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HomeMy WebLinkAbout1341 . ~ ~ . ~ 3 ~ . 4 ~t 8. Ia~pectioa. I.ender me~y make or cause to be made rea~onable entries upon and'uupections of the properly, pmvided that l,ender shell give Borrower notiee prio~ w any such inspection specifying reasonable cause therefor related to Lender's intereet in the Property. 9. Condemaetlon.'11~e proc~eeda of any award or claim for damages, direct or consequeatial. in connection with any wt~demnation or ~ other taking of the property, or part thereot, or for rnnveyanoe ia lieu of condemnation, are hereby aesigned and shaU be paid to Lender. Ia the event of a total taking of the Property, the proceeds shall be applied b the suma secured by thia Mortgage, with the exccss, if any. paid to Borrower. In the event of a partial talring of the Property, unleea Bormwer and [.ender otherwiee agroe in writing. there ahall be applied to the sums secured by this Mortgage such pmportion of the proceeds as is equal to thet proportion which the amount of the sums secured by this Mortgage immediately prior to /he date of taking beare to the [eir market value oithe Pmperty immediately prior to the date of taking, with the balaace of the proceeda paid to Borrower. If the Property is abandoned by Borrower. or if, aRer notice by Lender to Borrower that the oondemnor offers to make an award or settie a claim fo~ damages, Borrower fails to respond to Lender within 30 daye aiter the date such notice ia mailed, Lender ia authorised to collect and apply the proceeds. at I.ender's option. either to reatoration or repair of the pmperty or to the sums secured by thia Mortgage. Unlees L.ender and Borrower othervvise agree in writing. any such application of pmceeds to principal ehall ~ot eztend or postpone the due date o! the monthly inataUmenls n[erred to ia paragraphe 1 and 2 hereof or change the amount of auch insLallments. 10. Borrower Not Released. Eztension of t~he time for paymsnt or modification of emortization of the suma secured by this Mortgage granted by I.ender to any aucceseor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Eiorrower's aucceeeora in interest Lender shall not be required ta commence proceedinga againet auch succeexor or nfuee to e:tend time for payment or otherwise modify amortization of the aums aecured by thie Mortgage by rnaeon of any demand made by the original Borrower and ~iorrowec's autt~easort; in intereat. 1 I. Forbearance by Lender Not a Walver. Any forbearance by Lender in ~ercising sny right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiva of or prPClude the exerciee of any auch right or remedy. The procurement of insurance or the payment of taxea or other Uens or charges by Lender aheU not be a waiver of Lender s right to aocelerate the maturity of the indebtedneas secured Dy this irlortgage. . 12 Remediea Cumulative. All remediea provided in thie Mortgage are dietinct and cumulative to any other right or remedy under thie Mortgage or aftorded by law or equity, and may be ea~erciee~i ooncurrently, independendy or succeaeively. 13.'3ucceaeore and Aeeigns Bound; Joint and 3everal Liability; Captiona. The oovenanLs and agreements herein oontained ehall bind, and the righta hereunder ahall inure to, the reepective succeseors and aeeigne of Lender and Borrower, aubject to the pmvieione of paragraph 1? hereof. All rnvenante and agrcements of Borrower ahall be joint and several. The captions and headings of the paragrepha of this Mortgage are for covenience only and are not to be uaed to interpret or lefine the pmvieiona hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in thie Mortgageahall be given by mailing auch notice by certified mail addresaed to Borrower at the Property Addreae or at such other addrees as Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail, return receipt requested, to Lendei e addreea etated herein or to euch other addresa ae Lender may designate by notice to Borrower aa provided herein. My notice provided for in this Mortgage shall be deemed to have been given to Borrower or I.ender when given in the manner deaignated herein_ 15. Uaiform Mortgage; Goveraing I.aw; Severability. This form of mortgage rnmbinea uniform oovenante for national uee and non- uniform covenante with iimited variations by juriadiction to oonetitute a uniform security inatrument covering real property. Thie Mortgage shall be governed by the law of the juriadiction in which the Property ia located. In the event that any proviaion or claase of this Mortgage or the Note conflicts with applicable law. such rnnflict shall not affect other proviaiona of this Murtgage or the Note which can be given effect without the rnnflicting proviaion, and to this end the proviaiona of the Mortgage and the Note are declared to be severable_ 16_ Borrower'e Copy. Borrower shaU be furniahed a conformed copy of the Note and of thie Mortgage at the time of e:ecution or after recordation hereof. 