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HomeMy WebLinkAbout0865 . ; 8. inspection. Lender may make or cause to be made reasoneble entries upon and inspectiuna of the property. provided that l.eader shall give Bormwer notice prior to any such inspection specifying reasonable cause thesefor related to [.ender's interest in the Property. 9. t;oademnation. 'R~e proce>eda of any awerd or claim for danaages, direct or consequential, in connection with any o~ndemnation or other takinq of the property, or part thereof. or for rnnveyance in lieu of oondemnation, are hereby esaigned and shall be paid to Lender. In the event of a total taking of the Property. the proceeds shall be applied to the suma eecured by this Mortgage. with the e~oees. if any, paid to Borrower. In the event of s partial taki~g ot the Propaty, unlees Boerower and I.ender otherwise agree in writing,lhere shall be applied to the euma eecured by this Mortgege such proportion of the proceede as ia equal b that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of talring bears to the fair market value of the Property immediately prior to the date o[ taking, with the balanoa of the pr~?ceeda paid to Bore~ower. If the Property ia abandoned by Borrower, or if, aRer notioe by I.ender to Borrower thet the oondemnor of[ere to make an award or settle a claim for damages, Borrower faile to respond to Lender within 30 days aft~er the date euch notice ie mailed, Lender is authorised to rnAect and ~ggly !he prooeeds, at I.ender s option, either to reatoration or repair oi the property or to the aums eecured by this M~rtgage. Unleee [.ender and Borrower otherwiee agree in writing, any such application of pro~xeds to principal ahall not ~tend or postpone the due date oi the monti?iy inatailmenis referred to ia paragrapha 1 and 2 hereof or change the amount of euch inetallments. 10. Borrower Not.Releaeed. Exteneion of the time for paymant or modification of amortization of the auma secuted by this Mortgage granted by l.ender to any auccessor in intereet of Borrower ahall not operate to relesee, in any manner, thp liability of the original Borrower and Borrower's succesaors in interest. I.ende~ ahall not be required to oommence proceedinga againat euch auccesaor or refuee Lo e:tend time Cor payment or otherwise modify amortization of the suma secured by this Mortgage by reaaon of any demand made by theoriginal Borrower and Borrower's succ~esaors in interest. I 1. Forbearance by I.ender Not a Waiver. Any forbearance by Lender in e:erciaing auy right or remedy hereunder. or otherwise af~orded by applicable law. ahall not be a waiver of or preclude the e:erciee of any such nglft at remedy. The pmcurement of ineuranoe or the payment of taxee or other liena or chargea by Lender ahall not be a waiver of Lender'a right to accelerate the matu~ity of the indebtedneea secured by thie Mortgage. 12 Remedies Cumulative. Al) remedies provided in thie Mortgage are dietinrt and cumulative to any other right ar remedy under thie Mortgage or afforded by law or equity, and may be exercise~i wncurrently, independendy or eucceasively. 13. Succeeeors and Aseigne Bound; Joint and Several Liability; Captione. The covenants and agreements herein oontair?ed ehall bind, and the righte hereunder ahall inure to, the reapective eucceaeora and assigne of I.ender and Borrower, subject to the provieione of paragraph 17 hereof. All covenanta and agreemente of Borrower ahall be joint and eeveral. The captions and headings of the paragraphe of this Mortgage are for covenience only and are not to be ueed to inlerpret or define the provisione hereof. 14. Notice. Except for any notice requimcl under applicable law to be given in another manner, (a) any notice tu I3orrower provided for in thie Mortgage ahall begiven by mailing euch notice by certified mail addreesed to Borrower at the Property Address or at auch other addrnaa as [3orrower may designate by notice to Lender us pruvided herein, and (b) any notice to Lender ahall be given by certified mail, ret~un receipt requested, to I.ender's address stated hemin or to auch other addreas ae [.ender may deaignate by notice to Borrower aa provided herein. My notice provided for in this Mortgage shall be deemed to have been given to Bormwer or I.ender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. Thia form of mortgsige combines uniform oovenante for national use and non- uniform covenants with limited variations by jurisdiction to rnnstitute a uniform security insirunient cavering real property.'ll~ia Mortgage ~!:s!! ~ governed by the law of the jurisdiction in which the Properiy is located. In the event that any prnviaion or clause of thie Mortgage or the Note conflicta with applicable law, auch contlict shall not aRect other provisions of this Mortgage or the Note which can be give~ effect without the conflicting provision, and to thia end tl~e provisions of the Mortgage and thr Note are declared to be severable. 1 fi Borrower'e Copy. Borruwer shall be fumished a conformed copy of the Note and of this Nortgage at the time of execution or after recordxtion hereof. 17. 