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HomeMy WebLinkAbout0996 . . 8. Iaspectjon. Lender may make or cauee to be made reasonable entriea upon and 'uupections of the property. pmvided that Lender shall give Borrower aotice prior to any such inspection specifying reasonable cawe thenfor related to I.ender's intcrest in the Psoperty. , 9. COI1~IBn1119~I0A.'11~e prooeeds of any award or claim for dainages. direct or rnniequential. in connection with any oondemnation or other taking of the property. or part thereof, or for rnnveyanoe in lieu of oondemnation, are hereby assigned and shall be paid to Lender. In the event of a toLal taking of the PropertY. the proceeds ehall be applied to the suma ~ecured by this Mortgage. with the e~ccess, if aaY. s paid to Borrower. In the event of a partial taking of the Propaty. unless Borrower and Lender otherwise agree in writing, there shall be ~ applied to the sums seeured by this Mortgage such proportion of the prooeeds as ie equal to that proportion which the amount of the sums ; secured by thie Mortgage immediately prior to the date of taking bears to the fair market valy~ of the Property immediately prior b the date of taking, with the balance of the proceeds paid to Borrower. - If the Property is abandoned by Borrower. or if, aRer notioe by Lender to Borrower that the aondemnor of[ers to wake aa award or setde a claim for damages. Borrower fails to reepond to Lender within 30 days atler the date such notice ia mailed, l.ender ia suthorised to collect and apply the proceeda, at Lender's option. either to reetoration or repair of the property or to the auma eecured by this Mortgage. Unlese L,ender and Borrower otherwiae agree in writing. any auch application of pmceeds to principal shaU not eztend or postpone the due date of the monthly inatallmenta refere~ed to in paragraphe 1 and 2 hereof or change the amount of euch installmenb. 10. Borrower Not Released. E:teneion of the time for paymsnt or modification of amortization of the eums eecured by thia Mortgage granted by Lender to any eucceasor in intereet of Borrower shall not operate to release, ia any manner, the liability of the original Borrower rxnd Borrower'a eucceaeors in interest Lender ahaU not be required to oomaaence proceedinge against such aucceasor or refuse to estend time for payment or otherwiae modify amortization of the sums secund by thie Mortgage by reaeon of any demand made by the origina) Borrower and liorrower a succeseors in interest. 11. Forbearance by I.ender Not a Waiver. My forbeurance by Lender in e:erciaing any right or remedy hereunder, or otherwise afforded by applicable law. ahall not be a waiver of or preclude the exerciee of any such right or remedy. The procurement of insuraace or the payment of t~es or other liens or chargea by Lender ehall not be a waiver of Lender s iigbt to socelerate the maturity of the indebtedneee secured by thie Mortgage. 12 Remediee Cumulative. All remedi~ provided in this Mortgage are dietinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be e:ercise~i ooncurrently, independendy or aucceeaively. i3. Succeasors and Aseigna Bound; Joiat and 3everal Liability; Captione. The covenante and agreemente herein oontained ehall bind. and the righte hereunder ahall inure to, the reepective euc~.~saora and aeaigns of LendeT and Borrower, subject to the provieione of paragraph 17 hereof. All covenants and agreementa of Borrower ahall be joint and eeveral. The captions and headinga of the paragraphs of ?hie Mortgage are for covenience only and are not to be used to interpret or define the provisiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage ahall be given by mailing such notice by certified mail addreeecd to BoTrower at the Property Addreas or at euch other addresa ea Borrower mny deaignate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail, retnrn receipt requeated, to Lender e addreas etated herein or to auch other addreas aa Lender may deaignate by notice to Borrower as provided herein. My notice pmvided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; 3everability. Thia form of mortgage rnmbinea uniform covenanta for national uee and non- uniform covenanta with limited variations by juriadiction to oonatitute a uniform security instrument oovering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property ie located. In the eveat that any pn,viRion or clauee of this Mortgage or the Note contlicta with applicable law, such conflict ahall not afFect other pmvieiona of this Murtgage or the Note which can be given effect wzthout the conflictinq provision, and to thie end theprovisiona of the Mortgage and the Note are declared to be aevernble. 16. Eiorrower's Copy. Borrower ahall be furnished a conformed copy of the Note and of this Mortgage at the dme of execution or after recordation hereof. 17. 