1 i. Trenefer of the Property; Aeeumption. If aU or any part of the Property or an intereat therein ia sold or tranaferred by Borrower without I.ender e prior written conaent, ezcluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the cmation of a purchase monev security interest for hoasehold applianoes, (c) a tranafer by devise, descent or by operation of law upon the death of a joint tenant ~r (d) the grant of any leaaehold interest of three yeare or less not oontaining an option to purchaae, Lender may. at I.ender s option, declare all the aums aecured by thie Mortgage to be unmediately due and payable. Lender ahaU have waived such option to accelerate if. prior to the sale ot tranafer, [.ender and the peraon to whom the Property ia to be aold or tranaferred reach agreement in writing that the credit af auch ; person is satiafactory to Lender and that the interest payable on the auma secured by this Mortgage shall be at such rate se Lender ehall i request. If Ixnder has waived the option to accelerate provided in thia paragraph 17, and if Borrower a succesaor in interest has executed a ` written asaumption agrecment acczpted in writing by Lender, Lender shall release Borrower from all obligationa under this Mortgage and the i Note_ ~ If Lender ~erciaes such option to accelerate. [.ender ahall mail ~3orrower notice of acceleration in accordance with paragraph 14 heteof. ~ Such notice shall provide a period of not lesa than 30 days from the date the notice is mailed within which Aorrower may pay the auma declared ~ due_ If Borrower fails to pay such auma prior to the expiration of such period, Lender may, without further notice or demand en ~iorrower; ~ invoke any remedies permit.ed by paragraoh 28 hereof. ~ 18. Acceleration; Remediee. Ezcept ae provided in paragrap6 1? 6ereof, upon Borrower'e breach ot any oovenant or ~ agreement of Borrower in thie Mortgage, including the oovenanta to pay when due any eume eecured by this Mortgage, I.ender ~ prior to acceleration ahall mail notice to Borrower ae provided in paragrap614 6ereof specifying: (1) the breach; (2) the action required b cure such breach; (3) a date. not less than 30 daye from the date the notice ie mailed to Borrower. by which euch breach muet be cured; and (4) that failure to cure such breach on or before the date epecifed in the notice may result in acceleration of the aums secured by thie Mortgage, forecloBUre by judicial prceeediag and sale of the Property. The notice ahaU further intorm Borrower of the right to reinetate aRer acceleration and the right to aeeert in the foreclosure proceeding the non•ezietence of a default or any other defense of Borrower to acceleration and foreclosure. IE the breach ie not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the sums aecured by this Mortgage to be ~ immediately due and payable without furtherdemand and may forecloee thie Mortgage by judicisi proceeding. Lender ahall be ~ entitled to collect in such prceeeding all e:penses of forectosure. including. but not limited to, reasonable attorney's feea. and costa of documentary evidence, abstracta and title reporte. 19. Borrower's Right to Reinetate. Notwithatanding Lender'a acceleration of the suma eecured by this Mortgege, Borrower ahall have ~ the right to have any prooeedinge begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcinq thia Mortgage if: (a) Borrower pays Lender all auma which would be then due under this Mortgage, the Note and notes aecuring Future Advancee, if any, had no acceleration occurred; (b) Borrower cures aU breachea of any other rnvenanta or agreements of Bonower contained in ~ thia Mortgage; (c) Borrower paye all reasonable expenaes incurred by Lender in enforcing the covenante and agreements of Borrower ~ oontained in this Mortgage and in enforcing Lender's remedie8 as provided in paragraph 18 hereof, including, but not limited to, reaaonable ~ attorney e feea; and (d) Borrower takee such action as Lender may reasonably require to assure that the lien of thia Mortgage, Lender e intereet ~ in the Property and Borrower a obligation to pay the aums secured by thie Mortgage ahall continae unimpaired. Upon euch payment and cure by Borrower, this Mortgage and the obligations secured hereby ahall remain in fuli force and effect ae if no acceleration had occurred. ~ 20. Aeaignmeat of Rents; Appointment of Receiver. As additional eecurity hereunder, Borrower hereby asaigne to Lender the rente ~ of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right ~ to collect and retain anch rents ae they become due and payable. ~ Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender ehall be entitled to have a receiver appointed by a oourt to enter~upon, take po~sesaion of and manage the Property and to coUect the rente of the Pmperty, including thoee past due. A11 rente , ~ ooliected by the receiver ahall be applied firet to payment of the ooata of management of the Property and colleMion of renta, including, but not ~ limited to, receiver'a feea, premiuma on receiver's bonds and reasonable attorney e fees, and then to the euma secured by thie Mortgage. The , receiver ahall be liable to aooount only for thoae rente actually received. I Fx ~ . ~ 311 r~~:1340