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HomeMy WebLinkAbout1169 ~ . . . . _ y 8. Iaepeetion. I.ec?sier may make or cauee to be made reaionable entries upon and inspections of the property, provided that Lender shall give Bor~ower notice prior to any auch i~apection specitying reaeonable cause therefor related to Lender'e interewt in the Property. 9. CondemnaUon.'IT?e proceeds o[any awatd or claim tor damages, dinct or coneequential, in con~ection with any oondem~ation or othe~ taking of the property. or part thereof, or for conveyanca in lieu of condemnation, are hereby aesigned and shall be paid to l.ender. In the event o[ a total taking of the Propedy, the pmceeds shaU be applied to the euma secured by this Mortgage, with the excess. if any. paid to Borrower. ln the event of e partial taking of the Property, unlees Borrower and Lender otherwiae agree in writing, then ehall be applied to the eums secund by this Mortgage such proportion of the proceeds aa ie equal to that pmportio~ which the amount of the suma ezeecured by this Mortgage immediately prior to the date of taking beare to the fair markM value of the Property immediately prior b the date of taking. with the balan~ ot the proceeds paid to Borrower. lf the Property is abandoned by Borrower, or if, aRer notice by l.ender to Borrower that the condemnor oFfera to make an award or setde a ctaim for damnges. Borrower faila to rrapond to l.ender within 30 days after the date such notice is mailed. I.ender ie authorised to collect and _ apply the proceeds, at Lender's option, either to reetoration or repair of the pmperty or to the eume aecured by this Mortgage. Unleae l.ender and Borrower otherwise agree in writing, any euch application of proceeds to principal ahall not estend or postpone thedue date of the monthly installmente referred to in paragraphe 1 and 2 hereof or change the amount of auch installments. 10. Borrower Not Released. Extension of the time for paym ~nt or modification of amortizatioo of the euma eecured by thia Mortgege granted by Lender tc~ any succeseor in intereat of Borrower ahall not operate to release, in any manner, the tiability of the original Borrower and Borrower e aucceseors in intereat. Lender ehall not be required to commence proceedinge agai~at auch aucceseor or refuee to extend time for payment or otherwise modify amortixation of the auma secured by this Mortgage by reaaon of any demand made by the original Bormwer und Bomower'a succeasors in interest: 11. Forbearaace by I.ender Not a Vllaiver. My forbearance by Lender in exercieing any right or remedy hereunder, or otherwise af~orded by appGcable law, ehall not be a waiver of or preclude the exerciee of any euch right o~ remedy. The procurement of insurance or the payment of ta:es or other liene or charges by Lender ehall not be a waiver of Lender s pght b~ocel~ate the maturity of the iedebtedness Kecured by thie Mortgage. 12 Remedies Cumulative. !Ul remediea provided in thia Mortgage are dietinct and cumulative tu any other right or remedy under this Mortgage or afforded by law or equity, and may be e:erciee~l rnncurrenUy, independently or succeaeively. Rur~xs~r~ sssd A.ssidns Bussa~: Juiai gaa Qever~l L•~~hility; f:aptionn. The c.ovenants and ar[reementa herein oontained shall _ bind, and the righte hereunder ahall inure to, the reapective succeseore and sasigne of Lender and Borrower, aubject to the proviaione of paragraph 17 hereof. All covenants and agreements of Borrower ehall be joint and several. The captions and headinga of the paragraphs of thia Mortgage are for covenience only and are not to be used to interpret or define the proviaiona hereof. 14. Notice. Fxcept for any notice required under applicable law to be (Civen in another manner, (a) any notice to Borrower provided for in thia Mortgage ahall be given by mailing such notice by certified mail addresaed to Borrower at the Prvperty Addressor at such other addrees ae Borrower may deeignate by notice to [.ender .+s provided herein, and (bl any notice to I.ender ahaU be given by certified mail, return nreipt : ry4~ied, to Len~ei s uddresa stated hercen e: to such o1h2r addree9 ae IFnder may deAignatr hy nnticr to Rnrmwer en provided herein. My notice provided for in this Mortgage ahaU be deemed to have been given to Aorrower or I.ender when given in the manner deeignated herein. 15. Uniform Mortgage; Governing I.aw; 3everability. This form of mortgage combines uniform covenante for national uee and non- uniform covenants with limited variations by juriadiction to conatitute a uniform aecurity instrument covering real property. Thie Mortgage shall be governed by the lave of the jurisdiction in which the Property is located. In the event that any proviaion or clause of this Mortgage or the Note conflicts with applicable law, auch conflict shall not affect other provieions of this Mortgage or the Note which can be given effect without the rnnflictiaR provision, and to thia end the provisions of the Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower shall be [urniehed a conformed copy o[ the Note and of thia Mortgage at the time of execution or after recordation hereof. - 17. Transfer ot tbe Property; Aasumption. It