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HomeMy WebLinkAbout0645 ' f V 8. laspectioa. l.ende~ may make or cauee to be made reasonable entries upon and inapections of tha property, provided that l.ender ehall give Bortower notice prior to any auch inepection specifying reasonable cause therofor related to l,ender's interest in the Property. 9. Condemaetion.'11?e proceeds otany award or claim for damager, d~rect or conaequentiel, in connection with any oondemnation or . other taking o[ the pmperty, or part thereof, or for rnnveyance in lieu of rnndemnation, an hereby aseigned and shall be paid to I.ender. In the event of a btal taking of the Property, the pmceeds ehall be applied to the suma eecured by this Mortgage, with the excess. if any. paid to Borrower. In the evcnt oi a partial taking of the Property. unleas Borrower and I.ender otherwise agree in writing, there ahaU be epplied to the aums eecured by this Mortgage such proportion of the proceedr as is equal to that pmportio~ which the amount of the sums secured by this Mortgaga immediately prior to the date of taking beara to the fair market value of the Property immediately prior to the date of talung, with the balance of the proceede paid to Borrower. If the.Property is abandoned by Borrower, or if, aRer notice by Lender to Borrower thet the rnndemnor oPfera to make an award or setde a claim for damagee, Borrower faila to respond to l.ender within 30 days afler the date such notice ie mailed, l~nder ia authorized to collect and apply the proceeds, at Lender s option, either W reatoration or repair of the pmperty or to ihe auma eecured by this Mortgage. Unless I.ender and Borrower otherwiee age~ee in writing, any such application of proceeda to principal ehall not e:ten~ or poatpone thwdue date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount ut euch inetallments. 10. Borrower Not Releaeed. Extension ot the time for paym ~nt or modification of amortization of the suma eecured by thia Mortgage granted by l.ender to any euccesaor in intereet of Borrower shall not operate to release, in any manner, the liability of the original Borrower and BorroW er a auccesaors in interest~ Lender ahall not be reqaired to wmmence pr~inge againat auch eucceaeor or retuse to eztend time fur payment or otherwise modify amortization of the aume aecured by this Mortgage by reason of any demand made by the original Botrower and Borrower s succeeaors in intereat. 11. Rorbearance by Lendes Not a Waiver. My forbearance by Lender in e:ercising any right or remedy hereunder, or otherwise afforded by applicable law, ahall not be a waivet of or preciude the e:erciee of any such right or remedy. The procurement of inaurance or the payment of taues or other liena or chargee by Lender ahall not be a waiver of Lender's right to accelPrate the maturity of the indebtedneas secured by this Mortgage. 12 Remediee Cumulative. All mmediee provided in thie Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by lew or equity, and may be exerciseA concurrenQy, independently or aucceeeively_ 13. 3ucceesore and Aeeigne Bound; Joint and Several Liability; Captions. The covenants and xRreementa herein rnntained eha11 bind, and the rights hereunder shall inure to, the respective aucceseore and assigns of I.ender and Borrower, aubject to the proviaions of paragraph 17 hereof. All covenanta and agreementa of Borrower ehell be joint and eeveral. The captiona and headings of the paragrapha of thie Mortgage sre for covenience only and are not w be uaed to interpret or define the proviaione hereof. 14. Notice. Except for any notice reqaired under applicable law to be given in another manner,la) any notice to Borrower provided forin this Mortgage ahall be given by mailing such notice by certified mail addresaed to Borrower at the Ymperty Addresa or:::3t:~!t other addrese ae Borrower mey deaignate by notice to I.ender a~s provided herein, and (b) any notice to Lender shalt be given by certified mail, return receipt requested, to Lender's addreas stated herein or to auch other address ae I.ender may designate by notice to Bortowet aa provided herein. My notice provided for in this Mortgage shall be deemed to have been given to [3orrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing I.aw; Severebil ity. Thia form of mortgage combines uniform oo~ enante for national uee and non- unifotm covenants with limited variatione by jurisdiction to oonstitute a uniform security inatrua~ent covering real property. This Mortgage shal) be governed by the law of the jurisdiction in which the Property ia lceatec~: In the event that any provic+ion or clauae of this Mortgege or the Note conflicts with applicable law, such contlict shall not affect other proviaions ot this Mortgage or the Note which can be given effect without the rnnflicting proviaion, and to thia end the proviaiona of the Morigage and the ~1ote are declared to be severable. 16. Borrower'8 Copy. Eiorrower shall be furnished a conformed copy of the Note and ot thia Mortgage at the time of execution or after recordation hereof. 