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HomeMy WebLinkAbout1019 , ~ ~ 8. Inspectioa. l.e~der may make or cauee to be made reasonable entries upon and inspections oithe pmperty, pmvided that l.ertder ehall give Borrower notice prior to any such inepection epecifying reasonable cauee therefor related to Lender'a intereat in the Property. 9. Coadeau~atiun.'llie proceede of any award or claim tor damages. direct or coneequential, in connection wilh any oondemnation or othe~ taking of the property, or part thereo~ or for conveyance in lieu of condemnation, are hereby asaigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds ehall be applied to the euma secured by this Mortgage, vrith the e:cees, if any. paid to Borrower. In the eve~t of a partial taking of the Property, unless Borrower and I.ender otherwiee agree in writine, there shall be applied to the eums eecured by thie Mortgage such pmportion of the pmceeds ae is equal to that proporiion which the amount of the aums # secured by this Mortgage immediately prior to the date of taking beare to the fair market value of the Property immediately prior to the date of % ; taking, with the balance of the ptoceeds paid to Borrower. If the Property ia abandoned by Borrower, or if, aRer notice by [.ender to Borrower that the oondemnor offers to make an award or settle a claim for damagea. Borrower faila to reepond to Lender within 30 deys after the dete auch notice ie mailed, Lender is authorized to collect and apply the proc~eede, et I.ender'a option, either to reatoration or repair of the property or to the sums secured by this Mortgage. Unleas Lender end Bonower otherwiee agree in writinq, any auch application of proooede to principal shall not eactend or postpone the due date of the monthly inatallments referred to in paragrapha 1 and 2 hereof os change the amount of such inetallments. 10. Borrower Not Releaeed. Extension of the time for paym~nt or modification of amortization otthe auma eecured by this Mortgage granted by t.ender to any euccesaor in intereat of Borrower ahall not operate to release, in any manner. the liability of the original Borrower 4 and Borrower'a successore in interest. I.ender shall not be required to oommence pTOCeedinga againat auch aucceseor or refuee to eztend time for pa~ ment or ot6erwise modify nmortization of the suma secured by this Mort~age by reason of any demand made by the original Borrower und l;orrovver a aucceasore in interest. 11. Forbearaace by I.ender Not a Riaiver. My forbearance by Lender in eaerciaing any right or remedy hereunder, or otherwise afforded by appGcable law. ahall not be a waiver of or preclude the e:ercise of any euch right or remedy. The procurement of ineurance or the payment of t~es or other li~ns or chargee by I.ender ahall not be a waiver of Lender'a right to aocelerste the maturity of the indebtedneae _ secured by thia Mortgage. 1'l. Remedies Cumulative. All remediea provided in thie Mortgage are diatinM and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, at?d mey be exercised oonceurently, independendy or succeseiveiy. . 13. Succeseora and Aaeigne Bound; Joint and Several Liability; Captioas. The rnvenante and agreemente herein contained ahall bind, and the rights hereunder ahall inure to, the respective aucceasore and seaigne of Lender and Borrower. subject to the provieiana of paragraph 17 hereof. All covenanta and agreemente of Borrower ahaU be joint and eeveral. The captions and headinga of the paragrephs of this Mortgage are for covenience only and are not to be ueed to interpret or define the provieions hereof. 14. Notice. Except foT any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided forin thia Mortgage ahall be given by mailing such notice by certified mail addresecd to Borrower at the Property Addrees or at such other addreas as Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requeated, to Lender e address atated herein or to such other address ae Lende~ pnay designate by notice to Borrower se provided herein. Any nutice provided for in this Mortgage shal! be deemed to have been given to Borrower or Lender when given in the manner deeignated henin. 15. Uniform Mortgage; Governing Law; 3everability. Thia form of mortgage rnmbinea uniform covenants for national use and non- uniform covenante with limited variations by jurisdiction to rnnatitute a uni[orm security inetn~ment covering real property. This Mortgage shall be governed by the law of the juriadiction in which the Property is located. [n the event that any proviaion or clause of this Mortgage or the Note conflicts wiih applicable law, such conflict ahall not affect other. proviaions of this Mortgage or the Note which can be given effect w~thout the conflicting provision, and to this end the provisions ot the Mortgage and the Note are declared to be eeverable. 16. Borrower'e Copy. Borrower shall be furnished a conformed rnpy of the Note and of this Mortgage at the time of e:ecution or after recordation hereof. 17. 