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HomeMy WebLinkAbout1138 ~ ' . • • ~ 8. II1~~18Cl~Op. Lender may make or causc to be made reasonable entrie~ upon and inspections of the pmpeky: provided t~st Lenkder ahall ~ give Borrower notice prior to any euch inspection epecifying reasonable cause therefor related to I.ender's interest in the Propeirty. 9. COpd@1R!lw~IOQ. The proceeds of any award or claim for damages, direct or consequential, in cortnection with any oondemnatioa or other taking of the property. ~ pad thereof. or for conveyance in lieu of oondemnation, an hereby assigned and shall be paid to I.ender. In the event of a toLal taking of the Property. the prooeede ahall be applied to the sums secwred by this Mortgage. with the ~cess. if any. paid to Borrower. In the event of a partial taking of the Propaty. aniess Borrower and Lender otherwise agree in writing. there shall be epplied to the auros secured by this Morfgage such pmPortion of the ptooeeds aa is equal to that pmportion which the amount ot the suau aecured by thie Mortgage immedistely prior b the dats of taking beara to We fair market value of the Property immediately prior b the date of taking, witl~ the balanca of the proceedi paid to Borrower. . If the Property is abaodoned by Bormwer, or if, aRer aotice by Lender to Borrower thet the oondemnor offen to make an award or setde a claun for damages, Borrower fails b respond b Lender within 30 days aftRr the date such notioe ia mailed. l.endez ia authorized to coAect and apply the prooeeds, at Lender's option. either to reabration or repair of the property or to the aums eecured by this Mortgage. Unlese I.ender and Borrower otheiwiee aSree in writing. any such application of proceeda to principal ehall not e:tend or poetpone the due date ot the monthly installmenta nferred to in paragraphs 1 and 2 hereof or change the amount of auch inetallments. 10. Borrower Not Released. E:tension of the time for paymant or modification of amortization of the eums eec~ued by thia Mortgege . granled by l.ender to any succeesor in intereat o! Borrower ehaU not operate to release, in any manner, the liability of the original Borrower and Borrower's aucceaeore in inteceat Lender shall not be required to oommence proceedinge againet euch euccessor or refuse b e:tend time for payment or otherwise modify amortization of the auma eecured by this Mortgage by reaeon of any demand made by the original Borrower and•Borroweia succeseors in interest. 11. Forbearanoe by Lender Not a Wajver. My forbearance by Lender in e:ercising any right or remedy hereunder. or otherwise aPforded by epplicable law. shali not be a vraiver of or preclude the ezerciee of any such right or remedy. The procurement of insurance or the paymeat of tax~ or other liene or charges by Lender ahaU not be a waiver of Lender e right to socelerate the maturity of the indebtedneea aecured by thie Mortgage. 12 Remedies Cumulative. All remediea provided in this Mortgage an distinct and cumulative to any other right or remedy under thie ee_v_ 6 . .i ~ ~nwn.renf~y in~oron~onllV QT Rtl[~MA1tIVPIV. :siVii~uKc 'vY @savcuc~ v} aa.. vs ry.ii:j. : ~:u~ r-------- + 13. Succeeaors and Aeeigne Bound; Joint and Several Liability; Captioas. The covenant8 and agreementa he~ein oontained shall bind, and the righta hereunder shap inure to, the respective aucceseors and aseigns of Lender and Borrower, aubject to the provieiona of paragraph 17 hereof. All covenanta and agreements of Borrower ahall be joint and eeveral. The ceptions and headings of the paragraphs ~f lhia Mortgage are for covenience only and are not to be ueed to interpret or define the proviaiona hereof. 14. Notice. F.xcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage ahall be given by mailing such notice by certified mail addreaecd to Borrower at the Property Addreae or at such other address ea E3orrower may designate by notice to Lender ae provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requeated, to I.ender'a addreea atated herein or to auch other addreae as I.ender may deeignate by notice to Borrower es pmvided herein. My. notice provided for in thia Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner deeignated herein. 15. Uniform Mortgage; Goveming I.aw; Severability. Thia form of mortgage oombines uniform oovenanta for national uae and non- uniform covenants with limited variationa by juriadiction to rnnatitute a uniform security instruraent covering real pmperty. This Mortgage shall be governed by the law of the juriadiction in which the Property ie located. In the event that any provinion or clauee of thia Morigagber L'~ the Note conflicts with applicable law, such conflict shall not af~ect other pravieiona of this Mortgage or the Note which can be given effect without the conflicting proviaion, and to thia end lhe proviaiona of the Mortgage and the Note are declared to be eeverable. 16. Borrower'e Copy. Borrower ahall be furniahed a confortned oopy of the Note and of thie Mortgage at the time of execution or after recordation hereof. 