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HomeMy WebLinkAbout0448 l . . . ~ . 4 ~ 8. Iaspectioa. Lender may make or cawe to be made ceawnable entrie~ upon snd iaepections of the pmperty, provided that LeAder ~hall ~ give Borrowar notioe priot to any such iaspection specifying reiuonabb cawe therefor nlated to I.ender's interesL in the Prop~ty. t 9. Coademnatlon.'I~e proceeds of any awaed or Slajm for dama~e~, direct or consequential, in connection with any candemnatioa or } other talung of the property. or part thereof. or for coaveyanoe in lieu of oondemnation. are hereby eseigned and ~hall be paid to I.ender. _ ln the event of a total taking of the Property. the prooeeds shali be applied to We suma secured by this Mortga,ge~ with the e:ceas~ if any~ paid to Borrower. In the eveat of a pertial tabag of the Propetty, nnlee~ Borrower and Lender otherwiee agree in writia~~ Wen ahaU be app6ed to the sums secured by this Mortgage such proportion of the proceeds as is equsl to that proportion which We eupount of the euma eecured by this Mortgage immediately prior to the dste of tak~ing bears to the fair market value of the Property immediately prios to the date of taking. with the balanoa of the prooeeds paid to Borrower. s If the Property is ebandoned by Borrower~ or if~ atter notice by Lendar b Borrower that the oondemnor o~ers to make an awsrd or settle a ~ claim for damages, Borrower faib b respond to Lender writhin 30 daye aR~ the date such notioe ia unailed~ I,ender u authorized to ooUect and ~ apply the proreeds. a! Lendds option. eith~ to re~toration or repair of the pmpe:ty ot to the eum~ secured by thi,s Mortgage. Unlese I.endu and Borrower otherwise agree in writing. any snch appGcatioa of prooeedi to principal ahalJ not e:t~d or postpone We due } date of the monthly instaUments referred to in paragraphs 1 and 2 hezeof or change the amouat of such installments. 10. Borrower Not Released. E:tension of the time tor paym~nt or modification adamortisation of the suma secured by thie Mortgege ' granted by Lender to any suoceaeor in iaterest of Borrower ahall not operate to releaee. in any manner. the liability o! the original Bosrower ; and Botrower's succ~eesors in interea~. Lender shall not be required b oommence proa;edings against euch suocessor or refuse to eztend time ; for payment or otherwiee modify amortization of the autas eecured by thia Mortgage by reason of any demand made by the original Bormwer ` ~ an Borrower a succeesora in interest. ~ 11. Rorbearenoe by Lender Not a R?aiver. My forbearanoe by Lender in ezercising any riqht or remedy hereunder. or otherwiie p a~torded by applicable law. ehall not be a waiver of or preclude the aercise of any euch uight or nmedy. The procunment of insurance or the i payment of taxee or oth~ liens or charges by Lender shell aot be a waiver of Lendefs right to aooelerate the maturity of the indebteduess ; secnred by chis Morcgage. ~ _ s 12 Remediea Gtimulative. All remedies provided in this Mortgage an diatinct and cnmulative to any other right or nmedy under this Mortgage or afforded by law or equity, and may be ezerciee~i oonc~rrently, iadependently or auooeasively. . 13. 3ucceseors aad Aesigne Bound; Joint and 3everal I.iebility; Captions. The ooveasnte and agreements herein oontained ahall ; bind, and the righte hereunder shall inure to. the reapective succeaeors and aesigns of Lender and Borrower. aubject to the provieions of ~ paragraph 17 hereof. All covenante and agreements of Borrower shall be joint and several. The captions aad headings of the paragraphs of ~ this Mortgage are for rnvenienoe only and are not to be used to interpret or de5ne We proviaions henof. 14. Notice. ExcepL for any notice required under applicable law to be given in another manner, (a) aay notice to Borrower pmvided forin : this Mortgage ahall be given by mailing such notice by certified mail addreseed to Borrawer at the Property Addreas or at euch other address as 1 f3orrower may deeignate by notice to Lender as provided herein, and (b) any notice to Lender ahap be given by ceiti5ed mail, return receipt ' requested, to Lendei a address etated herein or to euch other address as Lender may designate by notice to Borrower ea provided herein. Any ' notice provided for in thia Mortgage shall be deemed to have been given !o Borrower or Lender when given in the manner deaignated hezein. 15. Uniform Mortgage; Governiag I.aw; 3everability. Thia form of mortgage combinee uniform eovenanta for nationsl uee and non- = uniforw rnvenante arith limited variatione by juriediction to oonatitute a unitomn eec~uity inatrua~ent oovering real property.l~ie Mortgage ~ shall be governed by the law of the juriadiction in which the Property ie loaated. In the event that any provieion or clauee of this Mortgage or ~ the Note rnnflicte with applicable law, auch conilict aha11 not a~'ect other proviaions of thie Mortgage or the Note which can be given egect ~ without the wntlicting provision, and to thia end the provieiona of the Mortgage and the Note are declared to be aeverable. 26. Borrower's Copy. Borrower shall be furnished a oonformed copy of the Note and of thia Mortgage at the time of e:ecution or after recordation hereof. 