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HomeMy WebLinkAbout0440 . ~ _ -v = v 8. In~pection. Lender aaay make or ca~use to be made reswnabie entrie~ upon aad inapections of the pmperty. pmvided that Lender shall give Borrow~ notioe prior to sqy such uupeetion specitying reasoneble cauae Weref~ related to Lead~'s interest in the Propesty. . 9. Condemnation. The pcoceeds of any award or claim tor damaQe~. direct ot conaequeatiel. in oonaection with any ooademnation or other talring of the property, or part thereot, or for oonveyenos it~ lien of o~ndeannation, are h~eby assigned and shaU be paid to Lender. In the event of a total taking of tha Propeety. We pmoeeds ~haU be applied to the sums eecured by thi~ M~tga~s. aith the escea, if aqy. paid to Borrower. In the event of a partial tekin~ of the Prupert,y. unless Borrower and LeAder othe~rwi~e agree in ariting, thers ~haU be ; applied Lo the sums secured by this Most~aRe snch propo~tion of the proceed~ eu ia equal to that proportion ~rhich the amo~wL of the sums secured by this Mortgage immediately prior to the date oi taking bean to the fair market value of the Property immediately prioT to the date of , taking. with the balanoe of the prooeeds paid to Bonower. If the Propee~y u abandoaed by Borrower, or if. aRer aotice by Lend~ to Borrower that the oondemnor o~'en to malce an award or settle a claim for damages. Borrower fails to respond to Lender ~rithia 30 day~ atler We date such notioe is mailed. Lender is authorised to collect and ' apply the prooe~eds. at Lender'~ op~oA. eiW~ to n~toration or repair of the propazty or to We ~ums secnred by this Mortgaga. Unleea Leader aad Borrowsr otherwi~e agree in writing. any snch applicatioa of pmoeed~ to principal shall aot eactend or pwtpone Lhe dua date of the monthly iaatallments referred to in paragirspha 1 and 2 haeof or change the e~mouat of ench iaetallmenh. - 10. Borrower Not Released. Extensioa of.the time tor paymsnt or modificatioa of amortization of the sums secured by this Mortgage granted by Lender to any suoceesor in inter~t of Borrower shall not operate to release. in any maaner, the liability of the original Botrower ~ and Borrower's successora in intereat I.ender shall not be required to oommence prooeedings against such suooesaor or refiue to e~ctend time for payment or otherwise diodify amortization of the auma secured by this Mortgage by reaeon of any demand made by the original Botrower iFi~ Buiru~:~~6 ~U'CF~~Fd Ul IiiL~YC~. 11. Forbearance by Lender Not a Waiver. My forbearanoe by Lender in ~errising any right or remedy henunder. or othervvise aPforded by applicable law. shall not be a waivez of or prictude the ~a~cise of any such right or remedy.'1Le procure~nent of insuranae or We payment of taxe~ ~ other liens or charges by I.ender shaU not be a waiver of Lende~s right to aocelerate the maturity of the indebtednesa eecund by this Mortgage. ~ 12 Remedies Gltmulative. All remediea pmvided in this Mottgage are dietinct and cwnnlative to any other right or remedy nader thia Mortgage or aftorded by la~r or equity. and may be ea~erciee~l ooncurrently, independently or euc~cessively. 13. Successors and Aeaitns Bonnd; Joint and 3everal Liability; Captiona. The ooveasnte and agreementa herein contained ahall bind. and the righte hereunder ehaD inure to. the respective suocesaors and assigns of Leader and Borrower, subject to the provieions of paragraph 17 hereof. All rnvenante and egreementa of Borrowa shall be joint and sevc~ral. The captione aad h~dings of the paragraphs of thia Mortgage are for covenience only and are not to be used to interpret or define the provisions hereof. . 14. Notice. Except for any notice required under applicable law to be given in another manner. (a) any notioe to Borrower provided for in thia Mortgage ehall be given by mailing such notice by certified mail addreesed to Borrower at the Property Address or at such other addresa ae - Borrower may deaignate by notice to Lender as pmvided herein, and (b) any notice to Lender shall be givea by ceitified mail, return reoeipt requeated, to Lender s addrese atated herein or to anch other address ae Lender may designate by notice to Borrower ae pmvided herein. Any notice pmvided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated hereia. 15. Uniform Mortgage; Governing Law; Severability.'l~ie form of mortgege combinea uniform aovenants for national ~se and non- uniform rnvenanta with limited variatione by jurisdiction to waBtitnte a uniform eecurity inatnuuent oovering real ptoperty.'Il~ia Mortgage ahall be govemed by the law of the jnriedietion in which the Property ia located. In the event that any proviaioa or clause of this Mortgage or the Note rnnilicts with applicable Iaw, auch conflict shall not affect other proviaione of this Mortgage or t6e Note which can be given effect without the contlicting proviaion, and to thia end the proviaiona of the Mortgege and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower shall be fumished a rnnformed oopy of the Note and of thia Mortgage at the time of ea~ecution or after ~ recordation hereof. 