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HomeMy WebLinkAbout1143 . - . ~ . . . ~ , • , . • 8. ln~pection. Lende~ may make or cauee to be made reasonable entriea upon e~d iaspections of the pmperty, provided that Lender shall give Borrower notice prior to any auch inspection apecifying reaaonable cauee therefor relaeed ~to Lendei s intereat in the Property. 9. Condemnation. 7T~e pwceeds oI any sward or claim for damages, direct or consequential. in connection with aay oond~nnation or othe~ taking of the property. or part thereof. or for conveyance ia Geu of condemnation, are hereby seaigned and shall be paid ta Lender. In the event o! a total taking of the Property, the proceeds ehall be appli~d b the sums secured by this Mortgage. with the ezoas. if any. paid to Borrower. In the event of a partial taking of the Prc~s+~ty. unless Borrower and I.ender otherwiee agree in writinQ. there shall be applied to the euma secured by this Mortgage such pmportion of the prooeeds as is equal to thet proportion which the amount of the sums secured by thia Mortgage i~nmediately prior to the date of taking bean W the fair market velue of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrowu. If the Property ie abandoned by Borrower. or if, att~r notice by [.ender to Borrower that the oondemnor of[ers to make an awacd or setde a claim for damagea, Borrower fails to respond to I.ender within 30 days aft~r the date such notice is mailed. Lender is suthorisod b coUect and apply the prooeeds, at I.ender a option, either to r~toration or repair of !he pmperty or to the sums eecured by this Mortgage. Unlesa Lender and Borrower otherwiee agree in writing, any such appHcatioa of peoceeda to principetl shall not e:tend or postpone the due date of the monthly inetallments referred to in paragrepha 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Releaeed. E:tension of the time for paymsnt or modification of amortization of the eume aecured by thie Mortgage granted by I.ender to any succeas~or in intereat of Borrower ehall not operate to releaee, in any manner, the liability of the original Boin?wer and Borrower's aucceaeora in intereat. I.ender ehall not be required to oommence proceedinge againet auch suoceasor or refuse eo eztend time for payment or otherwise modify amortization otthe suma secured by. this Mortgage by reaeon of any demand made by the original Borrower and Borrower's sucreasors in intereet. * 11. Forbeuraace by I.ender Not a R?aiver. My forbearance by Lender in ~ercising any right or remedy herennder. or otherwise at~orded by applicable law. ahall not be a waiver of or preclude the e:ercise of any such right or remedy. 77~e procurem~t of insurance or the payment of teues or other liene or charges by Lender ahall not be a waiver of Lender'a right to aooelerate the maturity of the indebtedneas secured by thie Mortgage. ~ ~ 12. Remediee Cumulative. All remedies pr'ovided in thia Mottgage are diatinct and cumulative to any other right or remedy under thia Mortgage or afforded by law or equity, and may be exerciecYi concnrrendy. independently or aucc~:v.~,. i s. aucceseors anu Asaigns Bound; Joint and Several Liability; CaptiBni. The oovenanta ss:~ egreement~ herein rnntained ehal) bind, and the righte hernunder ehali inure to, the respective eucceesors and aseigaa of Lender and Borrower. aubject to the proviaiona of paragraph 17 hereof. All covenant$ and agreemente of Borrower ehsll be joint and eeveral. The captione and headings of the paragraphe of thia Mortgage are for covenience only and are not to be used to interpret or defiae 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 thia ~lortgage ahall be given by mailing auch notice by certified mail addreaeed to Borrower at the Property AddreBa or at auch other eddress ae Borrower may deaignate by notice to Lender as pn,vided herein, and (b) any riotice !o Lender ahall be given by certified mail, return reoeipt requested, to l.ender's address stated herein or to such other address as L.endrr may deaignate by notice to Borrower aa provided herein. Any notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or I.ender when given in the manner deeignated htrein. 15. Uniform bfortgage; Governing I.aw; Severability. Thie form of mortgagerombines uniform oovenanta for national uee and non- uniform covenanta with limited variations by juriediction to oonatitute a uniform eecurity instrun,ent cuvering real property. Thia Mortgage shalt be governed by the law of the juriadiction in which the Ptoperty ia located. in the event that any proviaion or clauee of thie Mortgage or the Note contlicts with applicable law, such conflict shalt not affect other proviaions of this Mortgage or the Note which can be given effect without the oonflicting provision, and to thia end theproviaions of the.Mortgage and the Note are declared to be eeverable. - 16. Borrower'e ('opy. Borrower ahall be furniahed a rnnformed oopy of the Note and of thia Mortqage at the time of execution or after recordation hereof. i?. 'I~anefer of the Property; Assumption. If all or any part of the Property or an interest therein ia sold or tranaferred by Borrower without Lender a prior wntten consent, e:cluding (a) the creation of a lien or encumbrance aubordinate to thia Morigage, (b) the creation of a purehase money aecurity inte.