all or any part of the Property or an intereat therein is sold or transferred by Borrower without [.ende~'s prior written conseni, excluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, lh) the creation uf a purchase muney eecurity intereat for houeehol~ appliancea, (c) a tranefer by deviee, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or lesa not containing an option to purchase, Lender may, at Lender s option, declare aU the sums eecared by this Mortgage to be immediately due and payable. I.ender ahall have waived such option to arcelerate if, prior to the sale or tranafer, I~ender and the person to whom the Property ix to be sold or trana[erred reach agreement in writing that the credit of euch person is satiafactory to [.ender and that the interest payable on the suma aecured by this Mortgage ahaU be at auch rate as l.ender shall request_ If Lender has waived the option to accelerate provided in this paraqraph 17, and if I3orrower's auccessor in intere8t has executed a written assumpti~~n agreement accepted in writinQ by I.ender, l.ender ahall release E3orrower from all obligationa underthis Mortgage and the ~ Nute_ _ ~ If I.ender exerciaes such option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hrreof ! Such notice shall pmvide a periud of not less than 3(~ days from the date the notice is mailed within which E3orrower may pay the sums declared ~ due. If E3orrower fails to pay such suma prior to the eapiration of such period, I.ender may, without further notice or demand on Korrower, ~ ~nvoke any remedies permitted by paraQrauh IR hereof. I 18. Acceleration; Remediee. Ezcept as provided in paragraph 1? hereof, upon Borrower'8 breach of any covenant or ~ agreement of Borrower in this Mortgage. including the covenants to pay when due any sums aecvred by thie Mortgage, Lender prior to aoceleration ehall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date. not leas than 30 days from the date the notice is meiled to Borrower. by which euch breach muet be cured; and (4) that failure to cure euch breach on or before the date epecified in the notice may result in ~ acceleration of the euma secured by this Mortgege. foreclosure by judicial proceeding and sale otthe Property.The noticeshall g further inform Borrower of the right to reinatate after acceleration and the right to assert in the forecloeure prceeeding the ~ non-euitsiena.~ vi n Scinii{i vr aji~ :e. ~etrnae:,f i;a: s:.wer to a:.cel~sstian sn~ for~:aossr. !t Lhr 4srrarh io ao! c~sr~ cr. or ~ before the date epecified in the notice. Lender at Lender'e option may declare all of the sums secured by thia Mortgage to be immediately due and payable w ithout furtherdemand and may foreclose this Mortgage by judicial proceeding. Lender ahall be ~ entitled to collect in Auch proceeding all expenses otforecloaure. including. but not limited to. reasonable attorney's fees. and costs of documentary evidence. abstracts and title reporte. a . 19. Bonower's Right to Reinetate. NotwithatandinR I.ender's acceleration of the suma eecured by thia Mortgage, E3orrower shall have ~ the right to have any proceedinqa begun by I.ender to enforce this Mort~aqe diacontinued at any Ume prior to entry of a judgment enforcing ~ this Mortgage if: (a) E3orrower paya I~ender ali eume which would be then duc under this Mortgage, the N~te and notee aecuring Futurn - Advancee, if any, had no acceleration occurred; (b) Borrower cures all breaches of any othercovenants or agreements of E3orrower contained in 4 thie Mortgage; (c) Borrower pays all reasonable expenses incurred by I.ender in enforcing the covenants and aRreemente of Rorrower # contained in thia Mortqage and in enforcing [.ender's mmedies as pmvided in paragraph 18 herenf, including, but not limited to, reseonable s attorney a feee; and Id) E;orrower takea such action as Lender may reasonably require b?assure that the lien of thia Mortgaqe, Lender's intereet ` in lhe Property and E3orrower's obligation to pay the suma secured by this MortgaQe ahall continue unimpaired. Upon auch payment and curn ° by Borrower, this Mortgage and the obligationa secured hereby ehall remain in full force and effect as if no acceleration had occurred. ~ 20. Aeeignment of Renta; Appointment of Receiver. As additionai security hereunder, E3orrower hernby asxigne to I.ender the renta ~ of the Property, provided that Borruwer shall, prior to acceleration under paragraph 18 herenf or abandonment of the Property, have lhe right ~ to rnllect and retain euch renta as they become due and payable. i Upon acceleration under paragraph IS hereot or abandonment of the Property, l.ender ehall be entitled to have a receiver appointed by a ~ court to enter~upon, take poseeaaion of and manaqe the Property and to collect the renta of thc Property, including thoae paat due. All rente e wllected by the receiver ehall Le applied firat to payment of the corsta of manaqementof the Property and collection of rente, including, but not limited to, receiver's feeB, premiums on receiver'a bonds and rearwnable attorney's fees, and then to the aums aecured by this Mortgage. The receiver shall be liable u~ acoount only for thoae renta Actually received. ~ - ~ ~ g~~`,3ii ~~~:i16~ ~ ~