7Yanafer ot the Property; Asaumption. If all or any part of the H~operty or an intereat therein ia soid or tranaferred by Borrower without Lender'e prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, deacent or by operation of Iaw upon the death of a joint tenant or (d) the grant of any leasehold intereet of three years or leas not rnntaining an option to purchase, I.ender may, at Lender a option, j declare all the auma securea by this Mortgage to be immediately due and payable. Lendet ahall have waived such option to accelerate if, prior to the eale or tranafer, Lender and the peraon to whom the Property is to be eold or traneferred reach agreement in writing that the credit of auch ; person is satisfactory to Lender and that the interest payable on the sums aecured by this Mortgage ahall be at such rate as Lender ahall request. If [.ender has waived ihe option to accelerate provided in thia paragraph 17, and if Borrower's aucceaeor in interest haa exeruted a written asaumption aqreement accepted in writing by I.ender, I.ender ahall release Borrower from ail obligationa underthis Mortgage and the ote. ~ If Lender eaercises auch option to accelerate, [.ender shall mail Borrower noEice of acceleration in accordance with paragraph 14 6ereof. 5uch notice shall provide a period of not less than 30 days from thedate the notice is mailed within which Borrowermay pay theaums declared ~ due. It Borrower faila to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Eiorrower, ~ mvoke any remedies permitted by paragraoh 18 hereof. ~ 18. Acceleration; Remediea. Ezcept es provided in paragraph 17 hereof, upon Borrower'e breach of any oovenant or ~ ~ agreement of Borrower in thia Mortgage. including the oovenanta to pay when due any eums eecured by thie Mortgage, Lender prior to acceleration shall mail notice to Borrower ea provided in paragraph 14 hereof specifying: (1) the breach; (2) the actio» ~ required to cure such breach; (3) a date, not less than 30 daya from the date the notice is mailed to Borrower, by which euch breach must be cured; and (4) that failure to cwe such breach on or before the date epecified in the notice may reault in ~ acceleration of the aume secured by thie Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice ehaU ~ further inform Borrower of the right to reinetate atter acceleration and the right to asaert in the foreclosure proceeding the ~ non-e:istence of a default or any other defense of Borrower to soceleration and forecloBUre. If the breach is not cured on or ~ before the dete apecified in the notice. Lender at Lender's option may declare all of t6e eums secured by thie Mortgage to be g immediately due and payable without further demand and may toreclose this Mortgage by judicial proceeding. Lender ahall be ~ entitled to collect in auch proceeding all expensee of foreclosure, including, but not limited to, reasonable attorney's fees. and ~ coete of documentary evidence. abatracts and title reports. 19. Borcower's Right to Reinstste. Notwithatanding I.ender'a acceleration of the aums aecured by thie Mortgage, Borrower shall have ~ the right to have any proceedinge begun by Lender to enforce this Mortgaqe discontinued at any time prior to entry of a judgment enforcing ~ thia Mortgage if: (a) Borrower paya Lender all sums which would be then due under this Mortgage, the Note and notea securing Future =il Advances, if any, had no acceleration occurred; Ib) Borrower curea all brnaches of any other covenante or egreementa of Borrower contained in this Mortgage: (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreementa of Borrower contained in this Mortgaqe and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reaeonable attorney's fees; and Id) Borrower takea auch action aa Lender may reasonably reqoire to asaure that the lien of this 11~ortgage, Lendei s intereet in the Property and Bormwer s obligation to pay the sums aecured by this Mortgage shall continue unimpaired. Upon such paymeni and cure by I3orrower, thia Mortgage and the obligationa eecured hereby shall remain in full force and effect as if no acceleration had cecarred. Z0. Assignment of Renta; Appointment of Receiver. As additional aecurity hereunder, E3orrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acxeleration under paragraph 1 S hereof or abandonment of the Property, have the right ~ to collect and retain auch rents as they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment ot the Property, Lender ahall be entitled to have a receiver appointed by a oourt to enter.upon, take possession of and manage the Property and to collect the rents of the Property, including thoee past due. All rente + oollected by the receiver shall be applied first to payment of the coete of management of the Propeety and collection of rents, including, but not ; ~ limited to, receiver'a fees, premiuma on receiver's bonda and reasonable attorney's tees, and then to the auma secured by this Mortgage. The j receiver ahall be liable to aooount only for those renta actually received. ~ ~ ~ ~ ~ _ n R ~U R~~tr3 Pa~~1019 .