-eat for houeehold appliancea; (c) a tranafer by devise, dc~cent or by operation of law upon the death of a joint tenant ar (dl the grant of any leasehold interest of three yeara or leea not oontaining an option to purchaee, Lender may, at I.ender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender ehali have waived auch option to accelerate if, prior ; to the sale or tranafer, I.ender and the person to whom the Property ia to be sold or transferred reach agreement in writinq that the ctedit of euch ; peraon is satisfactory to [.ender and that the interest payable on the sums aecvred by thie Mortgage shall be at auch rate as Lender ahall request. If Lender has waived the option tu accelerate pmvided in this paragraph 1T, and if Borrower's aucceasor in interest has executed a ~ writtenassumptionagreementacceptedinwritingbyLender,LendershallreleaseBorrowerfroma11ob1igationsunderthisMortgageandthe i Note. : If I.ender exerciaea such option to acceterate, I.ender shall mai) Borrower notice of acceletation in accordance with pazagraph 14 hereof. ~ ~uch notice shall provide a period of not less than 30 days from the date the notice ie mailed within which Borrower may pay the aums declared due_ If Borrower fails to pay such suma prior to the expiration of auch period, Lender may, without further notice or demand on Borrower, ~ invoke any remedies permitted by paraQraoh 18 hereof. E 18. Acceleration; Remedies. E:cept aa provided in paragraph 17 hereof. upon Borrower'e breach ot any oovenant or ~ agreement of Borrower in thie Mortgage, including the covenante to pay when due any eums secured by thie Mortgege. Lender prior to aoceleration shall mail notice to Borrower aa provided in paragraph 14 hereof epecifying: (1) the breach; (2) the action required to cure euch breach; (3) a date, aot less than 30 days from the date t6e notice ie mailed to Borrower, by which suc6 breac6 muet be cured; and (4) that failure Lo cure euch breach on or betore the date epecified in the aotice may result in ~ acceleration of the euma secured by this Mortgege, foreclosure by judicial proc~eding and eale ofthe Property.The noticee6all ~ further inform Borrower of the right to reinatate aRer acceleration and the right to a8sert in the ioreclosure proceeding the non•e:istence of a defeult or any other defense of Borrower to acceleration and foreclosure. If the breach is not cwed on or ~ before the date speciPed in the notice. Lender at Lender's option mey declare all of the eums eecured by thie Mortgage to be ~ immediately due and payable without further demand and may toreclose this Mortgage by judicial proceeding. Lender ehall be ~ enlitled to colt~ ::a auch proceeding all e:penaes of foreclosure, including, but not limited to, reaeonable attorney's teee, and ~ costs of documentary evidence, ebetracte and title reports. 19. Bortower'e Right to Reinstate. Notwithatanding [.endei s acceleration of the suma secured .L,y this Mortgage, Borrower shall have the right to have any proceedinge begun by Lender to enforce thia Mortgage diecontinued at any time prior to entry of a judgment enforcing thia Mortgage if: (a) Borrower paya Lender aU suma which would be then due under thie blortgage, the Note and notea securing Future Advancee, if any, had no acceleration occurred; (b) Eiorrowercures aU breachesof any other covenanta or agreements of Borrowercontained in thie Mortgage; (c) Borrower pays all reasonable expenaea incurred by I.ender in enforcing the covenante and agreementa of Borrower ~ rnntained in thie Mortgage and in enforcing Lender a remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable ~ attorney's fees; and (d) Borrower takea such gdion as Lender may reaBOnably require to aasurn that the lien of thia Mortgage. Lender's intereet ~ in the Property and Borrower a obligation to pay th~ aums serured by thie Mortqage ahall conlinue unimpaired. Upon such payment and cure ~ hy Borrower, this Mortgaqe and the obligadona secured hereby ahall remain in full force and effect ae if no aoceleration had occurred. I ~ ZO_ Aseignment ot Rente; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby aseigna to Lender the rente ~ of the Property, provided that Borrower ehall, prior to acceteraUon under paragraph l8 hereof or abandonment of the Property, have the right ~ to collect and retain auch rente as they become due and payable. Upon acoeleration under paragraph 18 hereof or abandonment of the Property, Lender ahall be entitled to have a reoeivet appointed by a ~ oourt to enter-upon, take poaeeseion of and manage the Property and to collect the rente of the Property, including thoee past due. All rente ~ oollected by the receiver shal) be applied first to payment of the ooste of management of the Property and ooUection of rente, including, but not ~ limited to, receiver'e fees, premiuma on receiver e bonds and reasonable attorneyb fees, and then to the aums aecured by this Mortgage. The ~ receiver ehall be liable to acoount only for those rente actually received. ~ ~ ~ ~ ~ ~ .k i ~ v`1iJ~ i :~hu. ` ' =1142 ~