17. Transter of the Pcoperty; Aesumpdon. If all or any part of fhe Property or an interest therein ia eoW or transferred by Borrower without Lender s prior written coneent, exclnding (a) the creation of a lien or encumbrance subordinate to thie Mortgage, (b) the creation of a purchase money eecurity intereat for household appliancee, (c) a tranefer by devise, desoent or by operation of law upon the deat6 of a joint tenant os (d) the grant of any leasehold in~t of three years or less not oontaining an option to purchaee, Lender may. at I.ender'e option, declare all tlie aums secured by thie Mortgage to be immediately aue and payable. Leader shall have waived auch option to accelerate if. prior to the sale or transfer. I.ender and the pereon to whom the Property is to be sold or transferred reach agreement in wriUing that the credit of euch ' person ia satiefactory to I.ender and that the interest payable on the aums secured by this Mortgage ahall be at such rate as~Lender ehall ; request. If Lender has waived the option to accelerate provided in thia paragraph 1~. and if Borrower's succeasor in interest has e:ecuted a i written asaumption agreement accepted in writing by Lender, I.ender shall release Borrowet from all obligatione under this Mortgage and the y Note_ . ~ If Lendez eaercisea such option to acoelerate, Lender shall mail Borrower notice of aoceleration in aocordance vrith paragraph 1~ hereoL Such notice shall provide a period of not le8s than 30 days from the date the notice ia Q.ailed within which Borrower may pay the auma declared 4 due. If Borrower fails W pay such suma prior to the expuation of such period, Lender may. without further notice or demand on Eiorrower, ~ mvoke any remedies pe~mitted by paragraoh 18 heteof_ ~ 18. Acceleration; Remediea Ezcept se prnvided in paragraph 17 hereof. upon Borrower'e breach of any oovenant or ~ agreement of Borrower in thia Mortgage, includiag the oovenante to pay when due any eume secured by this Mortgage, Lender prior to acceleration ehall mail notice to Borrower as provided in paragraph 14 hereof specitying: (1) the breac~ (2) the action required to cure such breach; (3) s date, not less than 30 days from the date the notice is mailed to Borrower. by which euc6 breac6 muet be cured; and (4) that tailure to cure such breac6 on or before the date specified in the notice may reault in acceleration of t6e sums eecured by this Mortgage, forecloeure by judicial proceeding and sale of the Property. The aotice shaU ~ further inform Borrower of the rig6t to reinstate aRe~ sooeleration and the rig6t to assert in the foreclosure proceeding the ~ non•ezietence of a default or any other defense of Borrower to aoceleration sad toreclosure. If the breach ie not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the same aecured by thie Mortgage to be ~ immediately due and payable without further demand and may foreclose t6is Mortgage by judicial proceeding. Lender shall be ~ entitled to collect in ench proceeding all e:pensee otforecloaure, inciudiag, but not limited to. reasonable attorney'e feee, and ~ costa of documentary evidence, abetracte and tiNe reports. g 19. Borrower's Bight to Reinetate. Notwithstanding Lender's acceleration of the suma 9ec~red by thia Mortgage. Borrower shall have ~ the right to have any proceedinga begun by Lender to enforce thia Mortgage diecontinued at any time prior to entry of a judgmenE enforcing ~ this Mortgage if: (a) Borrower pays I.ender all sums which would be then due under this Mortgage, the Note and notea securing l~ture - Advancea, if any, had no aoceleration occarred; (b) Borrower cures all breaches of any other covenante or agreemente of Borrower oontained in ; this Mortgage; (c) Borrower pays all reasonable ezpensea incurred by Lender in enforcing the oovenante and agreementa of Borrower ' aontained in this Mortgage and in enforcing Lender'e remediee aa provided in paragraph 18 hereof, including, bnt not limited to, reasonable ~ attomey's fees; and (d) Borrower takes auch action as Lender may reaeonably require to aeaure that the lien of thia Mortgage, Lender'e interest ~ in the Property and Borrower a obligation to pay the aume aecured by thie Mortgage ahall continue unimpaind. Upon snch payment and cnre ~ by Borrower, this Mortgage and the obligationa eecured hereby ahall remain in full force and effect ae if no acceleration had oocurred. ~ Z0. Assignment o! Rents; Appointment of R~iver. As additional eecurity hereunder, Borrower hereby aaeigne to Lender the rente ~ of the Property. pmvided that Borrower ahall, prior to aoceleration nnder paragraph 18 hereof or abandonment of the Property. have the right = to colled and retain such renta aa they become due and payable. A Upon acoeleration under paregraph 18 hereof or abandonment of the Property. L.ender ahall be entided to have e receiver appointsd by a ~ oourt to eoter~npon, take posseeaion of and manage the Property end b oollect the rents of the Property, including those paet due. All renta ~ oollected by the receiver ahall be applied fust to payment of the aosta of managementof the Property and ooAection of rents, including, butnot ~ limited to, rec~eivds fees, p~remiuma on receiver a bonde and reasonabte attomey's feea, and then to the eums eecured by this Mortgage. The ~ - reoeiver shall be liable to aaoount only for thoee rente actually teceived. ' f~ k ; I ~nr ~ 311 rALE 439 ~ ~ ,