17. Tranafer ot We Property; Aseumption. If all or any part of the Property or an interest therein ia sold or traneferred by Borrower without l.ender's prior written consent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchase money sec~rity intereat for household appliancea, (c) a transfer by devise, d2ecent or by operation of Iaw upon the death of a joint tenant or (d) the grant of any leseehold interest of three yeara or leea not oontaining an option to purchase, I.ender may, at Lendei s option, declare all the sums aecured by this Mortgage to be immediately due and payable. Lender ehaU have waived auch option to accelerate if, prior to the sale or hanafer, Lender and the person to whom the Property ia to be sold or tranaferred reach agreement in writing that the credtt of euch person is satisfactory W Lender and that the intereat payable on the aums aecured by this Mortgage shall be at auch rate as Lender ehall i request_ If Lender has waived the option to accelerate provided in thia pazagraph 17, and if Borrower'e succesaor in interest has executed a i written assumption agreement accepted in writing by l.ender, I.enderahall release Borrower from all obligationa under thia Mortgage and the i Note. ~ lf Lender euercisea such option to accelerate, Lender ahail mail Fiorrower notice of acceleration in accordance with pazagtaph 14 hereof. Such notice ahall provide a period o[not lesa than 30 days from the date the notice is ?r.ailed within which Borrower may pay the eume declared I due_ If Borrower fails to pay such aume prior to the expiration of such period, [.ender may, withoul further notice or demand on Eiorrower, ~ invoke any remediea permitted by paragra~h 1R hereof. E 18. Acceleration; Remediee. Ezcept as provided in paragreph 17 hereof, upoa Borrower's breach of any oovenant or agreement of Borrower in this Mortgage, including the oovenants to pay when due aay sume secured by thie Mortgage. Lender prior to acceleration ehall mail notice to Borrower ae provided in paragrap614 hereotepecifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not lese than 30 daye from the date the notice is mailed to Borrower. by which euch breach muet be cured; and (4) that failure to cure such breach on or before the date specified in t6e notice may result in ~ acceleration of the sume eecured by this Mortgage, forecloaure by judicial proceeding and eale of the Property. The notice ahall ~ further infotm Borrower otthe right W reinatate aRer acceleration and the right to a8eert in the foreclosure proceeding the non-ezistence ota detault or any other defenee of Borrower to acceleration and foreclosure. If t6e breach is not cured on or ~ before the date epecified in the notice, Lender at Lender'e option may declare all of the eume secured by thie Mortgage to be ; immediately due and payable without furtherdemand and may foreclose thie Mortgage by judicial proceeding. Lender ahall be ~ entitled to collect in auch proceeding all e:penaea of forecloaure, including, but not limited w. ressonable attorney's feee. and coste of documentary evidence. abstracts and title reporta. ; 19. Borrower's Right to fteinstate. Notwithstanding Lender s acceleration of the eume aecured by this Mortgage, Borrowerahall have ~ the right to have any proceedinga begun by Lender to enforce thia Mortgage diacontinued et any time prior W 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 ~ Advancee, if any, had no acceleration occurre~; lb) Borrower cures all breaches of any other covenante or agreements of Borruwer contained in ~ this Mortgege; (c) Borrower pays all reasonable expensea incurred by I.ender in enforcing the covenanta and agreements of Borrower 3 contained in this Mortgage and in enforcing Lender e remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney'e feeB; and (dj Borrower takes euch action aa Lender may reasonabiy require to aaeure that the lien of this Mortgage, Lender'e intereat ~ in the Property and Borrower s obligation to pay the auma secured by thia Mortgage shall continue unimpaired. Upon anch paymentand cure i by Bonower, this Mortgage and the obligationa ~icured hernby ehall remain in full force and effect as if no acceleration had occurred. ~ 20. Aaeignment of Rente: Appointment ot Receiver. Ae additional secarity hereunder, Sorrower hereby aaeigne to Lender the renta of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or ebandonment of the Property, have the right i to collect and retain auch rente ae they become due and payable. ~ Upon acceleration under paragraph IS hereof or abandonment of the Property, I.ender shall be entitled to have a receiver appointed by a } wurt to enter upon, take poaeeaeion of and manage the Property and to collect the renta of the Property, including thoee past due. All renta j oollected by the receiver ehall be applied first to payment of the costa of management otthe Property and coliection of rents, including, but not limited w, receiver'e fees, premiums on receiver'a bonda and reasonable attorney'a fees, and then to the eume secured by thie Mortgage. The reoeiver ahall be liabte to acoount only for thoee rente actually received. ~ ~ ~ 6ooK 311 Pa~;1137 ~ ~