17_ 'l~anefer of the Property; Aseumption. If all or any part of the Property or an intereat therein is sold ot traneferred by Borrower without I~nder'a prior written coneent, excluding (a) the creation of a lien or encumbrance aubordinate to thie Mortgage, (b) the creation of a purchaee money aecurity intereat for houeehold appliances, (c1 a tranafer by devise, deacent or by operation of law upon the death of a joint I tenant or (d) the grant of any leasehold intemat of three yeara or leas not oontaining an option to purrhase, Lender may, at L,ender e option, - ~ declare all the eume secured by thie Mortqage w he immediately due and payable. I.ender ehall have waived auch option to accelerate if, prior ~ to the sale or tranafer, l.ender and the person to whom the Property is to be sold or tiansferred reach agreement in writing that the credit of euch i peruon is satiafactory to l.ender and that the interest payabte on the suma secured by this Mortqage ahall be at auch rate as Lender ahap ~ requeat. If Lender has waived the optinn to accelerate provided in this paragraph l7, and if Borrower's successor in interest has eaecuted a written assumption agreement accepted in writing by [.ender, LenderahaD release Borrower from all obligations under this Mortgage and the f ti ote. i , If I.ender exercisea auch option to accelerate. Lender shall mail F3orrower notioe of acceleration in accordance with paragraph 14 hereof. ~ Such notice shall provide a period of not less than 30 daya from thedate the notice ie mailecl within which Borrower may pay the aums declared due. If $orrower fails to pay auch sums prior to the expiration of such period, I.ender may, without further notice or demand on Korrower, ~ ~nvoke any remedies permitted by paragraoh 1R hereof. ~ 18. Acceleration; Remedies. E:cept se provided in paragraph 17 hereof, upon Borrower's breach of any oovenant or ; agreement of Borrower in this Mortgage. including the oovenante to pay when due any eume eecured by this Mortgage, Lender ~ prior to acceleration e6a11 mail notice to Borrower ea provided in paragraph 14 hereof epecifying: (1) the b~ench; (2) the action ~ required to cure such breach; (3) a date, not less than 30 daya from the date the notice is mailed to Borrower. by which such 9 breach muat be cured; and (4) thnt tailure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by thia Mortgage, foreclosure by judicial proceeding and eale of the Property.The notice ehall further intorm Borrower of the right to reinatate after acceleration and the right to aesert in the foreclosure proceeding the non-e:istence of n default or any other defense ot Borrower to aceeleration and toreclosure. If the breach ia not cured on or ~ before the date specified in the notice. Lender at Lender's option may declare all ot the sume aecured by thie Mortgage to be immediately due and payable without furtherdemand and may foreclosethie Mortgage by judicial proceeding. Lender ahall be ~ entitled to collect in such proceeding ali e:penaes otforeclosure. including. but not limited to. reasonable attorney's tera. and ~ coats of dc~cumentary evidence. abstracta and title reporte. 19. Borrower'e Right to Reinatate. Notwithstanding I.ender'a acceleration of the auma secured by this Mortgage, Horrower shall have ~ ~ the right to have any proceedings begun by l.ender to enforce this Mort~age diacontinued at any time prior to entry of a judgment enforcinq this Mortgage if: la) Borrower pays I.ender all euma which would be then due under this Mortgage, the Note and notes securing Future ' Advancea, if any, had no acceleration occurred; (bl Borrower cures aU breachea of any other rnvenanta or agreementa of E3orrower contnined in ^ thia Mortgage; (c) Borrower pays all rrasonable expenees incurred by l.ender in enforcing the covenante and agreemente nf Borrower contained in thie MortgaRe and in enforcinq I.ender'a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney's teea; and (d? Borrower takea such action aa Lender may rnasonably reqnire to asaure that the lien of thia Mortgage, Lender a intereet pe y g p y y rtKaqe shall continue unimpaired. Upon auch payment and cure ~ in the Pro rt and Iiorrower's obli ation to a the aums aecured b this Mo ~ by Borrower, this Mortgage and the obligations secured hereby shall remain in ful) force and effect as if no acceleration had occurred. - Z0. Aeeignment ot Rents: Appointment ot Receiver. As additiunal eecurity hereunder, I3orrower hereby asaigna to Lender the rents s of the Property, provided that Borrower ahall, prior to acc:eleration under paragraph 18 hereof or abandonmentof the Property, have the right to collect and retain such rente as they become due and payable. ` Upon acceleration under paragraph IS hereof or abandonment of the Property, Lender ahall be entitled to have a receiver appointed by a ~ oourt to enter upon, take poaeeaeion of and manage the Property und to collect the rente of the Property, including thoae past due_ All rnnte ~ ~ collected by the receiver ehall be applied firat to payment of the rnats of mnnagement of the Pmperty and collection of mnta, including, but not ~ limited to, receiver's feea, premiums on receiver's bonda add reasonable attorney'a fees, and then to the auma secured by this Mortgage. The ~ recei~er ahall be liable to acoount only for those renta actually received. ~ ' ~ ~ ~ , t = r 311 ~a~= 644 S t b