ritten asaumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the ~ `nte. E If L.ender exercises auch option to acceterate, L.ender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof ~ 5uch notice shall provide a period of not less than 30 daya from the date the notice ia mailed within which Borrower may pay the euma declared ; due. If Borrower faila to pay auch suma prior to the expiration of such period, Lender may, without further notice or demand on Borrower, ~ ~nvoke any remedies permitted by paragraoh 18 hereof. ? 18_ Acceleration; Remedies. Ezcept ae provided in paragraph 17 hereof, upon Bonower'8 breach of any oovenant or E ~ agreement of Borrower in thia Mortgage. including the covenante to pay when due any eums eecured by this Mortgage, Lender ~ prior to aoceleration s6a11 mail notice to Borrower ae provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure such breach; (3) a date. not lesa than 30 days from the date the notice ie mailed to Borrower, by which such ~ breach muat be cured; and (4) that failure to cure such breach on or before the date apecified in the notice may reeult in ~ acceleration of the eume aecured by thie Mortgage. toreclosure by judicial proceeding and sale of tke Property. The notice ahall : further inform Borrower of the right to reinstate aH.er acceleration and the right to eseert in the forecloeure prceeeding the ~ non-e:iatence of a defautt or any other defense of Borrower to acceleration and foreclosure. tf the breach ie not cured on or ~ betore the date apecified in the notice. Lender at Lender's option may declare all of the euma secured by this Mortgage to be = i mmediately due and payable without furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in such proceeding all e:pensea of forecloaure. including, but not limited to, reasonable attorney's fees, and ~ coats of documentary evidence, abstracts and title reports. ~ 19. Borrower's Right to Reinetate. Notwithatanding Lender's acce?eration of the sums eecured by thia Mortgage, Borrower shaU have ~ the right to have any proceedinga begun by I.ender to enforce thia Mortgage diacontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays I.ender all aums vehich would be then due under this Mortgage, the Note and notes eecuring Ftiture ~ Advances, if any, had no acceleration occurred; (b) Borrower cures aU breachea of any other rnvenante or agreements of Borrower contained in = thia ilRortgage; (c) Borrower pays all reasonable e:penaes incurred by Lender in enforcing the covenanta and agreemente 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's fees; and (d) Borrower takes auch action as Lender may reasonably require to assure that the lien of thia Mortgage, I.ender'e intereat i n the Property and Borrower'a obligation to pay the aums aecured by this Mortgage ahall continue unimpaired. Upon euch payment and cure ' by Borrower, thie Mortgage and the obligations secured hereby ahall remain in full force and effect aa if no acceleration had occurred. ' 20. Asaignment ot Rente; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby aseigns to Lender the rente i of the Property, provided that Borrower shall, prior to acceleration~ under paragraph 18 hereof or abandonment of the Property, have the right to collect and rntsin such rents as they become due and payable_ - ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a receiver appointed by a ~ court to enter.upon, take poaseaeion of and manage the Property and to collect the renta of the Property, including thoee past due. All renta ~ collected by the receiver ahall be applied firet to payment of the oosts of management of the Property and collection of rente, including, but not ~ limited to, receiver'e fees, premiume on receiver e bonda and reasonable attorney'a fees, and then to the aums secured by this Mortgage. The receiver ahall be liable to amount oniy for thoae rente actually received. ~ ~ ~ ~ 3<<`.310 ~:4~E 825