'I~ansfer ot the Pmperty; Asaumption. If all or any part ot the Property or are interest therein is aold or traneferred by Borrower without Lender e prinr.vtitten consent, excluding !a) the creation of a lien or encumbrance sulwrdinate to thia Mortgage, (b? the c:rextion of a purcht~ne monEy aeturity intemet for household appliances, (c) a tranafer by devise, deBCCpt n~ hv nwrnti~n nf lww ~~.,~.n the death of a joint I'~, tenant or (d) the grant of any leasehold internst of three years or leae not rnntaining an optiun to purchase, Lender may, at Lender'~ option, ~ declare aU the,suma.~cr~. ect by this Mortgage to be immediately due and payable. Lender shali have waived such option to accelerate if, prior ~ ~ to lhe saleor tranafer. I.ender and the peraon to whom the Property is to be sold or trunsterred reach aRreement in writing that the credit of such person is satisfactory to Lender and that the intereat payable on the sumg secured by this Mortgage shall be at such rate xs [.ender ahall request. If [.ender has v?aived the option to acmler:~te pruvided in this paragraph 17, and if E3orrowet s successor in interPSt has executed a ' written assumption agreement accepted in writing by I.ender, l.ender shall release Bonower from all obligations under this Mortgage and the ~ V ote_ ~ If I.ender exercises such option to accelerate, [.ender Ahall mail Rorrower notice of acceleration in accordance with paraQraph 14 hereof. E Such notice shall provide a period of not lexs than 3~ days from the date the notice is mailed within which Borrower may pny thesums declared ~ due. It Borrower [ails to pay such sums prior to the expiration of such periud, I.ender may, w•ithout further notice or demand on Eiorrower, f ~nvoke any remediea permitted by paragraoh !R hereof. ~ 18. Acceleretion; Remediex. E:cept se provided in paragraph 17 hereof, upon Borrower's breach of any covenant or ~ aqreement of Borrower in thie Mortgage. including the rnvenante to pay when due any aume eecured by this Mortqege. Lender ~ prior to acceleration ahall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1?the breach; (2) theaction required to cure auch breach; (3) a date, not less than 30 deya from the date the notice is mailed to Borrower. by which euch ~ breach must be cured; and (4) that tailure to cure such breach on or before the date epecified in the notice may resuit in g acceleration of the aume secured by this:Nortgage, forecloeure by judicial proceeding and sale of the Property. The notice shall ; further inform Borrower otthe riqht to reinetate aRer acceleration and the right to aesert in the foreclosure proceeding the q noq-e:ietence of a default or nny other detense ot Borrowe~ to accele~ration and forecloaure. !f Lhe breach is not cvred on or before the date specified in the notice, i.ender at Lender'e option may declare all ot the aums secured by this Mortgage to be immediately due and payab(e w•ithout further demand and may toreclo~e this'.4ioMgage by judicial proceeding. Lender shall be entitled to colteM in such proceeding all e:penaex of toreclosure. includinA. but not limited to. reasonable uttorncy'K fees, and ~ coats of documentary evidence. abatrects and title reporta. ~ 19. Botrower's Right to Reinetate. NotwithetandinK I.ender'rs acceleration ottheauma secured by this Mortgage, liorruweraha~l have < the right to have any proceedinKa begun by I.ender to enfor~r this ~lort~:~qe diacontinued at any time prio~ to entry of a judKment enforcing thia Mortgage if: (a) Borrower pays I,ender alt aums which would be then due under this Mortgage, the Note and notex securing F uture ~ Advaneea, if an_r•, had no acceleratian occurred; Ib) Borrower cures all breachra of any other covenante o~ agreementa of Eiorrower contained in ; thie Mortgage; Ic) Borrower pays all reasonable expenses incurreei by l.ender in enforcing the covenante and agree~r~enta of E3orrower F oonlained in thie Mortgage and in enforcing t.ender's remediee as provided in paraqraph 18 hereof, including, but not limited to, reasonable ~ attorney'e fees; and (d) Borrower takee sueh action as i.ender may reasonably require to assure that the lien of this MortgaKe, Lender's interest ~ in the }'roperty and Borrower s obligation to pay the suma secured by thia MortKaqe shall cont~nue unimpaired. Upon auch payment and cure ~ by F3orrower, thie Mortgage and the obliqationx gecured hereby shall remain in full force and effect as if no acceleration had occurred. r 20. Aeeignment of Rents; Appointment of Receiver. As additional security hereunder, E3orrov?er hereby asaigne to [.ender the renta ' of the Property, provided ihat Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the righ! ~ to collect and retain euch rents as they become due and payabte. ~ Upon acceleration under paragraph 18 hereof or abandonment of the F'roperty, l.ender shall be entitled to have a receiver appointed by a : oourt Lo enter.upon, take poeaeasion of and manage the Property and tn collect the rente of the E'roperty, including those past due. All renta f colfected by the receiver ahall be applied firet to payment of the rnste of management of the Pmperty and collection of rentx, including, but not ~ limited to, receiver a feea, premiums on receiver'e bonda and reasonable attorney'e feee, and then to the suma secured by thie Mort{;aqe. 7'he receiver ehsll be liable to acoount only for thoae rnn;a actually received. ~ ~ ~ ~ t JJ! ~ 1 ~ 864