17.'I~ansfer of the Property; Assumption. If all or any part of the Property or an intereat therein is sold or transferred by Borrower without Lender'e prior written conaent, ezcluding (a) the creation of a lien or encumbrance aubordinate to thie Mortgage, (b) the creation of a purchaee money security intereet for houeehold eppGancea, (c) a transfer by devise. deacent or by operation of law upon the death of a joint ' tenant or (d) the grant of any leaeehold interest of three yeare or less not oontaining an option to pnrchaee. Lender may. at Lender's option, I declare all the aums secured by thia Mortgage to be immediately due and payable. Lender shall have waived auch option to aocelerate if, prior to the eale or tranafer, Lender and the person tn whom the Property ia to be eold or tranaferred reach agreement in writing that the credit of euch < E person ia satisfactory to Lender and that the intereet payable on the aume secured by thie Mortgage shall be at auch rate as Lender ehall ; request. If Lender has waived the option to accelerate provided in thia paragraph 17, and if Borrower's succesaor in interest has executed a ' written aseumption agreement accepted in writing by I.ender, Lenderahall releaee Borrower from ali obligationa underthia Mortgageand the Note_ - ~ If Lender e:ercisee euch option to accelerate, [.ender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. f Such notice shall provide a period of not less than 30 days from the date the notice ia rr,siled within which Borrower may pay the sums declared - f due. If Borrower faila to pay auch aums prior to the expiration of such period, Lender may, without further notice or demand on ~iorrower, s invoke any remediea permitted by paragraoh 18 hereof. a 18. Aoceleratlon; Remedies. Ezcept as prnvided in paragraph 1~ 6ereof. apqn Borrower's breac6 ot any covenant or agreement of Borrower jn this Mortgage, inclnding t6e oovenante to pay when due any sume seciired by thie Mortgage, Lender ~ prior to aoceleration eball mail notice to Borrower as prnvided in paragraph 14 hereof epecifying: (1) t6e breach; (2) t6e action required to cure auch breach; (3) a date, not lese than 30 daye from the date t6e notice is mailed to Borrower, by which such ~ breach must be cured; and (4) that tailure to cute such breach on or before tbe date epecified in the notice may reault in ~ acceleration of the eume secured by t6ie Mortgage, torecloeure by judicial proceeding end 8ale of the Property. The notice ehall further inform Borrower o! the rig6t to reipstate after acceleration and t6e right to aseert ia t6e foreclosure proceeding the ~ no~-e:istence of a default or any other defense of Borrower to eceeleration and forecloeure. I! the breach is not cured on or a betore t6e date epecifjed in the notice, I,ender et I.ender's option may declare all of t6e sums secured by t6ie Mortgage to be ~ immediately due and payable without further demand and mey foreclose t6is Mortgage by judicial proceeding. Lender ehall be ~ entitled to collect in auch proceeding all e:penaes of toreclosure. including, but not limited to. reasoneble ettorney'e ~'ees, and ~ coete of documentary evidence. abatracts and title reports. . ? 19. Borrower's Right to Reinetate. Notwithatandinq Lender'a acceleration of the aums secured by thie Nortgage~ Borrower ehali have K the right to hAVe any proceedinga begun by Lender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing thie Mortgage if: (a) Bornower pays Lender all auma which would be then due under thie Mortgage, the Note and note8 aecuring Future Advances, if any, had no acceleration occurred; (b) Borrower curee all breaches of any other covenanta or agreementa of Borrower contained in ~ this Mortgage; (c) Borrower pays all reaeonable e:peneea incurred by L.ender in enforcing the oovenante and agreementa of Borrower Y contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attomey's feea; and (d) Borrower takea auch action ae Lender may reasonably require to a88ure that the lien of thie Mortgage, Lender e intereet ; in the Property and Borrower a obligation to pay the auma eecured by thie Mortgage ahall continue unimpaired. Upon auch paymen: and cure ~ by Bonower, this Mortgage and the obligationa secured hereby shall remsin in full force and effect as if no acceleration had occurred. ~ 20. Aeaignment of Rente; Appointment o! Receiver. Ae additional security hereunder, Borrower hereby aeaigna to Lender the renta i of the Property, provided that Borrower ahall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ ta collect and retain auch rents as they become due and payabie. r Upon acceleretion under peragraph 18 hereof or abandonment of the Property, Lender ahall be entitler.' to have a receiver appointed by a court fo enter.upon, take poseeasion of and manage the Property and to coUect the renta of the Property, including thoee paet due. All renta collerted by the receiver ehall be applied firet to payment of the ooste of management o[the Property and rnUection of renta, including, bnt not 3 limited to, receiver e fees, premiuma on receiver'e bondr and reasonable attorney's fees, and then to the aums eecured by thia Mortgage. The ~ receiver ahall be liable to aooount only for thoee renta actualty received. g ~ ~ t ~ ~ r.~rr