'l~anafer of the Property; Aesumption. If all or any part of the Property or an intereat therein ie aold or tranaferred by Borrower without Letder e prior written consent, e:cluding (a) the creation of a lien or encumbrance subordinate to thie Mortgage, (b) the crnation of a pumhase money security interest for houaehold appliances, (c) a transfer by devise, deacent or by operation of law upon the death of a joint tenant or (d 1 the grant of any leasehold interest of three yeara or lees not oontaining an option to purehase. Lender may. at Lender s option, declan ail the sums secured by this Mortgage to be immediately due and payable. Lender ahall have waived euch option to accelerete if, prior i to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such ~ peraon is satiafactory to Lender and that the interest payable on the auma secured by thes Mortgage shall be at such rate ae Lender ahall ! request_ If Lender has waived the option to accelerate provided in this paragraph I7, and if Eiorrowei a auccessor in intereat hae e:ecuted a 4 w~ritten asaumption agreement accepted in writing by Lender, Lender shsll release Borrower from all obligationa under this Mortgage and the ' '~tote. ~ ~ If Lender exercises such option to accelerate, Lender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ; Such notice shall pmvide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the suma declared due. If Borrower fails to pay auch aums prior to the expiration of auch period, Lender may, withont furtheir notice or demand on E3orrower, ~ invoke any remedies permitted by paragranh 18 hereof. . ~ 18. Acceleration; Remediea. Ezcept ae provided in paragraph 1? hereof, upon Borrower'e breach of any Qovenant or ~ agreement of Borrower in this Mortgage, including the oovenante to pay when due any eume eecured by thie Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action ~ required to cure euch breach; (3) a date, aot leea than 30 daye from the date t6e notice ia mailed to Borrower, by which euch ~ breach muet be cured; and (4) that failure to cure auch breach on or before t6e date apecified in the notice may result in ~ azceleration of the euma secured by thie Mortgage. foreclosure by judicial proceeding and sale of the Propert~+: The notice ehall further intorm Borrower of the right to reinetate aRer acceleration and the right to aseert in the forecloaure proceeding the ~ non-ezistenc~e of a default or any other defenae of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date epecified in the notice. Lender at Lender'a option may declare all of t6e eums secured by thie Morigage to be immediately due and payable without turther demand and may forecloae thie Mortgege by judicial proceeding. Lender ehall be ~ entitled to collect in such proceeding all e:pensea of forecloeure. including. but not limited to. reaeonabie attorney's feee. and ~ coete of documentary evidence. abstracta and title reporta. 19. Borrower's Right to Reinstate. Notwithatanding Lender'e acceleration of the eums aecured by this Mortgage, Borrower shall have ~ the right to have any proceedinga begun by I.ender to enforce thia Mortgage discontinued at any time prior to entry of a judgment enforcing ~ thie Mortgage if: (a) Borrower pays I.ender all sums which would be then due under this Mortgage, the Note and notes eecuring Future `~:.t Advances, if any, had no acceleration occurred; (b) Borrower cures aU breacheaof anyothercovenanta or agreementa of Borrower contained in ~ this Mortgage; (c) Borrower pays all reasonable eapensea incurred by Lender in enforcing the oovenanta and agreemente of Borrower ~ oontained in thie Mortgage and in rnforcing Lender's remedies as provided in paragraph 18 hereof, including. but not limited to, reasonable attorney's feea; and (d) Borrower takee euch action as Lender may reaeonably require to assure that the lien of thia Mortgage, Lender's interest ~ in the Property and Borrowei a obligs+tion to pay the euma eecured by thie Mortgage ahall continue unimpaired. Upon euch payment and cure by Borrower, this Mortgage and the obligations aecured hereby ehall remain in full force and effect ae if no acceleration had accurred. 20. Aesignment of Rente: Appointment of Receiver. As additional eecurity hereunder, Borrower hereby assigna to Lender the rnnte T~ of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Propetty, have the right ry to collect and retain auch rente se they become due and payable. , Upon aooeleration under paragraph 18 hereof or abandonment of the Property, I.ender shall be entitled to have a receiver appointed by a ~ oourt to enter-upon, take posseeeion of and manage the Property and to collect the renta of the Property, including thoee paet due. All renla ~ aoUected by the receiver shall be applied firat to payment of the coata of management of the Property and rnllection of renta, including, but not " ~ limited to, receiver'e feea, premiuma on receiver's bonda and reasonable attomey's fees, and then to the auma secared by this Mortgage. The reoeiver shall be liable to aooount only for those rente actually received. ` ~ ~ ' ~ ~ _ ~a`~ ~ "`310 ~9fi ~